Net Income/(Loss) Per Limited Partner Unit

Net income/(loss) per unit applicable to common limited partner units is computed by dividing net income/(loss) attributable to MPLX LP less income/(loss) allocated to participating securities by the weighted average number of common units outstanding. The classes of participating securities include common units, certain equity-based compensation awards, Series A Convertible preferred units; and prior to 2018, general partner units and IDRs.

The HSM, HST, WHC and MPLXT acquisitions were transfers between entities under common control as discussed in Note 4. 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.

In 2018, MPLX had dilutive potential common units consisting of certain equity-based compensation awards. In 2017 and 2016, MPLX 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 years ended December 31, 2018, 2017 and 2016 were less than 1 million.



(In millions)	2018			2017			2016
Net income attributable to MPLX LP	$	1,818		$	794		$	233
Less: Limited partners’ distributions declared on preferred units⁽¹⁾	75			65			41
General partner’s distributions declared (includes IDRs)⁽¹⁾⁽²⁾	—			328			205
Limited partners’ distributions declared on common units (including common units of general partner)⁽¹⁾	1,985			895			692
Undistributed net loss attributable to MPLX LP	$	(242	)	$	(494	)	$	(705	)


(1)	See Note 8 for distribution information.


(2)	Distributions declared on January 25, 2018 on general partner common units issued on February 1, 2018 in exchange for the economic general partner interest, including IDRs, are shown as general partner distributions declared.



	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	$	1,985		$	75	$	2,060
Undistributed net loss attributable to MPLX LP	(242		)	—		(242		)
Net income attributable to MPLX LP⁽¹⁾	$	1,743		$	75	$	1,818
Weighted average units outstanding:
Basic	761					761
Diluted	761					761
Net income attributable to MPLX LP per limited partner unit:
Basic	$	2.29
Diluted	$	2.29



	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)	$	328		$	895		$	65	$	1,288
Undistributed net loss attributable to MPLX LP	(10		)	(484		)	—		(494		)
Net income attributable to MPLX LP⁽¹⁾	$	318		$	411		$	65	$	794
Weighted average units outstanding:
Basic	8			385					393
Diluted	8			388					396
Net income attributable to MPLX LP per limited partner unit:
Basic				$	1.07
Diluted				$	1.06



	2016
(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:
Distribution declared	$	205		$	692		$	41	$	938
Undistributed net loss attributable to MPLX LP	(14		)	(691		)	—		(705		)
Net income attributable to MPLX LP⁽¹⁾	$	191		$	1		$	41	$	233
Weighted average units outstanding:
Basic	7			331					338
Diluted	7			338					345
Net income attributable to MPLX LP per limited partner unit:
Basic				$	—
Diluted				$	—


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