MPLX LP remains a "Buy," underpinned by robust U.S. natural gas demand and a focused $2.4 billion organic growth capex plan for 2026. MPLX's distribution yield is nearly 8%, with a 1.4x coverage ratio, and management is guiding for 12% annual distribution growth for at least two more years. Units trade at a fair value P/EBITDA of 7.5, supporting an 8% total return outlook for the remainder of 2026 and a path to 12%+ annualized returns by 2030.









