Analyst Note| Stephen Ellis |
MPLX’s third-quarter earnings were solid, as results continued to track toward our full-year expectations. We expect to maintain our $30 fair value estimate and narrow moat rating. Overall, EBITDA increased modestly to $1.4 billion from $1.3 billion last year, mainly due to higher natural gas liquids pricing within its gathering and processing segment. Logistics and storage volumes continue to recover as well and will be helped in future by the recent start-up of several major projects, including the Wink-to-Webster oil pipeline and Whistler gas pipeline.