Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 30, 2024, MPLX had the following outstanding commodity contracts that were executed to manage the price risk associated with sales of propane under certain percent-of-proceeds and keep-whole arrangements during 2024. Any gains or losses on these contracts are recorded in earnings through Product sales in the Consolidated Statements of Income:

Derivative contracts not designated as hedging instruments

Financial Position

Notional Quantity

Propane (gal)

Short

14,427,000

Schedule of Derivative Instruments, Gain (Loss)

The impact of MPLX’s derivative contracts not designated as hedging instruments and the location of gains and losses recognized in the Consolidated Statements of Income is summarized below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2024		2023		2024		2023
Product sales:
Realized gain	$	1	$	3	$	1	$	3
Unrealized gain/(loss)	3		(8)		1		2
Product sales derivative gain/(loss)	4		(5)		2		5
Purchased product costs:
Realized loss	(3)		(3)		(10)		(8)
Unrealized (loss)/gain	—		(7)		(8)		1
Purchased product cost derivative loss	(3)		(10)		(18)		(7)





Total derivative gain/(loss) included in Net income	$	1	$	(15)	$	(16)	$	(2)