MPLX LP Common Units Representing Limited Partner Interests

MPLX LP is a U.S. midstream energy partnership that owns and operates pipelines, terminals, storage caverns, and processing assets tied to crude oil, refined products, natural gas, and NGLs. It also provides fuels distribution and inland marine logistics, with assets positioned across the United States and closely linked to Marathon Petroleum’s refining and logistics system.

38,1 %

+8,9 %

1.23

1.23

— MPLX LP Common Units Representing Limited Partner Interests
%
Crude Oil and Products Logistics55% Pipeline, terminal, storage, marine, rail and fuels logistics services for crude oil, refined products and renewables.
Natural Gas and NGL Services45% Gathering, treating, processing, fractionating, storing and transporting natural gas and NGLs.

MPLX primarily serves producers, refiners, marketers and other energy infrastructure users that need reliable takeaway,...

  • Refining and marketing customersprimary

    Buy crude oil, refined product logistics, terminaling and fuels distribution services to move product through MPLX's network.

  • Natural gas producersprimary

    Buy gathering, treating and processing services to move gas from the wellhead into marketable streams.

  • NGL shippers and marketersprimary

    Buy fractionation, storage, transportation and marketing-related services for NGLs.

  • Integrated energy counterpartiessecondary

    Use contracted pipeline, terminal and storage capacity tied to broader midstream and refining systems.

  • Regional basin producerssecondary

    Buy basin-specific gathering and processing capacity in the Permian, Marcellus, Utica and Southwest regions.

MPLX's assets are spread across the United States, with major exposure to the Permian, Marcellus, Utica, Southwest and...

  • •Assets are positioned throughout the United States
  • •Permian, Marcellus and Utica are key growth basins
  • •Southwest NGL transactions are a meaningful revenue driver
  • •Crude and product logistics depend on refinery and terminal connectivity
  • •U.S. inland waterway infrastructure affects marine operations

MPLX is investing to expand its integrated natural gas and NGL value chain while also strengthening crude oil and...

01
Expand Permian to Gulf Coast infrastructuremedium-term

This strengthens integrated takeaway and NGL flow from a core production basin to demand centers.

02
Increase gas processing and gathering capacitymedium-term

Additional capacity supports producer volumes and helps retain customers in competitive basins.

03
Pursue selective acquisitions and affiliate investmentsmedium-term

Acquisitions can add scale, diversify cash flows and extend the asset footprint if integration is successful.

MPLX is exposed to basin production declines, customer concentration and contract renewal risk because its assets...

high

Dependence on third-party production volumes

Fees and utilization fall if producers reduce output or reroute volumes away from MPLX assets.

Scope
Gathering, processing, pipelines and fractionation
Materiality
high
high

Customer concentration

A limited number of key customers can materially affect revenues if contracts are not renewed or volumes decline.

Scope
Natural Gas and NGL Services, Southwest and Marcellus regions
Materiality
high
high

Operational incidents and infrastructure outages

Pipeline releases, fires, equipment failures or inland waterway disruptions can interrupt service and create liabilities.

Scope
Pipelines, terminals, marine and storage assets
Materiality
high
medium

Large project execution and permitting

Delays, cost inflation or permit issues can reduce project returns and defer cash flow.

Scope
Growth capital projects and basin expansions
Materiality
high
medium

Acquisition and integration risk

New assets may bring integration issues, higher leverage, unknown liabilities or goodwill impairment.

Scope
Northwind Midstream, BANGL and future acquisitions
Materiality
medium
Revenue recognition for product sales versus service revenue
Affects top-line comparability and segment margin analysis
Goodwill impairment
Could create material non-cash charges
Equity method investment impairment
Can affect earnings and carrying value of strategic investments
Capitalized growth projects and maintenance spending
Influences EBITDA trend and asset base growth
Environmental and legal contingencies
May affect provisions, cash needs and insurance recoveries

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: 28.4.2026