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MPLX LP reported a leadership change at its general partner. On December 18, 2025, the sole member of MPLX GP LLC’s Board of Directors elected Maria A. Khoury to serve on the General Partner’s Board, effective January 19, 2026. She is not expected to serve on any standing committees.
On the same effective date, Ms. Khoury will join Marathon Petroleum Corporation, which owns the General Partner and a majority of MPLX LP’s common units, as Executive Vice President and Chief Financial Officer. As an MPC employee, she will serve as a management director on the Board and will not receive separate compensation for her board service.
The company states there are no special arrangements or family relationships related to her election and no related-party transactions requiring disclosure. Ms. Khoury will succeed John J. Quaid, who will cease serving as a director on the effective date, while the Board size remains set at ten directors.
MPLX LP reported that director Ray N. Walker Jr. acquired additional equity in the partnership. On 11/14/2025, he acquired 1,711.572 common units (limited partner interests) at a reported price of $0 per unit, as shown in Table I of the Form 4. Following this transaction, he beneficially owns 1,711.572 common units in a direct capacity. The filing notes that he is a director of MPLX GP LLC, the general partner that manages the issuer.
MPLX LP reported an insider transaction on a Form 4 involving one director. On 11/14/2025, the reporting person acquired 1,590.069 Common Units (Limited Partner Interests) in MPLX. The units were reported at a price of $0, indicating they were not purchased for cash in the open market. Following this transaction, the director beneficially owns 87,685.127 MPLX common units, held directly. The filer is a director of MPLX GP LLC, the general partner that manages the issuer.
MPLX LP (MPLX) reported an insider equity transaction by a director on Form 4. On 11/14/2025, the reporting person acquired 1,037.37 MPLX common units (limited partner interests) in a transaction reported with a price of $0 per unit, indicating a grant or similar award rather than an open-market purchase. Following this transaction, the reporting person beneficially owns 52,313.197 MPLX common units directly and 700 MPLX common units indirectly through The Mike Stice Trust. The reporting person serves as a director of MPLX GP LLC, the general partner that manages MPLX LP.
MPLX LP (MPLX) director Frank M. Semple reported acquiring 1,132.302 common units on 11/14/2025, according to a Form 4 insider filing. The units were acquired at a reported price of $0, indicating an award or similar non-cash grant rather than an open-market purchase. Following this transaction, Semple directly holds 57,100.516 MPLX common units. He also reports additional indirect holdings of 333,337 units through the Frank M Semple Revocable Trust, 111,180 units through the Robin Y Semple 2012 Dynasty Trust, and 48,777 units through EK Holdings LLC. Semple serves as a director of MPLX GP LLC, the general partner that manages MPLX LP.
MPLX LP director Garry L. Peiffer reported acquiring additional common units of the master limited partnership. On 11/14/2025, he acquired 1,247.144 MPLX common units (limited partner interests) at a reported price of $0, suggesting these were likely granted rather than purchased in the open market. Following this transaction, he beneficially owns 62,891.819 common units in a direct capacity and an additional 68,497 common units indirectly through the Garry L. Peiffer Revocable Trust. The filing confirms this is an individual Form 4 for one reporting person in his capacity as a director of MPLX GP LLC, the general partner that manages MPLX LP.
MPLX LP reported an insider transaction on Form 4 involving director Christopher A. Helms. On 11/14/2025, Helms acquired 1,357.679 MPLX common units (limited partner interests) at a reported price of $0 per unit, increasing his direct holdings. Following this transaction, he beneficially owned 79,465.942 common units directly. MPLX is managed by the directors and executive officers of MPLX GP LLC, where Helms serves as a director.
MPLX LP disclosed that one of its directors acquired additional equity in the company. On 11/14/2025, the reporting person received 230.413 MPLX common units (limited partner interests) in an acquisition transaction reported at a price of $0 per unit, which suggests a grant rather than an open-market purchase. After this transaction, the director beneficially owns 11,619.354 MPLX common units, held directly. The director serves on the board of MPLX GP LLC, which is the general partner that manages MPLX LP through its directors and executive officers.
MPLX LP announced a leadership transition. The board elected Maryann T. Mannen, currently President and Chief Executive Officer and a director of MPLX GP LLC, as Chairman of the Board effective January 1, 2026. She will add the Chairman role to her existing responsibilities.
Michael J. Hennigan notified the Partnership of his retirement as Executive Chairman and as a director of MPLX GP, also effective January 1, 2026. With his retirement, the board size will be reduced to 10 directors as of the effective date. The Partnership issued a press release on November 4, 2025, detailing these changes.
MPLX LP reported stronger Q3 results and executed several portfolio moves. For the quarter ended September 30, 2025, total revenues and other income were $3,619 million, up from $2,972 million a year ago, and net income was $1,555 million versus $1,047 million. Limited partners’ net income was $1,545 million, or $1.52 per common unit (basic and diluted). For the nine months, revenues were $9,746 million and net income was $3,749 million.
MPLX acquired Northwind Midstream for $2.4 billion in cash, financed with $4.5 billion senior notes issued in August 2025. It also bought the remaining 55% of BANGL for $703 million cash plus an earnout of up to $275 million, recognizing a $484 million gain on remeasurement. The company agreed to divest its Rockies operations for $1.0 billion, with an estimated gain in excess of $150 million upon closing.
Cash from operations reached $4,413 million year‑to‑date; cash was $1,765 million and total debt was $26,007 million at quarter‑end. MPLX repurchased $300 million of units year‑to‑date and had $1.2 billion remaining under authorizations. A Q3 cash distribution of $1.0765 per unit ($1,095 million total) was declared, payable on November 14, 2025.