MPLX LP

7. Equity

Units Outstanding

MPLX had 1,017,142,290 common units outstanding as of December 31, 2024. Of that number,647,415,452 were owned by MPC. The changes in the number of common units during the years ended December 31, 2022, 2023, and 2024 are summarized below:

(1) Certain Series A preferred unitholders have exercised their rights to convert their Series A preferred units into common units as discussed in Note 9.

Unit Repurchase Program

On November 2, 2020, MPLX announced the board authorization of a unit repurchase program for the repurchase of up to $1 billion of MPLX’s outstanding common units held by the public, which was exhausted during the fourth quarter of 2022. On August 2, 2022, we announced the board authorization for the repurchase of up to an additional $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 years ended December 31, 2024, 2023 and 2022:

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

As of December 31, 2024, we had $520 million remaining under the unit repurchase authorization.

Redemption of the Series B Preferred Units

On February 15, 2023, MPLX exercised its right to redeem all 600,000 units of 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.

The changes in the Series B preferred unit balance during 2023 and 2022 are included in the Consolidated Statements of Equity within Series B preferred units.

Cash Distributions

Total distributions declared for the years ended December 31, 2024, 2023 and 2022 are summarized in the table below.

The allocation of total quarterly cash distributions to limited, and preferred unitholders is as follows for the years ended December 31, 2024, 2023 and 2022. The Partnership Agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the common unitholders and preferred unitholders will receive. 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)2023 period 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 the redemption.

On January 22, 2025, MPLX declared a quarterly cash distribution, based on the results of the fourth quarter of 2024, totaling $972 million, or $0.9565 per common unit. This rate was also received by Series A preferred unitholders. These distributions were paid on February 14, 2025 to unitholders of record on February 3, 2025.