MPLX: El mejor MLP para el ingreso en 2025

In the evolving landscape of energy infrastructure investments, few names stand out as compellingly as MPLX LP (MPLX). With a dividend yield hovering near 7.5–7.9% and a strategic focus on high-return growth projects, this midstream energy master limited partnership (MLP) has positioned itself as a top-tier option for income-focused investors. The combination of robust cash flow coverage, disciplined capital allocation, and a resilient business model underscores its potential to deliver sustainable returns in 2025 and beyond.

A High-Yield Dividend with Strong Sustainability

MPLX's current trailing twelve-month (TTM) dividend yield stands at 7.24% as of December 11, 2025, with historical data indicating peaks as high as 7.9% in some reports. This yield is not merely a function of market conditions but is underpinned by the company's ability to grow its dividend consistently. For instance, the third-quarter 2025 distribution was increased to $1.08 per share, reflecting a 12.55% year-over-year growth. Crucially, this growth is supported by strong cash flow metrics: the company's distribution coverage ratio for the quarter reached 1.3x, ensuring that dividends are well-covered by distributable cash flow.

The sustainability of this yield is further reinforced by MPLX's strategic acquisitions. The $2.4 billion purchase of a sour gas-treating business in the Delaware Basin and the $715 million investment in the BANGL pipeline are expected to enhance cash flows and provide a durable foundation for future dividend growth. These moves align with the company's broader strategy to expand its natural gas and oil value chain in the Permian Basin, a region known for its robust production and long-term demand.

Financial Health and Disciplined Leverage

MPLX's financial strength is a critical pillar of its appeal. For the third quarter of 2025, the company reported net income of $1.5 billion and adjusted EBITDA of $1.8 billion, reflecting its operational efficiency. Distributable cash flow of $1.5 billion supported a $1.1 billion return of capital to unitholders, demonstrating a commitment to shareholder returns.

While the company's debt-to-equity ratio of 176.53% may appear elevated, its interest coverage ratio of 5.1x and leverage ratio of 3.7x indicate that its debt is manageable. Additionally, MPLX maintains $1.77 billion in cash and short-term investments, providing liquidity to fund operations and growth initiatives. The company's payout ratio of 83.48%-though high-is justified by its strong free cash flow generation and strategic reinvestment in high-margin projects.

Fee-Based Contracts and Growth Pipeline

A key differentiator for MPLX is its focus on fee-based contracts, which provide stable, recurring revenue streams. The company's Natural Gas and NGL Services segment is advancing several major projects, including the Secretariat processing plant (expected to be operational by late 2025) and Harmon Creek III (set for completion by mid-2026) as reported in Q3 2025 earnings. These projects will expand processing capacity in the Permian Basin and Northeast, respectively, while enhancing the company's ability to capture value from rising production volumes.

Equally significant is the Eiger Express Pipeline, a $2.0 billion project designed to transport 2.5 Bcf/d of natural gas from the Permian Basin to Texas, with an in-service date of mid-2028 as announced in Q3 2025 results. This pipeline, along with the BANGL expansion (increasing capacity to 300,000 bpd by late 2026), underscores MPLX's commitment to long-term infrastructure development as detailed in Q2 2025 financials. These projects are expected to generate mid-teen returns, supporting mid-single-digit adjusted EBITDA growth and further solidifying the company's income potential.

Strategic Acquisitions and Long-Term Vision

MPLX's acquisition of Northwind Midstream and BANGL, LLC exemplifies its disciplined approach to growth. These strategic moves are designed to enhance midstream infrastructure and increase capacity in key regions, such as the Permian Basin as reported in Q3 2025 financial results. By integrating these assets, MPLX is not only expanding its footprint but also diversifying its revenue streams, which is critical in an industry prone to cyclical volatility.

Conclusion: A Compelling Case for Income Investors

MPLX's combination of a high-yield dividend, strong cash flow coverage, and a growth-oriented strategy makes it a standout MLP for 2025. The company's ability to execute on its capital framework-allocating $1.7 billion to natural gas and NGL projects in 2025-demonstrates its focus on high-return opportunities. For investors seeking income sustainability and growth, MPLX offers a rare blend of immediate returns and long-term potential, supported by a resilient balance sheet and a pipeline of transformative projects.

As the energy transition unfolds, MLPs like MPLX that prioritize fee-based contracts and infrastructure expansion will likely outperform peers. With its 7.5–7.9% yield and disciplined approach to capital allocation, MPLX is not just a top MLP for income-it is a cornerstone of a diversified energy portfolio in 2025.