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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, 2022
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) 421-2414
(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  x     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  x    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 filerxAccelerated filerNon-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  x

MPLX LP had 1,003,242,909 common units outstanding as of October 28, 2022.


Table of Contents

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.

1


Glossary of Terms

The abbreviations, acronyms and industry technology used in this report are defined as follows:

ASCAccounting Standards Codification
ASUAccounting Standards Update
BarrelOne stock tank barrel, or 42 U.S. gallons of liquid volume, used in reference to crude oil or other liquid hydrocarbons
BtuOne British thermal unit, an energy measurement
DCF (a non-GAAP financial measure)Distributable Cash Flow
EBITDA (a non-GAAP financial measure)Earnings Before Interest, Taxes, Depreciation and Amortization
FCF (a non-GAAP financial measure)Free Cash Flow
GAAPAccounting principles generally accepted in the United States of America
G&PGathering and Processing segment
LIBORLondon Interbank Offered Rate
L&SLogistics and Storage segment
mbpdThousand barrels per day
MMBtuOne million British thermal units, an energy measurement
MMcf/dOne million cubic feet of natural gas per day
NGLNatural gas liquids, such as ethane, propane, butanes and natural gasoline
SECU.S. 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)2022202120222021
Revenues and other income:
Service revenue$627 $600 $1,758 $1,767 
Service revenue - related parties948 902 2,801 2,681 
Service revenue - product related83 82 324 235 
Rental income75 88 268 286 
Rental income - related parties201 164 564 574 
Product sales617 448 1,812 1,034 
Product sales - related parties46 26 142 99 
Sales-type lease revenue28  28  
Sales-type lease revenue - related parties118 132 343 305 
Income from equity method investments125 92 335 228 
Other income (loss)(1)
505 (2)494 2 
Other income - related parties28 27 82 82 
Total revenues and other income3,401 2,559 8,951 7,293 
Costs and expenses:
Cost of revenues (excludes items below)371 298 981 864 
Purchased product costs540 421 1,670 1,035 
Rental cost of sales22 33 101 97 
Rental cost of sales - related parties10 24 44 86 
Purchases - related parties364 307 1,034 902 
Depreciation and amortization302 324 925 971 
Impairment expense   42 
General and administrative expenses88 94 248 267 
Other taxes30 27 97 93 
Total costs and expenses1,727 1,528 5,100 4,357 
Income from operations1,674 1,031 3,851 2,936 
Related-party interest and other financial costs 2 5 4 
Interest expense, net of amounts capitalized 217 197 627 590 
Other financial costs19 21 59 67 
Income before income taxes1,438 811 3,160 2,275 
Provision for income taxes1  6 1 
Net income1,437 811 3,154 2,274 
Less: Net income attributable to noncontrolling interests9 9 26 27 
Net income attributable to MPLX LP1,428 802 3,128 2,247 
Less: Series A preferred unitholders interest in net income23 38 65 79 
Less: Series B preferred unitholders interest in net income10 10 31 31 
Limited partners' interest in net income attributable to MPLX LP$1,395 $754 $3,032 $2,137 
Per Unit Data (See Note 6)
Net income attributable to MPLX LP per limited partner unit:
Common - basic$1.36 $0.74 $2.97 $2.07 
Common - diluted$1.36 $0.74 $2.97 $2.07 
Weighted average limited partner units outstanding:
Common - basic1,010 1,024 1,012 1,030 
Common - diluted1,011 1,025 1,013 1,030 
(1)     The three and nine months ended September 30, 2022 include a $509 million non-cash gain on a lease reclassification. See Note 14 for additional information.
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)2022202120222021
Net income$1,437 $811 $3,154 $2,274 
Other comprehensive income, net of tax:
Remeasurements of pension and other postretirement benefits related to equity method investments, net of tax  9 (2)
Comprehensive income1,437 811 3,163 2,272 
Less comprehensive income attributable to:
Noncontrolling interests9 9 26 27 
Comprehensive income attributable to MPLX LP$1,428 $802 $3,137 $2,245 

The accompanying notes are an integral part of these consolidated financial statements.
4


MPLX LP
Consolidated Balance Sheets (Unaudited)
 
(In millions)September 30,
2022
December 31,
2021
Assets
Cash and cash equivalents$121 $13 
Receivables, net941 654 
Current assets - related parties698 644 
Inventories151 142 
Other current assets40 54 
Total current assets1,951 1,507 
Equity method investments4,108 3,981 
Property, plant and equipment, net18,910 20,042 
Intangibles, net736 831 
Goodwill7,645 7,657 
Right of use assets, net288 268 
Noncurrent assets - related parties1,222 1,161 
Other noncurrent assets952 60 
Total assets35,812 35,507 
Liabilities
Accounts payable289 172 
Accrued liabilities300 363 
Current liabilities - related parties364 1,780 
Accrued property, plant and equipment111 97 
Long-term debt due within one year982 499 
Accrued interest payable192 202 
Operating lease liabilities44 59 
Other current liabilities217 176 
Total current liabilities2,499 3,348 
Long-term deferred revenue170 383 
Long-term liabilities - related parties318 302 
Long-term debt18,797 18,072 
Deferred income taxes14 10 
Long-term operating lease liabilities241 205 
Other long-term liabilities130 170 
Total liabilities22,169 22,490 
Commitments and contingencies (see Note 15)
Series A preferred units (30 million and 30 million units issued and outstanding)
967 965 
Equity
Common unitholders - public (359 million and 369 million units issued and outstanding)
8,569 8,579 
Common unitholders - MPC (647 million and 647 million units issued and outstanding)
3,276 2,638 
Series B preferred units (0.6 million and 0.6 million units issued and outstanding)
601 611 
Accumulated other comprehensive loss(8)(17)
Total MPLX LP partners’ capital12,438 11,811 
Noncontrolling interests238 241 
Total equity12,676 12,052 
Total liabilities, preferred units and equity$35,812 $35,507 

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)20222021
Operating activities:
Net income$3,154 $2,274 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs55 53 
Depreciation and amortization925 971 
Impairment expense 42 
Deferred income taxes4 (1)
Gain on sales-type leases(509) 
Loss on disposal of assets23 4 
Income from equity method investments(335)(228)
Distributions from unconsolidated affiliates405 361 
Change in fair value of derivatives(62)41 
Changes in:
Current receivables(219)(162)
Inventories(7)(22)
Current accounts payable and accrued liabilities49 166 
Current assets/current liabilities - related parties52 94 
Right of use assets/operating lease liabilities1 2 
Deferred revenue64 65 
All other, net51 11 
Net cash provided by operating activities3,651 3,671 
Investing activities:
Additions to property, plant and equipment(535)(374)
Acquisitions, net of cash acquired(28) 
Disposal of assets74 77 
Investments in unconsolidated affiliates(198)(116)
Distributions from unconsolidated affiliates - return of capital11 36 
Net cash used in investing activities(676)(377)
Financing activities:
Long-term debt - borrowings3,379 3,000 
        - repayments(2,202)(4,946)
Related party debt - borrowings2,824 6,571 
        - repayments(4,274)(5,201)
Debt issuance costs(29) 
Unit repurchases(315)(465)
Distributions to noncontrolling interests(29)(29)
Distributions to Series A preferred unitholders(63)(61)
Distributions to Series B preferred unitholders(41)(41)
Distributions to unitholders and general partner(2,144)(2,126)
Contributions from MPC30 31 
All other, net(3)(3)
Net cash used in financing activities(2,867)(3,270)
Net change in cash, cash equivalents and restricted cash108 24 
Cash, cash equivalents and restricted cash at beginning of period13 15 
Cash, cash equivalents and restricted cash at end of period$121 $39 

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
Series B Preferred Unit-holdersAccumulated Other Comprehensive LossNon-controlling
Interests
TotalSeries A Preferred Unit-holders
Balance at December 31, 2020$9,384 $2,792 $611 $(15)$245 $13,017 $968 
Net income266 443 11  9 729 20 
Unit repurchases(155)    (155) 
Distributions(269)(445)(21) (10)(745)(20)
Contributions 7    7  
Other (1) (2) (3) 
Balance at March 31, 20219,226 2,796 601 (17)244 12,850 968 
Net income251 423 10  9 693 21 
Unit repurchases(155)    (155) 
Distributions(262)(445)  (10)(717)(21)
Contributions 122    122  
Other1 1    2  
Balance at June 30, 20219,061 2,897 611 (17)243 12,795 968 
Net income278 476 10  9 773 38 
Unit repurchases(160)    (160) 
Distributions(261)(445)(20) (9)(735)(20)
Contributions 16    16  
Other1     1  
Balance at September 30, 2021$8,919 $2,944 $601 $(17)$243 $12,690 $986 
Balance at December 31, 2021$8,579 $2,638 $611 $(17)$241 $12,052 $965 
Net income287 506 11  8 812 21 
Unit repurchases(100)    (100) 
Distributions(260)(456)(21) (9)(746)(21)
Contributions 10    10  
Other(1)