With natural gas prices hovering near all-time lows and crude oil dropping to the mid-$80 range, the energy patch has been hit hard by the market’s correction. While the uncertainty surrounding the European sovereign-debt crisis has played a major role in keeping prices depressed, slowing growth in China and a stronger dollar have been the primary drivers of falling energy prices.

But there are energy plays that are relatively insulated from volatile commodity prices and still provide exposure to future demand growth.

Master limited partnership (MLP) Sunoco Logistics Partners (NYSE: SXL) operates an extensive network of 5,400 miles of pipelines and storage facilities in Texas, the Great Lakes region and the Northeast. The MLP’s pipelines move raw energy commodities from major production areas to strategically located refineries and storage facilities across the US.

The company also operates a network of 2,500 miles of refined product pipelines capable of moving gasoline throughout the Northeast and East Texas. Beyond that, the MLP has substantial gasoline and butane blending capabilities. And the company operates terminals in Nederland, Texas, and Eagle Point, N.J., which provide its customers with potential access to export markets.

The firm is expanding its presence in the natural gas market by converting one of its existing pipelines to transport ethane—a component of natural gas—from the Marcellus Shale to Sarnia, Ontario. That project will open doors to future opportunities in this key gas-producing region.

That may sound like an intimidating amount of energy exposure in the current market environment, but the MLP’s operations focus on the transportation of energy commodities, as opposed to exploration and production. That means it actually has very limited exposure to energy prices. In fact, about 90 percent of its revenues are fee-based, with the MLP collecting a toll on the volume of product moved or stored.

Sunoco Logistics is a great play on America’s insatiable demand for energy, a thirst that isn’t likely to be slaked any time soon. The flagging energy market could also get a boost from China’s recent steps to stem a slowdown in its economy. China’s central bank recently cut its benchmark interest rate by 25 basis points in early June. Any stimulative steps taken by Chinese authorities are bullish for energy prices.

And with most of the MLP’s cash flows derived from long-term, fixed-rate contracts, its distribution is extremely stable. In fact, the MLP has been able to increase its payout in each of the past 27 quarters. Its current payout of 43 cents per unit is well covered by cash flows. Following the market’s recent selloff, that amounts to a secure yield of more than 5 percent.

In addition to an attractive income stream, Sunoco Logistics offers significant tax advantages to investors. MLPs don’t pay corporate-level taxes, so they are required to distribute most of their cash flow to unitholders. And because 80 percent to 90 percent of each distribution is regarded as a return of capital, it reduces a unitholder’s cost basis with each payout and isn’t taxed until the unitholder finally sells. That means if the MLP is held for at least a year, only the long-term capital gains rate applies to the majority of distributions. As a result, most MLP investors hold their units for the long haul.