v3.24.1.u1
Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Equity Equity
The changes in the number of common units during the three months ended March 31, 2024 are summarized below:
(In units)Common Units
Balance at December 31, 20231,003,498,875 
Unit-based compensation awards135,285 
Conversion of Series A preferred units10,024,831 
Units redeemed in unit repurchase program(1,872,917)
Balance at March 31, 20241,011,786,074 
Unit Repurchase Program
On August 2, 2022, we announced the board authorization for the repurchase of up to $1 billion of MPLX common units held by the public. This unit repurchase authorization has no expiration date. We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future
repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended, discontinued or restarted at any time.
Total unit repurchases were as follows for the respective periods:
Three Months Ended 
March 31,
(In millions, except per unit data)20242023
Number of common units repurchased2 — 
Cash paid for common units repurchased(1)
$75 $— 
Average cost per unit(1)
$40.04 $— 
(1)    Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.
As of March 31, 2024, we had $771 million remaining under the unit repurchase authorization.
Series A Redeemable Preferred Unit Conversions
During the three months ended March 31, 2024, certain Series A preferred unitholders exercised their rights to convert their Series A preferred units into approximately 10 million common units. Approximately 17 million Series A preferred units remain outstanding as of March 31, 2024. Series A preferred unitholders exercised their rights to convert an additional 5 million Series A preferred units into common units subsequent to March 31, 2024, but prior to the date the financial statements were filed.
Redemption of the Series B Preferred Units
On February 15, 2023, MPLX exercised its right to redeem all 600,000 outstanding 6.875 percent Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series B preferred units”). MPLX paid unitholders the Series B preferred unit redemption price of $1,000 per unit. MPLX made a final cash distribution of $21 million to Series B preferred unitholders on February 15, 2023, in conjunction with the redemption.
Distributions
On April 23, 2024, MPLX declared a cash distribution for the first quarter of 2024, totaling $864 million, or $0.850 per common unit. This distribution will be paid on May 13, 2024 to common unitholders of record on May 3, 2024. This rate will also be received by Series A preferred unitholders.
Quarterly distributions for 2024 and 2023 are summarized below:
(Per common unit)20242023
March 31,$0.850 $0.775 
The allocation of total quarterly cash distributions to common and preferred unitholders is as follows for the three months ended March 31, 2024 and March 31, 2023. Distributions, although earned, are not accrued until declared. MPLX’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period in which the distributions were earned.
Three Months Ended 
March 31,
(In millions)20242023
Common and preferred unit distributions:
Common unitholders, includes common units of general partner$864 $776 
Series A preferred unit distributions10 23 
Series B preferred unit distributions(1)
— 5 
Total cash distributions declared$874 $804 
(1)    The three months ended March 31, 2023 includes the portion of the $21 million distribution paid to the Series B preferred unitholders on February 15, 2023 that was earned during the period prior to redemption.