What is MPLX's natural gas & NGL services — basis difference?

MPLX (MPLX) reported natural gas & NGL services — basis difference of $124M in Q4 2025.

What does natural gas & NGL services — basis difference mean?

Represents the difference between the carrying amount of an investment and the underlying equity in the net assets of the investee at the date of acquisition. This metric reflects the premium or discount paid for assets relative to their book value, which is subsequently amortized over the useful life of the underlying assets.

MPLX (MPLX) Natural Gas & NGL Services — Basis difference

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Other segment segments

Crude Oil and Products Logistics

$283M-2.7%

Similar metrics at other companies

STWDEquity Method Investment, Difference Between Carrying Amount and Underlying Equity

$0—

GELEquity Method Investment, Difference Between Carrying Amount and Underlying Equity

$255.7M-5.3%

ICUIEquity Method Investment, Difference Between Carrying Amount and Underlying Equity

$19.4M—

MCDEquity Method Investment, Difference Between Carrying Amount and Underlying Equity

$1.4B-6.7%

NHIEquity Method Investment, Difference Between Carrying Amount and Underlying Equity

-$5M—

SEBCommodity Trading And Milling — Equity Method Investment Difference Between Carrying Amount And Underlying Equity

$21M-12.5%

Other financials

Income statement

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Revenue$3.3B+10.3%

Operating income$1.4B+6.6%

Net income$1.1B+1.8%

EPS (diluted)$1.06+2.9%

Balance sheet

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Cash & equivalents$1.0B-25.6%

Total debt$25.6B+9,326%

Total assets$43.0B+13.6%

Cash flow

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Operating cash flow$1.3B+8.1%

CapEx$575.0M+115%

Free cash flow$772.0M-21.1%

Valuation

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Market cap$59.51B+16.3%

P/E12.5×+0.8×

P/S4.5×+0.3×

Profitability

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Operating margin44.4%+1.1pp

Net margin36%+0.2pp

FCF margin30.2%-9.4pp

Returns & leverage

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Current ratio1.1×0.0×

Where this comes from

Reported directly by MPLX in its filing.

Tagged under the XBRL concept us-gaap:EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity.

The source filing: MPLX’s 10-K, filed February 26, 2026.

Filed: Feb 26, 2026, 1:32 PM EST
Fiscal year: FY2025
Accession: 0001552000-26-000009

As of December 31, 2025 and 2024, the carrying value of MPLX’s equity method investments in the Crude Oil and Products Logistics segment exceeded the underlying net assets of its investees by $283 million and $291 million, respectively. As of December 31, 2025 and 2024, the carrying value of MPLX’s equity method investments in the Natural Gas and NGL Services segment exceeded the underlying net assets of its equity method investments by approximately $124 million and $198 million, respectively.

Item 8. Financial Statements and Supplementary Data

FAQ

What is MPLX's natural gas & NGL services — basis difference?: MPLX (MPLX) reported natural gas & NGL services — basis difference of $124M in Q4 2025.
What does natural gas & NGL services — basis difference mean?: Represents the difference between the carrying amount of an investment and the underlying equity in the net assets of the investee at the date of acquisition. This metric reflects the premium or discount paid for assets relative to their book value, which is subsequently amortized over the useful life of the underlying assets.