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MPLX LP Partnership Units - Stock Quote MPLX

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Morningstar's MPLX LP Partnership Units Stock Analysis

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Is it the right time to buy or sell?

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MPLX's Base/Special Distribution Policy Differentiates the Partnership From Peers

Stephen Ellis Sector Strategist

Business Strategy and Outlook

| Stephen Ellis |

We like MPLX's portfolio of refining and Appalachian-based gathering and processing assets, given the propensity for fee-for-capacity and minimum volume commitment contracts, which present a highly secure stream of income over the long run. Further, MPLX still has plenty of opportunities to unlock within its newly enlarged portfolio of assets following dropdowns from its parent and the Andeavor Logistics deal, which has taken the partnership to $5.7 billion in expected 2022 EBITDA compared with just over $550 million in 2015. Already, it has sliced billions in spending from the portfolio as 2022 growth capital spending is just $700 million from the $2.6 billion initially announced at the time of the merger, demonstrating commendable focus on unitholder returns. We expect MPLX to generate over $650 million in excess cash flow after capital spending and distributions in 2022, and the management team has prioritized unit buybacks. 2021 buybacks totaled $630 million and we expect similar capacity in 2022.

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MPLX LP Partnership Units's Company Profile

Business Description

MPLX is a partnership that owns both pipelines and gathering and processing assets with extensive holdings in the Appalachian region. The asset base is made up of pipeline assets dropped down from Marathon Petroleum, its sponsor, and gathering and processing assets from MarkWest, which it acquired in 2015. MPLX also acquired Andeavor Logistics in July 2019.

200 East Hardin Street
Findlay, OH, 45840-3229
T +1 419 421-2414
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 5,836

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