MPLX LP (MPLX)

Over the past six months, MPLX LP's stock price has experienced movements and related events. As of November 21, 2025, the share price was $54.06, a 10.12% increase from November 25, 2024. RBC raised its price target on MPLX to $60 from $58, maintaining an Outperform rating. MPLX LP reported its third-quarter 2025 financial results and announced a 12.5% increase in its quarterly distribution. MPLX and Marathon Petroleum announced a collaboration on integrated power generation and data center campuses in West Texas, and Maryann T. Mannen was elected as Chairman of the Board. Wells Fargo & Company cut their price objective on MPLX from $60.00 to $59.00 but maintained an overweight rating. Northwind Midstream Partners was acquired by MPLX. Stifel Nicolaus lifted their target price on MPLX from $57.00 to $60.00 and gave the stock a buy rating. MPLX announced the acquisition of the remaining 55% interest in the BANGL NGL pipeline system. MPLX reported $1.7 billion in Adjusted EBITDA, a 2% increase year-over-year, and $1.4 billion in Distributable Cash Flow, a 1% increase year-over-year. The company returned nearly $1 billion to unitholders through distributions and $100 million in unit repurchases. The stock experienced its largest percentage gain from the open to the high of the day at +1.4%. The stock saw its biggest drop from the open to the low of the day at -6.2%, and the single largest opening gap of +4.2% over the last three years. MPLX reported strong year-over-year financial performance, driven by robust production and strategic acquisitions.

Demand seasonality for MPLX LP's products and services is generally less pronounced due to its largely fee-based business model. As a midstream company, MPLX's revenue streams are primarily derived from long-term, fee-based contracts with minimum volume commitments. The natural gas processing and NGL business lines can carry some commodity price exposure and thus be influenced by seasonal demand. Demand for crude oil and refined products can also exhibit seasonal patterns, but MPLX's role in transportation and storage helps stabilize its revenue.

MPLX LP is a diversified master limited partnership in the midstream energy sector, operating energy infrastructure and logistics assets, and providing fuel distribution services. Its business is divided into Logistics and Storage (L&S) and Gathering and Processing (G&P) segments. The L&S segment handles the gathering, transportation, storage, and distribution of crude oil, refined products, other hydrocarbon-based products, and renewables. The G&P segment provides services for natural gas, and the transportation, fractionation, storage, and marketing of natural gas liquids (NGLs).

MPLX's assets and operations are primarily located across key U.S. energy-producing regions, including extensive holdings in the Appalachian and Permian regions. Its network includes crude oil and products pipelines and supporting assets in the Midwest and Gulf Coast regions of the United States. MPLX also operates natural gas gathering systems and natural gas and NGL processing and fractionation facilities in major U.S. supply basins, including the Marcellus Shale, Utica Shale, STACK Shale, and Bakken Shale.

MPLX LP's brand reputation in the past year appears stable, focusing on operational excellence, strategic growth, and returning capital to unitholders. The company achieved a record $1.7 billion in adjusted EBITDA for the third quarter of 2024 and $1.4 billion in distributable cash flow. MPLX has been actively expanding its infrastructure through acquisitions and investing significantly in growth projects. MPLX has consistently returned capital to unitholders through distributions and unit repurchases, including a 12.5% increase in its quarterly distribution announced in November 2025. The company emphasizes providing safe, reliable, and efficient services to its customers. Analysts have generally maintained positive ratings, with some raising price targets.

MPLX LP's ownership structure includes institutional, public, and individual investors, with Marathon Petroleum Corp. (MPC) holding a significant stake. MPC holds the General Partner interest and a majority of Limited Partner units, approximately 63.54% of the company, and is MPLX's most significant customer. Institutional investors hold approximately 9.07% to 21.3% of the company's stock. Approximately 81.77% of MPLX LP (MPLX) stock is held by retail investors, with public unitholders comprising about 12% of the ownership. Insiders hold approximately 0.16% of the stock.