MPLX Lp
- Open
- 59.33
- Day high
- 59.66
- Day low
- 59.04
- Prev close
- 58.99
- Volume
- 70K
- Mkt cap
- $60.4B
- P/E (TTM)
- 12.8
- EPS (TTM)
- $4.66
- P/B
- 4.3
- P/S
- 4.7
- Yield
- 7.23%
- Per share
- $4.31
MPLX Lp (MPLX) is a Energy company listed on NYSE. The stock is up 17% over the past year. Drillr has 1 published research article covering MPLX.
MPLX Lp (MPLX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MPLX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $1.06 | $1.06 | +0.0% | $3.1B | -1.9% |
| May 5, 2026 | $1.05 | $0.90 | -14.3% | $2.8B | -9.3% |
| Feb 3, 2026 | $1.06 | $1.17 | +10.4% | $3.1B | -2.5% |
| Feb 4, 2025 | $1.04 | $1.07 | +2.9% | $2.8B | -7.6% |
| Apr 30, 2024 | $0.98 | $0.98 | +0.0% | $2.6B | -10.0% |
| Jan 30, 2024 | $0.94 | $1.10 | +17.0% | $2.8B | -2.6% |
| Oct 31, 2023 | $0.94 | $0.89 | -5.3% | $2.9B | +6.8% |
| May 2, 2023 | $0.83 | $0.91 | +9.4% | $2.5B | -2.5% |
| Jan 31, 2023 | $0.84 | $0.78 | -7.4% | $2.5B | -4.2% |
| Nov 1, 2022 | $0.81 | $0.96 | +18.2% | $2.7B | -3.2% |
| Aug 2, 2022 | $0.81 | $0.83 | +2.5% | $2.8B | +9.4% |
| May 3, 2022 | $0.77 | $0.78 | +1.3% | $2.5B | +3.3% |
MPLX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Peiffer Garry L.director | Grant | 1,232 | — |
| Aug 18, 2026 | SEMPLE FRANK Mdirector | Grant | 1,073 | — |
| Aug 18, 2026 | STICE J MICHAELdirector | Grant | 983 | — |
| Aug 18, 2026 | SURMA JOHN Pdirector | Grant | 1,563 | — |
| Aug 18, 2026 | Breves Christine Sdirector | Grant | 219 | — |
| Aug 18, 2026 | Walker Ray N JRdirector | Grant | 82 | — |
| Aug 18, 2026 | HELMS CHRISTOPHER Adirector | Grant | 1,337 | — |
| Aug 5, 2026 | HELMS CHRISTOPHER Adirector | Grant | 2,696 | — |
| Aug 5, 2026 | Walker Ray N JRdirector | Grant | 2,696 | — |
| Aug 5, 2026 | STICE J MICHAELdirector | Grant | 3,029 | — |
| Aug 5, 2026 | Breves Christine Sdirector | Grant | 2,696 | — |
| Aug 5, 2026 | Peiffer Garry L.director | Grant | 2,696 | — |
| Aug 5, 2026 | SEMPLE FRANK Mdirector | Grant | 3,029 | — |
| Aug 5, 2026 | SURMA JOHN Pdirector | Grant | 3,029 | — |
| May 19, 2026 | Breves Christine Sdirector | Grant | 277 | — |
Source: MPLX SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full MPLX insider & 13F page →MPLX Lp company profile
Overview
MPLX LP (NYSE:MPLX) is a master limited partnership founded in 2012 as a subsidiary of Marathon Petroleum Corporation. The company operates as one of the largest diversified midstream energy infrastructure companies in the United States, with operations spanning natural gas gathering and processing, crude oil and refined product transportation, and marine logistics services. Headquartered in Findlay, Ohio, MPLX has grown through strategic acquisitions and organic expansion to become a critical link in America's energy supply chain, processing over 10% of all U.S. natural gas production.
Business
MPLX operates in the midstream energy sector, which serves as the crucial bridge between upstream oil and gas production and downstream refining and distribution. The company functions in two primary business segments that collectively handle the transportation, processing, and storage of energy commodities across the United States. The Natural Gas and NGL Services segment represents approximately 60% of total revenue and focuses on the natural gas value chain. This segment gathers raw natural gas from wellheads through extensive pipeline networks, particularly in prolific shale basins like the Marcellus, Utica, and Permian. The gathered gas is then processed at large-scale facilities to separate valuable natural gas liquids (NGLs) such as ethane, propane, and butane from the methane. These NGLs are subsequently transported via pipelines to fractionation facilities where they are further separated into individual products for petrochemical feedstock and heating fuel markets. The segment also includes marine transportation services using barges and boats to move refined products along inland waterways. The Crude Oil and Products Logistics segment accounts for roughly 40% of revenue and operates an extensive network of pipelines, terminals, and storage facilities. This segment transports crude oil from production areas to refineries, moves refined products like gasoline and diesel from refineries to distribution points, and provides storage services at strategic locations. The segment maintains close integration with Marathon Petroleum's refining operations, with approximately 90% of segment revenue derived from this relationship, providing stable, fee-based cash flows with minimal commodity price exposure.
Revenue model
MPLX generates revenue primarily through fee-based services rather than commodity trading, creating relatively stable cash flows. The company's business model centers on charging tariffs and fees for transportation, processing, and storage services, with revenue streams including pipeline transportation fees, natural gas processing margins, storage fees, and terminal throughput charges. The Natural Gas and NGL Services segment earns revenue through processing fees and commodity margin capture when processing raw natural gas, plus transportation tariffs for moving NGLs through pipeline systems. Over 75% of this segment's revenue in key areas like the Marcellus basin is protected by take-or-pay contracts, ensuring minimum revenue regardless of actual volumes. The Crude Oil and Products Logistics segment generates stable fee-based revenue through long-term contracts with Marathon Petroleum and third-party customers for pipeline transportation and terminal services. Several factors influence MPLX's profitability margins. Volume growth from increased oil and gas production in served basins directly drives higher revenues across fixed-cost infrastructure. Commodity price differentials, particularly NGL prices relative to natural gas, affect processing margins in the gas services segment. Contract structures with take-or-pay provisions and minimum volume commitments provide downside protection during market downturns. Operational efficiency improvements and economies of scale from larger processing facilities help expand margins. Conversely, regulatory changes affecting emissions standards, competitive pipeline capacity additions, and producer consolidation reducing the number of potential customers can pressure margins over time.
Competitive moat
MPLX possesses a moderate to strong competitive moat built primarily on the natural monopoly characteristics of midstream infrastructure and strategic geographic positioning. The company's extensive pipeline networks and processing facilities represent significant barriers to entry, as competitors would need to invest billions of dollars and navigate complex permitting processes to build competing infrastructure. The company's strongest moat lies in its integrated asset footprint across major shale basins, particularly the Marcellus and Permian regions where it has established dense gathering networks and large-scale processing facilities. These assets benefit from economies of scale and network effects, as producers prefer to connect to systems with multiple outlet options and processing capacity. MPLX's relationship with Marathon Petroleum provides additional stability, with 90% of the crude logistics segment's revenue coming from this captive customer relationship. However, the moat faces several potential challenges. Regulatory risks around pipeline development and environmental standards could limit expansion opportunities. Producer consolidation is creating larger, more sophisticated customers with greater negotiating power. Alternative transportation methods like truck and rail can compete with pipelines for shorter distances, while renewable energy adoption poses a long-term structural threat to fossil fuel infrastructure demand. The company's heavy concentration in traditional oil and gas regions also creates vulnerability to production declines or shifts in drilling activity to other basins where MPLX lacks infrastructure presence.
Risks & safety
MPLX demonstrates a moderate margin of safety with strong cash generation but meaningful debt levels requiring ongoing attention. • Liquidity position: $1.5 billion cash, $2.5 billion available credit facilities, strong operating cash flow of $1.2 billion quarterly • Debt metrics: 3.4x debt-to-EBITDA leverage ratio, manageable but elevated; $23.5 billion total debt against $14 billion equity • Solvency assessment: Low near-term bankruptcy risk given stable cash flows and asset backing, but leverage limits financial flexibility • Valuation metrics: 12.1x P/E ratio, 10.4x EV/EBITDA appear reasonable for infrastructure company; 3.5x price-to-book reflects asset-heavy business model • Distribution coverage: 1.5x coverage ratio provides cushion for unitholder distributions; $4.9 billion annual free cash flow supports current payout levels • Other considerations: MLP structure provides tax advantages but limits access to equity capital markets; concentration risk from Marathon Petroleum relationship
Recent development
Over the past several years, MPLX has executed a comprehensive wellhead-to-water strategy designed to build integrated value chains from production areas to end markets. The company has significantly expanded its natural gas processing capacity, bringing online multiple large-scale facilities including the Harmon Creek plants in the Marcellus basin and Preakness facilities in the Permian basin. A seventh processing plant, Secretariat, is under construction in the Permian with expected completion in late 2025. The most significant recent strategic move was the announcement of a $2.5 billion Gulf Coast Fractionation Complex and Export Terminal project in partnership with ONEOK. This joint venture represents MPLX's push into NGL export markets, with the company operating a 50-50 export terminal while participating in an 80-20 pipeline project operated by ONEOK. This development extends MPLX's NGL value chain from Permian production areas to international markets. MPLX has also pursued strategic acquisitions to consolidate its basin positions, including the recent Whiptail Midstream acquisition for $237 million in the San Juan Basin and increased stakes in the BANGL NGL pipeline system and Matterhorn Express Pipeline. The company has consistently increased its quarterly distribution by double digits, with a 12.5% increase implemented in 2024, demonstrating confidence in cash flow durability. Capital allocation remains disciplined, with 85% of 2025's $2 billion growth capital budget allocated to the higher-return Natural Gas and NGL Services segment.
MPLX company profile · for informational purposes only — not investment advice.
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