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Leases (Notes)

12 Months Ended

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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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.

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