MPLX — MPLX LP
Energy · Oil & Gas Midstream
About MPLX LP
MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Crude Oil and Products Logistics; and Natural Gas and NGL Services. The company is involved in the gathering, processing, and transportation of natural gas; gathering, transportation, fractionation, storage, and marketing of natural gas liquids; gathering, storage, transportation, and distribution of crude oil and refined products, as well as other hydrocarbon-based products and renewables; and sale of residue gas and condensate. It also engages in inland marine businesses, comprising fleet of boats and barges transport light products, heavy oils, crude oil, renewable fuels, chemicals, and feedstocks in the Mid-Continent and Gulf Coast regions, as well as a marine repair facility located on the Ohio River; and distribution of fuel, as well as operates refining logistics, terminals, rail facilities, and storage caverns. In addition, it operates terminal facilities for the receipt, storage, blending, additization, handling, and redelivery of refined petroleum products through the pipeline, rail, marine, and truck transportation. MPLX GP LLC acts as the general partner of MPLX LP. The company was incorporated in 2012 and is headquartered in Findlay, Ohio. MPLX LP operates as a subsidiary of Marathon Petroleum Corporation.
The midstream & LNG industry
Midstream companies own the infrastructure between the wellhead and the customer — pipelines, gathering and processing plants, storage, and export terminals. Most earn fees on volumes moved under long-term contracts, so their cash flow is steadier than the producers they serve, and much of it is paid out as high dividends or distributions (several names here are partnerships with special tax treatment). Cheniere (LNG) is the standout business model: it liquefies US natural gas and ships it abroad under decade-long contracts — a toll road on the global gas trade. The read here is contract quality and payout coverage, not the daily oil price: these are income vehicles first, commodity plays second. MPLX is Marathon Petroleum's midstream partnership, generating the distributions that help fund MPC's buybacks.
Key data · delayed ~15 min, as of 1 August 2026
| Ticker | MPLX |
| Company | MPLX LP |
| Price | $58.45 |
| Market cap | $59.3B |
| Sector / industry | Energy / Oil & Gas Midstream |
| Analyst mean target | $61 (13 analysts, buy) |
Valuation read
What the price implies: the market is pricing in roughly ~-1%/yr earnings growth (discounted), on a reverse-DCF of forward earnings ($4.87). Run your own assumptions in the fair-value calculator.
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