We are exposed to market risks related to the volatility of commodity prices. We employ various strategies, including the use of commodity derivative instruments, to economically hedge the risks related to these price fluctuations. We are also exposed to market risks related to changes in interest rates. As of June 30, 2026, we did not have any open financial derivative instruments to hedge the economic risk related to interest rate fluctuations; however, we continually monitor the market and our exposure and may enter into these arrangements in the future. Commodity Price Risk The information about commodity price risk for the three and six months ended June 30, 2026 does not differ materially from that discussed in Item 7A. Quantitative and Qualitative Disclosures about Market Risk of our Annual Report on Form 10-K for the year ended December 31, 2025. Outstanding Derivative Contracts See Notes 10 and 11 to the unaudited consolidated financial statements for more information about the fair value measurement of our derivative instruments, as well as the amounts recorded in our Consolidated Balance Sheets and Statements of Income. We do not designate any of our derivative instruments as hedges for accounting purposes. Interest Rate Risk and Sensitivity Analysis Sensitivity analysis of the effect of a hypothetical 100-basis-point change in interest rates on outstanding third-party debt, excluding finance leases, is provided in the following table. Fair value of cash and cash equivalents, receivables, accounts payable and accrued interest approximate carrying value and are relatively insensitive to changes in interest rates due to the short-term maturity of the instruments. Accordingly, these instruments are excluded from the table. (In millions) Fair Value as of June 30, 2026(1) Change in Fair Value(2) Change in Income Before Income Taxes for the Six Months Ended June 30, 2026(3) Outstanding debt Fixed-rate $ 24,673 $ 2,063 N/A Variable-rate(4) $ — $ — $ — (1) Fair value was based on market prices, where available, or current borrowing rates for financings with similar terms and maturities. (2) Assumes a 100-basis-point decrease in the weighted average yield-to-maturity at June 30, 2026. (3) Assumes a 100-basis-point change in interest rates. The change to income before income taxes was based on the weighted average balance of all outstanding variable-rate debt for the six months ended June 30, 2026. (4) MPLX had no outstanding borrowings on the MPLX Credit Agreement as of June 30, 2026. At June 30, 2026, our portfolio of third‑party debt consisted of fixed-rate instruments. The fair value of our fixed-rate debt is relatively sensitive to interest rate fluctuations. Our sensitivity to interest rate declines and corresponding increases in the fair value of our debt portfolio unfavorably affects our results of operations and cash flows only when we elect to repurchase or 45 Table of Contents otherwise retire fixed-rate debt at prices above carrying value. Interest rate fluctuations generally do not impact the fair value of borrowings under our MPLX Credit Agreement, but may affect our results of operations and cash flows. See Note 10 in the unaudited consolidated financial statements for additional information on the fair value of our debt.