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Equity | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Equity | Equity The changes in the number of common units during the three months ended March 31, 2026 are summarized below:
(In units) | Common Units
Balance at December 31, 2025 | 1,015,702,040 |
Unit-based compensation awards | 113,750 |
Units redeemed in unit repurchase program | (882,899) |
Balance at March 31, 2026 | 1,014,932,891 |
Unit Repurchase Program As of March 31, 2026, we had $1.1 billion remaining under the unit repurchase authorizations. Total unit repurchases were as follows for the respective periods:
| Three Months Ended March 31, |  |
(In millions, except per unit data) | 2026 |  | 2025 |  |  |  |
Number of common units repurchased | 1 |  |  | 2 |  |  |  |  |
Cash paid for common units repurchased(1) | $ | 50 |  |  | $ | 100 |  |  |  |  |
Average cost per unit(1) | $ | 56.63 |  |  | $ | 52.48 |  |  |  |  |
(1) Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period. 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. Cash Distributions On April 28, 2026, MPLX declared a cash distribution for the first quarter of 2026, totaling $1,092 million, or $1.0765 per common unit. This distribution will be paid on May 15, 2026 to common unitholders of record on May 8, 2026. Although our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit. The allocation of total quarterly cash distributions is as follows for the three months ended March 31, 2026 and March 31, 2025. 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 March 31, |  |
(In millions, except per unit data) | 2026 |  | 2025 |  |  |  |
Distribution declared: |  |  |  |  |  |  |
Limited partner units - public | $ | 395 |  |  | $ | 357 |  |  |  |  |
Limited partner units - MPC | 697 |  |  | 619 |  |  |  |  |
Total distribution declared | $ | 1,092 |  |  | $ | 976 |  |  |  |  |
Quarterly cash distributions declared per limited partner common unit | $ | 1.0765 |  |  | $ | 0.9565 |  |  |  |  |

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