MPLX LP (MPLX): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'infrastructure énergétique, MPLX LP apparaît comme une puissance stratégique, transformant les opérations intermédiaires à travers un modèle commercial innovant et complet qui relie de manière transparente les producteurs de pétrole et de gaz à des solutions de transport et de logistique efficaces. En tirant parti d'un vaste réseau de pipelines, des partenariats stratégiques et des infrastructures de pointe, MPLX LP offre une valeur inégalée dans le secteur de l'énergie, optimisant les défis complexes du transport tout en faisant avancer les services moyens et fiables qui font avancer l'écosystème énergétique de l'Amérique.

MPLX LP (MPLX) - Modèle d'entreprise: partenariats clés

Partenariats d'infrastructure énergétique au milieu

MPLX LP maintient des partenariats stratégiques avec les principaux producteurs de pétrole et de gaz, notamment:

Partenaire	Détails du partenariat	Volume annuel (2023)
Marathon Petroleum Corporation	Opérations intégrées en milieu médian	1,85 million de barils par jour
Logistique annuelle	Logistique et transport	475 000 barils par jour

Alliances stratégiques avec Marathon Petroleum Corporation

La principale alliance stratégique de MPLX implique une collaboration complète des infrastructures intermédiaires avec Marathon Petroleum Corporation.

• Pourcentage de propriété: 100% Propriété des actifs intermédiaires de Marathon Petroleum
• Actif total des infrastructures: 33,2 milliards de dollars
• Empreinte opérationnelle: 20 États à travers les États-Unis

Coentreprises avec des pipelines et des sociétés de logistique

Coentreprise	Type d'infrastructure	Valeur d'investissement
Partners des produits d'entreprise	Pilélines de pétrole brut	1,2 milliard de dollars
Magellan Midstream Partners	Transport raffiné des produits	875 millions de dollars

Collaboration avec les opérateurs de terminaux de stockage

MPLX collabore avec plusieurs opérateurs de terminaux de stockage dans les principales régions du pétrole.

• Capacité de stockage totale: 42,6 millions de barils
• Nombre de bornes de stockage: 37
• Couverture géographique: régions du Permien, Eagle Ford et Bakken

Relations avec les réseaux de transport et de distribution

Partenaire de réseau	Mode de transport	Volume de transport annuel
BNSF Railway	Transport ferroviaire	185 000 wagons par an
Fournisseurs de logistique de la côte du Golfe	Transport marin	2,3 millions de barils par mois

MPLX LP (MPLX) - Modèle d'entreprise: Activités clés

Transport de produits de pétrole brut et de pétrole

MPLX exploite un réseau de transport avec 11 000 miles de pétroles de pétrole brut en 2023. Volume total de transport du pétrole brut: 1,06 million de barils par jour. Revenus de transport annuels: 2,4 milliards de dollars.

Type de pipeline	Kilomètres	Capacité quotidienne
Pilélines de pétrole brut	11,000	1,06 million de barils
Pipelines de produits pétroliers	5,600	650 000 barils

Rassemblement et traitement du gaz naturel

MPLX traite environ 5,5 milliards de pieds cubes de gaz naturel par jour. Les infrastructures de collecte de gaz couvrent 26 États.

• Capacité de traitement du gaz naturel quotidien: 5,5 BCF
• Installations de traitement total: 23
• Revenus annuels de traitement du gaz naturel: 1,8 milliard de dollars

Opérations de logistique et de stockage intermédiaire

La capacité de stockage comprend 38 millions de barils de stockage liquide et 50 millions de pieds cubes de stockage de gaz naturel.

Type de stockage	Capacité	Nombre d'installations
Stockage liquide	38 millions de barils	42
Stockage de gaz naturel	50 millions de pieds cubes	15

Développement et maintenance des infrastructures de pipeline

Investissement annuel sur les infrastructures: 750 millions de dollars. Les dépenses en capital se sont concentrées sur l'expansion et le maintien des réseaux de pipelines.

• Dépenses de maintenance annuelles: 350 millions de dollars
• Nouveau budget de construction de pipelines: 400 millions de dollars
• Projets de modernisation des infrastructures: 12

Services de gestion de la logistique et des terminaux

MPLX gère 87 terminaux logistiques à travers les États-Unis. Débit total du terminal: 2,3 millions de barils par jour.

Type de terminal	Nombre	Débit quotidien
Terminaux pétroliers	62	1,5 million de barils
Terminaux chimiques	25	800 000 barils

MPLX LP (MPLX) - Modèle d'entreprise: Ressources clés

Réseau de pipeline étendu

MPLX exploite une infrastructure complète de pipelines couvrant plusieurs régions américaines, avec les détails spécifiques suivants:

Catégorie d'actifs de pipeline	Kilomètres totaux	Régions opérationnelles
Pilélines de pétrole brut	3 600 miles	Basin Permien, Bakken, Ohio
Pipelines de gaz naturel	2 800 miles	Marcellus, schiste Utica
Pipelines de produit	1 900 miles	Midwest, nord-est des États-Unis

Infrastructure de stockage et de transport

L'infrastructure avancée de MPLX comprend:

• Capacité de stockage de 43,5 millions de barils
• 23 installations terminales à travers les États-Unis
• Réseau logistique intégré avec plus de 250 actifs de transport

Expertise technique

Les capacités opérationnelles de l'énergie intermédiaire comprennent:

Capacité technique	Métriques opérationnelles
Capacité de traitement	5,2 milliards de pieds cubes par jour
Capacité de fractionnement	380 000 barils par jour

Capacités d'investissement en capital

Ressources financières et mesures d'investissement:

• Actif total: 37,8 milliards de dollars (2023)
• Dépenses en capital annuelles: 800 à 900 millions de dollars
• Note de crédit: BBB- (Standard & Pauvre)

Composition de la main-d'œuvre

Catégorie des employés	Nombre total	Expérience moyenne
Total des employés	1,750	12,5 ans
Spécialistes techniques	680	15 ans

MPLX LP (MPLX) - Modèle d'entreprise: propositions de valeur

Solutions d'infrastructure énergétique fiables et efficaces

MPLX LP exploite 276 000 miles d'infrastructures de pipeline à partir de 2023, avec une capacité de transport totale d'environ 5,8 millions de barils par jour. Les actifs intermédiaires de l'entreprise comprennent:

Type d'actif	Quantité	Capacité
Pilélines de pétrole brut	18 900 miles	2,3 millions de barils par jour
Pipelines de gaz naturel	257 100 miles	3,5 millions de pieds cubes par jour

Services de transport intermédiaire rentables

MPLX fournit des services de transport avec des structures de prix compétitives:

• Coût moyen du transport: 0,35 $ par baril-mile
• Revenus de transport annuels: 4,2 milliards de dollars en 2023
• Marge opérationnelle pour les services logistiques: 22,7%

Capacités de logistique et de stockage intégrées

Détails de l'infrastructure de stockage:

Type de stockage	Capacité totale	Taux d'utilisation
Stockage de pétrole brut	15,6 millions de barils	91.3%
Stockage de gaz naturel	280 milliards de pieds cubes	87.5%

Réduction des coûts de transport pour les producteurs d'énergie

Mesures de réduction des coûts pour les producteurs d'énergie:

• Économies de coûts moyens: 18% par rapport aux méthodes de transport alternatives
• Économies totales des clients en 2023: 620 millions de dollars
• Couverture contractuelle à long terme: 87% des services de transport

Réseau d'infrastructure énergétique flexible et évolutif

Évolutivité du réseau et indicateurs de flexibilité:

Métrique du réseau	Valeur 2023	Croissance d'une année à l'autre
Expansion du réseau	6 700 nouveaux miles de pipeline	4.2%
Points d'interconnexion	237 emplacements stratégiques	5.6%

MPLX LP (MPLX) - Modèle d'entreprise: relations avec les clients

Contrats de services à long terme avec les producteurs d'énergie

MPLX LP maintient 120 contrats de service à long terme avec les producteurs d'énergie dans les régions de schiste Permian, Bakken et Marcellus. La durée moyenne du contrat est de 7,3 ans avec des engagements de volume minimum fixes.

Région	Nombre de contrats	Valeur du contrat moyen
Bassin permien	48	42,5 millions de dollars
Schiste de bakken	35	38,2 millions de dollars
Marcellus Schiste	37	45,7 millions de dollars

Équipes de gestion des comptes dédiés

MPLX exploite 22 équipes de gestion de compte dédiées desservant de grands clients de production d'énergie. Chaque équipe gère en moyenne 5 à 7 relations clients clés avec un potentiel de revenus annuel entre 15 et 25 millions de dollars par client.

Modèles de relations basées sur les performances

Les mesures de performance pour les relations avec les clients comprennent:

• Efficacité logistique: taux de livraison à 99,2%
• Fiabilité du transport: 97,6% de conformité contractuelle
• Optimisation des coûts: 4,7% de réduction annuelle des frais de transport

Solutions de logistique et de transport personnalisées

MPLX fournit 87 solutions de transport personnalisées dans différents segments de production d'énergie avec des investissements d'infrastructure spécialisés totalisant 672 millions de dollars en 2023.

Segment des transports	Solutions personnalisées	Investissement en infrastructure
Logistique du pétrole brut	34	287 millions de dollars
Gas naturel au milieu	29	226 millions de dollars
Transport demandes LNG	24	159 millions de dollars

Soutien opérationnel continu et communication

MPLX maintient 24/7 de centres de soutien opérationnel avec 312 membres du personnel de support technique, gérant une moyenne de 1 247 interactions de communication client quotidiennement sur les canaux de communication numériques et directs.

MPLX LP (MPLX) - Modèle d'entreprise: canaux

Équipes de vente directes

MPLX LP maintient une force de vente dédiée de 287 représentants professionnels spécialisés dans la logistique énergétique médiane et les canaux de distribution de carburant au quatrième trimestre 2023.

Métrique de l'équipe de vente	Quantité
Représentants des ventes totales	287
Couverture géographique	26 États américains
Cycle de vente moyen	6-9 mois

Conférences de l'industrie et événements commerciaux

MPLX participe à 42 conférences du secteur de l'énergie par an, avec un investissement estimé à 1,2 million de dollars en participation et réseautage d'événements.

• Présentation majeure de la conférence: 42 événements
• Budget de conférence annuelle: 1,2 million de dollars
• Événements clés: Ceraweek, huile mondiale & Conférence

Plateformes de communication numérique

MPLX utilise plusieurs canaux numériques avec 124 567 points d'engagement numérique total sur les réseaux professionnels.

Plate-forme numérique	Nombre de suiveurs / de connexions
Liendin	78,342
Gazouillement	32,456
Site Web de l'entreprise	13,769

Réseau de secteur de l'énergie

MPLX entretient des relations stratégiques avec 214 partenaires de l'industrie dans les segments d'énergie intermédiaires et en aval.

Initiatives stratégiques de développement commercial

MPLX a investi 56,3 millions de dollars dans le développement des entreprises et les stratégies d'expansion des canaux en 2023, ciblant une pénétration accrue du marché.

• Investissement en développement commercial: 56,3 millions de dollars
• Nouveaux accords de partenariat: 17
• Cibles d'expansion géographique: bassin du Permien, schiste Eagle Ford

MPLX LP (MPLX) - Modèle d'entreprise: segments de clientèle

Grandes sociétés de production de pétrole et de gaz

MPLX dessert les principaux producteurs de pétrole et de gaz avec des exigences d'infrastructure intermédiaire importantes.

Type de client	Volume annuel intermédiaire	Durée du contrat
Marathon pétrole	1,4 million de barils par jour	Partenariat stratégique à long terme
Exxonmobil	350 000 barils par jour	Contrats de 5 à 7 ans

Entreprises d'exploration et de production indépendantes

MPLX prend en charge les sociétés E&P indépendantes avec des solutions logistiques intermédiaires.

• Couverture de la région de schiste de Bakken
• Services de transport du bassin du Permien
• Rassemblement et traitement des infrastructures

Participants du marché régional de l'énergie

MPLX fournit une infrastructure de marché régional de l'énergie dans plusieurs États.

Région	Présence du marché	Revenus annuels
Midwest	Ohio, Pennsylvanie	420 millions de dollars
Sud-ouest	Texas, Nouveau-Mexique	350 millions de dollars

Fabricants pétrochimiques

MPLX prend en charge les fabricants de pétrochimie avec des services de logistique spécialisés.

• Capacités de transport des LGN
• Accès au terminal de stockage
• Solutions logistiques personnalisées

Distributeurs de produits raffinés

MPLX fournit une infrastructure de distribution de produits raffinée complète.

Type de produit	Volume de distribution annuel	Réalisation de la distribution
Essence	1,2 milliard de gallons	20 États
Diesel	850 millions de gallons	15 États

MPLX LP (MPLX) - Modèle d'entreprise: Structure des coûts

Frais de maintenance des infrastructures de pipeline

En 2023, MPLX LP a déclaré des frais de maintenance de pipeline de 397 millions de dollars. Les dépenses annuelles en capital de maintenance de la société pour son infrastructure intermédiaire ont totalisé 234 millions de dollars.

Catégorie de dépenses	Montant (million de dollars)
Maintenance annuelle du pipeline	397
Dépenses en capital de maintenance	234

Dépenses en capital pour l'expansion du réseau

MPLX LP a investi 813 millions de dollars Dans les dépenses en capital pour l'expansion du réseau en 2023, en nous concentrant sur le développement stratégique des infrastructures dans ses segments de logistique et de stockage.

• Investissements d'expansion du segment logistique: 456 millions de dollars
• Développement des infrastructures du segment de stockage: 357 millions de dollars

Coûts de gestion opérationnelle et logistique

Les dépenses opérationnelles de MPLX LP en 2023 ont atteint 1,2 milliard de dollars, avec une répartition spécifique comme suit:

Catégorie de coûts opérationnels	Montant (million de dollars)
Gestion de la logistique	512
Opérations de transport	348
Gestion du stockage	340

Investissements technologiques et infrastructures

MPLX LP alloué 189 millions de dollars Pour les investissements technologiques et infrastructures numériques en 2023, ciblant l'efficacité opérationnelle et la modernisation technologique.

• Initiatives de transformation numérique: 87 millions de dollars
• Infrastructure de cybersécurité: 52 millions de dollars
• Mises à niveau de la technologie opérationnelle: 50 millions de dollars

Frais de travail et d'acquisition de talents

Les dépenses totales liées à la main-d'œuvre pour MPLX LP en 2023 sont équipées de 276 millions de dollars.

Catégorie de dépenses de main-d'œuvre	Montant (million de dollars)
Salaires et compensation	198
Acquisition de talents	42
Formation et développement	36

MPLX LP (MPLX) - Modèle d'entreprise: Strots de revenus

Frais de service de transport et de logistique

Pour l'exercice 2023, MPLX LP a rapporté des revenus des services de transport de 3,2 milliards de dollars, en particulier des services de transport de pétrole brut, de produits raffinés et de liquide de gaz naturel (NGL).

Catégorie de service	Revenu annuel (milliards de dollars)
Transport de pétrole brut	1.45
Transport raffiné des produits	1.12
Transport de liquide au gaz naturel	0.63

Frais de stockage et d'utilisation des terminaux

MPLX génère 672 millions de dollars par an à partir de frais de stockage et d'utilisation des terminaux dans son réseau d'infrastructure.

• Capacité de stockage: 47,5 millions de barils
• Emplacements terminaux: 112 à travers l'Amérique du Nord
• Utilisation moyenne du stockage quotidien: 88,3%

Contrats d'infrastructure à long terme

Les contrats d'infrastructure à long terme contribuent à 1,8 milliard de dollars de revenus récurrents annuels, avec des durées de contrat allant de 5 à 15 ans.

Revenus basés sur le volume du transport d'énergie

Les revenus basés sur le volume ont totalisé 2,6 milliards de dollars en 2023, avec la ventilation suivante:

Segment d'énergie	Revenu annuel de volume (milliards de dollars)
Huile brute	1.35
Gaz naturel	0.85
Liquides au gaz naturel	0.40

Accords de service intermédiaire

Les accords de service intermédiaires ont généré 1,1 milliard de dollars de revenus pour 2023, avec des caractéristiques clés du contrat:

• Durée moyenne du contrat: 7,5 ans
• Engagement de volume minimum: 85%
• Contrats de service total en milieu médian: 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.