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Investments and Noncontrolling Interests | 3 Months Ended
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Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments and Noncontrolling Interests | Investments and Noncontrolling Interests The following table presents MPLX’s equity method investments at the dates indicated:
|  |  | Ownership as of |  | Carrying value at
|  |  | March 31, |  | March 31, |  | December 31,
(In millions, except ownership percentages) | VIE |  | 2025 |  | 2025 |  | 2024
Crude Oil and Products Logistics |  |  |  |  |  |  |
Illinois Extension Pipeline Company, L.L.C. |  |  | 35% |  | $ | 225 |  |  | $ | 218 |
LOOP LLC |  |  | 41% |  | 314 |  |  | 310 |
MarEn Bakken Company LLC(1) |  |  | 25% |  | 521 |  |  | 526 |
Other(2) | X |  |  |  | 546 |  |  | 541 |
Total Crude Oil and Products Logistics |  |  |  |  | 1,606 |  |  | 1,595 |
Natural Gas and NGL Services |  |  |  |  |  |  |
BANGL, LLC |  |  | 45% |  | 279 |  |  | 281 |
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C(3) | X |  | 67% |  | 428 |  |  | 329 |
MarkWest Utica EMG, L.L.C. | X |  | 60% |  | 782 |  |  | 742 |
Ohio Gathering Company L.L.C.(4) | X |  | 34% |  | 464 |  |  | 470 |
Sherwood Midstream LLC | X |  | 50% |  | 485 |  |  | 488 |
WPC Parent, LLC |  |  | 30% |  | 243 |  |  | 208 |
Other(2) | X |  |  |  | 464 |  |  | 418 |
Total Natural Gas and NGL Services |  |  |  |  | 3,145 |  |  | 2,936 |
Total |  |  |  |  | $ | 4,751 |  |  | $ | 4,531 |
(1) 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”). (2) Some investments included within Other have also been deemed to be VIEs. (3) On March 31, 2025, MPLX contributed a 100 percent owned subsidiary with a fair value of $125 million to MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C. MPLX received a special distribution of $21 million as a result of the transaction, which is reflected as a return of capital on the consolidated statement of cash flows. (4) MPLX also holds a 39 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 three months ended March 31, 2025 and March 31, 2024. See Note 16 for information on our guarantees related to equity method investees.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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