What is Mplx's latest dividend and current dividend yield?

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What does Mplx do and what are its main business segments?

What were the key takeaways from Mplx's earnings call?

Did Mplx beat or miss consensus estimates last quarter?

What were the key takeaways from Mplx’s earnings call?

What factors drove the changes in Mplx's revenue and profit?

What is the revenue and EPS growth rate for Mplx year over year?

- **Record Distribution Growth**: 12.5% quarterly increase, marking four straight years of double-digit growth.
- **Strong EBITDA Performance**: $5.2 billion year-to-date, up 4% YoY, driven by natural gas and NGL services.
- **Strategic Acquisitions**: $4.5 billion in senior notes funded BANGL and sour gas treating acquisitions, enhancing Permian integration.
- **2026 Growth Outlook**: EBITDA growth to exceed 2025, supported by BANGL expansion, sour gas capacity, and Gulf Coast terminal.
- **Power Play**: Early-stage LOI with MARA to supply gas for in-basin power, potentially lowering costs for producers.
- **Resilient Logistics**: Crude segment protected by Marathon's minimum volume commitments, despite oil price volatility.

**【CEO Opening Remarks】**
- Announced a 12.5% quarterly distribution increase, marking the fourth consecutive year of double-digit growth.
- Year-to-date adjusted EBITDA reached $5.2 billion, up 4% YoY, supported by strong performance in natural gas and NGL services.
- Highlighted strategic acquisitions: 55% stake in BANGL NGL pipeline and Delaware Basin sour gas treating assets, enhancing Permian basin integration.
- Projected 2026 EBITDA growth to exceed 2025, driven by new assets like Secretariat (Permian processing plant) and BANGL expansion to 300,000 bpd.
- Emphasized mid-single-digit EBITDA growth target, with coverage ratio maintained above 1.3x.

**【CFO Financial Commentary】**
- Q3 2025 adjusted EBITDA: $1.8 billion (+3% YoY), distributable cash flow: $1.5 billion (+2% YoY).
- Returned $1.1 billion to unitholders via distributions and $100 million in unit buybacks.
- Issued $4.5 billion in senior notes to fund acquisitions, maintaining leverage below 4x threshold.
- Year-to-date capital returns: $3.2 billion, reflecting disciplined capital allocation.

**【Q&A Highlights】**
- **Growth Outlook**: 2026 EBITDA growth expected to outpace 2025, driven by BANGL expansion, sour gas treating capacity (400 MMcf/d by end-2026), and Gulf Coast fractionation/export terminal (2028-2029).
- **Sour Gas Strategy**: $0.5 billion capital investment to expand treating capacity, with no additional AGI wells needed to meet project economics.
- **Power LOI with MARA**: Early-stage LOI to supply natural gas for in-basin power generation, potentially lowering costs for producer customers.
- **Crude Logistics Resilience**: Segment EBITDA protected by Marathon Petroleum's minimum volume commitments, despite crude price volatility.
- **Distribution Policy**: 12.5% annual growth expected for next 2-3 years, supported by organic and inorganic growth pipeline.


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