MPLX LP (MPLX): Business Model Canvas

In der dynamischen Welt der Energieinfrastruktur entwickelt sich MPLX LP zu einem strategischen Kraftpaket, das Midstream-Abläufe durch ein innovatives und umfassendes Geschäftsmodell transformiert, das Öl- und Gasproduzenten nahtlos mit effizienten Transport- und Logistiklösungen verbindet. Durch die Nutzung eines umfassenden Pipeline-Netzwerks, strategischer Partnerschaften und einer hochmodernen Infrastruktur bietet MPLX LP einen beispiellosen Mehrwert im gesamten Energiesektor, indem es komplexe Transportherausforderungen optimiert und gleichzeitig kostengünstige und zuverlässige Midstream-Dienste vorantreibt, die das amerikanische Energieökosystem voranbringen.

MPLX LP (MPLX) – Geschäftsmodell: Wichtige Partnerschaften

Midstream-Energieinfrastrukturpartnerschaften

MPLX LP unterhält strategische Partnerschaften mit großen Öl- und Gasproduzenten, darunter:

Partner	Einzelheiten zur Partnerschaft	Jahresband (2023)
Marathon Petroleum Corporation	Integrierte Midstream-Operationen	1,85 Millionen Barrel pro Tag
Andeavor Logistik	Logistik und Transport	475.000 Barrel pro Tag

Strategische Allianzen mit der Marathon Petroleum Corporation

Die wichtigste strategische Allianz von MPLX umfasst eine umfassende Midstream-Infrastrukturzusammenarbeit mit der Marathon Petroleum Corporation.

• Eigentumsanteil: 100 % Eigentum an den Midstream-Vermögenswerten von Marathon Petroleum
• Gesamtvermögen der Infrastruktur: 33,2 Milliarden US-Dollar
• Operative Präsenz: 20 Bundesstaaten in den Vereinigten Staaten

Joint Ventures mit Pipeline- und Logistikunternehmen

Joint-Venture-Partner	Infrastrukturtyp	Investitionswert
Partner für Unternehmensprodukte	Rohölpipelines	1,2 Milliarden US-Dollar
Magellan Midstream-Partner	Transport raffinierter Produkte	875 Millionen Dollar

Zusammenarbeit mit Lagerterminalbetreibern

MPLX arbeitet mit mehreren Lagerterminalbetreibern in wichtigen Erdölregionen zusammen.

• Gesamtlagerkapazität: 42,6 Millionen Barrel
• Anzahl der Lagerterminals: 37
• Geografische Abdeckung: Regionen Perm, Eagle Ford und Bakken

Beziehungen zu Transport- und Vertriebsnetzen

Netzwerkpartner	Transportmodus	Jährliches Transportvolumen
BNSF-Eisenbahn	Schienenverkehr	185.000 Wagenladungen pro Jahr
Logistikanbieter an der Golfküste	Seetransport	2,3 Millionen Barrel pro Monat

MPLX LP (MPLX) – Geschäftsmodell: Hauptaktivitäten

Transport von Rohöl und Erdölprodukten

MPLX betreibt ab 2023 ein Transportnetzwerk mit 11.000 Meilen Rohölpipelines. Gesamttransportvolumen Rohöl: 1,06 Millionen Barrel pro Tag. Jährlicher Transportumsatz: 2,4 Milliarden US-Dollar.

Pipeline-Typ	Meilen	Tageskapazität
Rohölpipelines	11,000	1,06 Millionen Barrel
Pipelines für Erdölprodukte	5,600	650.000 Barrel

Erdgasgewinnung und -verarbeitung

MPLX verarbeitet etwa 5,5 Milliarden Kubikfuß Erdgas pro Tag. Die Gassammelinfrastruktur umfasst 26 Bundesstaaten.

• Tägliche Erdgasverarbeitungskapazität: 5,5 BCF
• Gesamtverarbeitungsanlagen: 23
• Jährlicher Umsatz aus der Erdgasverarbeitung: 1,8 Milliarden US-Dollar

Midstream-Logistik- und Lagerbetrieb

Die Speicherkapazität umfasst 38 Millionen Barrel Flüssigkeitsspeicher und 50 Millionen Kubikfuß Erdgasspeicher.

Speichertyp	Kapazität	Anzahl der Einrichtungen
Flüssigkeitslagerung	38 Millionen Barrel	42
Erdgasspeicherung	50 Millionen Kubikfuß	15

Entwicklung und Wartung der Pipeline-Infrastruktur

Jährliche Infrastrukturinvestition: 750 Millionen US-Dollar. Der Schwerpunkt der Investitionen lag auf dem Ausbau und der Instandhaltung von Pipelinenetzen.

• Jährliche Wartungsausgaben: 350 Millionen US-Dollar
• Budget für den Bau einer neuen Pipeline: 400 Millionen US-Dollar
• Projekte zur Modernisierung der Infrastruktur: 12

Logistik- und Terminalmanagementdienste

MPLX verwaltet 87 Logistikterminals in den Vereinigten Staaten. Gesamtdurchsatz des Terminals: 2,3 Millionen Barrel pro Tag.

Terminaltyp	Nummer	Täglicher Durchsatz
Erdölterminals	62	1,5 Millionen Barrel
Chemische Terminals	25	800.000 Barrel

MPLX LP (MPLX) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Pipeline-Netzwerk

MPLX betreibt eine umfassende Pipeline-Infrastruktur, die sich über mehrere US-Regionen erstreckt, mit den folgenden spezifischen Details:

Pipeline-Asset-Kategorie	Gesamtmeilen	Einsatzgebiete
Rohölpipelines	3.600 Meilen	Perm-Becken, Bakken, Ohio
Erdgaspipelines	2.800 Meilen	Marcellus, Utica Shale
Produktpipelines	1.900 Meilen	Mittlerer Westen, Nordosten der Vereinigten Staaten

Speicher- und Transportinfrastruktur

Die fortschrittliche Infrastruktur von MPLX umfasst:

• Lagerkapazität von 43,5 Millionen Barrel
• 23 Terminalanlagen in den Vereinigten Staaten
• Integriertes Logistiknetzwerk mit über 250 Transportmitteln

Technische Expertise

Zu den operativen Fähigkeiten im Midstream-Energiebereich gehören:

Technische Leistungsfähigkeit	Betriebsmetriken
Verarbeitungskapazität	5,2 Milliarden Kubikfuß pro Tag
Fraktionierungskapazität	380.000 Barrel pro Tag

Möglichkeiten zur Kapitalanlage

Finanzielle Ressourcen und Investitionskennzahlen:

• Gesamtvermögen: 37,8 Milliarden US-Dollar (2023)
• Jährliche Investitionsausgaben: 800–900 Millionen US-Dollar
• Bonitätseinstufung: BBB- (Standard & Armen)

Zusammensetzung der Belegschaft

Mitarbeiterkategorie	Gesamtzahl	Durchschnittliche Erfahrung
Gesamtzahl der Mitarbeiter	1,750	12,5 Jahre
Technische Spezialisten	680	15 Jahre

MPLX LP (MPLX) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Energieinfrastrukturlösungen

MPLX LP betreibt ab 2023 eine Pipeline-Infrastruktur von 276.000 Meilen mit einer Gesamttransportkapazität von etwa 5,8 Millionen Barrel pro Tag. Zu den Midstream-Assets des Unternehmens gehören:

Asset-Typ	Menge	Kapazität
Rohölpipelines	18.900 Meilen	2,3 Millionen Barrel pro Tag
Erdgaspipelines	257.100 Meilen	3,5 Millionen Kubikfuß pro Tag

Kostengünstige Midstream-Transportdienste

MPLX bietet Transportdienstleistungen mit wettbewerbsfähigen Preisstrukturen:

• Durchschnittliche Transportkosten: 0,35 USD pro Barrel und Meile
• Jährlicher Transportumsatz: 4,2 Milliarden US-Dollar im Jahr 2023
• Operative Marge für Logistikdienstleistungen: 22,7 %

Integrierte Logistik- und Lagermöglichkeiten

Details zur Speicherinfrastruktur:

Speichertyp	Gesamtkapazität	Auslastungsrate
Lagerung von Rohöl	15,6 Millionen Barrel	91.3%
Erdgasspeicherung	280 Milliarden Kubikfuß	87.5%

Reduzierte Transportkosten für Energieerzeuger

Kostensenkungskennzahlen für Energieerzeuger:

• Durchschnittliche Kosteneinsparung: 18 % im Vergleich zu alternativen Transportmethoden
• Gesamte Kundeneinsparungen im Jahr 2023: 620 Millionen US-Dollar
• Langfristige Vertragsabdeckung: 87 % der Transportleistungen

Flexibles und skalierbares Energieinfrastrukturnetzwerk

Indikatoren für Netzwerkskalierbarkeit und -flexibilität:

Netzwerkmetrik	Wert 2023	Wachstum im Jahresvergleich
Netzwerkerweiterung	6.700 neue Pipelinemeilen	4.2%
Verbindungspunkte	237 strategische Standorte	5.6%

MPLX LP (MPLX) – Geschäftsmodell: Kundenbeziehungen

Langfristige Serviceverträge mit Energieerzeugern

MPLX LP unterhält 120 langfristige Serviceverträge mit Energieproduzenten in den Schieferregionen Perm, Bakken und Marcellus. Die durchschnittliche Vertragslaufzeit beträgt 7,3 Jahre mit festen Mindestvolumenzusagen.

Region	Anzahl der Verträge	Durchschnittlicher Vertragswert
Permbecken	48	42,5 Millionen US-Dollar
Bakken-Schiefer	35	38,2 Millionen US-Dollar
Marcellus-Schiefer	37	45,7 Millionen US-Dollar

Dedizierte Account-Management-Teams

MPLX betreibt 22 engagierte Account-Management-Teams, die große Kunden aus der Energieerzeugung betreuen. Jedes Team verwaltet durchschnittlich 5–7 wichtige Kundenbeziehungen mit einem jährlichen Umsatzpotenzial von 15–25 Millionen US-Dollar pro Kunde.

Leistungsbasierte Beziehungsmodelle

Zu den Leistungskennzahlen für Kundenbeziehungen gehören:

• Logistikeffizienz: Pünktlichkeitsquote von 99,2 %
• Transportzuverlässigkeit: 97,6 % Vertragserfüllung
• Kostenoptimierung: 4,7 % jährliche Reduzierung der Transportkosten

Maßgeschneiderte Logistik- und Transportlösungen

MPLX bietet 87 maßgeschneiderte Transportlösungen in verschiedenen Energieerzeugungssegmenten mit spezialisierten Infrastrukturinvestitionen in Höhe von insgesamt 672 Millionen US-Dollar im Jahr 2023.

Transportsegment	Maßgeschneiderte Lösungen	Infrastrukturinvestitionen
Rohöllogistik	34	287 Millionen Dollar
Erdgas-Midstream	29	226 Millionen Dollar
NGL-Transport	24	159 Millionen Dollar

Kontinuierliche operative Unterstützung und Kommunikation

MPLX unterhält rund um die Uhr operative Supportzentren mit 312 technischen Supportmitarbeitern und wickelt täglich durchschnittlich 1.247 Kundenkommunikationsinteraktionen über digitale und direkte Kommunikationskanäle ab.

MPLX LP (MPLX) – Geschäftsmodell: Kanäle

Direktvertriebsteams

MPLX LP verfügt ab dem vierten Quartal 2023 über ein engagiertes Vertriebsteam von 287 professionellen Vertretern, die auf Midstream-Energielogistik und Kraftstoffvertriebskanäle spezialisiert sind.

Vertriebsteam-Metrik	Menge
Gesamtzahl der Vertriebsmitarbeiter	287
Geografische Abdeckung	26 US-Bundesstaaten
Durchschnittlicher Verkaufszyklus	6-9 Monate

Branchenkonferenzen und Fachveranstaltungen

MPLX nimmt jährlich an 42 Konferenzen im Energiesektor teil und investiert schätzungsweise 1,2 Millionen US-Dollar in Veranstaltungsteilnahme und Networking.

• Teilnahme an großen Konferenzen: 42 Veranstaltungen
• Jährliches Konferenzbudget: 1,2 Millionen US-Dollar
• Wichtige Ereignisse: CERAWeek, World Oil & Gaskonferenz

Digitale Kommunikationsplattformen

MPLX nutzt mehrere digitale Kanäle mit insgesamt 124.567 digitalen Interaktionspunkten in professionellen Netzwerken.

Digitale Plattform	Anzahl der Follower/Verbindungen
LinkedIn	78,342
Twitter	32,456
Unternehmenswebsite	13,769

Vernetzung im Energiesektor

MPLX unterhält strategische Beziehungen zu 214 Industriepartnern in den Midstream- und Downstream-Energiesegmenten.

Strategische Geschäftsentwicklungsinitiativen

MPLX investierte im Jahr 2023 56,3 Millionen US-Dollar in Strategien zur Geschäftsentwicklung und Kanalerweiterung, um die Marktdurchdringung zu verbessern.

• Investitionen in die Geschäftsentwicklung: 56,3 Millionen US-Dollar
• Neue Partnerschaftsvereinbarungen: 17
• Geografische Expansionsziele: Perm-Becken, Eagle Ford Shale

MPLX LP (MPLX) – Geschäftsmodell: Kundensegmente

Große Öl- und Gasförderunternehmen

MPLX bedient große Öl- und Gasproduzenten mit erheblichen Anforderungen an die Midstream-Infrastruktur.

Kundentyp	Jährliches Midstream-Volumen	Vertragsdauer
Marathon Petroleum	1,4 Millionen Barrel pro Tag	Langfristige strategische Partnerschaft
ExxonMobil	350.000 Barrel pro Tag	Verträge mit einer Laufzeit von 5–7 Jahren

Unabhängige Explorations- und Produktionsunternehmen

MPLX unterstützt unabhängige E&P-Unternehmen mit Midstream-Logistiklösungen.

• Abdeckung der Bakken-Schieferregion
• Transportdienstleistungen im Perm-Becken
• Erfassungs- und Verarbeitungsinfrastruktur

Teilnehmer des regionalen Energiemarktes

MPLX bietet regionale Energiemarktinfrastruktur in mehreren Bundesstaaten.

Region	Marktpräsenz	Jahresumsatz
Mittlerer Westen	Ohio, Pennsylvania	420 Millionen Dollar
Südwesten	Texas, New Mexico	350 Millionen Dollar

Petrochemische Hersteller

MPLX unterstützt petrochemische Hersteller mit spezialisierten Logistikdienstleistungen.

• NGL-Transportmöglichkeiten
• Zugang zum Lagerterminal
• Maßgeschneiderte Logistiklösungen

Vertriebshändler für raffinierte Produkte

MPLX bietet eine umfassende, verfeinerte Produktvertriebsinfrastruktur.

Produkttyp	Jährliches Vertriebsvolumen	Vertriebsreichweite
Benzin	1,2 Milliarden Gallonen	20 Staaten
Diesel	850 Millionen Gallonen	15 Staaten

MPLX LP (MPLX) – Geschäftsmodell: Kostenstruktur

Wartungskosten für die Pipeline-Infrastruktur

Im Jahr 2023 meldete MPLX LP Pipeline-Wartungskosten in Höhe von 397 Millionen US-Dollar. Die jährlichen Wartungsinvestitionen des Unternehmens für seine Midstream-Infrastruktur beliefen sich auf insgesamt 234 Millionen US-Dollar.

Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Jährliche Wartung der Pipeline	397
Instandhaltungsinvestitionen	234

Investitionen für den Netzwerkausbau

MPLX LP investiert 813 Millionen Dollar Investitionen in den Netzwerkausbau im Jahr 2023, wobei der Schwerpunkt auf der strategischen Infrastrukturentwicklung in den Logistik- und Speichersegmenten liegt.

• Investitionen in die Erweiterung des Logistiksegments: 456 Millionen US-Dollar
• Entwicklung der Speichersegment-Infrastruktur: 357 Millionen US-Dollar

Betriebs- und Logistikmanagementkosten

Betriebskosten für MPLX LP im Jahr 2023 erreicht 1,2 Milliarden US-Dollar, mit spezifischer Aufschlüsselung wie folgt:

Betriebskostenkategorie	Betrag (in Millionen US-Dollar)
Logistikmanagement	512
Transportbetrieb	348
Speicherverwaltung	340

Technologie- und Infrastrukturinvestitionen

MPLX LP zugewiesen 189 Millionen Dollar für Investitionen in Technologie und digitale Infrastruktur im Jahr 2023, die auf betriebliche Effizienz und technologische Modernisierung abzielen.

• Initiativen zur digitalen Transformation: 87 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 52 Millionen US-Dollar
• Modernisierung der Betriebstechnologie: 50 Millionen US-Dollar

Ausgaben für Personal und Talentakquise

Die gesamten personalbezogenen Ausgaben für MPLX LP beliefen sich im Jahr 2023 auf 276 Millionen Dollar.

Kategorie der Personalausgaben	Betrag (in Millionen US-Dollar)
Gehälter und Vergütung	198
Talentakquise	42
Schulung und Entwicklung	36

MPLX LP (MPLX) – Geschäftsmodell: Einnahmequellen

Gebühren für Transport- und Logistikdienstleistungen

Für das Geschäftsjahr 2023 meldete MPLX LP einen Transportdienstleistungsumsatz von 3,2 Milliarden US-Dollar, insbesondere aus Rohöl, raffinierten Produkten und Transportdienstleistungen für flüssiges Erdgas (NGL).

Servicekategorie	Jahresumsatz (Milliarden US-Dollar)
Rohöltransport	1.45
Transport raffinierter Produkte	1.12
Erdgas-Flüssigkeitstransport	0.63

Gebühren für Lagerung und Terminalnutzung

MPLX erwirtschaftet jährlich 672 Millionen US-Dollar aus Speicher- und Terminalnutzungsgebühren in seinem Infrastrukturnetzwerk.

• Lagerkapazität: 47,5 Millionen Barrel
• Terminalstandorte: 112 in ganz Nordamerika
• Durchschnittliche tägliche Speicherauslastung: 88,3 %

Langfristige Infrastrukturverträge

Langfristige Infrastrukturverträge tragen 1,8 Milliarden US-Dollar zum jährlichen wiederkehrenden Umsatz bei, wobei die Vertragslaufzeiten zwischen 5 und 15 Jahren liegen.

Volumenbasierter Umsatz aus dem Energietransport

Der volumenbasierte Umsatz belief sich im Jahr 2023 auf insgesamt 2,6 Milliarden US-Dollar, mit folgender Aufteilung:

Energiesegment	Jährlicher Volumenumsatz (Milliarden US-Dollar)
Rohöl	1.35
Erdgas	0.85
Erdgasflüssigkeiten	0.40

Midstream-Servicevereinbarungen

Midstream-Serviceverträge erwirtschafteten im Jahr 2023 einen Umsatz von 1,1 Milliarden US-Dollar mit den wichtigsten Vertragsmerkmalen:

• Durchschnittliche Vertragsdauer: 7,5 Jahre
• Mindestmengenverpflichtung: 85 %
• Gesamtzahl der Midstream-Serviceverträge: 42

MPLX LP (MPLX) - Canvas Business Model: Value Propositions

You're looking at the core value MPLX LP delivers, which is all about stable cash flow and connecting energy production to markets. Honestly, the structure itself is a major part of the proposition.

Highly stable, fee-based cash flow model (MLP structure)

The Master Limited Partnership (MLP) structure is designed to generate durable cash flows, primarily through long-term, fee-based contracts. This means MPLX LP acts more like a toll road operator than a commodity speculator. The stability is evident in the financial results, even with ongoing capital deployment. For the third quarter of 2025, MPLX LP reported $1.468 billion in Distributable Cash Flow (DCF) and $1.766 billion in Adjusted EBITDA attributable to MPLX LP. This DCF supported a distribution coverage ratio of 1.3x for the quarter, showing a solid buffer above the payout. The company maintained a leverage ratio of 3.7x at the end of the quarter, which is within the range supported by the stability of their cash flows.

Here are some key financial snapshots from the third quarter of 2025:

Metric	Value (Q3 2025)	Context
Net Income Attributable to MPLX LP	$1.545 billion	Profitability for the quarter
Adjusted EBITDA Attributable to MPLX LP	$1.766 billion	Operational performance measure
Distributable Cash Flow (DCF)	$1.468 billion	Cash available for distributions
Distribution Coverage Ratio	1.3x	DCF relative to distributions
Leverage Ratio	3.7x	Debt to Adjusted EBITDA

Integrated wellhead-to-water midstream service solutions

MPLX LP offers a comprehensive network that covers the entire midstream journey. This integration provides efficiency and reliability for producers needing to move product from the wellhead all the way to market outlets, including export facilities. The business is segmented to capture value across the hydrocarbon chain:

• Crude Oil and Products Logistics segment generated $1.137 billion in Adjusted EBITDA for Q3 2025.
• Natural Gas and NGL Services segment contributed $629 million in Adjusted EBITDA for Q3 2025.
• The company is actively expanding its NGL capabilities, such as the BANGL NGL pipeline expansion sanctioned to increase capacity from 250 thousand bpd to 300 thousand bpd, expected online in the second half of 2026.

Reliable market access for producers in key US shale plays

The value proposition is cemented by strategic investments in high-growth areas. MPLX LP is focused on providing critical infrastructure in basins like the Permian and Marcellus. For instance, the recent acquisition of a Delaware basin sour gas treating business, valued around $2.4 billion in cash, directly supports the Permian wellhead-to-water strategy. Furthermore, the Secretariat processing plant, expected online in the fourth quarter of 2025, will bring total gas processing capacity in the Permian basin to 1.4 bcf/d. This shows a clear commitment to expanding capacity where producers need it most.

High distribution yield with a Q3 2025 annualized distribution of $4.31 per unit

For you as a potential unitholder, the direct cash return is a primary draw. MPLX LP announced a quarterly cash distribution of $1.0765 per common unit for the third quarter of 2025. This marked a 12.5% increase over the prior quarter, the second consecutive year with that level of hike. Annualizing this Q3 rate gives you a yield based on an annualized distribution of $4.31 per unit. This consistent capital return is a core tenet of the MLP structure.

Operational scale and efficiency from MPC affiliation

The relationship with Marathon Petroleum Corporation (MPC) provides a foundation of scale and operational synergy. This affiliation is strategic, as MPLX LP's durable and growing cash flow is designed to support MPC's capital needs. For 2025, MPLX LP has an overall capital expenditure outlook of approximately $2 billion, with about 85% allocated as growth capital, much of it within the Natural Gas and NGL Services segment. MPC expects distributions from MPLX LP in 2025 to cover its dividends and standalone capital outlook, which is a strong vote of confidence in MPLX LP's cash generation capabilities.

Finance: draft 13-week cash view by Friday.

MPLX LP (MPLX) - Canvas Business Model: Customer Relationships

You're looking at how MPLX LP secures its revenue base, which is heavily reliant on long-term, stable relationships rather than transactional sales. This stability is key to supporting the consistent distribution growth that unitholders expect.

Long-term, take-or-pay contracts with high credit quality counterparties

While specific take-or-pay contract volumes and durations aren't public in the latest filings, the structure is anchored by the relationship with its sponsor, Marathon Petroleum Corporation (MPC). MPLX LP was formed by MPC to own and operate midstream assets. This relationship provides a foundation of committed business. For instance, MPLX is contracting with MPC to purchase offtake from the Gulf Coast fractionation complex, which MPC intends to market globally. Furthermore, as of September 30, 2025, MPLX had $1.5 billion available through its intercompany loan agreement with MPC, showing deep financial integration.

The stability of cash flows from these arrangements supports MPLX LP's financial targets, with the leverage ratio reported at 3.7x at the end of Q3 2025.

Dedicated commercial teams for anchor customer MPC

The operational alignment with Marathon Petroleum Corporation (MPC) is a core relationship feature. MPLX LP provides fuels distribution services directly to MPC. This isn't just a transactional relationship; it involves strategic asset integration. The new $1.4 billion LPG export terminal joint venture with ONEOK in Texas City will leverage MPC's existing location and infrastructure to gain construction timing and cost benefits. This shows dedicated teams working to optimize assets that benefit the sponsor.

Strategic joint ventures for large-scale infrastructure projects

MPLX LP actively pursues strategic joint ventures to expand its footprint and customer optionality, often with strong industry partners. These projects are large-scale commitments that secure future revenue streams.

Here's a look at some recent major infrastructure collaborations:

• The Texas City Logistics LLC (TCX) joint venture with ONEOK for an LPG export terminal, a $1.4 billion total project.
• MPLX's investment in TCX is $700 million, split 50/50 with ONEOK.
• The associated MBTC Pipeline LLC joint venture with ONEOK sees MPLX holding a 20% stake, representing a $70 million investment out of a $350 million total.
• MPLX also announced a collaboration with MARA Holdings for integrated power generation and on-site compute infrastructure.

The commitment to these projects is substantial, with MPLX LP's 2025 capital spending outlook set at $2.0 billion.

Investor relations focused on consistent distribution growth

A primary focus of MPLX LP's investor relations is demonstrating the durability of its cash flows to support predictable and growing distributions to unitholders. This commitment is clearly articulated through recent distribution actions.

MPLX LP distribution metrics as of late 2025:

Metric	Value
Q3 2025 Quarterly Distribution	$1.0765 per common unit
Annualized Distribution (Post-Q3 2025 Increase)	$4.31 per unit
Q3 2025 Distribution Increase	12.5% (Second consecutive year)
Dividend Yield (Approximate)	7.71%
Payout Ratio (Approximate)	83.63%
5-Year Dividend Growth Rate	+7.49%

The Q3 2025 distributable cash flow was $1,468 million, which funded a $1.1 billion return of capital to unitholders for the quarter. This performance resulted in a distribution coverage of 1.3x for the quarter.

MPLX LP (MPLX) - Canvas Business Model: Channels

You're looking at how MPLX LP moves the molecules-the sheer physical reach of their assets is the channel.

Physical pipeline network for crude, NGLs, and natural gas

MPLX LP's primary channel is its extensive network of wholly and jointly owned common carrier pipelines connecting supply basins to demand centers and export points. The company is heavily focused on expanding its Permian and Marcellus infrastructure to support growing production.

Here's a look at the operational scale and key pipeline projects as of late 2025:

Metric	System/Asset	Capacity/Volume (Latest Reported)	Status/Timeline
Crude Oil Pipeline Throughput	Overall System	3,867 mbpd (Q3 2025)	Reported Q3 2025
Natural Gas Gathering Volume	Overall System	6.9 Bcf/d (Q3 2025)	Reported Q3 2025
Natural Gas Processing Capacity	Overall System	10.1 Bcf/d (Q3 2025)	Reported Q3 2025
Natural Gas Pipeline Capacity	Traverse Pipeline	2.5 Bcf/d	In-service expected second half of 2027
NGL Pipeline Capacity	BANGL Pipeline Expansion	Expansion to 300,000 bpd	In-service expected second half of 2026
Gas Processing Capacity Addition	Secretariat Plant (Permian)	200 MMcf/d	Expected online Q4 2025

The company is actively building out its Permian-to-Gulf Coast gas takeaway capacity. For instance, the Secretariat plant is set to bring MPLX's total Permian gas processing capacity to 1.4 Bcf/d upon completion in the fourth quarter of 2025.

Further pipeline expansions are underway to support this flow:

• Blackcomb and Rio Bravo Pipelines: Expected in-service in the second half of 2026.
• Harmon Creek III (Northeast): Adds 300 MMcf/d processing and a 40,000 bpd de-ethanizer.

Marine, rail, and truck terminals for product logistics

MPLX LP uses a variety of modes to handle the receipt, storage, blending, and redelivery of refined petroleum and renewable products. These terminals are critical for connecting pipelines to the final distribution legs.

The logistics channels include:

• Terminal throughput was reported at 3,183 mbpd in the second quarter of 2025.
• The company operates an inland marine business utilizing a fleet of boats and barges for transporting light products, crude oil, and renewable fuels along the Mid-Continent and Gulf Coast regions.
• Terminal and refinery assets include rail and truck loading lanes/racks, supporting transportation via rail and over the road.
• Storage caverns for butane, propane, and liquefied petroleum gas are located in Neal, West Virginia; Woodhaven, Michigan; Robinson, Illinois; and Jal, New Mexico.

Direct commercial contracts with producers and refiners

The physical infrastructure is underpinned by long-term commercial agreements. You see this commitment reflected in the financing of new projects.

Contractual support is evident in:

• Minimum volume commitments from top regional producers supporting the sour gas treating capacity expansion in the Delaware Basin.
• Strong producer commitments backing the construction of the Harmon Creek III complex.
• A specific offtake agreement with MPC (Marathon Petroleum Corp.) for the output from the Gulf Coast fractionation complex.

Gulf Coast export facilities for global market access

MPLX LP is channeling NGLs to the global market through significant joint venture development on the Gulf Coast. This is a major growth vector for the NGL Services segment.

Key export channel projects include:

Project	Partner	Capacity	MPLX Investment Share (Approx.)	Expected Completion
LPG Export Terminal JV	ONEOK Inc.	400,000 bpd	$700 million (for terminal JV)	Early 2028
Associated Pipeline JV	ONEOK Inc.	24-in. pipeline	$70 million (for pipeline JV)	Early 2028
Gulf Coast Fractionation	Internal/MPC Contract	Two facilities at 150,000 bbl/d each	Capital deployment ongoing	2028 and 2029

The LPG Export Terminal JV, Texas City Logistics LLC, is owned 50 percent by MPLX LP, with MPLX constructing and operating the facility. Both MPLX and ONEOK have contractually reserved 200,000-bpd of the terminal's loading throughput.

MPLX LP (MPLX) - Canvas Business Model: Customer Segments

You're looking at the core relationships that drive cash flow for MPLX LP, and honestly, the structure is heavily weighted toward its sponsor, Marathon Petroleum Corporation (MPC).

Marathon Petroleum Corporation (MPC) as the primary, captive customer

Marathon Petroleum Corporation (MPC) is the anchor for MPLX LP; it's the sponsor and the majority owner of the limited partner interests. This relationship provides a foundation of stable, fee-based revenue. As of September 30, 2025, MPLX LP had $1.5 billion available through its intercompany loan agreement with MPC, underscoring this financial tie. MPLX LP's asset base includes crude oil and refined products assets that were originally 'dropped down' from Marathon Petroleum. Furthermore, MPC has contracted to purchase offtake from MPLX's developing Gulf Coast fractionation facilities, which MPC plans to market globally. The companies also announced a collaboration on Integrated Power Generation and Data Center Campuses in West Texas on November 4, 2025.

MPLX LP's customer base is segmented across its operations, but the relationship with MPC is central to its logistics infrastructure.

• MPLX is the midstream affiliate of MPC.
• MPC owns the general partner and majority limited partner interest in MPLX.
• MPLX had $1.5 billion available via intercompany loan with MPC as of September 30, 2025.

Independent Exploration and Production (E&P) companies

A significant portion of MPLX LP's growth is aimed at serving third-party producers, particularly in key basins. The company plans to invest $1.7 billion in organic growth projects in 2025, with 85% allocated to its Natural Gas and NGL Services segment specifically to drive third-party cash flows. This focus is evident in the Permian and Marcellus basins, where MPLX is expanding processing capacity in response to producer demand. For instance, the Secretariat processing plant, expected online by the end of 2025, will bring total Permian gas processing capacity to 1.4 Bcf/d. The Natural Gas and NGL Services segment saw increased volumes in the Permian and Utica basins in Q1 2025, reflecting strong third-party activity. MPLX is executing its wellhead-to-water strategy in the Permian to serve these producers.

Refiners and petrochemical manufacturers

This segment is served primarily through infrastructure expansion designed to move refined products and natural gas liquids (NGLs) to major processing hubs and export points. MPLX is developing two fractionation facilities near MPC's Galveston Bay refinery, each with a capacity of 150 thousand barrel per day (bpd), expected in service in 2028 and 2029. The Traverse natural gas pipeline is being upsized to handle 2.5 Bcf/d, enhancing bidirectional service along the Gulf Coast to access premium markets, which benefits refiners and petrochemical users. The acquisition of the remaining 55% of BANGL, LLC for $715 million is key, as this NGL pipeline connects the Permian to the Gulf Coast fractionation assets.

Here's a look at the capacity expansion aimed at these downstream and midstream customers:

Project/Asset	Customer Segment Focus	Capacity/Investment Metric	Status/Target Date
Gulf Coast Fractionators (2 facilities)	Refiners (MPC offtake)	150 thousand bpd each	Expected in service 2028 and 2029
LPG Export Terminal (with ONEOK)	International Exporters	400 thousand bpd	Anticipated in service 2028
BANGL Pipeline Acquisition	NGL Shippers/Marketers	Acquired remaining 55% for $715 million	Full ownership achieved in 2025
Traverse Pipeline	Natural Gas Shippers/Refiners	Upsized to 2.5 Bcf/d	Enhancing service along Gulf Coast

Third-party marketers and international LPG exporters

MPLX LP is actively building out its capacity to serve third-party marketers looking to move NGLs, like propane and butane, to international markets. The partnership with ONEOK, Inc. for the LPG export terminal is a direct play for this segment, targeting 400 thousand bpd of export capacity by 2028. The BANGL pipeline acquisition, which moves NGLs from the Permian to the Gulf Coast, directly supports these export opportunities. The stability of the fee-based contracts across these services helps MPLX LP maintain a strong distribution coverage ratio, which was 1.3x for Q3 2025, supporting the announced 12.5% increase in the quarterly distribution to $1.0765 per common unit. MPLX continues to demonstrate the strength and stability of its business, which is attractive to third-party shippers seeking reliable midstream service providers.

MPLX LP (MPLX) - Canvas Business Model: Cost Structure

You're analyzing the cost base for MPLX LP as of late 2025, and honestly, it's dominated by the massive, long-term investments required to run a premier energy infrastructure company. The cost structure is heavily weighted toward capital deployment and asset maintenance, which is typical for this sector.

High fixed costs associated with pipeline and plant infrastructure are the bedrock of MPLX's expense profile. These assets require constant upkeep and represent sunk costs that don't fluctuate much with short-term throughput changes, which is why their fee-based contracts are so important for cash flow stability. While a direct 'fixed operating cost' number isn't always broken out cleanly, the sheer scale of the asset base implies significant, non-variable costs for operations, regulatory compliance, and insurance.

Personnel and administrative costs are largely managed through the relationship with Marathon Petroleum Corp. (MPC). For the full year 2024, MPLX incurred $2.0 billion of costs under various agreements with MPC, which covers employee benefit expenses and operational/management services supporting both the Crude Oil and Products Logistics and Natural Gas and NGL Services segments. This arrangement helps control direct overhead, but it's a substantial, recurring expense.

The commitment to growth means significant capital expenditures for growth projects are a major cost driver. For fiscal year 2025, MPLX's total capital expenditure outlook is set at $2 billion, with $1.7 billion earmarked for growth capital, primarily in the Natural Gas and NGL Services segment. The Secretariat plant, a key growth project in the Permian Basin, is expected to come online by the end of 2025, adding 200 MMcf/d of processing capacity. Also, the $2.375 billion all-cash acquisition of Northwind Midstream, announced in late July 2025, represents a major capital outlay that will impact future cash flows, though it's an acquisition rather than organic CapEx.

Ensuring asset integrity requires dedicated maintenance capital expenditures. For the 2024 fiscal year, MPLX budgeted approximately $150 million for maintenance capital. This spending is crucial to maintaining the reliability that underpins their contract structures.

For a snapshot of the latest reported expenses, here's what we see around the middle of 2025:

Cost Component	Period/Date	Reported Amount (USD)
Total Operating Expenses	Quarter Ending September 2025	$1.82 billion
Costs under MPC Service Agreements (Personnel/Admin Proxy)	Full Year 2024	$2.0 billion
Total Capital Expenditures Outlook	Full Year 2025	$2.0 billion
Growth Capital Expenditures Allocation	Full Year 2025	$1.7 billion
Maintenance Capital Expenditures	Full Year 2024	$150 million
Total Debt (Consolidated)	June 30, 2025	$25.65 billion

Regarding interest expense on consolidated debt, the total debt level as of June 30, 2025, stood at $25.65 billion, with a leverage ratio of 3.1x, which is within the target range supported by stable cash flows. You should note that MPLX actively managed this debt, repaying all of its outstanding $1.2 billion senior notes due in June 2025. Interest expense itself is a significant component, as it is excluded when calculating Adjusted EBITDA, a key internal metric. For instance, in Q2 2025, Adjusted EBITDA was $1.690 billion.

The operational costs, which include energy consumption, show some variability. For example, in the Natural Gas and NGL Services segment, higher operating expenses partially offset growth in Q2 2025 compared to Q2 2024. Also, the Bluestone plant achieved an energy intensity reduction of approximately 12% over 24 months, which is defintely expected to help moderate energy-related operating costs going forward.

Here are some key operational cost drivers and related metrics:

• Gathered volumes averaged 6.2 bcf/d in Q1 2024.
• Processed volumes averaged 9.4 bcf/d in Q1 2024, a 9% increase year-over-year.
• Fractionation volumes were 634,000 b/d in Q2 2025.
• The leverage ratio target range is up to 4.0x (Source 1, 6).

Finance: draft 13-week cash view by Friday.

MPLX LP (MPLX) - Canvas Business Model: Revenue Streams

The revenue streams for MPLX LP are heavily anchored in long-term, fee-based contracts, which is the core of the stability you look for in a master limited partnership structure. This approach helps insulate the partnership from the day-to-day volatility of commodity prices.

A significant portion of this stability comes from fee-based revenue from long-term MVC contracts (Minimum Volume Commitment). While the exact 2025 figure isn't explicitly broken out, you should note that in 2024, the sponsor, Marathon Petroleum Corporation (MPC), accounted for 49 percent of MPLX LP's total revenues and other income, largely within the Crude Oil and Products Logistics segment, under these long-term, fee-based agreements.

The overall financial performance in 2025 reflects this steady cash flow generation. For the first nine months of 2025, MPLX LP reported Adjusted EBITDA of $5.2 billion. Furthermore, the top-line performance for the third quarter of 2025 was strong, with reported Revenue of $3.62 billion from services and product sales, which beat analyst projections.

You can see the contribution from the two main operating segments in the third quarter of 2025, primarily through their Adjusted EBITDA figures:

Segment	Q3 2025 Adjusted EBITDA (Millions USD)	Q3 2025 YoY Adjusted EBITDA Change
Crude Oil and Products Logistics segment fees	$1,137 million	Increased by $43 million
Natural Gas and NGL Services segment fees	$629 million	Increased by $9 million

The Crude Oil and Products Logistics segment saw its Adjusted EBITDA increase to $1.137 billion for the third quarter of 2025, up from $1.094 billion in the third quarter of 2024. This increase was mainly driven by higher rates, partially offset by higher operating expenses.

For the Natural Gas and NGL Services segment, the Adjusted EBITDA for the third quarter of 2025 was $629 million, an increase from $620 million in the prior-year period. This segment's growth was supported by contributions from recently acquired assets and higher volumes, though operating expenses also rose.

The revenue-generating activities across these segments include:

• Transportation, terminal, and storage services for crude oil and refined products under contract with MPC.
• Gathering, processing, and transportation of natural gas.
• Gathering, transportation, fractionation, storage, and marketing of natural gas liquids (NGLs).
• Inland marine businesses transporting light products, heavy oils, and crude oil.

The partnership continues to invest capital to secure future fee-based revenues, with over 90 percent of the 2025 organic growth capital allocated to the Natural Gas and NGL Services segment.

Finance: draft 13-week cash view by Friday.