MPLX (MPLX 2.37%) continues to provide investors with the best of both worlds. The master limited partnership (MLP) offers investors a very lucrative cash distribution (currently yielding over 7%). On top of that, it's delivering high-octane growth. It has grown its distributable cash flow at a nearly 7% compound annual rate since 2021 while increasing its high-yielding distribution at a 10.7% compound annual rate during that period.

The MLP recently added a lot more fuel to its growth engine. Because of that, it has the visibility to grow its cash flow through 2029, which should allow it to continue increasing its high-yielding distribution.

Extending its growth pipeline through 2029

MPLX recently approved several new expansion projects that will grow its cash flow over the next several years. These projects focus on expanding its Permian-to-Gulf Coast strategy to increase the flow of natural gas and natural gas liquids (NGLs) from that key production basin to major demand and export markets.

The company is building a Gulf Coast NGL fractionation complex consisting of two 150,000 barrels-per-day (bpd) fractionation facilities next to Marathon Petroleum's Galveston Bay refinery. These facilities will separate the raw NGLs into their various streams (e.g., butane, propane, and ethane). Marathon, MPLX's parent company, will purchase those products from its MLP and market them globally. The facilities should enter commercial service in 2028 and 2029, respectively.

MPLX is also forming a strategic partnership with pipeline company Oneok (OKE -0.62%) to develop a 400,000 bpd LPG (liquid petroleum gas) export terminal and associated pipeline. The companies will invest $1.4 billion into the jointly owned Texas City Logistic export facility, which should enter service in early 2028. Meanwhile, the MBTC Pipeline will be an 80/20 joint venture. Oneok holds the majority stake in the $350 million project that will transport NGLs from the company's storage facility in Mont Belvieu, TX to the new terminal.

Finally, MPLX and its partners have agreed to another expansion of their BANGL NGL pipeline (from 250,000 bpd to 300,000 bpd). This additional capacity should enter commercial service in the second half of next year and will help supply MPLX's Gulf Coast fractionation complex. The company just completed an expansion of that pipeline in the first quarter of this year.

Adding to what was already in the pipeline

That trio of new expansion projects adds to its strong backlog of organic growth investments. The company is currently building the Secretariat natural gas processing plant in the Permian Basin, which is on track to enter commercial service in the fourth quarter of this year. MPLX is also building the Harmon Creek III gas processing plant to support production growth in the Northeast. This project should enter service in the second half of next year.

Meanwhile, the company formed a joint venture with Enbridge and other partners last year to combine the Whistler Pipeline and Rio Bravo Pipeline project. Whistler is a major pipeline transporting natural gas from the Permian Basin to the Gulf Coast, while Rio Bravo is a pipeline project to supply gas to NextDecade's Rio Grande LNG project. The partners subsequently agreed to build the Blackcomb pipeline. These projects will increase the flow of natural gas from the Permian Basin to domestic and export markets along the Gulf Coast when they enter service in the second half of next year.

The company's growing backlog of expansion projects will increase the diversification of its business, adding NGL fractionation and export capabilities to further its NGL wellhead-to-water strategy. They will also significantly enhance its long-term growth outlook. MPLX now has growth visibility through the end of the decade. Because of that, the MLP should have plenty of fuel to continue increasing its high-yielding distribution over the next several years.

A high-growth, high-yielding investment

MPLX has grown its high-yielding distribution at a high rate over the last several years. That trend could continue through the end of this decade, given all the growth it has ahead. Because of that, it's an excellent option for income-seeking investors who are comfortable receiving the Schedule K-1 federal tax forms the MLP sends its investors each year.