MPLX LP (MPLX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da infraestrutura energética, o MPLX LP emerge como uma potência estratégica, transformando operações no meio da corrente por meio de um modelo de negócios inovador e abrangente que conecta perfeitamente os produtores de petróleo e gás com soluções eficientes de transporte e logística. Ao alavancar uma extensa rede de oleodutos, parcerias estratégicas e infraestrutura de ponta, o MPLX LP oferece valor incomparável em todo o setor de energia, otimizando os desafios complexos de transporte enquanto impulsionam serviços de custo-benefício e confiáveis ​​que mantêm o ecossistema de energia da América avançando.

MPLX LP (MPLX) - Modelo de negócios: Parcerias -chave

Parcerias de infraestrutura de energia do meio do meio

O MPLX LP mantém parcerias estratégicas com os principais produtores de petróleo e gás, incluindo:

Parceiro	Detalhes da parceria	Volume anual (2023)
Marathon Petroleum Corporation	Operações integradas no meio da corrente	1,85 milhão de barris por dia
Andeavor Logistics	Logística e transporte	475.000 barris por dia

Alianças estratégicas com Marathon Petroleum Corporation

A Aliança Estratégica Primária da MPLX envolve a colaboração abrangente da infraestrutura média da Marathon Petroleum Corporation.

• Porcentagem de propriedade: 100% de propriedade dos ativos intermediários da Marathon Petroleum
• Total de ativos de infraestrutura: US $ 33,2 bilhões
• Pegada operacional: 20 estados nos Estados Unidos

Joint ventures com empresas de pipeline e logística

Parceiro de joint venture	Tipo de infraestrutura	Valor de investimento
Enterprise Products Partners	Oleodutos de petróleo bruto	US $ 1,2 bilhão
Magellan Midstream Partners	Transporte de produtos refinados	US $ 875 milhões

Colaboração com operadores de terminais de armazenamento

A MPLX colabora com vários operadores de terminais de armazenamento nas principais regiões petrolíferas.

• Capacidade total de armazenamento: 42,6 milhões de barris
• Número de terminais de armazenamento: 37
• Cobertura geográfica: Regiões Permian, Eagle Ford e Bakken

Relacionamentos com redes de transporte e distribuição

Parceiro de rede	Modo de transporte	Volume anual de transporte
Ferrovia BNSF	Transporte ferroviário	185.000 cargas por ano
Provedores de logística da Costa do Golfo	Transporte marinho	2,3 milhões de barris por mês

MPLX LP (MPLX) - Modelo de negócios: Atividades -chave

Transporte de petróleo e petróleo bruto

A MPLX opera uma rede de transporte com 11.000 milhas de oleodutos de petróleo bruto a partir de 2023. Volume total de transporte de petróleo bruto: 1,06 milhão de barris por dia. Receita anual de transporte: US $ 2,4 bilhões.

Tipo de pipeline	Milhas	Capacidade diária
Oleodutos de petróleo bruto	11,000	1,06 milhão de barris
Oleodutos de produtos de petróleo	5,600	650.000 barris

Coleta e processamento de gás natural

O MPLX processa aproximadamente 5,5 bilhões de pés cúbicos de gás natural por dia. A infraestrutura de coleta de gás abrange 26 estados.

• Capacidade diária de processamento de gás natural: 5.5 BCF
• Facilidades totais de processamento: 23
• Receita anual de processamento de gás natural: US $ 1,8 bilhão

Operações de logística e armazenamento médio

A capacidade de armazenamento inclui 38 milhões de barris de armazenamento líquido e 50 milhões de pés cúbicos de armazenamento de gás natural.

Tipo de armazenamento	Capacidade	Número de instalações
Armazenamento líquido	38 milhões de barris	42
Armazenamento de gás natural	50 milhões de pés cúbicos	15

Desenvolvimento e manutenção da infraestrutura de pipeline

Investimento anual de infraestrutura: US $ 750 milhões. As despesas de capital se concentraram em expandir e manter as redes de dutos.

• Gastos anuais de manutenção: US $ 350 milhões
• Novo orçamento de construção de dutos: US $ 400 milhões
• Projetos de modernização de infraestrutura: 12

Serviços de logística e gerenciamento de terminais

O MPLX gerencia 87 terminais de logística nos Estados Unidos. Taxa total de transferência terminal: 2,3 milhões de barris por dia.

Tipo de terminal	Número	Taxa de transferência diária
Terminais de petróleo	62	1,5 milhão de barris
Terminais químicos	25	800.000 barris

MPLX LP (MPLX) - Modelo de negócios: Recursos -chave

Extensa rede de pipeline

A MPLX opera uma infraestrutura abrangente de pipeline que abrange várias regiões dos EUA, com os seguintes detalhes específicos:

Categoria de ativos de pipeline	Miles totais	Regiões operacionais
Oleodutos de petróleo bruto	3.600 milhas	Bacia do Permiano, Bakken, Ohio
Oleodutos de gás natural	2.800 milhas	Marcellus, Utica Shale
Oleodutos de produtos	1.900 milhas	Centro -Oeste, nordeste dos Estados Unidos

Infraestrutura de armazenamento e transporte

A infraestrutura avançada da MPLX inclui:

• Capacidade de armazenamento de 43,5 milhões de barris
• 23 instalações terminais nos Estados Unidos
• Rede de logística integrada com mais de 250 ativos de transporte

Experiência técnica

As capacidades operacionais energéticas do meio -fluxo incluem:

Capacidade técnica	Métricas operacionais
Capacidade de processamento	5,2 bilhões de pés cúbicos por dia
Capacidade de fracionamento	380.000 barris por dia

Capacidades de investimento de capital

Recursos financeiros e métricas de investimento:

• Total de ativos: US $ 37,8 bilhões (2023)
• Despesas de capital anual: US $ 800-900 milhões
• Classificação de crédito: bbb- (padrão & Poor's)

Composição da força de trabalho

Categoria de funcionários	Número total	Experiência média
Total de funcionários	1,750	12,5 anos
Especialistas técnicos	680	15 anos

MPLX LP (MPLX) - Modelo de Negócios: Proposições de Valor

Soluções de infraestrutura energética confiáveis ​​e eficientes

A MPLX LP opera 276.000 milhas de infraestrutura de pipeline a partir de 2023, com uma capacidade total de transporte de aproximadamente 5,8 milhões de barris por dia. Os ativos do meio da empresa incluem:

Tipo de ativo	Quantidade	Capacidade
Oleodutos de petróleo bruto	18.900 milhas	2,3 milhões de barris por dia
Oleodutos de gás natural	257.100 milhas	3,5 milhões de pés cúbicos por dia

Serviços de transporte de meio-fluxo econômicos

A MPLX fornece serviços de transporte com estruturas de preços competitivas:

• Custo médio de transporte: US $ 0,35 por barril milha
• Receita anual de transporte: US $ 4,2 bilhões em 2023
• Margem operacional para serviços de logística: 22,7%

Recursos de logística e armazenamento integrados

Detalhes da infraestrutura de armazenamento:

Tipo de armazenamento	Capacidade total	Taxa de utilização
Armazenamento de petróleo bruto	15,6 milhões de barris	91.3%
Armazenamento de gás natural	280 bilhões de pés cúbicos	87.5%

Custos de transporte reduzidos para produtores de energia

Métricas de redução de custos para produtores de energia:

• Economia média de custos: 18% em comparação com métodos de transporte alternativos
• Economia total do cliente em 2023: US $ 620 milhões
• Cobertura de contrato de longo prazo: 87% dos serviços de transporte

Rede de infraestrutura de energia flexível e escalável

Indicadores de escalabilidade e flexibilidade de rede:

Métrica de rede	2023 valor	Crescimento ano a ano
Expansão de rede	6.700 novas milhas de tubulação	4.2%
Pontos de interconexão	237 Locais estratégicos	5.6%

MPLX LP (MPLX) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de longo prazo com produtores de energia

A MPLX LP mantém 120 contratos de serviço de longo prazo com produtores de energia em regiões de xisto Permiano, Bakken e Marcellus. A duração média do contrato é de 7,3 anos com compromissos de volume mínimo fixo.

Região	Número de contratos	Valor médio do contrato
Bacia do Permiano	48	US $ 42,5 milhões
Bakken Shale	35	US $ 38,2 milhões
Marcellus Shale	37	US $ 45,7 milhões

Equipes de gerenciamento de contas dedicadas

A MPLX opera 22 equipes de gerenciamento de contas dedicadas que atendem aos principais clientes de produção de energia. Cada equipe gerencia uma média de 5 a 7 relacionamentos importantes do cliente com o potencial de receita anual entre US $ 15-25 milhões por cliente.

Modelos de relacionamento baseados em desempenho

As métricas de desempenho para o relacionamento com os clientes incluem:

• Eficiência logística: 99,2% de taxa de entrega no tempo
• Confiabilidade do transporte: 97,6% de conformidade do contrato
• Otimização de custos: redução anual de 4,7% nas despesas de transporte

Soluções de logística e transporte personalizadas

O MPLX fornece 87 soluções de transporte personalizadas em diferentes segmentos de produção de energia, com investimentos especializados em infraestrutura, totalizando US $ 672 milhões em 2023.

Segmento de transporte	Soluções personalizadas	Investimento de infraestrutura
Logística de petróleo bruto	34	US $ 287 milhões
Gás natural médio	29	US $ 226 milhões
Transporte NGL	24	US $ 159 milhões

Suporte operacional contínuo e comunicação

O MPLX mantém os centros de suporte operacional 24/7 com 312 pessoal de suporte técnico, lidando com uma média de 1.247 interações de comunicação do cliente diariamente nos canais de comunicação digital e direta.

MPLX LP (MPLX) - Modelo de Negócios: Canais

Equipes de vendas diretas

O MPLX LP mantém uma força de vendas dedicada de 287 representantes profissionais especializados em canais de logística de energia e distribuição de combustível no meio do quarto trimestre 2023.

Métrica da equipe de vendas	Quantidade
Total de representantes de vendas	287
Cobertura geográfica	26 estados dos EUA
Ciclo médio de vendas	6-9 meses

Conferências da indústria e eventos comerciais

O MPLX participa de 42 conferências do setor de energia anualmente, com um investimento estimado de US $ 1,2 milhão em participação e rede de eventos.

• Principais participantes da conferência: 42 eventos
• Orçamento anual da conferência: US $ 1,2 milhão
• Eventos -chave: Ceraweek, petróleo mundial & Conferência de Gás

Plataformas de comunicação digital

O MPLX utiliza vários canais digitais com 124.567 pontos de engajamento digital totais em redes profissionais.

Plataforma digital	Contagem de seguidores/conexão
LinkedIn	78,342
Twitter	32,456
Site corporativo	13,769

Networking do setor de energia

A MPLX mantém relações estratégicas com 214 parceiros do setor nos segmentos de energia Midstream e a jusante.

Iniciativas estratégicas de desenvolvimento de negócios

A MPLX investiu US $ 56,3 milhões em desenvolvimento de negócios e estratégias de expansão de canais durante 2023, direcionando a penetração aprimorada do mercado.

• Investimento de desenvolvimento de negócios: US $ 56,3 milhões
• Novos acordos de parceria: 17
• Alvos de expansão geográfica: Bacia Permiana, Eagle Ford Shale

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

Grandes empresas de produção de petróleo e gás

A MPLX atende aos principais produtores de petróleo e gás com requisitos significativos de infraestrutura intermediária.

Tipo de cliente	Volume anual médio	Duração do contrato
Maratona Petróleo	1,4 milhão de barris por dia	Parceria estratégica de longo prazo
ExxonMobil	350.000 barris por dia	Contratos de 5 a 7 anos

Empresas de exploração e produção independentes

A MPLX suporta empresas independentes de E&P com soluções de logística Midstream.

• Cobertura da região de xisto Bakken
• Serviços de transporte da bacia do Permiano
• Coleta e processamento de infraestrutura

Participantes do mercado de energia regional

O MPLX fornece infraestrutura regional do mercado de energia em vários estados.

Região	Presença de mercado	Receita anual
Centro -Oeste	Ohio, Pensilvânia	US $ 420 milhões
Sudoeste	Texas, Novo México	US $ 350 milhões

Fabricantes petroquímicos

A MPLX suporta fabricantes petroquímicos com serviços de logística especializados.

• Capacidades de transporte da NGL
• Acesso ao terminal de armazenamento
• Soluções de logística personalizadas

Distribuidores de produtos refinados

O MPLX fornece infraestrutura abrangente de distribuição de produtos refinados.

Tipo de produto	Volume anual de distribuição	Alcance de distribuição
Gasolina	1,2 bilhão de galões	20 estados
Diesel	850 milhões de galões	15 estados

MPLX LP (MPLX) - Modelo de negócios: estrutura de custos

Despesas de manutenção de infraestrutura de pipeline

Em 2023, a MPLX LP registrou despesas de manutenção de pipeline de US $ 397 milhões. As despesas anuais de capital de manutenção da Companhia para sua infraestrutura média do meio da corrente totalizaram US $ 234 milhões.

Categoria de despesa	Valor (US $ milhões)
Manutenção anual de pipeline	397
Despesas de capital de manutenção	234

Despesas de capital para expansão da rede

MPLX LP investiu US $ 813 milhões nas despesas de capital para expansão da rede em 2023, concentrando -se no desenvolvimento de infraestrutura estratégica em seus segmentos de logística e armazenamento.

• Investimentos de expansão do segmento de logística: US $ 456 milhões
• Desenvolvimento de infraestrutura do segmento de armazenamento: US $ 357 milhões

Custos de gerenciamento operacional e logística

Despesas operacionais para MPLX LP em 2023 alcançou US $ 1,2 bilhão, com quebra específica da seguinte forma:

Categoria de custo operacional	Valor (US $ milhões)
Gerenciamento de logística	512
Operações de transporte	348
Gerenciamento de armazenamento	340

Investimentos de tecnologia e infraestrutura

MPLX LP alocado US $ 189 milhões Para investimentos em tecnologia e infraestrutura digital em 2023, direcionando a eficiência operacional e a modernização tecnológica.

• Iniciativas de transformação digital: US $ 87 milhões
• Infraestrutura de segurança cibernética: US $ 52 milhões
• Atualizações de tecnologia operacional: US $ 50 milhões

Força de trabalho e despesas de aquisição de talentos

As despesas totais relacionadas à força de trabalho para MPLX LP em 2023 totalizaram US $ 276 milhões.

Categoria de despesa da força de trabalho	Valor (US $ milhões)
Salários e compensação	198
Aquisição de talentos	42
Treinamento e desenvolvimento	36

MPLX LP (MPLX) - Modelo de negócios: fluxos de receita

Taxas de serviço de transporte e logística

Para o ano fiscal de 2023, a MPLX LP relatou receitas do Serviço de Transporte de US $ 3,2 bilhões, especificamente de petróleo bruto, produtos refinados e serviços de transporte de líquido de gás natural (NGL).

Categoria de serviço	Receita anual (US $ bilhões)
Transporte de petróleo bruto	1.45
Transporte de produtos refinados	1.12
Transporte de líquido a gás natural	0.63

Cobranças de armazenamento e uso de terminais

A MPLX gera US $ 672 milhões anualmente a partir de taxas de armazenamento e uso de terminais em sua rede de infraestrutura.

• Capacidade de armazenamento: 47,5 milhões de barris
• Locais terminais: 112 na América do Norte
• Utilização média diária de armazenamento: 88,3%

Contratos de infraestrutura de longo prazo

Os contratos de infraestrutura de longo prazo contribuem com US $ 1,8 bilhão em receita recorrente anual, com durações de contratos que variam de 5 a 15 anos.

Receita baseada em volume do transporte energético

A receita baseada em volume totalizou US $ 2,6 bilhões em 2023, com a seguinte quebra:

Segmento de energia	Receita anual de volume (US $ bilhões)
Petróleo bruto	1.35
Gás natural	0.85
Líquidos de gás natural	0.40

Acordos de serviço médio

Os acordos de serviço do meio do meio geraram US $ 1,1 bilhão em receita para 2023, com as principais características do contrato:

• Comprimento médio do contrato: 7,5 anos
• Compromisso mínimo de volume: 85%
• Contratos de serviço total do meio da corrente: 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.