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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Restructuring Charges $ 36 $ 0 $ 36 $ 0
Revenues and other income:        
Total revenues from contracts with customers 1,756 1,760 5,129 5,185
Rental income 102 99 296 291
Rental income - related parties 241 293 712 904
Income/(loss) from equity method investments(1) 83 95 (1,012) [1],[2] 255
Other income 2 2 5 6
Other income - related parties 63 31 190 84
Revenues 2,247 2,280 5,320 6,725
Costs and expenses:        
Rental cost of sales 33 37 101 103
Rental cost of sales - related parties 32 45 119 124
Purchases - related parties 297 303 853 894
Depreciation and amortization [3] 346 302 992 916
Goodwill and Intangible Asset Impairment 0 0 2,165 0
General and administrative expenses 96 102 289 293
Other taxes 33 29 94 84
Costs and Expenses 1,348 1,354 6,029 4,002
Income/(loss) from operations 899 926 (709) 2,723
Related party interest and other financial costs 0 5 4 8
Interest expense (net of amounts capitalized of $8 million, $13 million, $31 million and $36 million, respectively) 207 212 624 640
Other financial costs 17 16 49 38
Income/(loss) before income taxes 675 693 (1,386) 2,037
Provision for income taxes 1 4 1 2
Net income 674 689 (1,387) 2,035
Less: Net income (loss) attributable to noncontrolling interest 9 8 24 20
Income (Loss) Attributable to Predecessor 0 52 0 401
Net income (loss) attributable to MPLX LP 665 [4] 629 [5] (1,411) [6] 1,614 [7]
Limited partners' interest in net income (loss) attributable to MPLX LP 635 602 (1,503) 1,546
Weighted average limited partner units outstanding:        
Equity Method Investment, Other than Temporary Impairment     1,264  
Limited Partners Common Units        
Costs and expenses:        
Net income (loss) attributable to MPLX LP $ 635 [4] $ 599 [5] $ (1,503) [6] $ 1,522 [7]
Net income (loss) attributable to MPLX LP per limited partner unit:        
Common - basic (in USD per unit) $ 0.61 $ 0.61 $ (1.43) $ 1.78
Common - diluted (in USD per unit) $ 0.61 $ 0.61 $ (1.43) $ 1.78
Weighted average limited partner units outstanding:        
Common - basic (in shares) 1,046 974 [8] 1,054 855 [9]
Common - diluted (in shares) 1,047 975 [8] 1,054 855 [9]
Service [Member]        
Revenues and other income:        
Total revenues from contracts with customers $ 604 $ 632 $ 1,779 $ 1,865
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties 909 899 2,694 2,549
Service, Other [Member]        
Revenues and other income:        
Total revenues from contracts with customers 41 26 102 86
Product [Member]        
Revenues and other income:        
Total revenues from contracts with customers 165 171 454 576
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties 37 32 100 109
Oil and Gas, Refining and Marketing [Member]        
Costs and expenses:        
Cost of Goods and Services Sold 323 407 1,006 1,099
Natural Gas, Midstream [Member]        
Costs and expenses:        
Cost of Goods and Services Sold 152 129 374 489
Series A Preferred Stock [Member] | Preferred Partner [Member]        
Costs and expenses:        
Net income (loss) attributable to MPLX LP 20 [4] 20 [5] 61 [6] 61 [7]
Dividends, Preferred Stock 20 20 61 61
Series B Preferred Stock [Member] | Preferred Partner [Member]        
Costs and expenses:        
Net income (loss) attributable to MPLX LP 10 [4] 10 [5] 31 [6] 31 [7]
Dividends, Preferred Stock 10 7 31 7
MPC        
Revenues and other income:        
Rental income - related parties 241 293 712 904
Other income - related parties 48 14 144 34
MPC | Service [Member]        
Revenues and other income:        
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties 908 899 2,692 2,549
MPC | Product [Member]        
Revenues and other income:        
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties [10] $ 37 $ 32 $ 100 $ 109
[1]
The 2020 period includes $1,264 million of impairment expense. See Note 4.
[2]
The nine months ended September 30, 2020 includes $1,264 million of impairment expense. See Note 4.
[3] Depreciation and amortization attributable to L&S was $164 million and $440 million for the three and nine months ended September 30, 2020, respectively, and $113 million and $373 million for the three and nine months ended September 30, 2019, respectively. Depreciation and amortization attributable to G&P was $182 million and $552 million for the three and nine months ended September 30, 2020, respectively, and $189 million and $543 million for the three and nine months ended September 30, 2019, respectively.
[4]
Allocation of net income attributable to MPLX LP assumes all earnings for the period had been distributed based on the distribution priorities applicable to the period.
[5]
Allocation of net income attributable to MPLX LP assumes all earnings for the period had been distributed based on the distribution priorities applicable to the period.
[6]
Allocation of net income attributable to MPLX LP assumes all earnings for the period had been distributed based on the distribution priorities applicable to the period.
[7]
Allocation of net income attributable to MPLX LP assumes all earnings for the period had been distributed based on the distribution priorities applicable to the period.
[8]
The Series B preferred units and the MPLX common units issued in connection with the Merger were not outstanding during the entire three months ended September 30, 2019. See Notes 3 and 7 for additional information about the treatment of these units.
[9]
The Series B preferred units and the MPLX common units issued in connection with the Merger were not outstanding during the entire nine months ended September 30, 2019. See Notes 3 and 7 for additional information about the treatment of these units.
[10]
There were additional product sales to MPC that net to zero within the consolidated financial statements as the transactions are recorded net due to the terms of the agreements under which such product was sold. For the three and nine months ended September 30, 2020, these sales totaled $107 million and $332 million, respectively. For the three and nine months ended September 30, 2019, these sales totaled $301 million and $819 million, respectively.