Income StatementBalance SheetCash FlowSegments
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MPLX Business Segments

Business, geographic, and product segment breakdowns

MPLX generates $12.9B in annual revenue across 2 key segments: Crude Oil and Products Logistics ($6.6B), and Natural Gas & NGL Services ($6.3B). The company-wide operating margin is 44.85%. Based on the Q1 2026 filing.

Crude Oil and Products Logistics (TTM)$6.6BNatural Gas & NGL Services (TTM)$6.3B
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$54.8B
P/E Ratio11.57

Products & Services

Number of renewals

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Marine Services Equipment1.00———2.00—

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service$1.8B$1.8B$1.8B$1.8B$1.9B$1.8B

Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service$1.1B$1.1B$1.1B$1.1B$1.1B$1.1B
Product$61.0M$75.0M$25.0M$26.0M$17.0M$68.0M

Revenue from Contract with Customer, Excluding Assessed Tax - Third parties

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service$720.0M$707.0M$696.0M$750.0M$746.0M$711.0M
Service, Other$92.0M$99.0M$70.0M$64.0M$56.0M$4.0M

Business Segments

Accumulated Depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$4.5B$4.7B$4.8B$4.9B$5.1B$5.2B
Natural Gas and NGL Services$4.7B$4.9B$5.0B$4.8B$5.0B$5.2B

Adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$1.1B$1.1B$1.1B$1.1B$1.2B$1.1B
Natural Gas & NGL Services$639.0M$660.0M$552.0M$629.0M$629.0M$618.0M

Amortization of Intangible Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$8.8M$9.0M$9.0M$9.0M$9.0M—
Natural Gas & NGL Services$24.8M$26.3M$26.3M$26.3M$26.3M—

Basis difference

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$291.0M———$283.0M—
Natural Gas & NGL Services$198.0M———$124.0M—

Basis difference, not amortized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$167.0M———$167.0M—
Natural Gas & NGL Services$31.0M———$0.0—

Capital Expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$147.0M$153.0M$212.0M$447.0M$606.0M$561.0M
Crude Oil and Products Logistics$183.0M$115.0M$129.0M$147.0M$147.0M$104.0M

Concentration risk, percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics0.220.220.220.220.22—
Natural Gas & NGL Services0.010.010.010.010.01—

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$191.0M$193.0M$189.0M$207.0M$216.0M$215.0M
Crude Oil and Products Logistics$133.0M$133.0M$135.0M$139.0M$139.0M$143.0M

Equity method investment, ownership percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics0.410.410.410.410.410.67
Natural Gas & NGL Services0.670.670.671.000.670.67

Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$2.9B$3.1B$3.4B$3.3B$3.2B$3.4B
Crude Oil and Products Logistics$1.6B$1.6B$1.6B$1.6B$1.6B$1.6B

Finite-Lived Intangible Assets, Accumulated Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$224.0M———$260.0M—
Natural Gas & NGL Services$904.0M———$826.0M—

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$7.6B———$7.6B—

Goodwill, Acquired During Period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics—$0.0$0.0$0.0$0.0—
Natural Gas & NGL Services—$277.5M$277.5M$277.5M$277.5M—

Goodwill, Impaired, Accumulated Impairment Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$0.0———$0.0—
Natural Gas & NGL Services$3.1B———$3.1B—

Goodwill, Impairment Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$0.0$0.0$0.0$0.0$0.0—
Natural Gas & NGL Services$0.0$0.0$0.0$0.0$0.0—

Gross goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$7.6B———$7.6B—
Natural Gas & NGL Services$3.1B———$4.3B—

Gross Intangibles

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$283.0M———$308.0M—
Natural Gas & NGL Services$1.4B———$2.2B—

Gross PP&E

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$15.2B$15.3B$15.5B$17.4B$18.0B$18.5B
Crude Oil and Products Logistics$13.2B$13.4B$13.5B$13.7B$13.8B$13.9B

Equity Method Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$115.0M$130.0M$111.0M$115.0M$98.0M$120.0M
Crude Oil and Products Logistics$56.0M$56.0M$59.0M$71.0M$57.0M$62.0M

Intangibles, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$59.0M———$48.0M—
Natural Gas & NGL Services$459.0M———$1.3B—

Operating Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$540.0M$528.0M$532.0M$553.0M$560.0M$540.0M
Natural Gas & NGL Services$443.0M$445.0M$422.0M$426.0M$423.0M$428.0M

Other Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$39.0M$36.0M$30.0M$28.0M$27.0M$28.0M
Natural Gas & NGL Services$13.0M$15.0M$15.0M$16.0M$176.0M$22.0M

Property, plant and equipment, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas and NGL Services$10.5B$10.4B$10.5B$12.6B$12.9B$13.3B
Crude Oil and Products Logistics$8.6B$8.7B$8.7B$8.8B$8.8B$8.7B

Rental income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$216.0M$219.0M$224.0M$239.0M$241.0M$249.0M
Natural Gas & NGL Services$57.0M$56.0M$56.0M$57.0M$57.0M$58.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$1.6B$1.6B$1.6B$1.7B$1.7B$1.6B
Natural Gas & NGL Services$1.5B$1.5B$1.4B$2.0B$1.6B$1.4B

Sales-type lease revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$116.0M$115.0M$116.0M$113.0M$104.0M$102.0M
Natural Gas & NGL Services$34.0M$37.0M$36.0M$37.0M$41.0M$48.0M

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services-$39.0M-$32.0M-$38.0M$411.0M$81.0M-$126.0M
Crude Oil and Products Logistics-$56.0M-$33.0M-$35.0M-$30.0M-$47.0M-$31.0M

Investments in unconsolidated affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$50.0M$119.0M$203.0M$227.0M$245.0M$237.0M

Purchased product costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$413.0M$459.0M$432.0M$493.0M$431.0M$498.0M