MPLX LP : Q1 2026 Investor Relations Packet

Published: 2026-05-05 07:29:13 ET MPLX

Published on 05/05/2026 at 07:29 am EDT

‌First Quarter 2026

Table of Contents:

Investor Relations

Consolidated Statements of Income

200 East Hardin Street

Consolidated Statements of Comprehensive Income

Findlay, OH 45840

Consolidated Balance Sheets

[email protected]

Consolidated Statements of Cash Flows

419/421-2071

Financial Statistics

Crude Oil and Products Logistics Selected Operating Data

Natural Gas and NGL Services Selected Operating Data

Reconciliation of Segment Adjusted EBITDA attributable to MPLX LP to Income from Operations and Net Income

Reconciliation of Adjusted EBITDA attributable to MPLX LP and Distributable Cash Flow attributable to LP Unitholders from Net Income

Reconciliation of Adjusted EBITDA attributable to LP Unitholders and Distributable Cash Flow attributable to MPLX LP from Net Cash Provided by Operating Activities

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions

Capital Expenditures

MPLX LP is a diversified, large-cap master limited partnership formed in 2012 by Marathon Petroleum Corporation (MPC).

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. These supporting schedules include the non-GAAP measures adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA); consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions. Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable. DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary. Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations. Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures. The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Additional information regarding Investor Relations, Financial Highlights, and News Releases can be reviewed on our website at: https://www.mplx.com

May 5, 2026

(In millions, except per unit data)

Year 2024

Revenues and other income:

Operating revenue

Operating revenue - related parties Income from equity method investments(1) Gain on equity method investments(2) Other income

Total revenues and other income

Costs and expenses:

Operating expenses

Operating expenses - related parties Depreciation and amortization General and administrative expenses Other taxes

Total costs and expenses

Income from operations

Net interest and other financial costs

Income before income taxes

Provision for income taxes

Net income

Less: Net income attributable to noncontrolling interests

Net income attributable to MPLX LP

Less: Series A preferred unit distributions

Limited partners' interest in net income attributable to MPLX LP

$ 5,171

5,733

802

207

11,933

3,203

1,601

1,283

427

131

6,645

5,288

921

4,367

4,357

4,317

$ 4,290

1st Qtr 2025

2nd Qtr 2025

3rd Qtr 2025

4th Qtr 2025

Year 2025

$ 1,420

$ 1,338

$ 1,444

$ 1,399

$ 5,601

1,467

1,450

1,461

1,495

5,873

186

170

186

155

697

484

203

343

3,124

3,003

3,619

3,252

12,998

867

821

910

858

3,456

420

426

400

419

1,665

326

324

346

355

1,351

112

107

126

101

446

137

1,758

1,710

1,818

1,769

7,055

1,366

1,293

1,801

1,483

5,943

229

234

243

277

983

1,137

1,059

1,558

1,206

4,960

1,136

1,058

1,555

1,203

4,952

1,126

1,048

1,545

1,193

4,912

$ 1,126

$ 1,048

$ 1,545

$ 1,193

$ 4,912

Preliminary

1st Qtr 2026

$ 1,304

1,502

182

- 50

3,038

918

398

358

114

1,824

1,214

291

923

922

912

$ 912

0.90

1,015

Per Unit Data

Net income attributable to MPLX LP per limited partner unit:

Common - basic

$ 4.21

Common - diluted

$ 4.21

Weighted average limited partner units outstanding:

Common - basic

1,016

Common - diluted

1,017

$ 1.10

$ 1.03

$ 1.52

$ 1.17

$ 4.82

1,020

1,021

1,019

1,017

1,019

2024 includes a $151 million gain from the closing of the strategic transaction combining the Whistler and Rio Bravo natural gas assets (the "Whistler Joint Venture Transaction").

2024 includes a $20 million gain related to the purchase of additional ownership interests in existing joint ventures and gathering assets (the "Utica Midstream Acquisition"). The third quarter of 2025 includes a

$484 million gain related to the purchase of the remaining interest in BANGL, LLC (the "BANGL Acquisition").

‌CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

MPLX LP

(In millions)

Year

2024

Net income

$ 4,357

Other comprehensive income, net of tax:

Remeasurement of pension and other postretirement benefits related to equity method investments, net of tax

Comprehensive income

4,358

Less comprehensive income attributable to:

Noncontrolling interests

Comprehensive income attributable to MPLX LP

$ 4,318

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

2025

$ 1,136

$ 1,058

$ 1,555

$ 1,203

$ 4,952

1,144

1,058

1,555

1,203

4,960

$ 1,134

$ 1,048

$ 1,545

$ 1,193

$ 4,920

Preliminary

1st Qtr

2026

$ 922

‌CONSOLIDATED BALANCE SHEETS

MPLX LP

(In millions, except ratio data)

December 31, 2024

December 31, 2025

Preliminary

March 31, 2026

Assets

$ 1,506

Cash and cash equivalents

$ 1,519

$ 2,137

Receivables, less allowance for expected credit loss

718

735

Current assets - related parties

830

899

Inventories

180

172

Other current assets

Total current assets

3,276

3,994

Equity method investments

4,531

4,798

Property, plant and equipment, net

19,154

21,698

Intangibles, net

518

1,397

Goodwill

7,645

8,755

Right of use assets, net

273

276

Noncurrent assets - related parties

1,120

962

Other noncurrent assets

994

1,125

Total assets

37,511

43,005

42,933

Liabilities

Accounts payable

147

108

Accrued liabilities

295

254

Current liabilities - related parties

396

399

Accrued property, plant and equipment

208

438

Long-term debt due within one year

1,693

1,502

Accrued interest payable

244

354

Operating lease liabilities

Other current liabilities

207

141

Total current liabilities

3,235

3,249

Long-term deferred revenue

317

119

Long-term liabilities - related parties

334

364

Long-term debt

19,255

24,151

Deferred income taxes

Long-term operating lease liabilities

217

Other long-term liabilities

125

352

Total liabilities

23,501

28,477

Series A preferred units

203

Equity

Common unitholders - public

9,322

9,451

Common unitholder - MPC

4,257

4,845

Accumulated other comprehensive (loss) income

(3)

Total MPLX LP partners' capital

13,576

14,301

Noncontrolling interests

231

227

Total equity

13,807

14,528

14,297

Total liabilities, preferred units and equity

$ 37,511

$ 43,005

Consolidated total debt to LTM adjusted EBITDA(1)

3.1x

3.7x

Calculated using face value total debt and the last twelve months adjusted EBITDA.

(In millions)

Dec. 31

2024

Operating activities:

Net income

$ 4,357

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of deferred financing costs and debt discount

Depreciation and amortization

1,283

Deferred income taxes

Gain on equity method investments

(20)

(Gain) loss on disposal of assets

Income from equity method investments

(802)

Distributions from unconsolidated affiliates

826

Change in fair value of derivatives

(3)

Changes in:

Current receivables

180

Inventories

(20)

Current liabilities and other current assets

Assets and liabilities - related parties

Right of use assets and operating lease liabilities

(3)

Deferred revenue

(5)

All other, net

Net cash provided by operating activities

5,946

Investing activities:

Additions to property, plant and equipment

(1,056)

Acquisitions, net of cash acquired

(622)

Disposal of assets

Investments - acquisitions and contributions

(464)

Investments - redemptions, repayments, return of capital and sales proceeds

146

All other, net

Net cash used in investing activities

(1,995)

Financing activities:

Long-term debt - borrowings

1,630

Long-term debt - repayments

(1,151)

Related party debt - borrowings

Related party debt - repayments

Debt issuance costs

(15)

Unit repurchases

(326)

Distributions to noncontrolling interests

(44)

Distributions to Series A preferred unitholders

(44)

Distributions to LP unitholders

(3,559)

Contributions from MPC

All other, net

(6)

Net cash (used in) provided by financing activities

(3,480)

Net change in cash and cash equivalents and restricted cash

471

Cash and cash equivalents and restricted cash at beginning of period

1,048

Cash and cash equivalents and restricted cash at end of period

$ 1,519

Mar. 31

2025

Jun. 30

2025

Sep. 30

2025

Dec. 31

2025

$ 1,136

$ 2,194

$ 3,749

$ 4,952

326

650

996

1,351

(1)

(484)

(1)

(161)

(186)

(356)

(542)

(697)

188

395

631

864

(3)

(7)

(17)

(100)

(6)

(12)

(19)

(26)

(76)

(5)

(38)

(12)

(35)

100

105

126

(1)

(12)

(33)

(52)

(74)

(2)

(1)

1,246

2,982

4,413

5,909

(267)

(568)

(1,094)

(1,808)

(237)

(3,316)

975

(119)

(467)

(776)

(1,008)

143

293

108

(601)

(1,203)

(4,934)

(4,856)

1,977

1,978

6,541

(500)

(1,702)

(2,464)

(50)

(19)

(20)

(62)

(63)

(100)

(200)

(300)

(400)

(11)

(22)

(33)

(44)

(6)

(972)

(1,948)

(2,923)

(4,018)

(6)

(5)

370

(1,912)

767

(435)

1,015

(133)

246

618

1,519

$ 2,534

$ 1,386

$ 1,765

$ 2,137

Preliminary Mar. 31

2026

$ 922

358

1,347

(575)

(791)

(50)

(11)

(1,187)

(In millions, except ratio and per unit data)

Year 2024

Common unit distributions: Common units (LP) - public Common units - MPC

Total LP distribution declared

Preferred unit distributions:(1)

Series A preferred unit distributions

Distribution coverage(2)

Cash distributions declared per limited partner common unit Adjusted EBITDA attributable to MPLX LP

DCF attributable to LP unitholders

$ 1,339

2,339

3,678

$ 27

1.5x

$ 3.6130

6,764

$ 5,670

1st Qtr 2025

2nd Qtr 2025

3rd Qtr 2025

4th Qtr 2025

Year 2025

$ 357

619

$ 356

619

$ 397

698

$ 396

696

$ 1,506

2,632

976

975

1,095

1,092

4,138

$ -

1.5x

1.3x

1.4x

$ 0.9565

$ 1.0765

$ 4.0660

1,757

1,690

1,766

1,804

7,017

$ 1,486

$ 1,420

$ 1,468

$ 1,417

$ 5,791

Preliminary 1st Qtr

2026

$ 395

697

1,092

$ -

1.3x

$ 1.0765

1,729

$ 1,408

Includes MPLX distributions declared on the Series A units. Series A preferred unitholders received the greater of $0.528125 per unit or the amount of per unit distributions paid to holders of MPLX LP common units. Cash distributions declared/paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.

Prior to March 31, 2025, DCF attributable to LP unitholders divided by total LP distributions. Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to

MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.

Crude Oil and Products Logistics

Year 2024

Pipeline throughput (mbpd):

Crude oil pipelines

3,785

Product pipelines

1,997

Total pipelines

5,782

Average tariff rates ($/bbl):

Crude oil pipelines

$ 1.03

Product pipelines

1.00

Total pipelines

$ 1.02

Terminal throughput (mbpd)

3,131

Marine Assets (number in operation)

Barges

319

Towboats

1st Qtr 2025

2nd Qtr 2025

3rd Qtr 2025

4th Qtr 2025

Year 2025

3,908

2,020

4,012

2,091

3,867

2,055

3,811

2,097

3,899

2,066

5,928

6,103

5,922

5,908

5,965

$ 1.03

$ 1.06

$ 1.08

$ 1.05

$ 1.06

1.11

1.05

1.09

1.08

$ 1.06

$ 1.08

$ 1.06

3,095

3,183

3,173

3,078

3,132

319

320

322

Preliminary 1st Qtr

2026

3,683

2,019

5,702

$ 1.03

1.09

$ 1.05

2,976

320

Natural Gas and NGL Services (Consolidated entities plus Partnership-Operated Equity Method Investments)

Year 2024

Gathering throughput (MMcf/d)

Marcellus Operations

1,521

Utica Operations

2,544

Southwest Operations

1,698

Bakken Operations

183

Rockies Operations

633

Total gathering throughput

6,579

Natural gas processed (MMcf/d)

Marcellus Operations

5,974

Utica Operations

832

Southwest Operations

1,844

Southern Appalachia Operations

215

Bakken Operations

182

Rockies Operations

616

Total natural gas processed

9,663

C2 + NGLs fractionated (mbpd)

Marcellus Operations

565

Utica Operations

Other

Total C2 + NGLs fractionated

654

1st Qtr 2025

2nd Qtr 2025

3rd Qtr 2025

4th Qtr 2025

Year 2025

1,500

1,488

1,517

1,602

1,526

2,438

2,566

2,754

2,924

2,672

1,785

1,734

1,882

1,900

1,826

175

162

157

146

160

618

612

596

276

525

6,516

6,562

6,906

6,848

6,709

5,975

6,019

6,180

6,312

6,123

965

940

983

958

961

1,879

1,821

1,983

1,933

1,904

188

205

168

202

191

174

162

157

145

159

600

593

604

277

518

9,781

9,740

10,075

9,827

9,856

566

545

580

573

566

660

634

677

666

660

Preliminary 1st Qtr

2026

1,577

2,776

1,989

146

6,488

6,160

938

1,973

190

145

9,406

549

634

Natural Gas and NGL Services (Consolidated entities)

Year

2024

Gathering throughput (MMcf/d)

Marcellus Operations

1,521

Utica Operations

264

Southwest Operations

1,698

Bakken Operations

183

Rockies Operations

560

Total gathering throughput

4,226

Natural gas processed (MMcf/d)

Marcellus Operations

4,366

Utica Operations

Southwest Operations

1,844

Southern Appalachia Operations

215

Bakken Operations

182

Rockies Operations

616

Total natural gas processed

7,223

C2 + NGLs fractionated (mbpd)

Marcellus Operations

565

Utica Operations

Other

Total C2 + NGLs fractionated

602

1st Qtr

2025

2nd Qtr

2025

3rd Qtr

2025

4th Qtr

2025

Year

2025

1,500

1,488

1,517

1,602

1,526

268

1,785

1,734

1,882

1,900

1,826

175

162

157

146

160

548

541

529

244

465

4,276

3,925

4,085

3,892

4,043

4,325

4,312

4,466

4,617

4,431

1,879

1,821

1,983

1,933

1,904

188

205

168

202

191

174

162

157

145

159

600

593

604

277

518

7,166

7,093

7,378

7,174

7,203

566

545

580

573

566

596

574

610

599

595

1st Qtr

2026

1,577

- 1,989

146

3,712

4,452

- 1,973

190

145

6,760

549

- 21

570

(In millions)

Year 2024

Crude Oil and Products Logistics

Segment adjusted EBITDA

$ 4,375

Depreciation and amortization

(526)

Income from equity method investments

269

Distributions/adjustments related to equity method investments

(347)

Other

(55)

Natural Gas and NGL Services

Segment adjusted EBITDA

2,389

Depreciation and amortization

(757)

Income from equity method investments

533

Distributions/adjustments related to equity method investments

(581)

Gain on equity method investments(1)

Gain on sale of assets

Transaction-related costs(2)

Adjusted EBITDA attributable to noncontrolling interests

Other

(56)

Income from operations

$ 5,288

Preliminary

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

1st Qtr

2025

2026

$ 1,097

$ 1,138

$ 1,137

$ 1,175

$ 4,547

$ 1,111

(133)

(135)

(139)

(546)

(143)

243

(72)

(77)

(84)

(85)

(318)

(72)

(17)

(19)

(70)

(21)

660

552

629

2,470

618

(193)

(189)

(207)

(216)

(805)

(215)

130

111

115

454

120

(155)

(152)

(167)

(170)

(644)

(179)

484

159

(21)

(12)

(33)

(18)

(8)

(11)

(5)

(42)

(78)

$ 1,366

$ 1,293

$ 1,801

$ 1,483

$ 5,943

$ 1,214

(In millions)

Year

2024

Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX

$ 4,375

Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP

2,389

Adjusted EBITDA attributable to MPLX LP

6,764

Depreciation and amortization

(1,283)

Net interest and other financial costs

(921)

Income from equity method investments

802

Distributions/adjustments related to equity method investments

(928)

Gain on equity method investments(1)

Gain on sale of assets

Transaction-related costs(2)

Adjusted EBITDA attributable to noncontrolling interests

Other(3)

(121)

Net income

$ 4,357

1st Qtr

2025

2nd Qtr

2025

3rd Qtr

2025

4th Qtr

2025

Year

2025

$ 1,097

660

$ 1,138

552

$ 1,137

629

$ 1,175

629

$ 4,547

2,470

1,757

1,690

1,766

1,804

7,017

(326)

(324)

(346)

(355)

(1,351)

(229)

(234)

(243)

(277)

(983)

186

170

186

155

697

(227)

(229)

(251)

(255)

(962)

484

159

(21)

(12)

(33)

(36)

(26)

(31)

(27)

(120)

$ 1,136

$ 1,058

$ 1,555

$ 1,203

$ 4,952

1st Qtr

2026

$ 1,111

618

1,729

(358)

(291)

182

(251)

- 11

(100)

$ 922

The third quarter of 2025 includes a $484 million gain related to the BANGL Acquisition.

Transaction-related costs include costs associated with the acquisition of Northwind Midstream, the acquisition of the remaining interest in BANGL, LLC, and the divestiture of the Rockies gathering and processing operations.

Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.

(In millions)

Year 2024

Net income

$ 4,357

Provision for income taxes

Net interest and other financial costs

921

Income from operations

5,288

Depreciation and amortization

1,283

Income from equity method investments

(802)

Distributions/adjustments related to equity method investments

928

Gain on equity method investments(1)

Gain on sale of assets

Transaction-related costs(2)

Other

111

Adjusted EBITDA

6,808

Adjusted EBITDA attributable to noncontrolling interests

(44)

Adjusted EBITDA attributable to MPLX LP

6,764

Deferred revenue impacts

Sales-type lease payments, net of income

Adjusted net interest and other financial costs(3)

(867)

Maintenance capital expenditures, net of reimbursements

(206)

Equity method investment maintenance capital expenditures paid out

(18)

Other

(39)

DCF attributable to MPLX LP

5,697

Preferred unit distributions(4)

(27)

DCF attributable to LP unitholders

$ 5,670

1st Qtr 2025

2nd Qtr 2025

3rd Qtr 2025

4th Qtr 2025

Year 2025

$ 1,136

$ 1,058

$ 1,555

$ 1,203

$ 4,952

229

234

243

277

983

1,366

1,293

1,801

1,483

5,943

326

324

346

355

1,351

(186)

(170)

(186)

(155)

(697)

227

229

251

255

962

(484)

(159)

112

1,768

1,701

1,777

1,815

7,061

(11)

(44)

1,757

1,690

1,766

1,804

7,017

(18)

(10)

(6)

(23)

(57)

(219)

(225)

(236)

(270)

(950)

(35)

(45)

(70)

(106)

(256)

(5)

(3)

(4)

(8)

(20)

(7)

(1)

(3)

(5)

1,486

1,420

1,468

1,417

5,791

$ 1,486

$ 1,420

$ 1,468

$ 1,417

$ 5,791

Preliminary 1st Qtr

2026

$ 922

291

1,214

358

(182)

251

- 99

1,740

(11)

1,729

(1)

(284)

(53)

(4)

1,408

$ 1,408

The third quarter of 2025 includes a $484 million gain related to the BANGL Acquisition.

Represents Net interest and other financial costs excluding gain/ loss on extinguishment of debt and amortization of deferred financing costs.

Includes MPLX distributions declared on the Series A preferred units. Cash distributions declared/paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.

(In millions)

Dec. 31

2024

Net cash provided by operating activities

$ 5,946

Changes in working capital items

(241)

All other, net

(5)

Loss on extinguishment of debt

Adjusted net interest and other financial costs(1)

867

Other adjustments to equity method investment distributions

102

Transaction-related costs(2)

Other

139

Adjusted EBITDA

6,808

Adjusted EBITDA attributable to noncontrolling interests

(44)

Adjusted EBITDA attributable to MPLX LP

6,764

Deferred revenue impacts

Sales-type lease payments, net of income

Adjusted net interest and other financial costs(1)

(867)

Maintenance capital expenditures, net of reimbursements

(206)

Equity method investment maintenance capital expenditures paid out

(18)

Other

(39)

DCF Attributable to MPLX LP

5,697

Preferred unit distributions(3)

(27)

DCF attributable to LP unitholders

$ 5,670

Mar. 31

2025

Jun. 30

2025

Sep. 30

2025

Dec. 31

2025

$ 1,246

$ 2,982

$ 4,413

$ 5,909

230

(83)

(43)

(65)

(4)

219

444

680

950

100

132

1,768

3,469

5,246

7,061

(11)

(22)

(33)

(44)

1,757

3,447

5,213

7,017

(18)

(28)

(34)

(57)

(219)

(444)

(680)

(950)

(35)

(80)

(150)

(256)

(5)

(8)

(12)

(20)

(7)

(8)

(11)

(5)

1,486

2,906

4,374

5,791

$ 1,486

$ 2,906

$ 4,374

$ 5,791

Preliminary Mar. 31

2026

$ 1,347

(11)

- 284

- 35

1,740

(11)

1,729

(1)

(284)

(53)

(4)

1,408

$ 1,408

Represents Net interest and other financial costs excluding gain/ loss on extinguishment of debt and amortization of deferred financing costs.

‌Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions

MPLX LP

Year

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

(In millions)

2024

2025

Net cash provided by operating activities

$ 5,946

$ 1,246

$ 1,736

$ 1,431

$ 1,496

$ 5,909

Adjustments to reconcile net cash provided by operating activities to adjusted free

cash flow

Net cash used in investing activities(1)

(1,995)

(601)

(602)

(3,731)

(4,856)

Contributions from MPC

Distributions to noncontrolling interests

(44)

(11)

(44)

Adjusted free cash flow

3,942

641

1,130

(2,305)

1,567

1,033

Distribution paid to common and preferred unitholders

(3,603)

(978)

(976)

(975)

(1,095)

(4,024)

Adjusted free cash flow after distributions

$ 339

$ (337)

$ 154

$ (3,280)

$ 472

$ (2,991)

Preliminary

1st Qtr

2026

$ 1,347

(791)

(11)

549

(1,093)

$ (544)

Includes a contribution of $92 million to fund our share of a debt repayment by a joint venture, a $134 million cash distribution received in connection with the Whistler Joint Venture Transaction, and $228 million related to the acquisition of additional interests in equity method investments in 2024. Also includes $622 million of acquisitions in 2024, $235 million of acquisitions for the first quarter of 2025, $151 million related to the acquisition of additional interest in an equity method investment in the second quarter of 2025, and $3,079 million of acquisitions for the third quarter of 2025.

(In millions)

Year 2024

Capital Expenditures:

Growth capital expenditures Growth capital reimbursements

Investments in unconsolidated affiliates(1) Return of capital(2)

Capitalized interest

Total growth capital expenditures(3) Maintenance capital expenditures Maintenance capital reimbursements Capitalized interest

Total maintenance capital expenditures

Total growth and maintenance capital expenditures

Investments in unconsolidated affiliates(1) Return of capital(2)

Growth and maintenance capital reimbursements(4) (Increase) decrease in capital accruals Capitalized interest

Other

Additions to property, plant and equipment(1)

$ 796

(115)

236

(12)

(16)

889

254

(48)

(3)

203

1,092

(236)

163

$ 1,056

1st Qtr 2025

2nd Qtr 2025

3rd Qtr 2025

4th Qtr 2025

Year 2025

$ 220

$ 286

$ 513

$ 649

$ 1,668

(27)

(37)

(36)

(136)

119

203

240

232

794

(39)

(62)

(150)

(251)

(5)

(7)

(10)

(16)

(38)

307

406

645

679

2,037

104

288

(13)

(10)

(11)

(32)

(1)

(4)

105

252

341

450

714

784

2,289

(119)

(203)

(240)

(232)

(794)

150

251

168

(1)

(40)

(90)

(39)

(170)

$ 267

$ 301

$ 526

$ 714

$ 1,808

Preliminary 1st Qtr

2026

$ 608

(35)

237

- (19)

791

(4)

(1)

843

(237)

- 39

(90)

$ 575

Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.

Return of capital excludes $134 million cash distribution received in 2024 in connection with the Whistler joint venture transaction. Also excludes special distributions of $21 million in each of the first and third quarters of 2025 received in exchange for the contribution of assets to a joint venture.

Total growth capital expenditures excludes $850 million of acquisitions in 2024, $235 million for acquisitions for the first quarter of 2025, $151 million for acquisitions for the second quarter of 2025, and $3,079 million for acquisitions for the third quarter of 2025.

Growth capital reimbursements are generally included in changes in deferred revenue within the operating activities section of the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the contributions from MPC line within the financing activities section of the Consolidated Statements of Cash Flows.

Disclaimer

MPLX LP published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 11:28 UTC.