XML 19 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues and other income:    
Service revenue $ 382 $ 260
Service revenue - related parties 471 255
Service revenue - product related 44 0
Rental income 79 69
Rental income - related parties 145 67
Product sales 207 [1] 203
Product sales - related parties 4 2
Income from equity method investments [2] 61 5
Other income 4 3
Other income - related parties 23 22
Total revenues and other income 1,420 886
Costs and expenses:    
Cost of revenues (excludes items below) 206 [3] 113
Purchased product costs 187 131
Rental cost of sales 29 12
Rental cost of sales - related parties 1 0
Purchases - related parties 177 107
Depreciation and amortization 176 187
General and administrative expenses 69 58
Other taxes 18 13
Total costs and expenses 863 621
Income from operations 557 265
Related party interest and other financial costs 1 0
Interest expense (net of amounts capitalized of $9 million, $7 million, respectively) 112 66
Other financial costs 17 12
Income before income taxes 427 187
Provision for income taxes 4 0
Net income 423 187
Less: Net income (loss) attributable to noncontrolling interest 2 1
Less: Net income attributable to Predecessor 0 36
Net income (loss) attributable to MPLX LP [4] 421 150
Less: Preferred unit distributions 16 16
Less: General partner’s GP interest in net income attributable to MPLX LP 0 62
Limited partners' interest in net income (loss) attributable to MPLX LP $ 405 $ 72
Weighted average limited partner units outstanding:    
Common - basic (in shares) 692 400
Common - diluted (in shares) 692 405
Limited Partners Common Units    
Costs and expenses:    
Net income (loss) attributable to MPLX LP [4] $ 405 $ 72
Net income (loss) attributable to MPLX LP per limited partner unit:    
Common - basic (in USD per unit) $ 0.61 $ 0.20
Common - diluted (in USD per unit) $ 0.61 $ 0.19
Weighted average limited partner units outstanding:    
Common - basic (in shares) 661 362
Common - diluted (in shares) 661 367
Cash distributions declared per limited partner common unit $ 0.6175 $ 0.5400
[1] G&P “Product sales” exclude approximately $1 million of revenue related to derivative gains/losses and mark-to-market adjustments.
[2] “Income (loss) from equity method investments” includes the impact of any basis differential amortization or accretion.
[3] Excludes “Purchased product costs,” “Rental cost of sales,” “Purchases,” “Depreciation and amortization,” “General and administrative expenses,” and “Other taxes.”
[4] 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.