Net Income (Loss) Per Limited Partner Unit

Net income (loss) per unit applicable to common limited partner units is computed by dividing the respective limited partners’ interest in net income (loss) attributable to MPLX LP by the weighted average number of common units outstanding. Because the Partnership has more than one class of participating securities, it uses the two-class method when calculating the net income (loss) per unit applicable to limited partners. The classes of participating securities include common units, general partner units, Preferred units, certain equity-based compensation awards and incentive distribution rights (“IDRs”).

As discussed in Note 1, the HST, WHC and MPLXT acquisition was a transfer between entities under common control. As entities under common control with MPC, prior periods were retrospectively adjusted to furnish comparative information. Accordingly, the prior period earnings have been allocated to the general partner and do not affect the net income (loss) per unit calculation. The earnings for the entities acquired under common control will be included in the net income (loss) per unit calculation prospectively as described above.

For the three and six months ended June 30, 2017 and 2016, the Partnership had dilutive potential common units consisting of certain equity-based compensation awards and Class B units. Potential common units omitted from the diluted earnings per unit calculation for the three and six months ended June 30, 2017 were less than one million and for three and six months ended June 30, 2016 were approximately 10 million.



	Three Months Ended June 30,						Six Months Ended June 30,
(In millions)	2017			2016			2017			2016
Net income (loss) attributable to MPLX LP	$	190		$	19		$	340		$	(41	)
Less: Limited partners’ distributions declared on Preferred units⁽¹⁾	17			9			33			9
General partner’s distributions declared (including IDRs)⁽¹⁾	76			50			141			94
Limited partners’ distributions declared on common units⁽¹⁾	218			172			416			328
Undistributed net loss attributable to MPLX LP	$	(121	)	$	(212	)	$	(250	)	$	(472	)


(1)	See Note 7 for distribution information.



	Three Months Ended June 30, 2017
(In millions, except per unit data)	General Partner			Limited Partners’ Common Units			Redeemable Preferred Units		Total
Basic and diluted net income attributable to MPLX LP per unit:
Net income attributable to MPLX LP:
Distributions declared (including IDRs)	$	76		$	218		$	17	$	311
Undistributed net loss attributable to MPLX LP	(2		)	(119		)	—		(121		)
Net income attributable to MPLX LP⁽¹⁾	$	74		$	99		$	17	$	190
Weighted average units outstanding:
Basic	8			377			31		416
Diluted	8			382			31		421
Net income attributable to MPLX LP per limited partner unit:
Basic				$	0.26
Diluted				$	0.26



	Three Months Ended June 30, 2016
(In millions, except per unit data)	General Partner			Limited Partners’ Common Units			Redeemable Preferred Units		Total
Basic and diluted net income (loss) attributable to MPLX LP per unit:
Net income (loss) attributable to MPLX LP:
Distributions declared (including IDRs)	$	50		$	172		$	9	$	231
Undistributed net loss attributable to MPLX LP	(5		)	(207		)	—		(212		)
Net income (loss) attributable to MPLX LP⁽¹⁾	$	45		$	(35	)	$	9	$	19
Weighted average units outstanding:
Basic	7			331			17		355
Diluted	7			331			17		355
Net loss attributable to MPLX LP per limited partner unit:
Basic				$	(0.11	)
Diluted				$	(0.11	)



	Six Months Ended June 30, 2017
(In millions, except per unit data)	General Partner			Limited Partners’ Common Units			Redeemable Preferred Units		Total
Basic and diluted net income attributable to MPLX LP per unit:
Net income attributable to MPLX LP:
Distributions declared (including IDRs)	$	141		$	416		$	33	$	590
Undistributed net loss attributable to MPLX LP	(5		)	(245		)	—		(250		)
Net income attributable to MPLX LP⁽¹⁾	$	136		$	171		$	33	$	340
Weighted average units outstanding:
Basic	8			370			31		$	409
Diluted	8			374			31		413
Net income attributable to MPLX LP per limited partner unit:
Basic				$	0.46
Diluted				$	0.46



	Six Months Ended June 30, 2016
(In millions, except per unit data)	General Partner			Limited Partners’ Common Units			Redeemable Preferred Units		Total
Basic and diluted net income (loss) attributable to MPLX LP per unit:
Net income (loss) attributable to MPLX LP:
Distributions declared (including IDRs)	$	94		$	328		$	9	$	431
Undistributed net loss attributable to MPLX LP	(9		)	(463		)	—		(472		)
Net income (loss) attributable to MPLX LP⁽¹⁾	$	85		$	(135	)	$	9	$	(41	)
Weighted average units outstanding:
Basic	7			316			8		331
Diluted	7			316			8		331
Net loss attributable to MPLX LP per limited partner unit:
Basic				$	(0.43	)
Diluted				$	(0.43	)


(1)	Allocation of net income (loss) attributable to MPLX LP assumes all earnings for the period had been distributed based on the current period distribution priorities.