MPLX — what changed in the latest 10-Q
A section-by-section comparison of MPLX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-04 vs the prior 10-Q · 2026-05-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +44 | −24 | ~47 | 102 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~7 | 5 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 3 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-04
•Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant beginning operations in August; progressing expansion of Permian sour gas treating capacity
•Adjusted EBITDA attributable to MPLX of $1.8 billion and distributable cash flow of $1.5 billion, enabling the return of $1.1 billion of capital
•Increased Product related revenue of $201 million primarily due to higher NGL sales volumes in the Southwest of $124 million, NGL prices in the Southwest, Marcellus and Southern Appalachia of $101 million, and net derivative impacts of $17 million. These increases were partially offset by $44 milli…
•Increased Rental income of $62 million primarily due to changes in the presentation of lease income between sales-type lease revenue, service revenue and rental income as a result of lease contract modifications, and annual fee escalations related to our refining logistics assets.
•Increased Service revenue of $58 million primarily due to $58 million of crude oil and products logistics rate and fee increases which includes increased butane blending fees, $34 million from recent acquisitions and increased throughput and fee rates in the Marcellus of $23 million, partially offs…
Text removed vs the prior filing · source: 10-Q · 2026-05-05
•Announced a first quarter 2026 distribution of $1.0765 per common unit
•Adjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of strategic priorities
•Distributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capital in the three months ended March 31, 2026 via distributions and unit repurchases
•Decreased Product related revenue of $139 million primarily due to lower NGL prices in the Southwest, Marcellus and Southern Appalachia of $119 million, $79 million due to the Rockies divestiture, $51 million due to a change in derivative
valuation and $27 million due to the absence of a non-recurring benefit associated with a customer agreement in 2025. These decreases were partially offset by higher volumes in the Southwest of $142 million.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice