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MPLX LP Partnership Units MPLX

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Morningstar’s Analysis

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MPLX Delivers Solid Third-Quarter Earnings; Declares Special Distribution to Unitholders

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

MPLX’s third-quarter earnings were solid, as results continued to track toward our full-year expectations. We expect to maintain our $30 fair value estimate and narrow moat rating. Overall, EBITDA increased modestly to $1.4 billion from $1.3 billion last year, mainly due to higher natural gas liquids pricing within its gathering and processing segment. Logistics and storage volumes continue to recover as well and will be helped in future by the recent start-up of several major projects, including the Wink-to-Webster oil pipeline and Whistler gas pipeline.

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Company Profile

Business Description

MPLX is a partnership that owns both pipelines and gathering and processing assets with extensive holdings in the Appalachian region. The asset base is made up of pipeline assets dropped down from Marathon Petroleum, its sponsor, and gathering and processing assets from MarkWest, which it acquired in 2015. MPLX also acquired Andeavor Logistics in July 2019.

200 East Hardin Street
Findlay, OH, 45840-3229
T +1 419 421-2414
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 5,700