MPLX LP (MPLX) is a diversified, large-cap master limited partnership (MLP) that owns and operates midstream energy infrastructure and logistics assets and provides fuel distribution services. It is a fast-growing midstream energy company with strong distributable cash flow and consistent excess dividend coverage, offering a 7% dividend yield.
In the third quarter of 2024, the company reported $1.45 billion in distributable cash flow, marking a 5.3% year-over-year increase. Over the last three years, MPLX has grown its cash flow at an annualized rate of 7.7%, fueling dividend hikes of over 10% annually. These steady raises, including a 12.5% bump last October, have further solidified its appeal to income investors.
