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Investments and Noncontrolling Interests (Tables) | 12 Months Ended
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Dec. 31, 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
|  |  | December 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% |  | $ | 208 |  |  | $ | 218 |
LOOP LLC |  |  | 41% |  | 313 |  |  | 310 |
MarEn Bakken Company LLC(1) |  |  | 25% |  | 502 |  |  | 526 |
Other(2) | X |  |  |  | 558 |  |  | 541 |
Total Crude Oil and Products Logistics |  |  |  |  | 1,581 |  |  | 1,595 |
Natural Gas and NGL Services |  |  |  |  |  |  |
BANGL, LLC(3) |  |  |  |  | — |  |  | 281 |
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C.(4) | X |  | 67% |  | 407 |  |  | 329 |
MarkWest Utica EMG, L.L.C. | X |  | 61% |  | 890 |  |  | 742 |
Ohio Gathering Company L.L.C.(5) | X |  | 32% |  | 444 |  |  | 470 |
Sherwood Midstream LLC | X |  | 50% |  | 475 |  |  | 488 |
Texas City Logistics LLC | X |  | 50% |  | 163 |  |  | — |
WPC Parent, LLC |  |  | 30% |  | 273 |  |  | 208 |
Other(2) | X |  |  |  | 565 |  |  | 418 |
Total Natural Gas and NGL Services |  |  |  |  | 3,217 |  |  | 2,936 |
Total |  |  |  |  | $ | 4,798 |  |  | $ | 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. The December 31, 2024 Natural Gas and NGL Services value includes $129 million in investments associated with the Rockies, which were divested in the fourth quarter 2025. (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 and now consolidate BANGL. (4) On March 31, 2025, MPLX contributed a wholly-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 $42 million in 2025, which are reflected as a return of capital on the Consolidated Statement of Cash Flows. (5) MPLX also holds a 41 percent indirect interest in OGC through our ownership interest in MarkWest Utica EMG, L.L.C.
Investment Company, Nonconsolidated Subsidiary, Summarized Financial Information | Summarized financial information for MPLX’s equity method investments is as follows:
(In millions) | 2025 |  | 2024 |  | 2023
Income statement data: |  |  |  |  |
Revenues and other income | $ | 3,959 |  |  | $ | 3,594 |  |  | $ | 3,262 |
Costs and expenses | 1,579 |  |  | 1,535 |  |  | 1,331 |
Income from operations | 2,380 |  |  | 2,059 |  |  | 1,930 |
Net income | 1,854 |  |  | 1,631 |  |  | 1,634 |
Balance sheet data: |  |  |  |  |
Current assets | 1,347 |  |  | 1,570 |  |  | 1,531 |
Noncurrent assets | 20,199 |  |  | 17,927 |  |  | 13,860 |
Current liabilities | 1,044 |  |  | 746 |  |  | 979 |
Noncurrent liabilities | 7,011 |  |  | 6,711 |  |  | 4,856 |

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