MPLX Lp

Joint venture partner on Whistler Pipeline, Bay Runner Pipeline, and Traverse Pipeline systems (Permian-to-Gulf Coast natural gas corridors). MPLX co-owns these systems which transport natural gas from producers to LNG export markets.

Enbridge Inc.

NYSE:ENB

Joint venture partner on the combined Whistler/Rio Bravo Pipeline system and Traverse Pipeline. Rio Bravo contributes Permian-to-Agua Dulce natural gas transport capacity. Co-owner of Gulf Coast takeaway infrastructure.

Targa Resources Corp.

NYSE:TRGP

Joint venture partner on Traverse Pipeline (17.5% interest). Co-investor in Gulf Coast natural gas pipeline infrastructure connecting Permian supply to LNG markets.

하류

생산물을 소화하는 고객, 유통사, OEM 및 판매 채널.

하류

Marathon Petroleum Corporation

ONEOK Inc.

Antero Midstream Corporation

MARA Holdings Inc.

Permian Basin E&P Producers (various)

Third-Party Shippers on MPLX Pipelines

Marathon Petroleum Corporation

NYSE:MPC

Largest customer — 48% of total MPLX revenue (FY2025) and ~88% of Crude Oil & Products Logistics segment revenue. MPC refineries receive crude via MPLX pipelines and ship refined products through MPLX terminals, pipelines, and marine fleet under long-term transportation services agreements with minimum volume commitments. · 48.0%

ONEOK Inc.

NYSE:OKE

Joint venture partner for Gulf Coast LPG export terminal (Texas City, TX) — 50/50 JV for 400,000 bpd terminal expected early 2028. Also 80/20 pipeline JV (MBTC Pipeline, 20% MPLX). MPLX supplies NGL volumes to the export terminal.

Antero Midstream Corporation

NYSE:AM

50/50 joint venture with MarkWest/MPLX subsidiary for processing and fractionation assets in Appalachia (Sherwood complex). Antero Resources is the anchor producer. MPLX processes Antero's gas under long-term fee-based agreements.

MARA Holdings Inc.

NASDAQ:MARA

Signed Letter of Intent (Nov 2025) for MPLX to supply natural gas from Delaware Basin processing plants to MARA's planned 400 MW gas-fired power generation and data center campuses in West Texas. Represents emerging demand for natural gas for AI/bitcoin mining power loads.

Permian Basin E&P Producers (various)

Diverse set of producer customers served by MPLX's Northwind Midstream assets (acquired 2025) in the Delaware Basin for sour gas gathering, processing, and residue gas/NGL offtake. Also includes producers on MPLX's crude oil gathering systems.

대체 기업

분석에서 대표로 사용하는 상장 비교 기업 및 모니터링 종목.

대체 기업

Enterprise Products Partners L.P.

Energy Transfer LP

Marathon Petroleum Corporation

ONEOK Inc.

Targa Resources Corp.

Enterprise Products Partners L.P.

NYSE:EPD

Largest diversified midstream peer with comparable NGL fractionation, pipeline, and marine assets. Often used as a valuation proxy for MPLX given similar business mix and MLP structure.

Energy Transfer LP

NYSE:ET

Midstream peer with extensive crude/NGL pipeline and export terminal exposure, including co-ownership (with MPLX) of Bakken Pipeline. Comparable scale and geographic diversification.

Marathon Petroleum Corporation

NYSE:MPC

Parent company, sponsor, general partner owner, and largest customer of MPLX (48% of revenue). As the 64% unitholder, MPC's refining performance and strategic direction directly drives MPLX's cash flows and growth.

ONEOK Inc.

NYSE:OKE

Key joint venture partner on LPG export terminal and NGL pipeline projects. Direct operational integration with MPLX's Gulf Coast NGL strategy.

Targa Resources Corp.

NYSE:TRGP

Comparable Permian-to-Gulf Coast midstream player. Co-owner in Traverse Pipeline JV with MPLX. Similar NGL processing and fractionation exposure.

지역

공급망을 왜곡할 수 있는 지역별 노출.

지역

United States – Permian Basin (Texas/New Mexico)

United States – Gulf Coast (Texas, Louisiana)

United States – Appalachia (Pennsylvania, Ohio, West Virginia)

Various Permian E&P Producers

WhiteWater Midstream

Enbridge Inc.

Marathon Petroleum Corporation

ONEOK Inc.

Antero Resources Corporation

Antero Midstream Corporation

United States – Permian Basin (Texas/New Mexico)

Growth concentration – Northwind acquisition ($2.375B) concentrates Permian sour gas processing. New pipelines (Whistler, Bay Runner, Traverse, Rio Bravo) rely on Permian production growth and LNG export demand.

Various Permian E&P ProducersSupply natural gas and crude oil into MPLX gathering/processing systems

WhiteWater MidstreamJoint venture partner on Permian-to-Gulf Coast pipelines

Enbridge Inc.NYSE:ENBJoint venture partner on Rio Bravo pipeline

United States – Gulf Coast (Texas, Louisiana)

Refining and export logistics hub. MPLX terminals, marine assets, and ONEOK JV LPG export terminal (Texas City) depend on Gulf Coast energy infrastructure reliability, hurricane risk, and LNG/ LPG export market conditions.

Marathon Petroleum CorporationNYSE:MPCGulf Coast refineries (Galveston Bay, Texas City) served by MPLX logistics

ONEOK Inc.NYSE:OKEJV partner for Texas City LPG export terminal

United States – Appalachia (Pennsylvania, Ohio, West Virginia)

Mature gas production region. MPLX/MarkWest operates extensive gathering, processing (Sherwood complex), and fractionation assets. Relies on Antero Resources and other Marcellus/Utica producers for throughput volumes. Production decline risk in mature basins.

Antero Resources CorporationNYSE:ARAnchor producer supplying gas to MPLX processing systems

Antero Midstream CorporationNYSE:AM50/50 JV partner for processing assets

United States – Midwest (Ohio, Indiana, Illinois, Michigan)

Core refining logistics region. MPC refineries (Canton, Robinson, Detroit) served by MPLX crude and product pipelines. MPLX headquarters in Findlay, OH. Exposure to regional refinery utilization and product demand.

Marathon Petroleum CorporationNYSE:MPCMidwest refineries served by MPLX crude and product pipelines

집중도

공급망을 왜곡할 수 있는 고객, 공급업체 또는 파트너 집중 노출.

Customer

Critical

Marathon Petroleum Corporation accounts for 48% of total MPLX revenue and 88% of Crude Oil & Products Logistics segment revenue. MPC also controls the general partner and owns ~64% of outstanding units. Any deterioration in MPC's refining margins, operations, or strategic direction directly impacts MPLX.

Foundry

Low

Not applicable — MPLX is a midstream energy company, not a manufacturer dependent on foundry capacity.

Equipment

Medium

Capital program of $2.7B in 2026 ($2.4B growth, $300M maintenance) depends on availability of large-diameter pipe, compression equipment (gas turbines, reciprocating compressors), and EPC contractor capacity. Supply chain bottlenecks could delay Bay Runner, Traverse, and Rio Bravo pipelines.

Other

Medium

Commodity price exposure on NGL product sales within Natural Gas and NGL Services segment. While most revenue is fee-based, the Product component ($2.0B in FY2025) is sensitive to NGL price fluctuations, impacting segment margins.

매출 구성

대상 기업의 매출 구성이 공급망 영향력과 의존도로 이어지는 방식.

Crude Oil and Products Logistics

45.5%

$5.9B

Drives demand for pipeline maintenance, compression equipment, tank storage, and marine fleet services. ~88% of segment revenue comes from MPC under long-term transportation services agreements with minimum volume commitments. Key capital projects (pipelines, terminals) require EPC contractors and steel/tubular suppliers.

Natural Gas and NGL Services

54.5%

$7.1B

Drives demand for gas processing plants, fractionators, compressor stations, and gathering pipelines. Includes NGL product sales exposing segment to commodity price fluctuations. Producer customers (Antero Resources, Permian producers) provide raw gas feedstock under long-term fee-based agreements. Growth capital directed at Permian via Northwind acquisition and Gulf Coast NGL export JV with ONEOK.

회사 소개개인정보 처리방침서비스 약관면책 조항종목 디렉터리ETF지수13F 보유 종목목표주가무료 도구기술 지도Slack 참여하기

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MPLX Lp

MPLX 공급망

상류

Marathon Petroleum Corporation (Sponsor & GP Owner)

Antero Resources Corporation

WhiteWater Midstream

Enbridge Inc.

Targa Resources Corp.

Energy Transfer LP

Phillips 66

Caterpillar Inc. / Solar Turbines

View More

하류

Marathon Petroleum Corporation

ONEOK Inc.

Antero Midstream Corporation

MARA Holdings Inc.

Permian Basin E&P Producers (various)

Third-Party Shippers on MPLX Pipelines

대체 기업

Enterprise Products Partners L.P.

Energy Transfer LP

Marathon Petroleum Corporation

ONEOK Inc.

Targa Resources Corp.

지역

United States – Permian Basin (Texas/New Mexico)

United States – Gulf Coast (Texas, Louisiana)

United States – Appalachia (Pennsylvania, Ohio, West Virginia)

View More

MPLX 공급망

상류

Marathon Petroleum Corporation (Sponsor & GP Owner)

Antero Resources Corporation

WhiteWater Midstream

Enbridge Inc.

Targa Resources Corp.

Energy Transfer LP

Phillips 66

Caterpillar Inc. / Solar Turbines

View More

하류

Marathon Petroleum Corporation

ONEOK Inc.

Antero Midstream Corporation

MARA Holdings Inc.

Permian Basin E&P Producers (various)

Third-Party Shippers on MPLX Pipelines

대체 기업

Enterprise Products Partners L.P.

Energy Transfer LP

Marathon Petroleum Corporation

ONEOK Inc.

Targa Resources Corp.

지역

United States – Permian Basin (Texas/New Mexico)

United States – Gulf Coast (Texas, Louisiana)

United States – Appalachia (Pennsylvania, Ohio, West Virginia)

View More