MPLX · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

MPLX

27 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Marathon Petroleum Corporation (MPC)

earns from · 48 percent of our total revenues and other incomenamed as a risk

In 2025, MPC accounted for 48 percent of our total revenues and other income, primarily within our Crude Oil and Products Logistics segment, and will continue to be an important source of our revenues and cash flows for the foreseeable future.Business (Item 1)

Also named by PAA, PAGP

Marathon Petroleum Corporation (MPC)

concentrated in · approximately 88 percent of Crude Oil and Products Logistics segment revenues and other incomenamed as a risk

For the year ended December 31, 2025, approximately 88 percent of Crude Oil and Products Logistics segment revenues and other income was generated from MPC.Business (Item 1)

Also named by PAA, PAGP

Keep-whole processing agreement embedded derivative (Southern Appalachia producer)

exposed to its price · liability of $41 millionnamed as a risk

At December 31, 2025 and 2024, the estimated fair value of this contract was a liability of $41 million and $58 million, respectively.Market risk (Item 7A)

Unnamed NGL customer (Southwest region)

earns from · approximately 20 percent of Natural Gas and NGL Services segment revenues

For the year ended December 31, 2025, revenues with one customer primarily related to these NGL transactions in the Southwest region accounted for approximately 20 percent of Natural Gas and NGL Services segment revenues.Business (Item 1)

Partners and platforms

U.S. inland waterway system

depends on · more than half of the locks over 50 years oldnamed as a risk

Maintenance of the U.S. inland waterway system is vital to our marine transportation operations.Risk factors (Item 1A)

Other companies

MPC credit rating and indebtedness

approximately $33.3 billionnamed as a risk

As of December 31, 2025, MPC had consolidated long-term indebtedness of approximately $33.3 billion, of which $7.3 billion was a direct obligation of MPC or its subsidiaries other than MPLX or its consolidated subsidiaries.Risk factors (Item 1A)

Dakota Access Pipeline

named as a risk

For example, the Dakota Access Pipeline, in which we have a minority interest, is subject to, and may in the future be subject to, litigation seeking a permanent shutdown of the pipeline.Risk factors (Item 1A)

Also named by CHRD, DMLP, ET, HESM, MPC

Northwind Midstream Acquisition and BANGL Acquisition

named as a risk

Significant acquisitions, including the Northwind Midstream Acquisition and the BANGL Acquisition, involving the addition of new assets or businesses will present risks, which may include, among others:Risk factors (Item 1A)

Also named by MPC

Places

Texas

subject tonamed as a risk

For example, we are currently subject to state and local taxes in Texas and Tennessee and certain localities in Kentucky, Michigan and Ohio.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Native American tribal lands

operates innamed as a risk

Certain of our facilities are located on Native American tribal lands and are subject to various federal and tribal approvals and regulations, which can increase our costs and delay or prevent our efforts to conduct operations.Risk factors (Item 1A)

Also named by DINO, EPD, WMB

Tesoro High Plains Pipeline (North Dakota)

operates innamed as a risk

For example, a portion of the Tesoro High Plains Pipeline in North Dakota remains shut down following delays in renewing a right-of-way necessary for the operation of a section of the pipeline.Risk factors (Item 1A)

Also named by MPC

Permian Basin

operates in

We have implemented and continue to pursue growth and integration opportunities along the existing product-based value chains that benefit both MPC and MPLX, demonstrated by the continued expansion of the Permian to Gulf Coast integrated value chain, which includes the recently completed Northwind Midstream Acquisition and BANGL Acquisition.Business (Item 1)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Marcellus Shale

operates in

Revenues earned from two customers within the Marcellus region were also significant to the segment; however, neither of these customers represented more than 15 percent of Natural Gas and NGL Services segment revenues.Business (Item 1)

Also named by AM, CHRD, CNX, EQT, EXE, RRC, UGI, WMB and 1 more

Hazards

Hurricanes

named as a risk

Adverse weather conditions such as high or low water on the inland waterway systems, fog and ice, tropical storms, hurricanes and tsunamis on both the inland waterway systems and throughout the U.S. coastal waters can impair the operating efficiencies of the marine fleet.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

Natural gas

exposed to its pricenamed as a risk

This impact may also be exacerbated in circumstances where our compensation for services is commodity-based, which are more directly impacted by changes in natural gas and NGL prices than our fee-based contracts due to frac spread exposure and may result in operating losses when natural gas becomes more expensive on a Btu equivalent basis than NGL products.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Natural gas liquids (NGLs)

exposed to its pricenamed as a risk

A portion of our profitability is directly affected by prevailing commodity prices primarily as a result of purchasing and selling NGLs and natural gas at index-related prices.Market risk (Item 7A)

Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

Some of our existing pipelines are considered interstate common carrier pipelines subject to regulation by the FERC under the ICA, Energy Policy Act of 1992 (“EPAct 1992”) and the rules and regulations promulgated under those laws.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

The DOT through the PHMSA has adopted regulations requiring pipeline operators to develop integrity management programs for gas transmission and hazardous liquids pipelines located where a leak or rupture could do the most harm.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Bureau of Indian Affairs

subject tonamed as a risk

Various federal agencies within the U.S. Department of the Interior, particularly the Bureau of Indian Affairs, along with each Native American tribe, regulate natural gas and oil operations on Native American tribal lands.Risk factors (Item 1A)

Also named by DVN, MPC

Laws and programs

U.S. Maritime Laws (Shipping Act of 1916 and Merchant Marine Act of 1920)

subject to · at least 75 percent by U.S. citizensnamed as a risk

If we fail to maintain compliance with the Maritime Laws, we would be prohibited from operating vessels in the U.S. inland waters.Risk factors (Item 1A)

Nationwide Permit 12

subject tonamed as a risk

On January 8, 2026, the Army Corps published a final action reissuing NWP 12 without any substantive changes.Business (Item 1)

Also named by DTM, EQT, HESM, PAA, PAGP, PR, TRGP

Jones Act

subject tonamed as a risk

The loss of Jones Act status could have a significant negative effect on our marine transportation business.Business (Item 1)

Also named by EPD, GD, KEX, KMI, RSG, SUN

Oil Pollution Act of 1990 (OPA-90)

subject tonamed as a risk

Transportation and storage of crude oil, other feedstocks and refined products over and adjacent to water involves inherent risk and subjects us to the provisions of the OPA-90 and state laws in U.S. coastal and Great Lakes states and states bordering inland waterways on which we operate.Risk factors (Item 1A)

Also named by KEX, MPC

CARB At-Berth Regulation

subject tonamed as a risk

Compliance with the regulation is expected to increase our costs at affected facilities; however, to the extent permitted by regulations and our existing agreements, we expect to pass these costs on to our customers.Business (Item 1)

PFAS / AFFF regulation

subject tonamed as a risk

There is also increased regulatory interest in PFAS, which we expect will lead to increased monitoring and remediation obligations and potential liability related thereto.Risk factors (Item 1A)

Qualifying income partnership tax status (IRS)

subject tonamed as a risk

If the IRS were to treat us as a corporation for federal income tax purposes, or we become subject to a material amount of entity level taxation for state tax purposes, it would substantially reduce the amount of cash available for distribution to our unitholders.Risk factors (Item 1A)

EPA Oil and Natural Gas Sector Climate Review methane rule

subject to

As a result, although the rule requires MPLX to make additional investments to further reduce methane emissions, we do not believe the rule will have a material impact to our operations.Business (Item 1)