First, we don't yet know what the sponsor support will be, THAT was the problem with the CC.
That was just one of many problems with the CC. The bigger problem was admitting the need to tap equity capital markets in 2016. The equity capital markets promptly responded by closing the doors on that option. There is no reason for MPLX to trade above its peers with that dismal overhang.
In any case, why would MPLX trade down to the yield of WPZ or ETP? Both of those are looking at flat distribution growth. MPLX is *conservatively* looking at 12-15%
Everybody was guiding for growth until the capital markets closed on them. Now MPLX is in the same boat as everybody else, except MPLX has admitted they still need to tap equity markets for $500MM in 2016 while everybody else reduced growth forecasts instead because equity markets are prohibitively expensive.
Watch for further reductions in planned growth for MPLX as reality sets in.