Analyst Note| Stephen Ellis |
MPLX’s first-quarter results were solid, in our view, with steady growth. We do not expect to change our $35 fair value estimate or narrow moat rating. EBITDA increased modestly to $1.5 billion from $1.4 billion last year, primarily helped by higher volumes and rates from the logistics segment. We expect future growth to be led by the Whistler projects due online in 2023 and 2024 that will let MPLX benefit from Permian gas growth and high export demand.