MPLX LP is a master limited partnership ("MLP") formed in 2012 by MPC to own, operate, develop and acquire midstream energy infrastructure assets. It is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the gathering, transportation and storage of crude oil and refined petroleum products. The Company conducts its operations in the operating segments: Logistics and Storage and Gathering and Processing. The Logistics and Storage segment includes transportation and storage of crude oil, refined products and other hydrocarbon-based products. The Gathering and Processing has two divisions Natural Gas Gathering and Natural Gas Processing. It operates several natural gas gathering systems. The scope of gathering services that provide depends on the composition of the raw, or untreated, gas at its producer customers' wellheads. Its Natural Gas Processing complexes remove the heavier and more valuable hydrocarbon components from natural gas. This allows the residue gas remaining after extraction of the NGLs to meet the quality specifications for long-haul transmission pipeline transportation or commercial use. Its Gathering and Processing segment faces competition for natural gas gathering and in obtaining natural gas supplies for its processing and related services; in obtaining unprocessed NGLs for gathering and fractionation; and in marketing its products and services.
Benzinga is a fast-growing, dynamic and innovative financial media outlet that empowers investors with high-quality, unique content.