MPLX LP - Unit

Financial Performance & Growth: MPLX reported a first quarter adjusted EBITDA of $1.8 billion, a 7% increase year-over-year, with distributable cash flow of $1.5 billion. This strong performance supports nearly $1 billion in distributions to unitholders and $100 million in unit repurchases. The company has maintained a strong cash flow with a coverage ratio of 1.5 times.

Acquisitions & Expansion Strategy: MPLX announced over $1 billion in strategic acquisitions, including the full ownership of the BANGL NGL pipeline system, which is expected to enhance its NGL value chain by connecting Permian production to Gulf Coast facilities. The acquisition is anticipated to close in July and is expected to be immediately accretive.

Mid-Single-Digit Growth Targets: The company is targeting a mid-single-digit growth rate in adjusted EBITDA over the long term. Their strategic investments, such as the construction of new processing plants and fractionation facilities, are designed to capture robust production growth from low breakeven basins like Marcellus, Utica, and Permian, which support their optimism.