MPLX
EnergyMPLX Lp · Oil & Gas Midstream · $59B
What is MPLX Lp?
MPLX LP is a large-cap midstream energy partnership that owns and operates pipeline, storage, and logistics infrastructure across the United States, operating as a subsidiary of Marathon Petroleum Corporation.
MPLX generates revenue by gathering, processing, and transporting natural gas and natural gas liquids, while also handling crude oil and refined products through pipelines, terminals, and marine vessels. Its two segments — Logistics and Storage, and Gathering and Processing — provide fee-based services that underpin relatively predictable cash flows.
MPLX was incorporated in 2012 and is headquartered in Findlay, Ohio.
- Natural gas gathering and processing
- NGL fractionation, storage, and marketing
- Crude oil and refined products pipeline and terminal operations
- Inland marine transportation of fuels and chemicals
Is MPLX a Good Stock to Buy?
UQS Score rates MPLX as Good overall.
MPLX's strongest pillar is Quality, reflecting the fee-based, infrastructure-oriented nature of its business model. Valuation also registers as Good relative to sector peers, suggesting the units are not excessively priced for what the partnership delivers.
The Risk pillar is rated Weak, which warrants attention — midstream partnerships carry meaningful leverage, and MPLX's risk profile reflects that structural reality.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does MPLX pay dividends?
Yes — MPLX Lp pays a dividend.
MPLX pays a regular distribution to unitholders, a hallmark of the master limited partnership structure. Distributions are supported by the partnership's fee-based cash flows. Income-focused investors often screen midstream MLPs specifically for this consistent payout cadence.
When does MPLX report earnings?
MPLX reports earnings on a quarterly cadence, typical for US-listed partnerships.
Results have generally reflected the stability of fee-based midstream contracts, with throughput volumes and segment margins driving the headline numbers. Investors should monitor both segments — Logistics and Storage alongside Gathering and Processing — for any volume or pricing shifts.
For the most recent quarter's results, visit MPLX LP's investor relations page directly.
MPLX Price History
+188.2% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in MPLX Lp?
Based on MPLX Lp's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
Frequently Asked Questions
What does MPLX do?
MPLX LP owns and operates midstream energy infrastructure including natural gas pipelines, NGL fractionation facilities, crude oil terminals, and inland marine vessels. It earns primarily fee-based revenue by moving and storing energy products for producers and refiners across the United States.
Does MPLX pay dividends?
Yes. As a master limited partnership, MPLX pays regular quarterly distributions to unitholders. The distribution is supported by fee-based cash flows from its pipeline and terminal operations. Investors should check MPLX's investor relations page for the current declared distribution amount.
When does MPLX report earnings?
MPLX reports on a quarterly cadence. Exact dates are announced in advance on the company's investor relations page, which is the most reliable source for upcoming reporting schedules.
Is MPLX a good stock to buy?
UQS Score rates MPLX as Good overall, with a Strong Quality pillar and a Good Valuation rating. However, the Risk pillar is rated Weak, reflecting leverage typical of midstream MLPs. Whether it fits your portfolio depends on your income goals and risk tolerance.
Is MPLX overvalued?
The UQS Valuation pillar for MPLX is rated Good, suggesting the units are reasonably priced relative to sector peers. Full valuation metrics are available to Pro members on UQS Score.
What is MPLX's market cap bracket?
MPLX is classified as a large-cap partnership within the midstream energy sector.
Who founded MPLX?
MPLX LP was incorporated in 2012 as a midstream MLP sponsored by Marathon Petroleum Corporation, which continues to act as its general partner through MPLX GP LLC.
Is MPLX a long-term quality investment?
From a quality standpoint, MPLX's Strong Quality pillar and fee-based business model provide a relatively stable foundation. Long-term investors should weigh this against the Weak Risk rating, which reflects the leverage inherent in MLP structures. The full pillar breakdown is available to Pro members.
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Pro Analysis
MPLX — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| Aug 1, 2026 | 54.2 | 84.4 | 50.0 | 45.6 | 21.6 | 55.3 | +0.4 |
| Jul 25, 2026 | 53.8 | 84.4 | 50.0 | 46.1 | 21.6 | 51.8 | -0.5 |
| Jul 24, 2026 | 54.3 | 84.4 | 50.0 | 46.1 | 21.6 | 55.2 | -0.2 |
| Jul 23, 2026 | 54.5 | 84.4 | 50.0 | 46.1 | 21.6 | 56.2 | +0.1 |
| Jul 22, 2026 | 54.4 | 84.4 | 50.0 | 45.9 | 21.6 | 55.7 | +0.2 |
| Jul 18, 2026 | 54.2 | 84.4 | 50.0 | 45.9 | 21.6 | 54.8 | 0.0 |
| Jul 17, 2026 | 54.2 | 84.4 | 50.0 | 45.9 | 21.6 | 54.2 | -0.1 |
| Jul 16, 2026 | 54.3 | 84.4 | 50.0 | 45.9 | 21.6 | 54.9 | 0.0 |
| Jul 15, 2026 | 54.3 | 84.4 | 50.0 | 45.9 | 21.6 | 55.3 | -3.0 |
| Jul 14, 2026 | 57.3 | 84.4 | 50.0 | 45.9 | 21.6 | 74.9 | +0.1 |
MPLX — Pillar Breakdown
Quality
— 84.4/100 (25%)MPLX Lp demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 45.6/100 (20%)MPLX Lp shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 21.6/100 (15%)MPLX Lp presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 55.3/100 (15%)MPLX Lp trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 50/100 (25%)MPLX Lp possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for MPLX.
Score Composition
Financial Data
More Stock Analysis
How is the MPLX UQS Score Calculated?
The UQS (Unified Quality Score) for MPLX Lp is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses MPLX Lp's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether MPLX Lp is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.