MPLX LP
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MPLX Q1 2026 request
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| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Revenue From Contract With Customer Excluding Assessed Tax Third Parties (Q) | — | — | — |
Show Product Lines breakouts |
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| Product | 476 | 513 | -7.2% |
| Product · Crude Oil and Products Logistics | 1 | 1 | 0.0% |
| Product · Natural Gas and NGL Services | 475 | 512 | -7.2% |
| Service | 711 | 707 | +0.6% |
| Service Other | 4 | 99 | -96.0% |
| Service Other · Natural Gas and NGL Services | 4 | 99 | -96.0% |
| Service · Crude Oil and Products Logistics | 91 | 103 | -11.7% |
| Service · Natural Gas and NGL Services | 620 | 604 | +2.6% |
| Revenuefrom Contractwith Customer Excluding Assessed Tax Related Parties (Q) | — | — | — |
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| Product | 68 | 75 | -9.3% |
| Product · Crude Oil and Products Logistics | 3 | 3 | 0.0% |
| Product · Natural Gas and NGL Services | 65 | 72 | -9.7% |
| Service | 1,090 | 1,066 | +2.3% |
| Service · Crude Oil and Products Logistics | 1,084 | 1,059 | +2.4% |
| Service · Natural Gas and NGL Services | 6 | 7 | -14.3% |
| Operating Lease Lease Income (Q) | — | — | — |
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| Crude Oil and Products Logistics · Operating Segments | 249 | 219 | +13.7% |
| Natural Gas and NGL Services · Operating Segments | 58 | 56 | +3.6% |
Show Related Party Transactions By Related Party breakouts |
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| Nonrelated Party | 65 | 64 | +1.6% |
| Related Party | 242 | 211 | +14.7% |
| Sales Type Lease Revenue | 48 | 37 | +29.7% |
Show Business Segments breakouts |
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| Crude Oil and Products Logistics · Operating Segments | 102 | 115 | -11.3% |
| Natural Gas and NGL Services · Operating Segments | 48 | 37 | +29.7% |
| Sales Type Lease Revenue Related Parties | 102 | 115 | -11.3% |
| Income Loss From Equity Method Investments | 182 | 186 | -2.2% |
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| Crude Oil and Products Logistics · Operating Segments | 62 | 56 | +10.7% |
| Natural Gas and NGL Services · Operating Segments | 120 | 130 | -7.7% |
| Other Income (Q) | — | — | — |
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| Crude Oil and Products Logistics · Operating Segments | 28 | 36 | -22.2% |
| Natural Gas and NGL Services · Operating Segments | 22 | 15 | +46.7% |
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| Nonrelated Party | 7 | 10 | -30.0% |
| Related Party | 43 | 41 | +4.9% |
| Revenue | 3,038 | 3,124 | -2.8% |
Show Business Segments breakouts |
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| Crude Oil and Products Logistics · Nonrelated Party | 162 | 177 | -8.5% |
| Crude Oil and Products Logistics · Operating Segments | 1,620 | 1,592 | +1.8% |
| Natural Gas and NGL Services · Nonrelated Party | 1,331 | 1,439 | -7.5% |
| Natural Gas and NGL Services · Operating Segments | 1,418 | 1,532 | -7.4% |
| Direct Operating Costs | 402 | 389 | +3.3% |
| Cost Direct Material | 498 | 459 | +8.5% |
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| Natural Gas and NGL Services · Operating Segments | 498 | 459 | +8.5% |
| Direct Costs Of Leased And Rented Property Or Equipment (Q) | — | — | — |
Show Related Party Transactions By Related Party breakouts |
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| Nonrelated Party | 18 | 19 | -5.3% |
| Related Party | 4 | 4 | 0.0% |
| Costs And Expenses Related Party | 394 | 416 | -5.3% |
| Cost Of Goods And Services Sold Depreciation And Amortization | 358 | 326 | +9.8% |
Show Business Segments breakouts |
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| Crude Oil and Products Logistics | 143 | 133 | +7.5% |
| Natural Gas and NGL Services | 215 | 193 | +11.4% |
| General & Administrative | 114 | 112 | +1.8% |
Show Related Party Transactions By Related Party breakouts |
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| Marathon Petroleum Corporation [Member] | 88 | 75 | +17.3% |
| Taxes Excluding Income And Excise Taxes | 36 | 33 | +9.1% |
| Total Costs & Expenses | 1,824 | 1,758 | +3.8% |
| Operating Income | 1,214 | 1,366 | -11.1% |
| Interest And Debt Expense | 291 | 229 | +27.1% |
| Income Before Taxes | 923 | 1,137 | -18.8% |
| Income Tax Expense (Benefit) | 1 | 1 | 0.0% |
| Net Income | 922 | 1,136 | -18.8% |
| Net Income Loss Attributable To Noncontrolling Interest | 10 | 10 | 0.0% |
| Income Loss From Continuing Operations | 912 | 1,126 | -19.0% |
| Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax | 0.9 | 1.1 | -18.2% |
| Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted | 0.9 | 1.1 | -18.2% |
| Weighted Average Limited Partnership Units Outstanding | 1,015 | 1,020 | -0.5% |
| Weighted Average Limited Partnership Units Outstanding Diluted | 1,015 | 1,020 | -0.5% |
| Revenue | 2,349 | 2,460 | -4.5% |
Show Product Lines breakouts |
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| Product · Crude Oil and Products Logistics | 4 | 4 | 0.0% |
| Product · Natural Gas and NGL Services | 544 | 683 | -20.4% |
| Service · Crude Oil and Products Logistics | 1,175 | 1,162 | +1.1% |
| Service · Natural Gas and NGL Services | 626 | 611 | +2.5% |
Show Business Segments breakouts |
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| Crude Oil and Products Logistics | 1,179 | 1,166 | +1.1% |
| Natural Gas and NGL Services | 1,170 | 1,294 | -9.6% |
| Operating Expenses (Q) | — | — | — |
Show Business Segments breakouts |
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| Crude Oil and Products Logistics · Operating Segments | 540 | 528 | +2.3% |
| Natural Gas and NGL Services · Operating Segments | 428 | 445 | -3.8% |
| Interest Income | -19 | -18 | -5.6% |
| Comprehensive Income | 912 | 1,134 | -19.6% |
| Net Income Loss Available To Common Stockholders Basic | 911 | 1,126 | -19.1% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 1,506 | 2,534 | -40.6% |
| Accounts Receivable | 769 | 858 | -10.4% |
Show Related Party Transactions By Related Party breakouts |
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| Related Party | 689 | 664 | +3.8% |
| Other Receivables Net Current (Q) | — | — | — |
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| Related Party | 1,007 | 910 | +10.7% |
| Other Assets Current | 62 | 33 | +87.9% |
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| Related Party | 1 | — | — |
| Total Current Assets | 3,522 | 4,521 | -22.1% |
| Non-Current Assets | |||
| Goodwill | 8,736 | — | — |
| Operating Lease Right-of-Use Assets | 268 | 286 | -6.3% |
Show Related Party Transactions By Related Party breakouts |
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| Related Party | 239 | 224 | +6.7% |
| Other Receivable After Allowance For Credit Loss Noncurrent (Q) | — | — | — |
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| Related Party | 916 | 1,095 | -16.3% |
| Other Non-Current Assets | 1,159 | 998 | +16.1% |
| Total Assets | 42,933 | 38,972 | +10.2% |
| Other Assets | |||
| Inventory Gross | 178 | 186 | -4.3% |
| Equity Method Investments | 4,981 | 4,751 | +4.8% |
Show Business Segments breakouts |
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| Crude Oil and Products Logistics | 1,582 | 1,606 | -1.5% |
| Crude Oil and Products Logistics · Illinois Extension Pipeline Company, L.L.C. | 219 | 225 | -2.7% |
| Crude Oil and Products Logistics · LOOP LLC | 314 | 314 | 0.0% |
| Crude Oil and Products Logistics · MarEn Bakken Company LLC(1) | 495 | 521 | -5.0% |
| Crude Oil and Products Logistics · Other VIEs and Non-VIEs | 554 | 546 | +1.5% |
| Natural Gas and NGL Services | 3,399 | 3,145 | +8.1% |
| Natural Gas and NGL Services · MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C. | 398 | 428 | -7.0% |
| Natural Gas and NGL Services · MarkWest Utica EMG, L.L.C. | 933 | 782 | +19.3% |
| Natural Gas and NGL Services · MXP Parent, LLC | 223 | — | — |
| Natural Gas and NGL Services · Ohio Gathering Company L.L.C. | 432 | 464 | -6.9% |
| Natural Gas and NGL Services · Other VIEs and Non-VIEs | 444 | 464 | -4.3% |
| Natural Gas and NGL Services · Sherwood Midstream LLC | 472 | 485 | -2.7% |
| Natural Gas and NGL Services · Texas City Logistics LLC | 228 | — | — |
| Natural Gas and NGL Services · WPC Parent, LLC | 269 | 243 | +10.7% |
| Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization | 21,992 | 19,147 | +14.9% |
Show Business Segments breakouts |
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| Crude Oil and Products Logistics | 8,710 | 8,705 | +0.1% |
| Natural Gas and NGL Services | 13,282 | 10,442 | +27.2% |
| Intangible Assets Net Excluding Goodwill | 1,359 | 529 | +156.9% |
| Current Liabilities | |||
| Accounts Payable | 126 | 145 | -13.1% |
| Accrued Liabilities | 333 | 269 | +23.8% |
| Accrued Property Plant And Equipment Current | 533 | 211 | +152.6% |
| Long Term Debt And Capital Lease Obligations Current | 1,251 | 2,697 | -53.6% |
| Interest Payable Current | 264 | 203 | +30.0% |
| Operating Lease Liability Current | 53 | 47 | +12.8% |
Show Related Party Transactions By Related Party breakouts |
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| Related Party | 2 | 1 | +100.0% |
| Other Liabilities Current (Q) | — | — | — |
Show Related Party Transactions By Related Party breakouts |
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| Nonrelated Party | 177 | 195 | -9.2% |
| Related Party | 455 | 402 | +13.2% |
| Total Current Liabilities | 3,192 | 4,169 | -23.4% |
| Deferred Revenue (Q) | — | — | — |
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| Nonrelated Party | 16 | 71 | -77.5% |
| Related Party | 96 | 109 | -11.9% |
| Non-Current Liabilities | |||
| Deferred Revenue Noncurrent | 115 | — | — |
| Other Non-Current Liabilities (Q) | — | — | — |
Show Fair Value By Liability Class breakouts |
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| Deferred Revenue Arrangement Type Domain · Related Party | 138 | — | — |
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| Nonrelated Party | 338 | 128 | +164.1% |
| Related Party | 375 | 324 | +15.7% |
| Deferred Income Taxes And Other Tax Liabilities Noncurrent | 25 | 18 | +38.9% |
| Operating Lease Liabilities | 208 | 227 | -8.4% |
| Total Liabilities | 28,636 | 24,904 | +15.0% |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations | 24,383 | 19,721 | +23.6% |
| Stockholders' Equity | |||
| Limited Partners Capital Account (Q) | — | — | — |
Show Related Party Transactions By Related Party breakouts |
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| Nonrelated Party | 9,332 | 9,472 | -1.5% |
| Related Party | 4,734 | 4,361 | +8.6% |
| Accumulated Other Comprehensive Income | 5 | 5 | 0.0% |
| Partners Capital | 14,071 | 13,838 | +1.7% |
| Partners Capital Attributable To Noncontrolling Interest | 226 | 230 | -1.7% |
| Partners Capital Including Portion Attributable To Noncontrolling Interest | 14,297 | 14,068 | +1.6% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | 5 | 5 | 0.0% |
| Common Stock | 9,332 | 9,472 | -1.5% |
| Common Unit-holder MPC | 4,734 | 4,361 | +8.6% |
| Noncontrolling Interest | 226 | 230 | -1.7% |
| Total Liabilities & Equity | 42,933 | 38,972 | +10.2% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization Of Financing Costs And Discounts | 7 | 10 | -30.0% |
| Gain Loss On Disposition Of Assets1 | 1 | — | — |
| Equity Method Investment Dividends Or Distributions | 237 | 188 | +26.1% |
| Increase Decrease In Derivative Assets And Liabilities | 64 | 4 | +1500.0% |
| Change in Accounts Receivable | -24 | -100 | +76.0% |
| Change in Inventory | -6 | -6 | 0.0% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | -15 | -76 | +80.3% |
| Increase Decrease In Due From Related Parties Current | -25 | -35 | +28.6% |
| Increase Decrease In Deferred Revenue | -1 | -12 | +91.7% |
| Other Operating Activities Cash Flow Statement | 11 | -2 | +650.0% |
| Net Cash from Operations | 1,347 | 1,246 | +8.1% |
| Other Non-Cash Items (Q) | — | — | — |
Show Consolidation Items breakouts |
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| Material Reconciling Items | 100 | 36 | +177.8% |
| Investing Activities | |||
| Capital Expenditures | -575 | -267 | -115.4% |
| Payments To Acquire Businesses Net Of Cash Acquired | -14 | 237 | -105.9% |
| Proceeds From Sales Of Assets Investing Activities | 4 | 1 | +300.0% |
| Payments To Acquire Interest In Joint Venture | 238 | 119 | +100.0% |
| Other Investing Activities | 4 | — | — |
| Net Cash from Investing | -791 | -601 | -31.6% |
| Financing Activities | |||
| Proceeds From Issuance Of Long Term Debt | 1,489 | 1,977 | -24.7% |
| Repayments Of Long Term Debt | -1,505 | -500 | -201.0% |
| Debt Issuance Costs | 15 | 19 | -21.1% |
| Share Repurchases | -50 | -100 | +50.0% |
| Payments Of Dividends Minority Interest | 11 | 11 | 0.0% |
| Distribution Made To Limited Partner Cash Distributions Paid | -1,093 | -972 | -12.4% |
| Proceeds From Contributions From Parent | 4 | 7 | -42.9% |
| Proceeds From Payments For Other Financing Activities | -6 | -6 | 0.0% |
| Net Cash from Financing | -1,187 | 370 | -420.8% |
| Supplemental | |||
| Interest Paid | 384 | 277 | +38.6% |
| Other Cash Flow | |||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect | -631 | 1,015 | -162.2% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 1,506 | 2,534 | -40.6% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.