MPLX LP MPLX
We are a diversified, large-cap master limited partnership formed by MPC in 2012 (as our sponsor) that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. Our assets include a network of crude oil and refined product pipelines; an inland marine business; light-product, asphalt, heavy oil and marine terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; crude oil and natural gas gathering systems and pipelines; as well as natural gas and NGL treating, processing and fractionation facilities. Our assets are positioned throughout the United States. The business consists of two segments based on the product-based value chain each supports: Crude Oil and Products Logistics and Natural Gas and NGL Services. The Crude Oil and Products Logistics segment primarily engages in the gathering, transportation, storage and distribution of crude oil, refined products, other hydrocarbon-based products, and renewables. The Crude Oil and Products Logistics segment also includes the operation of our refining logistics, fuels distribution and inland marine businesses, terminals, rail facilities and storage caverns. The Natural Gas and NGL Services segment provides wellhead to market services including gathering, treating, processing and transportation of natural gas and NGLs. For more information on these segments, see Our Operating Segments discussion below. The map below and Item 2. Properties provide information about our assets as of December 31, 2025:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.73B | $9.19B | $8.73B | $8.92B | $8.02B | $7.57B | $9.04B | $5.45B | $3.87B | $3.03B |
| SG&A | $446.0M | $427.0M | $379.0M | $335.0M | $353.0M | $378.0M | $388.0M | $316.0M | $241.0M | $227.0M |
| Total operating expenses | $7.05B | $6.64B | $6.38B | $6.70B | $6.04B | $7.36B | $6.66B | $4.28B | $2.68B | $2.35B |
| Operating income | $5.94B | $5.29B | $4.90B | $4.91B | $3.99B | $211.0M | — | — | — | — |
| Pre-tax income | $4.96B | $4.37B | $3.98B | $3.99B | $3.11B | -$685.0M | $1.46B | $2.01B | $837.0M | $422.0M |
| Income tax | — | $10.0M | $11.0M | $8.0M | $1.0M | $2.0M | $0 | $8.0M | $1.0M | $12.0M |
| Net income | $4.95B | $4.36B | $3.97B | $3.98B | $3.08B | -$720.0M | $1.03B | $1.82B | $794.0M | $233.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.14B | $1.52B | $1.05B | $238.0M | $13.0M | $15.0M | $15.0M | $85.0M | $9.0M | $239.0M |
| Receivables | $735.0M | $718.0M | $823.0M | $737.0M | $654.0M | $452.0M | $593.0M | $611.0M | $292.0M | $299.0M |
| Total current assets | $3.99B | $3.28B | $2.81B | $1.91B | $1.51B | $1.51B | $1.48B | $1.44B | $559.0M | $868.0M |
| Property, plant and equipment | $21.70B | $19.15B | $19.26B | $18.85B | $20.04B | $21.22B | $22.14B | $21.52B | $12.19B | $11.41B |
| Goodwill | $8.76B | $7.64B | $7.64B | $7.64B | $7.66B | $7.66B | $9.54B | $10.02B | $2.25B | $2.25B |
| Other intangibles | $1.40B | $518.0M | $654.0M | $705.0M | $831.0M | $959.0M | $1.27B | $1.36B | $453.0M | $492.0M |
| Total assets | $43.01B | $37.51B | $36.53B | $35.66B | $35.51B | $36.41B | $40.43B | $39.33B | $19.50B | $17.51B |
| Accounts payable | $108.0M | $147.0M | $153.0M | $224.0M | $172.0M | $152.0M | $242.0M | $266.0M | $151.0M | $140.0M |
| Short-term debt | $1.50B | $1.69B | $1.14B | $988.0M | $499.0M | $764.0M | $9.0M | $513.0M | $1.0M | $1.0M |
| Total current liabilities | $3.25B | $3.23B | $2.62B | $2.40B | $3.35B | $2.09B | $2.13B | $2.27B | $1.30B | $763.0M |
| Total liabilities | $28.48B | $23.50B | $22.95B | $22.15B | $22.49B | $22.43B | $22.85B | $20.59B | $8.53B | $5.40B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.91B | $5.95B | $5.40B | $5.02B | $4.91B | $4.52B | $4.08B | $3.07B | $1.91B | $1.49B |
| Depreciation and amortisation | — | — | — | — | — | $1.38B | $1.25B | $867.0M | $683.0M | $591.0M |
| Capital expenditure | $1.81B | $1.06B | $937.0M | $806.0M | $529.0M | $1.18B | $2.41B | $2.11B | $1.41B | $1.31B |
| Investing cash flow | -$4.86B | -$2.00B | -$1.25B | -$956.0M | -$518.0M | -$1.26B | -$3.06B | -$2.88B | -$2.31B | -$1.42B |
| Financing cash flow | -$435.0M | -$3.48B | -$3.33B | -$3.84B | -$4.39B | -$3.26B | -$1.09B | -$117.0M | $171.0M | $113.0M |
| Buybacks | $400.0M | $326.0M | $0 | $491.0M | $630.0M | $33.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001552000-26-000009.
Others in SIC 4610
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ENB | ENBRIDGE INC | $109.40B | — | — |
| DINO | HF Sinclair Corp | $18.74B | 34.2x | -6.0% |
| PAA | PLAINS ALL AMERICAN PIPELINE LP | $18.13B | — | -9.5% |
| PAGP | PLAINS GP HOLDINGS LP | $5.52B | — | -9.5% |
| DKL | Delek Logistics Partners, LP | $2.96B | — | 7.7% |
| GEL | GENESIS ENERGY LP | $1.94B | — | -1.8% |
| SOBO | South Bow Corp | — | — | -6.3% |