Morningstar

Morningstar, Inc.

Equity Bottom-Up

MPLX recently completed a period of significant change, and for the better, in our view. In 2017, the entity acquired or agreed to acquire nearly $12 billion worth of assets, adding about $1.5 billion in EBITDA for a fair price, in our opinion. The $10.1 billion incentive distribution rights transaction removes another hurdle for the partnership. Now, MPLX can pursue an aggressive expansion program for its new assets as well as its existing core portfolio of gathering and processing assets in…

A bit more than seven months after the acquisition of Andeavor by Marathon, we finally have the long-awaited acquisition of Andeavor Logistics by MPLX. We had noted several times previously than we expected a combination, given parent Marathon's ownership of 64% (63% post-merger) of both entities and the need to simplify. We had also expected a very limited premium to be offered, given public unitholders would have virtually no standing to object, which also turned out to be the case, with a…

<p>MPLX recently completed a period of significant change, and for the better, in our view. In 2017, the entity acquired or agreed to acquire nearly $12 billion worth of assets, adding about $1.5 billion in EBITDA for a fair price, in our opinion. The $10.1 billion incentive distribution rights transaction removes another hurdle for the partnership. No longer hindered by the high-IDR split, MPLX can pursue an aggressive expansion program for its new assets as well as its existing core portfolio of…</p>

United States

MPLX LP acquires, owns, operates and develops crude oil, refined products and other hydrocarbon-based product pipelines and other midstream assets. The Company's assets consist of a network of common carrier crude oil and product pipeline systems and associated storage assets in the Midwest and Gulf Coast regions of the United States.

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