MPLX LP Common Units Representing Limited Partner Interests (MPLX) Covered Calls

MPLX LP Common Units Representing Limited Partner Interests covered calls MPLX LP is a large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets. Formed by Marathon Petroleum Corporation, the partnership is a major player in the gathering, processing, and transportation of natural gas and NGLs, as well as the storage and distribution of crude oil and refined products. With a strategic focus on the Permian and Marcellus basins, MPLX provides essential "wellhead to water" solutions for the U.S. energy sector.

You can sell covered calls on MPLX LP Common Units Representing Limited Partner Interests to lower risk and earn monthly income. Born To Sell's covered call screener gives you customized search capabilities across all possible covered calls but here are a couple of examples for MPLX (prices last updated Fri 4:16 PM ET):

MPLX LP Common Units Representing Limited Partner Interests (MPLX) Stock Quote
Last Change Bid Ask Volume P/E Market Cap
56.83 +1.68 56.40 57.00 2.3M 12 112
Covered Calls For MPLX LP Common Units Representing Limited Partner Interests (MPLX)
Expiration Strike Call Bid Net Debit Return
If Flat		 Annualized
Return If Flat
Feb 20 55 1.65 55.35 -0.6% -27.4%
Mar 20 55 2.35 54.65 0.6% 6.1%
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MPLX LP (MPLX) is a diversified, growth-oriented master limited partnership (MLP) formed by Marathon Petroleum Corporation (MPC). The partnership operates a sprawling network of midstream assets that connect energy production regions to key markets. By integrating gathering and processing capabilities with long-haul transportation and fractionation, MPLX has established a "wellhead to water" value chain that captures fee-based revenue at multiple points along the hydrocarbon stream.

Core Business and Asset Segments

  1. Logistics and Storage: This segment handles the transportation, storage, and distribution of crude oil and refined products. It includes a marine fleet, light-product terminals, and approximately 10,000 miles of pipelines. In 2026, the segment is benefiting from higher tariff rates and optimized utilization across its Midwest and Gulf Coast storage hubs.
  2. Natural Gas and NGL Services: This is the partnership’s primary growth engine. It provides gathering, processing, and fractionation services, primarily in the Appalachian (Marcellus/Utica) and Permian basins. In early 2026, MPLX achieved a major milestone by commissioning the Secretariat processing plant, raising its Permian gas processing capacity to 1.4 Bcf/d.
  3. Specialized Infrastructure: Following the 2025 acquisition of Northwind Midstream, MPLX has become a leader in sour gas treating in the Delaware Basin. By the second half of 2026, the partnership is on track to nearly triple its treating capacity to 440 MMcf/d, providing a critical solution for producers in New Mexico.

Competitive Landscape

MPLX operates in a highly competitive midstream sector where scale and basin-specific dominance are key advantages. Its primary rivals for large-scale energy infrastructure projects include Enterprise Products Partners and Energy Transfer. In the natural gas and NGL space, it contends with Kinder Morgan and ONEOK. Within its core Appalachian footprint, the partnership faces competition from Antero Midstream and DT Midstream. Additionally, its relationship with its parent company, Marathon Petroleum, provides a significant structural advantage through long-term, minimum-volume commitment contracts.

Strategic Outlook and Innovation

In 2026, MPLX is executing a multibillion-dollar capital plan with nearly the entire growth budget allocated to Natural Gas and NGL services. The partnership is focused on the "Wellhead to Water" strategy, advancing projects like the Harmon Creek III facility and the BANGL pipeline expansion to capture downstream value. Management is prioritizing mid-teens returns on invested capital while maintaining a disciplined leverage profile. A major theme this year is the resilience of cash flows supported by AI-driven power demand and LNG export expansion. Innovation efforts are centered on digital twin modeling for pipeline integrity and autonomous monitoring of its vast gathering systems. Financially, MPLX remains committed to durable distribution growth, recently signaling its intent to maintain a double-digit annual increase in payouts through the end of the decade. By optimizing its portfolio through non-core asset divestitures and focusing on high-return basin expansions, MPLX aims to provide one of the most stable and growing income profiles in the energy sector.