What is MPLX's natural gas & NGL services — intangibles, net?

MPLX (MPLX) reported natural gas & NGL services — intangibles, net of $1.35B in Q4 2025.

What does natural gas & NGL services — intangibles, net mean?

This represents the carrying value of intangible assets for the Natural Gas and NGL Services segment, calculated as the gross cost minus accumulated amortization and any impairment losses. It reflects the current book value of these assets on the balance sheet, representing the future economic benefits expected to be derived from these specific intangible holdings. This is a key indicator of the segment's non-physical asset base value.

MPLX (MPLX) Natural Gas & NGL Services — Intangibles, net

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$48M-18.6%

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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:IntangibleAssetsNetExcludingGoodwill.

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

(In millions)	December 31, 2025 / Gross	December 31, 2025 / Accumulated Amortization(1)	December 31, 2025 / Net	December 31, 2024 / Gross	December 31, 2024 / Accumulated Amortization(1)	December 31, 2024 / Net
Crude Oil and Products Logistics	$308	$(260)	$48	$283	$(224)	$59
Natural Gas and NGL Services	2,175	(826)	1,349	1,363	(904)	459
	$2,483	$(1,086)	$1,397	$1,646	$(1,128)	$518

Item 8. Financial Statements and Supplementary Data

FAQ

What is MPLX's natural gas & NGL services — intangibles, net?: MPLX (MPLX) reported natural gas & NGL services — intangibles, net of $1.35B in Q4 2025.
What does natural gas & NGL services — intangibles, net mean?: This represents the carrying value of intangible assets for the Natural Gas and NGL Services segment, calculated as the gross cost minus accumulated amortization and any impairment losses. It reflects the current book value of these assets on the balance sheet, representing the future economic benefits expected to be derived from these specific intangible holdings. This is a key indicator of the segment's non-physical asset base value.