$57.9B
USD
Market cap · 2026–07 · week 29
🇺🇸 United States, Findlay
Country
Oil & Gas
Sector
Midstream Infrastructure · Senior · Midstream · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Overview:
MPLX LP is a senior, diversified, large-cap master limited partnership headquartered in Findlay, Ohio, formed by Marathon Petroleum Corporation in 2012 as its sponsor, with common units publicly traded on the New York Stock Exchange. The partnership owns and operates midstream energy infrastructure and logistics assets and provides fuels-distribution services across two reportable segments — Crude Oil and Products Logistics and Natural Gas and NGL Services — organized around the product-based value chain each supports. The Crude Oil and Products Logistics segment comprises a network of 14,853 miles of wholly and jointly owned pipelines and associated storage, refining logistics assets at 13 refineries, 88 terminals including rail and truck racks, one export terminal, storage caverns, tank farms, and an inland marine business. The Natural Gas and NGL Services segment provides wellhead-to-market gathering, treating, processing, transportation, fractionation, and storage, with approximately 9.4 Bcf/d of gas gathering capacity, 11.2 Bcf/d of natural gas processing capacity, 819 mbpd of fractionation and de-ethanization capacity, and approximately 1,401 miles of NGL pipelines. Key assets include extensive Marcellus and Utica gathering and processing, Permian and other gas infrastructure, crude and product pipelines serving Marathon refineries, and Gulf Coast NGL fractionation and storage. The business is predominantly fee-based, with approximately 88 percent of Crude Oil and Products Logistics revenue generated from the sponsor under tariff, fee-for-capacity, and service arrangements, providing cash-flow stability. The model remains exposed to producer drilling activity, throughput volumes, commodity-price-linked processing contracts, and concentration in its sponsor relationship.
Strategy:
Strategic direction centers on operating a fee-based midstream network anchored by its Marathon Petroleum sponsor relationship while expanding its wellhead-to-market natural gas and NGL platform. The partnership generates the substantial majority of Crude Oil and Products Logistics revenue — approximately 88 percent in 2025 — from the sponsor under long-term tariff, fee-for-capacity, and service agreements, providing a stable base from which to fund growth and distributions. Growth is pursued by expanding gathering, processing, fractionation, and NGL takeaway capacity in core basins such as the Marcellus, Utica, and Permian, leveraging joint-venture interests and operating agreements under which the partnership earns management fees for general and administrative, engineering, and construction services across operated joint ventures. The integrated package of gathering, processing, transportation, fractionation, marketing, and storage services — together with critical connections to a strong sponsor and key NGL and natural gas market outlets — is positioned to capture incremental volumes as production grows. Capital allocation balances organic expansion, joint-venture investment, and substantial returns of cash to unitholders. The forward strategy emphasizes contract-backed, fee-based growth, strategic gathering-and-processing agreements with key producers, and continued integration with the sponsor's refining and logistics footprint rather than commodity-price-exposed activity.
Management:
As a master limited partnership, MPLX is managed and operated by the board of directors and executive officers of its general partner, MPLX GP LLC, a wholly owned subsidiary of Marathon Petroleum Corporation; the partnership has no employees of its own and relies on the general partner and its affiliates for personnel under omnibus agreements with the sponsor. Maryann T. Mannen serves as Chairman, President and Chief Executive Officer of MPLX GP LLC, appointed President and Chief Executive Officer effective August 2024 and elected Chairman of the Board effective January 2026; she concurrently serves as Chairman, President and Chief Executive Officer of Marathon Petroleum, and brings prior chief-financial-officer experience at Marathon Petroleum and at TechnipFMC and FMC Technologies. C. Kristopher Hagedorn serves as Director, Executive Vice President and Chief Financial Officer. The general partner's board includes independent directors Christine S. Breves, Christopher A. Helms, Maria A. Khoury, Garry L. Peiffer, Frank M. Semple, and J. Michael Stice, and maintains an Audit Committee. The chief operating decision maker is the chief executive officer of the general partner, who reviews discrete financial information and allocates resources on a product-based value-chain basis across the two reportable segments. Because the partnership is publicly traded, the New York Stock Exchange does not require a majority-independent board or standalone compensation and nominating committees.
Structure:
The corporate structure is a master-limited-partnership framework controlled by Marathon Petroleum Corporation, which holds the common units alongside public unitholders and provides executive management and other services through its general partner, MPLX GP LLC, under omnibus agreements that include a fixed annual management fee, service reimbursements, and reciprocal indemnification for certain environmental, title, and tax matters. The partnership operates an extensive set of joint ventures across both segments, providing general and administrative, engineering, and construction services to many operated joint ventures in exchange for management and project fees, with these arrangements generally remaining in force as long as the partnership is operator. Asset infrastructure includes 31 barge docks with total capacity of 5,104 mbpd, eight storage caverns with capacity of 3,632 mbbls, 32 tank farms with total available storage of 35,456 mbbls, a renewable-fuels rail loading hub in North Dakota with 180 mbbls of storage, and more than 200 miles of produced-water pipeline systems primarily in North Dakota and the Four Corners region. The crude and products logistics network operates and partially owns pipelines serving the sponsor's refineries, including segments held at 65 percent and 50 percent ownership, while the natural gas and NGL platform includes joint-venture processing interests such as a 40 percent non-operating interest in Centrahoma Processing, embedding the partnership's growth within the sponsor's integrated downstream system.
Hedge:
Market-risk exposures arising from commodity prices and interest rates are managed within the partnership's risk-management framework. Although the majority of revenue is fee-based — including approximately 88 percent of Crude Oil and Products Logistics revenue derived from the Marathon Petroleum sponsor under tariff and fee-for-capacity arrangements — the Natural Gas and NGL Services segment enters into a variety of contract types, including fee-based, percent-of-proceeds, keep-whole, and purchase arrangements, that expose a portion of results to movements in natural gas and NGL prices; derivative instruments are used to manage portions of this commodity-price exposure where appropriate. Interest-rate exposure relates to the partnership's variable-rate indebtedness and to the refinancing of fixed-rate debt, and inflation-driven increases in interest rates could raise interest expense; this exposure is managed in connection with the capital structure. Derivative positions are entered into under the partnership's policies and carried at fair value, with the program intended to reduce cash-flow variability rather than to take speculative positions.
Source:
MPLX LP - 10-K Filing - 2025
Portfolio Aggregate · 2 projects
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Natural Gas and NGL Services Segment
Portfolio · Gas Processing · Operating
United States
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Company portfolio
Aggregation level:
Company portfolio
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Facility kind:
Gas Processing
Facility kind:
Gas Processing
Licensed capacity:
11.2
Licensed capacity:
11.2
Capacity unit:
bcf
Capacity unit:
bcf
Capacity period:
Per Day
Capacity period:
Per Day
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Wellhead-to-market gathering, treating, processing, and transportation of natural gas and transportation, fractionation, storage, and marketing of NGLs across the Marcellus, Utica, Southwest, Southern Appalachia, and Bakken operating regions, with approximately 1,401 miles of NGL pipelines.
Portfolio Aggregate · Processing facilities
As at 31 December 2025
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Crude Oil and Products Logistics Segment
Portfolio · Operating
United States
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Company portfolio
Aggregation level:
Company portfolio
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Facility kind:
-
Facility kind:
-
Licensed capacity:
-
Licensed capacity:
-
Capacity unit:
-
Capacity unit:
-
Capacity period:
-
Capacity period:
-
Capacity kind:
-
Capacity kind:
-
Description
As at 31 December 2025
A network of 14,853 miles of wholly and jointly owned crude oil and refined product pipelines and associated storage; refining logistics assets at 13 refineries; 88 terminals including rail and truck racks; one export terminal; storage caverns; tank farms; an inland marine business; and a fuels distribution business. Approximately 88% of segment revenue is generated from sponsor MPC.
Portfolio Aggregate · Processing facilities
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Processing facilities · 10 projects
Marcellus Operations
District · Gas Processing · Operating
United States, West Virginia and Pennsylvania, Marcellus
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
District / complex
Aggregation level:
District / complex
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
West Virginia and Pennsylvania
Region:
West Virginia and Pennsylvania
Geological province:
Marcellus
Geological province:
Marcellus
Facility kind:
Gas Processing
Facility kind:
Gas Processing
Licensed capacity:
6520
Licensed capacity:
6520
Capacity unit:
mmcf
Capacity unit:
mmcf
Capacity period:
Per Day
Capacity period:
Per Day
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Marcellus Shale gathering, processing, and fractionation in West Virginia and Pennsylvania; the largest of the natural gas operating regions, including a joint interest in the Hopedale fractionation complex.
Processing facilities
As at 31 December 2025
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Southwest Operations
District · Gas Processing · Operating
United States, Oklahoma, Texas, and New Mexico
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
District / complex
Aggregation level:
District / complex
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
Oklahoma, Texas, and New Mexico
Region:
Oklahoma, Texas, and New Mexico
Facility kind:
Gas Processing
Facility kind:
Gas Processing
Licensed capacity:
2745
Licensed capacity:
2745
Capacity unit:
mmcf
Capacity unit:
mmcf
Capacity period:
Per Day
Capacity period:
Per Day
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Southwest gathering and processing across Oklahoma, Texas, and New Mexico, including a non-operating 40% interest in Centrahoma Processing (550 MMcf/d) and excluding Northwind Midstream design capacity.
Processing facilities
As at 31 December 2025
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Utica Operations
District · Gas Processing · Operating
United States, Ohio, Appalachian Basin
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
District / complex
Aggregation level:
District / complex
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
Ohio
Region:
Ohio
Geological province:
Appalachian Basin
Geological province:
Appalachian Basin
Facility kind:
Gas Processing
Facility kind:
Gas Processing
Licensed capacity:
1325
Licensed capacity:
1325
Capacity unit:
mmcf
Capacity unit:
mmcf
Capacity period:
Per Day
Capacity period:
Per Day
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Utica Shale gathering and processing in Ohio, including a condensate stabilization facility with 23 mbpd capacity and a joint interest in the Hopedale fractionation complex.
Processing facilities
As at 31 December 2025
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Southern Appalachia Operations
District · Gas Processing · Operating
United States, Southern Appalachia, Appalachian Basin
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
District / complex
Aggregation level:
District / complex
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
Southern Appalachia
Region:
Southern Appalachia
Geological province:
Appalachian Basin
Geological province:
Appalachian Basin
Facility kind:
Gas Processing
Facility kind:
Gas Processing
Licensed capacity:
425
Licensed capacity:
425
Capacity unit:
mmcf
Capacity unit:
mmcf
Capacity period:
Per Day
Capacity period:
Per Day
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Southern Appalachia gas processing and fractionation, including above-ground and underground NGL storage facilities.
Processing facilities
As at 31 December 2025
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Bakken Natural Gas Operations
District · Gas Processing · Operating
United States, North Dakota, Bakken
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
District / complex
Aggregation level:
District / complex
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
North Dakota
Region:
North Dakota
Geological province:
Bakken
Geological province:
Bakken
Facility kind:
Gas Processing
Facility kind:
Gas Processing
Licensed capacity:
185
Licensed capacity:
185
Capacity unit:
mmcf
Capacity unit:
mmcf
Capacity period:
Per Day
Capacity period:
Per Day
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Bakken gathering, processing, and fractionation in North Dakota within the Williston Basin.
Processing facilities
As at 31 December 2025
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Tank Farm Network
Asset · Storage Liquids · Operating
United States
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Facility kind:
Storage Liquids
Facility kind:
Storage Liquids
Licensed capacity:
35456
Licensed capacity:
35456
Capacity unit:
mbbl
Capacity unit:
mbbl
Capacity period:
Total
Capacity period:
Total
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
32 tank farms (including one leased) with total available storage capacity of 35,456 mbbls, in addition to storage tanks at MPC's refineries.
Processing facilities
As at 31 December 2025
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Inland Marine Barge Dock Network
Asset · Marine Terminal · Operating
United States, U.S. inland waterways
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
U.S. inland waterways
Region:
U.S. inland waterways
Facility kind:
Marine Terminal
Facility kind:
Marine Terminal
Licensed capacity:
5104
Licensed capacity:
5104
Capacity unit:
mbbl
Capacity unit:
mbbl
Capacity period:
Per Day
Capacity period:
Per Day
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
31 barge docks with total capacity of 5,104 mbpd supporting the inland marine and crude/products logistics business.
Processing facilities
As at 31 December 2025
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Storage Caverns
Asset · Storage Liquids · Operating
United States
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Facility kind:
Storage Liquids
Facility kind:
Storage Liquids
Licensed capacity:
3632
Licensed capacity:
3632
Capacity unit:
mbbl
Capacity unit:
mbbl
Capacity period:
Total
Capacity period:
Total
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Eight storage caverns with aggregate storage capacity of 3,632 mbbls.
Processing facilities
As at 31 December 2025
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North Dakota Renewable Fuels Rail Loading Hub
Asset · Storage Liquids · Operating
United States, North Dakota
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
North Dakota
Region:
North Dakota
Facility kind:
Storage Liquids
Facility kind:
Storage Liquids
Licensed capacity:
180
Licensed capacity:
180
Capacity unit:
mbbl
Capacity unit:
mbbl
Capacity period:
Total
Capacity period:
Total
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Renewable fuels rail loading hub in North Dakota with 180 mbbls of storage capacity.
Processing facilities
As at 31 December 2025
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Produced Water Gathering Systems
Asset · Water Handling · Operating
United States, North Dakota and Four Corners
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
North Dakota and Four Corners
Region:
North Dakota and Four Corners
Facility kind:
Water Handling
Facility kind:
Water Handling
Licensed capacity:
-
Licensed capacity:
-
Capacity unit:
-
Capacity unit:
-
Capacity period:
-
Capacity period:
-
Capacity kind:
-
Capacity kind:
-
Description
As at 31 December 2025
More than 200 miles of water pipeline systems, primarily in North Dakota and the Four Corners region, dedicated to gathering and handling produced water associated with well completion and production.
Processing facilities
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Oil equivalent (BOE)
Oil equivalent (BOE)
-
See commodity documentation in the domain package.
Oil
Generic crude (undifferentiated)
WTI
Use West Texas Intermediate directly as a coarse benchmark when the filing does not split product quality.
Natural gas
Pipeline natural gas
Henry Hub
Henry Hub is the reference US benchmark for US pipeline gas; use it directly when the disclosure is Hub-indexed.
NGL
NGL barrel (mixed NGLs)
Mont Belvieu NGL basket vs WTI
NGL barrels often track a fraction of crude; order-of-magnitude context is commonly cited around two-fifths to three-fifths of WTI.
Shale gas
Gas from shale / tight reservoirs
Henry Hub plus regional basis
Regional hubs price as Henry Hub plus or minus basis; shale supply broke tight coupling to oil, so do not back-solve shale gas from WTI.
Light oil
Light sweet crude
WTI / Brent
WTI and Brent are often treated as roughly 1:1 for light sweet barrels when a single anchor is enough.
Heavy oil
Heavy sour crude
WCS vs WTI
Western Canadian Select–style heavy blends often trade on the order of $10–20/bbl below WTI when differentials are in a normal range.
Bitumen
Oil-sands bitumen blend
WCS vs WTI
Same broad idea as heavy oil: bitumen blends anchor to wide differentials versus light sweet benchmarks such as WTI.
Synthetic crude
Upgraded oil-sands synthetic crude (SCO)
SCO vs WTI
Synthetic crude typically tracks WTI within a few dollars — sometimes near par, sometimes a small premium or discount.
Condensate
Field condensate / diluent
US condensate vs WTI
Field condensate can trade below WTI; some multi-year averages have been in the high single-digit dollars per barrel under WTI.
Coal bed methane
Coalbed methane (CBM)
Regional hub vs Henry Hub
CBM is usually quoted off a regional benchmark versus Henry Hub; it is a distinct product stream from tight shale gas in many filings.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil
1 / 5
0–0.5 MMbbl/yr
0–5 MMbbl
2 / 5
0.5–5 MMbbl/yr
5–25 MMbbl
3 / 5
5–20 MMbbl/yr
25–100 MMbbl
4 / 5
20–75 MMbbl/yr
100–500 MMbbl
5 / 5
≥ 75 MMbbl/yr
≥ 500 MMbbl
Natural gas
1 / 5
0–4 Bcf/yr
0–50 Bcf
2 / 5
4–20 Bcf/yr
50–500 Bcf
3 / 5
20–75 Bcf/yr
500–2000 Bcf
4 / 5
75–180 Bcf/yr
2000–10000 Bcf
5 / 5
≥ 180 Bcf/yr
≥ 10000 Bcf
NGL
1 / 5
0–0.1 MMbbl/yr
0–2 MMbbl
2 / 5
0.1–0.5 MMbbl/yr
2–10 MMbbl
3 / 5
0.5–2 MMbbl/yr
10–25 MMbbl
4 / 5
2–5 MMbbl/yr
25–100 MMbbl
5 / 5
≥ 5 MMbbl/yr
≥ 100 MMbbl
Condensate
1 / 5
0–0.5 MMbbl/yr
0–5 MMbbl
2 / 5
0.5–5 MMbbl/yr
5–25 MMbbl
3 / 5
5–20 MMbbl/yr
25–100 MMbbl
4 / 5
20–75 MMbbl/yr
100–500 MMbbl
5 / 5
≥ 75 MMbbl/yr
≥ 500 MMbbl
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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