MPLX LP (MPLX)
NYSE NYSE Primary Summary
MPLX: How It Became A Top 2026 Income Play
MPLX LP offers a compelling 7.7% dividend yield, recently increased by 12.5%, appealing to income-focused investors. Recent management actions, including two major deals, position MPLX for growth over the next two years despite limited upside per Wall Street. The company trades at a valuation premium to MLP peers, with JPMorgan noting the stock appears fully valued with constrained capital appreciation potential.
MPLX: Powering The AI Data Center Boom, Yielding 7.7%
At first glance, MPLX seems like a boring business, but this is far from the truth. The company is currently undergoing a transformation into an "energy provider" for the future. The signing of the first major contracts for energy supply to data centers creates the potential for realizing new projects. Considering MPLX's superiority compared to other Midstream competitors, I assign the units a "Buy" rating.
MPLX LP: My Favourite Midstream Play Right Now
MPLX LP is rated a Strong Buy, supported by robust distribution growth, a 7.71% yield, and a resilient business model. MPLX's partnership with Marathon Petroleum ensures stable, long-term revenue streams, with about 58% of pipeline and 69% of terminal throughput contracted. Both crude oil and natural gas segments show rising margins and operational stability, with forward EBITDA projected to grow from $3.9B to $5.2B by 2030.
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MPLX LP Profile
| Oil, Gas & Consumable Fuels Industry | Energy Sector | Maryann T. Mannen CEO | NYSE Exchange | 55336V100 CUSIP |
| US Country | 6,200 Employees | 7 Nov 2025 Last Dividend | - Last Split | 26 Oct 2012 IPO Date |
Overview
MPLX LP, incorporated in 2012 and based in Findlay, Ohio, operates as an essential player in the midstream energy sector, primarily within the United States. The company's operations are broadly segmented into Logistics and Storage, and Gathering and Processing, indicating its diverse capabilities in managing and manipulating various forms of energy resources. MPLX LP functions under the umbrella of Marathon Petroleum Corporation, pointing to a robust backing and strategic alignment with the energy industry's demands. Through its comprehensive infrastructure and logistics assets, MPLX LP facilitates the critical movement, storage, and processing of energy resources, making it a pivotal entity in the energy supply chain.
Products and Services
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Gathering, Processing, and Transportation of Natural Gas
MPLX LP specializes in aggregating natural gas from multiple sources, processing it to remove impurities, and then transporting it to meet market or consumer demands. This complete suite of services ensures a steady flow of natural gas, a critical resource for heating, electricity generation, and as a feedstock for various chemical processes.
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Gathering, Transportation, Fractionation, Storage, and Marketing of Natural Gas Liquids (NGLs)
Alongside natural gas, MPLX also handles natural gas liquids, which are components extracted from natural gas like ethane, propane, and butane. The company's services include the collection of NGLs, their transportation to storage or processing facilities, fractionation (separation of NGLs into their constituent components), and the marketing of these commodities to industrial, commercial, and retail customers.
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Crude Oil and Refined Products Logistics
The company offers comprehensive logistics services for crude oil and refined products. This encompasses the gathering, storage, and transportation of crude oil, along with the distribution of refined petroleum products. MPLX LP’s operations include managing a variety of transportation modes, including pipeline, rail, marine, and truck, to ensure the efficient distribution of energy resources.
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Inland Marine Business and Marine Repair Facility
Through its inland marine business, MPLX LP extends its logistical capabilities to the waterways, operating a fleet of boats and barges for the transportation of light products, heavy oils, crude oil, renewable fuels, chemicals, and feedstocks across the Mid-Continent and Gulf Coast regions. Additionally, its marine repair facility located on the Ohio River bolsters the operational efficiency and reliability of its fleet.
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Refining Logistics, Terminals, Rail Facilities, and Storage Caverns
MPLX LP provides logistic support for refining operations, including the management of terminals, rail facilities, and large subterranean storage caverns. These assets play a critical part in the supply chain for refined products, enabling the company to facilitate the receipt, storage, blending, and delivery of petroleum products, integrating flexibility and efficiency into the broader energy ecosystem.
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