MPLX LP Partnership Units

MPLX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$39.00	Hcjtcym	Qfymhrhmz

MPLX Earnings: Results Suggest Potential for Special Distribution in Next Few Quarters

Stephen Ellis

Aug 6, 2024

MPLX’s second-quarter results met our expectations, and after updating our model, we see no reason to change our $44 fair value estimate or narrow moat rating. MPLX likely remains most attractive as a capital returns story, with $949 million in capital returned to unitholders during the quarter, made up of $75 million in buybacks and the rest as the quarterly distribution. EBITDA is up 8% year over year to $1.65 billion, primarily because of stronger gathering and processing volumes.

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