MPLX

What MPLX does

MPLX LP is a large-cap Delaware master limited partnership formed in 2012 by Marathon Petroleum Corporation, operating midstream energy infrastructure and logistics assets across the United States. The company operates through two core segments: Crude Oil and Products Logistics (common carrier pipelines, storage caverns, terminals, rail facilities, tank farms, and marine vessels for crude oil, refined products, and renewables) and Natural Gas and NGL Services (gathering systems, processing complexes, NGL fractionation, and transportation across the Permian Basin, Marcellus Shale, Utica Shale, STACK Shale, and Bakken Shale). MPLX owns over 10,000 miles of pipelines across 14 states plus joint venture interests in LOOP LLC, Wink-to-Webster crude pipeline, Sherwood Midstream, and Whistler natural gas pipeline connecting Permian supply to Gulf Coast LNG markets.

MPLX generates revenue primarily through FERC-regulated and state-regulated tariff structures on common carrier pipelines, supplemented by long-term take-or-pay and fee-based contracts with investment-grade counterparties. Revenue streams include pipeline transportation tariffs ranging from approximately 11 to over 1,000 cents per barrel, natural gas gathering and processing fees, storage and terminaling services, marine operations, and joint venture interests. The company serves upstream producers in major U.S. resource plays, refiners and downstream processors (anchored by Marathon Petroleum), and emerging LNG export and power generation customers. The technology stack includes sour gas handling infrastructure with H2S and CO2 treatment, acid gas sequestration capabilities, methane emission reduction systems (85% reduction at redesigned launcher/receiver stations), and the largest natural gas processing complex in North America (Sherwood).

Business model economics reflect fee-based revenue largely insulated from commodity price volatility, with FY 2025 adjusted EBITDA of $7 billion, distributable cash flow of $5.8 billion, and a 1.4x distribution coverage ratio supporting 12 consecutive years of distribution increases. MPLX targets 12.5% annual distribution growth through 2027 with a $2.4 billion organic growth capital plan for 2026 focused on Permian and Marcellus expansion. Strategic positioning includes an emerging data center power infrastructure JV with MARA Holdings and a planned LPG export terminal partnership with Oneok for 2028-2029 commissioning, extending the company's reach into AI-driven electricity demand and international LPG export markets.

Name

MPLX

Legal name

MPLX LP

Website

https://mplx.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

MPLX LP is a large-cap master limited partnership that owns and operates midstream energy infrastructure across the United States, including over 10,000 miles of crude oil, refined product, and natural gas pipelines. It serves upstream producers, refiners, and downstream customers through FERC-regulated tariffs and long-term fee-based contracts anchored by Marathon Petroleum.

Ownership category

akta.pro rank

Product category

Midstream Energy Infrastructure

NAICS

Pipeline Transportation of Crude Oil (486110), Pipeline Transportation of Refined Petroleum Products (486910), Pipeline Transportation of Natural Gas (48621), Petroleum Bulk Stations and Terminals (424710)

SIC

Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Pipeline Operations, Integrity & Control (SCADA, Pigging, Leak Detection) (EUALADAK)

akta.pro secondary industries

Marine Terminals & Port Storage (Jetties, Docking, Bunkering Interfaces) (EUALAEAG), Hazardous Liquids & Specialty Chemical Terminals (Methanol, Solvents, Sulfur) (EUALAEAL), Crude Oil & Petroleum Products Tanker Transport (TLADALAA), NGL/LPG Export / Marine Terminal Connection Pipelines (TLAGAEAK)

Keywords

• Midstream energy infrastructure
• Crude oil logistics
• Natural gas processing
• NGL fractionation
• Pipeline transportation

Headquarters

HQ city

Findlay

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Others

Revenue model

1. Pipeline Transportation and Tariff Revenue: Fee-based revenue from transportation of crude oil, natural gas, NGLs, and refined products through wholly and jointly owned common carrier pipelines. Revenue is generated through regulated tariff rates (FERC, state regulators) and is largely insulated from commodity price volatility due to take-or-pay and volume-based contract structures.
2. Natural Gas Gathering and Processing Services: Gathering and processing fees from natural gas produced by upstream customers in major basins including Permian, Marcellus, Utica, STACK, and Bakken. Services include raw gas gathering, treatment, processing, and NGL fractionation with long-term contracts with diverse producer customers.
3. Storage and Terminaling Services: Revenue from storage caverns (butane, propane, LPG) and terminal facilities for receipt, storage, blending, additization, handling and redelivery of refined petroleum and renewable products. Includes rail and truck loading lanes/racks and barge docks.
4. Marine Operations: Revenue from ownership, operation and management of diverse suite of global and domestic motor vessels and barges, including third-party chartered equipment and a marine repair facility shipyard on the Ohio River.
5. Joint Venture Interests: Ownership stakes in joint ventures including LOOP LLC (only U.S. deep-water oil port offshore Louisiana), Wink-to-Webster crude oil pipeline (Permian to Gulf Coast), Sherwood Midstream (largest gas-processing plant in North America in Marcellus Shale), and Whistler natural gas pipeline (Permian to LNG export markets).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

MPLX owns, operates, and provides midstream energy infrastructure and logistics services across the United States through two business segments. The Crude Oil and Products Logistics segment transports, stores, and distributes crude oil, refined petroleum products, asphalt, and renewables via common carrier pipelines, storage caverns, terminals, rail and truck loading facilities, tank farms, and marine vessels. The Natural Gas and NGL Services segment gathers, processes, transports, fractionates, stores, and markets natural gas and natural gas liquids from major U.S. resource plays including the Permian Basin, Marcellus Shale, Utica Shale, STACK Shale, and Bakken Shale, with operations across more than 10,000 miles of pipelines in 14 states.

Product overview

MPLX LP is a large-cap master limited partnership (MLP) that owns and operates midstream energy infrastructure and logistics assets across the United States. The company operates through two core business segments: Crude Oil and Products Logistics (transporting, storing, and distributing crude oil, refined petroleum products, and renewables via pipelines, terminals, storage caverns, and marine vessels) and Natural Gas and NGL Services (gathering, processing, transporting, and fractionating natural gas and natural gas liquids from major U.S. resource plays including the Permian Basin, Marcellus Shale, and Bakken). The portfolio includes wholly owned infrastructure as well as joint ventures such as LOOP LLC (deepwater oil port), the Wink-to-Webster crude pipeline, and the Whistler natural gas pipeline connecting Permian supply to Gulf Coast LNG export markets. MPLX also operates a public tariff information system providing access to pipeline rate schedules and regulations. The company was formed by Marathon Petroleum Corporation and maintains over 100 years of midstream experience with assets strategically positioned throughout the United States.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil and Products Logistics Transportation, storage, and distribution of crude oil, asphalt, refined petroleum products, and renewables through wholly and jointly owned common carrier pipelines, storage caverns, terminals, rail facilities, tank farms, and marine vessels for refiners and downstream customers.
• Natural Gas and NGL Services Gathering, processing, and transportation of natural gas plus fractionation, storage, transportation, and marketing of natural gas liquids across key U.S. resource plays including the Permian Basin, Marcellus Shale, Utica Shale, STACK Shale, and Bakken Shale for upstream producers.
• Pipeline Operations Operation of common carrier crude oil and refined product pipelines throughout the United States, including wholly and jointly owned pipeline systems such as the Wink-to-Webster crude oil pipeline connecting the Permian Basin to the U.S. Gulf Coast.
• Storage Caverns Butane, propane, and liquefied petroleum gas underground storage facilities located in Neal, West Virginia; Woodhaven, Michigan; Robinson, Illinois; and Jal, New Mexico, providing storage for hydrocarbon products.
• Marine Business Ownership, operation, or management of a diverse suite of global and domestic motor vessels and barges, including third-party chartered equipment and a full-service marine shipyard on the Ohio River adjacent to Marathon Petroleum's Catlettsburg, Kentucky refinery.
• Terminals and Loading Facilities Facilities for receipt, storage, blending, additization, handling, and redelivery of refined petroleum and renewable products, including rail and truck loading lanes/racks and barge docks supporting hydrocarbon transportation via rail, over-the-road, or marine.
• Natural Gas Gathering Systems Gas gathering systems servicing producer customers, handling dry gas, wet gas for processing, and sour gas containing hydrogen sulfide or carbon dioxide with specialized gathering and treatment infrastructure.
• Natural Gas Processing Complexes Processing facilities that remove heavier hydrocarbon components from natural gas, enabling residue gas to meet quality specifications for long-haul pipeline transportation, with extracted NGLs further separated through fractionation.
• NGL Fractionation Facilities Facilities that separate extracted NGL mixtures into individual purity product components for end-use sale, including the joint venture interest in the Sherwood complex in the Marcellus Shale.
• Whistler Natural Gas Pipeline Natural gas pipeline platform connecting Permian Basin supply to incremental LNG export markets on the U.S. Gulf Coast.
• LOOP LLC The only U.S. deep-water oil port located offshore of Louisiana, used for importing and exporting crude oil and providing MPLX with strategic Gulf Coast access.
• Fuels Distribution Business Scheduling services for refined products distribution provided to Marathon Petroleum and other customers to support fuel logistics operations.
• Tariff Information System Web-based system providing access to pipeline tariff schedules, rates, rules, and regulations across MPLX's pipeline network entities including Marathon Pipe Line LLC, MPLX Ozark Pipe Line LLC, and other subsidiaries, regulated by FERC, state commissions, and non-jurisdictional authorities.

Quantifiable outcome

• 390 million tonnes CO2e reductions per year facilitated through natural gas processing operations
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• MARA Holdings (Marathon Digital)minorStrategic or Co-development Partner · 26 March 2026MARA Holdings entered into a joint venture with MPLX LP for AI and high-performance computing infrastructure projects. MARA is pivoting from pure Bitcoin mining to enterprise AI and infrastructure, with MPLX providing power generation infrastructure.
• Northwind MidstreamcoreStrategic or Co-development Partner · 1 September 2025MPLX completed $2.375 billion acquisition of Northwind Midstream in September 2025, adding capacity in New Mexico's Delaware Basin and strengthening natural gas and NGL services in the Permian region.
• Harvest MidstreamminorStrategic or Co-development Partner · 1 August 2025Harvest Midstream completed acquisition of MPLX's natural gas gathering and processing assets in the Rocky Mountains for $1 billion. This divests non-core assets while strengthening balance sheet for growth investments.
• LOOP LLCcoreStrategic or Co-development PartnerMPLX holds ownership interest in LOOP LLC, the only U.S. deep-water oil port located offshore of Louisiana. LOOP is used to import and export crude oil, providing MPLX with strategic Gulf Coast access for its customers.
• Wink-to-Webster Pipeline (P双子)coreStrategic or Co-development PartnerMPLX holds ownership in the Wink-to-Webster crude oil pipeline focused on transporting products from the Permian Basin to the U.S. Gulf Coast. This joint venture connects Permian production to Gulf Coast refining and export markets.
• Sherwood MidstreamcoreStrategic or Co-development PartnerMPLX holds ownership in Sherwood Midstream which includes the Sherwood complex in the Marcellus Shale. The Sherwood complex is the largest gas-processing plant in North America.
• Whistler Natural Gas PipelinecoreStrategic or Co-development PartnerMPLX holds ownership in the Whistler natural gas pipeline which is part of a combined platform focused on connecting Permian Basin supply to incremental LNG export markets on the U.S. Gulf Coast.
• Oneok (LPG Export Terminal)minorStrategic or Co-development PartnerMPLX is developing a Gulf Coast LPG export terminal in partnership with Oneok. This project is expected to come online by 2028-2029 and will enable LPG exports from U.S. Gulf Coast facilities.

Scale indicators10 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Enterprise Products Partners: One of the largest U.S. midstream MLPs with comparable diversified crude oil, natural gas, NGL, and refined product pipelines, storage, and processing assets. Both companies operate across the Gulf Coast, Permian, and Marcellus with integrated value chains and fee-based revenue models.
• Energy Transfer: Major midstream MLP with significant crude oil, natural gas, NGL, and refined product pipeline assets spanning Permian, Mid-Continent, and Gulf Coast regions. Closely comparable in scale, geographic footprint, and integrated midstream service offerings.
• Kinder Morgan: One of the largest energy infrastructure companies in North America, operating natural gas, crude oil, refined product, and CO2 pipelines plus terminals. Highly comparable given its diversified midstream platform and fee-based revenue model.
• ONEOK: Leading midstream operator focused on natural gas gathering/processing and NGL fractionation, transportation, and storage. Directly comparable to MPLX's Natural Gas and NGL Services segment, particularly in the Permian and Mid-Continent regions.
• Williams Companies: Major natural gas-focused midstream operator with extensive gathering and processing, interstate pipeline, and NGL infrastructure. Strongly comparable to MPLX's natural gas segment, particularly in the Marcellus and Utica shale plays.
• Targa Resources: Midstream company focused on natural gas gathering/processing and NGL production, transportation, and fractionation. Highly comparable to MPLX's NGL and gas processing operations across the Permian, Bakken, and other basins.
• Plains All American Pipeline: Leading U.S. midstream provider focused on crude oil transportation, gathering, and storage. Directly comparable to MPLX's Crude Oil and Products Logistics segment, with similar Permian, Gulf Coast, and Mid-Continent crude pipeline assets.
• Western Midstream Partners: Midstream MLP focused on natural gas, NGL, and crude oil gathering, processing, and transportation primarily in the Permian, Delaware, and other U.S. basins. Comparable scale and operational focus to MPLX's gathering and processing segment.
• Phillips 66 Partners: Midstream MLP focused on crude oil and refined product transportation, terminals, and storage, with anchor customer Phillips 66. Comparable to MPLX's Crude Oil and Products Logistics segment given its similar fee-based MLP structure and refining parent relationship.
• EnLink Midstream: Midstream company providing natural gas gathering/processing, crude oil transportation, and NGL services across major U.S. basins. Comparable scale and asset profile to MPLX's natural gas and crude gathering/processing operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MarathonPetroCo
• YouTubeyoutube.com/channel/UC2VMk_st5c0dOZiLzCPhv2g
• Facebookfacebook.com/MarathonPetroleumCorporation
• LinkedInlinkedin.com/company/marathon-petroleum-company
• Instagraminstagram.com/marathonpetroleum

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries15 records

Funding overview

Funding rounds7 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MPLX