MPLX LP : Q3 2025 Investor Relations Packet

‌Third Quarter 2025
Table of Contents:		Investor Relations
Condensed Consolidated Statements of Income	2	200 East Hardin Street
Consolidated Statements of Comprehensive Income	3	Findlay, OH 45840
Consolidated Balance Sheets	4	[e-mail]
Consolidated Statements of Cash Flows	5	419/421-2071
Financial Statistics	6
Crude Oil and Products Logistics Selected Operating Data	7
Natural Gas and NGL Services Selected Operating Data	8
Reconciliation of Segment Adjusted EBITDA attributable to MPLX LP to Income from Operations and Net Income	9
Reconciliation of Adjusted EBITDA attributable to MPLX LP and Distributable Cash Flow attributable to LP Unitholders from Net Income	10
Reconciliation of Adjusted EBITDA attributable to LP Unitholders and Distributable Cash Flow attributable to MPLX LP from Net Cash Provided by Operating Activities	11
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions	12
Capital Expenditures	13

MPLX LP is a diversified, large-cap master limited partnership formed in 2012 by Marathon Petroleum Corporation (MPC).

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. These supporting schedules include the non-GAAP measures adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA); consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions. Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable. DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary. Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations. Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures. The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Additional information regarding Investor Relations, Financial Highlights, and News Releases can be reviewed on our website at: https://www.mplx.com November 4, 2025

‌CONDENSED CONSOLIDATED STATEMENTS OF INCOME

MPLX LP

(In millions, except per unit data)	Year
	2023
Revenues and other income:
Operating revenue	$ 4,877
Operating revenue - related parties	5,557
Income from equity method investments(1)	600
Gain on equity method investments(2)	92
Other income	34
Other income - related parties	121
Total revenues and other income	11,281
Costs and expenses:
Operating expenses	3,081
Operating expenses - related parties	1,577
Depreciation and amortization	1,213
General and administrative expenses	379
Other taxes	131
Total costs and expenses	6,381
Income from operations	4,900
Net interest and other financial costs	923
Income before income taxes	3,977
Provision for income taxes	11
Net income	3,966
Less: Net income attributable to noncontrolling interests	38
Net income attributable to MPLX LP	3,928
Less: Series A preferred unit distributions	94
Less: Series B preferred unit distributions	5
Limited partners' interest in net income attributable to MPLX LP	$ 3,829

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
2024	2024	2024	2024	2024
$ 1,217	$ 1,253	$ 1,325	$ 1,376	$ 5,171
1,387	1,431	1,451	1,464	5,733
157	325	149	171	802
20	-	-	-	20
25	6	7	12	50
40	37	40	40	157
2,846	3,052	2,972	3,063	11,933
759	780	829	835	3,203
376	393	407	425	1,601
317	320	322	324	1,283
109	107	107	104	427
34	33	32	32	131
1,595	1,633	1,697	1,720	6,645
1,251	1,419	1,275	1,343	5,288
235	231	226	229	921
1,016	1,188	1,049	1,114	4,367
1	2	2	5	10
1,015	1,186	1,047	1,109	4,357
10	10	10	10	40
1,005	1,176	1,037	1,099	4,317
10	5	6	6	27
-	-	-	-	-
$ 995	$ 1,171	$ 1,031	$ 1,093	$ 4,290

		Preliminary	Preliminary
1st Qtr	2nd Qtr	3rd Qtr	Year
2025	2025	2025	2025
$ 1,420	$ 1,338	$ 1,444	$ 4,202
1,467	1,450	1,461	4,378
186	170	186	542
-	-	484	484
10	5	4	19
41	40	40	121
3,124	3,003	3,619	9,746
867	821	910	2,598
420	426	400	1,246
326	324	346	996
112	107	126	345
33	32	36	101
1,758	1,710	1,818	5,286
1,366	1,293	1,801	4,460
229	234	243	706
1,137	1,059	1,558	3,754
1	1	3	5
1,136	1,058	1,555	3,749
10	10	10	30
1,126	1,048	1,545	3,719
-	-	-	-
-	-	-	-
$ 1,126	$ 1,048	$ 1,545	$ 3,719

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Per Unit Data
Net income attributable to MPLX LP per limited partner unit:
Common - basic	$ 3.80
Common - diluted	$ 3.80
Weighted average limited partner units outstanding:
Common - basic	1,001
Common - diluted	1,002

$ 0.98	$ 1.15	$ 1.01	$ 1.07	$ 4.21
$ 0.98	$ 1.15	$ 1.01	$ 1.07	$ 4.21
1,008	1,019	1,020	1,018	1,016
1,008	1,020	1,020	1,019	1,017

$ 1.10	$ 1.03	$ 1.52	$ 3.65
$ 1.10	$ 1.03	$ 1.52	$ 3.65
1,020	1,020	1,019	1,020
1,020	1,021	1,019	1,020

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(1) The second quarter of 2024 includes a $151 million gain from the closing of the strategic transaction combining the Whistler and Rio Bravo natural gas assets (the "Whistler Joint Venture Transaction").

(2) 2023 includes a $92 million gain associated with the remeasurement of our existing equity investment in a Permian basin joint venture, arising from the acquisition of the remaining interest. The first quarter of 2024 includes a $20 million gain related to the purchase of additional ownership interests in existing joint ventures and gathering assets (the "Utica Midstream Acquisition"). The third quarter of 2025 includes a $484 million gain related to the purchase of the remaining interest in BANGL, LLC (the "BANGL Acquisition").

‌CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

MPLX LP

(In millions)	Year
	2023
Net income	$ 3,966
Other comprehensive income, net of tax:
Remeasurement of pension and other postretirement benefits related to equity method investments, net of tax	4
Comprehensive income	3,970
Less comprehensive income attributable to:
Noncontrolling interests	38
Comprehensive income attributable to MPLX LP	$ 3,932

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
2024	2024	2024	2024	2024
$ 1,015	$ 1,186	$ 1,047	$ 1,109	$ 4,357
1	-	-	-	1
1,016	1,186	1,047	1,109	4,358
10	10	10	10	40
$ 1,006	$ 1,176	$ 1,037	$ 1,099	$ 4,318

		Preliminary	Preliminary
1st Qtr	2nd Qtr	3rd Qtr	Year
2025	2025	2025	2025
$ 1,136	$ 1,058	$ 1,555	$ 3,749
8	-
1,144	1,058
10	10	10	30
$ 1,134	$ 1,048

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‌CONSOLIDATED BALANCE SHEETS

MPLX LP

(In millions, except ratio data)	December 31, 2023	December 31, 2024	March 31, 2025	June 30, 2025	Preliminary
					September 30, 2025
Assets					$ 1,765
Cash and cash equivalents	$ 1,048	$ 1,519	$ 2,534	$ 1,386
Receivables, less allowance for expected credit loss	823	718	858	736
Current assets - related parties	748	830	910	826
Inventories	159	180	186	192
Assets held for sale	-	-	-	-
Other current assets	30	29	33	33
Total current assets	2,808	3,276	4,521	3,173
Equity method investments	3,743	4,531	4,751	5,024
Property, plant and equipment, net	19,264	19,154	19,147	19,191
Intangibles, net	654	518	529	497
Goodwill	7,645	7,645	7,645	7,645
Right of use assets, net	264	273	286	275
Noncurrent assets - related parties	1,161	1,120	1,095	1,021
Other noncurrent assets	990	994	998	1,015
Total assets	36,529	37,511	38,972	37,841	43,227
Liabilities
Accounts payable	153	147	145	149
Accrued liabilities	300	295	269	262
Current liabilities - related parties	360	396	402	399
Accrued property, plant and equipment	216	208	211	253
Long-term debt due within one year	1,135	1,693	2,697	1,500
Accrued interest payable	242	244	203	267
Operating lease liabilities	45	45	47	47
Liabilities held for sale	-	-	-	-
Other current liabilities	173	207	195	192
Total current liabilities	2,624	3,235	4,169	3,069
Long-term deferred revenue	347	317	317	308
Long-term liabilities - related parties	325	334	324	330
Long-term debt	19,296	19,255	19,721	19,725
Deferred income taxes	16	18	18	18
Long-term operating lease liabilities	211	217	227	218
Other long-term liabilities	126	125	128	124
Total liabilities	22,945	23,501	24,904	23,792
Series A preferred units	895	203	-	-	-
Equity
Common unitholders - public	8,700	9,322	9,472	9,402
Common unitholder - MPC	3,758	4,257	4,361	4,413
Accumulated other comprehensive (loss) income	(4)	(3)	5	5
Total MPLX LP partners' capital	12,454	13,576	13,838	13,820
Noncontrolling interests	235	231	230	229
Total equity	12,689	13,807	14,068	14,049	14,524
Total liabilities, preferred units and equity	$ 36,529	$ 37,511	$ 38,972	$ 37,841

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Consolidated total debt to LTM adjusted EBITDA(1)

3.3x

3.1x

3.3x

3.1x

3.7x

(1) Calculated using face value total debt and the last twelve months adjusted EBITDA.

‌CONSOLIDATED STATEMENTS OF CASH FLOWS (YTD)

MPLX LP

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(In millions)	Dec. 31
	2023
Operating activities:
Net income	$ 3,966
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs and debt discount	55
Depreciation and amortization	1,213
Deferred income taxes	3
Gain on equity method investments	(92)
(Gain) loss on disposal of assets	(14)
Income from equity method investments	(600)
Distributions from unconsolidated affiliates	736
Change in fair value of derivatives	-
Changes in:
Current receivables	14
Inventories	(19)
Current liabilities and other current assets	(17)
Assets and liabilities - related parties	84
Right of use assets and operating lease liabilities	-
Deferred revenue	107
All other, net	(39)
Net cash provided by operating activities	5,397
Investing activities:
Additions to property, plant and equipment	(937)
Acquisitions, net of cash acquired	(246)
Disposal of assets	26
Investments - acquisitions and contributions	(98)
Investments - redemptions, repayments, return of capital and sales proceeds	3
All other, net	-
Net cash used in investing activities	(1,252)
Financing activities:
Long-term debt - borrowings	1,589
Long-term debt - repayments	(1,001)
Related party debt - borrowings	-
Related party debt - repayments	-
Debt issuance costs	(15)
Unit repurchases	-
Redemption of Series B preferred units	(600)
Distributions to noncontrolling interests	(41)
Distributions to Series A preferred unitholders	(94)
Distributions to Series B preferred unitholders	(21)
Distributions to LP unitholders	(3,181)
Contributions from MPC	31
All other, net	(2)
Net cash used in financing activities	(3,335)
Net change in cash and cash equivalents and restricted cash	810
Cash and cash equivalents and restricted cash at beginning of period	238
Cash and cash equivalents and restricted cash at end of period	$ 1,048

Mar. 31	Jun. 30	Sep. 30	Dec. 31
2024	2024	2024	2024
$ 1,015	$ 2,201	$ 3,248	$ 4,357
13	27	41	54
317	637	959	1,283
-	-	-	2
(20)	(20)	(20)	(20)
-	1	3	3
(157)	(482)	(631)	(802)
180	377	596	826
8	10	7	(3)
95	117	138	180
(4)	(9)	(11)	(20)
(124)	(55)	(54)	5
(46)	29	(23)	84
(1)	-	3	(3)
9	13	2	(5)
6	10	13	5
1,291	2,856	4,271	5,946
(255)	(468)	(748)	(1,056)
(622)	(622)	(622)	(622)
-	-	-	1
(119)	(154)	(414)	(464)
-	134	138	146
-	-	-	-
(996)	(1,110)	(1,646)	(1,995)
-	1,630	1,630	1,630
-	(1)	(1)	(1,151)
-	-	-	-
-	-	-	-
-	(14)	(15)	(15)
(75)	(150)	(226)	(326)
-	-	-	-
(11)	(22)	(33)	(44)
(23)	(33)	(38)	(44)
-	-	-	-
(853)	(1,717)	(2,585)	(3,559)
10	18	26	35
(6)	(4)	(5)	(6)
(958)	(293)	(1,247)	(3,480)
(663)	1,453	1,378	471
1,048	1,048	1,048	1,048
$ 385	$ 2,501	$ 2,426	$ 1,519

Mar. 31 2025	Jun. 30 2025	Preliminary
		Sep. 30
		2025
$ 1,136	$ 2,194	$ 3,749
10	16
326	650	996
-	(1)
-	-
-	-
(186)	(356)
188	395
4	(3)
(100)	32
(6)	(12)
(76)	(5)
(35)	100
(1)	1
(12)	(33)
(2)	4
1,246	2,982	4,413
(267)	(568)	(1,094)
(237)	(237)
1	1
(119)	(467)
21	60
-	8
(601)	(1,203)	(4,934)
1,977	1,978
(500)	(1,702)
-	-
-	-
(19)	(20)
(100)	(200)	(300)
-	-
(11)	(22)	(33)
(6)	(6)
-	-
(972)	(1,948)
7	14	20
(6)	(6)
370	(1,912)	767
1,015	(133)
1,519	1,519
$ 2,534	$ 1,386

(In millions, except ratio and per unit data)	Year 2023
Common unit distributions:
Common units (LP) - public	$ 1,152
Common units - MPC	2,104
Total LP distribution declared	3,256
Preferred unit distributions:(1)
Series A preferred unit distributions	94
Series B preferred unit distributions	5
Total preferred unit distributions	$ 99
Distribution coverage(2)	1.6x
Cash distributions declared per limited partner common unit	$ 3.2500
Adjusted EBITDA attributable to MPLX LP	6,269
DCF attributable to LP unitholders	$ 5,241

1st Qtr 2024	2nd Qtr 2024	3rd Qtr 2024	4th Qtr 2024	Year 2024
$ 314 550	$ 317 551	$ 355 619	$ 353 619	$ 1,339 2,339
864	868	974	972	3,678
10	5	6	6	27
-	-	-	-	-
$ 10	$ 5	$ 6	$ 6	$ 27
1.6x	1.6x	1.5x	1.5x	1.5x
$ 0.8500	$ 0.8500	$ 0.9565	$ 0.9565	$ 3.6130
1,635	1,653	1,714	1,762	6,764
$ 1,360	$ 1,399	$ 1,440	$ 1,471	$ 5,670

1st Qtr 2025	2nd Qtr 2025	Preliminary 3rd Qtr 2025	Preliminary Year 2025
$ 357 619	$ 356 619	$ 397 698	$ 1,110 1,936
976	975	1,095	3,046
-	-	-	-
-	-	-	-
$ -	$ -	$ -	$ -
1.5x	1.5x	1.3x	1.4x
$ 0.9565	$ 0.9565	$ 1.0765	$ 2.9895
1,757	1,690	1,766	5,213
$ 1,486	$ 1,420	$ 1,468	$ 4,374

‌FINANCIAL STATISTICS MPLX LP

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1. Includes MPLX distributions declared on the Series A units as well as distributions earned on the Series B preferred units. Series A preferred unitholders received the greater of $0.528125 per unit or the amount of per unit distributions paid to holders of MPLX LP common units. Series B preferred unitholders received a fixed distribution of $68.75 per unit, per annum, payable semi-annually in arrears. The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/paid to holders of the Series A and Series B preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.

2. DCF attributable to LP unitholders divided by total LP distributions.

Crude Oil and Products Logistics	Year 2023
Pipeline throughput (mbpd):
Crude oil pipelines	3,772
Product pipelines	2,040
Total pipelines	5,812
Average tariff rates ($/bbl):
Crude oil pipelines	$ 0.96
Product pipelines	0.90
Total pipelines	$ 0.94
Terminal throughput (mbpd)	3,130
Marine Assets (number in operation)
Barges at period-end	305
Towboats at period-end	29

1st Qtr 2024	2nd Qtr 2024	3rd Qtr 2024	4th Qtr 2024	Year 2024
3,462 1,831	3,950 2,074	3,895 2,056	3,831 2,026	3,785 1,997
5,293	6,024	5,951	5,857	5,782
$ 1.03	$ 0.99	$ 1.01	$ 1.08	$ 1.03
1.00	0.96	1.01	1.03	1.00
$ 1.02	$ 0.98	$ 1.01	$ 1.06	$ 1.02
2,930	3,197	3,268	3,128	3,131
313	312	311	319	319
29	29	28	29	29

1st Qtr 2025	2nd Qtr 2025	Preliminary 3rd Qtr 2025	Preliminary Year 2025
3,908 2,020	4,012 2,091	3,867 2,055	3,929 2,056
5,928	6,103	5,922	5,985
$ 1.03	$ 1.06	$ 1.08	$ 1.06
1.11	1.05	1.09	1.08
$ 1.06	$ 1.06	$ 1.08	$ 1.07
3,095	3,183	3,173	3,151
319	320	320	320
29	29	29	29

‌Crude Oil and Products Logistics Selected Operating Data MPLX LP

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‌Natural Gas and NGL Services Selected Operating Data

MPLX LP

Natural Gas and NGL Services (Consolidated entities plus Partnership-Operated Equity Method Investments)	Year
	2023
Gathering throughput (MMcf/d)
Marcellus Operations	1,389
Utica Operations	2,338
Southwest Operations	1,772
Bakken Operations	165
Rockies Operations	593
Total gathering throughput	6,257
Natural gas processed (MMcf/d)
Marcellus Operations	5,773
Utica Operations	564
Southwest Operations	1,772
Southern Appalachia Operations	216
Bakken Operations	163
Rockies Operations	483
Total natural gas processed	8,971
C2 + NGLs fractionated (mbpd)
Marcellus Operations	530
Utica Operations	33
Southern Appalachia Operations	11
Bakken Operations	20
Rockies Operations	3
Total C2 + NGLs fractionated	597

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
2024	2024	2024	2024	2024
1,493	1,524	1,527	1,538	1,521
2,286	2,664	2,616	2,608	2,544
1,601	1,589	1,813	1,788	1,698
183	184	181	185	183
663	653	600	615	633
6,226	6,614	6,737	6,734	6,579
5,926	5,951	6,013	6,006	5,974
777	832	794	923	832
1,629	1,748	1,977	2,020	1,844
221	218	215	206	215
183	184	179	183	182
635	635	597	596	616
9,371	9,568	9,775	9,934	9,663
553	571	550	588	565
44	56	48	59	52
11	12	12	12	12
19	21	20	19	20
5	5	5	5	5
632	665	635	683	654

		Preliminary	Preliminary
1st Qtr	2nd Qtr	3rd Qtr	Year
2025	2025	2025	2025
1,500	1,488	1,517	1,501
2,438	2,566	2,754	2,587
1,785	1,734	1,882	1,801
175	162	157	165
618	612	596	609
6,516	6,562	6,906	6,663
5,975	6,019	6,180	6,059
965	940	983	962
1,879	1,821	1,983	1,895
188	205	168	187
174	162	157	164
600	593	604	599
9,781	9,740	10,075	9,866
566	545	580	564
64	60	67	64
10	11	11	10
15	13	14	14
5	5	5	5
660	634	677	657

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Natural Gas and NGL Services (Consolidated entities)	Year
	2023
Gathering throughput (MMcf/d)
Marcellus Operations	1,389
Utica Operations	-
Southwest Operations	1,369
Bakken Operations	165
Rockies Operations	474
Total gathering throughput	3,397
Natural gas processed (MMcf/d)
Marcellus Operations	4,179
Utica Operations	-
Southwest Operations	1,466
Southern Appalachia Operations	216
Bakken Operations	163
Rockies Operations	483
Total natural gas processed	6,507
C2 + NGLs fractionated (mbpd)
Marcellus Operations	530
Utica Operations	-
Southern Appalachia Operations	11
Bakken Operations	20
Rockies Operations	3
Total C2 + NGLs fractionated	564

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
2024	2024	2024	2024	2024
1,493	1,524	1,527	1,538	1,521
-	363	354	338	264
1,601	1,589	1,813	1,788	1,698
183	184	181	185	183
562	585	542	552	560
3,839	4,245	4,417	4,401	4,226
4,325	4,362	4,393	4,383	4,366
-	-	-	-	-
1,629	1,748	1,977	2,020	1,844
221	218	215	206	215
183	184	179	183	182
635	635	597	596	616
6,993	7,147	7,361	7,388	7,223
553	571	550	588	565
-	-	-	-	-
11	12	12	12	12
19	21	20	19	20
5	5	5	5	5
588	609	587	624	602

		Preliminary	Preliminary
1st Qtr	2nd Qtr	3rd Qtr	Year
2025	2025	2025	2025
1,500	1,488	1,517	1,501
268	-	-	88
1,785	1,734	1,882	1,801
175	162	157	165
548	541	529	539
4,276	3,925	4,085	4,094
4,325	4,312	4,466	4,368
-	-	-	-
1,879	1,821	1,983	1,895
188	205	168	187
174	162	157	164
600	593	604	599
7,166	7,093	7,378	7,213
566	545	580	564
-	-	-	-
10	11	11	10
15	13	14	14
5	5	5	5
596	574	610	593

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

(In millions)	Year 2023
Crude Oil and Products Logistics
Segment adjusted EBITDA	$ 4,134
Depreciation and amortization	(530)
Income from equity method investments	270
Distributions/adjustments related to equity method investments	(307)
Garyville Incident response costs	(16)
Other	(39)
Natural Gas and NGL Services
Segment adjusted EBITDA	2,135
Depreciation and amortization	(683)
Income from equity method investments	330
Distributions/adjustments related to equity method investments	(467)
Gain on equity method investments(1)	92
Transaction-related costs(2)	-
Adjusted EBITDA attributable to noncontrolling interests	42
Other	(61)
Income from operations	$ 4,900

								Preliminary	Preliminary
1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year		1st Qtr	2nd Qtr	3rd Qtr	Year
2024	2024	2024	2024	2024		2025	2025	2025	2025
$ 1,059	$ 1,099	$ 1,094	$ 1,123	$ 4,375		$ 1,097	$ 1,138	$ 1,137	$ 3,372
(130)	(131)	(132)	(133)	(526)		(133)	(135)	(139)	(407)
64	79	70	56	269		56	59	71	186
(73)	(90)	(87)	(97)	(347)		(72)	(77)	(84)	(233)
-	-	-	-	-		-	-	-	-
(13)	(15)	(12)	(15)	(55)		(17)	(17)	(17)	(51)
576	554	620	639	2,389		660	552	629	1,841
(187)	(189)	(190)	(191)	(757)		(193)	(189)	(207)	(589)
93	246	79	115	533		130	111	115	356
(127)	(128)	(166)	(160)	(581)		(155)	(152)	(167)	(474)
-	-	-	-	-		-	-	484	484
-	-	-	-	-		-	-	(21)	(21)
11	11	11	11	44		11	11	11	33
(22)	(17)	(12)	(5)	(56)		(18)	(8)	(11)	(37)
$ 1,251	$ 1,419	$ 1,275	$ 1,343	$ 5,288		$ 1,366	$ 1,293	$ 1,801	$ 4,460

‌Reconciliation of Segment Adjusted EBITDA attributable to MPLX LP to Income from Operations and Net Income MPLX LP

1

2

3

4

5

6

7

8

9

10

11

12

13

14

(In millions)	Year 2023
Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP	$ 4,134
Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP	2,135
Adjusted EBITDA attributable to MPLX LP	6,269
Depreciation and amortization	(1,213)
Net interest and other financial costs	(923)
Income from equity method investments	600
Distributions/adjustments related to equity method investments	(774)
Gain on equity method investments(1)	92
Transaction-related costs(2)	-
Adjusted EBITDA attributable to noncontrolling interests	42
Garyville Incident response costs	(16)
Other(3)	(111)
Net income	$ 3,966

1st Qtr 2024	2nd Qtr 2024	3rd Qtr 2024	4th Qtr 2024	Year 2024
$ 1,059 576	$ 1,099 554	$ 1,094 620	$ 1,123 639	$ 4,375 2,389
1,635	1,653	1,714	1,762	6,764
(317)	(320)	(322)	(324)	(1,283)
(235)	(231)	(226)	(229)	(921)
157	325	149	171	802
(200)	(218)	(253)	(257)	(928)
-	-	-	-	-
-	-	-	-	-
11	11	11	11	44
-	-	-	-	-
(36)	(34)	(26)	(25)	(121)
$ 1,015	$ 1,186	$ 1,047	$ 1,109	$ 4,357

1st Qtr 2025	2nd Qtr 2025	Preliminary 3rd Qtr 2025	Preliminary Year 2025
$ 1,097 660	$ 1,138 552	$ 1,137 629	$ 3,372 1,841
1,757	1,690	1,766	5,213
(326)	(324)	(346)	(996)
(229)	(234)	(243)	(706)
186	170	186	542
(227)	(229)	(251)	(707)
-	-	484	484
-	-	(21)	(21)
11	11	11	33
-	-	-	-
(36)	(26)	(31)	(93)
$ 1,136	$ 1,058	$ 1,555	$ 3,749

15

16

17

18

19

20

21

22

23

24

25

26

27

28

1. 2023 includes a $92 million gain associated with the remeasurement of our existing equity investment in a Permian basin joint venture, arising from the acquisition of the remaining interest. The third quarter of 2025 includes a $484 million gain related to the BANGL Acquisition.

2. Transaction-related costs include costs associated with acquisition and divestiture-related activities.

3. Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.

‌Reconciliation of Adjusted EBITDA attributable to MPLX LP and

Distributable Cash Flow attributable to LP Unitholders from Net Income

MPLX LP

		Preliminary	Preliminary
1st Qtr	2nd Qtr	3rd Qtr	Year
2025	2025	2025	2025
$ 1,136	$ 1,058	$ 1,555	$ 3,749
1	1	3	5
229	234	243	706
1,366	1,293	1,801	4,460
326	324	346	996
(186)	(170)	(186)	(542)
227	229	251	707
-	-	(484)	(484)
-	-	21	21
-	-	-	-
35	25	28	88
1,768	1,701	1,777	5,246
(11)	(11)	(11)	(33)
1,757	1,690	1,766	5,213
(18)	(10)	(6)	(34)
13	14	21	48
(219)	(225)	(236)	(680)
(35)	(45)	(70)	(150)
(5)	(3)	(4)	(12)
(7)	(1)	(3)	(11)
1,486	1,420	1,468	4,374
-	-	-	-
$ 1,486	$ 1,420	$ 1,468	$ 4,374

(In millions)	Year		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
	2023		2024	2024	2024	2024	2024
Net income	$ 3,966		$ 1,015	$ 1,186	$ 1,047	$ 1,109	$ 4,357
Provision for income taxes	11		1	2	2	5	10
Net interest and other financial costs	923		235	231	226	229	921
Income from operations	4,900		1,251	1,419	1,275	1,343	5,288
Depreciation and amortization	1,213		317	320	322	324	1,283
Income from equity method investments	(600)		(157)	(325)	(149)	(171)	(802)
Distributions/adjustments related to equity method investments	774		200	218	253	257	928
Gain on equity method investments(1)	(92)		-	-	-	-	-
Transaction-related costs(2)	-		-	-	-	-	-
Garyville Incident response costs	16		-	-	-	-	-
Other	100		35	32	24	20	111
Adjusted EBITDA	6,311		1,646	1,664	1,725	1,773	6,808
Adjusted EBITDA attributable to noncontrolling interests	(42)		(11)	(11)	(11)	(11)	(44)
Adjusted EBITDA attributable to MPLX LP	6,269		1,635	1,653	1,714	1,762	6,764
Deferred revenue impacts	97		13	8	(15)	25	31
Sales-type lease payments, net of income	12		5	8	7	12	32
Adjusted net interest and other financial costs(3)	(859)		(222)	(217)	(212)	(216)	(867)
Maintenance capital expenditures, net of reimbursements	(150)		(35)	(45)	(40)	(86)	(206)
Equity method investment maintenance capital expenditures paid out	(15)		(4)	(3)	(4)	(7)	(18)
Other	(14)		(22)	-	(4)	(13)	(39)
DCF attributable to MPLX LP	5,340		1,370	1,404	1,446	1,477	5,697
Preferred unit distributions(4)	(99)		(10)	(5)	(6)	(6)	(27)
DCF attributable to LP unitholders	$ 5,241		$ 1,360	$ 1,399	$ 1,440	$ 1,471	$ 5,670

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

(1) 2023 includes a $92 million gain associated with the remeasurement of our existing equity investment in a Permian basin joint venture, arising from the acquisition of the remaining interest. The third quarter of 2025 includes a $484 million gain related to the BANGL Acquisition.

(2) Transaction-related costs include costs associated with acquisition and divestiture-related activities.

(3) Represents Net interest and other financial costs excluding gain/ loss on extinguishment of debt and amortization of deferred financing costs.

(4) Includes MPLX distributions declared on the Series A preferred units as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/paid to holders of the Series A preferred units and Series B preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.

‌Reconciliation of Adjusted EBITDA attributable to MPLX LP and Distributable

(In millions)	Dec. 31 2023
Net cash provided by operating activities	$ 5,397
Changes in working capital items	(169)
All other, net	39
Loss on extinguishment of debt	9
Adjusted net interest and other financial costs(1)	859
Other adjustments to equity method investment distributions	38
Transaction-related costs(2)	-
Garyville Incident response costs	16
Other	122
Adjusted EBITDA	6,311
Adjusted EBITDA attributable to noncontrolling interests	(42)
Adjusted EBITDA attributable to MPLX LP	6,269
Deferred revenue impacts	97
Sales-type lease payments, net of income	12
Adjusted net interest and other financial costs(1)	(859)
Maintenance capital expenditures, net of reimbursements	(150)
Equity method investment maintenance capital expenditures paid out	(15)
Other	(14)
DCF Attributable to MPLX LP	5,340
Preferred unit distributions(3)	(99)
DCF attributable to LP unitholders	$ 5,241

Mar. 31 2024	Jun. 30 2024	Sep. 30 2024	Dec. 31 2024
$ 1,291	$ 2,856	$ 4,271	$ 5,946
71	(95)	(55)	(241)
(6)	(10)	(13)	(5)
-	-	-	-
222	439	651	867
20	41	75	102
-	-	-	-
-	-	-	-
48	79	106	139
1,646	3,310	5,035	6,808
(11)	(22)	(33)	(44)
1,635	3,288	5,002	6,764
13	21	6	31
5	13	20	32
(222)	(439)	(651)	(867)
(35)	(80)	(120)	(206)
(4)	(7)	(11)	(18)
(22)	(22)	(26)	(39)
1,370	2,774	4,220	5,697
(10)	(15)	(21)	(27)
$ 1,360	$ 2,759	$ 4,199	$ 5,670

Mar. 31 2025	Jun. 30 2025	Preliminary Sep. 30 2025
$ 1,246	$ 2,982	$ 4,413
230	(83)	(43)
2	(4)	(4)
-	3	3
219	444	680
39	61	76
-	-	21
-	-	-
32	66	100
1,768	3,469	5,246
(11)	(22)	(33)
1,757	3,447	5,213
(18)	(28)	(34)
13	27	48
(219)	(444)	(680)
(35)	(80)	(150)
(5)	(8)	(12)
(7)	(8)	(11)
1,486	2,906	4,374
-	-	-
$ 1,486	$ 2,906	$ 4,374

Cash Flow attributable to LP Unitholders from Net Cash Provided by Operating Activities (YTD) MPLX LP

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

1. Represents Net interest and other financial costs excluding gain/ loss on extinguishment of debt and amortization of deferred financing costs.

2. Transaction-related costs include costs associated with acquisition and divestiture-related activities.

3. Includes MPLX distributions declared on the Series A preferred units as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/paid to holders of the Series A preferred units and Series B preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.

‌Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions

MPLX LP

(In millions)	Year
	2023
Net cash provided by operating activities	$ 5,397
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow
Net cash used in investing activities(1)	(1,252)
Contributions from MPC	31
Distributions to noncontrolling interests	(41)
Adjusted free cash flow	4,135
Distribution paid to common and preferred unitholders	(3,296)
Adjusted free cash flow after distributions	$ 839

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
2024	2024	2024	2024	2024
$ 1,291	$ 1,565	$ 1,415	$ 1,675	$ 5,946
(996)	(114)	(536)	(349)	(1,995)
10	8	8	9	35
(11)	(11)	(11)	(11)	(44)
294	1,448	876	1,324	3,942
(876)	(874)	(873)	(980)	(3,603)
$ (582)	$ 574	$ 3	$ 344	$ 339

		Preliminary	Preliminary
1st Qtr	2nd Qtr	3rd Qtr	Year
2025	2025	2025	2025
$ 1,246	$ 1,736	$ 1,431	$ 4,413
(601)	(602)	(3,731)	(4,934)
7	7	6	20
(11)	(11)	(11)	(33)
641	1,130	(2,305)	(534)
(978)	(976)	(975)	(2,929)
$ (337)	$ 154	$ (3,280)	$ (3,463)

1

2

3

4

5

6

7

1. Includes a contribution of $92 million to fund our share of a debt repayment by a joint venture in the first quarter of 2024, a $134 million cash distribution received in connection with the Whistler Joint Venture Transaction in the second quarter of 2024, and

$228 million related to the acquisition of additional interests in equity method investments in the third quarter of 2024. Also includes $246 million of acquisitions for 2023, $622 million of acquisitions for the first quarter of 2024, $237 million of acquisitions for the first quarter of 2025, $151 million related to the acquisition of additional interest in an equity method investment in the second quarter of 2025, and $3,079 million of acquisitions for the third quarter of 2025.

(In millions)	Year 2023
Capital Expenditures: Growth capital expenditures Growth capital reimbursements Investments in unconsolidated affiliates(1)Return of capital(2) Capitalized interest Total growth capital expenditures(3) Maintenance capital expenditures Maintenance capital reimbursements Capitalized interest Total maintenance capital expenditures Total growth and maintenance capital expenditures Investments in unconsolidated affiliates(1)Return of capital(2) Growth and maintenance capital reimbursements(4)(Increase) decrease in capital accruals Capitalized interest Other Additions to property, plant and equipment(1)	$ 838 (165) 98 (3) (14)
	754 181 (31) (1)
	149 903 (98) 3 196 (82) 15 -
	$ 937

1st Qtr 2024	2nd Qtr 2024	3rd Qtr 2024	4th Qtr 2024	Year 2024
$ 165	$ 156	$ 248	$ 227	$ 796
(21)	(29)	(14)	(51)	(115)
119	35	32	50	236
-	-	(4)	(8)	(12)
(4)	(4)	(4)	(4)	(16)
259	158	258	214	889
45	53	53	103	254
(10)	(8)	(13)	(17)	(48)
-	(1)	(1)	(1)	(3)
35	44	39	85	203
294	202	297	299	1,092
(119)	(35)	(32)	(50)	(236)
-	-	4	8	12
31	37	27	68	163
45	4	(21)	(22)	6
4	5	5	5	19
-	-	-	-	-
$ 255	$ 213	$ 280	$ 308	$ 1,056

1st Qtr 2025	2nd Qtr 2025	Preliminary 3rd Qtr 2025	Preliminary Year 2025
$ 220	$ 286	$ 513	$ 1,019
(27)	(37)	(36)	(100)
119	203	240	562
-	(39)	(62)	(101)
(5)	(7)	(10)	(22)
307	406	645	1,358
48	55	81	184
(13)	(10)	(11)	(34)
(1)	(1)	(1)	(3)
34	44	69	147
341	450	714	1,505
(119)	(203)	(240)	(562)
-	39	62	101
40	47	47	134
(1)	(40)	(90)	(131)
6	8	11	25
-	-	22	22
$ 267	$ 301	$ 526	$ 1,094

‌Capital Expenditures MPLX LP

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3

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5

6

7

8

9

10

11

12

13

14

15

16

17

18

1. Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.

2. Return of capital excludes cash distributions received from joint ventures of $134 million and $21 million for the second quarter of 2024 and the first quarter of 2025, respectively, in connection with certain transactions. Also excludes special distributions received in exchange for the contribution of assets to a joint venture of $21 million for the third quarter of 2025.

3. Total growth capital expenditures excludes $246 million of acquisitions for 2023, $622 million of acquisitions for the first quarter of 2024, $228 million of acquisitions for the third quarter of 2024, $237 million for acquisitions for the first quarter of 2025, $151 million for acquisitions for the second quarter of 2025, and $3,079 million for acquisitions for the third quarter of 2025.

4. Growth capital reimbursements are generally included in changes in deferred revenue within the operating activities section of the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the contributions from MPC line within the financing activities section of the Consolidated Statements of Cash Flows.