Skip to content
OpenCapital
Get started
Income StatementBalance SheetCash FlowSegments
MPLX logo

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$57.3B
P/E Ratio12.10

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$61M$75M$25M$26M$17M$68M

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

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service$720M$707M$696M$750M$746M$711M
Service, Other$92M$99M$70M$64M$56M$4M

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$5B$4.8B$5B$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$639M$660M$552M$629M$629M$618M

Amortization of Intangible Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$8.8M$9M$9M$9M$9M—
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$291M———$283M—
Natural Gas & NGL Services$198M———$124M—

Basis difference, not amortized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$167M———$167M—
Natural Gas & NGL Services$31M———$0—

Capital Expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$147M$153M$212M$447M$606M$561M
Crude Oil and Products Logistics$183M$115M$129M$147M$147M$104M

Concentration risk, percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics22.0%22.0%22.0%22.0%22.0%—
Natural Gas & NGL Services1.0%0.5%0.5%0.5%0.5%—

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$191M$193M$189M$207M$216M$215M
Crude Oil and Products Logistics$133M$133M$135M$139M$139M$143M

Equity method investment, ownership percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics41.0%41.0%41.0%41.0%41.0%67.0%
Natural Gas & NGL Services45.0%67.0%67.0%100.0%67.0%67.0%

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$224M———$260M—
Natural Gas & NGL Services$904M———$826M—

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—
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—
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—
Natural Gas & NGL Services$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$283M———$308M—
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$18B$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$115M$130M$111M$115M$98M$120M
Crude Oil and Products Logistics$56M$56M$59M$71M$57M$62M

Intangibles, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$59M———$48M—
Natural Gas & NGL Services$459M———$1.3B—

Operating Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$540M$528M$532M$553M$560M$540M
Natural Gas & NGL Services$443M$445M$422M$426M$423M$428M

Other Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$39M$36M$30M$28M$27M$28M
Natural Gas & NGL Services$13M$15M$15M$16M$176M$22M

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$216M$219M$224M$239M$241M$249M
Natural Gas & NGL Services$57M$56M$56M$57M$57M$58M

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$2B$1.6B$1.4B

Sales-type lease revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Crude Oil and Products Logistics$116M$115M$116M$113M$104M$102M
Natural Gas & NGL Services$34M$37M$36M$37M$41M$48M

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services-$39M-$32M-$38M$411M$81M-$126M
Crude Oil and Products Logistics-$56M-$33M-$35M-$30M-$47M-$31M

Investments in unconsolidated affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$50M$119M$203M$227M$245M$237M

Purchased product costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas & NGL Services$413M$459M$432M$493M$431M$498M