MPLX: Upgrading To Bullish As The Gulf Coast Build-Out Meets The AI Power

MPLX LP is upgraded to bullish, offering a 7.71% yield with 12.5% distribution growth and a robust multi-year infrastructure pipeline. 2026 marks a commissioning year, with $2.4 billion in growth capex targeting Permian-to-Gulf Coast gas and NGL infrastructure amid surging U.S. LNG exports. Recent M&A, strategic divestitures, and fee-based contracts position MPLX for enhanced profitability as new projects come online and global LNG dynamics shift.