MPLX (NYSE: MPLX) offers investors an eye-popping payout. The master limited partnership (MLP) currently yields 8.4%, several times above the S 500's 1.3% dividend yield. The company's ability to increase its already monster yield adds to its appeal. It has grown its payout every year since its formation in 2012, including by 10% in each of the last two years.

The MLP is adding more fuel to its distribution growth engine. It's spending $625 million to acquire the Utica position of fellow MLP Summit Midstream Partners (NYSE: SMLP).

Summit Midstream Partners has agreed to sell its Summit Midstream Utica subsidiary to MPLX for $625 million in cash. The business owns a 36% interest in Ohio Gathering Company, a 38% interest in Ohio Condensate Company, and several wholly owned assets that serve the Utica and Point Pleasant shale formations in Ohio. These operations include natural gas gathering systems and a condensate stabilization facility. The assets generate steady cash flow backed by long-term, fee-based gathering agreements.

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Source Fool.com