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MPLX · MPLX LP

14 filings

10-K

MPLX 10-K Annual Reports

MPLX LP - 14 annual reports

Filing record · 2016–202610-K1110-Q328-K137

2025
MPLX LP Annual Report, Year Ended Dec 31, 2025
MPLX LP's 2025 10-K filing highlights a year of significant growth and strategic acquisitions, primarily driven by its diversified midstream energy infrastructure and logistics assets. The company operates through two key segments: Crude Oil and Products Logistics and Natural Gas and NGL Services. A substantial portion of MPLX's revenue is derived from its strategic relationship with Marathon Petroleum Corporation (MPC), which owns approximately 64% of MPLX's outstanding common units. The company reported strong financial performance, with significant increases in net income and Adjusted EBITDA. Capital expenditures focused on growth initiatives, including acquisitions like Northwind Midstream and BANGL, which are expected to enhance MPLX's market position and service offerings. MPLX also continued its commitment to returning capital to unitholders through increased distributions and a unit repurchase program. The report underscores MPLX's focus on safety, reliability, and cost competitiveness, while navigating a dynamic energy market.
Feb 26, 2026
2024
MPLX LP Annual Report, Year Ended Dec 31, 2024
MPLX LP's 2024 10-K filing reveals a robust performance characterized by growth in its Crude Oil and Products Logistics and Natural Gas and NGL Services segments. The company achieved significant increases in net income and distributable cash flow, driven by fee escalations, higher throughputs, and strategic acquisitions, including those in the Utica basin and the Whistler Pipeline joint venture. MPLX continues to focus on operational excellence, cost competitiveness, and returning capital to unitholders, evidenced by a 12.5% increase in its quarterly distribution. The company's strategic relationship with Marathon Petroleum Corporation (MPC) remains a cornerstone of its business, providing a stable revenue stream, with MPC accounting for 49% of total revenues. MPLX is also making substantial growth-oriented capital investments, including expansions in its Permian to Gulf Coast value chain, with new fractionation facilities and an LPG export terminal planned. These investments highlight MPLX's commitment to expanding its integrated network and serving evolving market demands.
Feb 27, 2025
2023
MPLX LP Annual Report, Year Ended Dec 31, 2023
MPLX LP (MPLX) reported its 2023 annual results, demonstrating resilience and a focus on strategic priorities. The company, a diversified master limited partnership, operates extensive midstream energy infrastructure, primarily generating revenue through its Logistics and Storage (L&S) and Gathering and Processing (G&P) segments. A significant portion of MPLX's business and revenue remains tied to its sponsor, Marathon Petroleum Corporation (MPC), with long-term, fee-based agreements providing a stable revenue stream. Financially, MPLX generated strong operating cash flow and distributable cash flow, enabling continued returns to unitholders through distributions. The company maintained strict capital discipline, a low-cost culture, and a commitment to optimizing its asset portfolio, positioning itself for the evolving energy landscape. Key operational highlights include consistent performance across its pipeline, terminals, and processing facilities, supported by its integrated relationship with MPC. Despite some localized throughput decreases in specific G&P operations due to commodity price impacts, the overall financial and operational performance reflects a stable and predictable business model.
Feb 28, 2024
2022
MPLX LP Annual Report, Year Ended Dec 31, 2022
MPLX LP (MPLX) reported solid financial and operational results for the fiscal year ended December 30, 2022. The company demonstrated strong performance across its Logistics and Storage (L&S) and Gathering and Processing (G&P) segments, driven by increased throughput and favorable commodity prices. MPLX's strategic relationship with Marathon Petroleum Corporation (MPC) continues to be a cornerstone of its stability, with MPC accounting for a significant portion of revenues and providing consistent fee-based agreements with minimum volume commitments. Financially, MPLX generated substantial net cash from operating activities and distributable cash flow, enabling it to return significant capital to unitholders through distributions and unit repurchases. The company also managed its debt effectively, maintaining a leverage ratio of 3.5 to 1.0 and executing strategic debt financings. MPLX remains focused on its strategic priorities of strict capital discipline, fostering a low-cost culture, and optimizing its asset portfolio, positioning itself for continued success through the energy evolution.
Feb 23, 2023
2021
MPLX LP Annual Report, Year Ended Dec 31, 2021
MPLX LP's (MPLX) 2021 10-K filing reveals a diversified midstream energy company with a strong strategic relationship with its sponsor, Marathon Petroleum Corporation (MPC). MPLX operates through two main segments: Logistics and Storage (L&S) and Gathering and Processing (G&P), managing a substantial network of pipelines, terminals, and processing facilities across the U.S. The company emphasizes a business strategy focused on safe and reliable operations, enhancing cash flow stability through fee-based services and long-term contracts, maintaining capital discipline, and returning capital to unitholders. Financially, 2021 showed improved performance compared to 2020, with significant increases in total revenues and other income, driven by higher product sales and income from equity method investments, partially offset by decreases in rental income and service revenue in certain areas. The company generated substantial net cash from operating activities and free cash flow, enabling significant returns to unitholders through unit repurchases and a special distribution. MPLX maintains an investment-grade credit profile and ample liquidity. Key operational highlights include continued recovery in throughput levels, exceeding pre-pandemic levels for crude and refined products. The company also made progress on portfolio optimization through asset sales. Looking ahead, MPLX has outlined capital expenditure plans focused on expansion and debottlenecking of existing assets in high-return projects, particularly in the Permian and Bakken basins.
Feb 24, 2022
2020
MPLX LP Annual Report, Year Ended Dec 31, 2020
MPLX LP's 2020 10-K filing details a year impacted by the COVID-19 pandemic, which led to reduced demand for midstream services and increased price volatility. Despite these challenges, the company focused on strategic priorities including cost reduction and capital discipline. MPLX maintained its investment-grade credit profile and generated excess cash flow, enabling the authorization of a $1 billion unit repurchase program. The company's operations are structured into two segments: Logistics and Storage (L&S) and Gathering and Processing (G&P). The L&S segment, which accounts for a significant portion of revenue, primarily serves Marathon Petroleum Corporation (MPC), MPLX's sponsor, with fee-based agreements that include minimum volume commitments providing stable cash flows. The G&P segment gathers, processes, and transports natural gas and NGLs, serving a diverse set of producer customers under long-term, fee-based agreements with acreage dedications. The filing highlights substantial impairment charges recorded in 2020 within the G&P segment, primarily due to the economic downturn impacting producer customer forecasts. Financially, MPLX reported a net loss for 2020, largely influenced by significant impairment expenses. However, the company's cash flows from operations remained robust, supporting its capital expenditure plans and distributions to unitholders. Key financial activities in 2020 included the issuance of $3 billion in senior notes to refinance existing debt and the announcement of a significant unit repurchase program. The company reiterates its commitment to enhancing cash flow stability through fee-based services, disciplined capital allocation, and maintaining safe and reliable operations.
Feb 26, 2021
2019
MPLX LP Annual Report, Year Ended Dec 31, 2019
MPLX LP's 2019 10-K report highlights a significant year characterized by the transformative acquisition of Andeavor Logistics LP (ANDX), which substantially expanded MPLX's operational footprint and diversified its asset base. The company demonstrated resilience and growth across its Logistics and Storage (L&S) and Gathering and Processing (G&P) segments. The strategic relationship with Marathon Petroleum Corporation (MPC) remains a cornerstone, providing stable, fee-based revenue streams through long-term agreements with minimum volume commitments. Financially, MPLX navigated increased debt levels resulting from the ANDX acquisition and other financing activities while maintaining an investment-grade credit profile. The company's business strategy focuses on capturing the full midstream value chain, enhancing cash flow stability through fee-based services, growing in premier basins, and maintaining financial discipline. Key growth initiatives include expansion projects for pipelines like the Wink to Webster and Whistler, further strengthening MPLX's midstream infrastructure network.
Feb 28, 2020
2018
MPLX LP Annual Report, Year Ended Dec 31, 2018
MPLX LP (MPLX) reported strong financial and operational performance for the year ended December 31, 2018, benefiting from significant "dropdown" acquisitions from its sponsor, Marathon Petroleum Corporation (MPC). These acquisitions, primarily of Refining Logistics and Fuels Distribution assets, substantially increased MPLX's scale and diversified its midstream infrastructure and services. The company's Logistics and Storage (L&S) segment saw a significant surge in Adjusted EBITDA, largely driven by these newly acquired assets, while the Gathering and Processing (G&P) segment also demonstrated growth in throughput volumes and facility utilization. Financially, MPLX successfully executed a series of debt financings, raising substantial capital to support its growth initiatives and refinance existing debt. The company maintained its investment-grade credit profile throughout the year. Management highlighted a focus on enhancing cash flow stability through fee-based services and long-term contracts, with fee-based contracts expected to constitute approximately 95% of its net operating margin. The strategic relationship with MPC remains a key driver of MPLX's business, providing a stable revenue stream and a platform for continued growth through asset dropdowns and organic development projects.
Feb 28, 2019
2017
MPLX LP Annual Report, Year Ended Dec 31, 2017
MPLX LP's 2017 10-K filing highlights a year of significant growth and strategic development, largely driven by its close relationship with sponsor Marathon Petroleum Corporation (MPC). The company expanded its midstream infrastructure significantly through "dropdown" acquisitions of MLP-qualifying assets from MPC, projecting an additional $1.4 billion in annual EBITDA. These acquisitions, coupled with the elimination of incentive distribution rights (IDRs) and the conversion of MPC's general partner interest, are intended to enhance distributable cash flow and provide a clearer path for future growth. The report details MPLX's operational footprint across two main segments: Logistics and Storage (L&S) and Gathering and Processing (G&P). The L&S segment benefits from assets integrated with MPC's refining operations, supporting approximately 75% of U.S. crude distillation capacity. The G&P segment, bolstered by the MarkWest merger, positions MPLX as a leading processor and fractionator, particularly in the Marcellus and Utica shale plays. The company emphasizes its focus on fee-based businesses, which constituted 92% of its net operating margin, aiming for stable and predictable cash flows.
Feb 28, 2018
2016
MPLX LP Annual Report, Year Ended Dec 31, 2016
MPLX LP's 2016 Form 10-K filing highlights a year of significant transformation, largely driven by the impactful merger with MarkWest Energy Partners. This strategic combination has substantially expanded MPLX's footprint in the gathering and processing (G&P) segment, positioning it as a leading player in key shale plays like the Marcellus and Utica. The company reported strong growth in segment operating income for both its Logistics & Storage (L&S) and G&P segments, demonstrating successful integration and operational execution. Financially, MPLX LP strengthened its balance sheet and liquidity through a series of capital market transactions, including preferred unit and common unit offerings, and by managing its debt. The company also made strategic moves to enhance its growth profile, including the acquisition of MPC's inland marine business and the completion of organic growth projects like the Cornerstone Pipeline. Looking ahead, MPLX anticipates significant asset dropdowns from its sponsor, MPC, which are expected to further enhance its scale and cash flow generation capabilities, alongside strategic joint ventures and acquisitions.
Feb 24, 2017
2015
MPLX LP Annual Report, Year Ended Dec 31, 2015
MPLX LP's 2015 10-K filing reveals a transformative year, largely driven by the significant MarkWest merger completed on December 4, 2015. This strategic acquisition substantially expanded MPLX's footprint in natural gas gathering and processing, particularly in the prolific Marcellus and Utica shale plays, positioning the company as a major player in the NGLs and natural gas midstream sector. The merger significantly increased MPLX's asset base, operational scale, and customer diversification beyond its initial reliance on its sponsor, Marathon Petroleum Corporation (MPC). Financially, the company saw a substantial increase in revenues and assets due to the MarkWest integration. MPLX maintained a strong focus on fee-based contracts, aiming for stable cash flows, with approximately 96% of its net operating margin derived from fee-based businesses. The company's growth strategy emphasizes continued organic expansion and strategic acquisitions, supported by a strong relationship with MPC, its sponsor. Despite the increased debt load from the MarkWest transaction, MPLX maintained investment-grade credit ratings, underscoring its financial stability.
Feb 26, 2016
2014
MPLX LP Annual Report, Year Ended Dec 31, 2014
MPLX LP's 2015 10-K filing details its business as a fee-based, growth-oriented master limited partnership focused on midstream assets, primarily pipelines and storage for crude oil and refined products. Formed by Marathon Petroleum Corporation (MPC), MPLX generates revenue through transportation tariffs and storage fees, operating under long-term, fee-based agreements with MPC that provide stable cash flows and minimum volume commitments. In 2014, MPLX significantly accelerated its growth strategy, evidenced by increased ownership in Pipe Line Holdings and new credit facilities. The company highlighted its commitment to increasing scale, funding organic projects, and pursuing acquisitions independently from its sponsor. MPLX aims to support an average annual distribution growth rate in the mid-20s over the next five years. The filing also detailed the company's extensive asset base across the Midwest and Gulf Coast regions and its strategic relationship with MPC, which underpins a substantial portion of its revenue and provides opportunities for future growth.
Feb 27, 2015
2013
MPLX LP Annual Report, Year Ended Dec 31, 2013
MPLX LP's (MPLX) 2013 10-K filing outlines a company primarily engaged in fee-based midstream operations, focusing on the transportation and storage of crude oil and refined products. The partnership's infrastructure is largely integral to Marathon Petroleum Corporation's (MPC) refining operations, with MPC being the source of the substantial majority of MPLX's revenues through long-term, fee-based agreements with minimum volume commitments. This structure is designed to provide stable and predictable cash flows. MPLX is strategically positioned to benefit from MPC's growth initiatives and has plans for organic growth and acquisitions. The company highlights its strategic relationship with MPC, its geographically diverse and well-maintained asset base, and its financial flexibility as key strengths. Investors should note the significant reliance on MPC as a customer and the associated risks, as well as the regulatory environment governing pipeline operations. The filing also details the partnership's distribution policy and the structure of its general partner and incentive distribution rights.
Feb 28, 2014
2012
MPLX LP Annual Report, Year Ended Dec 31, 2012
MPLX LP's first annual report as a public company (fiscal 2012) covers its October 31, 2012 IPO of 19.9 million common units at $22.00, which raised $407.1 million in net proceeds. MPLX is a fee-based midstream master limited partnership that owns a 51.0% general partner interest in Pipe Line Holdings, which holds Marathon Pipe Line LLC and Ohio River Pipe Line LLC. These assets include roughly 1,004 miles of crude oil pipelines, 1,902 miles of product pipelines across nine states, a barge dock, tank farms, and a butane cavern. MPC, the parent, accounts for about 82% of revenues (excluding joint-tariff volumes) under long-term transportation and storage agreements with minimum volume commitments, which supports stable, predictable cash flows. Financially, 2012 total revenues and other income were $461.9 million, up from $410.6 million, and income from operations was $143.2 million. Net income attributable to MPLX LP was $130.8 million, though most of that predates the IPO. Adjusted EBITDA attributable to MPLX LP was $166.3 million, and Distributable Cash Flow for the post-IPO period was $16.7 million, which is a short stub period and not comparable to a full year. The company targets a minimum quarterly distribution of $0.2625 per unit ($1.05 annualized), and it declared a prorated $0.1769 per common unit distribution for the stub period from October 31 to December 31, 2012. Balance sheet strength is good: $216.7 million of cash, total debt of just $11.3 million (capital leases), and an undrawn $500 million revolver. Capital spending is rising, with a 2013 budget of $142.5 million, of which $109.3 million is expansion capital, including the $77.9 million Patoka to Catlettsburg upgrade. The key investor considerations are concentration risk, since MPC is the dominant customer and the partnership is indirectly exposed to refining margins and MPC's strategy. Other factors include distribution coverage that is not yet demonstrated on a full-year basis, a general partner whose incentive distribution rights can reach 48%, limited unitholder voting rights, and the dependence on MPC-sponsored drop-down growth. The company is also an emerging growth company, so it is exempt from the auditor attestation requirement for internal controls for now.
Mar 25, 2013