v3.26.1
Investments and Noncontrolling Interests
3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments and Noncontrolling Interests Equity Method Investments
The following table presents MPLX’s equity method investments at the dates indicated:
Ownership as ofCarrying value at
March 31,March 31,December 31,
(In millions, except ownership percentages)VIE202620262025
Crude Oil and Products Logistics
Illinois Extension Pipeline Company, L.L.C.35%$219 $208 
LOOP LLC41%314 313 
MarEn Bakken Company LLC(1)
25%495 502 
Other(2)
X
17 - 67%
554 558 
Total Crude Oil and Products Logistics
1,582 1,581 
Natural Gas and NGL Services
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C.X67%398 407 
MarkWest Utica EMG, L.L.C.X62%933 890 
Ohio Gathering Company L.L.C.(3)
X32%432 444 
Sherwood Midstream LLCX50%472 475 
MXP Parent, LLC10%223 198 
Texas City Logistics LLCX50%228 163 
WPC Parent, LLC30%269 273 
Other(2)
X
10 - 51%
444 367 
Total Natural Gas and NGL Services
3,399 3,217 
Total$4,981 $4,798 
(1)    The investment in MarEn Bakken Company LLC includes our 9.19 percent indirect interest in a joint venture (“Dakota Access”) that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects (collectively, the “Bakken Pipeline system”).
(2)    Included within Other are certain equity method investments that have been deemed to be VIEs.
(3)    MPLX also holds a 42 percent indirect interest in Ohio Gathering Company L.L.C. through our ownership interest in MarkWest Utica EMG, L.L.C.
For those entities that have been deemed to be VIEs, neither MPLX nor any of its subsidiaries have been deemed to be the primary beneficiary due to voting rights on significant matters. While we have the ability to exercise influence through participation in the management committees, which make all significant decisions, we have equal influence over each committee as a joint interest partner and all significant decisions require the consent of the other investors without regard to economic interest. As such, we have determined that these entities should not be consolidated and applied the equity method of accounting with respect to our investments in each entity.
MPLX’s maximum exposure to loss as a result of its involvement with equity method investments generally includes its equity investment, any additional capital contribution commitments and any operating expenses incurred by the subsidiary operator in excess of its compensation received for the performance of the operating services. MPLX did not provide any financial support to equity method investments that it was not contractually obligated to provide during the three months ended March 31, 2026 and March 31, 2025. See Note 16 for information on our guarantees related to equity method investees.