MPLX

Our crude oil pipeline and related assets are strategically positioned to support diverse and flexible crude oil supply options for MPC’s refineries, which receive imported and domestic crude oil through a variety of sources. Imported and domestic crude oil is transported to supply hubs from a variety of regions, including: Cushing, Oklahoma; Western Canada; Wyoming; North Dakota; the Gulf Coast and Patoka, Illinois. Crude oil pipelines from the Delaware and Midland Basins, as well as from the Bakken region transport crude oil into major regional takeaway pipelines and refining centers. Our major crude oil pipelines are connected to these supply hubs and transport crude oil to refineries owned by MPC and third parties.

Our product pipelines are strategically positioned to transport products from certain MPC refineries to MPC and MPLX operations, as well as those of third parties. Our product pipelines are integrated with MPC’s and MPLX’s expansive network of refined product terminals, which support MPC’s integrated business.

The following table sets forth information regarding our crude oil and refined product pipeline systems as of December 31, 2025.

Diameter · Length(miles)

Crude Systems(1) · 2" - 42" · 5,259

Refined Product Systems(2) · 4" - 36" · 3,787

(1) Includes approximately 16 miles of pipeline leased from third parties and 1,168 miles of inactive pipeline.

(2) Includes approximately 2 miles of pipeline leased from third parties, 197 miles of inactive refined product pipeline, 87 miles in which we have partial ownership of 65 percent and 17 miles in which we have partial ownership of 50 percent.

The following table sets forth information regarding the pipeline systems which we have an interest in through ownership of our equity method investments as of December 31, 2025.

Diameter · Length(miles) · Ownership Percentage

Crude Systems:

MarEn Bakken Company LLC(1) · 30" · 1,916 · 25%

Minnesota Pipe Line Company LLC · 16" - 24" · 975 · 17%

W2W Holdings LLC(2) · 24” - 36” · 652 · 50%

Illinois Extension Pipeline Company LLC · 24" · 168 · 35%

Andeavor Logistics Rio Pipeline LLC · 12" · 119 · 67%

LOCAP LLC · 48" · 57 · 59%

LOOP LLC(3) · 48" · 48 · 41%

Refined Product Systems:

Explorer Pipeline Company · 10" - 28" · 1,872 · 25%

(1) The investment in MarEn Bakken Company LLC includes our 9.19 percent indirect interest in a joint venture that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects (collectively referred to as the “Bakken Pipeline system”).

(2) The investment in W2W Holdings LLC includes our 16 percent indirect interest in Wink to Webster Pipeline LLC.

(3) LOOP LLC also includes the Louisiana Offshore Oil Port, a deepwater offloading crude oil port, as well as temporary crude oil storage.

Terminal Assets

The following table sets forth certain information regarding our owned and operated terminals as of December 31, 2025.

Owned and Operated Terminals · Number of Terminals · Tank Shell Capacity (mbbls) · Number of Tanks

Refined Product Terminals:

Alabama · 2 · 443 · 16

Alaska · 3 · 1,536 · 35

California · 8 · 3,472 · 56

Florida · 3 · 2,265 · 48

Georgia · 4 · 952 · 28

Idaho · 3 · 1,020 · 51

Illinois · 2 · 562 · 15

Indiana · 7 · 3,689 · 67

Kentucky · 6 · 2,606 · 57

Louisiana · 2 · 5,469 · 53

Michigan · 8 · 2,440 · 73

Minnesota · 1 · 13 · 5

New Mexico · 2 · 467 · 20

North Carolina(1) · 3 · 1,343 · 26

North Dakota · 1 · — · —

Ohio · 12 · 3,132 · 99

Pennsylvania · 1 · 390 · 12

South Carolina · 1 · 371 · 8

Tennessee · 4 · 1,148 · 30

Texas · 1 · 76 · 15

Utah · 1 · 41 · 3

Washington · 4 · 920 · 25

West Virginia · 2 · 1,564 · 24

Total Refined Product Terminals · 81 · 33,919 · 766

Asphalt Terminals:

Arizona · 3 · 558 · 53

Minnesota · 1 · — · —

Nevada(2) · 1 · 274 · 19

New Mexico · 1 · 36 · 6

Texas · 1 · 206 · 22

Total Asphalt Terminals · 7 · 1,074 · 100

Total Terminals · 88 · 34,993 · 866

(1) MPLX also has partial ownership interest in one terminal with a tank shell capacity of 415 mbbls, of which MPLX is not the operator.

(2) This terminal is accounted for as an equity method investment.

Marine Assets

The following table sets forth certain information regarding our marine assets in operation as of December 31, 2025. The marine business currently has an associated transportation service agreement with MPC.

Marine Vessels · Number of Boats and Barges · Capacity(mbbls)

Inland tank barges · 320 · 8,655

Inland towboats · 30 · N/A

Our fleet of boats and barges transport light products, heavy oils, crude oil, renewable fuels, chemicals and feedstocks to and from refineries and terminals owned by MPC in the Mid-Continent and Gulf Coast regions. We also have a marine repair facility (“MRF”), which is a full-service marine shipyard, located on the Ohio River, adjacent to MPC’s Catlettsburg, Kentucky refinery. The MRF is responsible for the preventive routine and unplanned maintenance of towboats, barges and local terminal facilities.

Refining Logistics Assets

The following table outlines the tankage owned by us, serving MPC’s refineries as of December 31, 2025. We also own and operate rail and truck racks and docks at certain of these refineries. Each of the following assets are currently included in storage services agreements with MPC.

Refining Logistics Assets · Tank Capacity (mbbls)

Galveston Bay, Texas City, Texas · 19,206

Garyville, Louisiana · 17,419

Los Angeles, California · 14,176

Robinson, Illinois · 6,859

Anacortes, Washington · 5,448

Catlettsburg, Kentucky · 5,085

El Paso, Texas · 5,084

Detroit, Michigan · 5,013

St. Paul Park, Minnesota · 3,983

Kenai, Alaska · 3,488

Mandan, North Dakota · 3,059

Canton, Ohio · 2,684

Salt Lake City, Utah · 2,139

Total · 93,643

• Marathon Pipe Line LLC (d/b/a Marathon Pipe Line (Delaware) LLC) Delaware⁵
• MarkWest Agua Blanca Pipeline, L.L.C. Delaware⁵
• MarkWest Bluestone Ethane Pipeline, L.L.C. Delaware⁵
• MarkWest Energy East Texas Gas Company, L.L.C. Delaware⁵
• MarkWest Energy Operating Company, L.L.C. Delaware⁵
• MarkWest Energy Partners LLC Delaware⁵
• MarkWest Energy West Texas Gas Company, L.L.C. Delaware⁵
• MarkWest Hydrocarbon, L.L.C. Delaware⁵
• MarkWest Liberty Bluestone, L.L.C. Delaware⁵
• MarkWest Liberty Ethane Pipeline, L.L.C. Delaware⁵
• MarkWest Liberty Gas Gathering, L.L.C. Delaware⁵
• MarkWest Liberty Midstream & Resources, L.L.C. Delaware⁵
• MarkWest Liberty NGL Pipeline, L.L.C. Delaware⁵
• MarkWest Mariner Pipeline, L.L.C. Delaware⁵
• MarkWest Ohio Fractionation Company, L.L.C. Delaware⁵
• MarkWest Oklahoma Gas Company, L.L.C. Oklahoma⁵
• MarkWest Panola Utility Company, L.L.C. Delaware⁵
• MarkWest Pioneer, L.L.C. Delaware⁵
• MarkWest Pipeline Company, L.L.C. Texas⁵
• MarkWest Ranger Pipeline Company, L.L.C. Delaware⁵
• MarkWest Tornado GP, L.L.C. Delaware⁵
• MarkWest Utica Operating Company, L.L.C. Delaware⁵
• Mt. Airy Terminal LLC Delaware⁵
• Northwind Delaware Holdings LLC Delaware⁵
• Northwind Management Holdings LLC Delaware⁵
• Northwind Management LLC Delaware⁵
• Northwind Midstream Operating LLC Delaware⁵
• Northwind Midstream Partners LLC Delaware⁵
• Northwind Midstream Sub I LLC Delaware⁵
• Ohio Condensate Company, L.L.C. Delaware⁵
• Ohio River Pipe Line LLC Delaware⁵
• Robinson Refining Logistics LLC Delaware⁵
• Tesoro Alaska Pipeline Company LLC Delaware⁵
• Tesoro Alaska Terminals LLC Delaware⁵
• Tesoro Great Plains Gathering & Marketing LLC (d/b/a Patterson Rail Terminal) Delaware⁵
• Tesoro High Plains Pipeline Company LLC Delaware⁵
• Tesoro Logistics Finance Corp. Delaware⁵
• Tesoro Logistics Northwest Pipeline LLC Delaware⁵
• Tesoro Logistics Operations LLC Delaware⁵
• Tesoro Logistics Pipelines LLC Delaware⁵
• Tesoro SoCal Pipeline Company LLC Delaware⁵
• Triple Streams Gathering LLC Delaware⁵
• WNRL Energy GP, LLC Delaware⁵
• WNRL Energy, LLC Delaware⁵
• West Relay Gathering Company, L.L.C. Delaware⁵
• Western Refining Conan Gathering, LLC Delaware⁵
• Western Refining Delaware Basin Storage, LLC Delaware⁵
• Western Refining Pipeline, LLC New Mexico⁵
• Western Refining Terminals, LLC Delaware⁵
• Woodhaven Cavern LLC Delaware⁵

• Our investments in joint ventures could be adversely affected by our reliance on our joint venture partners and their financial condition, and our joint venture partners may have interests or goals that are inconsistent with ours.
• Terrorist attacks or other targeted operational disruptions may affect our facilities or those of our customers and suppliers.
• Many of our assets have been in service for many years and, as a result, our maintenance or repair costs may increase in the future.
• Severe weather events, other climate conditions and earth movement and other geological hazards may adversely affect our and our customers’ assets and ongoing operations.
• Financial Risks
• We may not have sufficient cash from operations after the establishment of cash reserves and payment of our expenses, including cost reimbursements to MPC and its affiliates, to enable us to pay the intended quarterly distribution to our unitholders.
• Our substantial debt and other financial obligations could impair our financial condition, results of operations and cash flow, and our ability to fulfill our debt obligations.
• Increases in interest rates could adversely impact our unit price, our ability to issue equity or incur additional debt for acquisitions or other purposes or refinance existing debt and our ability to make distributions at our intended levels.
• We are exposed to the credit risks of our key customers, and any material non-payment or non-performance by our key customers could reduce our ability to make distributions to our unitholders.
• We do not insure against all potential losses, and, therefore, our business, financial condition, results of operations and cash flows could be adversely affected by unexpected liabilities and increased costs.
• We have recorded goodwill and other intangible assets that could become further impaired and result in material non-cash charges to our results of operations.
• Large capital projects may be subject to delays, can take years to complete, and market conditions could deteriorate significantly between the project approval date and the project startup date, negatively impacting project returns.
• Legal and Regulatory Risks
• We expect to continue to incur substantial capital expenditures and operating costs to meet the requirements of evolving environmental and other laws or regulations. Changes to the federal government’s policies and operations could lead to increased regulatory uncertainty and volatility and increased state regulation, which may impact our business, financial condition and results of operations.
• Increased regulation of hydraulic fracturing and other oil and gas production activities could result in reductions or delays in U.S. production of crude oil and natural gas, which could adversely affect our results of operations and financial condition.
• Climate change and GHG emission regulation could affect our operations, energy consumption patterns and regulatory obligations, any of which could adversely impact our business, results of operations and financial condition.
• Energy companies are subject to increasing environmental and climate-related litigation.
• We are subject to risks associated with societal and political pressures and other forms of opposition to the development, transportation and use of carbon-based fuels. Such risks could adversely impact our business and our ability to continue to operate or realize certain growth strategies.
• Increasing attention to environmental, social and governance matters may impact our business and financial results.
• Our goals, targets and disclosures related to ESG matters expose us to numerous risks, including risks to our reputation and unit price.
• 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.
• Our operations could be disrupted if we are unable to maintain or obtain real property rights required for our business.
• If foreign investment in us or our general partner exceeds certain levels, we could be prohibited from operating inland river vessels, which could materially and adversely affect our business, financial condition, results of operations and cash flows.
• Some of our natural gas, NGL, crude oil and refined product pipelines are subject to FERC’s rate-making policies that could have an adverse impact on our ability to establish rates that would allow us to recover the full cost of operating our pipelines, plus a reasonable return.
• We may incur significant costs and liabilities resulting from performance of pipeline integrity programs and related repairs, and the expansion of pipeline safety laws and regulations could require us to use more comprehensive and stringent safety controls and subject us to increased capital and operating costs.
• Transaction Risks
• If we are unable to make strategic acquisitions on economically acceptable terms from MPC or third parties, our ability to implement our business strategy may be impaired.
• Significant acquisitions, including the Northwind Midstream Acquisition and the BANGL Acquisition, will involve the integration of new assets or businesses and may present substantial risks that could adversely affect our business, financial conditions, results of operations and cash flows.
• Risks Relating to the Business and Operations of MPC
• MPC accounts for a substantial portion of our revenues. If MPC is unable to satisfy its obligations to us or significantly reduces the volumes transported through our facilities or stored at our storage assets, our revenues would decline and our financial condition, results of operations, cash flows, and ability to make distributions to our unitholders would be materially and adversely affected.
• MPC may suspend, reduce or terminate its obligations under its agreements with us in some circumstances, which could have a material adverse effect on our financial condition, results of operations, cash flows and ability to make distributions to our unitholders.
• MPC’s level of indebtedness, the terms of its borrowings and its credit ratings could adversely affect our ability to grow our business and our ability to make distributions to our unitholders. Our ability to obtain credit in the future may also be adversely affected by MPC’s credit rating.
• Our tax treatment depends on our status as a partnership for federal income tax purposes as well as our not being subject to a material amount of entity level taxation by individual states. 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.
• If the IRS contests the federal income tax positions we take, the market for our common units may be adversely impacted and the cost of any IRS contest will reduce our cash available for distribution.
• Our unitholders will be required to pay taxes on their share of income even if they do not receive any distributions from us.
• Tax gain or loss on the disposition of our common units could be more or less than expected.
• Tax-exempt entities face unique tax issues from owning our common units that may result in adverse tax consequences to them.
• Non-U.S. unitholders will be subject to United States taxes and withholding with respect to their income and gain from owning our units.
• We treat each purchaser of common units as having the same tax benefits without regard to the actual units purchased. The IRS may challenge this treatment, which could adversely affect the value of the common units.
• Our unitholders will likely be subject to state and local taxes and return filing requirements in states where they do not live as a result of investing in our units.
• We have adopted certain valuation methodologies that may result in a shift of income, gain, loss and deduction between our general partner and our unitholders. The IRS may challenge this treatment, which could adversely affect the value of the common units.
• A unitholder whose common units are the subject of a securities loan (e.g., a loan to a short seller) may be considered as having disposed of those common units. If so, the unitholder would no longer be treated for tax purposes as a partner with respect to those common units during the period of the loan and may recognize gain or loss from the disposition.
• The tax treatment of publicly traded partnerships or an investment in our units could be subject to potential legislative, judicial or administrative changes and differing interpretations, possibly on a retroactive basis.
• We generally prorate our items of income, gain, loss and deduction between transferors and transferees of our units each month based upon the ownership of our units on the first day of each month, instead of on the basis of the date a particular unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among our unitholders.
• Unitholders may be subject to limitations on their ability to deduct interest expense we incur.
• If the IRS makes audit adjustments to our income tax returns for tax years beginning after 2017, it (and some states) may collect any resulting taxes (including any applicable penalties and interest) directly from us, in which case our cash available for distribution to our unitholders might be substantially reduced.
• Common Unit Ownership Risks
• Our general partner and its affiliates, including MPC, have conflicts of interest with us and limited duties to us and our unitholders, and they may favor their own interests to our detriment and that of our unitholders. Additionally, we have no control over MPC’s business decisions and operations, and MPC is under no obligation to adopt a business strategy that favors us.
• Our Partnership Agreement requires that we distribute all of our available cash, which could limit our ability to grow and make acquisitions.
• Our Partnership Agreement replaces our general partner’s fiduciary duties to holders of our common units with contractual standards governing its duties and restricts the remedies available to unitholders for actions taken by our general partner.
• Unitholders have very limited voting rights and, even if they are dissatisfied, they have limited ability to remove our general partner without its consent.
• If unitholders are not both citizenship-eligible holders and rate-eligible holders, their common units may be subject to redemption.
• Cost reimbursements, which will be determined in our general partner’s sole discretion, and fees due our general partner and its affiliates for services provided will be substantial and will reduce our cash available for distribution.
• The control of our general partner may be transferred to a third party without unitholder consent.
• We may issue additional units without unitholder approval, which will dilute limited unitholder interests.
• MPC may sell units in the public or private markets, and such sales could have an adverse impact on the trading price of the common units.
• Affiliates of our general partner, including MPC, may compete with us, and neither our general partner nor its affiliates have any obligation to present business opportunities to us.
• Our general partner has a limited call right that may require unitholders to sell common units at an undesirable time or price.
• A unitholder’s liability may not be limited if a court finds that unitholder action constitutes control of our business.
• Unitholders may have to repay distributions that were wrongfully distributed to them.
• The NYSE does not require a publicly traded limited partnership like us to comply with certain of its corporate governance requirements.
• The Court of Chancery of the State of Delaware will be, to the extent permitted by law, the sole and exclusive forum for substantially all disputes between us and our limited partners.