v3.24.1.u1
Equity (Tables)
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule of Stockholders 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 
Distributions Made to Limited Partner, by Distribution
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.