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Equity
9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity Equity
The changes in the number of common units during the nine months ended September 30, 2025 are summarized below:
(In units)Common Units
Balance at December 31, 20241,017,142,290 
Unit-based compensation awards147,670 
Conversion of Series A preferred units6,166,965 
Units redeemed in unit repurchase programs(5,858,943)
Balance at September 30, 20251,017,597,982 
Unit Repurchase Program
On August 5, 2025, we announced a board authorization for the repurchase of $1.0 billion of MPLX common units held by the public in addition to the $1.0 billion common unit repurchase authorization announced on August 2, 2022. These unit repurchase authorizations have 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 
September 30,
Nine Months Ended 
September 30,
(In millions, except per unit data)2025202420252024
Number of common units repurchased
Cash paid for common units repurchased(1)
$100 $76 $300 $226 
Average cost per unit(1)
$50.86 $42.89 $51.20 $41.32 
(1)    Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.
As of September 30, 2025, we had $1.2 billion remaining under the unit repurchase authorizations.
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 October 28, 2025, MPLX declared a cash distribution for the third quarter of 2025, totaling $1,095 million, or $1.0765 per common unit. This distribution will be paid on November 14, 2025 to common unitholders of record on November 7, 2025.
Quarterly distributions for 2025 and 2024 are summarized below:
(Per common unit)20252024
March 31,$0.9565 $0.8500 
June 30,0.9565 0.8500 
September 30,1.0765 0.9565 
The allocation of total quarterly cash distributions to common and preferred unitholders is as follows for the three and nine months ended September 30, 2025 and September 30, 2024. Distributions are not accrued until declared. MPLX’s distributions are declared for the prior quarter subsequent to the quarter end; therefore, the following table represents total cash distributions applicable to the period for which the distributions relate as opposed to the quarter in which they were declared and paid.
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
(In millions)2025202420252024
Common and preferred unit distributions:
Common unitholders, includes common units of general partner$1,095 $974 $3,046 $2,706 
Series A preferred unit distributions— — 21 
Total cash distributions declared$1,095 $980 $3,046 $2,727