MPLX LP - Unit

Strong Financial Performance: MPLX reported a full-year adjusted EBITDA of $6.8 billion for 2024, an 8% increase year-over-year, driven by strong operational performance in both Crude Oil and Products Logistics and Natural Gas and NGL Services segments. The company maintained a strong distribution coverage of 1.5x.

Increased Capital Expenditure for Growth: MPLX plans a capital expenditure outlook of $2 billion for 2025, with 85% targeted towards its Natural Gas and NGL Services. This reflects the company's strategy to generate mid-teens returns and sustain mid-single-digit adjusted EBITDA growth over multi-year periods.

Robust Distribution Growth: The company raised its quarterly distribution by 12.5% in November 2024, marking the third consecutive year of distribution increases of 10% or more. MPLX expects to continue this trend, supported by strong cash flows and financial flexibility.