**Strong Financial Performance**: MPLX reported a record adjusted EBITDA of $1.7 billion for Q3 2024, reflecting a 7% year-over-year increase. Distributable cash flow (DCF) for the quarter was $1.4 billion, supporting a distribution of nearly $950 million to unitholders, indicating robust cash flow generation capabilities.
**Increased Distribution**: The firm announced a 12.5% increase in its distribution, up from a previous rate of 10%. This increase is driven by the durability of cash flows and a confidence in mid-single-digit growth of adjusted EBITDA (6% over three years) and DCF (nearly 8% over three years). Strong distribution coverage remains at 1.5 times.
**Growth Investments**: MPLX is maintaining a capital spending plan over $1 billion for the year, focused on organic growth opportunities and developing its natural gas and NGL (Natural Gas Liquids) assets primarily in the Permian and Marcellus basins. Significant projects include the Harmon Creek III processing plant expected to enhance Northeast processing capacity to 8.1 Bcf/day by 2026.