Marcellus and Utica Continue to Drive MPLX Growth; Continues to Pursue Large G&P Investments
MPLX reported strong fourth-quarter results, and we don’t expect a material change to our $31 fair value estimate or narrow moat rating. The partnership’s significant assets in the Marcellus and Utica basins continue to be the main source of its growth, with a 50% increase in gathered volumes, a 17% increase in processed volumes, and a 24% jump in fractionationed volumes over the fourth quarter of 2016. With the completion of the $1 billion in EBITDA dropdowns and elimination of the IDRs today, ...
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