MPLX and the Midstream Moat — The $2.8B Annual Distribution Engine

MPLX is the most underappreciated piece of the Marathon Petroleum story — a master limited partnership that handles ~10% of U.S. natural gas production and sends MPC roughly $2.8 billion in annual distributions, providing a defensive moat under the inherent cyclicality of refining. This module unpacks what MPLX is, why it matters, the recent Northwind Midstream acquisition, and how to talk about midstream credibly in any interview at MPC.