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Equity | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Equity | Equity The changes in the number of common units during the three months ended March 31, 2025 are summarized below:
(In units) | Common Units
Balance at December 31, 2024 | 1,017,142,290 |
Unit-based compensation awards | 124,029 |
Conversion of Series A preferred units | 6,166,965 |
Units redeemed in unit repurchase program | (1,905,304) |
Balance at March 31, 2025 | 1,021,527,980 |
Unit Repurchase Program On August 2, 2022, we announced the board authorization for the repurchase of up to $1 billion of MPLX common units held by the public. This unit repurchase authorization has no expiration date. We 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 March 31, |  |
(In millions, except per unit data) | 2025 |  | 2024 |  |  |  |
Number of common units repurchased | 2 |  |  | 2 |  |  |  |  |
Cash paid for common units repurchased(1) | $ | 100 |  |  | $ | 75 |  |  |  |  |
Average cost per unit(1) | $ | 52.48 |  |  | $ | 40.04 |  |  |  |  |
(1) Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period. As of March 31, 2025, we had $420 million remaining under the unit repurchase authorization. Series A Redeemable Preferred Unit Conversions On February 11, 2025, MPLX exercised its right to convert the remaining 6 million outstanding Series A preferred units into common units in accordance with the conversion provision outlined in our Sixth Amended and Restated Agreement of Limited Partnership. Distributions On April 29, 2025, MPLX declared a cash distribution for the first quarter of 2025, totaling $976 million, or $0.9565 per common unit. This distribution will be paid on May 16, 2025 to common unitholders of record on May 9, 2025. Quarterly distributions for 2025 and 2024 are summarized below:
(Per common unit) | 2025 |  | 2024
March 31, | $ | 0.9565 |  |  | $ | 0.8500 |
The allocation of total quarterly cash distributions to common and preferred unitholders is as follows for the three months ended March 31, 2025 and March 31, 2024. Distributions, although earned, are not accrued until declared. MPLX’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period in which the distributions were earned.
| Three Months Ended March 31, |  |
(In millions) | 2025 |  | 2024 |  |  |  |
Common and preferred unit distributions: |  |  |  |  |  |  |
Common unitholders, includes common units of general partner | $ | 976 |  |  | $ | 864 |  |  |  |  |
Series A preferred unit distributions | — |  |  | 10 |  |  |  |  |
Total cash distributions declared | $ | 976 |  |  | $ | 874 |  |  |  |  |

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