(NYSE: MPLX) recently closed the books on 2023. It was another very strong year for the master limited partnership (MLP). The energy midstream company grew its earnings and cash flow at a high-single-digit rate. That's a surprisingly fast pace for a company with such a high yield (recently around 8.9%). Its strong growth gave it the fuel to increase its payout by 10% for the second straight year.

That big-time payout is on a very firm foundation. Meanwhile, the MLP has plenty of fuel to continue increasing it, especially after recently buying out a joint venture partner to enhance its Permian Basin growth strategy. These factors make MPLX a compelling option for those seeking a growing income stream.

MPLX generated nearly $6.3 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2023. That was almost 9% above 2022's total. Meanwhile, the MLP's distributable cash flow rose by over 7% to $5.3 billion. That was enough money to cover the company's big-time payout by a comfy 1.6 times, even after factoring in the 10% increase.

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Source Fool.com