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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Sales-type lease revenue $ 34 $ 34 $ 102 $ 101
Sales-type lease revenue - related parties 118 129 359 379
Income from equity method investments 149 159 631 438
Total revenues and other income 2,972 2,912 8,870 8,315
Purchases - related parties 402 442 1,162 1,160
Depreciation and amortization [1] 322 301 959 907
General and administrative expenses 107 102 323 280
Other taxes 32 44 99 102
Total costs and expenses 1,697 1,758 4,925 4,790
Income from operations 1,275 1,154 3,945 3,525
Net interest and other financial costs 226 225 692 701
Income before income taxes 1,049 929 3,253 2,824
Provision for income taxes 2 1 5 2
Net income 1,047 928 3,248 2,822
Less: Net income attributable to noncontrolling interests 10 10 30 28
Net income attributable to MPLX LP [2] 1,037 918 3,218 2,794
Limited partners' interest in net income attributable to MPLX LP $ 1,031 $ 893 $ 3,197 $ 2,718
Net income attributable to MPLX LP per limited partner unit:        
Common - basic $ 1.01 $ 0.89 $ 3.14 $ 2.70
Common - diluted $ 1.01 $ 0.89 $ 3.14 $ 2.70
Weighted average limited partner units outstanding:        
Common - basic 1,020 1,001 1,016 1,001
Common - diluted 1,020 1,001 1,016 1,001
Nonrelated Party [Member]        
Rental income $ 63 $ 61 $ 187 $ 181
Other Income 7 7 58 28
Rental cost of sales 22 20 61 60
Related Party [Member]        
Rental income 216 207 644 612
Other Income 40 32 117 90
Rental cost of sales 5 8 14 24
General and administrative expenses 73 72 217 197
Service [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax - Third parties 709 641 2,050 1,881
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties 1,066 1,038 3,102 2,962
Service, Other [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax - Third parties 86 75 265 214
Product [Member]        
Revenue from Contract with Customer, Excluding Assessed Tax - Third parties 433 478 1,191 1,274
Revenue from Contract with Customer, Excluding Assessed Tax, Related Parties 51 51 164 155
Natural Gas, Midstream [Member]        
Purchased product costs 403 474 1,148 1,234
Oil and Gas Service        
Cost of revenues (excludes items below) 404 367 1,159 1,023
Series A Preferred Stock [Member]        
Dividends, Preferred Stock 6 25 21 71
Series B Preferred Stock [Member]        
Dividends, Preferred Stock $ 0 $ 0 $ 0 $ 5
[1] Depreciation and amortization attributable to L&S was $132 million and $393 million for the three and nine months ended September 30, 2024, respectively, and $130 million and $399 million for the three and nine months ended September 30, 2023, respectively. Depreciation and amortization attributable to G&P was $190 million and $566 million for the three and nine months ended September 30, 2024, respectively, and $171 million and $508 million for the three and nine months ended September 30, 2023, respectively.
[2] 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.