v3.24.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Stockholders 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 
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 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.