MPLX LP
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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8. Net Income Per Limited Partner Unit
- Net Income Per Limited Partner Unit
Net income per unit applicable to common limited partner units is computed by dividing net income attributable to MPLX LP less income allocated to participating securities by the weighted average number of common units outstanding.
During the years ended December 31, 2024, 2023 and 2022, MPLX had participating securities consisting of common units, certain equity-based compensation awards, Series A preferred units, and Series B preferred units and also had dilutive potential common units consisting of certain equity-based compensation awards. Potential common units omitted from the diluted earnings per unit calculation for the years ended December 31, 2024, 2023 and 2022, were less than 1 million.
| (In millions, except per unit data) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net income attributable to MPLX LP(1): | $4,317 | $3,928 | $3,944 |
| Less: Distributions declared on Series A preferred units | 27 | 94 | 88 |
| Distributions declared on Series B preferred units | — | 5 | 41 |
| Distributions declared on other participating securities | 2 | — | — |
| Undistributed earnings allocated to participating securities | 7 | 16 | 24 |
| Impact of redemption of Series B preferred units | — | 5 | — |
| Net Income available to common unitholders | $4,281 | $3,808 | $3,791 |
| Weighted average units outstanding: | |||
| Basic | 1,016 | 1,001 | 1,010 |
| Diluted | 1,017 | 1,002 | 1,010 |
| Net income attributable to MPLX LP per limited partner unit: | |||
| Basic | $4.21 | $3.80 | $3.75 |
| Diluted | $4.21 | $3.80 | $3.75 |
(1)Allocation of net income attributable to MPLX LP assumes all earnings for the period have been distributed based on the distribution priorities applicable to the period.
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