MPLX

Most retirees aren't trying to beat the market. They want reliable monthly income that pays the bills without causing sleepless nights. The catch is that high yield and peace of mind tend to pull in opposite directions, and many tempting high-yielders have let investors down. The way out is a deliberate compromise: give up big growth in return for income you can count on and stable capital.

The best retirement income machines combine high current yields, growing payouts, durable cash flows, and investment-grade balance sheets. Two of my largest holdings offer yields approaching or exceeding 8%, with analyst forecasts suggesting potential annualized total returns of 12% to 15% without needing valuation multiple expansion. Both businesses have substantial payout coverage and attractive growth prospects.

The 10-year Treasury now hands you a nearly 5% yield with zero credit risk, so any dividend stock asking you to take on more complexity had better earn it.

Retiring on dividends comes down to two things: income you can count on and returns that make saving easier. Since those two goals pull against each other, I use a specific payout and cash-flow test to find the right balance. That test leaves out many popular dividend names but highlights two businesses built for decades of steady income.

Mplx NYSE: MPLX reported third-quarter adjusted EBITDA of $1.9 billion, up 5% from the same period in 2025, as increased volumes and higher rates supported results across its logistics and natural gas businesses. Excluding the impact of its late-2025 Rockies divestiture, adjusted EBITDA would have increased 7.3% year over year, President and CEO Maryann Mannen said during the partnership's third-quarter earnings call.

MPLX LP Common Units (MPLX) Q3 2026 Earnings Call Transcript

The headline numbers for MPLX LP (MPLX) give insight into how the company performed in the quarter ended September 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Increased quarterly distribution 12.5% for the third consecutive year, to $4.84 per unit annualized Third-quarter net income attributable to MPLX of $1.2 billion and net cash provided by operating activities of $1.5 billion Adjusted EBITDA attributable to MPLX of $1.9 billion and distributable cash flow of $1.5 billion, enabling the return of $1.1 billion of capital Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant began operations in August; progressing expansion and integration of Permian sour gas treating facility FINDLAY, Ohio, Nov. 3, 2026 /PRNewswire/ -- MPLX LP (NYSE: MPLX) today reported third-quarter 2026 net income attributable to MPLX of $1,164 million, compared with $1,545 million for the third quarter of 2025. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,859 million, compared with $1,766 million for the third quarter of 2025, an increase of $93 million or 5.3%.

MPLX reports its third-quarter results on Nov. 3, and management has said adjusted EBITDA should top the second quarter's nearly $1.8 billion, with the fourth quarter stronger still. Hitting its mid-single-digit full-year EBITDA growth target implies almost $1.9 billion a quarter in the second half, after $3.5 billion in the first half.

Besides Wall Street's top-and-bottom-line estimates for MPLX LP (MPLX), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended September 2026.