Core Viewpoint - MPLX, a master limited partnership (MLP), offers a nearly 8% yield but possesses a strong financial profile and visible growth through 2029, making it a reliable investment despite its high yield [1][2]. Financial Performance - In the last year, MPLX generated $5.8 billion in distributable cash flow, covering its distribution by 1.4 times, and produced $1 billion in free cash flow after distributions [3]. - The company invested over $5.5 billion in growth investments, including a $2.4 billion acquisition of Northwind Midstream, while maintaining a leverage ratio of 3.7 times, below the 4.0 times threshold supported by its stable cash flows [4][5]. Growth Prospects - MPLX plans to invest an additional $2.4 billion in growth capital projects this year, with ongoing expansions including two new NGL fractionators expected to be completed in 2028 and 2029, and a Gulf Coast LPG export terminal in partnership with Oneok, also set to come online in 2028 [6]. - The company has approved the construction of the Secretariat II gas processing plant and the Marcellus Gathering System Expansion, both expected to enhance growth visibility with in-service dates in 2028 [7].