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, Series A Convertible Preferred units (the "Preferred units") and certain equity-based compensation awards; and in prior periods, general partner units and IDRs.

For the three months ended March 31, 2018, the Partnership had dilutive potential common units consisting of certain equity-based compensation awards. For the three months ended March 31, 2017, 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 months ended March 31, 2018 and March 31, 2017 were less than 1 million.



	Three Months Ended March 31,
(In millions)	2018			2017
Net income attributable to MPLX LP	$	421		$	150
Less: Limited partners’ distributions declared on Preferred units⁽¹⁾	16			16
General partner’s distributions declared (including IDRs)⁽¹⁾	—			65
Limited partners’ distributions declared on common units (including common units of general partner)⁽¹⁾	467			198
Undistributed net loss attributable to MPLX LP	$	(62	)	$	(129	)


(1)	See Note 8 for distribution information.



	Three Months Ended March 31, 2018
(In millions, except per unit data)	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	$	467		$	16	$	483
Undistributed net loss attributable to MPLX LP	(62		)	—		(62		)
Net income attributable to MPLX LP⁽¹⁾	$	405		$	16	$	421
Weighted average units outstanding:
Basic	661			31		692
Diluted	661			31		692
Net income attributable to MPLX LP per limited partner unit:
Basic	$	0.61
Diluted	$	0.61



	Three Months Ended March 31, 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)	$	65		$	198		$	16	$	279
Undistributed net loss attributable to MPLX LP	(3		)	(126		)	—		(129		)
Net income attributable to MPLX LP⁽¹⁾	$	62		$	72		$	16	$	150
Weighted average units outstanding:
Basic	7			362			31		400
Diluted	7			367			31		405
Net income attributable to MPLX LP per limited partner unit:
Basic				$	0.20
Diluted				$	0.19


(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.