10-Q 1 mplx-20240930.htm 10-Q mplx-20240930
2024Q30001552000--12-31falseP5YP5Yhttp://fasb.org/us-gaap/2024#ProfitLosshttp://fasb.org/us-gaap/2024#ProfitLosshttp://fasb.org/us-gaap/2024#ProfitLosshttp://fasb.org/us-gaap/2024#ProfitLoss3111115http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrentxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:USDutr:galutr:gal00015520002024-01-012024-09-3000015520002024-10-310001552000us-gaap:ServiceMember2024-07-012024-09-300001552000us-gaap:ServiceMember2023-07-012023-09-300001552000us-gaap:ServiceMember2024-01-012024-09-300001552000us-gaap:ServiceMember2023-01-012023-09-300001552000us-gaap:ServiceOtherMember2024-07-012024-09-300001552000us-gaap:ServiceOtherMember2023-07-012023-09-300001552000us-gaap:ServiceOtherMember2024-01-012024-09-300001552000us-gaap:ServiceOtherMember2023-01-012023-09-300001552000us-gaap:NonrelatedPartyMember2024-07-012024-09-300001552000us-gaap:NonrelatedPartyMember2023-07-012023-09-300001552000us-gaap:NonrelatedPartyMember2024-01-012024-09-300001552000us-gaap:NonrelatedPartyMember2023-01-012023-09-300001552000us-gaap:RelatedPartyMember2024-07-012024-09-300001552000us-gaap:RelatedPartyMember2023-07-012023-09-300001552000us-gaap:RelatedPartyMember2024-01-012024-09-300001552000us-gaap:RelatedPartyMember2023-01-012023-09-300001552000us-gaap:ProductMember2024-07-012024-09-300001552000us-gaap:ProductMember2023-07-012023-09-300001552000us-gaap:ProductMember2024-01-012024-09-300001552000us-gaap:ProductMember2023-01-012023-09-3000015520002024-07-012024-09-3000015520002023-07-012023-09-3000015520002023-01-012023-09-300001552000us-gaap:OilAndGasServiceMember2024-07-012024-09-300001552000us-gaap:OilAndGasServiceMember2023-07-012023-09-300001552000us-gaap:OilAndGasServiceMember2024-01-012024-09-300001552000us-gaap:OilAndGasServiceMember2023-01-012023-09-300001552000us-gaap:NaturalGasMidstreamMember2024-07-012024-09-300001552000us-gaap:NaturalGasMidstreamMember2023-07-012023-09-300001552000us-gaap:NaturalGasMidstreamMember2024-01-012024-09-300001552000us-gaap:NaturalGasMidstreamMember2023-01-012023-09-300001552000us-gaap:SeriesAPreferredStockMember2024-07-012024-09-300001552000us-gaap:SeriesAPreferredStockMember2023-07-012023-09-300001552000us-gaap:SeriesAPreferredStockMember2024-01-012024-09-300001552000us-gaap:SeriesAPreferredStockMember2023-01-012023-09-300001552000us-gaap:SeriesBPreferredStockMember2024-07-012024-09-300001552000us-gaap:SeriesBPreferredStockMember2023-07-012023-09-300001552000us-gaap:SeriesBPreferredStockMember2024-01-012024-09-300001552000us-gaap:SeriesBPreferredStockMember2023-01-012023-09-3000015520002024-09-3000015520002023-12-310001552000us-gaap:RelatedPartyMember2024-09-300001552000us-gaap:RelatedPartyMember2023-12-310001552000us-gaap:NonrelatedPartyMember2024-09-300001552000us-gaap:NonrelatedPartyMember2023-12-310001552000us-gaap:SeriesAPreferredStockMember2024-09-300001552000us-gaap:SeriesAPreferredStockMember2023-12-310001552000us-gaap:CommonStockMemberus-gaap:NonrelatedPartyMember2024-09-300001552000us-gaap:CommonStockMemberus-gaap:NonrelatedPartyMember2023-12-310001552000us-gaap:CommonStockMemberus-gaap:RelatedPartyMember2024-09-300001552000us-gaap:CommonStockMemberus-gaap:RelatedPartyMember2023-12-3100015520002022-12-3100015520002023-09-300001552000us-gaap:CommonStockMember2023-12-310001552000mplx:CommonStock_RelatedPartyInterestMember2023-12-310001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001552000us-gaap:NoncontrollingInterestMember2023-12-310001552000mplx:TemporaryEquityMember2023-12-310001552000us-gaap:CommonStockMember2024-01-012024-03-310001552000mplx:CommonStock_RelatedPartyInterestMember2024-01-012024-03-310001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001552000us-gaap:NoncontrollingInterestMember2024-01-012024-03-3100015520002024-01-012024-03-310001552000mplx:TemporaryEquityMember2024-01-012024-03-310001552000us-gaap:CommonStockMember2024-03-310001552000mplx:CommonStock_RelatedPartyInterestMember2024-03-310001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001552000us-gaap:NoncontrollingInterestMember2024-03-3100015520002024-03-310001552000mplx:TemporaryEquityMember2024-03-310001552000us-gaap:CommonStockMember2024-04-012024-06-300001552000mplx:CommonStock_RelatedPartyInterestMember2024-04-012024-06-300001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001552000us-gaap:NoncontrollingInterestMember2024-04-012024-06-3000015520002024-04-012024-06-300001552000mplx:TemporaryEquityMember2024-04-012024-06-300001552000us-gaap:CommonStockMember2024-06-300001552000mplx:CommonStock_RelatedPartyInterestMember2024-06-300001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001552000us-gaap:NoncontrollingInterestMember2024-06-3000015520002024-06-300001552000mplx:TemporaryEquityMember2024-06-300001552000us-gaap:CommonStockMember2024-07-012024-09-300001552000mplx:CommonStock_RelatedPartyInterestMember2024-07-012024-09-300001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001552000us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001552000mplx:TemporaryEquityMember2024-07-012024-09-300001552000us-gaap:CommonStockMember2024-09-300001552000mplx:CommonStock_RelatedPartyInterestMember2024-09-300001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001552000us-gaap:NoncontrollingInterestMember2024-09-300001552000mplx:TemporaryEquityMember2024-09-300001552000us-gaap:CommonStockMember2022-12-310001552000mplx:CommonStock_RelatedPartyInterestMember2022-12-310001552000us-gaap:PreferredStockMember2022-12-310001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001552000us-gaap:NoncontrollingInterestMember2022-12-310001552000mplx:TemporaryEquityMember2022-12-310001552000us-gaap:CommonStockMember2023-01-012023-03-310001552000mplx:CommonStock_RelatedPartyInterestMember2023-01-012023-03-310001552000us-gaap:PreferredStockMember2023-01-012023-03-310001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001552000us-gaap:NoncontrollingInterestMember2023-01-012023-03-3100015520002023-01-012023-03-310001552000mplx:TemporaryEquityMember2023-01-012023-03-310001552000us-gaap:CommonStockMember2023-03-310001552000mplx:CommonStock_RelatedPartyInterestMember2023-03-310001552000us-gaap:PreferredStockMember2023-03-310001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001552000us-gaap:NoncontrollingInterestMember2023-03-3100015520002023-03-310001552000mplx:TemporaryEquityMember2023-03-310001552000us-gaap:CommonStockMember2023-04-012023-06-300001552000mplx:CommonStock_RelatedPartyInterestMember2023-04-012023-06-300001552000us-gaap:PreferredStockMember2023-04-012023-06-300001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001552000us-gaap:NoncontrollingInterestMember2023-04-012023-06-3000015520002023-04-012023-06-300001552000mplx:TemporaryEquityMember2023-04-012023-06-300001552000us-gaap:CommonStockMember2023-06-300001552000mplx:CommonStock_RelatedPartyInterestMember2023-06-300001552000us-gaap:PreferredStockMember2023-06-300001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001552000us-gaap:NoncontrollingInterestMember2023-06-3000015520002023-06-300001552000mplx:TemporaryEquityMember2023-06-300001552000us-gaap:CommonStockMember2023-07-012023-09-300001552000mplx:CommonStock_RelatedPartyInterestMember2023-07-012023-09-300001552000us-gaap:PreferredStockMember2023-07-012023-09-300001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001552000us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001552000mplx:TemporaryEquityMember2023-07-012023-09-300001552000us-gaap:CommonStockMember2023-09-300001552000mplx:CommonStock_RelatedPartyInterestMember2023-09-300001552000us-gaap:PreferredStockMember2023-09-300001552000us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001552000us-gaap:NoncontrollingInterestMember2023-09-300001552000mplx:TemporaryEquityMember2023-09-300001552000mplx:BANGLLLCMember2024-07-310001552000mplx:BANGLLLCMember2024-07-312024-07-310001552000mplx:WPCParentLLCMembermplx:EnbridgeInc.Member2024-05-290001552000mplx:WhistlerPipelineLLCMembermplx:MPLXLPMember2024-05-280001552000mplx:WPCParentLLCMembermplx:MPLXLPMember2024-05-290001552000mplx:WPCParentLLCMember2024-05-292024-05-290001552000mplx:UticaMidstreamMember2024-03-222024-03-220001552000mplx:OhioGatheringCompanyL.L.C.Member2024-03-220001552000mplx:OhioCondensateCompanyL.L.C.Member2024-03-220001552000mplx:UticaMidstreamMember2024-03-220001552000mplx:OhioCondensateCompanyL.L.C.Member2024-03-222024-03-220001552000mplx:BANGLLLCMembermplx:LogisticsandStorageMember2024-09-300001552000mplx:BANGLLLCMembermplx:LogisticsandStorageMember2023-12-310001552000mplx:IllinoisExtensionPipelineCompanyLLCMembermplx:LogisticsandStorageMember2024-09-300001552000mplx:IllinoisExtensionPipelineCompanyLLCMembermplx:LogisticsandStorageMember2023-12-310001552000mplx:LoopLLCMembermplx:LogisticsandStorageMember2024-09-300001552000mplx:LoopLLCMembermplx:LogisticsandStorageMember2023-12-310001552000mplx:MarEnBakkenCompanyLLCMembermplx:LogisticsandStorageMember2024-09-300001552000mplx:MarEnBakkenCompanyLLCMembermplx:LogisticsandStorageMember2023-12-310001552000mplx:WPCParentLLCMembermplx:LogisticsandStorageMember2024-09-300001552000mplx:WhistlerPipelineLLCMembermplx:LogisticsandStorageMember2023-12-310001552000mplx:OtherVIEsandNonVIEsMembermplx:LogisticsandStorageMember2024-09-300001552000mplx:OtherVIEsandNonVIEsMembermplx:LogisticsandStorageMember2023-12-310001552000mplx:LogisticsandStorageMember2024-09-300001552000mplx:LogisticsandStorageMember2023-12-310001552000mplx:MarkWestEMGJeffersonDryGasGatheringCompanyL.L.C.Membermplx:GatheringandProcessingMember2024-09-300001552000mplx:MarkWestEMGJeffersonDryGasGatheringCompanyL.L.C.Membermplx:GatheringandProcessingMember2023-12-310001552000mplx:MarkWestUticaEMGMembermplx:GatheringandProcessingMember2024-09-300001552000mplx:MarkWestUticaEMGMembermplx:GatheringandProcessingMember2023-12-310001552000mplx:OhioGatheringCompanyL.L.C.Membermplx:GatheringandProcessingMember2024-09-300001552000mplx:OhioGatheringCompanyL.L.C.Membermplx:GatheringandProcessingMember2023-12-310001552000mplx:SherwoodMidstreamLLCMembermplx:GatheringandProcessingMember2024-09-300001552000mplx:SherwoodMidstreamLLCMembermplx:GatheringandProcessingMember2023-12-310001552000mplx:OtherVIEsandNonVIEsMembermplx:GatheringandProcessingMember2024-09-300001552000mplx:OtherVIEsandNonVIEsMembermplx:GatheringandProcessingMember2023-12-310001552000mplx:GatheringandProcessingMember2024-09-300001552000mplx:GatheringandProcessingMember2023-12-310001552000mplx:IndirectOwnershipInterestMembermplx:BakkenPipelineSystemMembermplx:LogisticsandStorageMember2024-09-300001552000mplx:OhioGatheringCompanyL.L.C.Membermplx:GatheringandProcessingMember2024-03-220001552000mplx:IndirectOwnershipInterestMembermplx:OhioGatheringCompanyL.L.C.Membermplx:GatheringandProcessingMember2024-09-300001552000us-gaap:RelatedPartyMember2024-06-300001552000us-gaap:RevolvingCreditFacilityMemberus-gaap:RelatedPartyMember2024-09-300001552000us-gaap:RevolvingCreditFacilityMemberus-gaap:RelatedPartyMember2024-01-012024-09-300001552000us-gaap:RelatedPartyMemberus-gaap:AssetUnderConstructionMember2024-07-012024-09-300001552000us-gaap:RelatedPartyMemberus-gaap:AssetUnderConstructionMember2024-01-012024-09-300001552000us-gaap:RelatedPartyMemberus-gaap:AssetUnderConstructionMember2023-07-012023-09-300001552000us-gaap:RelatedPartyMemberus-gaap:AssetUnderConstructionMember2023-01-012023-09-300001552000us-gaap:RevolvingCreditFacilityMemberus-gaap:RelatedPartyMember2023-12-3100015520002022-08-020001552000us-gaap:SeriesAPreferredStockMember2024-09-300001552000us-gaap:SeriesBPreferredStockMember2023-02-152023-02-150001552000us-gaap:SeriesBPreferredStockMember2023-02-150001552000us-gaap:SubsequentEventMember2024-10-292024-10-290001552000us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2024-11-152024-11-150001552000us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2024-11-082024-11-080001552000us-gaap:CommonStockMember2024-07-012024-09-300001552000us-gaap:CommonStockMember2023-07-012023-09-300001552000us-gaap:CommonStockMember2024-01-012024-09-300001552000us-gaap:CommonStockMember2023-01-012023-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembermplx:LogisticsandStorageMember2024-07-012024-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembermplx:LogisticsandStorageMember2023-07-012023-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembermplx:LogisticsandStorageMember2024-01-012024-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembermplx:LogisticsandStorageMember2023-01-012023-09-300001552000us-gaap:OperatingSegmentsMembermplx:LogisticsandStorageMember2024-07-012024-09-300001552000us-gaap:OperatingSegmentsMembermplx:LogisticsandStorageMember2023-07-012023-09-300001552000us-gaap:OperatingSegmentsMembermplx:LogisticsandStorageMember2024-01-012024-09-300001552000us-gaap:OperatingSegmentsMembermplx:LogisticsandStorageMember2023-01-012023-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ProductMembermplx:LogisticsandStorageMember2024-07-012024-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ProductMembermplx:LogisticsandStorageMember2023-07-012023-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ProductMembermplx:LogisticsandStorageMember2024-01-012024-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ProductMembermplx:LogisticsandStorageMember2023-01-012023-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembermplx:GatheringandProcessingMember2024-07-012024-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembermplx:GatheringandProcessingMember2023-07-012023-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembermplx:GatheringandProcessingMember2024-01-012024-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembermplx:GatheringandProcessingMember2023-01-012023-09-300001552000us-gaap:OperatingSegmentsMembermplx:GatheringandProcessingMember2024-07-012024-09-300001552000us-gaap:OperatingSegmentsMembermplx:GatheringandProcessingMember2023-07-012023-09-300001552000us-gaap:OperatingSegmentsMembermplx:GatheringandProcessingMember2024-01-012024-09-300001552000us-gaap:OperatingSegmentsMembermplx:GatheringandProcessingMember2023-01-012023-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ProductMembermplx:GatheringandProcessingMember2024-07-012024-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ProductMembermplx:GatheringandProcessingMember2023-07-012023-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ProductMembermplx:GatheringandProcessingMember2024-01-012024-09-300001552000us-gaap:OperatingSegmentsMemberus-gaap:ProductMembermplx:GatheringandProcessingMember2023-01-012023-09-300001552000us-gaap:NonrelatedPartyMembermplx:LogisticsandStorageMember2024-07-012024-09-300001552000us-gaap:NonrelatedPartyMembermplx:LogisticsandStorageMember2024-01-012024-09-300001552000us-gaap:NonrelatedPartyMembermplx:LogisticsandStorageMember2023-07-012023-09-300001552000us-gaap:NonrelatedPartyMembermplx:LogisticsandStorageMember2023-01-012023-09-300001552000us-gaap:NonrelatedPartyMembermplx:GatheringandProcessingMember2024-07-012024-09-300001552000us-gaap:NonrelatedPartyMembermplx:GatheringandProcessingMember2024-01-012024-09-300001552000us-gaap:NonrelatedPartyMembermplx:GatheringandProcessingMember2023-07-012023-09-300001552000us-gaap:NonrelatedPartyMembermplx:GatheringandProcessingMember2023-01-012023-09-3000015520002024-03-290001552000us-gaap:OperatingSegmentsMember2024-07-012024-09-300001552000us-gaap:OperatingSegmentsMember2023-07-012023-09-300001552000us-gaap:OperatingSegmentsMember2024-01-012024-09-300001552000us-gaap:OperatingSegmentsMember2023-01-012023-09-300001552000us-gaap:MaterialReconcilingItemsMember2024-07-012024-09-300001552000us-gaap:MaterialReconcilingItemsMember2023-07-012023-09-300001552000us-gaap:MaterialReconcilingItemsMember2024-01-012024-09-300001552000us-gaap:MaterialReconcilingItemsMember2023-01-012023-09-300001552000mplx:LogisticsandStorageMember2024-07-012024-09-300001552000mplx:LogisticsandStorageMember2024-01-012024-09-300001552000mplx:LogisticsandStorageMember2023-07-012023-09-300001552000mplx:LogisticsandStorageMember2023-01-012023-09-300001552000mplx:GatheringandProcessingMember2024-07-012024-09-300001552000mplx:GatheringandProcessingMember2024-01-012024-09-300001552000mplx:GatheringandProcessingMember2023-07-012023-09-300001552000mplx:GatheringandProcessingMember2023-01-012023-09-300001552000us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMember2024-09-300001552000us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMember2024-09-300001552000us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMember2023-12-310001552000us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:OtherCurrentLiabilitiesMember2023-12-310001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:OtherCurrentAssetsMember2024-09-300001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:OtherCurrentLiabilitiesMember2024-09-300001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:OtherCurrentAssetsMember2023-12-310001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:OtherCurrentLiabilitiesMember2023-12-310001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:OtherNoncurrentAssetsMember2024-09-300001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-09-300001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:OtherNoncurrentAssetsMember2023-12-310001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-12-310001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMembersrt:MinimumMember2024-09-300001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMembersrt:MaximumMember2024-09-300001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-09-300001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-01-012024-09-300001552000mplx:NaturalGasMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-01-012024-09-300001552000us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001552000us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001552000us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001552000us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001552000us-gaap:PublicUtilitiesInventoryPropaneMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2024-09-300001552000mplx:NaturalGasMemberus-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-09-300001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001552000us-gaap:FairValueInputsLevel3Memberus-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001552000mplx:ProductSalesMember2024-07-012024-09-300001552000mplx:ProductSalesMember2023-07-012023-09-300001552000mplx:ProductSalesMember2024-01-012024-09-300001552000mplx:ProductSalesMember2023-01-012023-09-300001552000mplx:PurchasedproductcostsMember2024-07-012024-09-300001552000mplx:PurchasedproductcostsMember2023-07-012023-09-300001552000mplx:PurchasedproductcostsMember2024-01-012024-09-300001552000mplx:PurchasedproductcostsMember2023-01-012023-09-300001552000mplx:MPLXLPMember2024-09-300001552000mplx:MPLXLPMember2023-12-310001552000mplx:MarkWestMember2024-09-300001552000mplx:MarkWestMember2023-12-310001552000mplx:ANDXLPMember2024-09-300001552000mplx:ANDXLPMember2023-12-310001552000mplx:MPLXRevolvingCreditFacilityDueJuly2027Member2024-09-300001552000mplx:MPLXRevolvingCreditFacilityDueJuly2027Member2024-01-012024-09-300001552000srt:MinimumMemberus-gaap:SeniorNotesMember2024-09-300001552000srt:MaximumMemberus-gaap:SeniorNotesMember2024-09-300001552000mplx:SeniorNoteDueJune2034Domainus-gaap:SeniorNotesMember2024-05-202024-05-200001552000mplx:SeniorNoteDueJune2034Domainus-gaap:SeniorNotesMember2024-05-200001552000mplx:SeniorNotesDueDecember2024Membermplx:MPLXLPMemberus-gaap:SeniorNotesMember2024-09-300001552000mplx:SeniorNotesDueDecember2024Membermplx:MarkWestMemberus-gaap:SeniorNotesMember2024-09-300001552000mplx:SeniorNotesDueFebruary2025Membermplx:MPLXLPMemberus-gaap:SeniorNotesMember2024-09-300001552000us-gaap:ServiceMembermplx:LogisticsandStorageMember2024-07-012024-09-300001552000us-gaap:ServiceMembermplx:GatheringandProcessingMember2024-07-012024-09-300001552000us-gaap:ServiceOtherMembermplx:LogisticsandStorageMember2024-07-012024-09-300001552000us-gaap:ServiceOtherMembermplx:GatheringandProcessingMember2024-07-012024-09-300001552000us-gaap:ProductMembermplx:LogisticsandStorageMember2024-07-012024-09-300001552000us-gaap:ProductMembermplx:GatheringandProcessingMember2024-07-012024-09-300001552000us-gaap:ServiceMembermplx:LogisticsandStorageMember2023-07-012023-09-300001552000us-gaap:ServiceMembermplx:GatheringandProcessingMember2023-07-012023-09-300001552000us-gaap:ServiceOtherMembermplx:LogisticsandStorageMember2023-07-012023-09-300001552000us-gaap:ServiceOtherMembermplx:GatheringandProcessingMember2023-07-012023-09-300001552000us-gaap:ProductMembermplx:LogisticsandStorageMember2023-07-012023-09-300001552000us-gaap:ProductMembermplx:GatheringandProcessingMember2023-07-012023-09-300001552000us-gaap:ServiceMembermplx:LogisticsandStorageMember2024-01-012024-09-300001552000us-gaap:ServiceMembermplx:GatheringandProcessingMember2024-01-012024-09-300001552000us-gaap:ServiceOtherMembermplx:LogisticsandStorageMember2024-01-012024-09-300001552000us-gaap:ServiceOtherMembermplx:GatheringandProcessingMember2024-01-012024-09-300001552000us-gaap:ProductMembermplx:LogisticsandStorageMember2024-01-012024-09-300001552000us-gaap:ProductMembermplx:GatheringandProcessingMember2024-01-012024-09-300001552000us-gaap:ServiceMembermplx:LogisticsandStorageMember2023-01-012023-09-300001552000us-gaap:ServiceMembermplx:GatheringandProcessingMember2023-01-012023-09-300001552000us-gaap:ServiceOtherMembermplx:LogisticsandStorageMember2023-01-012023-09-300001552000us-gaap:ServiceOtherMembermplx:GatheringandProcessingMember2023-01-012023-09-300001552000us-gaap:ProductMembermplx:LogisticsandStorageMember2023-01-012023-09-300001552000us-gaap:ProductMembermplx:GatheringandProcessingMember2023-01-012023-09-300001552000us-gaap:NonrelatedPartyMember2022-12-310001552000us-gaap:NonrelatedPartyMember2023-09-300001552000us-gaap:RelatedPartyMember2022-12-310001552000us-gaap:RelatedPartyMember2023-09-3000015520002024-10-012024-09-3000015520002025-01-012024-09-3000015520002026-01-012024-09-3000015520002027-01-012024-09-3000015520002028-01-012024-09-3000015520002029-01-012024-09-300001552000srt:MaximumMember2024-09-3000015520002020-07-012020-07-3100015520002020-12-152020-12-150001552000mplx:BakkenPipelineSystemMemberus-gaap:GuaranteeOfIndebtednessOfOthersMemberus-gaap:FinancialGuaranteeMember2024-09-300001552000mplx:WPCParentLLCMemberus-gaap:PerformanceGuaranteeMember2024-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________________________
FORM 10-Q
 ____________________________________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-35714
_____________________________________________ 
MPLX LP
(Exact name of registrant as specified in its charter)
 _____________________________________________
Delaware27-0005456
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
200 E. Hardin Street,Findlay,Ohio 45840
(Address of principal executive offices)(Zip code)
(419) 422-2121
(Registrant’s telephone number, including area code)
 _____________________________________________
Securities Registered pursuant to Section 12(b) of the Act
Title of each class Trading symbol(s)Name of each exchange on which registered
Common Units Representing Limited Partnership InterestsMPLXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☑     No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐
Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐    No  ☑

MPLX LP had 1,018,812,097 common units outstanding as of October 31, 2024.

Table of Contents
 Page
Item 1.   
Item 2.   
Item 3.   
Item 4.   
Item 1.   
Item 1A.
Item 2.   
Item 5.
Item 6.
Unless otherwise stated or the context otherwise indicates, all references in this Form 10-Q to “MPLX LP,” “MPLX,” “the Partnership,” “we,” “our,” “us,” or like terms refer to MPLX LP and its consolidated subsidiaries. References to our sponsor and customer, “MPC,” refer collectively to Marathon Petroleum Corporation and its subsidiaries, other than the Partnership.
1
Glossary of Terms
The abbreviations, acronyms and industry terminology used in this report are defined as follows:
ASCAccounting Standards Codification
ASUAccounting Standards Update
barrelOne stock tank barrel, or 42 United States gallons of liquid volume, used in reference to crude oil or other liquid hydrocarbons
DCF (a non-GAAP financial measure)Distributable Cash Flow
EBITDA (a non-GAAP financial measure)Earnings Before Interest, Taxes, Depreciation and Amortization
FASBFinancial Accounting Standards Board
GAAPAccounting principles generally accepted in the United States of America
G&PGathering and Processing segment
L&SLogistics and Storage segment
mbpdThousand barrels per day
MMBtuOne million British thermal units, an energy measurement
MMcf/dOne million cubic feet per day
NGLNatural gas liquids, such as ethane, propane, butanes and natural gasoline
SECUnited States Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
VIEVariable interest entity

2
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
MPLX LP
Consolidated Statements of Income (Unaudited)
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions, except per unit data)2024202320242023
Revenues and other income:
Service revenue$709 $641 $2,050 $1,881 
Service revenue - related parties1,066 1,038 3,102 2,962 
Service revenue - product related86 75 265 214 
Rental income63 61 187 181 
Rental income - related parties216 207 644 612 
Product sales433 478 1,191 1,274 
Product sales - related parties51 51 164 155 
Sales-type lease revenue34 34 102 101 
Sales-type lease revenue - related parties118 129 359 379 
Income from equity method investments149 159 631 438 
Other income7 7 58 28 
Other income - related parties40 32 117 90 
Total revenues and other income2,972 2,912 8,870 8,315 
Costs and expenses:
Cost of revenues (excludes items below)404 367 1,159 1,023 
Purchased product costs403 474 1,148 1,234 
Rental cost of sales22 20 61 60 
Rental cost of sales - related parties5 8 14 24 
Purchases - related parties402 442 1,162 1,160 
Depreciation and amortization322 301 959 907 
General and administrative expenses107 102 323 280 
Other taxes32 44 99 102 
Total costs and expenses1,697 1,758 4,925 4,790 
Income from operations1,275 1,154 3,945 3,525 
Net interest and other financial costs226 225 692 701 
Income before income taxes1,049 929 3,253 2,824 
Provision for income taxes2 1 5 2 
Net income1,047 928 3,248 2,822 
Less: Net income attributable to noncontrolling interests10 10 30 28 
Net income attributable to MPLX LP1,037 918 3,218 2,794 
Less: Series A preferred unitholders’ interest in net income6 25 21 71 
Less: Series B preferred unitholders’ interest in net income— — — 5 
Limited partners' interest in net income attributable to MPLX LP$1,031 $893 $3,197 $2,718 
Per Unit Data (See Note 7)
Net income attributable to MPLX LP per limited partner unit:
Common - basic$1.01 $0.89 $3.14 $2.70 
Common - diluted$1.01 $0.89 $3.14 $2.70 
Weighted average limited partner units outstanding:
Common - basic1,020 1,001 1,016 1,001 
Common - diluted1,020 1,001 1,016 1,001 
The accompanying notes are an integral part of these consolidated financial statements.
3
MPLX LP
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
Net income$1,047 $928 $3,248 $2,822 
Other comprehensive income, net of tax:
Remeasurements of pension and other postretirement benefits related to equity method investments, net of tax— — 1 4 
Comprehensive income1,047 928 3,249 2,826 
Less comprehensive income attributable to:
Noncontrolling interests10 10 30 28 
Comprehensive income attributable to MPLX LP$1,037 $918 $3,219 $2,798 
The accompanying notes are an integral part of these consolidated financial statements.
4
MPLX LP
Consolidated Balance Sheets (Unaudited)
(In millions)September 30,
2024		December 31,
2023
Assets
Cash and cash equivalents$2,426 $1,048 
Receivables, net742 823 
Current assets - related parties842 748 
Inventories171 159 
Other current assets37 30 
Total current assets4,218 2,808 
Equity method investments4,558 3,743 
Property, plant and equipment, net19,153 19,264 
Intangibles, net551 654 
Goodwill7,645 7,645 
Right of use assets, net271 264 
Noncurrent assets - related parties1,135 1,161 
Other noncurrent assets984 990 
Total assets38,515 36,529 
Liabilities
Accounts payable120 153 
Accrued liabilities271 300 
Current liabilities - related parties354 360 
Accrued property, plant and equipment190 216 
Long-term debt due within one year2,836 1,135 
Accrued interest payable220 242 
Operating lease liabilities49 45 
Other current liabilities227 173 
Total current liabilities4,267 2,624 
Long-term deferred revenue326 347 
Long-term liabilities - related parties320 325 
Long-term debt19,250 19,296 
Deferred income taxes16 16 
Long-term operating lease liabilities217 211 
Other long-term liabilities137 126 
Total liabilities24,533 22,945 
Commitments and contingencies (see Note 16)
Series A preferred units (6 million and 27 million units outstanding)
203 895 
Equity
Common unitholders - public (372 million and 356 million units outstanding)
9,378 8,700 
Common unitholders - MPC (647 million and 647 million units outstanding)
4,172 3,758 
Accumulated other comprehensive loss(3)(4)
Total MPLX LP partners’ capital13,547 12,454 
Noncontrolling interests232 235 
Total equity13,779 12,689 
Total liabilities, preferred units and equity$38,515 $36,529 
The accompanying notes are an integral part of these consolidated financial statements.
5
MPLX LP
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended 
September 30,
(In millions)20242023
Operating activities:
Net income$3,248 $2,822 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs41 42 
Depreciation and amortization959 907 
Deferred income taxes— (1)
Gain on sales-type leases and equity method investments(20)— 
Loss/(gain) on disposal of assets3 (15)
Income from equity method investments(631)(438)
Distributions from unconsolidated affiliates596 526 
Change in fair value of derivatives7 (3)
Changes in:
Receivables138 (31)
Inventories(11)(15)
Current accounts payable and other current assets and liabilities(54)(36)
Assets and liabilities - related parties(23)89 
Right of use assets and operating lease liabilities3 4 
Deferred revenue2 65 
All other, net13 (8)
Net cash provided by operating activities4,271 3,908 
Investing activities:
Additions to property, plant and equipment(748)(662)
Acquisitions, net of cash acquired(622)— 
Disposal of assets— 25 
Investments - acquisitions and contributions(414)(90)
- redemptions, repayments, return of capital and sales proceeds138 — 
Net cash used in investing activities(1,646)(727)
Financing activities:
Long-term debt borrowings1,630 1,589 
Long-term debt repayments(1)(1,001)
Debt issuance costs(15)(15)
Unit repurchases(226)— 
Redemption of Series B preferred units— (600)
Distributions to noncontrolling interests(33)(30)
Distributions to Series A preferred unitholders(38)(69)
Distributions to Series B preferred unitholders— (21)
Distributions to unitholders and general partner(2,585)(2,329)
Contributions from MPC26 20 
All other, net(5)(3)
Net cash used in financing activities(1,247)(2,459)
Net change in cash, cash equivalents and restricted cash1,378 722 
Cash, cash equivalents and restricted cash at beginning of period1,048 238 
Cash, cash equivalents and restricted cash at end of period$2,426 $960 
The accompanying notes are an integral part of these consolidated financial statements.
6
MPLX LP
Consolidated Statements of Equity and Series A Preferred Units (Unaudited)
 Partnership  
(In millions)Common
Unit-holders
Public		Common
Unit-holder
MPC		Accumulated Other Comprehensive LossNon-controlling
Interests		TotalSeries A Preferred Unit-holders
Balance at December 31, 2023$8,700 $3,758 $(4)$235 $12,689 $895 
Net income355 640 — 10 1,005 10 
Unit repurchases(75)— — — (75)— 
Conversion of Series A preferred units321 — — — 321 (321)
Distributions(303)(550)— (11)(864)(23)
Contributions— 10 — — 10 — 
Other(1)— 1 — — — 
Balance at March 31, 2024$8,997 $3,858 $(3)$234 $13,086 $561 
Net income425 746 — 10 1,181 5 
Unit repurchases(75)— — — (75)— 
Conversion of Series A preferred units354 — — — 354 (354)
Distributions(314)(550)— (11)(875)(10)
Contributions— 8 — — 8 — 
Other5 — — — 5 — 
Balance at June 30, 2024$9,392 $4,062 $(3)$233 $13,684 $202 
Net income377 654 — 10 1,041 6 
Unit repurchases(76)— — — (76)— 
Distributions(317)(551)— (11)(879)(5)
Contributions— 7 — — 7 — 
Other2 — — — 2 — 
Balance at September 30, 2024$9,378 $4,172 $(3)$232 $13,779 $203 
Partnership
Common
Unit-holders
Public		Common
Unit-holder
MPC		Series B Preferred Unit-holdersAccumulated Other Comprehensive LossNon-controlling
Interests		TotalSeries A Preferred Unit-holders
Balance at December 31, 2022$8,413 $3,293 $611 $(8)$237 $12,546 $968 
Net income323 592 5 — 9 929 23 
Redemption of Series B preferred units(2)(3)(595)— — (600)— 
Distributions(275)(502)(21)— (10)(808)(23)
Contributions— 8 — — — 8 — 
Other— — — 4 1 5 — 
Balance at March 31, 2023$8,459 $3,388 $— $(4)$237 $12,080 $968 
Net income322 588 — — 9 919 23 
Distributions(274)(502)— — (9)(785)(23)
Contributions— 5 — — — 5 — 
Other1 1 — — — 2 — 
Balance at June 30, 2023$8,508 $3,480 $— $(4)$237 $12,221 $968 
Net income297 596 — — 10 903 25 
Distributions(274)(502)— — (11)(787)(23)
Contributions— 7 — — — 7 — 
Other2 — — — — 2 — 
Balance at September 30, 2023$8,533 $3,581 $— $(4)$236 $12,346 $970 
The accompanying notes are an integral part of these consolidated financial statements.
7
Notes to Consolidated Financial Statements (Unaudited)
1. Description of the Business and Basis of Presentation
Description of the Business
MPLX LP is a diversified, large-cap master limited partnership formed by Marathon Petroleum Corporation that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. We are engaged in the gathering, transportation, storage and distribution of crude oil, refined products, other hydrocarbon-based products and renewables; the gathering, processing and transportation of natural gas; and the transportation, fractionation, storage and marketing of NGLs. MPLX’s principal executive office is located in Findlay, Ohio. MPLX was formed on March 27, 2012 as a Delaware limited partnership and completed its initial public offering on October 31, 2012.
MPLX’s business consists of two segments based on the nature of services it offers: Logistics and Storage (“L&S”), which relates primarily to crude oil, refined products, other hydrocarbon-based products and renewables; and Gathering and Processing (“G&P”), which relates primarily to natural gas and NGLs. See Note 8 for additional information regarding the operations and results of these segments.
Basis of Presentation
These interim consolidated financial statements are unaudited; however, in the opinion of MPLX’s management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules and regulations of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. Certain information derived from our audited annual financial statements, prepared in accordance with GAAP, has been condensed or omitted from these interim financial statements.
These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year.
MPLX’s consolidated financial statements include all majority-owned and controlled subsidiaries. For non-wholly owned consolidated subsidiaries, the interests owned by third parties have been recorded as Noncontrolling interests on the accompanying Consolidated Balance Sheets. Intercompany accounts and transactions have been eliminated. MPLX’s investments in which MPLX exercises significant influence but does not control and does not have a controlling financial interest are accounted for using the equity method. MPLX’s investments in VIEs in which MPLX exercises significant influence but does not control and is not the primary beneficiary are also accounted for using the equity method.
Certain prior period financial statement amounts have been reclassified to conform to current period presentation.
2. Accounting Standards and Disclosure Rules
Recently Adopted
During the first quarter of 2024, we adopted ASU 2023-01, Leases (Topic 842): Common Control Arrangements. The adoption of this ASU did not have a material impact on our financial statements or disclosures.
Not Yet Adopted
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
In November 2024, the FASB issued an ASU to require more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this ASU will have on our disclosures.

SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors
In March 2024, the SEC adopted rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their annual reports. As part of the disclosures, material impacts from severe weather events and other natural conditions will be required in the audited financial statements. In April 2024, the SEC voluntarily stayed the rules pending judicial review. Pending the results of
8
the judicial review, the disclosure requirements are effective for the Partnership’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. We are evaluating the impact these rules will have on our disclosures and monitoring the status of the judicial review.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued an ASU to update reportable segment disclosure requirements primarily by requiring enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. This standard will have no impact on the Partnership’s financial statements, but will result in additional disclosure.
3. Acquisitions and Other Transactions
BANGL, LLC Acquisition
On July 31, 2024, MPLX exercised its right of first offer under the BANGL, LLC joint venture agreement to purchase an additional 20 percent ownership interest in BANGL, LLC, for $210 million cash, increasing total ownership interest to 45 percent (the “BANGL Transaction”). BANGL is a natural gas liquids pipeline system connecting the Delaware and Midland basins to the fractionation market in Sweeny, Texas. The purchase price of the additional 20 percent ownership interest in BANGL, LLC exceeded our portion of the underlying net assets of the joint venture by approximately $156 million. This basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets. Following the BANGL Transaction, our investment in BANGL, LLC continues to be accounted for as an equity method investment.
Whistler Joint Venture Transaction
On May 29, 2024, MPLX and its joint venture partner contributed their respective membership interest in Whistler Pipeline, LLC to a newly formed joint venture, WPC Parent, LLC, and issued a 19 percent voting interest in WPC Parent, LLC to an affiliate of Enbridge Inc. in exchange for the contribution of cash and the Rio Bravo Pipeline project. As a result of the transaction, MPLX’s voting interest in the joint venture was reduced from 37.5 percent to 30.4 percent. MPLX recognized a gain of $151 million and received a cash distribution of $134 million, recorded as a return of capital, related to the dilution of the ownership interest. The gain is included in Income from equity method investments on the accompanying consolidated statements of income and the return of capital is included in Investments - redemptions, repayments, return of capital and sales proceeds within the investing section of the accompanying consolidated statements of cash flows.
Utica Midstream Acquisition
On March 22, 2024, MPLX used $625 million of cash on hand to purchase additional ownership interest in existing joint ventures and gathering assets (the “Utica Midstream Acquisition”), which will enhance our position in the Utica basin. Prior to the acquisition, we owned an indirect interest in Ohio Gathering Company L.L.C. (“OGC”) and a direct interest in Ohio Condensate Company L.L.C. (“OCC”) and now own a combined 73 percent interest in OGC, a 100 percent interest in OCC, and a 100 percent interest in a dry gas gathering system in the Utica basin, including 53 miles of gathering pipeline and three dehydration units with a combined capacity of approximately 620 MMcf/d. OGC continues to be accounted for as an equity method investment, as MPLX did not obtain control of OGC as a result of the transaction. The acquisition date fair value of our investment in OGC exceeded our portion of the underlying net assets of the joint venture by approximately $86 million. This basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets. OCC was previously accounted for as an equity method investment, and it is now reflected as a consolidated subsidiary within our consolidated financial results. The results for the acquired business are reported within our G&P segment.
The Utica Midstream Acquisition was accounted for as a business combination requiring all the acquired assets and liabilities to be remeasured to fair value resulting in a consolidated fair value of net assets and liabilities of $625 million. The fair value includes $518 million related to acquired interests in the joint ventures and the remaining balance related to other acquired assets and liabilities. The revaluation of MPLX’s existing 62 percent equity method investment in OCC resulted in a $20 million gain, which is included in Other income within the accompanying consolidated statements of income. The fair value of equity method investments was based on a discounted cash flow model.
9
4. Investments and Noncontrolling Interests
The following table presents MPLX’s equity method investments at the dates indicated:
Ownership as ofCarrying value at
September 30,September 30,December 31,
(In millions, except ownership percentages)VIE202420242023
L&S
BANGL, LLC(1)
45%$275 $63 
Illinois Extension Pipeline Company, L.L.C.35%231 228 
LOOP LLC41%313 314 
MarEn Bakken Company LLC(2)
25%530 449 
WPC Parent, LLC(3)
30%206 214 
Other(4)
X593 564 
Total L&S2,148 1,832 
G&P
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.CX67%335 336 
MarkWest Utica EMG, L.L.C.X59%717 676 
Ohio Gathering Company L.L.C.(5)
X35%488 — 
Sherwood Midstream LLCX50%492 500 
Other(4)
X378 399 
Total G&P2,410 1,911 
Total$4,558 $3,743 
(1)    In July 2024, we purchased an additional 20 percent ownership interest in BANGL, LLC, increasing our ownership interest to 45 percent, as discussed in Note 3.
(2)    The investment in MarEn Bakken Company LLC includes our 9.19 percent indirect interest in a joint venture (“Dakota Access”) that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects (collectively, the “Bakken Pipeline system”).    
(3)    Reflects the dilution of MPLX’s ownership interest in Whistler Pipeline, LLC and the formation of a new entity, WPC Parent, LLC, as discussed in Note 3. The carrying value at September 30, 2024 represents our ownership in WPC Parent, LLC, and the carrying value at December 31, 2023 represents our ownership interest in Whistler Pipeline, LLC.
(4)    Some investments included within Other have also been deemed to be VIEs.
(5)    We acquired a 36 percent direct interest in OGC in the Utica Midstream Acquisition discussed in Note 3. We also hold a 38 percent indirect interest in OGC through our ownership interest in MarkWest Utica EMG, L.L.C.
For those entities that have been deemed to be VIEs, neither MPLX nor any of its subsidiaries have been deemed to be the primary beneficiary due to voting rights on significant matters. While we have the ability to exercise influence through participation in the management committees which make all significant decisions, we have equal influence over each committee as a joint interest partner and all significant decisions require the consent of the other investors without regard to economic interest. As such, we have determined that these entities should not be consolidated and applied the equity method of accounting with respect to our investments in each entity.
MPLX’s maximum exposure to loss as a result of its involvement with equity method investments generally includes its equity investment, any additional capital contribution commitments and any operating expenses incurred by the subsidiary operator in excess of its compensation received for the performance of the operating services. MPLX did not provide any financial support to equity method investments that it was not contractually obligated to provide during the nine months ended September 30, 2024 and September 30, 2023. See Note 16 for information on our guarantees related to equity method investees.
5. Related Party Agreements and Transactions
MPLX engages in transactions with both MPC and certain of its equity method investments as part of its normal business; however, transactions with MPC make up the majority of MPLX’s related party transactions. Transactions with related parties are further described below.
MPLX has various long-term, fee-based commercial agreements with MPC. Under these agreements, MPLX provides transportation, gathering, terminal, fuels distribution, marketing, storage, management, operational and other services to MPC. MPC has committed to provide MPLX with minimum quarterly throughput volumes on crude oil and refined products and other fees for storage capacity; operating and management fees; and reimbursements for certain direct and indirect costs. MPC has also committed to provide a fixed fee for 100 percent of available capacity for boats, barges and third-party chartered equipment under the marine transportation service agreements. MPLX also has a keep-whole commodity agreement with MPC under which MPC pays us a processing fee for NGLs related to keep-whole agreements and we pay MPC a marketing fee in exchange for assuming the commodity risk. In addition, MPLX has obligations to MPC for services provided to MPLX by MPC under omnibus and employee services type agreements as well as various other agreements.
10
During the second quarter of 2024, MPC exercised a five-year renewal option pursuant to the terms of an existing terminal services agreement with an initial term ending on March 31, 2026, with the term of the agreement now extending to 2031.The agreement includes both revenue and lease components. At the time of renewal, minimum future rental payments on non-cancellable operating leases increased $696 million, and minimum future undiscounted lease payment receipts under sales-type leases increased $90 million. Future performance obligations for the revenue component of the agreement include variable consideration that is not required to be estimated.
Related Party Loan
MPLX is party to a loan agreement (the “MPC Loan Agreement”) with MPC. Under the terms of the MPC Loan Agreement, MPC extends loans to MPLX on a revolving basis as requested by MPLX and as agreed to by MPC. The borrowing capacity of the MPC Loan Agreement is $1.5 billion aggregate principal amount of all loans outstanding at any one time. The MPC Loan Agreement was renewed on July 31, 2024 and is now scheduled to expire, and borrowings under the loan agreement are scheduled to mature and become due and payable, on July 31, 2029, provided that MPC may demand payment of all or any portion of the outstanding principal amount of the loan, together with all accrued and unpaid interest and other amounts (if any), at any time prior to maturity. Borrowings under the MPC Loan Agreement bear interest at one-month term SOFR adjusted upward by 0.10 percent plus 1.25 percent or such lower rate as would be applicable to such loans under the MPLX Credit Agreement as discussed in Note 12.
There was no activity on the MPC Loan Agreement for the nine months ended September 30, 2024.
Related Party Revenue
Related party sales to MPC primarily consist of crude oil and refined products pipeline services based on tariff or contracted rates; storage, terminal and fuels distribution services based on contracted rates; and marine transportation services. Related party sales to MPC also consist of revenue related to volume deficiency credits.
MPLX also has operating agreements with MPC under which it receives a fee for operating MPC’s retained pipeline assets and a fixed annual fee for providing oversight and management services required to run the marine business. MPLX also receives management fee revenue for engineering, construction and administrative services for operating certain of its equity method investments. Amounts earned under these agreements are classified as Other income - related parties in the Consolidated Statements of Income.
Certain product sales to MPC and other related parties net to zero within the consolidated financial statements as the transactions are recorded net due to the terms of the agreements under which such product was sold. For the three and nine months ended September 30, 2024, these sales totaled $177 million and $561 million, respectively. For the three and nine months ended September 30, 2023, these sales totaled $192 million and $540 million, respectively.
Related Party Expenses
MPC charges MPLX for executive management services and certain general and administrative services provided to MPLX under the terms of our omnibus agreements (“Omnibus charges”) and for certain employee services provided to MPLX under employee services agreements (“ESA charges”). Omnibus charges and ESA charges are classified as Rental cost of sales - related parties, Purchases - related parties, or General and administrative expenses depending on the nature of the asset or activity with which the costs are associated. In addition to these agreements, MPLX purchases products from MPC, makes payments to MPC in its capacity as general contractor to MPLX, and has certain rent and lease agreements with MPC.
For the three and nine months ended September 30, 2024, General and administrative expenses incurred from MPC totaled $73 million and $217 million, respectively. For the three and nine months ended September 30, 2023, General and administrative expenses incurred from MPC totaled $72 million and $197 million, respectively.
Some charges incurred under the omnibus, employee service and co-location agreements are related to engineering and construction services and are associated with assets under construction. These charges are added to Property, plant and equipment, net on the Consolidated Balance Sheets. For the three and nine months ended September 30, 2024, these charges totaled $44 million and $124 million, respectively. For the three and nine months ended September 30, 2023, these charges totaled $28 million and $56 million, respectively.
Related Party Assets and Liabilities
Assets and liabilities with related parties appearing in the Consolidated Balance Sheets are detailed in the table below. This table identifies the various components of related party assets and liabilities, including those associated with leases and deferred revenue. If MPC fails to meet its minimum committed volumes, MPC will pay MPLX a deficiency payment based on the terms of the applicable agreement. The deficiency amounts received under these agreements (excluding payments received under agreements classified as sales-type leases) are recorded as Current liabilities - related parties. In many cases, MPC may then apply the amount of any such deficiency payments as a credit for volumes in excess of its minimum volume commitment in future periods under the terms of the applicable agreements. MPLX recognizes related party revenues for the deficiency payments when credits are used for volumes in excess of minimum quarterly volume commitments, where it is probable the customer will not use the credit in future periods or upon the expiration of the credits. The use or expiration of the credits is a decrease in
11
Current liabilities - related parties. Deficiency payments under agreements that have been classified as sales-type leases are recorded as a reduction against the corresponding lease receivable. In addition, capital projects MPLX undertakes at the request of MPC are reimbursed in cash and recognized as revenue over the remaining term of the applicable agreements or in some cases, as a contribution from MPC.
(In millions)September 30,
2024		December 31,
2023
Current assets - related parties
Receivables$625 $587 
Lease receivables203 149 
Prepaid14 5 
Other— 7 
Total842 748 
Noncurrent assets - related parties
Long-term lease receivables711 789 
Right of use assets226 227 
Unguaranteed residual asset172 126 
Long-term receivables26 19 
Total1,135 1,161 
Current liabilities - related parties
MPC Loan Agreement and other payables(1)
264 278 
Deferred revenue89 81 
Operating lease liabilities1 1 
Total354 360 
Long-term liabilities - related parties
Long-term operating lease liabilities225 226 
Long-term deferred revenue95 99 
Total$320 $325 
(1)    There were no borrowings outstanding on the MPC Loan Agreement as of September 30, 2024 or December 31, 2023.
6. Equity
The changes in the number of common units during the nine months ended September 30, 2024 are summarized below:
(In units)Common Units
Balance at December 31, 20231,003,498,875 
Unit-based compensation awards141,985 
Conversion of Series A preferred units21,078,998 
Units redeemed in unit repurchase program(5,473,621)
Balance at September 30, 20241,019,246,237 
Unit Repurchase Program
On August 2, 2022, we announced the board authorization for the repurchase of up to $1 billion of MPLX common units held by the public. This unit repurchase authorization has no expiration date. We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended, discontinued or restarted at any time.
Total unit repurchases were as follows for the respective periods:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions, except per unit data)2024202320242023
Number of common units repurchased1.8 — 5.5 — 
Cash paid for common units repurchased(1)
$76 $— $226 $— 
Average cost per unit(1)
$42.89 $— $41.32 $— 
(1)    Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.
12
As of September 30, 2024, we had $620 million remaining under the unit repurchase authorization.
Series A Redeemable Preferred Unit Conversions
During the nine months ended September 30, 2024, certain Series A preferred unitholders exercised their rights to convert their Series A preferred units into approximately 21 million common units. Approximately 6 million Series A preferred units remain outstanding as of September 30, 2024.
Redemption of the Series B Preferred Units
On February 15, 2023, MPLX exercised its right to redeem all 600,000 outstanding 6.875 percent Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series B preferred units”). MPLX paid unitholders the Series B preferred unit redemption price of $1,000 per unit. MPLX made a final cash distribution of $21 million to Series B preferred unitholders on February 15, 2023, in conjunction with the redemption.
Distributions
On October 29, 2024, MPLX declared a cash distribution for the third quarter of 2024, totaling $974 million, or $0.9565 per common unit. This distribution will be paid on November 15, 2024 to common unitholders of record on November 8, 2024. This rate will also be received by Series A preferred unitholders.
Quarterly distributions for 2024 and 2023 are summarized below:
(Per common unit)20242023
March 31,$0.8500 $0.7750 
June 30,0.8500 0.7750 
September 30,$0.9565 $0.8500 
The allocation of total quarterly cash distributions to common and preferred unitholders is as follows for the three and nine months ended September 30, 2024 and September 30, 2023. Distributions, although earned, are not accrued until declared. MPLX’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period in which the distributions were earned.
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
Common and preferred unit distributions:
Common unitholders, includes common units of general partner$974 $851 $2,706 $2,403 
Series A preferred unit distributions6 25 21 71 
Series B preferred unit distributions(1)
— — — 5 
Total cash distributions declared$980 $876 $2,727 $2,479 
(1)    The nine months ended September 30, 2023 includes the portion of the $21 million distribution paid to the Series B preferred unitholders on February 15, 2023 that was earned during the period prior to redemption.
7. Net Income Per Limited Partner Unit
Net income per unit applicable to common units is computed by dividing net income attributable to MPLX LP less income allocated to participating securities by the weighted average number of common units outstanding.
During the three and nine months ended September 30, 2024 and September 30, 2023, MPLX had participating securities consisting of common units, certain equity-based compensation awards, Series A preferred units, and Series B preferred units and also had dilutive potential common units consisting of certain equity-based compensation awards. Potential common units omitted from the diluted earnings per unit calculation for the three and nine months ended September 30, 2024 and September 30, 2023 were less than 1 million.
13
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions, except per unit data)2024202320242023
Net income attributable to MPLX LP(1):
$1,037 $918 $3,218 $2,794 
Less: Distributions declared on Series A preferred units6 25 21 71 
Distributions declared on Series B preferred units— — — 5 
Undistributed earnings allocated to participating securities— 1 7 9 
Impact of redemption of Series B preferred units— — — 5 
Net Income available to common unitholders$1,031 $892 $3,190 $2,704 
Weighted average units outstanding:
Basic1,020 1,001 1,016 1,001 
Diluted1,020 1,001 1,016 1,001 
Net income attributable to MPLX LP per limited partner unit:
Basic$1.01 $0.89 $3.14 $2.70 
Diluted$1.01 $0.89 $3.14 $2.70 
(1)    Allocation of net income attributable to MPLX LP assumes all earnings for the period have been distributed based on the distribution priorities applicable to the period.
8. Segment Information
MPLX’s chief operating decision maker (“CODM”) is the chief executive officer of its general partner. The CODM reviews MPLX’s discrete financial information, makes operating decisions, assesses financial performance and allocates resources on a type of service basis. MPLX has two reportable segments: L&S and G&P. Each of these segments is organized and managed based upon the nature of the products and services it offers.
•L&S – gathers, transports, stores and distributes crude oil, refined products, other hydrocarbon-based products and renewables. Also includes the operation of refining logistics, fuels distribution and inland marine businesses, terminals, rail facilities, and storage caverns.
•G&P – gathers, processes and transports natural gas; and transports, fractionates, stores and markets NGLs.
Our CODM evaluates the performance of our segments using Segment Adjusted EBITDA. Amounts included in net income and excluded from Segment Adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) income/(loss) from equity method investments; (iv) distributions and adjustments related to equity method investments; (v) impairment expense; (vi) noncontrolling interests; and (vii) other adjustments, as applicable. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) are not tied to the operational performance of the segment. Assets by segment are not a measure used to assess the performance of the Partnership by our CODM and thus are not reported in our disclosures.
14
The tables below present information about revenues and other income, Segment Adjusted EBITDA, capital expenditures and investments in unconsolidated affiliates for our reportable segments:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
L&S
Service revenue$1,158 $1,130 $3,367 $3,223 
Rental income223 216 666 638 
Product related revenue5 6 14 14 
Sales-type lease revenue118 129 359 379 
Income from equity method investments80 95 429 248 
Other income33 15 113 47 
Total segment revenues and other income(1)
1,617 1,591 4,948 4,549 
Segment Adjusted EBITDA(2)
1,157 1,091 3,384 3,139 
Capital expenditures112 73 299 251 
Investments in unconsolidated affiliates(3)
10 7 103 23 
G&P
Service revenue617 549 1,785 1,620 
Rental income56 52 165 155 
Product related revenue565 598 1,606 1,629 
Sales-type lease revenue 34 34 102 101 
Income from equity method investments69 64 202 190 
Other income14 24 62 71 
Total segment revenues and other income(1)
1,355 1,321 3,922 3,766 
Segment Adjusted EBITDA(2)
557 505 1,618 1,507 
Capital expenditures189 151 421 417 
Investments in unconsolidated affiliates$22 $6 $83 $67 
(1)    Within the total segment revenues and other income amounts presented above, third party revenues for the L&S segment were $196 million and $779 million for the three and nine months ended September 30, 2024, respectively, and $207 million and $564 million for the three and nine months ended September 30, 2023, respectively. Third party revenues for the G&P segment were $1,285 million and $3,705 million for the three and nine months ended September 30, 2024, respectively, and $1,248 million and $3,553 million for the three and nine months ended September 30, 2023, respectively.
(2)    See below for the reconciliation from Segment Adjusted EBITDA to Net income.
(3)    The nine months ended September 30, 2024 includes a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture.
15
The table below provides a reconciliation of Segment Adjusted EBITDA for reportable segments to Net income.
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
Reconciliation to Net income:
L&S Segment Adjusted EBITDA$1,157 $1,091 $3,384 $3,139 
G&P Segment Adjusted EBITDA557 505 1,618 1,507 
Total reportable segments1,714 1,596 5,002 4,646 
Depreciation and amortization(1)
(322)(301)(959)(907)
Net interest and other financial costs(226)(225)(692)(701)
Income from equity method investments149 159 631 438 
Distributions/adjustments related to equity method investments(253)(208)(671)(551)
Adjusted EBITDA attributable to noncontrolling interests11 11 33 31 
Garyville incident response costs(2)
— (63)— (63)
Other(3)
(26)(41)(96)(71)
Net income$1,047 $928 $3,248 $2,822 
(1)    Depreciation and amortization attributable to L&S was $132 million and $393 million for the three and nine months ended September 30, 2024, respectively, and $130 million and $399 million for the three and nine months ended September 30, 2023, respectively. Depreciation and amortization attributable to G&P was $190 million and $566 million for the three and nine months ended September 30, 2024, respectively, and $171 million and $508 million for the three and nine months ended September 30, 2023, respectively.
(2)    In August 2023, a naphtha release and resulting fire occurred at our Garyville Tank Farm resulting in the loss of four storage tanks with a combined shell capacity of 894 thousand barrels. We incurred $63 million of incident response costs during the three and nine months ended September 30, 2023.
(3)    Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.
9. Property, Plant and Equipment
Property, plant and equipment with associated accumulated depreciation is shown below:
September 30, 2024December 31, 2023
(In millions)Gross PP&EAccumulated DepreciationNet PP&EGross PP&EAccumulated DepreciationNet PP&E
L&S $13,037 $4,421 $8,616 $12,779 $4,037 $8,742 
G&P 15,087 4,550 10,537 14,606 4,084 10,522 
Total$28,124 $8,971 $19,153 $27,385 $8,121 $19,264 
10. Fair Value Measurements
Fair Values – Recurring
The following table presents the impact on the Consolidated Balance Sheets of MPLX’s financial instruments carried at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 by fair value hierarchy level.
September 30, 2024December 31, 2023
(In millions)AssetLiabilityAssetLiability
Commodity contracts (Level 2)
Other current assets / Other current liabilities$1 $— $— $— 
Embedded derivatives in commodity contracts (Level 3)
Other current assets / Other current liabilities— 10 — 11 
Other noncurrent assets / Other long-term liabilities— 59 — 50 
Total carrying value in Consolidated Balance Sheets$1 $69 $— $61 
Level 2 instruments include over-the-counter fixed swaps to mitigate the price risk from our sales of propane under certain percent-of-proceeds and keep-whole arrangements. The swap valuations are based on observable inputs in the form of forward prices based on Mont Belvieu propane forward spot prices and contain no significant unobservable inputs.
Level 3 instruments relate to an embedded derivative liability for a natural gas purchase commitment embedded in a keep-whole processing agreement. The fair value calculation for these Level 3 instruments used significant unobservable inputs including: (1) NGL prices interpolated and extrapolated due to inactive markets ranging from $0.67 to $1.45 per gallon with a weighted average
16
of $0.85 per gallon and (2) a 100 percent probability of renewal for the five-year renewal term of the gas purchase commitment and related keep-whole processing agreement. Increases or decreases in the fractionation spread result in an increase or decrease in the fair value of the embedded derivative liability, respectively.
Changes in Level 3 Fair Value Measurements
The following table is a reconciliation of the net beginning and ending balances recorded for net liabilities classified as Level 3 in the fair value hierarchy.
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
Beginning balance $(69)$(53)$(61)$(61)
Unrealized and realized (loss)/gain included in Net Income(1)
(3)(10)(18)(7)
Settlements3 3 10 8 
Ending balance$(69)$(60)$(69)$(60)
The amount of total loss for the period included in earnings attributable to the change in unrealized (loss)/gain relating to liabilities still held at end of period$(3)$(9)$(15)$(6)
(1)    (Loss)/gain on derivatives embedded in commodity contracts are recorded in Purchased product costs in the Consolidated Statements of Income.
Fair Values – Non-recurring
Non-recurring fair value measurements and disclosures in 2024 relate to acquisitions and other transactions as discussed in Note 3.
Fair Values – Reported
We believe the carrying value of our other financial instruments, including cash and cash equivalents, receivables, receivables from related parties, lease receivables, lease receivables from related parties, accounts payable, and payables to related parties, approximate fair value. MPLX’s fair value assessment incorporates a variety of considerations, including the duration of the instruments, MPC’s investment-grade credit rating, and the historical incurrence of and expected future insignificance of bad debt expense, which includes an evaluation of counterparty credit risk. The recorded value of the amounts outstanding under the bank revolving credit facility, if any, approximates fair value due to the variable interest rate that approximates current market rates. Derivative instruments are recorded at fair value, based on available market information (see Note 11).
The fair value of MPLX’s debt is estimated based on prices from recent trade activity and is categorized in Level 3 of the fair value hierarchy. The following table summarizes the fair value and carrying value of our third-party debt, excluding finance leases and unamortized debt issuance costs:
September 30, 2024December 31, 2023
(In millions)Fair ValueCarrying ValueFair ValueCarrying Value
Outstanding debt(1)
$21,494 $22,209 $19,377 $20,547 
(1)    Any amounts outstanding under the MPC Loan Agreement are not included in the table above, as the carrying value approximates fair value. This balance is reflected in Current liabilities - related parties in the Consolidated Balance Sheets.