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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] The following table presents the financial instruments carried at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 by fair value hierarchy level. MPLX has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty.
 
June 30, 2020
 
December 31, 2019
(In millions)
Assets
 
Liabilities
 
Assets
 
Liabilities
Significant unobservable inputs (Level 3)
 
 
 
 
 
 
 
Embedded derivatives in commodity contracts
$

 
$
(51
)
 
$

 
$
(60
)
Total carrying value on Consolidated Balance Sheets
$

 
$
(51
)
 
$

 
$
(60
)

Fair Value Inputs Assets and Liabilities Quantitative Information [Table Text Block]
Level 3 instruments include all NGL transactions and embedded derivatives in commodity contracts. The embedded derivative liability relates to a natural gas purchase commitment embedded in a keep-whole processing agreement. The fair value calculation for these Level 3 instruments used significant unobservable inputs including: (1) NGL prices interpolated and extrapolated due to inactive markets ranging from $0.38 to $0.92 per gallon with a weighted average of $0.53 per gallon per the current term of the embedded derivative and (2) the probability of renewal of 100 percent for the first five-year term and
second five-year term of the gas purchase commitment and related keep-whole processing agreement, respectively. Increases or decreases in the fractionation spread result in an increase or decrease in the fair value of the embedded derivative liability, respectively. Beyond the embedded derivative discussed above, we had no outstanding commodity contracts as of June 30, 2020 or December 31, 2019.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table is a reconciliation of the net beginning and ending balances recorded for net assets and liabilities classified as Level 3 in the fair value hierarchy.
 
Three Months Ended June 30, 2020
 
Three Months Ended June 30, 2019
(In millions)
Commodity Derivative Contracts (net)
 
Embedded Derivatives in Commodity Contracts (net)
 
Commodity Derivative Contracts (net)
 
Embedded Derivatives in Commodity Contracts (net)
Fair value at beginning of period
$

 
$
(45
)
 
$

 
$
(65
)
Total (losses)/gains (realized and unrealized) included in earnings(1)

 
(7
)
 

 
(1
)
Settlements

 
1

 

 
1

Fair value at end of period

 
(51
)
 

 
(65
)
The amount of total (losses)/gains for the period included in earnings attributable to the change in unrealized gains/(losses) relating to liabilities still held at end of period
$

 
$
(6
)
 
$

 
$
(2
)


 
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
(In millions)
Commodity Derivative Contracts (net)
 
Embedded Derivatives in Commodity Contracts (net)
 
Commodity Derivative Contracts (net)
 
Embedded Derivatives in Commodity Contracts (net)
Fair value at beginning of period
$

 
$
(60
)
 
$

 
$
(61
)
Total gains/(losses) (realized and unrealized) included in earnings(1)

 
7

 

 
(7
)
Settlements

 
2

 

 
3

Fair value at end of period

 
(51
)
 

 
(65
)
The amount of total gains/(losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to liabilities still held at end of period
$

 
$
7

 
$

 
$
(5
)
(1)
Gains and losses on commodity derivative contracts classified as Level 3 are recorded in “Product sales” on the Consolidated Statements of Income. Gains and losses on derivatives embedded in commodity contracts are recorded in “Purchased product costs” and “Cost of revenues” on the Consolidated Statements of Income.

Fair Value Carrying Value by Balance Sheet Grouping [Table Text Block] The following table summarizes the fair value and carrying value of the long-term debt, excluding finance leases, and SMR liability:
 
June 30, 2020
 
December 31, 2019
(In millions)
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
Long-term debt
$
21,919

 
$
20,646

 
$
21,054

 
$
19,800

SMR liability
$
88

 
$
78

 
$
90

 
$
80