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

Other segment segments

Crude Oil and Products Logistics

$283M-2.7%

Similar metrics at other companies

DECNGLs (MBbls) — Revenue, excluding gain (loss) on derivatives

$60.96M+26.7%

APOAsset Management — Basis difference in investments

$317M+25.8%

EPDNGL Pipelines & Services — Carrying Value

$1.02B+31.5%

WINGBasis difference in foreign investments

6.6%—

AIGBasis differences on investments

$336M+1,020%

WINGBasis difference in foreign investments

$3.92M—

Other financials

Income statement

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Revenue$3.0B-2.8%

Operating income$1.2B-11.1%

Net income$922.0M-18.8%

EPS (diluted)$0.90-18.2%

Balance sheet

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Cash & equivalents$1.5B-40.6%

Total debt$267.0M-5.3%

Total assets$42.9B+10.2%

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$56.9B+8.5%

Enterprise value$55.66B+10.9%

P/E12×+0.3×

P/S4.4×+0.1×

Profitability

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Operating margin44.8%+0.6pp

Net margin36.7%0.0pp

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 official record: MPLX’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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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.