MPLX LP

6. Equity

The changes in the number of common units during the nine months ended September 30, 2024 are summarized below:

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:

(1)Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.

As of September 30, 2024, we had $620 million remaining under the unit repurchase authorization.

Series A Redeemable Preferred Unit Conversions

During the nine months ended September 30, 2024, certain Series A preferred unitholders exercised their rights to convert their Series A preferred units into approximately 21 million common units. Approximately 6 million Series A preferred units remain outstanding as of September 30, 2024.

Redemption of the Series B Preferred Units

On February 15, 2023, MPLX exercised its right to redeem all 600,000 outstanding 6.875 percent Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series B preferred units”). MPLX paid unitholders the Series B preferred unit redemption price of $1,000 per unit. MPLX made a final cash distribution of $21 million to Series B preferred unitholders on February 15, 2023, in conjunction with the redemption.

Distributions

On October 29, 2024, MPLX declared a cash distribution for the third quarter of 2024, totaling $974 million, or $0.9565 per common unit. This distribution will be paid on November 15, 2024 to common unitholders of record on November 8, 2024. This rate will also be received by Series A preferred unitholders.

Quarterly distributions for 2024 and 2023 are summarized below:

The allocation of total quarterly cash distributions to common and preferred unitholders is as follows for the three and nine months ended September 30, 2024 and September 30, 2023. 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.

(1)The nine months ended September 30, 2023 includes the portion of the $21 million distribution paid to the Series B preferred unitholders on February 15, 2023 that was earned during the period prior to redemption.