v3.24.1.u1
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Sales-type lease revenue $ 34 $ 34
Sales-type lease revenue - related parties 121 125
Income from equity method investments 157 134
Total revenues and other income 2,846 2,713
Costs and Expenses, Related Party 372 361
Depreciation and amortization [1] 317 296
General and administrative expenses 109 89
Other taxes 34 30
Total costs and expenses 1,595 1,517
Income from operations 1,251 1,196
Net interest and other financial costs 235 243
Income before income taxes 1,016 953
Provision for income taxes 1 1
Net income 1,015 952
Less: Net income attributable to noncontrolling interests 10 9
Net income attributable to MPLX LP [2] 1,005 943
Limited partners' interest in net income attributable to MPLX LP $ 995 $ 915
Net income attributable to MPLX LP per limited partner unit:    
Common - basic $ 0.98 $ 0.91
Common - diluted $ 0.98 $ 0.91
Weighted average limited partner units outstanding:    
Common - basic 1,008 1,001
Common - diluted 1,008 1,001
Nonrelated Party [Member]    
Rental income $ 60 $ 61
Other Income 45 3
Rental cost of sales 19 20
Related Party [Member]    
Rental income 217 202
Other Income 40 27
Rental cost of sales 4 7
General and administrative expenses 73 64
Service [Member]    
Revenue from Contract with Customer, Excluding Assessed Tax - third and related parties 658 605
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties 986 953
Service, Other [Member]    
Revenue from Contract with Customer, Excluding Assessed Tax - third and related parties 95 79
Product [Member]    
Revenue from Contract with Customer, Excluding Assessed Tax - third and related parties 370 420
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties 63 70
Oil and Gas, Refining and Marketing [Member]    
Cost of Goods and Services Sold 371 308
Natural Gas, Midstream [Member]    
Cost of Goods and Services Sold 369 406
Series A Preferred Stock [Member]    
Dividends, Preferred Stock 10 23
Series B Preferred Stock [Member]    
Dividends, Preferred Stock $ 0 $ 5
[1] Depreciation and amortization attributable to L&S was $130 million and $129 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Depreciation and amortization attributable to G&P was $187 million and $167 million for the three months ended March 31, 2024 and March 31, 2023, respectively.
[2] Allocation of net income attributable to MPLX LP assumes all earnings for the period have been distributed based on the distribution priorities applicable to the period.