XML 58 R34.htm IDEA: XBRL DOCUMENT

Net Income Per Limited Partner Unit (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Distributions By Partner By Class

For the three and nine months ended September 30, 2020 and 2019, MPLX 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 three and nine months ended September 30, 2020 and 2019 were less than 1 million.



	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2020			2019			2020			2019
Net income/(loss) attributable to MPLX LP	$	665		$	629		$	(1,411	)	$	1,614
Less: Distributions declared on Series A preferred units⁽¹⁾	20			20			61			61
Distributions declared on Series B preferred units⁽¹⁾	10			10			31			31
Limited partners’ distributions declared on MPLX common units (including common units of general partner)⁽¹⁾⁽²⁾	715			704			2,158			1,919
Undistributed net loss attributable to MPLX LP	$	(80	)	$	(105	)	$	(3,661	)	$	(397	)


(1)	See Note 7 for distribution information.


(2)	The three and nine months ended September 30, 2019 amounts are net of $12.5 million and $25 million, respectively, of waived distributions with respect to units held by MPC and its affiliates.



	Three Months Ended September 30, 2020
(In millions, except per unit data)	Limited Partners’ Common Units			Series A Preferred Units		Series B Preferred Units		Total
Basic and diluted net income attributable to MPLX LP per unit
Net income attributable to MPLX LP:
Distributions declared	$	715		$	20	$	10	$	745
Undistributed net loss attributable to MPLX LP	(80		)	—		—		(80		)
Net income attributable to MPLX LP⁽¹⁾	$	635		$	20	$	10	$	665
Weighted average units outstanding:
Basic	1,046
Diluted	1,047
Net income attributable to MPLX LP per limited partner unit:
Basic	$	0.61
Diluted	$	0.61

Schedule of Basic and Diluted Earnings Per Unit



	Three Months Ended September 30, 2020
(In millions, except per unit data)	Limited Partners’ Common Units			Series A Preferred Units		Series B Preferred Units		Total
Basic and diluted net income attributable to MPLX LP per unit
Net income attributable to MPLX LP:
Distributions declared	$	715		$	20	$	10	$	745
Undistributed net loss attributable to MPLX LP	(80		)	—		—		(80		)
Net income attributable to MPLX LP⁽¹⁾	$	635		$	20	$	10	$	665
Weighted average units outstanding:
Basic	1,046
Diluted	1,047
Net income attributable to MPLX LP per limited partner unit:
Basic	$	0.61
Diluted	$	0.61


(1)	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.



	Three Months Ended September 30, 2019
(In millions, except per unit data)	Limited Partners’ Common Units			Series A Preferred Units		Series B Preferred Units		Total
Basic and diluted net income attributable to MPLX LP per unit
Net income attributable to MPLX LP:
Distributions declared	$	704		$	20	$	10	$	734
Undistributed net loss attributable to MPLX LP	(105		)	—		—		(105		)
Net income attributable to MPLX LP⁽¹⁾	$	599		$	20	$	10	$	629
Weighted average units outstanding:
Basic⁽²⁾	974
Diluted⁽²⁾	975
Net income attributable to MPLX LP per limited partner unit:
Basic	$	0.61
Diluted	$	0.61


(1)	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.


(2)	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.



	Nine Months Ended September 30, 2020
(In millions, except per unit data)	Limited Partners’ Common Units			Series A Preferred Units		Series B Preferred Units		Total
Basic and diluted net income attributable to MPLX LP per unit
Net income attributable to MPLX LP:
Distributions declared	$	2,158		$	61	$	31	$	2,250
Undistributed net loss attributable to MPLX LP	(3,661		)	—		—		(3,661		)
Net (loss)/income attributable to MPLX LP⁽¹⁾	$	(1,503	)	$	61	$	31	$	(1,411	)
Weighted average units outstanding:
Basic	1,054
Diluted	1,054
Net income attributable to MPLX LP per limited partner unit:
Basic	$	(1.43	)
Diluted	$	(1.43	)


(1)	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.



	Nine Months Ended September 30, 2019
(In millions, except per unit data)	Limited Partners’ Common Units			Series A Preferred Units		Series B Preferred Units		Total
Basic and diluted net income attributable to MPLX LP per unit
Net income attributable to MPLX LP:
Distributions declared	$	1,919		$	61	$	31	$	2,011
Undistributed net loss attributable to MPLX LP	(397		)	—		—		(397		)
Net income attributable to MPLX LP⁽¹⁾	$	1,522		$	61	$	31	$	1,614
Weighted average units outstanding:
Basic⁽²⁾	855
Diluted⁽²⁾	855
Net income attributable to MPLX LP per limited partner unit:
Basic	$	1.78
Diluted	$	1.78


(1)	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.

(2)

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.