MPLX
MPLX LP is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets. The company provides a comprehensive suite of services including the gathering, processing, and transportation of natural gas and NGLs, as well as the storage, distribution, and maritime transportation of crude oil and refined petroleum products. Its core value proposition is built on long-term, fee-based agreements with minimum volume commitments that provide stable and predictable cash flows.
Financials
Based on Q1 2026 filing
Revenue
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Crude Oil and Products Logistics
primaryThis segment manages the gathering, transportation, storage, and distribution of crude oil, refined products, and renewables. It operates an extensive network of pipelines, terminals, storage caverns, and an inland marine business, primarily supporting the refining operations of its sponsor.
Crude oil pipelines, Refined product pipelines, Storage caverns, Marine transportation services, Fuels distribution services, Refining logistics assets
Refining companies, Marketing companies, Wholesale petroleum distributors, Integrated petroleum companies
Natural Gas and NGL Services
majorThis segment provides wellhead-to-market services including the gathering, treating, processing, and transportation of natural gas, as well as the fractionation, storage, and marketing of natural gas liquids (NGLs).
Natural gas gathering systems, Natural gas processing complexes, NGL fractionation facilities, NGL pipelines, Ethane, Propane, Butanes, Natural gasoline
Natural gas producers, Exploration and production companies, Industrial end-users, NGL marketers
Segment Financials
Crude Oil and Products Logistics — Capital Expenditures
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View metricCrude Oil and Products Logistics — Rental income
View metricNatural Gas and NGL Services — Revenue
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View metricBusiness Overview
Competitive Position
A leading midstream provider with a significant presence in major U.S. shale plays and a strategic, high-volume relationship with its sponsor, Marathon Petroleum Corporation.
Geographies
United States, Marcellus Shale, Permian Basin, Utica Shale, Bakken Shale
Customer Segments
Energy producers, Refiners, Petrochemical manufacturers
Upstream Dependencies
Exploration and production companies, Crude oil suppliers, Natural gas well operators, Pipeline equipment manufacturers
Downstream Customers
Petroleum refineries, Chemical plants, Propane retailers, Power generation facilities, Export terminals
Competitors & Partners
Competitors
Subsidiaries
MPLX GP LLC
The general partner of MPLX LP, responsible for management and operations.
MPLX FAQ
Common questions about MPLX
MPLX LP is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets. The company provides a comprehensive suite of services including the gathering, processing, and transportation of natural gas and NGLs, as well as the storage, distribution, and maritime transportation of crude oil and refined petroleum products. Its core value proposition is built on long-term, fee-based agreements with minimum volume commitments that provide stable and predictable cash flows.
MPLX (MPLX) has a market capitalization of $54.8B and trades on NYSE.
MPLX generated $12.9B in trailing twelve-month revenue with net income of $4.7B, representing a net margin of 36.7%, with free cash flow of $3.9B. These figures are based on the Q1 2026 filing.
MPLX's key competitors include Enterprise Products Partners L.P., Kinder Morgan, Inc., Energy Transfer LP, and others. These companies compete in similar markets and product categories.
MPLX has approximately 5,810 employees.