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Investments and Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents MPLX’s equity method investments at the dates indicated:

									Ownership as of						Carrying value at
									September 30,						September 30,						December 31,
(In millions, except ownership percentages)			VIE						2025						2025						2024
Crude Oil and Products Logistics
Illinois Extension Pipeline Company, L.L.C.									35%						$	219					$	218
LOOP LLC									41%						314						310
MarEn Bakken Company LLC(1)									25%						508						526
Other(2)			X												551						541
Total Crude Oil and Products Logistics															1,592						1,595
Natural Gas and NGL Services
BANGL, LLC(3)									100%						—						281
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C.(4)			X						67%						410						329
MarkWest Utica EMG, L.L.C.			X						60%						836						742
Ohio Gathering Company L.L.C.(5)			X						33%						451						470
Sherwood Midstream LLC			X						50%						479						488
WPC Parent, LLC									30%						389						208
Other(2)			X												758						418
Total Natural Gas and NGL Services															3,323						2,936
Total															$	4,915					$	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)    Included within Other are certain equity method investments that have been deemed to be VIEs, as well as $123 million in investments classified as held for sale as part of the Rockies operations divestiture discussed in Note 3.

(3)    At December 31, 2024, we owned a 45 percent interest in BANGL. On July 1, 2025, we acquired the remaining 55 percent interest in BANGL. As a result of acquiring the remaining interest, we obtained control of and now consolidate BANGL.

(4)    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. As a result of the transaction, MPLX received special distributions of $21 million in the first quarter of 2025 and $21 million in the third quarter of 2025, which are reflected as a return of capital on the Consolidated Statement of Cash Flows.

(5)    MPLX also holds a 40 percent indirect interest in OGC through our ownership interest in MarkWest Utica EMG, L.L.C.

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- References

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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

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