MPLX LP Partnership Units

MPLX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$37.00	Yvpplpt	Wyppgxxz

MPLX Reports Solid Q2 and Adds to Buyback Authorization; We're Increasing Our FVE

Stephen Ellis

Aug 2, 2022

MPLX’s second-quarter results were solid, in our view. After updating our model to account for the most recent quarter of unit buybacks and healthy cash flows, we’re increasing our fair value estimate to $31 per unit from $30. Our narrow moat rating is unchanged. MPLX noted that nearly all of its contracts have a level of inflation protection based on Consumer Price Index, Producer Price Index, or Federal Energy Regulatory Commission indexed rates.

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