v3.24.3
Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Equity Equity
The changes in the number of common units during the nine months ended September 30, 2024 are summarized below:
(In units)Common Units
Balance at December 31, 20231,003,498,875 
Unit-based compensation awards141,985 
Conversion of Series A preferred units21,078,998 
Units redeemed in unit repurchase program(5,473,621)
Balance at September 30, 20241,019,246,237 
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 
September 30,		Nine Months Ended 
September 30,
(In millions, except per unit data)2024202320242023
Number of common units repurchased1.8 — 5.5 — 
Cash paid for common units repurchased(1)
$76 $— $226 $— 
Average cost per unit(1)
$42.89 $— $41.32 $— 
(1)    Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.
As of September 30, 2024, we had $620 million remaining under the unit repurchase authorization.
Series A Redeemable Preferred Unit Conversions
During the nine months ended September 30, 2024, certain Series A preferred unitholders exercised their rights to convert their Series A preferred units into approximately 21 million common units. Approximately 6 million Series A preferred units remain outstanding as of September 30, 2024.
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 October 29, 2024, MPLX declared a cash distribution for the third quarter of 2024, totaling $974 million, or $0.9565 per common unit. This distribution will be paid on November 15, 2024 to common unitholders of record on November 8, 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,$0.8500 $0.7750 
June 30,0.8500 0.7750 
September 30,$0.9565 $0.8500 
The allocation of total quarterly cash distributions to common and preferred unitholders is as follows for the three and nine months ended September 30, 2024 and September 30, 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 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
Common and preferred unit distributions:
Common unitholders, includes common units of general partner$974 $851 $2,706 $2,403 
Series A preferred unit distributions6 25 21 71 
Series B preferred unit distributions(1)
— — — 5 
Total cash distributions declared$980 $876 $2,727 $2,479 
(1)    The nine months ended September 30, 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.