MPLX LP (MPLX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la infraestructura energética, MPLX LP emerge como una potencia estratégica, transformando las operaciones medias a través de un modelo de negocio innovador e integral que conecta a la perfección productores de petróleo y gas con soluciones eficientes de transporte y logística. Al aprovechar una extensa red de tuberías, asociaciones estratégicas e infraestructura de vanguardia, MPLX LP ofrece un valor incomparable en todo el sector energético, optimizando los desafíos de transporte complejos al tiempo que impulsa los servicios intermedios rentables y confiables que mantienen el ecosistema energético de Estados Unidos en el futuro.

MPLX LP (MPLX) - Modelo de negocio: asociaciones clave

Asociaciones de infraestructura energética de Midstream

MPLX LP mantiene asociaciones estratégicas con grandes productores de petróleo y gas, que incluyen:

Pareja	Detalles de la asociación	Volumen anual (2023)
Marathon Petroleum Corporation	Operaciones integradas de Midstream	1.85 millones de barriles por día
Logística de Ander -Aavor	Logística y transporte	475,000 barriles por día

Alianzas estratégicas con Marathon Petroleum Corporation

La alianza estratégica principal de MPLX implica una colaboración integral de infraestructura de la corriente intermedia con Marathon Petroleum Corporation.

• Porcentaje de propiedad: 100% Propiedad de los activos de maratón Petroleum
• Activos totales de infraestructura: $ 33.2 mil millones
• Huella operativa: 20 estados en los Estados Unidos

Empresas conjuntas con compañías de tubería y logística

Socio de empresa conjunta	Tipo de infraestructura	Valor de inversión
Socios de productos empresariales	Tuberías de petróleo crudo	$ 1.2 mil millones
Magellan Midstream Partners	Transporte de productos refinados	$ 875 millones

Colaboración con operadores de terminales de almacenamiento

MPLX colabora con múltiples operadores de terminales de almacenamiento en regiones de petróleo clave.

• Capacidad de almacenamiento total: 42.6 millones de barriles
• Número de terminales de almacenamiento: 37
• Cobertura geográfica: Regiones Pérmicas, Ford Eagle y Bakken

Relaciones con redes de transporte y distribución

Socio de red	Modo de transporte	Volumen de transporte anual
Ferrocarril BNSF	Transporte ferroviario	185,000 cargas de automóviles por año
Proveedores de logística de la costa del Golfo	Transporte marino	2.3 millones de barriles por mes

MPLX LP (MPLX) - Modelo de negocio: actividades clave

Transporte de productos de petróleo crudo y petróleo

MPLX opera una red de transporte con 11,000 millas de tuberías de petróleo crudo a partir de 2023. Volumen total de transporte de petróleo crudo: 1.06 millones de barriles por día. Ingresos anuales de transporte: $ 2.4 mil millones.

Tipo de tubería	Millas	Capacidad diaria
Tuberías de petróleo crudo	11,000	1.06 millones de barriles
Tuberías de productos de petróleo	5,600	650,000 barriles

Recolección y procesamiento de gas natural

MPLX procesa aproximadamente 5,5 mil millones de pies cúbicos de gas natural por día. La infraestructura de recolección de gases cubre 26 estados.

• Capacidad diaria de procesamiento de gas natural: 5.5 BCF
• Instalaciones de procesamiento total: 23
• Ingresos anuales de procesamiento de gas natural: $ 1.8 mil millones

Operaciones de logística y almacenamiento de Midstream

La capacidad de almacenamiento incluye 38 millones de barriles de almacenamiento líquido y 50 millones de pies cúbicos de almacenamiento de gas natural.

Tipo de almacenamiento	Capacidad	Número de instalaciones
Almacenamiento líquido	38 millones de barriles	42
Almacenamiento de gas natural	50 millones de pies cúbicos	15

Desarrollo y mantenimiento de la infraestructura de tuberías

Inversión anual de infraestructura: $ 750 millones. El gasto de capital se centró en expandir y mantener redes de tuberías.

• Gasto de mantenimiento anual: $ 350 millones
• Nuevo presupuesto de construcción de tuberías: $ 400 millones
• Proyectos de modernización de infraestructura: 12

Servicios de logística y gestión de terminales

MPLX administra 87 terminales logísticas en los Estados Unidos. Total de rendimiento terminal: 2.3 millones de barriles por día.

Tipo terminal	Número	Rendimiento diario
Terminales de petróleo	62	1,5 millones de barriles
Terminales químicas	25	800,000 barriles

MPLX LP (MPLX) - Modelo de negocio: recursos clave

Red de tuberías extensa

MPLX opera una infraestructura integral de tuberías que abarca múltiples regiones estadounidenses, con los siguientes detalles específicos:

Categoría de activos de tuberías	Total de millas	Regiones operativas
Tuberías de petróleo crudo	3,600 millas	Basin Pérmica, Bakken, Ohio
Tuberías de gas natural	2.800 millas	Marcellus, Utica Shale
Tuberías de productos	1.900 millas	Medio oeste, noreste de los Estados Unidos

Infraestructura de almacenamiento y transporte

La infraestructura avanzada de MPLX incluye:

• Capacidad de almacenamiento de 43.5 millones de barriles
• 23 instalaciones terminales en todo Estados Unidos
• Red de logística integrada con más de 250 activos de transporte

Experiencia técnica

Las capacidades operativas energéticas de Midstream incluyen:

Capacidad técnica	Métricas operativas
Capacidad de procesamiento	5.2 mil millones de pies cúbicos por día
Fraccionamiento	380,000 barriles por día

Capacidades de inversión de capital

Recursos financieros y métricas de inversión:

• Activos totales: $ 37.8 mil millones (2023)
• Gastos de capital anuales: $ 800-900 millones
• Calificación crediticia: BBB- (estándar & Pobre)

Composición de la fuerza laboral

Categoría de empleado	Número total	Experiencia promedio
Total de empleados	1,750	12.5 años
Especialistas técnicos	680	15 años

MPLX LP (MPLX) - Modelo de negocio: propuestas de valor

Soluciones de infraestructura energética confiable y eficiente

MPLX LP opera 276,000 millas de infraestructura de tuberías a partir de 2023, con una capacidad de transporte total de aproximadamente 5.8 millones de barriles por día. Los activos intermedios de la compañía incluyen:

Tipo de activo	Cantidad	Capacidad
Tuberías de petróleo crudo	18,900 millas	2.3 millones de barriles por día
Tuberías de gas natural	257,100 millas	3.5 millones de pies cúbicos por día

Servicios rentables de transporte de la corriente intermedia

MPLX proporciona a los servicios de transporte estructuras de precios competitivos:

• Costo promedio de transporte: $ 0.35 por milla de barril
• Ingresos anuales de transporte: $ 4.2 mil millones en 2023
• Margen operativo para servicios logísticos: 22.7%

Logística integrada y capacidades de almacenamiento

Detalles de la infraestructura de almacenamiento:

Tipo de almacenamiento	Capacidad total	Tasa de utilización
Almacenamiento de petróleo crudo	15.6 millones de barriles	91.3%
Almacenamiento de gas natural	280 mil millones de pies cúbicos	87.5%

Costos de transporte reducidos para los productores de energía

Métricas de reducción de costos para productores de energía:

• Ahorro promedio de costos: 18% en comparación con métodos de transporte alternativos
• Ahorro total del cliente en 2023: $ 620 millones
• Cobertura del contrato a largo plazo: 87% de los servicios de transporte

Red de infraestructura de energía flexible y escalable

Indicadores de escalabilidad de red e flexibilidad:

Métrico de red	Valor 2023	Crecimiento año tras año
Expansión de la red	6.700 nuevas millas de tubería	4.2%
Puntos de interconexión	237 ubicaciones estratégicas	5.6%

MPLX LP (MPLX) - Modelo de negocio: relaciones con los clientes

Contratos de servicio a largo plazo con productores de energía

MPLX LP mantiene 120 contratos de servicio a largo plazo con productores de energía en las regiones de esquisto de Pérmico, Bakken y Marcellus. La duración promedio del contrato es de 7.3 años con compromisos de volumen mínimo fijos.

Región	Número de contratos	Valor de contrato promedio
Cuenca del permisa	48	$ 42.5 millones
Esquisto de Bakken	35	$ 38.2 millones
Marcellus lutita	37	$ 45.7 millones

Equipos de gestión de cuentas dedicados

MPLX opera 22 equipos dedicados de gestión de cuentas que atienden a los principales clientes de producción de energía. Cada equipo administra un promedio de 5-7 relaciones clave con el cliente con un potencial de ingresos anual entre $ 15-25 millones por cliente.

Modelos de relación basados ​​en el rendimiento

Las métricas de rendimiento para las relaciones con los clientes incluyen:

• Eficiencia logística: 99.2% Tasa de entrega a tiempo
• Confiabilidad del transporte: 97.6% de cumplimiento del contrato
• Optimización de costos: 4.7% de reducción anual en los gastos de transporte

Logística personalizada y soluciones de transporte

MPLX proporciona 87 soluciones de transporte personalizadas en diferentes segmentos de producción de energía con inversiones de infraestructura especializadas por un total de $ 672 millones en 2023.

Segmento de transporte	Soluciones personalizadas	Inversión en infraestructura
Logística de petróleo crudo	34	$ 287 millones
Midstream de gas natural	29	$ 226 millones
Transporte de NGL	24	$ 159 millones

Soporte operativo continuo y comunicación

MPLX mantiene los centros de soporte operativo 24/7 con 312 personal de soporte técnico, manejando un promedio de 1,247 interacciones de comunicación del cliente diariamente en canales de comunicación digital y directa.

MPLX LP (MPLX) - Modelo de negocio: canales

Equipos de ventas directos

MPLX LP mantiene una fuerza de ventas dedicada de 287 representantes profesionales que se especializan en la logística energética de la corriente y los canales de distribución de combustible a partir del cuarto trimestre de 2023.

Métrica del equipo de ventas	Cantidad
Representantes de ventas totales	287
Cobertura geográfica	26 estados de EE. UU.
Ciclo de ventas promedio	6-9 meses

Conferencias de la industria y eventos comerciales

MPLX participa en 42 conferencias del sector energético anualmente, con una inversión estimada de $ 1.2 millones en participación de eventos y redes.

• Asistencia de la conferencia principal: 42 eventos
• Presupuesto de conferencia anual: $ 1.2 millones
• Eventos clave: Ceraweek, aceite mundial & Conferencia de gas

Plataformas de comunicación digital

MPLX utiliza múltiples canales digitales con 124,567 puntos de participación digital total en redes profesionales.

Plataforma digital	Seguidor/recuento de conexión
LinkedIn	78,342
Gorjeo	32,456
Sitio web corporativo	13,769

Redes del sector energético

MPLX mantiene las relaciones estratégicas con 214 socios de la industria en los segmentos de energía intermedia y aguas abajo.

Iniciativas estratégicas de desarrollo empresarial

MPLX invirtió $ 56.3 millones en estrategias de desarrollo empresarial y expansión de canales durante 2023, apuntando a una mayor penetración del mercado.

• Inversión de desarrollo empresarial: $ 56.3 millones
• Nuevos acuerdos de asociación: 17
• Objetivos de expansión geográfica: cuenca de Pérmica, Eagle Ford Shale

MPLX LP (MPLX) - Modelo de negocio: segmentos de clientes

Grandes compañías de producción de petróleo y gas

MPLX atiende a los principales productores de petróleo y gas con importantes requisitos de infraestructura de la corriente media.

Tipo de cliente	Volumen anual de la corriente media	Duración del contrato
Petróleo de maratón	1,4 millones de barriles por día	Asociación estratégica a largo plazo
Exxonmobil	350,000 barriles por día	Contratos de 5-7 años

Firmas de exploración y producción independientes

MPLX admite empresas E&P independientes con soluciones de logística Midstream.

• Cobertura de la región de esquisto de Bakken
• Servicios de transporte de la cuenca de Pérmico
• Infraestructura de recopilación y procesamiento

Participantes del mercado de la energía regional

MPLX proporciona infraestructura regional del mercado energético en múltiples estados.

Región	Presencia en el mercado	Ingresos anuales
Medio oeste	Ohio, Pensilvania	$ 420 millones
Suroeste	Texas, Nuevo México	$ 350 millones

Fabricantes petroquímicos

MPLX admite fabricantes petroquímicos con servicios logísticos especializados.

• Capacidades de transporte de NGL
• Acceso de terminal de almacenamiento
• Soluciones logísticas personalizadas

Distribuidores de productos refinados

MPLX proporciona infraestructura integral de distribución de productos refinados.

Tipo de producto	Volumen de distribución anual	Alcance de distribución
Gasolina	1.200 millones de galones	20 estados
Diesel	850 millones de galones	15 estados

MPLX LP (MPLX) - Modelo de negocio: estructura de costos

Gastos de mantenimiento de la infraestructura de tuberías

En 2023, MPLX LP reportó gastos de mantenimiento de la tubería de $ 397 millones. Los gastos de capital de mantenimiento anuales de la compañía para su infraestructura de la corriente intermedia totalizaron $ 234 millones.

Categoría de gastos	Cantidad ($ millones)
Mantenimiento anual de tuberías	397
Gastos de capital de mantenimiento	234

Gasto de capital para la expansión de la red

MPLX LP invertido $ 813 millones En los gastos de capital para la expansión de la red en 2023, centrándose en el desarrollo de infraestructura estratégica en sus segmentos de logística y almacenamiento.

• Inversiones de expansión del segmento logístico: $ 456 millones
• Desarrollo de infraestructura del segmento de almacenamiento: $ 357 millones

Costos de gestión operacional y logística

Los gastos operativos para MPLX LP en 2023 alcanzaron $ 1.2 mil millones, con un desglose específico de la siguiente manera:

Categoría de costos operativos	Cantidad ($ millones)
Gestión logística	512
Operaciones de transporte	348
Gestión de almacenamiento	340

Inversiones de tecnología e infraestructura

MPLX LP asignado $ 189 millones Para la tecnología y las inversiones de infraestructura digital en 2023, dirigida a la eficiencia operativa y la modernización tecnológica.

• Iniciativas de transformación digital: $ 87 millones
• Infraestructura de ciberseguridad: $ 52 millones
• Actualizaciones de tecnología operativa: $ 50 millones

Gastos de adquisición de fuerza laboral y talento

Los gastos totales relacionados con la fuerza laboral para MPLX LP en 2023 ascendieron a $ 276 millones.

Categoría de gastos de la fuerza laboral	Cantidad ($ millones)
Salarios y compensación	198
Adquisición de talento	42
Capacitación y desarrollo	36

MPLX LP (MPLX) - Modelo de negocio: flujos de ingresos

Tarifas de servicio de transporte y logística

Para el año fiscal 2023, MPLX LP reportó ingresos por servicios de transporte de $ 3.2 mil millones, específicamente de petróleo crudo, productos refinados y servicios de transporte de líquidos de gas natural (NGL).

Categoría de servicio	Ingresos anuales ($ miles de millones)
Transporte de petróleo crudo	1.45
Transporte de productos refinados	1.12
Transporte líquido de gas natural	0.63

Almacenamiento y cargos de uso de terminales

MPLX genera $ 672 millones anuales a partir de tarifas de uso y uso de terminal en su red de infraestructura.

• Capacidad de almacenamiento: 47.5 millones de barriles
• Ubicaciones terminales: 112 en América del Norte
• Utilización promedio de almacenamiento diario: 88.3%

Contratos de infraestructura a largo plazo

Los contratos de infraestructura a largo plazo contribuyen con $ 1.8 mil millones en ingresos recurrentes anuales, con duraciones contractuales que van desde 5 a 15 años.

Ingresos basados ​​en el volumen del transporte de energía

Los ingresos basados ​​en el volumen totalizaron $ 2.6 mil millones en 2023, con el siguiente desglose:

Segmento de energía	Ingresos de volumen anuales ($ miles de millones)
Petróleo crudo	1.35
Gas natural	0.85
Líquidos de gas natural	0.40

Acuerdos de servicio Midstream

Los acuerdos de servicio Midstream generaron $ 1.1 mil millones en ingresos para 2023, con características clave del contrato:

• Longitud promedio del contrato: 7.5 años
• Compromiso de volumen mínimo: 85%
• Contratos de servicio totales de Midstream: 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.