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Leases (Notes) | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Lessee, Operating Leases | Lessee We lease a wide variety of facilities and equipment under leases from third parties, including land and building space, office and field equipment, storage facilities and transportation equipment, while our related party leases primarily relate to ground leases associated with our refining logistics assets. Our remaining lease terms range from less than one year to 93 years. Some long-term leases include renewal options ranging from one year to 50 years and, in certain leases, also include purchase options. Renewal options and termination options were not included in the measurement of ROU assets and lease liabilities since it was determined they were not reasonably certain to be exercised. The components of lease cost were as follows:
| 2025 |  | 2024 |  | 2023
(In millions) | Related Party |  | Third Party |  | Related Party |  | Third Party |  | Related Party |  | Third Party
Components of lease costs: |  |  |  |  |  |  |  |  |  |  |
Operating lease costs | $ | 15 |  |  | $ | 60 |  |  | $ | 14 |  |  | $ | 58 |  |  | $ | 14 |  |  | $ | 56 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets | — |  |  | 2 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Interest on lease liabilities | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Total finance lease cost | — |  |  | 3 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Variable lease cost | 4 |  |  | 14 |  |  | 4 |  |  | 12 |  |  | 4 |  |  | 10 |
Short-term lease cost | 1 |  |  | 70 |  |  | 1 |  |  | 71 |  |  | 1 |  |  | 61 |
Total lease cost | $ | 20 |  |  | $ | 147 |  |  | $ | 19 |  |  | $ | 142 |  |  | $ | 19 |  |  | $ | 128 |
Supplemental balance sheet data related to leases were as follows:
| December 31, 2025 |  | December 31, 2024
(In millions, except % and years) | Related Party |  | Third Party |  | Related Party |  | Third Party
Operating leases |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Right of use assets | $ | 239 |  |  | $ | 276 |  |  | $ | 226 |  | $ | 273
Liabilities |  |  |  |  |  |  |
Operating lease liabilities | 2 |  |  | 53 |  |  | 2 |  | 45
Long-term operating lease liabilities | 237 |  |  | 217 |  |  | 224 |  | 217
Total operating lease liabilities | $ | 239 |  |  | $ | 270 |  |  | $ | 226 |  | $ | 262
Weighted average remaining lease term | 40 years |  | 7 years |  | 42 years |  | 8 years
Weighted average discount rate | 5.8 | % |  | 4.3 | % |  | 5.8 | % |  | 4.2 | %
Finance leases |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Property, plant and equipment, gross |  |  | $ | 12 |  |  |  |  | $ | 10
Less: Accumulated depreciation |  |  | 6 |  |  |  |  | 5
Property, plant and equipment, net |  |  | 6 |  |  |  |  | 5
Liabilities |  |  |  |  |  |  |
Long-term debt due within one year |  |  | 2 |  |  |  |  | 1
Long-term debt |  |  | 4 |  |  |  |  | 5
Total finance lease liabilities |  |  | $ | 6 |  |  |  |  | $ | 6
Weighted average remaining lease term |  |  | 21 years |  |  |  | 22 years
Weighted average discount rate |  |  | 5.8 | % |  |  |  | 6.0 | %
As of December 31, 2025, maturities of lease liabilities for operating lease obligations and finance lease obligations having initial or remaining non-cancellable lease terms in excess of one year are as follows:
(In millions) | Related Party Operating Leases |  | Third Party Operating Leases |  | Finance Leases
2026 | $ | 16 |  |  | $ | 62 |  |  | $ | 3 |
2027 | 16 |  |  | 54 |  |  | 2 |
2028 | 16 |  |  | 47 |  |  | — |
2029 | 15 |  |  | 36 |  |  | — |
2030 | 15 |  |  | 28 |  |  | — |
2031 and thereafter | 537 |  |  | 84 |  |  | 7 |
Gross lease payments | 615 |  |  | 311 |  |  | 12 |
Less: Imputed interest | 376 |  |  | 41 |  |  | 6 |
Total lease liabilities | $ | 239 |  |  | $ | 270 |  |  | $ | 6 |
Lessee, Finance Leases | Lessee We lease a wide variety of facilities and equipment under leases from third parties, including land and building space, office and field equipment, storage facilities and transportation equipment, while our related party leases primarily relate to ground leases associated with our refining logistics assets. Our remaining lease terms range from less than one year to 93 years. Some long-term leases include renewal options ranging from one year to 50 years and, in certain leases, also include purchase options. Renewal options and termination options were not included in the measurement of ROU assets and lease liabilities since it was determined they were not reasonably certain to be exercised. The components of lease cost were as follows:
| 2025 |  | 2024 |  | 2023
(In millions) | Related Party |  | Third Party |  | Related Party |  | Third Party |  | Related Party |  | Third Party
Components of lease costs: |  |  |  |  |  |  |  |  |  |  |
Operating lease costs | $ | 15 |  |  | $ | 60 |  |  | $ | 14 |  |  | $ | 58 |  |  | $ | 14 |  |  | $ | 56 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets | — |  |  | 2 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Interest on lease liabilities | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Total finance lease cost | — |  |  | 3 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Variable lease cost | 4 |  |  | 14 |  |  | 4 |  |  | 12 |  |  | 4 |  |  | 10 |
Short-term lease cost | 1 |  |  | 70 |  |  | 1 |  |  | 71 |  |  | 1 |  |  | 61 |
Total lease cost | $ | 20 |  |  | $ | 147 |  |  | $ | 19 |  |  | $ | 142 |  |  | $ | 19 |  |  | $ | 128 |
Supplemental balance sheet data related to leases were as follows:
| December 31, 2025 |  | December 31, 2024
(In millions, except % and years) | Related Party |  | Third Party |  | Related Party |  | Third Party
Operating leases |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Right of use assets | $ | 239 |  |  | $ | 276 |  |  | $ | 226 |  | $ | 273
Liabilities |  |  |  |  |  |  |
Operating lease liabilities | 2 |  |  | 53 |  |  | 2 |  | 45
Long-term operating lease liabilities | 237 |  |  | 217 |  |  | 224 |  | 217
Total operating lease liabilities | $ | 239 |  |  | $ | 270 |  |  | $ | 226 |  | $ | 262
Weighted average remaining lease term | 40 years |  | 7 years |  | 42 years |  | 8 years
Weighted average discount rate | 5.8 | % |  | 4.3 | % |  | 5.8 | % |  | 4.2 | %
Finance leases |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Property, plant and equipment, gross |  |  | $ | 12 |  |  |  |  | $ | 10
Less: Accumulated depreciation |  |  | 6 |  |  |  |  | 5
Property, plant and equipment, net |  |  | 6 |  |  |  |  | 5
Liabilities |  |  |  |  |  |  |
Long-term debt due within one year |  |  | 2 |  |  |  |  | 1
Long-term debt |  |  | 4 |  |  |  |  | 5
Total finance lease liabilities |  |  | $ | 6 |  |  |  |  | $ | 6
Weighted average remaining lease term |  |  | 21 years |  |  |  | 22 years
Weighted average discount rate |  |  | 5.8 | % |  |  |  | 6.0 | %
As of December 31, 2025, maturities of lease liabilities for operating lease obligations and finance lease obligations having initial or remaining non-cancellable lease terms in excess of one year are as follows:
(In millions) | Related Party Operating Leases |  | Third Party Operating Leases |  | Finance Leases
2026 | $ | 16 |  |  | $ | 62 |  |  | $ | 3 |
2027 | 16 |  |  | 54 |  |  | 2 |
2028 | 16 |  |  | 47 |  |  | — |
2029 | 15 |  |  | 36 |  |  | — |
2030 | 15 |  |  | 28 |  |  | — |
2031 and thereafter | 537 |  |  | 84 |  |  | 7 |
Gross lease payments | 615 |  |  | 311 |  |  | 12 |
Less: Imputed interest | 376 |  |  | 41 |  |  | 6 |
Total lease liabilities | $ | 239 |  |  | $ | 270 |  |  | $ | 6 |
Lessor, Operating Leases | Lessor Certain fee-based transportation and storage services agreements with MPC and third parties and certain fee-based natural gas transportation and processing agreements with third parties are accounted for as operating leases under ASC 842. These agreements have remaining terms ranging from less than one year to 20 years with renewal options ranging from one year to five years, with some agreements having multiple renewal options. MPLX did not elect to use the practical expedient to combine lease and non-lease components for lessor arrangements. The tables below represent the portion of the contract allocated to the lease component based on relative standalone selling price. We elected the practical expedient to carry forward historical classification conclusions until a modification of an existing agreement occurs. Once a modification occurs, the amended agreement is required to be assessed under ASC 842, to determine whether a reclassification of the lease is required. Lease revenues included on the Consolidated Statements of Income during 2025, 2024 and 2023 were as follows:
| 2025 |  | 2024 |  | 2023
(In millions) | Related Party |  | Third Party |  | Related Party |  | Third Party |  | Related Party |  | Third Party
Operating leases: |  |  |  |  |  |  |  |  |  |  |
Rental income | $ | 889 |  |  | $ | 260 |  |  | $ | 853 |  |  | $ | 251 |  |  | $ | 822 |  |  | $ | 243 |
Sales-type leases: |  |  |  |  |  |  |  |  |  |  |
Interest income (Sales-type rental revenue - fixed minimum) | 431 |  |  | 113 |  |  | 455 |  |  | 114 |  |  | 467 |  |  | 114 |
Interest income (Revenue from variable lease payments) | 17 |  |  | 38 |  |  | 20 |  |  | 22 |  |  | 33 |  |  | 22 |
Sales-type lease revenue | $ | 448 |  |  | $ | 151 |  |  | $ | 475 |  |  | $ | 136 |  |  | $ | 500 |  |  | $ | 136 |
There were no significant sales-type lease commencements or modifications during the periods presented which resulted in additional lease receivables. The following is a schedule of minimum future rental payments to be received on the non-cancellable operating leases as of December 31, 2025:
(In millions) | Related Party |  | Third Party |  | Total
2026 | $ | 835 |  |  | $ | 107 |  |  | $ | 942 |
2027 | 721 |  |  | 80 |  |  | 801 |
2028 | 418 |  |  | 73 |  |  | 491 |
2029 | 264 |  |  | 71 |  |  | 335 |
2030 | 254 |  |  | 58 |  |  | 312 |
2031 and thereafter | 519 |  |  | 182 |  |  | 701 |
Total minimum future rentals | $ | 3,011 |  |  | $ | 571 |  |  | $ | 3,582 |
Annual minimum undiscounted lease payment receipts under our sales-type leases were as follows as of December 31, 2025:
(In millions) | Related Party |  | Third Party |  | Total |  |  |  |
2026 | $ | 472 |  |  | $ | 181 |  |  | $ | 653 |  |  |  |  |
2027 | 390 |  |  | 163 |  |  | 553 |  |  |  |  |
2028 | 109 |  |  | 154 |  |  | 263 |  |  |  |  |
2029 | 56 |  |  | 146 |  |  | 202 |  |  |  |  |
2030 | 56 |  |  | 138 |  |  | 194 |  |  |  |  |
2031 and thereafter | 63 |  |  | 903 |  |  | 966 |  |  |  |  |
Total minimum future rentals | 1,146 |  |  | 1,685 |  |  | 2,831 |  |  |  |  |
Less: Imputed interest | 456 |  |  | 691 |  |  | 1,147 |  |  |  |  |
Lease receivable(1) | $ | 690 |  |  | $ | 994 |  |  | $ | 1,684 |  |  |  |  |
Current lease receivables(2) | $ | 269 |  |  | $ | 108 |  |  | $ | 377 |  |  |  |  |
Long-term lease receivables(3) | 421 |  |  | 886 |  |  | 1,307 |  |  |  |  |
Unguaranteed residual assets(3) | 263 |  |  | 117 |  |  | 380 |  |  |  |  |
Total sales-type lease assets | $ | 953 |  |  | $ | 1,111 |  |  | $ | 2,064 |  |  |  |  |
(1) This amount does not include the unguaranteed residual assets. (2) The related-party balance is presented in Current assets - related parties and the third-party balance is presented in Receivables, net in the Consolidated Balance Sheets. (3) The related-party balance is presented in Noncurrent assets - related parties and the third-party balance is presented in Other noncurrent assets in the Consolidated Balance Sheets. The following schedule summarizes MPLX’s investment in assets held under operating lease by major classes as of December 31, 2025 and 2024:
| December 31,
(In millions) | 2025 |  | 2024
Pipelines | $ | 681 |  |  | $ | 689 |
Refining logistics | 1,774 |  |  | 1,430 |
Terminals | 1,440 |  |  | 1,310 |
Marine | 126 |  |  | 126 |
Gathering and transportation | 111 |  |  | 86 |
Processing and fractionation | 1,017 |  |  | 1,039 |
Land, building and other | 161 |  |  | 171 |
Total property, plant and equipment | 5,310 |  |  | 4,851 |
Less: accumulated depreciation | 2,731 |  |  | 2,378 |
Property, plant and equipment, net | $ | 2,579 |  |  | $ | 2,473 |
Capital expenditures related to assets subject to sales-type lease arrangements were $221 million, $159 million and $85 million for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts are reflected as Additions to property, plant and equipment in the Consolidated Statements of Cash Flows.
Lessor, Sales-type Leases | Lessor Certain fee-based transportation and storage services agreements with MPC and third parties and certain fee-based natural gas transportation and processing agreements with third parties are accounted for as operating leases under ASC 842. These agreements have remaining terms ranging from less than one year to 20 years with renewal options ranging from one year to five years, with some agreements having multiple renewal options. MPLX did not elect to use the practical expedient to combine lease and non-lease components for lessor arrangements. The tables below represent the portion of the contract allocated to the lease component based on relative standalone selling price. We elected the practical expedient to carry forward historical classification conclusions until a modification of an existing agreement occurs. Once a modification occurs, the amended agreement is required to be assessed under ASC 842, to determine whether a reclassification of the lease is required. Lease revenues included on the Consolidated Statements of Income during 2025, 2024 and 2023 were as follows:
| 2025 |  | 2024 |  | 2023
(In millions) | Related Party |  | Third Party |  | Related Party |  | Third Party |  | Related Party |  | Third Party
Operating leases: |  |  |  |  |  |  |  |  |  |  |
Rental income | $ | 889 |  |  | $ | 260 |  |  | $ | 853 |  |  | $ | 251 |  |  | $ | 822 |  |  | $ | 243 |
Sales-type leases: |  |  |  |  |  |  |  |  |  |  |
Interest income (Sales-type rental revenue - fixed minimum) | 431 |  |  | 113 |  |  | 455 |  |  | 114 |  |  | 467 |  |  | 114 |
Interest income (Revenue from variable lease payments) | 17 |  |  | 38 |  |  | 20 |  |  | 22 |  |  | 33 |  |  | 22 |
Sales-type lease revenue | $ | 448 |  |  | $ | 151 |  |  | $ | 475 |  |  | $ | 136 |  |  | $ | 500 |  |  | $ | 136 |
There were no significant sales-type lease commencements or modifications during the periods presented which resulted in additional lease receivables. The following is a schedule of minimum future rental payments to be received on the non-cancellable operating leases as of December 31, 2025:
(In millions) | Related Party |  | Third Party |  | Total
2026 | $ | 835 |  |  | $ | 107 |  |  | $ | 942 |
2027 | 721 |  |  | 80 |  |  | 801 |
2028 | 418 |  |  | 73 |  |  | 491 |
2029 | 264 |  |  | 71 |  |  | 335 |
2030 | 254 |  |  | 58 |  |  | 312 |
2031 and thereafter | 519 |  |  | 182 |  |  | 701 |
Total minimum future rentals | $ | 3,011 |  |  | $ | 571 |  |  | $ | 3,582 |
Annual minimum undiscounted lease payment receipts under our sales-type leases were as follows as of December 31, 2025:
(In millions) | Related Party |  | Third Party |  | Total |  |  |  |
2026 | $ | 472 |  |  | $ | 181 |  |  | $ | 653 |  |  |  |  |
2027 | 390 |  |  | 163 |  |  | 553 |  |  |  |  |
2028 | 109 |  |  | 154 |  |  | 263 |  |  |  |  |
2029 | 56 |  |  | 146 |  |  | 202 |  |  |  |  |
2030 | 56 |  |  | 138 |  |  | 194 |  |  |  |  |
2031 and thereafter | 63 |  |  | 903 |  |  | 966 |  |  |  |  |
Total minimum future rentals | 1,146 |  |  | 1,685 |  |  | 2,831 |  |  |  |  |
Less: Imputed interest | 456 |  |  | 691 |  |  | 1,147 |  |  |  |  |
Lease receivable(1) | $ | 690 |  |  | $ | 994 |  |  | $ | 1,684 |  |  |  |  |
Current lease receivables(2) | $ | 269 |  |  | $ | 108 |  |  | $ | 377 |  |  |  |  |
Long-term lease receivables(3) | 421 |  |  | 886 |  |  | 1,307 |  |  |  |  |
Unguaranteed residual assets(3) | 263 |  |  | 117 |  |  | 380 |  |  |  |  |
Total sales-type lease assets | $ | 953 |  |  | $ | 1,111 |  |  | $ | 2,064 |  |  |  |  |
(1) This amount does not include the unguaranteed residual assets. (2) The related-party balance is presented in Current assets - related parties and the third-party balance is presented in Receivables, net in the Consolidated Balance Sheets. (3) The related-party balance is presented in Noncurrent assets - related parties and the third-party balance is presented in Other noncurrent assets in the Consolidated Balance Sheets. The following schedule summarizes MPLX’s investment in assets held under operating lease by major classes as of December 31, 2025 and 2024:
| December 31,
(In millions) | 2025 |  | 2024
Pipelines | $ | 681 |  |  | $ | 689 |
Refining logistics | 1,774 |  |  | 1,430 |
Terminals | 1,440 |  |  | 1,310 |
Marine | 126 |  |  | 126 |
Gathering and transportation | 111 |  |  | 86 |
Processing and fractionation | 1,017 |  |  | 1,039 |
Land, building and other | 161 |  |  | 171 |
Total property, plant and equipment | 5,310 |  |  | 4,851 |
Less: accumulated depreciation | 2,731 |  |  | 2,378 |
Property, plant and equipment, net | $ | 2,579 |  |  | $ | 2,473 |
Capital expenditures related to assets subject to sales-type lease arrangements were $221 million, $159 million and $85 million for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts are reflected as Additions to property, plant and equipment in the Consolidated Statements of Cash Flows.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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