MPLX LP Partnership Units

MPLX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$85.00	Rtvhsr	Clmckzky

MPLX Earnings: Higher Volumes and Tariffs Drive Consistent Growth

Stephen Ellis

Jan 30, 2024

MPLX’s fourth-quarter results were quite good, and we expect to increase our $38 fair value estimate to about $40 per share. Our narrow moat rating remains unchanged. Fourth-quarter EBITDA was $1.62 billion, compared with $1.45 billion last year, as higher tariffs on the pipeline business and higher volumes in the gathering and processing segment made material contributions. The growth pushed full-year EBITDA to $6.3 billion, above our $6.1 billion forecast.

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