1. MPLX, formed by Marathon Petroleum, has grown into a significant midstream player with strong profitability metrics. 2. The company's 'NGL wellhead to water strategy' aims to integrate its NGL system with significant CapEx and returns. 3. Despite high valuation, MPLX boasts top-tier margins and a 6.8% distribution yield, with risks including dependency on Marathon Petroleum and the transition to greener energy.