| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| RLT | 1,182 | $59.42 | $70,231 | 4.18% | $45.62 | $16,302 | +30.2% | — |
In short: A big winner reviewed and given a qualified trim — not a sell, and explicitly not a table position ("our official Buy/Hold/Trim/Sell tables are made up of growth, versus income, equities"). Introduced as "one of our former inflation-hedged income names," with the category defined in passing: "with yield-oriented income securities like MPLX, that have historically raised their payouts at a rate at least equal to inflation, their return isn't reduced by CPI increases, unlike with bonds." The original call, in early February 2024, was a breakout plus a valuation: MPLX "was also experiencing a definite upside range expansion… we noted at the time that it was threatening to make an eight-year new high, a yet more bullish development. Shortly thereafter, it did indeed break above that resistance" — and "its fundamentals were compelling… it was trading at a bit over nine times earnings and it was also sporting the munificent distribution yield of 9%. Back then, we referred to that as a Magnificent Double Nine." (Aside: "it remains well below its 2015 peak of $78, despite that its earnings per share/unit have more than tripled.") The scoreboard, including distributions: "few in those days would have guessed the decidedly unsexy MPLX would trounce the S&P over the next two and a half years (plus a month) while nearly matching the stupendous performance of the Magnificent Seven… 93.7%, 61% and 95.7%, respectively" — "particularly adjusting for its high cash flow/low risk attributes." The forward view is candidly lower: "the question is what to expect going forward? The easy answer is: a lot less." The trim decision is made almost entirely on tax, not on valuation: in an IRA — "often sub-optimal depending on how big the position is" — "at least a partial sale might make sense," because "owning MLPs, such as MPLX, in an IRA can result in taxable income" (consult a tax advisor before disposing); in a taxable account "selling is a much tougher decision than normal," since beyond the gain "there is also the aspect of recapturing previously tax-sheltered payouts… typically 60% to 70% of the total distributions"; and "older holders should further consider the tremendous benefit of a stepped-up basis at death," which "also avoids the gain on the previously sheltered distributions" and, if units are held jointly, "the death of either spouse creates a significant tax benefit for the survivor." Net: "with all of the above qualifications, trimming a bit of MPLX might now make sense. On the stick-with-it side, it continues to yield over 7% and it has raised the payout by 9% a year since we brought it to your attention. That's better than the 7% we projected though the growth rate is supposed to ease off a bit."
MPLX owns pipelines and processing plants that move and treat oil and natural gas — a toll-road business rather than a drilling business. It is structured as a master limited partnership, which means it pays out most of its cash to unit-holders and issues a K-1 tax form instead of the usual 1099. Haymaker flagged it in February 2024 for two reasons at once: the price had just pushed above a ceiling that had capped it for eight years, and it was extraordinarily cheap for what it paid — a little over nine times earnings while yielding 9%, which he nicknamed the "Magnificent Double Nine."
It worked. Counting distributions, MPLX has returned 93.7% since then, against 61% for the S&P 500 and 95.7% for the Magnificent Seven mega-cap tech stocks — and it did that with far steadier cash flows and far less risk than the tech names. He also points out that the units are still below their 2015 high of $78 even though profits per unit have more than tripled, so the re-rating never fully happened.
His forward view is honest and modest: expect "a lot less." Whether that means trimming is, unusually, a tax question rather than an investment question. Owning an MLP inside an IRA can create taxable income even in a retirement account, so a partial sale there can make sense. In a normal taxable account it is harder, because a chunk of the distributions you already received were tax-deferred and get clawed back when you sell — typically 60% to 70% of them. And anyone older should weigh the fact that if the units are held until death, the cost basis resets to the then-current price, wiping out both the capital-gains bill and that clawback; for a jointly-held position, one spouse's death confers much of that benefit on the survivor. He is careful to say a CPA should confirm all of this.
Net: trimming a little "might now make sense," but he is not calling it a sell. It still yields over 7% and has raised its payout 9% a year since he first wrote it up — ahead of the 7% he had forecast — though that growth is expected to slow. Note too that MPLX never appears on Haymaker's published Buy/Hold/Trim/Sell tables, which cover growth equities only; it is an income holding, tracked separately.
In short: The fourth midstream name Harrington groups together as the part of energy she is staying in — gathering, processing and logistics economics that pay cash now instead of levering to the crude price. (Wapner's read-out renders the symbol "MLPX" and Harrington says "MPLX"; the surrounding names are all individual midstream partnerships, so the MLP is the reading taken here.)
MPLX is a partnership that owns pipelines, storage terminals and gas processing plants, largely serving Marathon Petroleum's refining system. As with the other midstream names, its income comes from volumes moved and processed, not from the price of the commodity.
Harrington names it as the fourth of the midstream holdings she is keeping while stepping away from the oil-price-driven majors. Note one transcription caveat: the show's read-out of her positions renders the symbol as "MLPX" while she says "MPLX"; every other name in the same breath is an individual midstream partnership, so that is the reading used here.
In short: Held alongside Enterprise and Energy Transfer as toll-taking pipeline exposure — "we kind of up and down the way" across the energy chain.
MPLX is the pipeline and logistics partnership spun out of refiner Marathon Petroleum, gathering and moving crude, refined products and natural gas liquids. Like Enterprise, it earns fees on throughput rather than betting on the commodity price, and it distributes most of its cash to holders.
It is one of the three midstream names Oakley lists as he walks "up and down the way" through the energy chain — a reminder that his energy stance is structural coverage of the whole industry, not a single high-conviction pick.
42:56If you look, we own the old Apache company, which is APA. We own Antero. God, what a cheap stock. Seven or eight times earnings. Then we own the pipelines. We own Enterprise Products and MPLX, Energy Transfer. We kind of up and down the way. And then we own a little bit on the service side.
In short: Ohio-based midstream MLP; cited as a case where the rising capital-expenditure budget is "partially related to acquisitions" rather than purely organic growth projects.
MPLX is an Ohio-based pipeline partnership (an MLP). The article uses it to make a nuance point: not all the rising spending is new pipe in the ground — for some companies, like MPLX, a chunk of the bigger capital-spending budget comes from buying other businesses (acquisitions) rather than organic growth projects.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.