MPLX LP 2025年度报告

Washington, D.C.20549Form 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to __________________Commission file number 001-35714 MPLX LP (Exact name of registrant as specified in its charter) Delaware27-0005456(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 200 E. Hardin Street, Findlay, OH 45840-3229(Address of principal executive offices) (Zip code)(419) 422-2121(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☑No☐Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of theAct.Yes☐No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☑ The aggregate market value of common units held by non-affiliates as of June 30, 2025 was approximately $19.1 billion. This amount isbased on the closing price of the registrant’s common units on the New York Stock Exchange on June 30, 2025, the last trading day ofthe registrant’s most recently completed second fiscal quarter. Common units held by executive officers and directors of the registrantand its affiliates are not included in the computation. The registrant, solely for the purpose of this required presentation, has deemed itsdirectors and executive officers and those of its affiliates to be affiliates. MPLX LP had 1,015,204,337 common units outstanding as of February20, 2026. Documents Incorporated by Reference: None Table of Contents PARTI Item1.Business3Item1A.Risk Factors19Item1B.Unresolved Staff Comments39Item1C.Cybersecurity39Item2.Properties42Item3.Legal Proceedings47Item4.Mine Safety Disclosures47PARTIIItem5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities48Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations49Item7A.Quantitative and Qualitative Disclosures about Market Risk72Item8.Financial Statements and Supplementary Data74Item9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure118Item9A.Controls and Procedures118Item9B.Other Information118Item9C.Disclosures Regarding Foreign Jurisdictions that Prevent Inspections119PARTIIIItem10.Directors, Executive Officers and Corporate Governance120Ite