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Equity (Tables)
9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Stockholders 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 
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 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 
Class of Treasury Stock
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.
Dividends Declared
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