MPLX LP: High Yield With 12.5% Distribution Growth Ahead

MPLX LP offers a 7.5% yield, with management targeting 12.5% distribution growth in 2026 and 2027. Strong cash flow visibility, disciplined capital allocation, and a robust balance sheet support the distribution growth thesis. I estimate MPLX's fair value at $64.5/unit, implying 14% upside if leverage moderates and growth materializes as planned.