MPLX LP
mplx.comWhat Do They Do?
Moves and stores crude oil, refined products, and renewables through pipelines, terminals, and storage facilities for refiners and other energy customers. Gathers, treats, processes, and transports natural gas and natural gas liquids for producers.
10-K for FY2025, filed Feb 26, 2026We are a diversified, large-cap master limited partnership formed by MPC in 2012 (as our sponsor) that owns and operates midstream energy…View ↗
The Crude Oil and Products Logistics segment includes the gathering, transportation, storage and distribution of crude oil, refined…View ↗
The Natural Gas and NGL Services segment gathers, treats, processes and transports natural gas; and transports, fractionates, stores and…View ↗
We continue to have a strategic relationship with MPC, which is a large source of our revenues. We have executed numerous long-term…View ↗
How Do They Make Money?
Crude oil and products customers pay tariffs and fees for pipeline, terminal, storage, and capacity services; MPLX earns service fees as it provides those services. Gas and natural gas liquids revenue also comes from service fees, product sales, and shared proceeds from producer arrangements, with product sales earned when products are sold.
10-K for FY2025, filed Feb 26, 2026We generate revenue in the Crude Oil and Products Logistics segment primarily by charging tariffs for gathering and transporting crude oil…View ↗
We have multiple transportation and terminal services agreements with third parties under which we provide use of pipelines and tank…View ↗
Fee-based arrangements – Under fee-based arrangements, MPLX receives fees for the following services: gathering, treating, processing and…View ↗
producer, MPLX delivers an agreed-upon percentage of the residue gas and NGLs to the producer (take-in-kind arrangements) and sells the…View ↗
Revenue from MPLX’s service arrangements will generally be recognized over time as the performance obligation is satisfied as services are…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$13B
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10-K for FY2025, filed Feb 26, 2026
$13B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Crude Oil and Products Logistics
Mix
10-K for FY2025, filed Feb 26, 2026 |
51%
FY2022: 48%
|
Crude Oil and Products Logistics, FY2025
$6.6B Sources
|
Mix |
|
Natural Gas & NGL Services
|
49%
FY2022: 52%
|
Natural Gas & NGL Services, FY2025
$6.4B Sources
|
Who Are Their Customers?
MPC contracts for crude oil and refined-product logistics, storage, marine, and fuels-distribution services. Other customers contract for pipeline and terminal services, while natural-gas producers use gathering, processing, and related services.
10-K for FY2025, filed Feb 26, 2026We continue to have a strategic relationship with MPC, which is a large source of our revenues. We have executed numerous long-term…View ↗
Our Crude Oil and Products Logistics assets are strategically located within, and integral to, MPC’s operations. We have entered into…View ↗
We have multiple transportation and terminal services agreements with third parties under which we provide use of pipelines and tank…View ↗
The majority of our revenues in the Natural Gas and NGL Services segment are generated from wellhead to market services, including natural…View ↗
10-K for FY2025, filed Feb 26, 2026
Revenue from the sale of products purchased after services are provided is reported as Product sales on the Consolidated Statements of…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 38 cents of every revenue dollar as net income in FY2025 and turned 32 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$5.9BView ↗
10-K for FY2025, filed Feb 26, 2026
$5BView ↗
10-K for FY2025, filed Feb 26, 2026
$4.1BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
MPLX projected mid-single-digit adjusted EBITDA growth
It also expected distribution increases of 12.5% in 2026 and 2027.
Sources
8-K, filed Aug 4, 2026
Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant beginning operations in August; progressing…View ↗
Growing. Revenue grew 30% in 4 years, from $10B in FY2021 to $13B in FY2025, about 7% a year.
Natural gas treating
The latest report describes natural gas services as including treating, which the older report's segment description did not list.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026The G&P segment gathers, processes and transports natural gas; and transports, fractionates, stores and markets NGLs. As of December 31…View ↗
The Natural Gas and NGL Services segment gathers, treats, processes and transports natural gas; and transports, fractionates, stores and…View ↗
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