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Master Limited Partnership | 6 Months Ended
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Jun. 30, 2025
Noncontrolling Interest [Abstract] |
Master Limited Partnership | Master Limited Partnership We own the general partner and a majority limited partner interest in MPLX, which owns and operates crude oil and light product transportation and logistics infrastructure as well as gathering, processing and fractionation assets. We control MPLX through our ownership of the general partner interest and, as of June 30, 2025, we owned approximately 64 percent of the outstanding MPLX common units. Unit Repurchase Program On August 2, 2022, MPLX announced its board of directors approved a $1.0 billion unit repurchase authorization. This u nit repurchase authorization has no expiration date. MPLX 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 June 30, |  | Six Months Ended June 30,
(In millions, except per unit data) | 2025 |  | 2024 |  | 2025 |  | 2024
Number of common units repurchased | 2 |  |  | 2 |  |  | 4 |  |  | 4 |
Cash paid for common units repurchased | $ | 100 |  |  | $ | 75 |  |  | $ | 200 |  |  | $ | 150 |
Average cost per unit | $ | 50.31 |  |  | $ | 41.10 |  |  | $ | 51.38 |  |  | $ | 40.56 |
As of June 30, 2025, MPLX had approximately $320 million remaining under its unit repurchase authorization. Preferred Units The Series A preferred units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed liquidation event, which is outside MPLX’s control. Therefore, they are presented as temporary equity in the mezzanine section of our consolidated balance sheets. During 2023 and 2024, certain Series A preferred unitholders exercised their rights to convert their Series A preferred units into common units. Approximately 6 million Series A preferred units were outstanding as of December 31, 2024. On February 11, 2025, MPLX exercised its right to convert the remaining outstanding Series A preferred units into common units. For a summary of changes in the redeemable preferred balance, see the accompanying consolidated statements of equity and redeemable noncontrollable interest. Agreements We have various long-term, fee-based commercial agreements with MPLX. Under these agreements, MPLX provides transportation, storage, distribution and marketing services to us. With certain exceptions, these agreements generally contain minimum volume commitments. These transactions are eliminated in consolidation but are reflected as intersegment transactions among our Refining & Marketing, Renewable Diesel and Midstream segments. We also have agreements with MPLX that establish fees for operational and management services provided between us and MPLX and for executive management services and certain general and administrative services provided by us to MPLX. These transactions are eliminated in consolidation but are reflected as intersegment transactions between corporate and our Midstream segment. Noncontrolling Interest As a result of equity transactions of MPLX, we are required to adjust non-controlling interest and additional paid-in capital. Changes in MPC’s additional paid-in capital resulting from changes in its ownership interests in MPLX were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Millions of dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Increase (decrease) due to change in ownership | $ | (42) |  |  | $ | 119 |  |  | $ | (3) |  |  | $ | 227 |
Tax impact | 13 |  |  | (40) |  |  | (1) |  |  | (76) |
Increase (decrease) in MPC's additional paid-in capital, net of tax | $ | (29) |  |  | $ | 79 |  |  | $ | (4) |  |  | $ | 151 |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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