Crude Oil & Products Logistics was Mplx’s largest segment in fiscal 2025, bringing in $6.58B of $13.00B (51%).
| Segment | FY 2013 | FY 2014 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Crude Oil & Products Logistics | $5.60B | $6.05B | $6.34B | $6.58B | ||||||||
| Natural Gas & Ngl Services | $6.02B | $5.23B | $5.59B | $6.42B | ||||||||
| Gathering & Processing | — | — | — | — | ||||||||
| Logistics & Storage | — | — | — | — | ||||||||
| L&S | — | — | — | — | ||||||||
| Total | $11.61B | $11.28B | $11.93B | $13.00B |
Mplx brought in $13.00B from its two segments in fiscal 2025, the year ended December 31, 2025. That was up 8.9% from $11.93B in fiscal 2024. Crude Oil & Products Logistics was the largest at $6.58B (50.6%), ahead of Natural Gas & Ngl Services at $6.42B (49.4%).
Compared with fiscal 2024, Natural Gas & Ngl Services grew 14.8% to $6.42B and Crude Oil & Products Logistics grew 3.7% to $6.58B. From fiscal 2022 to 2025, combined revenue from these segments grew from $11.61B to $13.00B, a compound annual growth rate of 3.8%. Crude Oil & Products Logistics' share of the total rose from 48.2% to 50.6%.
Non-Guarantor Subsidiaries was Mplx’s largest revenue line in fiscal 2013, bringing in $486.30M of $486.30M (100%).
| Legal Entity | FY 2011 | FY 2012 | FY 2013 |
|---|---|---|---|
| Non-Guarantor Subsidiaries | $410.60M | $461.90M | $486.30M |
| Subsidiary Issuer | — | — | $85.30M |
| Mplx Operations Llc | — | $14.20M | — |
| Parent Guarantor | — | $14.00M | $83.00M |
| Consolidating Eliminations | — | -$28.20M | -$168.30M |
| Total | $410.60M | $461.90M | $486.30M |
Mplx brought in $486.30M from its four revenue lines in fiscal 2013, the year ended December 31, 2013. Mplx regrouped these revenue lines after fiscal 2012, so the total does not compare directly with that year's $461.90M. Non-Guarantor Subsidiaries was the largest at $486.30M (100.0%), ahead of Subsidiary Issuer at $85.30M (17.5%) and Parent Guarantor at $83.00M (17.1%).
Compared with fiscal 2012, Parent Guarantor grew 492.9% to $83.00M and Non-Guarantor Subsidiaries grew 5.3% to $486.30M.
Mplx began breaking out Subsidiary Issuer in fiscal 2013, Parent Guarantor in fiscal 2012 and Consolidating Eliminations in fiscal 2012. Mplx stopped reporting Mplx Operations Llc as a separate revenue line after fiscal 2012, when it brought in $14.20M. The total is net of Consolidating Eliminations, which took $168.30M off revenue in fiscal 2013.
Mplx (MPLX) reports its revenue by segment and by legal entity. In fiscal 2025, Crude Oil & Products Logistics was its largest segment, bringing in $6.58B (50.6% of the total), followed by Natural Gas & Ngl Services at $6.42B (49.4%).
Crude Oil & Products Logistics was Mplx's largest segment in fiscal 2025, bringing in $6.58B, or 50.6% of the $13.00B total across its two segments.
Non-Guarantor Subsidiaries was Mplx's largest revenue line in fiscal 2013, bringing in $486.30M, or 100.0% of the $486.30M total across its four revenue lines.
Natural Gas & Ngl Services grew faster than Crude Oil & Products Logistics in fiscal 2025, up 14.8% from $5.59B to $6.42B. Crude Oil & Products Logistics grew 3.7% to $6.58B.
Every figure comes from Mplx's annual financial filings, as reported. Each line keeps the name Mplx gives it, and years follow its fiscal calendar.
Mplx's revenue by segment goes back to fiscal 2013, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.