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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________________________
FORM 10-Q
 ____________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-35714
_____________________________________________ 
MPLX LP
(Exact name of registrant as specified in its charter)
 _____________________________________________
Delaware27-0005456
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
200 E. Hardin Street,Findlay,Ohio 45840
(Address of principal executive offices)(Zip code)
(419) 421-2414
(Registrant’s telephone number, including area code)
 _____________________________________________
Securities Registered pursuant to Section 12(b) of the Act
Title of each class Trading symbol(s)Name of each exchange on which registered
Common Units Representing Limited Partnership InterestsMPLXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x     No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes      No  x

MPLX LP had 1,012,303,833 common units outstanding at April 29, 2022.


Table of Contents
 Page

Unless the context otherwise requires, references in this report to “MPLX LP,” “MPLX,” “the Partnership,” “we,” “our,” “us,” or like terms refer to MPLX LP and its subsidiaries. Additionally, throughout this Quarterly Report on Form 10-Q, we have used terms in our discussion of the business and operating results that have been defined in our Glossary of Terms.

1


Glossary of Terms

The abbreviations, acronyms and industry technology used in this report are defined as follows.
ASCAccounting Standards Codification
ASUAccounting Standards Update
BarrelOne stock tank barrel, or 42 U.S. gallons of liquid volume, used in reference to crude oil or other liquid hydrocarbons
BtuOne British thermal unit, an energy measurement
DCF (a non-GAAP financial measure)Distributable Cash Flow
EBITDA (a non-GAAP financial measure)Earnings Before Interest, Taxes, Depreciation and Amortization
GAAPAccounting principles generally accepted in the United States of America
G&PGathering and Processing segment
LIBORLondon Interbank Offered Rate
L&SLogistics and Storage segment
mbpdThousand barrels per day
MMBtuOne million British thermal units, an energy measurement
MMcf/dOne million cubic feet of natural gas per day
NGLNatural gas liquids, such as ethane, propane, butanes and natural gasoline
SECU.S. Securities and Exchange Commission
VIEVariable interest entity

2


Part I—Financial Information

Item 1. Financial Statements
MPLX LP
Consolidated Statements of Income (Unaudited)
Three Months Ended March 31,
(In millions, except per unit data)20222021
Revenues and other income:
Service revenue$554 $589 
Service revenue - related parties915 872 
Service revenue - product related123 77 
Rental income91 99 
Rental income - related parties165 242 
Product sales497 282 
Product sales - related parties45 42 
Sales-type lease revenue - related parties111 37 
Income from equity method investments99 70 
Other income (loss)(17)1 
Other income - related parties27 28 
Total revenues and other income2,610 2,339 
Costs and expenses:
Cost of revenues (excludes items below)287 273 
Purchased product costs467 276 
Rental cost of sales37 32 
Rental cost of sales - related parties15 39 
Purchases - related parties319 298 
Depreciation and amortization313 329 
General and administrative expenses78 86 
Other taxes34 32 
Total costs and expenses1,550 1,365 
Income from operations1,060 974 
Related party interest and other financial costs4  
Interest expense (net of amounts capitalized of $2 million, $5 million, respectively)
198 198 
Other financial costs20 27 
Income before income taxes838 749 
Provision for income taxes5 1 
Net income833 748 
Less: Net income attributable to noncontrolling interests8 9 
Net income attributable to MPLX LP825 739 
Less: Series A preferred unitholders interest in net income21 20 
Less: Series B preferred unitholders interest in net income11 11 
Limited partners’ interest in net income attributable to MPLX LP$793 $708 
Per Unit Data (See Note 6)
Net income attributable to MPLX LP per limited partner unit:
Common - basic$0.78 $0.68 
Common - diluted$0.78 $0.68 
Weighted average limited partner units outstanding:
Common - basic1,015 1,037 
Common - diluted1,015 1,037 


The accompanying notes are an integral part of these consolidated financial statements.
3


MPLX LP
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended March 31,
(In millions)20222021
Net income$833 $748 
Other comprehensive income, net of tax:
Remeasurements of pension and other postretirement benefits related to equity method investments, net of tax9 (2)
Comprehensive income842 746 
Less comprehensive income attributable to:
Noncontrolling interests8 9 
Comprehensive income attributable to MPLX LP$834 $737 


The accompanying notes are an integral part of these consolidated financial statements.

4


MPLX LP
Consolidated Balance Sheets (Unaudited)
 
(In millions)March 31, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$42 $13 
Receivables, net741 654 
Current assets - related parties813 644 
Inventories149 142 
Other current assets53 54 
Total current assets1,798 1,507 
Equity method investments4,079 3,981 
Property, plant and equipment, net19,912 20,042 
Intangibles, net800 831 
Goodwill7,657 7,657 
Right of use assets, net280 268 
Noncurrent assets - related parties1,151 1,161 
Other noncurrent assets50 60 
Total assets35,727 35,507 
Liabilities
Current liabilities:
Accounts payable214 172 
Accrued liabilities396 363 
Current liabilities - related parties687 1,780 
Accrued property, plant and equipment91 97 
Long-term debt due within one year999 499 
Accrued interest payable192 202 
Operating lease liabilities47 59 
Other current liabilities232 176 
Total current liabilities2,858 3,348 
Long-term deferred revenue405 383 
Long-term liabilities - related parties305 302 
Long-term debt18,757 18,072 
Deferred income taxes14 10 
Long-term operating lease liabilities228 205 
Deferred credits and other liabilities159 170 
Total liabilities22,726 22,490 
Commitments and contingencies (see Note 14)
Series A preferred units (30 million and 30 million units issued and outstanding)
965 965 
Equity
Common unitholders - public (366 million and 369 million units issued and outstanding)
8,505 8,579 
Common unitholders - MPC (647 million and 647 million units issued and outstanding)
2,698 2,638 
Series B preferred units (0.6 million and 0.6 million units issued and outstanding)
601 611 
Accumulated other comprehensive loss(8)(17)
Total MPLX LP partners’ capital11,796 11,811 
Noncontrolling interests240 241 
Total equity12,036 12,052 
Total liabilities, preferred units and equity$35,727 $35,507 

The accompanying notes are an integral part of these consolidated financial statements.
5


MPLX LP
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31,
(In millions)20222021
Operating activities:
Net income$833 $748 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs18 17 
Depreciation and amortization313 329 
Deferred income taxes4  
Loss on disposal of assets18  
Income from equity method investments(99)(70)
Distributions from unconsolidated affiliates120 119 
Change in fair value of derivatives(9)3 
Changes in:
Current receivables(87)(67)
Inventories(7)(11)
Current accounts payable and accrued liabilities73 26 
Current assets/current liabilities - related parties(112)(8)
Right of use assets/operating lease liabilities(1)(1)
Deferred revenue16 24 
All other, net45 15 
Net cash provided by operating activities1,125 1,124 
Investing activities:
Additions to property, plant and equipment(169)(126)
Disposal of assets3 70 
Investments in unconsolidated affiliates(110)(35)
All other, net 1 
Net cash used in investing activities(276)(90)
Financing activities:
Long-term debt - borrowings2,385 1,910 
        - repayments(1,201)(2,020)
Related party debt - borrowings1,849 2,241 
            - repayments(2,976)(2,241)
Debt issuance costs(16) 
Unit repurchases(100)(155)
Distributions to noncontrolling interests(9)(10)
Distributions to Series A preferred unitholders(21)(20)
Distributions to Series B preferred unitholders(21)(21)
Distributions to unitholders and general partner(716)(713)
Contributions from MPC10 7 
All other, net(4)(3)
Net cash used in financing activities(820)(1,025)
Net increase in cash, cash equivalents and restricted cash29 9 
Cash, cash equivalents and restricted cash at beginning of period13 15 
Cash, cash equivalents and restricted cash at end of period$42 $24 


The accompanying notes are an integral part of these consolidated financial statements.
6


MPLX LP
Consolidated Statements of Equity and Series A Preferred Units (Unaudited)

 Partnership  
(In millions)Common
Unit-holders
Public
Common
Unit-holder
MPC
Series B Preferred Unit-holdersAccumulated Other Comprehensive LossNon-controlling
Interests
TotalSeries A Preferred Unit-holders
Balance at December 31, 2020$9,384 $2,792 $611 $(15)$245 $13,017 $968 
Net income266 443 11  9 729 20 
Unit Repurchases(155)    (155) 
Distributions(269)(445)(21) (10)(745)(20)
Contributions 7    7  
Other (1) (2) (3) 
Balance at March 31, 2021$9,226 $2,796 $601 $(17)$244 $12,850 $968 
Balance at December 31, 2021$8,579 $2,638 $611 $(17)$241 $12,052 $965 
Net income287 506 11  8 812 21 
Unit Repurchases(100)    (100) 
Distributions(260)(456)(21) (9)(746)(21)
Contributions 10    10  
Other(1)  9  8  
Balance at March 31, 2022$8,505 $2,698 $601 $(8)$240 $12,036 $965 

The accompanying notes are an integral part of these consolidated financial statements.
7


Notes to Consolidated Financial Statements (Unaudited)

1. Description of the Business and Basis of Presentation

Description of the Business

MPLX LP is a diversified, large-cap master limited partnership formed by Marathon Petroleum Corporation that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. References in this report to “MPLX LP,” “MPLX,” “the Partnership,” “we,” “ours,” “us,” or like terms refer to MPLX LP and its subsidiaries. References to “MPC” refer collectively to Marathon Petroleum Corporation as our sponsor and its subsidiaries, other than the Partnership. We are engaged in the gathering, transportation, storage and distribution of crude oil, refined products and other hydrocarbon-based products; the gathering, processing and transportation of natural gas; and the gathering, transportation, fractionation, storage and marketing of NGLs. MPLX’s principal executive office is located in Findlay, Ohio.

MPLX’s business consists of two segments based on the nature of services it offers: Logistics and Storage (“L&S”), which relates primarily to crude oil, refined products and other hydrocarbon-based products; and Gathering and Processing (“G&P”), which relates primarily to natural gas and NGLs. See Note 7 for additional information regarding the operations and results of these segments.

Basis of Presentation

The accompanying interim consolidated financial statements are unaudited; however, in the opinion of MPLX’s management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules and regulations of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. Certain information derived from our audited annual financial statements, prepared in accordance with GAAP, has been condensed or omitted from these interim financial statements.

These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year.

MPLX’s consolidated financial statements include all majority-owned and controlled subsidiaries. For non-wholly owned consolidated subsidiaries, the interests owned by third parties have been recorded as “Noncontrolling interests” on the accompanying Consolidated Balance Sheets. Intercompany investments, accounts and transactions have been eliminated. MPLX’s investments in which MPLX exercises significant influence but does not control and does not have a controlling financial interest are accounted for using the equity method. MPLX’s investments in VIEs in which MPLX exercises significant influence but does not control and is not the primary beneficiary are also accounted for using the equity method.

Certain prior period financial statement amounts have been reclassified to conform to current period presentation.

2. Accounting Standards

Recently Adopted

ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance

In November 2021, the FASB issued guidance requiring disclosures for certain types of government assistance that have been accounted for by analogy to grant or contribution models. Disclosures will include information about the type of transactions, accounting and the impact on financial statements. MPLX prospectively adopted this standard in the first quarter of 2022. The adoption of this standard did not have a material impact on our financial statements or disclosures.

8


3. Investments and Noncontrolling Interests

The following table presents MPLX’s equity method investments at the dates indicated:
Ownership as ofCarrying value at
March 31,March 31,December 31,
(In millions, except ownership percentages)202220222021
L&S
MarEn Bakken Company LLC(1)
25%$502 $449 
Illinois Extension Pipeline Company, L.L.C.35%249 243 
LOOP LLC41%274 265 
Andeavor Logistics Rio Pipeline LLC(2)
67%181 183 
Minnesota Pipe Line Company, LLC17%182 183 
Whistler Pipeline LLC(2)
38%166 155 
Explorer Pipeline Company25%65 66 
W2W Holdings LLC(2)
50%56 58 
Other(2)
125 116 
Total L&S1,800 1,718 
G&P
MarkWest Utica EMG, L.L.C.(2)
57%681 680 
Sherwood Midstream LLC(2)
50%539 544 
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C.(2)
67%336 332 
MarkWest Torñado GP, L.L.C.(2)
60%266 246 
Rendezvous Gas Services, L.L.C.(2)
78%145 147 
Sherwood Midstream Holdings LLC(2)
51%133 136 
Centrahoma Processing LLC40%133 133 
Other(2)
46 45 
Total G&P2,279 2,263 
Total$4,079 $3,981 
(1)    The investment in MarEn Bakken Company LLC includes our 9.19 percent indirect interest in a joint venture (“Dakota Access”) that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects, collectively referred to as the Bakken Pipeline system or DAPL.    
(2)    Investments deemed to be VIEs. Some investments included within “Other” have also been deemed to be VIEs.

For those entities that have been deemed to be VIEs, neither MPLX nor any of its subsidiaries have been deemed to be the primary beneficiary due to voting rights on significant matters. While we have the ability to exercise influence through participation in the management committees which make all significant decisions, we have equal influence over each committee as a joint interest partner and all significant decisions require the consent of the other investors without regard to economic interest; as such, we have determined that these entities should not be consolidated and apply the equity method of accounting with respect to our investments in each entity.

Sherwood Midstream LLC (“Sherwood Midstream”) has been deemed the primary beneficiary of Sherwood Midstream Holdings LLC (“Sherwood Midstream Holdings”) due to its controlling financial interest through its authority to manage the joint venture. As a result, Sherwood Midstream consolidates Sherwood Midstream Holdings. Therefore, MPLX also reports its portion of Sherwood Midstream Holdings’ net assets as a component of its investment in Sherwood Midstream. As of March 31, 2022, MPLX has a 24.55 percent indirect ownership interest in Sherwood Midstream Holdings through Sherwood Midstream.

MPLX’s maximum exposure to loss as a result of its involvement with equity method investments includes its equity investment, any additional capital contribution commitments and any operating expenses incurred by the subsidiary operator in excess of its compensation received for the performance of the operating services. MPLX did not provide any financial support to equity method investments that it was not contractually obligated to provide during the three months ended March 31, 2022.

9


Summarized financial information for MPLX’s equity method investments for the three months ended March 31, 2022 and 2021 is as follows:
Three Months Ended March 31, 2022
(In millions)VIEsNon-VIEsTotal
Revenues and other income$249 $308 $557 
Costs and expenses137 129 266 
Income from operations112 179 291 
Net income103 166 269 
Income from equity method investments$55 $44 $99 

Three Months Ended March 31, 2021
(In millions)VIEsNon-VIEsTotal
Revenues and other income$163 $284 $447 
Costs and expenses107 131 238 
Income from operations56 153 209 
Net income64 140 204 
Income from equity method investments$39 $31 $70 

Summarized balance sheet information for MPLX’s equity method investments as of March 31, 2022 and December 31, 2021 is as follows:
March 31, 2022
(In millions)VIEsNon-VIEsTotal
Current assets$386 $370 $756 
Noncurrent assets7,482 4,875 12,357 
Current liabilities773 259 1,032 
Noncurrent liabilities$1,929 $789 $2,718 

December 31, 2021
(In millions)VIEsNon-VIEsTotal
Current assets$335 $411 $746 
Noncurrent assets7,439 4,895 12,334 
Current liabilities217 310 527 
Noncurrent liabilities$2,461 $788 $3,249 

4. Related Party Agreements and Transactions

MPLX engages in transactions with both MPC and certain of its equity method investments as part of its normal business; however, transactions with MPC make up the majority of MPLX’s related party transactions. Transactions with related parties are further described below.

MPLX has various long-term, fee-based commercial agreements with MPC. Under these agreements, MPLX provides transportation, gathering, terminal, fuels distribution, marketing, storage, management, operational and other services to MPC. MPC has committed to provide MPLX with minimum quarterly throughput volumes on crude oil and refined products, other fees for storage capacity, operating and management fees, as well as reimbursements for certain direct and indirect costs. MPC has also committed to provide a fixed fee for 100 percent of available capacity for boats, barges and third-party chartered equipment under the marine transportation service agreement. MPLX also has a keep-whole commodity agreement with MPC under which MPC pays us a processing fee for NGLs related to keep-whole agreements and delivers shrink gas to the producers on our behalf. We pay MPC a marketing fee in exchange for assuming the commodity risk. Additionally, MPLX has obligations to MPC for services provided to MPLX by MPC under omnibus and employee services-type agreements as well as other agreements.

10


Related Party Loan

MPLX is party to a loan agreement with MPC Investment LLC (“MPC Investment”) (the “MPC Loan Agreement”). Under the terms of the agreement, MPC Investment extends loans to MPLX on a revolving basis as requested by MPLX and as agreed to by MPC Investment. The borrowing capacity of the MPC Loan Agreement is $1.5 billion aggregate principal amount of all loans outstanding at any one time. The loan agreement is scheduled to expire, and borrowings under the loan agreement are scheduled to mature and become due and payable, on July 31, 2024, provided that MPC Investment may demand payment of all or any portion of the outstanding principal amount of the loan, together with all accrued and unpaid interest and other amounts (if any), at any time prior to maturity. Borrowings under the MPC Loan Agreement bear interest at LIBOR plus 1.25 percent or such lower rate as would be applicable to such loans under the MPLX Credit Agreement as discussed in Note 11.

Activity on the MPC Loan Agreement was as follows:
Three Months Ended March 31,
(In millions)20222021
Borrowings$1,849 $2,241 
Average interest rate of borrowings1.400 %1.371 %
Repayments$2,976 $2,241 
Outstanding balance at end of period$323 $ 

Related Party Revenue

Related party sales to MPC primarily consist of crude oil and refined products pipeline and trucking transportation services based on tariff or contracted rates; storage, terminal and fuels distribution services based on contracted rates; and marine transportation services. Related party sales to MPC also consist of revenue related to volume deficiency credits.

MPLX also has operating agreements with MPC under which it receives a fee for operating MPC’s retained pipeline assets and a fixed annual fee for providing oversight and management services required to run the marine business. MPLX also receives management fee revenue for engineering, construction and administrative services for operating certain of its equity method investments. These agreements are classified as “Other income - related parties” on the Consolidated Statements of Income.

Certain product sales to MPC 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 months ended March 31, 2022 and March 31, 2021, these sales totaled $293 million and $168 million, respectively.

Related Party Expenses

MPC charges MPLX for executive management services and certain general and administrative services to MPLX under the terms of our omnibus agreements (“Omnibus charges”). Omnibus charges included in “Rental cost of sales - related parties” primarily relate to services that support MPLX’s rental operations and maintenance of assets available for rent, as well as compensation expenses. Omnibus charges included in “Purchases - related parties” primarily relate to services that support MPLX’s operations and maintenance activities, as well as compensation expenses. Omnibus charges included in “General and administrative expenses” primarily relate to services that support MPLX’s executive management, accounting and human resources activities. MPLX also obtains employee services from MPC under employee services agreements (“ESA charges”). ESA charges for personnel directly involved in or supporting operations and maintenance activities related to rental services are classified as “Rental cost of sales - related parties.” ESA charges for personnel directly involved in or supporting operations and maintenance activities related to other services are classified as “Purchases - related parties.” ESA charges for personnel involved in executive management, accounting and human resources activities are classified as “General and administrative expenses.” In addition to these agreements, MPLX purchases products from MPC, makes payments to MPC in its capacity as general contractor to MPLX, and has certain lease agreements with MPC.

For the three months ended March 31, 2022 and March 31, 2021, “General and administrative expenses” incurred from MPC totaled $55 million and $57 million, respectively.

Some charges incurred under the omnibus and ESA agreements are related to engineering services and are associated with assets under construction. These charges are added to “Property, plant and equipment, net” on the Consolidated Balance Sheets. For the three months ended March 31, 2022 and March 31, 2021, these charges totaled $19 million and $12 million, respectively.

11


Related Party Assets and Liabilities

Assets and liabilities with related parties appearing on the Consolidated Balance Sheets are detailed in the table below. This table identifies the various components of related party assets and liabilities, including those associated with leases and deferred revenue on minimum volume commitments. If MPC fails to meet its minimum committed volumes, MPC will pay MPLX a deficiency payment based on the terms of the agreement. The deficiency amounts received under these agreements (excluding payments received under agreements classified as sales-type leases) are recorded as “Current liabilities - related parties.” In many cases, MPC may then apply the amount of any such deficiency payments as a credit for volumes in excess of its minimum volume commitment in future periods under the terms of the applicable agreements. MPLX recognizes related party revenues for the deficiency payments when credits are used for volumes in excess of minimum quarterly volume commitments, where it is probable the customer will not use the credit in future periods or upon the expiration of the credits. The use or expiration of the credits is a decrease in “Current liabilities - related parties.” Deficiency payments under agreements that have been classified as sales-type leases are recorded as a reduction against the corresponding lease receivable. In addition, capital projects MPLX undertakes at the request of MPC are reimbursed in cash and recognized as revenue over the remaining term of the applicable agreements or in some cases, as a contribution from MPC.

(In millions)March 31, 2022December 31, 2021
Current assets - related parties
Receivables$707 $555 
Prepaid17 4 
Other3 3 
Lease receivables86 82 
Total813 644 
Noncurrent assets - related parties
Long-term receivables30 31 
Right of use assets229 229 
Long-term lease receivables828 854 
Unguaranteed residual asset64 47 
Total1,151 1,161 
Current liabilities - related parties
MPC loan agreement and other payables(1)
606 1,702 
Operating lease liabilities1 1 
Deferred revenue - Minimum volume deficiencies38 35 
Deferred revenue - Project reimbursements42 42 
Total687 1,780 
Long-term liabilities - related parties
Long-term operating lease liabilities228 228 
Long-term deferred revenue - Project reimbursements77 74 
Total$305 $302 
(1) Includes $323 million as of March 31, 2022 and $1,450 million as of December 31, 2021 related to outstanding borrowings on the intercompany loan with MPC, which are included in “Current liabilities - related parties” on the Consolidated Balance Sheets.

5. Equity

The changes in the number of common units during the three months ended March 31, 2022 are summarized below:
(In units)Common
Balance at December 31, 20211,016,178,378 
Unit-based compensation awards148,951 
Units redeemed in unit repurchase program(3,119,522)
Balance at March 31, 20221,013,207,807 

12


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. MPLX may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, tender offers, accelerated unit repurchases or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of repurchases will depend upon several factors, including market and business conditions, and repurchases may be initiated, suspended or discontinued at any time. The repurchase authorization has no expiration date. During the three months ended March 31, 2022, we repurchased 3,119,522 common units at an average cost per unit of $32.06 per unit and paid $100 million of cash. As of March 31, 2022, we had $237 million remaining under our repurchase authorization.

Series B Preferred Units

MPLX has 600,000 outstanding units of 6.875 percent Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests of MPLX with a price to the public of $1,000 per unit (the “Series B preferred units”). The Series B preferred units are pari passu with the Series A preferred units with respect to distribution rights and rights upon liquidation. Series B preferred unitholders are entitled to receive a fixed distribution of $68.75 per unit, per annum, payable semi-annually in arrears on the 15th day, or the first business day thereafter, of February and August of each year up to and including February 15, 2023. After February 15, 2023, the holders of Series B preferred units are entitled to receive cumulative, quarterly distributions payable in arrears on the 15th day of February, May, August and November of each year, or the first business day thereafter, based on a floating annual rate equal to the three-month LIBOR plus 4.652 percent, in each case assuming a distribution is declared by the Board of Directors. MPLX has the right to redeem some or all of the Series B preferred units, at any time, on or after February 15, 2023 at the Series B preferred unit redemption price of $1,000 per unit, plus any accumulated and unpaid distributions up to the redemption date.

Cash distributions

On April 26, 2022, MPLX declared a cash distribution for the first quarter of 2022, totaling $713 million, or $0.7050 per common unit. This distribution will be paid on May 13, 2022 to common unitholders of record on May 6, 2022. This rate will also be received by Series A preferred unitholders.

Quarterly distributions for 2022 and 2021 are summarized below:
(Per common unit)20222021
March 31,$0.7050 $0.6875 

In accordance with the distribution rights discussed above, MPLX made a cash distribution totaling $21 million to Series B unitholders on February 15, 2022.

The allocation of total quarterly cash distributions to limited and preferred unitholders is as follows for the three months ended March 31, 2022 and 2021. Distributions, although earned, are not accrued until declared. 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.
Three Months Ended March 31,
(In millions)20222021
Common and preferred unit distributions:
Common unitholders, includes common units of general partner $713 $707 
Series A preferred unit distributions
21 20 
Series B preferred unit distributions11 11 
Total cash distributions declared$745 $738 
6. Net Income/(Loss) Per Limited Partner Unit

Net income/(loss) per unit applicable to common 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 three months ended March 31, 2022 and 2021, MPLX had participating securities consisting of common units, certain equity-based compensation awards, Series A preferred units and Series B preferred units and 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