MPLX LP Partnership Units

MPLX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$89.00	Xhtqvf	Ypzjxxt

Boosting MPLX's FVE After Incorporating Cash Flows Earned and Higher Gas Growth

Stephen Ellis

Feb 3, 2023

After refreshing our model for fourth-quarter results, rolling it over to 2023, and boosting our gas growth estimates largely driven by MPLX's Permian and Appalachian debottlenecking efforts, we are increasing our fair value estimate to $35 per unit from $31. Our narrow moat rating is unchanged.

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