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Equity (Tables) | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Schedule of Stockholders 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 |
Distributions Made to Limited Partner, by Distribution | 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 |  |  |  |  |
Class of Treasury Stock | 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.
Dividends Declared | Quarterly distributions for 2025 and 2024 are summarized below:
(Per common unit) | 2025 |  | 2024
March 31, | $ | 0.9565 |  |  | $ | 0.8500 |

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