We control MPLX through our ownership of its general partner. MPLX is a VIE because the limited partners do not have substantive kick-out or participating rights over the general partner. We are the primary beneficiary of MPLX because in addition to our significant economic interest, we also have the ability, through our ownership of the general partner, to control the decisions that most significantly impact MPLX. We therefore consolidate MPLX and record a noncontrolling interest for the interest owned by the public.

The creditors of MPLX do not have recourse to MPC’s general credit or assets through guarantees or other financial arrangements, except as otherwise noted. MPC has effectively guaranteed certain indebtedness of LOOP LLC (“LOOP”) and LOCAP LLC (“LOCAP”), in which MPLX holds an interest. See Note 22 for more information. The assets of MPLX can only be used to settle its own obligations and any rights of MPC’s creditors to participate in the assets of MPLX are subject to prior claims of MPLX’s creditors.

The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets.


(Millions of dollars)	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	1,506	$	2,137
Receivables, less allowance for expected credit loss	782		746
Inventories	178		172
Other current assets	62		51

Equity method investments	4,981		4,798
Property, plant and equipment, net	21,992		21,698
Goodwill	8,736		8,755
Intangibles, net	1,359		1,397
Right of use assets, net	268		276
Other noncurrent assets	1,161		1,126
Liabilities
Accounts payable	$	1,076	$	865
Accrued taxes	73		93
Debt due within one year	1,251		1,502
Operating lease liabilities	53		53
Other current liabilities	370		403

Long-term debt	24,383		24,151
Deferred income taxes	25		25
Long-term operating lease liabilities	208		217
Deferred credits and other liabilities	455		474