MPLX LP

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  • The MPLX crude oil pipeline system
    Company & Industry Overviews

    The MPLX crude oil pipeline system

    MPLX crude pipelines are connected to supply hubs, and transport crude oil to Marathon Petroleum Corporation’s, or MPC’s, refineries and third parties.

    By Keisha Bandz
  • Overview of US Gulf Coast 3:2:1 Crack Spread
    Macroeconomic Analysis

    Overview of US Gulf Coast 3:2:1 Crack Spread

    Crack spreads usually fall when crude oil prices (USO) increase by more than product prices, or when product prices fall more than crude oil prices.

    By Keisha Bandz
  • uploads///Frac spread
    Macroeconomic Analysis

    Key for Investors: The Fractionation Spread Rose Last Week

    The Henry Hub–Mont Belvieu fractionation spread rose to $13.0 per barrel in the week ending May 13, 2016. The spread was $12.4 per barrel in the previous week.

    By Kurt Gallon
  • uploads///crude oil demand and supply
    Energy & Utilities

    What Might Cap Rising Crude Oil Prices?

    The US crude oil (USO) supply includes domestic production and imports. The supply gets consumed as inputs to refineries and exports.

    By Rekha Khandelwal, CFA
  • uploads///amz and  year treasury yield
    Company & Industry Overviews

    Are Rising Treasury Yields behind the Higher MLP Yields?

    The Alerian MLP Index is trading at a yield of ~7.9%, which is ~5% higher than US ten-year Treasury yields.

    By Rekha Khandelwal, CFA
  • uploads///ANR
    Earnings Report

    What Analysts Recommend for ETP and ETE ahead of the 3Q17 Results

    Of the analysts surveyed by Reuters, 71.0% recommend a “buy” for Energy Transfer Equity (ETE), and the remaining 29.0% of analysts recommend “hold.”

    By Kurt Gallon
  • uploads///stocks with yields
    Company & Industry Overviews

    Top Midstream Stocks Offer Yields above 7%

    Let’s take a look at midstream stocks trading at attractive yields. The stocks have a market capitalization of over $5 billion and yields over 7.0%.

    By Rekha Khandelwal, CFA
  • uploads///performance by subgroup
    Miscellaneous

    Why Gathering and Processing MLPs Outperformed in 1Q17

    Gathering and processing MLPs were the best performing MLPs in the first quarter of 2017. The subgroup rose 14.7%.

    By Kurt Gallon
  • uploads///pipeline image
    Earnings Report

    Higher Permian Volumes Drove Plains All American’s 1Q18 Results

    Plains All American Pipeline reported its 1Q18 results on May 8 after the market closed. The company reported 16% YoY growth in the adjusted EBITDA.

    By Rekha Khandelwal, CFA
  • uploads///ratings
    Energy & Utilities

    The Top 7 Analyst Favorite MLPs

    Antero Midstream Partners, Viper Energy Partners, and Hoegh LNG Partners have the most “buys” among all the publicly traded limited partnerships.

    By Kurt Gallon
  • uploads///featured image
    Company & Industry Overviews

    Top Three MLPs for Income Investors

    There’s a widespread consensus that the worst is over for the MLP sector. Savvy investors seem to be willing to give the sector a second chance.

    By Rekha Khandelwal, CFA
  • uploads///ANR
    Earnings Report

    What Analysts Recommend for ETP and ETE ahead of Q2 Earnings

    Of Wall Street analysts surveyed by Reuters, 74.0% of analysts rate ETE as a “buy” and the remaining 26.0% rate it as a “hold” as of July 28.

    By Kurt Gallon
  • uploads///amz and treasury yield spread
    Company & Industry Overviews

    The MLP-Treasury Yield Spread Contracted Marginally in Q3

    The yield spread between the Alerian MLP Index yield and the US ten-year Treasury yield contracted to 5.0% at the end of Q3 from 5.1% at the end of Q2.

    By Rekha Khandelwal, CFA
  • uploads///diesel
    Macroeconomic Analysis

    What Drove Diesel Prices Higher the Week Ended September 4?

    Prompt New York Harbor ultra-low-sulfur diesel futures traded on the NYMEX closed ~2.4% higher on a weekly basis at ~$1.62 per gallon in the week ended September 4.

    By Keisha Bandz
  • uploads///MPLX structure
    Company & Industry Overviews

    MPLX LP: The infrastructure link in Marathon Petroleum’s chain

    Marathon Petroleum Corporation, or MPC, owns 100% of the MPLX general partnership, or GP, interests, as well as the incentive distribution rights.

    By Keisha Bandz
  • uploads///featured image
    Company & Industry Overviews

    Here’s What Makes MPLX an Interesting Stock

    MPLX generated total returns, including distributions, of 17% in the last year. Its total returns over five years stand at 28%.

    By Rekha Khandelwal, CFA
  • uploads///ETP
    Energy & Utilities

    Energy Transfer Duo Offers High Upside Potential

    Energy Transfer Partners and Energy Transfer Equity are among the top midstream companies that offer high upside potentials.

    By Kurt Gallon
  • uploads///gasoline
    Macroeconomic Analysis

    What Caused a ~6% Drop in Gasoline Prices Last Week?

    Gasoline prices loosely track changes in crude oil prices (USO), usually Brent crude oil prices, the international benchmark.

    By Keisha Bandz
  • uploads///featured image
    Earnings Report

    ONEOK’s 1Q18 Earnings Rose 24% Due to Higher Volumes

    ONEOK (OKE) reported its 1Q18 results yesterday. The company’s adjusted EBITDA grew 24% YoY in 1Q18.

    By Rekha Khandelwal, CFA
  • uploads///accountant _
    Earnings Report

    MLPs’ Strong Earnings Growth Continued in 1Q18

    Master limited partnerships or MLPs saw continued strong earnings growth in 1Q18 after a solid fourth quarter of 2017.

    By Kurt Gallon
  • uploads///featured image
    Earnings Report

    Hi-Crush Partners’ Sand Volumes Rose 16% in Q2 2018

    Hi-Crush Partners reported its second-quarter results on July 31 after the markets closed. The company reported an adjusted EBITDA of $81.5 million.

    By Rekha Khandelwal, CFA
  • uploads///top mlp losers
    Energy & Utilities

    A Look at Last Week’s Worst Midstream Performances

    Hi-Crush Partners (HCLP) fell 5% during the week that ended on August 24. The stock has been on a downward trajectory for over a month.

    By Rekha Khandelwal, CFA
  • uploads///crack spread
    Macroeconomic Analysis

    US Gulf Coast 3:2:1 Crack Spread Rises in the Week to June 26

    The benchmark US Gulf Coast 3:2:1 crack spread rose 4.4% to $17.385 per barrel in the week to June 26—compared to $16.65 per barrel on June 19.

    By Keisha Bandz
  • uploads///Frac spread
    Energy & Utilities

    Frac Spread Fell by 24.8% in the Last Two Weeks of July: Impact on MLPs

    The Henry Hub-Mont Belvieu fractionation spread, or frac spread, fell by 13.8% to $7.7 per barrel by the end of the week ending July 29, 2016.

    By Kurt Gallon
  • uploads///gasoline production
    Macroeconomic Analysis

    Why Did Gasoline Inventories Rise in the Last Week of July?

    Gasoline production increased from ~9.68 million barrels per day (or MMbpd) in the week ended July 24 to 9.98 MMbpd in the week ended July 31.

    By Keisha Bandz
  • uploads///gasoline prod
    Macroeconomic Analysis

    Why Did US Gasoline Inventories Fall despite a Rise in Production?

    Gasoline inventories declined in the week ended October 9. So, net trade flows, or exports, could be the key to last week’s inventory draw.

    By Keisha Bandz
  • uploads///Energy Transfer stock
    Energy & Utilities

    AMLP: What’s Next for Midstream MLPs after a Rebound?

    Midstream MLPs have recovered after hitting multiyear lows early this month. The ALPS Alerian MLP ETF (AMLP) is up more than 10% in the last two weeks.

    By Vineet Kulkarni
  • uploads///Williams companies earnings
    Energy & Utilities

    AMLP: What’s Next for Midstream MLPs after a Big Fall?

    The ALPS Alerian MLP ETF (AMLP), the representative of the top MLPs in the US, plunged to record lows last week. It’s trading near its all-time low of $7.7.

    By Vineet Kulkarni
  • uploads///midstream stocks near  week low
    Materials

    Midstream Stocks Approach 52-Week Lows: Time to Buy?

    Several midstream stocks hit their respective 52-week lows in the last five days. Crude oil prices took a hit yesterday amid concerns over trade talks.

    By Rekha Khandelwal, CFA
  • uploads///mlp funds
    Energy & Utilities

    Top MLP Funds Recorded Net Inflows in October

    The top MLP funds saw net inflows in October. The Alerian MLP ETF (AMLP) had net inflows of $105.7 million for the month.

    By Rekha Khandelwal, CFA
  • uploads///energy stocks
    Company & Industry Overviews

    Top Midstream Energy Stocks: What Analysts Got Wrong

    Despite stable earnings and dividend growth, MLP stocks are depressed. We look at the top midstream energy stocks’ performance in the past 12 months.

    By Rekha Khandelwal, CFA
  • uploads///top refiners
    Company & Industry Overviews

    These 5 Refiners Make Half the Crude Oil in the US

    The total refiners capacity in the US is around 18.8 million barrels per calendar day. The refinery utilization rate in 2018 was 93%.

    By Rekha Khandelwal, CFA
  • uploads///top  mlps
    Company & Industry Overviews

    Analyzing the Top 5 MLPs That Analysts Recommend

    In this article, we’ll look at five MLPs with at least 90% buy ratings: EPD, MPLX, Energy Transfer, Viper Energy Partners, and Black Stone Minerals.

    By Rekha Khandelwal, CFA
  • uploads///recommendations summary
    Energy & Utilities

    Which Top Midstream Companies Have an Attractive Upside

    Of the top midstream companies we’ve discussed in this series, only ONEOK (OKE) and Cheniere Energy (LNG) have met analysts’ mean price targets from a year ago.

    By Rekha Khandelwal, CFA
  • uploads///analysts are bullish on top mlps
    Energy & Utilities

    EPD, ETE, PAA, and MMP: What Do Analysts Recommend?

    All of the analysts surveyed by Reuters covering Enterprise Products Partners (EPD) and MPLX (MPLX) rated the stocks as “buy.”

    By Rekha Khandelwal, CFA
  • uploads///capital exp
    Company & Industry Overviews

    EPD Expects to Complete $4.5 Billion of New Projects in 2019

    Enterprise Products Partners (EPD) spent ~$4.2 billion on growth projects in 2018.

    By Rekha Khandelwal, CFA
  • uploads///Adj EBITDA
    Earnings Report

    MPLX to Acquire ANDX to Create a Large Midstream Company

    On May 8, Marathon Petroleum (MPC), MPLX LP (MPLX), and Andeavor Logistics LP (ANDX) announced that MPLX would acquire ANDX.

    By Maitali Ramkumar
  • uploads///price range forecast
    Earnings Report

    How EPD Is Expected to Perform ahead of Its Earnings

    In this article, we’ll take a look at how Enterprise Products Partners (EPD) stock may perform leading up to its earnings release on May 1.

    By Rekha Khandelwal, CFA
  • uploads///ET ykd
    Company & Industry Overviews

    Why Energy Transfer’s Distribution Yield Looks Attractive

    Energy Transfer (ET) offers a distribution yield of 7.9%, which is higher than its five-year average yield.

    By Vineet Kulkarni
  • uploads///MPLX
    Company & Industry Overviews

    Who Added Big Positions in MPLX in Q4 2018?

    According to its latest 13F filing, Tortoise Capital Advisors sold net ~0.9 million shares of MPLX (MPLX) and held 3.4% of its total outstanding shares as of December 31.

    By Vineet Kulkarni
  • uploads///attractive yields
    Company & Industry Overviews

    Why Are EPD, MMP, and MPLX’s Yields Attractive?

    Enterprise Products Partners, Magellan Midstream Partners, and MPLX are trading at attractive yields of 6.4%, 6.5%, and 7.6%.

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Energy & Utilities

    Midstream Stocks Gained for the Third Straight Week

    Midstream stocks and MLPs continued to gain in the third week of 2019. The Alerian MLP Index rose 1.9% in the week ending January 18.

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Energy & Utilities

    High-Yield MLPs: What Wall Street Recommends

    Energy Transfer (ET) stock was rated a “strong buy” or “buy” by 88% of analysts surveyed by Reuters.

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Energy & Utilities

    How Top Midstream Stocks Could Perform in 2019

    With simplified structures and greater financial discipline, MLPs look better-equipped to perform in the volatile commodity price environment.

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Earnings Report

    MPLX Stock: Analysts Expect 22% Upside

    MPLX’s mean target price is $42. The target price implies an upside potential of ~22% from MPLX’s current price of $34.5.

    By Rekha Khandelwal, CFA
  • uploads///monthly crude oil production
    Energy & Utilities

    US Crude Oil Production Continues to Rise

    The US crude oil production was 11 million barrels per day for the week ending September 14, according to data from the EIA.

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Company & Industry Overviews

    Weekly Wrap-Up: Last Week’s Key Midstream Sector Updates

    Crude oil prices rose ~4.3% last week, and the Energy Select Sector SPDR ETF (XLE) rose 2.7%. How did top midstream stocks fare?

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Company & Industry Overviews

    How Midstream Stocks Fared over the Last Three Years

    With strengthening oil prices, investor interest in the energy sector is on the rise. Many wonder if now is the right time to invest.

    By Rekha Khandelwal, CFA
  • uploads///PAA
    Company & Industry Overviews

    Harvest Fund Advisors Added Major Positions in PAA in Q1 2018

    In this article, we’ll look into the institutional activity in Plains All American Pipeline (PAA) during the first quarter.

    By Kurt Gallon
  • uploads///analysts recom
    Energy & Utilities

    KMI, EPD, WPZ, MPLX: Analysts Are Bullish on Midstream Companies

    Of the analysts covering Kinder Morgan (KMI), 64% recommended “buy,” and 36% recommended “hold.”

    By Rekha Khandelwal, CFA
  • uploads///GEL
    Earnings Report

    Genesis Energy Is Trading at a Discount despite Strong Earnings

    Genesis Energy is expected to post 27.4% YoY EBITDA growth in the first quarter of 2018 compared to 1Q17.

    By Kurt Gallon
  • uploads///accountant _
    Earnings Report

    Top Earnings Growth Expected from Midstream Companies in 1Q18

    In this series, we’ll look at the top ten midstream companies based on earnings growth expectations for 1Q18.

    By Kurt Gallon
  • uploads///Value chain
    Company & Industry Overviews

    Who’s Protected from FERC’s Revised Income Tax Policy?

    Midstream companies such as Kinder Morgan (KMI), Targa Resource (TRGP), and ONEOK (OKE) are taxed as C-corps, so the revised policy doesn’t apply to them.

    By Kurt Gallon
  • uploads///MPLX distribution
    Company & Industry Overviews

    What Does MPLX LP’s Current Distribution Yield Indicate?

    About 78.9% of analysts rate MPLX LP as a “buy,” and the remaining 21.1% rate it as a “hold.”

    By Kurt Gallon
  • uploads///MPLX
    Company & Industry Overviews

    What’s Driving the Jump in MPLX LP’s Capital Spending?

    MPLX LP (MPLX) expects its 2018 capital expenditure to be ~$2.4 billion, which represents a 47.0% increase compared to the previous year.

    By Kurt Gallon
  • uploads///PAA
    Company & Industry Overviews

    What Are Institutional Investors Doing with Positions in PAA?

    Harvest Fund Advisors and CIBC Atlantic Trust Private Wealth Management added major positions in Plains All American Pipeline during the fourth quarter.

    By Kurt Gallon
  • uploads///ETP
    Company & Industry Overviews

    Tortoise Capital Advisors Became Top Institutional Holder in MPLX

    Bank of America Merrill Lynch and Citi Investment Research were the biggest sellers in MLPX LP (MPLX) during the fourth quarter.

    By Kurt Gallon
  • uploads///val
    Energy & Utilities

    The MLP-Treasury Yield Spread Widens

    The yield spread between the Alerian MLP Index (^AMZ) and the ten-year Treasury has widened due to the recent correction.

    By Kurt Gallon
  • uploads///marcellus nat gas
    Earnings Report

    A Sneak Peek at Williams Partners’ 4Q17 Gathering Volumes

    Williams Partners, the largest natural gas gatherer in the Marcellus and Utica regions, is expected to see strong volume growth in the regions in the fourth quarter.

    By Kurt Gallon
  • uploads///AM
    Energy & Utilities

    Antero Midstream Has a 37% Upside Potential from Current Levels

    Antero Midstream Partners has lost 8.4% since the beginning of this year.

    By Kurt Gallon
  • uploads///Gains
    Materials

    Last Week’s Top MLP Gainers

    CVR Partners (UAN), the MLP mainly involved in the production of nitrogen fertilizers, was the top MLP gainer last week. CVR Partners rose 7.7%.

    By Kurt Gallon
  • uploads///MPLX CapEx
    Company & Industry Overviews

    Why High Leverage Is Not a Concern for MPLX

    MPLX (MPLX) has seen a sharp rise in total outstanding debt over the first two quarters of 2017, rising from $4.4 billion at the end of 2016 to $6.7 billion as of June 30, 2017.

    By Kurt Gallon
  • uploads///nspc
    Company & Industry Overviews

    ETP and ETE Rose after the Rover Stake Sale Announcement

    Shares of Energy Transfer Partners (ETP) and Energy Transfer Equity (ETE) rose 1.9% and 1.8%, respectively, on August 1 after the asset sale announcement.

    By Kurt Gallon
  • uploads///business mix
    Company & Industry Overviews

    How Antero Midstream’s Business Mix Could Evolve

    Antero Midstream Partners (AM) expects its business mix to evolve from current gathering and compression activities to the inclusion of natural gas processing and fractionation activities over the coming years.

    By Kurt Gallon
  • uploads///nspc
    Earnings Report

    Understanding Energy Transfer’s Increased Fractionation Capacity

    ETP subsidiary, Lone Star NGL, announced the construction of a fifth fractionator at Mont Belvieu one day after its 4Q16 results.

    By Kurt Gallon
  • uploads///will mplx move upwards in
    Miscellaneous

    MPLX to Get Rid of Incentive Distribution Rights

    On January 3, 2017, Marathon Petroleum (MPC) announced key initiatives related to its MLP MPLX (MPLX).

    By Rekha Khandelwal, CFA
  • uploads///Value Chain
    Macroeconomic Analysis

    A Look at the Midstream Energy Value Chain

    Liquids pipelines and terminaling MLPs, as the name suggests, are involved in crude oil, refined product, and NGLs (natural gas liquids) transportation and storage.

    By Kurt Gallon
  • uploads///commodity exposure
    Macroeconomic Analysis

    Getting Familiar with MLP Contracts

    In this article, we’ll look at types of MLP contracts for midstream MLPs. Midstream MLPs generally have fixed-fee contracts.

    By Kurt Gallon
  • uploads///Recommendation
    Company & Industry Overviews

    The Low-Down on Elliott’s Recommendations for Marathon Petroleum

    Elliott Management’s first recommendation is to immediately drop down suitable midstream assets to MPLX (MPLX), MPC’s midstream MLP.

    By Maitali Ramkumar
  • uploads///MPLXs changed business mix
    Company & Industry Overviews

    How MarkWest Changed MPLX’s Business Mix

    Operating income from the gathering and processing segment for 2Q16 was $271 million, which is almost double the income from the logistics and storage segment of $123 million.

    By Rekha Khandelwal, CFA
  • uploads///Frac spread
    Macroeconomic Analysis

    Why Did the Frac Spread Keep Rising Last Week?

    The Henry Hub–Mont Belvieu fractionation spread rose for the third consecutive week to $14.5 per barrel last week.

    By Kurt Gallon
  • uploads///Nat gas prices
    Macroeconomic Analysis

    Natural Gas Prices Rose on Warm Weather: What’s the Impact on MLPs?

    NYMEX near-month Henry Hub natural gas futures contracts rose last week after three consecutive weekly declines.

    By Kurt Gallon
  • uploads///Frac spread
    Macroeconomic Analysis

    Behind the Fractionation Spread: Key Investor Data

    The Henry Hub-Mont Belvieu fractionation spread rose to $11.53 per barrel in the week ending March 25. The spread was $11.37 per barrel the previous week.

    By Kurt Gallon
  • uploads///U
    Macroeconomic Analysis

    Warm Winter Added Pressure on Heating Oil Prices

    Heating oil prices were at $2.17 per gallon on January 18, which represents a fall of $0.05 per gallon compared to prices for the previous week.

    By Manu Milan
  • uploads///MPLX natural gas and wti
    Company & Industry Overviews

    What Factors Could Drive MPLX’s Stock in 2016?

    A recovery in oil prices could mean a higher MPLX stock price. However, this also means that MPLX shares would remain under pressure as long as crude oil prices remain weak.

    By Rekha Khandelwal, CFA
  • uploads///stock performance
    Company & Industry Overviews

    MPLX Traded 14% below Its 50-Day Moving Average

    In this series, we’ll analyze MPLX’s price targets, the performance of MPLX’s various segments, and its leverage. We’ll also examine its distributable cash flows, capital expenditure, and distribution growth.

    By Rekha Khandelwal, CFA
  • uploads///eeps distribution per unit
    Earnings Report

    Will Enbridge Energy Partners Cut Its 3Q15 Distributions?

    Enbridge Energy Partners expects its 2015 full-year coverage to be between 0.9 to 0.96 times. It aims for a long-term coverage ratio greater than 1.

    By Rekha Khandelwal, CFA
  • uploads///WTI BRENT
    Macroeconomic Analysis

    US Gasoline Prices Recovered after Falling to 6-Year Low

    US gasoline prices mirrored crude oil prices and began falling early last week. They fell to their lowest in six years on Monday.

    By Keisha Bandz
  • uploads///MWE MPLX spread
    Miscellaneous

    The MarkWest-MPLX Merger: Trading at a Negative Spread

    If investors set up the MarkWest-MPLX merger spread and wait for the deal to close, they’ll make a -6.1% return. This means investors expect a competing bidder or a bump in the consideration.

    By Brent Nyitray, CFA, MBA
  • uploads///Organizational Struc
    Miscellaneous

    MarkWest-MPLX Merger: Big News for the Midstream Energy Sector

    In a press release published on July 13, 2015, MarkWest Energy Partners (MWE) and MPLX LP (MPLX) announced that the two MLPs have agreed to merge.

    By Kurt Gallon
  • uploads///other assets
    Company & Industry Overviews

    What Are MPLX’s Other Midstream Assets?

    MPLX also owns tank farms, or pipeline storage facilities. These storage assets also serve as “breakout tanks” for MPLX’s crude and product pipeline system.

    By Keisha Bandz
  • uploads///mplx org structure
    Company & Industry Overviews

    MPLX LP: The Midstream Link in Marathon Petroleum’s Chain

    MPLX LP (MPLX) is a master limited partnership, or MLP. It was formed by independent refiner Marathon Petroleum Corporation (MPC).

    By Keisha Bandz
  • uploads///mlpx comparison
    Company & Industry Overviews

    MPLX stock performance so far in 2014

    MPLX stock jumped almost 6% in a single day on this announcement. An upbeat earnings report also helped the stock gain.

    By Keisha Bandz
  • uploads///midwest pipe
    Company & Industry Overviews

    The MPLX Midwest product pipeline systems

    Canton to East Sparta consists of two parallel pipelines that connect MPC’s Canton refinery with the MPLX East Sparta, Ohio, breakout tankage and station.

    By Keisha Bandz
  • uploads///sandpiper
    Company & Industry Overviews

    Marathon Petroleum: Key growth projects

    Marathon Petroleum Corporation (MPC) recently announced an agreement with Enbridge Energy (EEP) to serve as an anchor shipper on its Sandpiper Pipeline.

    By Keisha Bandz
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