☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-0005456 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Units Representing Limited Partnership Interests | MPLX | New York Stock Exchange |
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Item 15. | ||||||||
Item 16. | ||||||||
ARO | Asset retirement obligation | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
ATM Program | An at-the-market program for the issuance of common units | ||||
Barrel (Bbl) | One stock tank barrel, or 42 United States gallons of liquid volume, used in reference to crude oil or other liquid hydrocarbons. | ||||
Bcf/d | One billion cubic feet per day | ||||
Btu | One British thermal unit, an energy measurement | ||||
Condensate | A natural gas liquid with a low vapor pressure mainly composed of propane, butane, pentane and heavier hydrocarbon fractions | ||||
DCF (a non-GAAP financial measure) | Distributable Cash Flow | ||||
DOT | United States Department of Transportation | ||||
EBITDA (a non-GAAP financial measure) | Earnings Before Interest, Taxes, Depreciation and Amortization | ||||
EPA | United States Environmental Protection Agency | ||||
FASB | Financial Accounting Standards Board | ||||
FERC | Federal Energy Regulatory Commission | ||||
GAAP | Accounting principles generally accepted in the United States of America | ||||
IRS | Internal Revenue Service | ||||
LIBOR | London Interbank Offered Rate | ||||
MarkWest Merger | On December 4, 2015, a wholly-owned subsidiary of MPLX merged with MarkWest Energy Partners, L.P. (“MarkWest”) | ||||
mbbls | Thousands of barrels | ||||
mbpd | Thousand barrels per day | ||||
mcf | One thousand cubic feet | ||||
Merger | MPLX acquisition by merger of Andeavor Logistics LP (“ANDX”) on July 30, 2019 | ||||
MMBtu | One million British thermal units, an energy measurement | ||||
MMcf/d | One million cubic feet per day | ||||
NGL | Natural gas liquids, such as ethane, propane, butanes and natural gasoline | ||||
NYSE | New York Stock Exchange | ||||
OTC | Over-the-Counter | ||||
Partnership Agreement | Sixth Amended and Restated Agreement of Limited Partnership of MPLX LP, dated as of February 1, 2021 | ||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | ||||
PPI | Producer Price Index | ||||
Predecessor |
Collectively:
- The related assets, liabilities and results of operations of Hardin Street Transportation LLC (“HST”), Woodhaven Cavern LLC (“WHC”) and MPLX Terminals LLC (“MPLXT”) prior to the date of the acquisition, March 1, 2017, effective January 1, 2015 for HST and WHC and April 1, 2016 for MPLXT
- The related assets, liabilities and results of operations of ANDX prior to the date of the merger, July 30, 2019, effective October 1, 2018.
|
||||
Realized derivative gains/losses | The gain or loss recognized when a derivative matures or is settled | ||||
SEC | United States Securities and Exchange Commission | ||||
Unrealized derivative gains/losses | The gain or loss recognized on a derivative due to changes in fair value prior to the instrument maturing or settling | ||||
USCG | United States Coast Guard | ||||
VIE | Variable interest entity | ||||
Wholesale Exchange | The transfer to MPC of the Western wholesale distribution business, which MPLX acquired as a result of its acquisition of ANDX, on July 31, 2020. | ||||
Projects |
New or expanded capacity
|
Expected in-service of expansion capacity
|
||||||||||||||||||
Wink to Webster Pipeline-crude oil pipeline | 1,500 mbpd | 2021 | ||||||||||||||||||
Whistler Pipeline-natural gas pipeline | 2,000 MMcf/d | 2021 | ||||||||||||||||||
NGL Takeaway System-NGL pipeline | 150 mbpd | 2021 | ||||||||||||||||||
Plant |
Existing capacity
|
New or expanded capacity
|
Expected in-service of expansion capacity
|
Geographic Region
|
||||||||||||||||||||||
Processing (MMcf/d): | ||||||||||||||||||||||||||
Smithburg 1 Processing Plant(1)
|
— | 200 | 2021 | Marcellus Operations | ||||||||||||||||||||||
Preakness Processing Plant | — | 200 | 2022 | Southwest Operations |
Region | Key Producer Customers | Volume Protection | ||||||||||||
Marcellus Operations(2)
|
Antero Resources,(1) Range Resources, Penn Energy, Southwestern,(1) EQT,(1) CNX, Equinor, HG Energy and others
|
74% of 2020 capacity contains minimum volume commitments | ||||||||||||
Utica Operations(2)
|
Ascent, Gulfport, Antero Resources(1) and others
|
27% of 2020 capacity contains minimum volume commitments | ||||||||||||
Southern Appalachia Operations |
Diversified Gas & Oil(1) and others
|
24% of 2020 capacity contains minimum volume commitments | ||||||||||||
Southwest Operations(2)
|
Ovintiv Mid-Continent Inc, WSGP Gas Producing LLC, Chevron USA, Cimarex Energy Co. and others | 4% of 2020 capacity contains minimum volume commitments | ||||||||||||
Bakken Operations(2)
|
Whiting Oil and Gas Corporation(1) and others
|
N/A | ||||||||||||
Rockies Operations(2)
|
Pinedale Energy Partners,(1) EOG Resources Inc,(1) XTO Energy Inc, (1) and others
|
33% of 2020 capacity contains minimum volume commitments |
Agreement | Initiation Date |
Term (years)(1)
|
MPC minimum
commitment(2)
|
|||||||||||||||||||||||
Transportation Services (mbpd): | ||||||||||||||||||||||||||
Crude pipelines | Various | 0-12 | 2,118 | |||||||||||||||||||||||
Refined product pipelines | Various | 1-15 | 1,799 | |||||||||||||||||||||||
Marine | January 2015 | 6 |
N/A(3)
|
|||||||||||||||||||||||
Storage Services (mbbls): | ||||||||||||||||||||||||||
Caverns | Various | 10-17 | 4,375 | |||||||||||||||||||||||
Tank Farms(4)
|
Various | 3-10 | 129,268 | |||||||||||||||||||||||
Terminal Services(5)
|
Various | Various | 205,759 | |||||||||||||||||||||||
Fuels Distribution Services (million gallons) | February 2018 | 10 | 23,449 |
Diameter |
Length
(miles)(1)(2)(3) |
Capacity | ||||||||||||||||||||||||
Total Crude Systems | 2" - 48" | 8,125 | Various | |||||||||||||||||||||||
Total Refined Products Systems | 4" - 36" | 5,655 | Various |
Owned and Operated Terminals(1)
|
Number of Terminals | Tank Shell Capacity (mbbls) | Number of Tanks | |||||||||||||||||
Refined Product Terminals: | ||||||||||||||||||||
Alabama | 2 | 443 | 16 | |||||||||||||||||
Alaska | 3 | 1,510 | 37 | |||||||||||||||||
California | 8 | 3,421 | 66 | |||||||||||||||||
Florida | 4 | 3,407 | 64 | |||||||||||||||||
Georgia | 4 | 982 | 30 | |||||||||||||||||
Idaho | 3 | 998 | 47 | |||||||||||||||||
Illinois | 4 | 1,221 | 33 | |||||||||||||||||
Indiana | 6 | 3,229 | 60 | |||||||||||||||||
Kentucky | 6 | 2,587 | 56 | |||||||||||||||||
Louisiana | 1 | 97 | 7 | |||||||||||||||||
Michigan | 8 | 2,440 | 73 | |||||||||||||||||
Minnesota | 1 | 13 | 5 | |||||||||||||||||
New Mexico | 3 | 711 | 22 | |||||||||||||||||
North Carolina | 3 | 1,508 | 34 | |||||||||||||||||
North Dakota | 1 | 1 | 6 | |||||||||||||||||
Ohio | 12 | 3,218 | 101 | |||||||||||||||||
Pennsylvania | 1 | 390 | 12 | |||||||||||||||||
South Carolina | 1 | 371 | 8 | |||||||||||||||||
Tennessee | 4 | 1,149 | 30 | |||||||||||||||||
Texas | 1 | 72 | 13 | |||||||||||||||||
Utah | 1 | 47 | 7 | |||||||||||||||||
Washington | 4 | 908 | 24 | |||||||||||||||||
West Virginia | 2 | 1,587 | 25 | |||||||||||||||||
Total Refined Product Terminals | 83 | 30,310 | 776 | |||||||||||||||||
Asphalt Terminals: | ||||||||||||||||||||
Arizona | 3 | 538 | 35 | |||||||||||||||||
California | 3 | 701 | 36 | |||||||||||||||||
Minnesota | 1 | 529 | 8 | |||||||||||||||||
Nevada(2)
|
1 | 273 | 15 | |||||||||||||||||
New Mexico | 1 | 38 | 9 | |||||||||||||||||
Texas | 1 | 193 | 18 | |||||||||||||||||
Total Asphalt Terminals | 10 | 2,272 | 121 | |||||||||||||||||
Total Terminals | 93 | 32,582 | 897 |
Marine Vessels |
Number of Boats and Barges
|
Capacity
(thousand barrels) |
||||||||||||||||||
Inland tank barges: | 300 | 7,931 | ||||||||||||||||||
Inland towboats: | 23 | N/A | ||||||||||||||||||
MPC Refining Logistics Assets | Tank Capacity (mbbls) | |||||||||||||||||||||||||
Galveston Bay, Texas City, Texas | 18,778 | |||||||||||||||||||||||||
Garyville, Louisiana | 17,320 | |||||||||||||||||||||||||
Los Angeles, California | 13,995 | |||||||||||||||||||||||||
Robinson, Illinois | 7,036 | |||||||||||||||||||||||||
Martinez, California(1)
|
5,715 | |||||||||||||||||||||||||
Anacortes, Washington | 5,447 | |||||||||||||||||||||||||
Catlettsburg, Kentucky | 5,106 | |||||||||||||||||||||||||
Detroit, Michigan | 4,986 | |||||||||||||||||||||||||
El Paso, Texas | 4,919 | |||||||||||||||||||||||||
Kenai, Alaska | 3,573 | |||||||||||||||||||||||||
Mandan, North Dakota | 2,765 | |||||||||||||||||||||||||
Canton, Ohio | 2,700 | |||||||||||||||||||||||||
Salt Lake City, Utah | 2,159 | |||||||||||||||||||||||||
Gallup, New Mexico(2)
|
993 | |||||||||||||||||||||||||
St. Paul Park, Minnesota | 865 | |||||||||||||||||||||||||
Total | 96,357 |
Asset Name |
Capacity(1)
|
Associated MPC Refineries | ||||||||||||
LOOP(2)
|
N/A | Garyville, LA | ||||||||||||
Barge Docks | 2,490 | mbbls | Multiple | |||||||||||
Mt. Airy Terminal(3)
|
5,307 mbbls | Garyville, LA | ||||||||||||
Tank Farms(4)
|
32,911 | mbbls | N/A | |||||||||||
Caverns | 4,375 | mbbls | N/A |
Pipeline Name |
Diameter
(inches) |
Length
(miles) |
Capacity
(mbpd)(5) |
|||||||||||||||||
Belfield water system | 3" - 6" | 106 | Various | |||||||||||||||||
Green River water system | 4" - 8" | 11 | Various |
Region |
Design Throughput Capacity (MMcf/d)
|
Natural Gas Throughput(1)
(MMcf/d)
|
Utilization of Design Capacity(1)
|
|||||||||||||||||
Marcellus Shale | 6,172 | 5,629 | 91 | % | ||||||||||||||||
Utica Shale | 1,325 | 578 | 44 | % | ||||||||||||||||
Southern Appalachia | 620 | 231 | 37 | % | ||||||||||||||||
Southwest(2)
|
2,067 | 1,361 | 68 | % | ||||||||||||||||
Bakken | 190 | 136 | 72 | % | ||||||||||||||||
Rockies | 1,472 | 502 | 34 | % | ||||||||||||||||
Total Gas Processing | 11,846 | 8,437 | 72 | % |
Region |
Design Throughput Capacity
(mbpd)
|
NGL Throughput(1)
(mbpd)
|
Utilization
of Design
Capacity(1)
|
|||||||||||||||||
Marcellus Shale(2)(3)
|
427 | 310 | 82 | % | ||||||||||||||||
Utica Shale(2)(3)(4)
|
23 | 12 | 52 | % | ||||||||||||||||
Southern Appalachia(2)(5)
|
24 | 12 | 50 | % | ||||||||||||||||
Southwest | 11 | 7 | 64 | % | ||||||||||||||||
Bakken | 34 | 25 | 74 | % | ||||||||||||||||
Rockies | 61 | 4 | 7 | % | ||||||||||||||||
Total C3+ Fractionation and Condensate Stabilization | 580 | 370 | 69 | % |
Region |
Design Throughput Capacity
(mbpd)
|
NGL Throughput(1)
(mbpd)
|
Utilization
of Design
Capacity(1)
|
|||||||||||||||||
Marcellus Shale | 273 | 187 | 68 | % | ||||||||||||||||
Utica Shale | 40 | 6 | 15 | % | ||||||||||||||||
Southwest | 18 | 11 | 61 | % | ||||||||||||||||
Total De-ethanization | 331 | 204 | 62 | % |
Region |
Design Throughput Capacity
(MMcf/d)
|
Natural Gas Throughput(1)
(MMcf/d)
|
Utilization of Design Capacity(1)
|
|||||||||||||||||
Marcellus Shale | 1,547 | 1,349 | 87 | % | ||||||||||||||||
Utica Shale | 3,183 | 1,818 | 57 | % | ||||||||||||||||
Southwest | 2,770 | 1,483 | 54 | % | ||||||||||||||||
Bakken | 194 | 137 | 71 | % | ||||||||||||||||
Rockies(2)
|
1,486 | 544 | 37 | % | ||||||||||||||||
Total Natural Gas Gathering | 9,180 | 5,331 | 58 | % |
Region | Diameter |
Length
(miles) |
Design Throughput Capacity (mbpd)
|
|||||||||||||||||
Marcellus Shale |
4" - 20"
|
442 | Various | |||||||||||||||||
Utica Shale |
4" - 12"
|
119 | Various | |||||||||||||||||
Southern Appalachia |
6" - 8"
|
138 | 35 | |||||||||||||||||
Southwest(1)
|
6"
|
50 | 39 | |||||||||||||||||
Bakken |
8" - 12"
|
84 | 80 | |||||||||||||||||
Rockies |
8"
|
10 | 15 |
Period | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs |
Average Price Paid per Unit(1)
|
Total Cost |
Maximum Dollar Value of Units that May Yet Be Purchased Under the Plans or Programs(2)
|
||||||||||||||||||||||
10/01/2020-10/31/2020 | — | $ | — | $ | — | $ | 1,000,000,000 | |||||||||||||||||||
11/01/2020-11/30/2020 | 264,822 | 21.72 | 5,751,145 | 994,248,855 | ||||||||||||||||||||||
12/01/2020-12/31/2020 | 1,209,021 | 22.41 | 27,096,747 | $ | 967,152,108 | |||||||||||||||||||||
Total | 1,473,843 | $ | 22.29 | $ | 32,847,892 |
(In millions, except per unit data) | 2020 |
2019(1)
|
2018(1)
|
2017 | 2016 | |||||||||||||||||||||||||||
Consolidated Statements of Income Data | ||||||||||||||||||||||||||||||||
Total revenues and other income | $ | 7,569 | $ | 9,041 | $ | 7,005 | $ | 3,867 | $ | 3,029 | ||||||||||||||||||||||
Income from operations | 211 | 2,377 | 2,728 | 1,191 | 683 | |||||||||||||||||||||||||||
Net (loss)/income | (687) | 1,462 | 2,006 | 836 | 434 | |||||||||||||||||||||||||||
Net (loss)/income attributable to MPLX LP | (720) | 1,033 | 1,818 | 794 | 233 | |||||||||||||||||||||||||||
Limited partners’ interest in net (loss)/income attributable to MPLX LP | (842) | 935 | 1,743 | 411 | 1 | |||||||||||||||||||||||||||
Per Unit Data | ||||||||||||||||||||||||||||||||
Net (loss)/income attributable to MPLX LP per limited partner unit: | ||||||||||||||||||||||||||||||||
Common - basic | (0.80) | 1.00 | 2.29 | 1.07 | — | |||||||||||||||||||||||||||
Common - diluted | (0.80) | 1.00 | 2.29 | 1.06 | — | |||||||||||||||||||||||||||
Cash distributions declared per limited partner common unit | 2.7500 | 2.6900 | 2.5300 | 2.2975 | 2.0500 | |||||||||||||||||||||||||||
Consolidated Balance Sheets Data (at period end) | ||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 21,218 | 22,145 | 21,525 | 12,187 | 11,408 | |||||||||||||||||||||||||||
Total assets | 36,414 | 40,430 | 39,325 | 19,500 | 17,509 | |||||||||||||||||||||||||||
Long-term debt, including finance leases | 19,375 | 19,704 | 17,922 | 6,945 | 4,422 | |||||||||||||||||||||||||||
Series A preferred units | 968 | 968 | 1,004 | 1,000 | 1,000 | |||||||||||||||||||||||||||
Consolidated Statements of Cash Flows Data | ||||||||||||||||||||||||||||||||
Net cash provided by/(used in): | ||||||||||||||||||||||||||||||||
Operating activities | 4,521 | 4,082 | 3,071 | 1,907 | 1,491 | |||||||||||||||||||||||||||
Investing activities | (1,262) | (3,063) | (2,878) | (2,308) | (1,417) | |||||||||||||||||||||||||||
Financing activities | (3,259) | (1,089) | (117) | 171 | 113 | |||||||||||||||||||||||||||
Additions to property, plant and equipment(2)
|
1,183 | 2,408 | 2,111 | 1,411 | 1,313 | |||||||||||||||||||||||||||
Other Financial Data | ||||||||||||||||||||||||||||||||
Adjusted EBITDA attributable to MPLX LP(3)
|
5,211 | 4,334 | 3,475 | 2,004 | 1,419 | |||||||||||||||||||||||||||
DCF attributable to MPLX LP(3)
|
4,327 | 3,489 | 2,781 | 1,628 | 1,140 | |||||||||||||||||||||||||||
Cash distributions declared on limited partner common units | $ | 2,872 | $ | 2,635 | $ | 1,985 | $ | 895 | $ | 692 |
(In millions) | 2020 | 2019 | $ Change | 2018 | $ Change | |||||||||||||||||||||||||||
Revenues and other income: | ||||||||||||||||||||||||||||||||
Service revenue | $ | 2,397 | $ | 2,498 | $ | (101) | $ | 1,856 | $ | 642 | ||||||||||||||||||||||
Service revenue - related parties | 3,580 | 3,455 | 125 | 2,404 | 1,051 | |||||||||||||||||||||||||||
Service revenue - product related | 155 | 140 | 15 | 220 | (80) | |||||||||||||||||||||||||||
Rental income | 398 | 388 | 10 | 352 | 36 | |||||||||||||||||||||||||||
Rental income - related parties | 952 | 1,196 | (244) | 846 | 350 | |||||||||||||||||||||||||||
Product sales | 636 | 806 | (170) | 887 | (81) | |||||||||||||||||||||||||||
Product sales - related parties | 128 | 142 | (14) | 87 | 55 | |||||||||||||||||||||||||||
(Loss)/income from equity method investments(1)
|
(936) | 290 | (1,226) | 247 | 43 | |||||||||||||||||||||||||||
Other income | 5 | 12 | (7) | 7 | 5 | |||||||||||||||||||||||||||
Other income - related parties | 254 | 114 | 140 | 99 | 15 | |||||||||||||||||||||||||||
Total revenues and other income | 7,569 | 9,041 | (1,472) | 7,005 | 2,036 | |||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Cost of revenues (excludes items below) | 1,326 | 1,489 | (163) | 1,096 | 393 | |||||||||||||||||||||||||||
Purchased product costs | 539 | 686 | (147) | 824 | (138) | |||||||||||||||||||||||||||
Rental cost of sales | 135 | 141 | (6) | 135 | 6 | |||||||||||||||||||||||||||
Rental cost of sales - related parties | 160 | 165 | (5) | 31 | 134 | |||||||||||||||||||||||||||
Purchases - related parties | 1,116 | 1,231 | (115) | 925 | 306 | |||||||||||||||||||||||||||
Depreciation and amortization | 1,377 | 1,254 | 123 | 867 | 387 | |||||||||||||||||||||||||||
Impairment expense | 2,165 | 1,197 | 968 | — | 1,197 | |||||||||||||||||||||||||||
General and administrative expenses | 378 | 388 | (10) | 316 | 72 | |||||||||||||||||||||||||||
Restructuring expenses | 37 | — | 37 | — | — | |||||||||||||||||||||||||||
Other taxes | 125 | 113 | 12 | 83 | 30 | |||||||||||||||||||||||||||
Total costs and expenses | 7,358 | 6,664 | 694 | 4,277 | 2,387 | |||||||||||||||||||||||||||
Income from operations | 211 | 2,377 | (2,166) | 2,728 | (351) | |||||||||||||||||||||||||||
Related party interest and other financial costs | 5 | 11 | (6) | 5 | 6 | |||||||||||||||||||||||||||
Interest expense (net of amounts capitalized) | 829 | 851 | (22) | 590 | 261 | |||||||||||||||||||||||||||
Other financial costs | 62 | 53 | 9 | 119 | (66) | |||||||||||||||||||||||||||
(Loss)/income before income taxes | (685) | 1,462 | (2,147) | 2,014 | (552) | |||||||||||||||||||||||||||
Provision for income taxes | 2 | — | 2 | 8 | (8) | |||||||||||||||||||||||||||
Net (loss)/income | (687) | 1,462 | (2,149) | 2,006 | (544) | |||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 33 | 28 | 5 | 16 | 12 | |||||||||||||||||||||||||||
Less: Net income attributable to Predecessor | — | 401 | (401) | 172 | 229 | |||||||||||||||||||||||||||
Net (loss)/income attributable to MPLX LP | (720) | 1,033 | (1,753) | 1,818 | (785) | |||||||||||||||||||||||||||
Adjusted EBITDA attributable to MPLX LP (excluding Predecessor results)(2)
|
5,211 | 4,334 | 877 | 3,475 | 859 | |||||||||||||||||||||||||||
Adjusted EBITDA attributable to MPLX LP (including Predecessor results)(3)
|
5,211 | 5,104 | 107 | 3,810 | 1,294 | |||||||||||||||||||||||||||
DCF attributable to GP and LP unitholders (including Predecessor results)(3)
|
$ | 4,200 | $ | 3,978 | $ | 222 | $ | 2,950 | $ | 1,028 |
(In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders from Net (loss)/income: | ||||||||||||||||||||
Net (loss)/income | $ | (687) | $ | 1,462 | $ | 2,006 | ||||||||||||||
Provision for income taxes | 2 | — | 8 | |||||||||||||||||
Amortization of deferred financing costs | 61 | 42 | 55 | |||||||||||||||||
(Gain)/loss on extinguishment of debt | (19) | — | 46 | |||||||||||||||||
Net interest and other financial costs | 854 | 873 | 613 | |||||||||||||||||
Income from operations | 211 | 2,377 | 2,728 | |||||||||||||||||
Depreciation and amortization | 1,377 | 1,254 | 867 | |||||||||||||||||
Non-cash equity-based compensation | 14 | 22 | 23 | |||||||||||||||||
Impairment expense | 2,165 | 1,197 | — | |||||||||||||||||
Loss/(income) from equity method investments(1)
|
936 | (290) | (247) | |||||||||||||||||
Distributions/adjustments related to equity method investments | 499 | 562 | 458 | |||||||||||||||||
Unrealized derivative losses/(gains)(2)
|
3 | (1) | (5) | |||||||||||||||||
Restructuring expenses | 37 | — | — | |||||||||||||||||
Acquisition costs | — | 14 | 4 | |||||||||||||||||
Other | 6 | 1 | — | |||||||||||||||||
Adjusted EBITDA | 5,248 | 5,136 | 3,828 | |||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (37) | (32) | (18) | |||||||||||||||||
Adjusted EBITDA attributable to Predecessor(3)
|
— | (770) | (335) | |||||||||||||||||
Adjusted EBITDA attributable to MPLX LP | 5,211 | 4,334 | 3,475 | |||||||||||||||||
Deferred revenue impacts | 144 | 94 | 28 | |||||||||||||||||
Net interest and other financial costs | (854) | (873) | (613) | |||||||||||||||||
Maintenance capital expenditures | (161) | (262) | (175) | |||||||||||||||||
Maintenance capital expenditures reimbursements | 46 | 53 | 8 | |||||||||||||||||
Equity method investment capital expenditures paid out | (23) | (28) | (31) | |||||||||||||||||
Restructuring expenses | (37) | — | — | |||||||||||||||||
Other | 1 | 12 | 8 | |||||||||||||||||
Portion of DCF adjustments attributable to Predecessor(3)
|
— | 159 | 81 | |||||||||||||||||
DCF | 4,327 | 3,489 | 2,781 | |||||||||||||||||
Preferred unit distributions(4)
|
(127) | (122) | (85) | |||||||||||||||||
DCF attributable to GP and LP unitholders | 4,200 | 3,367 | 2,696 | |||||||||||||||||
Adjusted EBITDA attributable to Predecessor(3)
|
— | 770 | 335 | |||||||||||||||||
Portion of DCF adjustments attributable to Predecessor(3)
|
— | (159) | (81) | |||||||||||||||||
DCF attributable to GP and LP unitholders (including Predecessor results) | $ | 4,200 | $ | 3,978 | $ | 2,950 |
(In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders from Net cash provided by operating activities: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 4,521 | $ | 4,082 | $ | 3,071 | ||||||||||||||
Changes in working capital items | (204) | 108 | 31 | |||||||||||||||||
All other, net | (3) | (9) | (5) | |||||||||||||||||
Non-cash equity-based compensation | 14 | 22 | 23 | |||||||||||||||||
Net (loss)/gain on disposal of assets | (4) | 6 | (3) | |||||||||||||||||
Net interest and other financial costs | 854 | 873 | 613 | |||||||||||||||||
(Gain)/loss on extinguishment of debt | (19) | — | 46 | |||||||||||||||||
Current income taxes | 3 | 2 | — | |||||||||||||||||
Asset retirement expenditures | — | 1 | 7 | |||||||||||||||||
Unrealized derivative losses/(gains)(1)
|
3 | (1) | (5) | |||||||||||||||||
Restructuring expenses | 37 | — | — | |||||||||||||||||
Acquisition costs | — | 14 | 4 | |||||||||||||||||
Other adjustments to equity method investment distributions | 40 | 37 | 46 | |||||||||||||||||
Other | 6 | 1 | — | |||||||||||||||||
Adjusted EBITDA | 5,248 | 5,136 | 3,828 | |||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (37) | (32) | (18) | |||||||||||||||||
Adjusted EBITDA attributable to Predecessor(2)
|
— | (770) | (335) | |||||||||||||||||
Adjusted EBITDA attributable to MPLX LP | 5,211 | 4,334 | 3,475 | |||||||||||||||||
Deferred revenue impacts | 144 | 94 | 28 | |||||||||||||||||
Net interest and other financial costs | (854) | (873) | (613) | |||||||||||||||||
Maintenance capital expenditures | (161) | (262) | (175) | |||||||||||||||||
Maintenance capital expenditures reimbursements | 46 | 53 | 8 | |||||||||||||||||
Equity method investment capital expenditures paid out | (23) | (28) | (31) | |||||||||||||||||
Restructuring expenses | (37) | — | — | |||||||||||||||||
Other | 1 | 12 | 8 | |||||||||||||||||
Portion of DCF adjustments attributable to Predecessor(2)
|
— | 159 | 81 | |||||||||||||||||
DCF | 4,327 | 3,489 | 2,781 | |||||||||||||||||
Preferred unit distributions(3)
|
(127) | (122) | (85) | |||||||||||||||||
DCF attributable to GP and LP unitholders | 4,200 | 3,367 | 2,696 | |||||||||||||||||
Adjusted EBITDA attributable to Predecessor(2)
|
— | 770 | 335 | |||||||||||||||||
Portion of DCF adjustments attributable to Predecessor(2)
|
— | (159) | (81) | |||||||||||||||||
DCF attributable to GP and LP unitholders (including Predecessor results) | $ | 4,200 | $ | 3,978 | $ | 2,950 |
(In millions) | 2020 | 2019 | $ Change | 2018 | $ Change | ||||||||||||||||||||||||
Service revenue | $ | 3,889 | $ | 3,765 | $ | 124 | $ | 2,575 | $ | 1,190 | |||||||||||||||||||
Rental income | 985 | 1,235 | (250) | 856 | 379 | ||||||||||||||||||||||||
Product related revenue | 51 | 91 | (40) | 23 | 68 | ||||||||||||||||||||||||
Income from equity method investments | 154 | 200 | (46) | 171 | 29 | ||||||||||||||||||||||||
Other income | 206 | 61 | 145 | 47 | 14 | ||||||||||||||||||||||||
Total segment revenues and other income | 5,285 | 5,352 | (67) | 3,672 | 1,680 | ||||||||||||||||||||||||
Cost of revenues | 782 | 966 | (184) | 536 | 430 | ||||||||||||||||||||||||
Purchases - related parties | 824 | 872 | (48) | 698 | 174 | ||||||||||||||||||||||||
Depreciation and amortization | 633 | 503 | 130 | 308 | 195 | ||||||||||||||||||||||||
General and administrative expenses | 203 | 198 | 5 | 161 | 37 | ||||||||||||||||||||||||
Restructuring expenses | 29 | — | 29 | — | — | ||||||||||||||||||||||||
Other taxes | 71 | 61 | 10 | 45 | 16 | ||||||||||||||||||||||||
Segment income from operations | 2,743 | 2,752 | (9) | 1,924 | 828 | ||||||||||||||||||||||||
Depreciation and amortization | 633 | 503 | 130 | 308 | 195 | ||||||||||||||||||||||||
Income from equity method investments | (154) | (200) | 46 | (171) | (29) | ||||||||||||||||||||||||
Distributions/adjustments related to equity method investments | 221 | 267 | (46) | 242 | 25 | ||||||||||||||||||||||||
Restructuring expenses | 29 | — | 29 | — | — | ||||||||||||||||||||||||
Acquisition costs | — | 14 | (14) | 4 | 10 | ||||||||||||||||||||||||
Non-cash equity-based compensation | 10 | 14 | (4) | 12 | 2 | ||||||||||||||||||||||||
Other | 6 | 1 | 5 | — | 1 | ||||||||||||||||||||||||
Adjusted EBITDA attributable to Predecessor | — | (603) | 603 | (262) | (341) | ||||||||||||||||||||||||
Segment Adjusted EBITDA(1)
|
3,488 | 2,748 | 740 | 2,057 | 691 | ||||||||||||||||||||||||
Capital expenditures(2)
|
498 | 1,060 | (562) | 708 | 352 | ||||||||||||||||||||||||
Investments in unconsolidated affiliates | $ | 141 | $ | 289 | $ | (148) | $ | 3 | $ | 286 |
(In millions) | 2020 | 2019 | $ Change | 2018 | $ Change | ||||||||||||||||||||||||
Service revenue | $ | 2,088 | $ | 2,188 | $ | (100) | $ | 1,685 | $ | 503 | |||||||||||||||||||
Rental income | 365 | 349 | 16 | 342 | 7 | ||||||||||||||||||||||||
Product related revenue | 868 | 997 | (129) | 1,171 | (174) | ||||||||||||||||||||||||
(Loss)/income from equity method investments(1)
|
(1,090) | 90 | (1,180) | 76 | 14 | ||||||||||||||||||||||||
Other income | 53 | 65 | (12) | 59 | 6 | ||||||||||||||||||||||||
Total segment revenues and other income | 2,284 | 3,689 | (1,405) | 3,333 | 356 | ||||||||||||||||||||||||
Cost of revenues | 839 | 829 | 10 | 726 | 103 | ||||||||||||||||||||||||
Purchased product costs | 539 | 686 | (147) | 824 | (138) | ||||||||||||||||||||||||
Purchases - related parties | 292 | 359 | (67) | 227 | 132 | ||||||||||||||||||||||||
Depreciation and amortization | 744 | 751 | (7) | 559 | 192 | ||||||||||||||||||||||||
Impairment expense | 2,165 | 1,197 | 968 | — | 1,197 | ||||||||||||||||||||||||
General and administrative expenses | 175 | 190 | (15) | 155 | 35 | ||||||||||||||||||||||||
Restructuring expenses | 8 | — | 8 | — | — | ||||||||||||||||||||||||
Other taxes | 54 | 52 | 2 | 38 | 14 | ||||||||||||||||||||||||
Segment (loss)/income from operations | (2,532) | (375) | (2,157) | 804 | (1,179) | ||||||||||||||||||||||||
Depreciation and amortization | 744 | 751 | (7) | 559 | 192 | ||||||||||||||||||||||||
Impairment expense | 2,165 | 1,197 | 968 | — | 1,197 | ||||||||||||||||||||||||
Loss/(income) from equity method investments | 1,090 | (90) | 1,180 | (76) | (14) | ||||||||||||||||||||||||
Distributions/adjustments related to equity method investments | 278 | 295 | (17) | 216 | 79 | ||||||||||||||||||||||||
Restructuring expenses | 8 | — | 8 | — | — | ||||||||||||||||||||||||
Unrealized derivative losses/(gains)(2)
|
3 | (1) | 4 | (5) | 4 | ||||||||||||||||||||||||
Non-cash equity-based compensation | 4 | 8 | (4) | 12 | (4) | ||||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (37) | (32) | (5) | (19) | (13) | ||||||||||||||||||||||||
Adjusted EBITDA attributable to Predecessor | — | (167) | 167 | (73) | (94) | ||||||||||||||||||||||||
Segment Adjusted EBITDA(3)
|
1,723 | 1,586 | 137 | 1,418 | 168 | ||||||||||||||||||||||||
Capital expenditures(4)
|
441 | 1,203 | (762) | 1,545 | (342) | ||||||||||||||||||||||||
Investments in unconsolidated affiliates | $ | 125 | $ | 424 | $ | (299) | $ | 338 | $ | 86 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
L&S | ||||||||||||||||||||||||||||||||
Crude oil transported for (mbpd)(1):
|
||||||||||||||||||||||||||||||||
MPC | 2,465 | 2,671 | 2,446 | |||||||||||||||||||||||||||||
Third parties | 533 | 557 | 675 | |||||||||||||||||||||||||||||
Total | 2,998 | 3,228 | 3,121 | |||||||||||||||||||||||||||||
% MPC | 82% | 83% | 78% | |||||||||||||||||||||||||||||
Refined products transported for (mbpd)(2):
|
||||||||||||||||||||||||||||||||
MPC(3)
|
1,477 | 1,629 | 1,571 | |||||||||||||||||||||||||||||
Third parties | 237 | 257 | 252 | |||||||||||||||||||||||||||||
Total | 1,714 | 1,886 | 1,823 | |||||||||||||||||||||||||||||
% MPC | 86% | 86% | 86% | |||||||||||||||||||||||||||||
Average tariff rates ($ per Bbl)(4):
|
||||||||||||||||||||||||||||||||
Crude oil pipelines | $ | 0.96 | $ | 0.94 | $ | 0.67 | ||||||||||||||||||||||||||
Refined product pipelines | 0.81 | 0.75 | 0.75 | |||||||||||||||||||||||||||||
Total pipelines | $ | 0.91 | $ | 0.87 | $ | 0.70 | ||||||||||||||||||||||||||
Terminal throughput (mbpd) | 2,673 | 3,279 | 3,148 | |||||||||||||||||||||||||||||
Marine Assets (number in operation)(5)
|
||||||||||||||||||||||||||||||||
Barges | 300 | 286 | 256 | |||||||||||||||||||||||||||||
Towboats | 23 | 23 | 23 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
G&P Consolidated entities(6)
|
||||||||||||||||||||||||||||||||
Gathering Throughput (MMcf/d) | ||||||||||||||||||||||||||||||||
Marcellus Operations | 1,349 | 1,287 | 1,155 | |||||||||||||||||||||||||||||
Utica Operations | — | — | — | |||||||||||||||||||||||||||||
Southwest Operations | 1,430 | 1,625 | 1,566 | |||||||||||||||||||||||||||||
Bakken Operations | 137 | 151 | 147 | |||||||||||||||||||||||||||||
Rockies Operations | 511 | 630 | 654 | |||||||||||||||||||||||||||||
Total gathering throughput | 3,427 | 3,693 | 3,522 | |||||||||||||||||||||||||||||
Natural Gas Processed (MMcf/d) | ||||||||||||||||||||||||||||||||
Marcellus Operations | 4,198 | 4,192 | 3,826 | |||||||||||||||||||||||||||||
Utica Operation | — | — | — | |||||||||||||||||||||||||||||
Southwest Operations | 1,471 | 1,629 | 1,438 | |||||||||||||||||||||||||||||
Southern Appalachia Operations | 231 | 244 | 247 | |||||||||||||||||||||||||||||
Bakken Operations | 136 | 151 | 147 | |||||||||||||||||||||||||||||
Rockies Operations | 502 | 572 | 573 | |||||||||||||||||||||||||||||
Total natural gas processed | 6,538 | 6,788 | 6,231 | |||||||||||||||||||||||||||||
C2 + NGLs Fractionated (mbpd) | ||||||||||||||||||||||||||||||||
Marcellus Operations(8)
|
472 | 435 | 379 | |||||||||||||||||||||||||||||
Utica Operations | — | — | — | |||||||||||||||||||||||||||||
Southwest Operations | 18 | 15 | 18 | |||||||||||||||||||||||||||||
Southern Appalachia Operations(9)
|
12 | 12 | 15 | |||||||||||||||||||||||||||||
Bakken Operations | 25 | 24 | 15 | |||||||||||||||||||||||||||||
Rockies Operations | 4 | 4 | 4 | |||||||||||||||||||||||||||||
Total C2 + NGLs fractionated(10)
|
531 | 490 | 431 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
G&P Consolidated entities plus Partnership-Operated Equity Method Investments(7)
|
||||||||||||||||||||||||||||||||
Gathering Throughput (MMcf/d) | ||||||||||||||||||||||||||||||||
Marcellus Operations | 1,349 | 1,287 | 1,155 | |||||||||||||||||||||||||||||
Utica Operations | 1,818 | 2,200 | 1,809 | |||||||||||||||||||||||||||||
Southwest Operations | 1,483 | 1,628 | 1,567 | |||||||||||||||||||||||||||||
Bakken Operations | 137 | 151 | 147 | |||||||||||||||||||||||||||||
Rockies Operations | 688 | 828 | 841 | |||||||||||||||||||||||||||||
Total gathering throughput | 5,475 | 6,094 | 5,519 | |||||||||||||||||||||||||||||
Natural Gas Processed (MMcf/d) | ||||||||||||||||||||||||||||||||
Marcellus Operations | 5,629 | 5,248 | 4,448 | |||||||||||||||||||||||||||||
Utica Operations | 578 | 810 | 886 | |||||||||||||||||||||||||||||
Southwest Operations | 1,537 | 1,636 | 1,438 | |||||||||||||||||||||||||||||
Southern Appalachia Operations | 231 | 244 | 247 | |||||||||||||||||||||||||||||
Bakken Operations | 136 | 151 | 147 | |||||||||||||||||||||||||||||
Rockies Operations | 502 | 572 | 573 | |||||||||||||||||||||||||||||
Total natural gas processed | 8,613 | 8,661 | 7,739 | |||||||||||||||||||||||||||||
C2 + NGLs Fractionated (mbpd) | ||||||||||||||||||||||||||||||||
Marcellus Operations(8)
|
472 | 435 | 379 | |||||||||||||||||||||||||||||
Utica Operations(8)
|
31 | 44 | 47 | |||||||||||||||||||||||||||||
Southwest Operations | 18 | 15 | 18 | |||||||||||||||||||||||||||||
Southern Appalachia Operations(9)
|
12 | 12 | 15 | |||||||||||||||||||||||||||||
Bakken Operations | 25 | 24 | 15 | |||||||||||||||||||||||||||||
Rockies Operations | 4 | 4 | 4 | |||||||||||||||||||||||||||||
Total C2 + NGLs fractionated(10)
|
562 | 534 | 478 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Pricing Information | ||||||||||||||||||||||||||||||||
Natural Gas NYMEX HH ($/MMBtu) | $ | 2.13 | $ | 2.53 | $ | 3.07 | ||||||||||||||||||||||||||
C2 + NGL Pricing/Gal(11)
|
$ | 0.43 | $ | 0.52 | $ | 0.78 |
(In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net cash provided by/(used in): | ||||||||||||||||||||
Operating activities | $ | 4,521 | $ | 4,082 | $ | 3,071 | ||||||||||||||
Investing activities | (1,262) | (3,063) | (2,878) | |||||||||||||||||
Financing activities | (3,259) | (1,089) | (117) | |||||||||||||||||
Total | $ | — | $ | (70) | $ | 76 |
(In millions) | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities(1)
|
$ | 4,521 | $ | 4,082 | $ | 3,071 | ||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net cash provided by operating activities to free cash flow | ||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (1,262) | (3,063) | (2,878) | |||||||||||||||||||||||||||||||||||||||||
Contributions from MPC | 50 | 74 | 41 | |||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | 95 | 11 | |||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (37) | (30) | (17) | |||||||||||||||||||||||||||||||||||||||||
Free cash flow | 3,272 | 1,158 | 228 | |||||||||||||||||||||||||||||||||||||||||
Distributions to common and preferred unitholders(2)
|
(3,006) | (3,039) | (2,129) | |||||||||||||||||||||||||||||||||||||||||
Excess (deficit) cash flow | $ | 266 | $ | (1,881) | $ | (1,901) |
(In millions, except %) | December 31, 2020 | ||||
Borrowings | $ | 6,264 | |||
Average interest rate of borrowings | 2.278 | % | |||
Repayments | $ | 6,858 | |||
Outstanding balance at end of period | $ | — |
Rating Agency | Rating | |||||||
Moody’s | Baa2 (negative outlook) | |||||||
Fitch | BBB (negative outlook) | |||||||
Standard & Poor’s | BBB (negative outlook) |
December 31, 2020 | |||||||||||||||||
(In millions) | Total Capacity | Outstanding Borrowings |
Available
Capacity |
||||||||||||||
MPLX LP - bank revolving credit facility expiring 2024 | $ | 3,500 | $ | (175) | $ | 3,325 | |||||||||||
MPC Loan Agreement | 1,500 | — | 1,500 | ||||||||||||||
Total | $ | 5,000 | $ | (175) | 4,825 | ||||||||||||
Cash and cash equivalents | 15 | ||||||||||||||||
Total liquidity | $ | 4,840 |
(In units) | Common | General Partner | Total | ||||||||||||||||||||||||||
Balance at December 31, 2017 | 407,130,020 | 8,308,773 | 415,438,793 | ||||||||||||||||||||||||||
Unit-based compensation awards | 348,387 | 140 | 348,527 | ||||||||||||||||||||||||||
Contribution of Refining Logistics and Fuels Distribution | 111,611,111 | 2,277,778 | 113,888,889 | ||||||||||||||||||||||||||
Conversion of GP economic interests | 275,000,000 | (10,586,691) | 264,413,309 | ||||||||||||||||||||||||||
Balance at December 31, 2018 | 794,089,518 | — | 794,089,518 | ||||||||||||||||||||||||||
Unit-based compensation awards | 288,031 | — | 288,031 | ||||||||||||||||||||||||||
Issuance of units in connection with the Merger | 262,829,592 | — | 262,829,592 | ||||||||||||||||||||||||||
Conversion of Series A preferred units | 1,148,330 | — | 1,148,330 | ||||||||||||||||||||||||||
Balance at December 31, 2019 | 1,058,355,471 | — | 1,058,355,471 | ||||||||||||||||||||||||||
Unit-based compensation awards | 478,438 | — | 478,438 | ||||||||||||||||||||||||||
Units redeemed in unit repurchase program | (1,473,843) | — | (1,473,843) | ||||||||||||||||||||||||||
Wholesale Exchange | (18,582,088) | — | (18,582,088) | ||||||||||||||||||||||||||
Balance at December 31, 2020 | 1,038,777,978 | — | 1,038,777,978 |
(In millions, except per unit data) | 2020 | 2019 | 2018 | ||||||||||||||
Distribution declared: | |||||||||||||||||
Limited partner common units - public | $ | 1,079 | $ | 988 | $ | 732 | |||||||||||
Limited partner common units - MPC | 1,793 | 1,647 | 1,253 | ||||||||||||||
Total GP & LP distribution declared | 2,872 | 2,635 | 1,985 | ||||||||||||||
Series A preferred units | 81 | 81 | 75 | ||||||||||||||
Series B preferred units | 41 | 42 | — | ||||||||||||||
Total distribution declared | $ | 2,994 | $ | 2,758 | $ | 2,060 | |||||||||||
Cash distributions declared per limited partner common unit: | |||||||||||||||||
Quarter ended March 31, | $ | 0.6875 | $ | 0.6575 | $ | 0.6175 | |||||||||||
Quarter ended June 30, | 0.6875 | 0.6675 | 0.6275 | ||||||||||||||
Quarter ended September 30, | 0.6875 | 0.6775 | 0.6375 | ||||||||||||||
Quarter ended December 31, | 0.6875 | 0.6875 | 0.6475 | ||||||||||||||
Year ended December 31, | $ | 2.7500 | $ | 2.6900 | $ | 2.5300 |
(In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Capital expenditures(1):
|
||||||||||||||||||||
Growth capital expenditures | $ | 778 | $ | 2,000 | $ | 2,071 | ||||||||||||||
Growth capital reimbursements | (4) | (21) | (16) | |||||||||||||||||
Investments in unconsolidated affiliates | 266 | 713 | 341 | |||||||||||||||||
Return of capital | (123) | (18) | (16) | |||||||||||||||||
Contributions from noncontrolling interests | — | (95) | (11) | |||||||||||||||||
Capitalized interest | (39) | (51) | (37) | |||||||||||||||||
Total growth capital expenditures | 878 | 2,528 | 2,332 | |||||||||||||||||
Maintenance capital expenditures | 161 | 262 | 175 | |||||||||||||||||
Maintenance capital reimbursements | (46) | (53) | (8) | |||||||||||||||||
Total maintenance capital expenditures | 115 | 209 | 167 | |||||||||||||||||
Total growth and maintenance capital expenditures | 993 | 2,737 | 2,499 | |||||||||||||||||
Investments in unconsolidated affiliates(2)
|
(266) | (713) | (341) | |||||||||||||||||
Return of capital(2)
|
123 | 18 | 16 | |||||||||||||||||
Contributions from noncontrolling interests(3)
|
— | 95 | 11 | |||||||||||||||||
Growth and maintenance capital reimbursements(4)
|
50 | 74 | 24 | |||||||||||||||||
Decrease/(increase) in capital accruals | 244 | 146 | (135) | |||||||||||||||||
Capitalized interest | 39 | 51 | 37 | |||||||||||||||||
Additions to property, plant and equipment, net(2)
|
$ | 1,183 | $ | 2,408 | $ | 2,111 |
(In millions) | Total | 2021 | 2022-2023 | 2024-2025 | Later Years | |||||||||||||||||||||||||||
Bank revolving credit facility(1)
|
$ | 202 | $ | 8 | $ | 15 | $ | 179 | $ | — | ||||||||||||||||||||||
Floating rate senior notes(1)
|
1,023 | 14 | 1,009 | — | — | |||||||||||||||||||||||||||
Long-term debt(1)(2)
|
30,608 | 1,554 | 3,541 | 4,163 | 21,350 | |||||||||||||||||||||||||||
Finance lease obligations | 18 | 3 | 4 | 2 | 9 | |||||||||||||||||||||||||||
Operating leases(3)
|
1,030 | 90 | 152 | 82 | 706 | |||||||||||||||||||||||||||
Contracts to acquire property, plant & equipment(4)
|
156 | 97 | 59 | — | — | |||||||||||||||||||||||||||
Natural gas purchase obligations(5)
|
13 | 7 | 6 | — | — | |||||||||||||||||||||||||||
Transportation and terminalling(6)
|
1,065 | 103 | 271 | 270 | 421 | |||||||||||||||||||||||||||
Other long-term liabilities reflected on the Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
AROs(7)
|
29 | — | — | — | 29 | |||||||||||||||||||||||||||
Other contracts(8)(9)
|
2,982 | 107 | 155 | 134 | 2,586 | |||||||||||||||||||||||||||
Total contractual cash obligations | $ | 37,126 | $ | 1,983 | $ | 5,212 | $ | 4,830 | $ | 25,101 |
(In millions, except %) | 2020 | 2019 | 2018 | |||||||||||||||||
Capital | $ | 26 | $ | 39 | $ | 29 | ||||||||||||||
Percent of total capital expenditures | 3 | % | 2 | % | 1 | % | ||||||||||||||
Compliance: | ||||||||||||||||||||
Operating and maintenance | $ | 24 | $ | 40 | $ | 35 | ||||||||||||||
Remediation(1)
|
4 | 10 | 9 | |||||||||||||||||
Total | $ | 28 | $ | 50 | $ | 44 |
(In millions) |
Fair Value as of December 31, 2019(1)
|
Change in Fair Value (2)
|
Change in Income before income taxes for the Year Ended
December 31, 2019 (3)
|
|||||||||||||||||
Long-term debt (including amounts due within one year) | ||||||||||||||||||||
Fixed-rate | $ | 21,775 | $ | 2,050 | N/A | |||||||||||||||
Variable-rate | $ | 1,176 | $ | 17 | $ | 26 |
Page | |||||
Audited Consolidated Financial Statements: | |||||
/s/ Michael J. Hennigan | /s/ Pamela K.M. Beall | /s/ C. Kristopher Hagedorn | ||||||||||||
Michael J. Hennigan
Chairman of the Board, President and Chief Executive Officer of MPLX GP LLC (the general partner of MPLX LP) |
Pamela K.M. Beall
Director, Executive Vice President and Chief Financial Officer of MPLX GP LLC (the general partner of MPLX LP) |
C. Kristopher Hagedorn
Vice President and Controller of MPLX GP LLC (the general partner of MPLX LP) |
/s/ Michael J. Hennigan | /s/ Pamela K.M. Beall | |||||||||||||
Michael J. Hennigan
Chairman of the Board, President and Chief Executive Officer of MPLX GP LLC (the general partner of MPLX LP) |
Pamela K.M. Beall
Director, Executive Vice President and Chief Financial Officer of MPLX GP LLC (the general partner of MPLX LP) |
(In millions, except per unit data) | 2020 | 2019 | 2018 | |||||||||||||||||
Revenues and other income: | ||||||||||||||||||||
Service revenue | $ | 2,397 | $ | 2,498 | $ | 1,856 | ||||||||||||||
Service revenue - related parties | 3,580 | 3,455 | 2,404 | |||||||||||||||||
Service revenue - product related | 155 | 140 | 220 | |||||||||||||||||
Rental income | 398 | 388 | 352 | |||||||||||||||||
Rental income - related parties | 952 | 1,196 | 846 | |||||||||||||||||
Product sales | 636 | 806 | 887 | |||||||||||||||||
Product sales - related parties | 128 | 142 | 87 | |||||||||||||||||
(Loss)/income from equity method investments | (936) | 290 | 247 | |||||||||||||||||
Other income | 5 | 12 | 7 | |||||||||||||||||
Other income - related parties | 254 | 114 | 99 | |||||||||||||||||
Total revenues and other income | 7,569 | 9,041 | 7,005 | |||||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of revenues (excludes items below) | 1,326 | 1,489 | 1,096 | |||||||||||||||||
Purchased product costs | 539 | 686 | 824 | |||||||||||||||||
Rental cost of sales | 135 | 141 | 135 | |||||||||||||||||
Rental cost of sales - related parties | 160 | 165 | 31 | |||||||||||||||||
Purchases - related parties | 1,116 | 1,231 | 925 | |||||||||||||||||
Depreciation and amortization | 1,377 | 1,254 | 867 | |||||||||||||||||
Impairment expense | 2,165 | 1,197 | — | |||||||||||||||||
General and administrative expenses | 378 | 388 | 316 | |||||||||||||||||
Restructuring expenses | 37 | — | — | |||||||||||||||||
Other taxes | 125 | 113 | 83 | |||||||||||||||||
Total costs and expenses | 7,358 | 6,664 | 4,277 | |||||||||||||||||
Income from operations | 211 | 2,377 | 2,728 | |||||||||||||||||
Related party interest and other financial costs | 5 | 11 | 5 | |||||||||||||||||
Interest expense (net of amounts capitalized of $39 million, $51 million and $37 million, respectively)
|
829 | 851 | 590 | |||||||||||||||||
Other financial costs | 62 | 53 | 119 | |||||||||||||||||
(Loss)/income before income taxes | (685) | 1,462 | 2,014 | |||||||||||||||||
Provision for income taxes | 2 | — | 8 | |||||||||||||||||
Net (loss)/income | (687) | 1,462 | 2,006 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 33 | 28 | 16 | |||||||||||||||||
Less: Net income attributable to Predecessor | — | 401 | 172 | |||||||||||||||||
Net (loss)/income attributable to MPLX LP | (720) | 1,033 | 1,818 | |||||||||||||||||
Less: Series A preferred unit distributions | 81 | 81 | 75 | |||||||||||||||||
Less: Series B preferred unit distributions | 41 | 17 | — | |||||||||||||||||
Limited partners’ interest in net (loss)/income attributable to MPLX LP | $ | (842) | $ | 935 | $ | 1,743 | ||||||||||||||
Per Unit Data (See Note 7) | ||||||||||||||||||||
Net (loss)/income attributable to MPLX LP per limited partner unit: | ||||||||||||||||||||
Common - basic | $ | (0.80) | $ | 1.00 | $ | 2.29 | ||||||||||||||
Common - diluted | $ | (0.80) | $ | 1.00 | $ | 2.29 | ||||||||||||||
Weighted average limited partner units outstanding: | ||||||||||||||||||||
Common - basic | 1,051 | 906 | 761 | |||||||||||||||||
Common - diluted | 1,051 | 907 | 761 | |||||||||||||||||
(In millions) | 2020 | 2019 | 2018 | ||||||||||||||
Net (loss)/income | $ | (687) | $ | 1,462 | $ | 2,006 | |||||||||||
Other comprehensive (loss)/income, net of tax: | |||||||||||||||||
Remeasurements of pension and other postretirement benefits related to equity method investments, net of tax | — | 1 | (2) | ||||||||||||||
Comprehensive (loss)/income | (687) | 1,463 | 2,004 | ||||||||||||||
Less comprehensive income attributable to: | |||||||||||||||||
Noncontrolling interests | 33 | 28 | 16 | ||||||||||||||
Income attributable to Predecessor | — | 401 | 172 | ||||||||||||||
Comprehensive (loss)/income attributable to MPLX LP | $ | (720) | $ | 1,034 | $ | 1,816 |
December 31, | ||||||||||||||
(In millions) | 2020 | 2019 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 15 | ||||||||||
Receivables, net | 452 | 593 | ||||||||||||
Current assets - related parties | 677 | 656 | ||||||||||||
Inventories | 118 | 110 | ||||||||||||
Other current assets | 65 | 110 | ||||||||||||
Assets held for sale | 188 | — | ||||||||||||
Total current assets | 1,515 | 1,484 | ||||||||||||
Equity method investments | 4,036 | 5,275 | ||||||||||||
Property, plant and equipment, net | 21,218 | 22,145 | ||||||||||||
Intangibles, net | 959 | 1,270 | ||||||||||||
Goodwill | 7,657 | 9,536 | ||||||||||||
Right of use assets, net | 309 | 365 | ||||||||||||
Noncurrent assets - related parties | 672 | 303 | ||||||||||||
Other noncurrent assets | 48 | 52 | ||||||||||||
Total assets | 36,414 | 40,430 | ||||||||||||
Liabilities | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | 152 | 242 | ||||||||||||
Accrued liabilities | 194 | 187 | ||||||||||||
Current liabilities - related parties | 356 | 1,008 | ||||||||||||
Accrued property, plant and equipment | 84 | 283 | ||||||||||||
Long-term debt due within one year | 764 | 9 | ||||||||||||
Accrued interest payable | 222 | 210 | ||||||||||||
Operating lease liabilities | 63 | 66 | ||||||||||||
Other current liabilities | 150 | 127 | ||||||||||||
Liabilities held for sale | 101 | — | ||||||||||||
Total current liabilities | 2,086 | 2,132 | ||||||||||||
Long-term deferred revenue | 314 | 217 | ||||||||||||
Long-term liabilities - related parties | 283 | 290 | ||||||||||||
Long-term debt | 19,375 | 19,704 | ||||||||||||
Deferred income taxes | 12 | 12 | ||||||||||||
Long-term operating lease liabilities | 244 | 302 | ||||||||||||
Deferred credits and other liabilities | 115 | 192 | ||||||||||||
Total liabilities | 22,429 | 22,849 | ||||||||||||
Commitments and contingencies (see Note 23) | ||||||||||||||
Series A preferred units | 968 | 968 | ||||||||||||
Equity | ||||||||||||||
Common unitholders - public (391 million and 392 million units issued and outstanding)
|
9,384 | 10,800 | ||||||||||||
Common unitholder - MPC (647 million and 666 million units issued and outstanding)
|
2,792 | 4,968 | ||||||||||||
Series B preferred units (.6 million and .6 million units issued and outstanding)
|
611 | 611 | ||||||||||||
Accumulated other comprehensive loss | (15) | (15) | ||||||||||||
Total MPLX LP partners’ capital | 12,772 | 16,364 | ||||||||||||
Noncontrolling interests | 245 | 249 | ||||||||||||
Total equity | 13,017 | 16,613 | ||||||||||||
Total liabilities, preferred units and equity | $ | 36,414 | $ | 40,430 |
(In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
(Decrease)/increase in cash, cash equivalents and restricted cash | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net (loss)/income | $ | (687) | $ | 1,462 | $ | 2,006 | ||||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||||||||||||||||||||
Amortization of deferred financing costs | 61 | 42 | 55 | |||||||||||||||||
Depreciation and amortization | 1,377 | 1,254 | 867 | |||||||||||||||||
Impairment expense | 2,165 | 1,197 | — | |||||||||||||||||
Deferred income taxes | (1) | (2) | 8 | |||||||||||||||||
Asset retirement expenditures | — | (1) | (7) | |||||||||||||||||
Loss/(Gain) on disposal of assets | 4 | (6) | 3 | |||||||||||||||||
Loss/(income) from equity method investments | 936 | (290) | (247) | |||||||||||||||||
Distributions from unconsolidated affiliates | 459 | 525 | 412 | |||||||||||||||||
Changes in: | ||||||||||||||||||||
Current receivables | 62 | 17 | (104) | |||||||||||||||||
Inventories | (12) | (9) | (5) | |||||||||||||||||
Fair value of derivatives | 3 | 2 | (10) | |||||||||||||||||
Current accounts payable and accrued liabilities | 36 | (59) | 88 | |||||||||||||||||
Current assets/current liabilities - related parties | 8 | (163) | (61) | |||||||||||||||||
Right of use assets/operating lease liabilities | (5) | 4 | — | |||||||||||||||||
Deferred revenue | 112 | 100 | 61 | |||||||||||||||||
All other, net | 3 | 9 | 5 | |||||||||||||||||
Net cash provided by operating activities | 4,521 | 4,082 | 3,071 | |||||||||||||||||
Investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (1,183) | (2,408) | (2,111) | |||||||||||||||||
Acquisitions, net of cash acquired | — | 6 | (451) | |||||||||||||||||
Disposal of assets | 56 | 30 | 8 | |||||||||||||||||
Investments in unconsolidated affiliates | (266) | (713) | (341) | |||||||||||||||||
Distributions from unconsolidated affiliates - return of capital | 123 | 18 | 16 | |||||||||||||||||
All other, net | 8 | 4 | 1 | |||||||||||||||||
Net cash used in investing activities | (1,262) | (3,063) | (2,878) | |||||||||||||||||
Financing activities: | ||||||||||||||||||||
Long-term debt - borrowings | 6,810 | 9,174 | 13,476 | |||||||||||||||||
- repayments | (6,414) | (7,924) | (6,946) | |||||||||||||||||
Related party debt - borrowings | 6,264 | 9,313 | 3,962 | |||||||||||||||||
- repayments | (6,858) | (8,719) | (4,347) | |||||||||||||||||
Debt issuance costs | (25) | (20) | (76) | |||||||||||||||||
Unit repurchases | (33) | — | — | |||||||||||||||||
Distributions to Series A preferred unitholders | (81) | (81) | (71) | |||||||||||||||||
Distributions to Series B preferred unitholders | (41) | (21) | — | |||||||||||||||||
Distributions to MPC for acquisitions | — | — | (4,111) | |||||||||||||||||
Distributions to unitholders and general partner | (2,884) | (2,435) | (1,819) | |||||||||||||||||
Distributions to common and Series B preferred unitholders from Predecessor | — | (502) | (239) | |||||||||||||||||
Distributions to noncontrolling interests | (37) | (30) | (17) | |||||||||||||||||
Contributions from MPC | 50 | 74 | 41 | |||||||||||||||||
Contributions from noncontrolling interests | — | 95 | 11 | |||||||||||||||||
All other, net | (10) | (13) | 19 | |||||||||||||||||
Net cash used in financing activities | (3,259) | (1,089) | (117) | |||||||||||||||||
Net (decrease)/increase in cash, cash equivalents and restricted cash | — | (70) | 76 | |||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 15 | 85 | 9 | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 15 | $ | 15 | $ | 85 |
Partnership | |||||||||||||||||||||||||||||
(In millions) |
Common
Unit-holder Public |
Common
Unit-holder MPC |
Series B Preferred Unit-holders |
General
Partner MPC |
Accumulated Other Comprehensive Loss |
Non-controlling
Interests |
Equity of Predecessor | Total | |||||||||||||||||||||
Balance at December 31, 2017 | $ | 8,379 | $ | 2,099 | $ | — | $ | (637) | $ | (14) | $ | 146 | $ | — | $ | 9,973 | |||||||||||||
Net income (excludes amounts attributable to Series A preferred units) | 667 | 1,076 | — | — | — | 16 | 172 | 1,931 | |||||||||||||||||||||
Allocation of MPC's net investment at acquisition | — | 5,172 | — | (4,126) | — | — | (1,046) | — | |||||||||||||||||||||
Conversion of GP economic interests | — | (7,926) | — | 7,926 | — | — | — | — | |||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||
MPC for acquisition | — | (936) | — | (3,164) | — | — | — | (4,100) | |||||||||||||||||||||
Unitholders and general partner | (722) | (1,097) | — | — | — | — | (239) | (2,058) | |||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | (17) | — | (17) | |||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||
MPC | — | — | — | — | — | — | 11,980 | 11,980 | |||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 11 | — | 11 | |||||||||||||||||||||
Other | 12 | — | — | 1 | (2) | — | — | 11 | |||||||||||||||||||||
Balance at December 31, 2018 | 8,336 | (1,612) | — | — | (16) | 156 | 10,867 | 17,731 | |||||||||||||||||||||
Net income (excludes amounts attributable to Series A preferred units) | 340 | 595 | 17 | — | — | 28 | 401 | 1,381 | |||||||||||||||||||||
Allocation of MPC's net investment at acquisition | 2,983 | 7,199 | 615 | — | — | — | (10,797) | — | |||||||||||||||||||||
Conversion of Series A preferred units | 36 | — | — | — | — | — | — | 36 | |||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||
Unitholders and general partner | (907) | (1,529) | (21) | — | — | — | (502) | (2,959) | |||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | (30) | — | (30) | |||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||
MPC | — | 315 | — | — | — | — | 31 | 346 | |||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 95 | — | 95 | |||||||||||||||||||||
Other | 12 | — | — | — | 1 | — | — | 13 | |||||||||||||||||||||
Balance at December 31, 2019 | 10,800 | 4,968 | 611 | — | (15) | 249 | — | 16,613 | |||||||||||||||||||||
Net income (excludes amounts attributable to Series A preferred units) | (307) | (535) | 41 | — | — | 33 | — | (768) | |||||||||||||||||||||
Unit repurchases | (33) | — | — | — | — | — | — | (33) | |||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||
Unitholders and general partner | (1,082) | (1,799) | (41) | — | — | — | — | (2,922) | |||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | (37) | — | (37) | |||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||
MPC | — | 261 | — | — | — | — | — | 261 | |||||||||||||||||||||
Wholesale Exchange | — | (102) | — | — | — | — | — | (102) | |||||||||||||||||||||
Other | 6 | (1) | — | — | — | — | — | 5 | |||||||||||||||||||||
Balance at Balance at December 31, 2020 | $ | 9,384 | $ | 2,792 | $ | 611 | $ | — | $ | (15) | $ | 245 | $ | — | $ | 13,017 |
(In millions) | Impairment | Footnote Reference | ||||||||||||
Goodwill | $ | 1,814 | 14 | |||||||||||
Equity method investments | 1,264 | 5 | ||||||||||||
Intangibles, net | 177 | 14 | ||||||||||||
Property, plant and equipment, net | 174 | 13 | ||||||||||||
Total impairments | $ | 3,429 |
ASU | Topic | Effective Date | ||||||||||||
2018-13 | Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement | January 1, 2020 | ||||||||||||
2020-04 | Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting | April 1, 2020 |
(In millions) | As Originally Reported |
Adjustments(1)
|
As Adjusted | ||||||||||||||
Cash and cash equivalents | $ | 83 | $ | (53) | $ | 30 | |||||||||||
Receivables, net | 241 | 259 | 500 | ||||||||||||||
Inventories | 21 | — | 21 | ||||||||||||||
Other current assets(2)
|
59 | (7) | 52 | ||||||||||||||
Equity method investments | 731 | (89) | 642 | ||||||||||||||
Property, plant and equipment, net | 6,709 | (427) | 6,282 | ||||||||||||||
Intangibles, net(3)
|
960 | 74 | 1,034 | ||||||||||||||
Other noncurrent assets(4)
|
31 | (8) | 23 | ||||||||||||||
Total assets acquired | 8,835 | (251) | 8,584 | ||||||||||||||
Accounts payable | 198 | 265 | 463 | ||||||||||||||
Other current liabilities(5)
|
188 | (41) | 147 | ||||||||||||||
Long-term debt | 4,916 | — | 4,916 | ||||||||||||||
Deferred credits and other long-term liabilities(6)
|
75 | 1 | 76 | ||||||||||||||
Total liabilities assumed | 5,377 | 225 | 5,602 | ||||||||||||||
Net assets acquired excluding goodwill | 3,458 | (476) | 2,982 | ||||||||||||||
Goodwill | 7,428 | 724 | 8,152 | ||||||||||||||
Total purchase price | $ | 10,886 | $ | 248 | $ | 11,134 |
(In millions) | 2019 | 2018 | |||||||||
Total revenues and other income | $ | 9,041 | $ | 8,666 | |||||||
Net income attributable to MPLX LP | $ | 1,434 | $ | 2,446 | |||||||
(In millions) |
Twelve Months Ended
December 31, 2018 |
||||
Revenues and other income | $ | 1,359 | |||
Income from operations | $ | 874 |
Ownership as of | Carrying value at | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(In millions, except ownership percentages) | 2020 | 2020 | 2019 | ||||||||||||||
L&S | |||||||||||||||||
MarEn Bakken Company LLC(1)
|
25% | $ | 465 | $ | 481 | ||||||||||||
Illinois Extension Pipeline Company, L.L.C. | 35% | 254 | 265 | ||||||||||||||
LOOP LLC | 41% | 252 | 238 | ||||||||||||||
Andeavor Logistics Rio Pipeline LLC(2)(3)
|
67% | 194 | 202 | ||||||||||||||
Minnesota Pipe Line Company, LLC(2)
|
17% | 188 | 190 | ||||||||||||||
Whistler Pipeline LLC(3)
|
38% | 185 | 134 | ||||||||||||||
W2W Holdings LLC(3)(4)
|
50% | 72 | — | ||||||||||||||
Wink to Webster Pipeline LLC(3)(4)
|
15% | — | 126 | ||||||||||||||
Explorer Pipeline Company | 25% | 72 | 83 | ||||||||||||||
Other(2)(3)
|
103 | 55 | |||||||||||||||
Total L&S | 1,785 | 1,774 | |||||||||||||||
G&P | |||||||||||||||||
MarkWest Utica EMG, L.L.C.(3)
|
57% | 698 | 1,984 | ||||||||||||||
Sherwood Midstream LLC(3)
|
50% | 557 | 537 | ||||||||||||||
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C.(3)
|
67% | 307 | 302 | ||||||||||||||
Rendezvous Gas Services, L.L.C.(2)(3)
|
78% | 159 | 170 | ||||||||||||||
Sherwood Midstream Holdings LLC(3)
|
51% | 148 | 157 | ||||||||||||||
Centrahoma Processing LLC | 40% | 145 | 153 | ||||||||||||||
Other(2)(3)
|
237 | 198 | |||||||||||||||
Total G&P | 2,251 | 3,501 | |||||||||||||||
Total | $ | 4,036 | $ | 5,275 |
December 31, 2020 | |||||||||||||||||
(In millions) | Other VIEs | Non-VIEs | Total | ||||||||||||||
Revenues and other income | $ | 298 | $ | 1,208 | $ | 1,506 | |||||||||||
Costs and expenses | 414 | 531 | 945 | ||||||||||||||
(Loss)/income from operations | (116) | 677 | 561 | ||||||||||||||
Net (loss)/income | (175) | 615 | 440 | ||||||||||||||
(Loss)/income from equity method investments(2)
|
$ | (1,100) | $ | 164 | $ | (936) |
December 31, 2019(1)
|
|||||||||||||||||
(In millions) | Other VIEs | Non-VIEs | Total | ||||||||||||||
Revenues and other income | $ | 650 | $ | 1,417 | $ | 2,067 | |||||||||||
Costs and expenses | 375 | 568 | 943 | ||||||||||||||
Income from operations | 275 | 849 | 1,124 | ||||||||||||||
Net income | 215 | 752 | 967 | ||||||||||||||
Income from equity method investments(2)
|
$ | 103 | $ | 187 | $ | 290 |
December 31, 2018(1)
|
|||||||||||||||||
(In millions) | Other VIEs | Non-VIEs | Total | ||||||||||||||
Revenues and other income | $ | 484 | $ | 1,421 | $ | 1,905 | |||||||||||
Costs and expenses | 286 | 738 | 1,024 | ||||||||||||||
Income from operations | 198 | 683 | 881 | ||||||||||||||
Net income | 197 | 606 | 803 | ||||||||||||||
Income from equity method investments(2)
|
$ | 67 | $ | 180 | $ | 247 |
December 31, 2020 | |||||||||||||||||
(In millions) | Other VIEs | Non-VIEs | Total | ||||||||||||||
Current assets | $ | 530 | $ | 318 | $ | 848 | |||||||||||
Noncurrent assets | 6,889 | 4,997 | 11,886 | ||||||||||||||
Current liabilities | 323 | 187 | 510 | ||||||||||||||
Noncurrent liabilities | $ | 1,904 | $ | 830 | $ | 2,734 |
December 31, 2019 | |||||||||||||||||
(In millions) | Other VIEs | Non-VIEs | Total | ||||||||||||||
Current assets | $ | 534 | $ | 330 | $ | 864 | |||||||||||
Noncurrent assets | 5,862 | 5,134 | 10,996 | ||||||||||||||
Current liabilities | 192 | 245 | 437 | ||||||||||||||
Noncurrent liabilities | $ | 305 | $ | 822 | $ | 1,127 |
(In millions, except %) | December 31, 2020 | December 31, 2019 | |||||||||
Borrowings | $ | 6,264 | $ | 8,540 | |||||||
Average interest rate of borrowings | 2.278 | % | 3.441 | % | |||||||
Repayments | $ | 6,858 | $ | 7,946 | |||||||
Outstanding balance at end of period | $ | — | $ | 594 |
(In millions, except %) | December 31, 2019 | ||||||||||
Borrowings | $ | 773 | |||||||||
Average interest rate of borrowings | 4.249 | % | |||||||||
Repayments | $ | 773 | |||||||||
Outstanding balance at end of period | $ | — |
(In millions) | 2020 | 2019 | 2018 | ||||||||||||||
Service revenue | |||||||||||||||||
MPC | $ | 3,578 | $ | 3,455 | $ | 2,404 | |||||||||||
Other | 2 | — | — | ||||||||||||||
Total Service revenue - related parties | 3,580 | 3,455 | 2,404 | ||||||||||||||
Rental income | |||||||||||||||||
MPC | 952 | 1,196 | 846 | ||||||||||||||
Product sales(1)
|
|||||||||||||||||
MPC | 128 | 140 | 87 | ||||||||||||||
Other | — | 2 | — | ||||||||||||||
Total Product sales - related parties | 128 | 142 | 87 | ||||||||||||||
Other income | |||||||||||||||||
MPC | 192 | 47 | 41 | ||||||||||||||
Other | 62 | 67 | 58 | ||||||||||||||
Total Other income - related parties | $ | 254 | $ | 114 | $ | 99 |
(In millions) | 2020 | 2019 | 2018 | ||||||||||||||
Rental cost of sales - related parties | $ | 160 | $ | 165 | $ | 31 | |||||||||||
Purchases - related parties | |||||||||||||||||
MPC | 1,099 | 1,210 | 919 | ||||||||||||||
Other | 17 | 21 | 6 | ||||||||||||||
Total Purchases - related parties | 1,116 | 1,231 | 925 | ||||||||||||||
General and administrative expenses | |||||||||||||||||
MPC | 254 | 243 | 199 | ||||||||||||||
Restructuring expenses | |||||||||||||||||
MPC | $ | 37 | $ | — | $ | — | |||||||||||
December 31, | |||||||||||
(In millions) | 2020 | 2019 | |||||||||
Current assets - related parties | |||||||||||
Receivables - MPC | $ | 615 | $ | 621 | |||||||
Receivables - Other | 27 | 22 | |||||||||
Prepaid - MPC | 4 | 9 | |||||||||
Other - MPC | 1 | — | |||||||||
Lease Receivables - MPC | 30 | 4 | |||||||||
Total | 677 | 656 | |||||||||
Noncurrent assets - related parties | |||||||||||
Long-term receivables - MPC | 32 | 21 | |||||||||
Right of use assets - MPC | 231 | 232 | |||||||||
Long-term lease receivables - MPC | 386 | 43 | |||||||||
Unguaranteed residual asset - MPC | 23 | 7 | |||||||||
Total | 672 | 303 | |||||||||
Current liabilities - related parties | |||||||||||
Payables - MPC | 215 | 911 | |||||||||
Payables - Other | 43 | 37 | |||||||||
Operating lease liabilities - MPC | 1 | 1 | |||||||||
Deferred revenue - Minimum volume deficiencies - MPC | 66 | 42 | |||||||||
Deferred revenue - Project reimbursements - MPC | 30 | 16 | |||||||||
Deferred revenue - Project reimbursements - Other | 1 | 1 | |||||||||
Total | 356 | 1,008 | |||||||||
Long-term liabilities - related parties | |||||||||||
Long-term operating lease liabilities - MPC | 229 | 230 | |||||||||
Long-term deferred revenue - Project reimbursements - MPC | 47 | 53 | |||||||||
Long-term deferred revenue - Project reimbursements - Other | 7 | 7 | |||||||||
Total | $ | 283 | $ | 290 |
2020 | 2019 | 2018 | |||||||||||||||
Common Units | P | P | P | ||||||||||||||
Equity-based compensation awards | P | P | P | ||||||||||||||
Series A preferred units | P | P | P | ||||||||||||||
Series B preferred units | P | P | |||||||||||||||
(In millions) | 2020 | 2019 | 2018 | ||||||||||||||
Net (loss)/income attributable to MPLX LP | $ | (720) | $ | 1,033 | $ | 1,818 | |||||||||||
Less: Distributions declared on Series A preferred units(1)
|
81 | 81 | 75 | ||||||||||||||
Distributions declared on Series B preferred units(1)
|
41 | 42 | — | ||||||||||||||
Limited partners’ distributions declared on MPLX common units (including common units of general partner)(1)(2)
|
2,872 | 2,635 | 1,985 | ||||||||||||||
Undistributed net loss attributable to MPLX LP | $ | (3,714) | $ | (1,725) | $ | (242) |
2020 | ||||||||||||||||||||||||||
(In millions, except per unit data) |
Limited
Partners’ Common Units |
Series A Preferred Units | Series B Preferred Units | Total | ||||||||||||||||||||||
Basic and diluted net (loss)/income attributable to MPLX LP per unit: | ||||||||||||||||||||||||||
Net (loss)/income attributable to MPLX LP: | ||||||||||||||||||||||||||
Distributions declared | $ | 2,872 | $ | 81 | $ | 41 | $ | 2,994 | ||||||||||||||||||
Undistributed net loss attributable to MPLX LP | (3,714) | — | — | (3,714) | ||||||||||||||||||||||
Net (loss)/income attributable to MPLX LP(1)
|
$ | (842) | $ | 81 | $ | 41 | $ | (720) | ||||||||||||||||||
Weighted average units outstanding: | ||||||||||||||||||||||||||
Basic | 1,051 | 1,051 | ||||||||||||||||||||||||
Diluted | 1,051 | 1,051 | ||||||||||||||||||||||||
Net loss attributable to MPLX LP per limited partner unit: | ||||||||||||||||||||||||||
Basic | $ | (0.80) | ||||||||||||||||||||||||
Diluted | $ | (0.80) |
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 | $ | 2,635 | $ | 81 | $ | 42 | $ | 2,758 | ||||||||||||||||||
Undistributed net loss attributable to MPLX LP | (1,725) | — | — | (1,725) | ||||||||||||||||||||||
Net income attributable to MPLX LP(1)
|
$ | 910 | $ | 81 | $ | 42 | $ | 1,033 | ||||||||||||||||||
Weighted average units outstanding: | ||||||||||||||||||||||||||
Basic(2)
|
906 | 906 | ||||||||||||||||||||||||
Diluted(2)
|
907 | 907 | ||||||||||||||||||||||||
Net income attributable to MPLX LP per limited partner unit: | ||||||||||||||||||||||||||
Basic | $ | 1.00 | ||||||||||||||||||||||||
Diluted | $ | 1.00 |
2018 | ||||||||||||||||||||
(In millions, except per unit data) |
Limited
Partners’ Common Units |
Series A Preferred Units | Total | |||||||||||||||||
Basic and diluted net income attributable to MPLX LP per unit: | ||||||||||||||||||||
Net income attributable to MPLX LP: | ||||||||||||||||||||
Distribution declared | $ | 1,985 | $ | 75 | $ | 2,060 | ||||||||||||||
Undistributed net loss attributable to MPLX LP | (242) | — | (242) | |||||||||||||||||
Net income attributable to MPLX LP(1)
|
$ | 1,743 | $ | 75 | $ | 1,818 | ||||||||||||||
Weighted average units outstanding: | ||||||||||||||||||||
Basic | 761 | 761 | ||||||||||||||||||
Diluted | 761 | 761 | ||||||||||||||||||
Net income attributable to MPLX LP per limited partner unit: | ||||||||||||||||||||
Basic | $ | 2.29 | ||||||||||||||||||
Diluted | $ | 2.29 |
(In units) | Common |
General Partner(1)
|
Total | ||||||||||||||||||||||||||
Balance at December 31, 2017 | 407,130,020 | 8,308,773 | 415,438,793 | ||||||||||||||||||||||||||
Unit-based compensation awards | 348,387 | 140 | 348,527 | ||||||||||||||||||||||||||
Contribution of Refining Logistics and Fuels Distribution (See Note 4) | 111,611,111 | 2,277,778 | 113,888,889 | ||||||||||||||||||||||||||
Conversion of GP economic interests | 275,000,000 | (10,586,691) | 264,413,309 | ||||||||||||||||||||||||||
Balance at December 31, 2018 | 794,089,518 | — | 794,089,518 | ||||||||||||||||||||||||||
Unit-based compensation awards | 288,031 | — | 288,031 | ||||||||||||||||||||||||||
Issuance of units in connection with the Merger (See Note 4) | 262,829,592 | — | 262,829,592 | ||||||||||||||||||||||||||
Conversion of Series A preferred units | 1,148,330 | — | 1,148,330 | ||||||||||||||||||||||||||
Balance at December 31, 2019 | 1,058,355,471 | — | 1,058,355,471 | ||||||||||||||||||||||||||
Unit-based compensation awards | 478,438 | — | 478,438 | ||||||||||||||||||||||||||
Wholesale Exchange | (18,582,088) | — | (18,582,088) | ||||||||||||||||||||||||||
Units redeemed in unit repurchase program | (1,473,843) | — | (1,473,843) | ||||||||||||||||||||||||||
Balance at December 31, 2020 | 1,038,777,978 | — | 1,038,777,978 |
(In millions) | 2020 | 2019 | |||||||||
Balance at beginning of period | $ | 611 | $ | — | |||||||
Balance acquired at Merger | 615 | ||||||||||
Net income allocated | 41 | 17 | |||||||||
Distributions received by Series B preferred unitholders | (41) | (21) | |||||||||
Balance at end of period | $ | 611 | $ | 611 |
(In millions) | 2020 | 2019 | 2018 | ||||||||||||||
Limited partners' distributions: | |||||||||||||||||
Common unitholders, includes common units of general partner | $ | 2,872 | $ | 2,635 | $ | 1,985 | |||||||||||
Series A preferred unit distributions | 81 | 81 | 75 | ||||||||||||||
Series B preferred unit distribution | 41 | 42 | — | ||||||||||||||
Total cash distributions declared | $ | 2,994 | $ | 2,758 | $ | 2,060 |
(In millions) | 2020 | 2019 | |||||||||
Balance at beginning of period | $ | 968 | $ | 1,004 | |||||||
Net income allocated | 81 | 81 | |||||||||
Distributions received by preferred unitholders | (81) | (81) | |||||||||
Conversion of preferred units to common units | — | (36) | |||||||||
Balance at end of period | $ | 968 | $ | 968 |
(In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
L&S | ||||||||||||||||||||
Service revenue | $ | 3,889 | $ | 3,765 | $ | 2,575 | ||||||||||||||
Rental income | 985 | 1,235 | 856 | |||||||||||||||||
Product related revenue | 51 | 91 | 23 | |||||||||||||||||
Income from equity method investments | 154 | 200 | 171 | |||||||||||||||||
Other income | 206 | 61 | 47 | |||||||||||||||||
Total segment revenues and other income(1)
|
5,285 | 5,352 | 3,672 | |||||||||||||||||
Segment Adjusted EBITDA(2)
|
3,488 | 2,748 | 2,057 | |||||||||||||||||
Restructuring expenses | 29 | — | — | |||||||||||||||||
Capital expenditures(3)
|
498 | 1,060 | 708 | |||||||||||||||||
Investments in unconsolidated affiliates | 141 | 289 | 3 | |||||||||||||||||
G&P | ||||||||||||||||||||
Service revenue | 2,088 | 2,188 | 1,685 | |||||||||||||||||
Rental income | 365 | 349 | 342 | |||||||||||||||||
Product related revenue | 868 | 997 | 1,171 | |||||||||||||||||
(Loss)/income from equity method investments | (1,090) | 90 | 76 | |||||||||||||||||
Other income | 53 | 65 | 59 | |||||||||||||||||
Total segment revenues and other income(1)
|
2,284 | 3,689 | 3,333 | |||||||||||||||||
Segment Adjusted EBITDA(2)
|
1,723 | 1,586 | 1,418 | |||||||||||||||||
Restructuring expenses | 8 | — | — | |||||||||||||||||
Capital expenditures(3)
|
441 | 1,203 | 1,545 | |||||||||||||||||
Investments in unconsolidated affiliates | $ | 125 | $ | 424 | $ | 338 |
December 31, | ||||||||||||||
(In millions) | 2020 | 2019 | ||||||||||||
Segment Assets | ||||||||||||||
Cash and cash equivalents | $ | 15 | $ | 15 | ||||||||||
L&S | 20,938 | 20,810 | ||||||||||||
G&P | 15,461 | 19,605 | ||||||||||||
Total assets | $ | 36,414 | $ | 40,430 |
(In millions) | 2020 | 2019 | 2018 | ||||||||||||||
Reconciliation to Net (loss)/income: | |||||||||||||||||
L&S Segment Adjusted EBITDA | $ | 3,488 | $ | 2,748 | $ | 2,057 | |||||||||||
G&P Segment Adjusted EBITDA | 1,723 | 1,586 | 1,418 | ||||||||||||||
Total reportable segments | 5,211 | 4,334 | 3,475 | ||||||||||||||
Depreciation and amortization(1)
|
(1,377) | (1,254) | (867) | ||||||||||||||
Provision for income taxes | (2) | — | (8) | ||||||||||||||
Amortization of deferred financing costs | (61) | (42) | (55) | ||||||||||||||
Gain/(loss) on extinguishment of debt | 19 | — | (46) | ||||||||||||||
Non-cash equity-based compensation | (14) | (22) | (23) | ||||||||||||||
Impairment expense | (2,165) | (1,197) | — | ||||||||||||||
Net interest and other financial costs | (854) | (873) | (613) | ||||||||||||||
(Loss)/income from equity method investments | (936) | 290 | 247 | ||||||||||||||
Distributions/adjustments related to equity method investments | (499) | (562) | (458) | ||||||||||||||
Unrealized derivative (losses)/gains(2)
|
(3) | 1 | 5 | ||||||||||||||
Acquisition costs | — | (14) | (4) | ||||||||||||||
Restructuring expenses | (37) | — | — | ||||||||||||||
Other | (6) | (1) | — | ||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | 37 | 32 | 18 | ||||||||||||||
Adjusted EBITDA attributable to Predecessor(3)
|
— | 770 | 335 | ||||||||||||||
Net (loss)/income | $ | (687) | $ | 1,462 | $ | 2,006 |
2020(1)
|
2019(1)
|
2018(1)
|
|||||||||||||||
Operating revenues(2)
|
|||||||||||||||||
L&S | 92 | % | 91 | % | 94 | % | |||||||||||
G&P | 4 | % | 4 | % | 3 | % | |||||||||||
Total | 56 | % | 56 | % | 50 | % | |||||||||||
Total revenues and other income(3)
|
|||||||||||||||||
L&S | 89 | % | 88 | % | 90 | % | |||||||||||
G&P | 4 | % | 4 | % | 2 | % | |||||||||||
Total | 55 | % | 53 | % | 48 | % |
December 31, | ||||||||||||||
(In millions) | 2020 | 2019 | ||||||||||||
NGLs | $ | 5 | $ | 5 | ||||||||||
Line fill | 13 | 10 | ||||||||||||
Spare parts, materials and supplies | 100 | 95 | ||||||||||||
Total inventories | $ | 118 | $ | 110 |
Estimated
Useful Lives |
December 31, | |||||||||||||||||||
(In millions) | 2020 | 2019 | ||||||||||||||||||
L&S | ||||||||||||||||||||
Pipelines |
2-51 years
|
$ | 6,026 | $ | 5,572 | |||||||||||||||
Refining logistics |
13-40 years
|
2,333 | 2,870 | |||||||||||||||||
Terminals |
4-40 years
|
1,643 | 1,109 | |||||||||||||||||
Marine |
15-20 years
|
965 | 906 | |||||||||||||||||
Land, building and other |
1-61 years
|
1,584 | 1,817 | |||||||||||||||||
Construction-in progress | 262 | 660 | ||||||||||||||||||
Total L&S property, plant and equipment | 12,813 | 12,934 | ||||||||||||||||||
G&P | ||||||||||||||||||||
Gathering and transportation |
5-40 years
|
7,547 | 7,159 | |||||||||||||||||
Processing and fractionation |
10-40 years
|
5,721 | 5,545 | |||||||||||||||||
Land, building and other |
3-40 years
|
507 | 484 | |||||||||||||||||
Construction-in-progress | 287 | 745 | ||||||||||||||||||
Total G&P property, plant and equipment | 14,062 | 13,933 | ||||||||||||||||||
Total property, plant and equipment | 26,875 | 26,867 | ||||||||||||||||||
Less accumulated depreciation(1)
|
5,657 | 4,722 | ||||||||||||||||||
Property, plant and equipment, net | $ | 21,218 | $ | 22,145 |
(In millions) | L&S | G&P | Total | ||||||||||||||
Gross goodwill as of December 31, 2018 | $ | 7,234 | $ | 2,912 | $ | 10,146 | |||||||||||
Accumulated impairment losses | — | (130) | (130) | ||||||||||||||
Balance as of December 31, 2018 | 7,234 | 2,782 | 10,016 | ||||||||||||||
Impairment losses | — | (1,197) | (1,197) | ||||||||||||||
Acquisitions(1)
|
488 | 229 | 717 | ||||||||||||||
Balance as of December 31, 2019 | 7,722 | 1,814 | 9,536 | ||||||||||||||
Impairment losses | — | (1,814) | (1,814) | ||||||||||||||
Wholesale Exchange (Note 4)
|
(65) | — | (65) | ||||||||||||||
Balance as of December 31, 2020 | 7,657 | — | 7,657 | ||||||||||||||
Gross goodwill as of December 31, 2020 | 7,657 | 3,141 | 10,798 | ||||||||||||||
Accumulated impairment losses | — | (3,141) | (3,141) | ||||||||||||||
Balance as of December 31, 2020 | $ | 7,657 | $ | — | $ | 7,657 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Useful Life | Gross |
Accumulated Amortization(1)(2)
|
Net | Gross |
Accumulated Amortization(1)
|
Net | ||||||||||||||||||||||||||||||||||
L&S |
6 - 8 years
|
$ | 283 | $ | (81) | $ | 202 | $ | 283 | $ | (45) | $ | 238 | ||||||||||||||||||||||||||||
G&P |
6 - 25 years
|
1,288 | (531) | 757 | 1,288 | (256) | 1,032 | ||||||||||||||||||||||||||||||||||
$ | 1,571 | $ | (612) | $ | 959 | $ | 1,571 | $ | (301) | $ | 1,270 |
December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
Significant unobservable inputs (Level 3) | |||||||||||||||||||||||
Embedded derivatives in commodity contracts | $ | — | $ | (63) | $ | — | $ | (60) | |||||||||||||||
Total carrying value on Consolidated Balance Sheets | $ | — | $ | (63) | $ | — | $ | (60) |
2020 | 2019 | ||||||||||||||||||||||
(In millions) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | |||||||||||||||||||
Fair value at beginning of period | $ | — | $ | (60) | $ | — | $ | (61) | |||||||||||||||
Total losses (realized and unrealized) included in earnings(1)
|
— | (9) | — | (5) | |||||||||||||||||||
Settlements | — | 6 | — | 6 | |||||||||||||||||||
Fair value at end of period | — | (63) | — | (60) | |||||||||||||||||||
The amount of total losses for the period included in earnings attributable to the change in unrealized gains or losses relating to liabilities still held at end of period | $ | — | $ | (4) | $ | — | $ | (5) |
December 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(In millions) | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
Long-term debt (including amounts due within one year) | $ | 22,951 | $ | 20,244 | $ | 21,054 | $ | 19,800 | |||||||||||||||
December 31, | |||||||||||||||||||||||
(In millions) | 2020 | 2019 | |||||||||||||||||||||
Derivative contracts not designated as hedging instruments and their balance sheet location | Asset | Liability | Asset | Liability | |||||||||||||||||||
Commodity contracts(1)
|
|||||||||||||||||||||||
Other current assets /Other current liabilities | $ | — | $ | (7) | $ | — | $ | (5) | |||||||||||||||
Other noncurrent assets /Deferred credits and other liabilities | — | (56) | — | (55) | |||||||||||||||||||
Total | $ | — | $ | (63) | $ | — | $ | (60) |
(In millions) | 2020 | 2019 | 2018 | ||||||||||||||
Product sales | |||||||||||||||||
Realized gains | $ | — | $ | — | $ | 4 | |||||||||||
Unrealized gains | — | — | 2 | ||||||||||||||
Total derivative gains related to product sales | — | — | 6 | ||||||||||||||
Purchased product costs | |||||||||||||||||
Realized losses | (6) | (6) | (12) | ||||||||||||||
Unrealized (losses)/gains | (3) | 1 | 3 | ||||||||||||||
Total derivative loss related to purchased product costs | (9) | (5) | (9) | ||||||||||||||
Total derivative losses | $ | (9) | $ | (5) | $ | (3) |
December 31, | |||||||||||
(In millions) | 2020 | 2019 | |||||||||
MPLX LP: | |||||||||||
Bank revolving credit facility due July 30, 2024
|
$ | 175 | $ | — | |||||||
Term loan facility due September 26, 2021
|
— | 1,000 | |||||||||
Floating rate senior notes due September 9, 2021
|
— | 1,000 | |||||||||
Floating rate senior notes due September 9, 2022
|
1,000 | 1,000 | |||||||||
6.250% senior notes due October 15, 2022
|
— | 266 | |||||||||
3.500% senior notes due December 1, 2022
|
486 | 486 | |||||||||
3.375% senior notes due March 15, 2023
|
500 | 500 | |||||||||
4.500% senior notes due July 15, 2023
|
989 | 989 | |||||||||
6.375% senior notes due May 1, 2024
|
— | 381 | |||||||||
4.875% senior notes due December 1, 2024
|
1,149 | 1,149 | |||||||||
5.250% senior notes due January 15, 2025
|
708 | 708 | |||||||||
4.000% senior notes due February 15, 2025
|
500 | 500 | |||||||||
4.875% senior notes due June 1, 2025
|
1,189 | 1,189 | |||||||||
1.750% senior notes due March 1, 2026
|
1,500 | — | |||||||||
4.125% senior notes due March 1, 2027
|
1,250 | 1,250 | |||||||||
4.250% senior notes due December 1, 2027
|
732 | 732 | |||||||||
4.000% senior notes due March 15, 2028
|
1,250 | 1,250 | |||||||||
4.800% senior notes due February 15, 2029
|
750 | 750 | |||||||||
2.650% senior notes due August 15, 2030
|
1,500 | — | |||||||||
4.500% senior notes due April 15, 2038
|
1,750 | 1,750 | |||||||||
5.200% senior notes due March 1, 2047
|
1,000 | 1,000 | |||||||||
5.200% senior notes due December 1, 2047
|
487 | 487 | |||||||||
4.700% senior notes due April 15, 2048
|
1,500 | 1,500 | |||||||||
5.500% senior notes due February 15, 2049
|
1,500 | 1,500 | |||||||||
4.900% senior notes due April 15, 2058
|
500 | 500 | |||||||||
Consolidated subsidiaries: | |||||||||||
MarkWest - 4.500% - 4.875% senior notes, due 2023-2025
|
23 | 23 | |||||||||
ANDX - 3.500% - 5.250% senior notes, due 2022-2047
|
87 | 190 | |||||||||
Financing lease obligations(1)
|
11 | 19 | |||||||||
Total | 20,536 | 20,119 | |||||||||
Unamortized debt issuance costs | (116) | (106) | |||||||||
Unamortized discount/premium | (281) | (300) | |||||||||
Amounts due within one year | (764) | (9) | |||||||||
Total long-term debt due after one year | $ | 19,375 | $ | 19,704 |
(In millions) | |||||
2021 | $ | 753 | |||
2022 | 1,502 | ||||
2023 | 1,502 | ||||
2024 | 1,326 | ||||
2025 | $ | 1,701 |
Senior Notes | Interest payable semi-annually in arrears | |||||||
3.500% senior notes due December 1, 2022
|
June 1st and December 1st
|
|||||||
3.375% senior notes due March 15, 2023
|
March 15th and September 15th
|
|||||||
4.500% senior notes due July 15, 2023
|
January 15th and July 15th
|
|||||||
4.875% senior notes due December 1, 2024
|
June 1st and December 1st
|
|||||||
5.250% senior notes due January 15, 2025
|
January 15th and July 15th
|
|||||||
4.000% senior notes due February 15, 2025
|
February 15th and August 15th
|
|||||||
4.875% senior notes due June 1, 2025
|
June 1st and December 1st
|
|||||||
1.750% senior notes due March 1, 2026
|
March 1st and September 1st
|
|||||||
4.125% senior notes due March 1, 2027
|
March 1st and September 1st
|
|||||||
4.250% senior notes due December 1, 2027
|
June 1st and December 1st
|
|||||||
4.000% senior notes due March 15, 2028
|
March 15th and September 15th
|
|||||||
4.800% senior notes due February 15, 2029
|
February 15th and August 15th
|
|||||||
2.650% senior notes due August 15, 2030
|
February 15th and August 15th
|
|||||||
4.500% senior notes due April 15, 2038
|
April 15th and October 15th
|
|||||||
5.200% senior notes due March 1, 2047
|
March 1st and September 1st
|
|||||||
5.200% senior notes due December 1, 2047
|
June 1st and December 1st
|
|||||||
4.700% senior notes due April 15, 2048
|
April 15th and October 15th
|
|||||||
5.500% senior notes due February 15, 2049
|
February 15th and August 15th
|
|||||||
4.900% senior notes due April 15, 2058
|
April 15th and October 15th
|
2020 | |||||||||||||||||
(In millions) | L&S | G&P | Total | ||||||||||||||
Revenues and other income: | |||||||||||||||||
Service revenue | $ | 333 | $ | 2,064 | $ | 2,397 | |||||||||||
Service revenue - related parties | 3,556 | 24 | 3,580 | ||||||||||||||
Service revenue - product related | — | 155 | 155 | ||||||||||||||
Product sales(1)
|
39 | 597 | 636 | ||||||||||||||
Product sales - related parties | 12 | 116 | 128 | ||||||||||||||
Total revenues from contracts with customers | $ | 3,940 | $ | 2,956 | 6,896 | ||||||||||||
Non-ASC 606 revenue(2)
|
673 | ||||||||||||||||
Total revenues and other income | $ | 7,569 |
2019 | |||||||||||||||||
(In millions) | L&S | G&P | Total | ||||||||||||||
Revenues and other income: | |||||||||||||||||
Service revenue | $ | 346 | $ | 2,152 | $ | 2,498 | |||||||||||
Service revenue - related parties | 3,419 | 36 | 3,455 | ||||||||||||||
Service revenue - product related | — | 140 | 140 | ||||||||||||||
Product sales(1)
|
65 | 741 | 806 | ||||||||||||||
Product sales - related parties | 26 | 116 | 142 | ||||||||||||||
Total revenues from contracts with customers | $ | 3,856 | $ | 3,185 | 7,041 | ||||||||||||
Non-ASC 606 revenue(2)
|
2,000 | ||||||||||||||||
Total revenues and other income | $ | 9,041 |
2018 | |||||||||||||||||
(In millions) | L&S | G&P | Total | ||||||||||||||
Revenues and other income: | |||||||||||||||||
Service revenue | $ | 174 | $ | 1,682 | $ | 1,856 | |||||||||||
Service revenue - related parties | 2,401 | 3 | 2,404 | ||||||||||||||
Service revenue - product related | — | 220 | 220 | ||||||||||||||
Product sales(1)
|
12 | 870 | 882 | ||||||||||||||
Product sales - related parties | 11 | 76 | 87 | ||||||||||||||
Total revenues from contracts with customers | $ | 2,598 | $ | 2,851 | 5,449 | ||||||||||||
Non-ASC 606 revenue(2)
|
1,556 | ||||||||||||||||
Total revenues and other income | $ | 7,005 |
(In millions) |
Balance at December 31, 2019(1)
|
Additions/ (Deletions) |
Revenue Recognized(2)
|
Balance at December 31, 2020 | |||||||||||||||||||
Contract assets | $ | 39 | $ | 3 | $ | (2) | $ | 40 | |||||||||||||||
Long-term contract asset | — | 2 | — | 2 | |||||||||||||||||||
Deferred revenue | 23 | 22 | (8) | 37 | |||||||||||||||||||
Deferred revenue - related parties | 53 | 121 | (83) | 91 | |||||||||||||||||||
Long-term deferred revenue | 90 | 29 | — | 119 | |||||||||||||||||||
Long-term deferred revenue - related parties | 55 | (7) | — | 48 | |||||||||||||||||||
Long-term contract liability | $ | — | $ | 6 | $ | — | $ | 6 |
(In millions) |
Balance at December 31, 2018(1)
|
Additions/ (Deletions) |
Revenue Recognized(2)
|
Balance at December 31, 2019 | |||||||||||||||||||
Contract assets | $ | 36 | $ | 5 | $ | (2) | $ | 39 | |||||||||||||||
Deferred revenue | 13 | 17 | (7) | 23 | |||||||||||||||||||
Deferred revenue - related parties | 65 | 55 | (67) | 53 | |||||||||||||||||||
Long-term deferred revenue | 56 | 34 | — | 90 | |||||||||||||||||||
Long-term deferred revenue - related parties | $ | 52 | $ | 3 | $ | — | $ | 55 |
(In millions) | |||||
2021 | $ | 1,891 | |||
2022 | 1,822 | ||||
2023 | 1,666 | ||||
2024 | 1,540 | ||||
2025 and thereafter | 4,555 | ||||
Total revenue on remaining performance obligations(1)(2)(3)
|
$ | 11,474 |
(In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Net cash provided by operating activities included: | ||||||||||||||||||||
Interest paid (net of amounts capitalized) | $ | 821 | $ | 835 | $ | 568 | ||||||||||||||
Income taxes paid | 2 | 1 | 1 | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||
Payments on operating leases | 87 | 85 | — | |||||||||||||||||
Interest payment under finance lease obligations | 1 | 1 | — | |||||||||||||||||
Net cash provided by financing activities included | ||||||||||||||||||||
Principal payments under finance lease obligations | 9 | 5 | — | |||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||
Net transfers of property, plant and equipment from materials and supplies inventories | — | 2 | 2 | |||||||||||||||||
MPLX terminal lease classification change | — | 21 | — | |||||||||||||||||
ROU assets obtained in exchange for new operating lease obligations | 17 | 26 | — | |||||||||||||||||
ROU assets obtained in exchange for new finance lease obligations | 1 | 4 | — | |||||||||||||||||
Fair value of common units redeemed for Wholesale Exchange | 340 | — | — | |||||||||||||||||
Contribution - common units issued(1)
|
$ | — | $ | 7,722 | $ | 4,236 | ||||||||||||||
(In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
(Decrease)/increase in capital accruals | $ | (244) | $ | (146) | $ | 135 | ||||||||||||||
(In millions) | Pension Benefits | Other Post-Retirement Benefits | Total | ||||||||||||||
Balance at December 31, 2018(1)
|
$ | (14) | $ | (2) | $ | (16) | |||||||||||
Other comprehensive income - remeasurements(2)
|
— | 1 | 1 | ||||||||||||||
Balance as of December 31, 2019(1)
|
(14) | (1) | (15) | ||||||||||||||
Other comprehensive income/(loss) - remeasurements(2)
|
1 | (1) | — | ||||||||||||||
Balance as of December 31, 2020(1)
|
$ | (13) | $ | (2) | $ | (15) |
Phantom Units | ||||||||||||||||||||
Number
of Units |
Weighted
Average Fair Value |
Aggregate Intrinsic Value (In millions) | ||||||||||||||||||
Outstanding at December 31, 2019 | 1,109,568 | $ | 35.97 | |||||||||||||||||
Granted | 238,238 | 19.08 | ||||||||||||||||||
Settled | (686,382) | 37.04 | ||||||||||||||||||
Forfeited | (17,401) | 33.65 | ||||||||||||||||||
Outstanding at December 31, 2020 | 644,023 | 28.65 | ||||||||||||||||||
Vested and expected to vest at December 31, 2020 | 640,885 | 28.69 | $ | 14 | ||||||||||||||||
Non-forfeitable at December 31, 2020(1)
|
362,682 | $ | 29.66 | $ | 8 |
Phantom Units | ||||||||||||||
Intrinsic Value of Units Issued During the Period (in millions) | Weighted Average Grant Date Fair Value of Units Granted During the Period | |||||||||||||
2020 | $ | 12 | $ | 19.08 | ||||||||||
2019 | 14 | 32.62 | ||||||||||||
2018 | $ | 18 | $ | 33.84 |
Performance Units | ||||||||||||||
Number of Units |
Weighted
Average Fair Value |
|||||||||||||
Outstanding at December 31, 2019 | 2,157,347 | $ | 0.84 | |||||||||||
Granted | 2,147,211 | 0.86 | ||||||||||||
Settled | (1,169,354) | 0.90 | ||||||||||||
Forfeited | (42,918) | 0.84 | ||||||||||||
Outstanding at December 31, 2020 | 3,092,286 | $ | 0.83 |
2020 | 2019 | 2018 | ||||||||||||||||||
Risk-free interest rate | 1.29% | 2.51% | N/A | |||||||||||||||||
Look-back period | 1.62 years | 2.84 years | N/A | |||||||||||||||||
Expected volatility | 22.32% | 25.01% | N/A | |||||||||||||||||
Grant date fair value of performance units granted(1)
|
$0.86 | $0.76 | N/A |
2020 | 2019 | ||||||||||||||||||||||
(In millions) | Related Party | Third Party | Related Party | Third Party | |||||||||||||||||||
Components of lease costs: | |||||||||||||||||||||||
Operating lease costs | $ | 14 | $ | 78 | $ | 14 | $ | 75 | |||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of ROU assets | — | 3 | — | 5 | |||||||||||||||||||
Interest on lease liabilities | — | 1 | — | 1 | |||||||||||||||||||
Total finance lease cost | — | 4 | — | 6 | |||||||||||||||||||
Variable lease cost | 1 | 10 | 1 | 11 | |||||||||||||||||||
Short-term lease cost | — | 52 | — | 80 | |||||||||||||||||||
Total lease cost | $ | 15 | $ | 144 | $ | 15 | $ | 172 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
(In millions, except % and years) | Related Party | Third Party | Related Party | Third Party | |||||||||||||||||||
Operating leases | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Right of use assets | $ | 231 | $ | 309 | $ | 232 | $ | 365 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Operating lease liabilities | 1 | 63 | 1 | 66 | |||||||||||||||||||
Long-term operating lease liabilities | 229 | 244 | 230 | 302 | |||||||||||||||||||
Total operating lease liabilities | $ | 230 | $ | 307 | $ | 231 | $ | 368 | |||||||||||||||
Weighted average remaining lease term | 46.23 years | 8.04 years | 47.20 years | 8.59 years | |||||||||||||||||||
Weighted average discount rate | 5.80 | % | 4.33 | % | 5.80 | % | 4.38 | % | |||||||||||||||
Finance leases | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Property, plant and equipment, gross | $ | 17 | $ | 46 | |||||||||||||||||||
Less: Accumulated depreciation | 8 | 19 | |||||||||||||||||||||
Property, plant and equipment, net | 9 | 27 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Other current liabilities | 2 | 9 | |||||||||||||||||||||
Long-term debt | 9 | 10 | |||||||||||||||||||||
Total finance lease liabilities | $ | 11 | $ | 19 | |||||||||||||||||||
Weighted average remaining lease term | 16.87 years | 10.16 years | |||||||||||||||||||||
Weighted average discount rate | 5.95 | % | 5.87 | % |
(In millions) |
Related Party Operating
Leases |
Third Party Operating
Leases |
Finance
Leases |
||||||||||||||
2021 | $ | 14 | $ | 76 | $ | 3 | |||||||||||
2022 | 14 | 67 | 2 | ||||||||||||||
2023 | 14 | 57 | 2 | ||||||||||||||
2024 | 14 | 35 | 1 | ||||||||||||||
2025 | 14 | 19 | 1 | ||||||||||||||
2026 and thereafter | 591 | 115 | 9 | ||||||||||||||
Gross lease payments | 661 | 369 | 18 | ||||||||||||||
Less: Imputed interest | 431 | 62 | 7 | ||||||||||||||
Total lease liabilities | $ | 230 | $ | 307 | $ | 11 |
2020 | 2019 | ||||||||||||||||||||||
(In millions) | Related Party | Third Party | Related Party | Third Party | |||||||||||||||||||
Operating leases: | |||||||||||||||||||||||
Operating lease revenue(1)
|
$ | 787 | $ | 268 | $ | 1,020 | $ | 257 | |||||||||||||||
Sales-type leases: | |||||||||||||||||||||||
Profit/(loss) recognized at the commencement date | — | — | — | — | |||||||||||||||||||
Interest income (Sales-type rental revenue- fixed minimum) | 151 | — | 6 | — | |||||||||||||||||||
Interest income (Revenue from variable lease payments) | $ | 1 | $ | — | $ | 1 | $ | — |
(In millions) | Related Party | Third Party | Total | ||||||||||||||
2021 | $ | 919 | $ | 186 | $ | 1,105 | |||||||||||
2022 | 913 | 181 | 1,094 | ||||||||||||||
2023 | 869 | 178 | 1,047 | ||||||||||||||
2024 | 815 | 174 | 989 | ||||||||||||||
2025 | 791 | 142 | 933 | ||||||||||||||
2026 and thereafter | 1,300 | 999 | 2,299 | ||||||||||||||
Total minimum future rentals | $ | 5,607 | $ | 1,860 | $ | 7,467 |
(In millions) | Related Party | ||||||||||||||||
2021 | $ | 157 | |||||||||||||||
2022 | 157 | ||||||||||||||||
2023 | 158 | ||||||||||||||||
2024 | 158 | ||||||||||||||||
2025 | 158 | ||||||||||||||||
2026 and thereafter | 315 | ||||||||||||||||
Total minimum future rentals | 1,103 | ||||||||||||||||
Less: present value discount | 687 | ||||||||||||||||
Lease receivable | $ | 416 |
December 31, | |||||||||||
(In millions) | 2020 | 2019 | |||||||||
Pipelines | $ | 834 | $ | 745 | |||||||
Refining logistics | 1,680 | 2,320 | |||||||||
Terminals | 1,276 | 943 | |||||||||
Marine | 129 | 906 | |||||||||
Gathering and transportation | 990 | 980 | |||||||||
Processing and fractionation | 867 | 855 | |||||||||
Land, building and other | 171 | 198 | |||||||||
Total property, plant and equipment | 5,947 | 6,947 | |||||||||
Less: accumulated depreciation | 2,007 | 2,355 | |||||||||
Property, plant and equipment, net | $ | 3,940 | $ | 4,592 |
2020 | ||||||||||||||||||||||||||
(In millions, except per unit data) | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||||||||||||||
Total revenues and other income | $ | 992 | $ | 2,081 | $ | 2,247 | $ | 2,249 | ||||||||||||||||||
(Loss)/income from operations | (2,486) | 878 | 899 | 920 | ||||||||||||||||||||||
Net (loss)/income | (2,716) | 655 | 674 | 700 | ||||||||||||||||||||||
Net (loss)/income attributable to MPLX LP | (2,724) | 648 | 665 | 691 | ||||||||||||||||||||||
Net (loss)/income attributable to MPLX LP per limited partner unit: | ||||||||||||||||||||||||||
Common - basic | (2.60) | 0.58 | 0.61 | 0.63 | ||||||||||||||||||||||
Common - diluted | (2.60) | 0.58 | 0.61 | 0.63 | ||||||||||||||||||||||
Cash distributions declared per limited partner common unit | 0.6875 | 0.6875 | 0.6875 | 0.6875 | ||||||||||||||||||||||
Distributions declared: | ||||||||||||||||||||||||||
Limited partner units - Public | 270 | 270 | 270 | 269 | ||||||||||||||||||||||
Limited partner units - MPC | 458 | 445 | 445 | 445 | ||||||||||||||||||||||
Series A preferred units | 20 | 21 | 20 | 20 | ||||||||||||||||||||||
Series B preferred units | 11 | 10 | 10 | 10 | ||||||||||||||||||||||
Total distributions declared | $ | 759 | $ | 746 | $ | 745 | $ | 744 |
2019 | ||||||||||||||||||||||||||
(In millions, except per unit data) | 1st Qtr. | 2nd Qtr. | 3rd Qtr. | 4th Qtr. | ||||||||||||||||||||||
Total revenues and other income | $ | 2,235 | $ | 2,210 | $ | 2,280 | $ | 2,316 | ||||||||||||||||||
Income/(loss) from operations | 912 | 885 | 926 | (346) | ||||||||||||||||||||||
Net income/(loss) | 689 | 657 | 689 | (573) | ||||||||||||||||||||||
Net income/(loss) attributable to MPLX LP | 503 | 482 | 629 | (581) | ||||||||||||||||||||||
Net income/(loss) attributable to MPLX LP per limited partner unit: | ||||||||||||||||||||||||||
Common - basic | 0.61 | 0.56 | 0.61 | (0.58) | ||||||||||||||||||||||
Common - diluted | 0.61 | 0.55 | 0.61 | (0.58) | ||||||||||||||||||||||
Cash distributions declared per limited partner common unit | 0.6575 | 0.6675 | 0.6775 | 0.6875 | ||||||||||||||||||||||
Distributions declared: | ||||||||||||||||||||||||||
Limited partner units - Public | 191 | 261 | 266 | 270 | ||||||||||||||||||||||
Limited partner units - MPC | 332 | 431 | 438 | 446 | ||||||||||||||||||||||
Series A preferred units | 20 | 21 | 20 | 20 | ||||||||||||||||||||||
Series B preferred units | — | 21 | 10 | 11 | ||||||||||||||||||||||
Total distributions declared | $ | 543 | $ | 734 | $ | 734 | $ | 747 |
Name | Age as of February 1, 2021 | Position with MPLX GP LLC | ||||||||||||
Michael J. Hennigan | 61 | Chairman of the Board of Directors, President and Chief Executive Officer | ||||||||||||
Pamela K.M. Beall | 64 | Director, Executive Vice President and Chief Financial Officer | ||||||||||||
Michael L. Beatty | 73 | Director | ||||||||||||
Christopher A. Helms | 66 | Director | ||||||||||||
Maryann T. Mannen | 58 | Director | ||||||||||||
Garry L. Peiffer | 69 | Director | ||||||||||||
Dan D. Sandman | 72 | Director | ||||||||||||
Frank M. Semple | 69 | Director | ||||||||||||
J. Michael Stice | 61 | Director | ||||||||||||
John P. Surma | 66 | Director | ||||||||||||
Donald C. Templin | 57 | Director | ||||||||||||
Timothy J. Aydt | 57 | Executive Vice President and Chief Commercial Officer | ||||||||||||
Gregory S. Floerke | 57 | Executive Vice President and Chief Operating Officer | ||||||||||||
Suzanne Gagle | 55 | General Counsel | ||||||||||||
Raymond L. Brooks*
|
60 | Executive Vice President | ||||||||||||
Rick D. Hessling*
|
54 | Senior Vice President | ||||||||||||
Thomas Kaczynski | 59 | Senior Vice President, Finance and Treasurer | ||||||||||||
Brian K. Partee*
|
47 | Senior Vice President | ||||||||||||
Molly R. Benson*
|
54 | Vice President, Chief Securities, Governance & Compliance Officer and Corporate Secretary | ||||||||||||
C. Kristopher Hagedorn | 44 | Vice President and Controller | ||||||||||||
Kristina A. Kazarian*
|
38 | Vice President, Investor Relations | ||||||||||||
Shawn M. Lyon*
|
53 | Vice President, Operations |
Name |
Title
|
|||||||
Michael J. Hennigan | Chairman, President and CEO | |||||||
Pamela K.M. Beall | Executive Vice President and CFO | |||||||
Suzanne Gagle | General Counsel | |||||||
Gregory S. Floerke | Executive Vice President and Chief Operating Officer | |||||||
Timothy J. Aydt | Executive Vice President and Chief Commercial Officer | |||||||
John S. Swearingen |
Former Executive Vice President, Logistics and Storage (retired effective August 28, 2020)
|
Name | Previous Base Salary ($) |
Base Salary
Effective
Apr. 1, 2020 ($)
|
Increase (%) | ||||||||||||||||||||||||||
Hennigan* | 577,500 | 880,000 | 52.4 | ||||||||||||||||||||||||||
Beall | 560,000 | 575,000 | 2.7 | ||||||||||||||||||||||||||
Gagle* | 312,500 | 350,000 | 12.0 | ||||||||||||||||||||||||||
Floerke | 540,000 | 560,000 | 3.7 | ||||||||||||||||||||||||||
Aydt | 360,000 | 400,000 | 11.1 | ||||||||||||||||||||||||||
Swearingen* | 405,000 | 420,000 | 3.7 |
Eligible Earnings | × | Bonus Target | × | Performance | = | Final Award | ||||||||||||||
Eligible Earnings generally refers to the NEO’s year-end base salary rate. In an NEO’s year of hire or separation, eligible earnings is calculated as the sum of base wages paid during the year plus compensation deferred during the year, which has the effect of prorating the award.
|
||||||||||||||||||||
Bonus Target is a percentage of each NEO’s base salary. MPC’s Compensation Committee generally approves bonus target opportunities for our NEOs based on analysis of market-competitive data for MPC’s compensation peer group, while also taking into consideration each executive’s experience, relative scope of responsibility and potential, other market data and any other information MPC’s Compensation Committee deems relevant in its discretion.
|
Performance metrics and levels are established by MPC’s Compensation Committee at the beginning of the performance year. Once the performance year has ended, MPC’s Compensation Committee reviews and assesses company performance against the performance metrics and levels, as well as other factors MPC’s Compensation Committee deems relevant in its discretion, including the NEOs’ organizational and individual performance.
|
||||||||||||||||||||
•There is no guaranteed minimum ACB payout.
|
||||||||||||||||||||
•Payout results may be above or below target based on actual company and individual performance.
|
||||||||||||||||||||
•Payouts are capped at 200% of each NEO’s target award.
|
Performance Metric | Target Weighting |
Threshold
50% Payout |
Target
100% Payout |
Maximum
200% Payout |
Result | Performance Achieved | |||||||||||||||||
50%
|
FINANCIAL | ||||||||||||||||||||||
Operating Income Per Barrel
|
20%
|
5th or 6th
Position |
3rd or 4th
Position |
1st or 2nd
Position |
3rd or 4th Position
|
20%
|
|||||||||||||||||
(100% of target)
|
|||||||||||||||||||||||
EBITDA
|
20% | $6,700 | $11,100 | $13,100 | $3,750 | 0% | |||||||||||||||||
(0% of target)
|
|||||||||||||||||||||||
Distributable Cash Flow at MPLX | 10% | $3,774 | $4,194 | $4,403 | $4,327 | 16.36% | |||||||||||||||||
(163.64% of target)
|
|||||||||||||||||||||||
10%
|
OPERATIONAL | ||||||||||||||||||||||
Mechanical Availability | 10% | 95% | 96% | 97% |
96.8%
|
18% | |||||||||||||||||
(180% of target)
|
|||||||||||||||||||||||
20%
|
SUSTAINABILITY | ||||||||||||||||||||||
Greenhouse Gas Intensity
|
5% | 24.2 | 23.6 | 22.8 | 23.7 | 4.58% | |||||||||||||||||
(91.67% of target) | |||||||||||||||||||||||
Designated Environmental Incidents
|
5% | 110 | 90 | 75 |
50
|
10% | |||||||||||||||||
(200% of target)
|
|||||||||||||||||||||||
Marathon Safety Performance Index
|
5% | 1.00 | 0.65 | 0.40 | 0.80 | 3.93% | |||||||||||||||||
(78.57% of target)
|
|||||||||||||||||||||||
Process Safety Events Rate
|
5% | 0.53 | 0.35 | 0.25 | 0.25 | 10% | |||||||||||||||||
(200% of target)
|
|||||||||||||||||||||||
80% | Total Target Weighting | Total Achieved: | 82.87% | ||||||||||||||||||||
TOTAL ACHIEVED AS A PERCENTAGE OF TOTAL TARGET: 104% |
Operating Income Per Barrel of crude oil throughput compared to a group of MPC’s peer companies: BP p.l.c.; Chevron Corporation; Exxon Mobil Corporation; HollyFrontier Corporation; PBF Energy Inc.; Phillips 66; and Valero Energy Corporation.
|
|||||||||||||||||||||||
EBITDA is a non-GAAP performance metric derived from MPC’s consolidated financial statements. It is calculated as MPC’s earnings before interest and financing costs, interest income, income taxes, depreciation and amortization expense, adjusted for certain items, including impairment expenses, inventory market valuation adjustments, effects of acquisitions and divestitures, and certain other non-cash charges and credits.
|
|||||||||||||||||||||||
Distributable Cash Flow at MPLX is a non-GAAP measure reflecting cash flow available to be paid to our common unitholders, as disclosed in our consolidated financial statements. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Information for more information about this non-GAAP measure.
|
|||||||||||||||||||||||
Mechanical Availability measures the availability of the processing equipment in MPC’s refineries and the critical equipment in MPC’s midstream assets.
|
|||||||||||||||||||||||
Greenhouse Gas (GHG) Intensity measures how efficiently MPC operates its facilities and implements a business plan that promotes a less carbon-intensive future. GHG intensity is based on Scope 1 and Scope 2 GHG emissions divided by the manufacturing inputs processed at MPC’s petroleum refineries, renewable fuel refineries and natural gas processing and fractionation plants.
|
|||||||||||||||||||||||
Designated Environmental Incidents measures certain internal environmental performance metrics.
|
|||||||||||||||||||||||
Marathon Safety Performance Index measures MPC’s success and commitment to employee safety. Goals are set annually at best-in-class industry performance, focusing on continual improvement and include common industry metrics.
|
|||||||||||||||||||||||
Process Safety Events Rate measures MPC’s ability to identify, understand and control certain process hazards.
|
Name |
2020 Year-End Base Salary ($)
|
Bonus Target as a % of
Base Salary |
Target Bonus ($) |
Final Award
as a % of Target |
Final Award ($) | ||||||||||||||||||||||||||||||||||||
Hennigan* | 880,000 | 150 | 1,320,000 | 104 | 1,372,800 | ||||||||||||||||||||||||||||||||||||
Beall | 575,000 | 70 | 402,500 | 104 | 419,000 | ||||||||||||||||||||||||||||||||||||
Gagle* | 350,000 | 70 | 245,000 | 104 | 255,000 | ||||||||||||||||||||||||||||||||||||
Floerke | 560,000 | 70 | 392,000 | 104 | 408,000 | ||||||||||||||||||||||||||||||||||||
Aydt | 400,000 | 60 | 240,000 | 104 | 250,000 |
MPC TSR PAYOUT PERCENTAGE CALCULATION | ||||||||||||||||||||
MPC’s relative TSR performance percentile is determined for each of four measurement periods, with linear interpolation used for results between target levels: | ||||||||||||||||||||
Below Threshold | Threshold | Target | Maximum | |||||||||||||||||
MPC TSR Percentile | Below 30th | 30th | 50th | 100th (Highest) | ||||||||||||||||
Payout (% of Target) | 0% | 50% | 100% | 200% | ||||||||||||||||
TSR CALCULATION | MEASUREMENT PERIODS | |||||||||||||||||||
(Ending Stock Price - Beginning Stock Price) + Cumulative Cash Dividends |
First 12 months
Second 12 months Third 12 months Entire 36-month period |
|||||||||||||||||||
Beginning Stock Price | ||||||||||||||||||||
The beginning and ending stock price is the average of each company’s closing stock price for the 20 trading days immediately preceding each applicable date. | ||||||||||||||||||||
MPC PERFORMANCE UNIT PEER GROUPS | ||||||||||||||||||||
2018 Performance Units | 2019 Performance Units | 2020 Performance Units | ||||||||||||||||||
(1/1/2018 – 12/31/2020
Performance Period) |
(1/1/2019 – 12/31/2021
Performance Period) |
(1/1/2020 – 12/31/2022
Performance Period) |
||||||||||||||||||
Chevron Corporation
HollyFrontier Corporation PBF Energy Inc. Phillips 66 Valero Energy Corporation S&P 500 Energy Index |
BP p.l.c.
Chevron Corporation Exxon Mobil Corporation HollyFrontier Corporation PBF Energy Inc. Phillips 66 Valero Energy Corporation S&P 500 Energy Index |
BP p.l.c.
Chevron Corporation CVR Energy, Inc. Delek US Holdings, Inc. Exxon Mobil Corporation HollyFrontier Corporation PBF Energy Inc. Phillips 66 Valero Energy Corporation S&P 500 Energy Index |
||||||||||||||||||
TSR Measurement Period | Position Relative to Peer Group |
Percentile Ranking (%)
|
TSR Payout Percentage (% of Target)
|
||||||||||||||
Actual TSR (%)
|
|||||||||||||||||
1/1/2018–12/31/2018 | -4.62 |
4th of 7
|
50.00 | 100.00 | |||||||||||||
1/1/2019–12/31/2019 | 3.16 |
4th of 7
|
50.00 | 100.00 | |||||||||||||
1/1/2020–12/31/2020 | -26.97 |
2nd of 7
|
83.33 | * | 100.00 | ||||||||||||
1/1/2018–12/31/2020 | -26.56 |
4th of 7
|
50.00 | 100.00 | |||||||||||||
Average: | 100.00 |
Hennigan | Beall | Gagle | Floerke | Aydt | Swearingen | |||||||||||||||
MPC 2018 Performance Units Granted (#) | 875,000 | 250,000 | 400,000 | 250,000 | — | 250,000 | ||||||||||||||
Payout ($) | 875,000 | 250,000 | 400,000 | 250,000 | — | 250,000 |
Percentile Ranking (%)
|
TUR Payout Percentage
(% of Target)
|
||||||||||||||||
TUR Measurement Period |
Actual TUR (%)
|
Position | |||||||||||||||
1/1/2018–12/31/2018 | -4.16 |
6th of 9
|
37.50 | 68.75 | |||||||||||||
1/1/2019–12/31/2019 | -13.83 |
5th of 6
|
20.00 | — | |||||||||||||
1/1/2020–12/31/2020 | 0.17 |
1st of 6
|
100.00 | 200.00 | |||||||||||||
1/1/2018–12/31/2020 | -16.35 |
2nd of 6
|
80.00 | * | 100.00 | ||||||||||||
Average: | 92.19 |
DCF
Performance Period |
Below Threshold
|
Actual DCF Attributable to MPLX
|
DCF Payout Percentage
(% of Target)
|
|||||||||||||||||
Threshold | Target | Maximum | ||||||||||||||||||
1/1/2018-12/31/2018 | Below $2,335 |
$2,335
|
$2,595
|
$2,725
|
$2,781 | 200.00 | ||||||||||||||
1/1/2019-12/31/2019 | Below $3,797 |
$3,797
|
$4,219
|
$4,430
|
$4,100 | 85.90 | ||||||||||||||
1/1/2020-12/31/2020 | Below $3,775 |
$3,775
|
$4,194
|
$4,404
|
$4,327 | 163.42 | ||||||||||||||
Average: | 149.77 |
Hennigan | Beall | Gagle | Floerke | Aydt | Swearingen | |||||||||||||||
MPLX 2018 Performance Units Granted (#) | 875,000 | 250,000 | 400,000 | 250,000 | 100,000 | 250,000 | ||||||||||||||
Payout ($) | 1,058,575 | 302,450 | 483,920 | 302,450 | 120,980 | 302,450 |
October 1, 2018 through December 31, 2019 | January 1, 2020 through December 31, 2020 | January 1, 2021 through December 31, 2021 | ||||||||||||||||||
Performance Level | Synergy Capture Performance | Payout Percentage | Synergy Capture Performance | Payout Percentage | Synergy Capture Performance | Payout Percentage | ||||||||||||||
Maximum | $960 million | 200% | $1,420 million | 200% | $2,000 million | 200% | ||||||||||||||
Target | $480 million | 100% | $710 million | 100% | $1,000 million | 100% | ||||||||||||||
Threshold | $240 million | 50% | $355 million | 50% | $500 million | 50% | ||||||||||||||
Below threshold | Below $240 million | 0% | Below $355 million | 0% | Below $500 million | 0% |
Hennigan | Beall | Gagle | Floerke | Aydt | Swearingen* | |||||||||||||||
Target Number of MPC Synergy Performance Units for 2020 | 320,833 | 166,667 | 133,334 | 166,667 | 100,000 | 83,334 | ||||||||||||||
Payout ($) | 320,833 | 166,667 | 133,334 | 166,667 | 100,000 | 83,334 |
Tax and Financial Planning Services | ||
•MPC generally reimburses our NEOs for certain tax, estate and financial planning services up to $15,000 per year while serving as an executive officer and $3,000 in the year following retirement or death.
|
||
Health and Well-being | ||
•Under MPC’s enhanced annual physical health program, our senior management, including our NEOs, are eligible for a comprehensive physical (generally in the form of a one-day appointment), with procedures similar to those available to all other employees under MPC’s health program.
|
||
Position | Number of Units to Be Held | ||||
Chairman, President and Chief Executive Officer
|
25,000 | ||||
Executive Vice Presidents | 15,000 | ||||
General Counsel | 10,000 | ||||
Senior Vice Presidents | 10,000 | ||||
Vice Presidents | 5,000 |
Name and Principal Position | Salary |
Stock
Awards |
Option Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation | Total | |||||||||||||||||||
Year | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||
Michael J. Hennigan | 2020 | 653,125 | 8,988,339 | 1,104,000 | 1,693,633 | 242,057 | 195,426 | 12,876,580 | ||||||||||||||||||
Chairman, President and CEO of MPLX | 2019 | 954,167 | 2,215,393 | 888,005 | 3,166,666 | 245,801 | 186,835 | 7,656,867 | ||||||||||||||||||
2018 | 875,000 | 1,949,566 | 525,008 | 1,600,000 | 152,366 | 161,740 | 5,263,680 | |||||||||||||||||||
Pamela K.M. Beall | 2020 | 563,750 | 671,413 | 240,000 | 585,667 | 194,300 | 118,937 | 2,374,067 | ||||||||||||||||||
Executive Vice President and CFO | 2019 | 556,250 | 598,772 | 240,009 | 1,008,332 | 197,733 | 98,844 | 2,699,940 | ||||||||||||||||||
2018 | 540,000 | 557,058 | 150,007 | 670,000 | 178,266 | 96,657 | 2,191,988 | |||||||||||||||||||
Suzanne
Gagle |
2020 | 321,875 | 1,342,778 | 480,000 | 388,334 | 196,900 | 75,690 | 2,805,577 | ||||||||||||||||||
General Counsel | 2019 | 306,250 | 1,077,758 | 432,007 | 641,666 | 218,049 | 61,176 | 2,736,906 | ||||||||||||||||||
Gregory S. Floerke | 2020 | 545,000 | 671,413 | 240,000 | 574,667 | 161,979 | 114,411 | 2,307,470 | ||||||||||||||||||
Executive Vice President and Chief Operating Officer | 2019 | 536,250 | 598,772 | 240,009 | 953,332 | 125,985 | 87,453 | 2,541,801 | ||||||||||||||||||
2018 | 506,250 | 557,058 | 150,007 | 610,000 | 93,153 | 84,350 | 2,000,818 | |||||||||||||||||||
Timothy J. Aydt | 2020 | 370,000 | 402,861 | 144,000 | 350,000 | 348,188 | 74,307 | 1,689,356 | ||||||||||||||||||
Executive Vice President and Chief Commercial Officer | ||||||||||||||||||||||||||
John S. Swearingen | 2020 | 273,750 | 2,355,226 | 240,000 | 83,334 | 197,021 | 806,366 | 3,955,697 | ||||||||||||||||||
Former Executive Vice President, Logistics and Storage
|
2019 | 402,188 | 598,772 | 240,009 | 714,999 | 783,720 | 63,084 | 2,802,772 | ||||||||||||||||||
2018 | 389,063 | 557,058 | 150,007 | 457,500 | — | 61,608 | 1,615,236 |
Hennigan | Beall | Gagle | Floerke | Aydt | Swearingen | |||||||||||||||
MPC Performance Units ($) | 3,680,000 | 800,000 | 1,600,000 | 800,000 | 480,000 | 800,000 | ||||||||||||||
MPLX Performance Units ($) | 920,000 | 200,000 | 400,000 | 200,000 | 120,000 | 200,000 |
Name |
Company Physicals
($) |
Tax and Financial Planning
($) |
Company Contributions to Defined Contribution Plans
($) |
Other
($) |
Total All Other Compensation
($) |
|||||||||||||||||||||||||||
Hennigan | 3,879 | 10,521 | 181,026 | — | 195,426 | |||||||||||||||||||||||||||
Beall | 3,879 | 2,667 | 112,391 | — | 118,937 | |||||||||||||||||||||||||||
Gagle | 3,879 | 2,030 | 69,781 | — | 75,690 | |||||||||||||||||||||||||||
Floerke | 3,879 | 3,200 | 107,332 | — | 114,411 | |||||||||||||||||||||||||||
Aydt | 3,879 | 1,735 | 68,693 | — | 74,307 | |||||||||||||||||||||||||||
Swearingen | 3,879 | 15,000 | 71,427 | 716,060 | 806,366 |
Name | Type of Award | Grant Date | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (#) |
All Other Option Awards: Number of Securities Underlying Options
(#) |
Exercise or Base Price of Option Awards ($/Sh) |
Grant Date Fair Value of Stock and Option Awards
($) |
||||||||||||||||||||||||||||||
Threshold ($) |
Target
($) |
Maximum ($) | Threshold ($) |
Target
($) |
Maximum ($) | |||||||||||||||||||||||||||||||||
Hennigan | ||||||||||||||||||||||||||||||||||||||
MPC Annual Cash Bonus | — | 1,320,000 | 2,640,000 | |||||||||||||||||||||||||||||||||||
MPC Stock Options | 3/1/2020 | 112,999 | 47.73 | 1,104,000 | ||||||||||||||||||||||||||||||||||
MPC RSUs | 3/1/2020 | 15,421 | 736,044 | |||||||||||||||||||||||||||||||||||
MPC RSUs | 3/17/2020 | * | 290,641 | 5,900,012 | ||||||||||||||||||||||||||||||||||
MPC Performance Units | 3/1/2020 | 230,000 | 1,840,000 | 3,680,000 | 1,631,344 | |||||||||||||||||||||||||||||||||
MPLX Phantom Units | 3/1/2020 | 22,920 | 460,004 | |||||||||||||||||||||||||||||||||||
MPLX Performance Units | 3/1/2020 | 28,750 | 460,000 | 920,000 | 260,935 | |||||||||||||||||||||||||||||||||
Beall | ||||||||||||||||||||||||||||||||||||||
MPC Annual Cash Bonus | — | 402,500 | 805,000 | |||||||||||||||||||||||||||||||||||
MPC Stock Options | 3/1/2020 | 24,565 | 47.73 | 240,000 | ||||||||||||||||||||||||||||||||||
MPC RSUs | 3/1/2020 | 3,353 | 160,039 | |||||||||||||||||||||||||||||||||||
MPC Performance Units | 3/1/2020 | 50,000 | 400,000 | 800,000 | 354,640 | |||||||||||||||||||||||||||||||||
MPLX Phantom Units | 3/1/2020 | 4,983 | 100,009 | |||||||||||||||||||||||||||||||||||
MPLX Performance Units | 3/1/2020 | 6,250 | 100,000 | 200,000 | 56,725 | |||||||||||||||||||||||||||||||||
Gagle | ||||||||||||||||||||||||||||||||||||||
MPC Annual Cash Bonus | — | 245,000 | 490,000 | |||||||||||||||||||||||||||||||||||
MPC Stock Options | 3/1/2020 | 49,130 | 47.73 | 480,000 | ||||||||||||||||||||||||||||||||||
MPC RSUs | 3/1/2020 | 6,705 | 320,030 | |||||||||||||||||||||||||||||||||||
MPC Performance Units | 3/1/2020 | 100,000 | 800,000 | 1,600,000 | 709,280 | |||||||||||||||||||||||||||||||||
MPLX Phantom Units | 3/1/2020 | 9,966 | 200,018 | |||||||||||||||||||||||||||||||||||
MPLX Performance Units | 3/1/2020 | 12,500 | 200,000 | 400,000 | 113,450 | |||||||||||||||||||||||||||||||||
Floerke | ||||||||||||||||||||||||||||||||||||||
MPC Annual Cash Bonus | — | 392,000 | 784,000 | |||||||||||||||||||||||||||||||||||
MPC Stock Options | 3/1/2020 | 24,565 | 47.73 | 240,000 | ||||||||||||||||||||||||||||||||||
MPC RSUs | 3/1/2020 | 3,353 | 160,039 | |||||||||||||||||||||||||||||||||||
MPC Performance Units | 3/1/2020 | 50,000 | 400,000 | 800,000 | 354,640 | |||||||||||||||||||||||||||||||||
MPLX Phantom Units | 3/1/2020 | 4,983 | 100,009 | |||||||||||||||||||||||||||||||||||
MPLX Performance Units | 3/1/2020 | 6,250 | 100,000 | 200,000 | 56,725 | |||||||||||||||||||||||||||||||||
Aydt | ||||||||||||||||||||||||||||||||||||||
MPC Annual Cash Bonus | — | 240,000 | 480,000 | |||||||||||||||||||||||||||||||||||
MPC Stock Options | 3/1/2020 | 14,739 | 47.73 | 144,000 | ||||||||||||||||||||||||||||||||||
MPC RSUs | 3/1/2020 | 2,012 | 96,033 | |||||||||||||||||||||||||||||||||||
MPC Performance Units | 3/1/2020 | 30,000 | 240,000 | 480,000 | 212,784 | |||||||||||||||||||||||||||||||||
MPLX Phantom Units | 3/1/2020 | 2,990 | 60,009 | |||||||||||||||||||||||||||||||||||
MPLX Performance Units | 3/1/2020 | 3,750 | 60,000 | 120,000 | 34,035 | |||||||||||||||||||||||||||||||||
Swearingen | ||||||||||||||||||||||||||||||||||||||
MPC Annual Cash Bonus | — | 294,000 | 588,000 | |||||||||||||||||||||||||||||||||||
MPC Stock Options | 3/1/2020 | 24,565 | 47.73 | 240,000 | ||||||||||||||||||||||||||||||||||
MPC RSUs | 3/1/2020 | 3,353 | 160,039 | |||||||||||||||||||||||||||||||||||
MPC RSUs | 7/29/2020 | 5,570 | 222,299 | |||||||||||||||||||||||||||||||||||
MPC Performance Units | 3/1/2020 | 50,000 | 400,000 | 800,000 | 354,640 | |||||||||||||||||||||||||||||||||
MPC Performance Units | 7/29/2020 | 131,250 | 1,050,000 | 2,100,000 | 887,405 | |||||||||||||||||||||||||||||||||
MPLX Phantom Units | 3/1/2020 | 4,983 | 100,009 | |||||||||||||||||||||||||||||||||||
MPLX Phantom Units | 7/29/2020 | 9,382 | 174,224 | |||||||||||||||||||||||||||||||||||
MPLX Performance Units | 3/1/2020 | 6,250 | 100,000 | 200,000 | 56,725 | |||||||||||||||||||||||||||||||||
MPLX Performance Units | 7/29/2020 | 28,125 | 450,000 | 900,000 | 399,885 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Grant Date |
Number of Securities Underlying Unexercised Options (#)
Exercisable |
Number of Securities Underlying Unexercised Options (#)
Unexercis- able |
Option Exercise Price
($) |
Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) |
Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($) | |||||||||||||||||||||||
Hennigan | 3/1/2018 | 30,225 | — | 64.79 | 3/1/2028 | MPC | ||||||||||||||||||||||||||
3/1/2019 | 61,925 | — | 62.68 | 3/1/2029 | 310,608 | 12,846,747 | 3,320,000 | 6,640,000 | ||||||||||||||||||||||||
3/1/2020 | — | 112,999 | 47.73 | 3/1/2030 | MPLX | |||||||||||||||||||||||||||
92,150 | 112,999 | 38,080 | 824,432 | 830,000 | 1,660,000 | |||||||||||||||||||||||||||
Beall | 3/1/2014 | 21,874 | — | 41.69 | 3/1/2024 | |||||||||||||||||||||||||||
3/1/2015 | 20,150 | — | 50.89 | 3/1/2025 | ||||||||||||||||||||||||||||
3/1/2016 | 17,052 | — | 34.63 | 3/1/2026 | ||||||||||||||||||||||||||||
3/1/2017 | 4,776 | — | 50.99 | 3/1/2027 | ||||||||||||||||||||||||||||
3/1/2018 | 8,636 | — | 64.79 | 3/1/2028 | MPC | |||||||||||||||||||||||||||
3/1/2019 | 16,737 | — | 62.68 | 3/1/2029 | 4,597 | 190,132 | 800,000 | 1,600,000 | ||||||||||||||||||||||||
3/1/2020 | — | 24,565 | 47.73 | 3/1/2030 | MPLX | |||||||||||||||||||||||||||
89,225 | 24,565 | 9,205 | 199,288 | 200,000 | 400,000 | |||||||||||||||||||||||||||
Gagle | 5/25/2011 | 8,080 | — | 22.36 | 5/25/2021 | |||||||||||||||||||||||||||
12/5/2011 | 1,310 | — | 17.20 | 12/5/2021 | ||||||||||||||||||||||||||||
4/2/2012 | 4,210 | — | 21.72 | 4/2/2022 | ||||||||||||||||||||||||||||
4/1/2013 | 2,370 | — | 44.92 | 4/1/2023 | ||||||||||||||||||||||||||||
4/1/2014 | 3,006 | — | 44.77 | 4/1/2024 | ||||||||||||||||||||||||||||
4/1/2015 | 4,120 | — | 50.88 | 4/1/2025 | ||||||||||||||||||||||||||||
3/1/2016 | 25,678 | — | 34.63 | 3/1/2026 | ||||||||||||||||||||||||||||
3/1/2017 | 26,967 | — | 50.99 | 3/1/2027 | ||||||||||||||||||||||||||||
3/1/2018 | 13,817 | — | 64.79 | 3/1/2028 | MPC | |||||||||||||||||||||||||||
3/1/2019 | 30,126 | — | 62.68 | 3/1/2029 | 8,858 | 366,367 | 1,520,000 | 3,040,000 | ||||||||||||||||||||||||
3/1/2020 | — | 49,130 | 47.73 | 3/1/2030 | MPLX | |||||||||||||||||||||||||||
119,684 | 49,130 | 17,101 | 370,237 | 380,000 | 760,000 | |||||||||||||||||||||||||||
Floerke | 3/1/2017 | 4,495 | — | 50.99 | 3/1/2027 | |||||||||||||||||||||||||||
3/1/2018 | 8,636 | — | 64.79 | 3/1/2028 | MPC | |||||||||||||||||||||||||||
3/1/2019 | 16,737 | — | 62.68 | 3/1/2029 | 4,594 | 190,008 | 800,000 | 1,600,000 | ||||||||||||||||||||||||
3/1/2020 | — | 24,565 | 47.73 | 3/1/2030 | MPLX | |||||||||||||||||||||||||||
29,868 | 24,565 | 45,680 | 988,972 | 200,000 | 400,000 | |||||||||||||||||||||||||||
Aydt | 12/5/2011 | 3,390 | — | 17.20 | 12/5/2021 | |||||||||||||||||||||||||||
4/2/2012 | 4,210 | — | 21.72 | 4/2/2022 | ||||||||||||||||||||||||||||
4/1/2013 | 3,746 | — | 44.92 | 4/1/2023 | ||||||||||||||||||||||||||||
4/1/2014 | 4,810 | — | 44.77 | 4/1/2024 | ||||||||||||||||||||||||||||
4/1/2015 | 6,556 | — | 50.88 | 4/1/2025 | ||||||||||||||||||||||||||||
4/1/2016 | 9,106 | — | 36.39 | 4/1/2026 | ||||||||||||||||||||||||||||
4/1/2017 | 7,589 | — | 49.94 | 4/1/2027 | ||||||||||||||||||||||||||||
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Grant Date |
Number of Securities Underlying Unexercised Options (#)
Exercisable |
Number of Securities Underlying Unexercised Options (#)
Unexercis- able |
Option Exercise Price
($) |
Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) |
Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($) | |||||||||||||||||||||||
4/1/2018 | 5,907 | — | 71.80 | 4/1/2028 | MPC | |||||||||||||||||||||||||||
3/1/2019 | 10,042 | — | 62.68 | 3/1/2029 | 3,094 | 127,968 | 480,000 | 960,000 | ||||||||||||||||||||||||
3/1/2020 | — | 14,739 | 47.73 | 3/1/2030 | MPLX | |||||||||||||||||||||||||||
55,356 | 14,739 | 5,125 | 110,956 | 120,000 | 240,000 | |||||||||||||||||||||||||||
Swearingen | 2/29/2012 | 33,614 | — | 20.78 | 3/1/2022 | |||||||||||||||||||||||||||
2/27/2013 | 16,610 | — | 41.37 | 2/27/2023 | ||||||||||||||||||||||||||||
3/1/2014 | 17,372 | — | 41.69 | 3/1/2024 | ||||||||||||||||||||||||||||
3/1/2015 | 20,150 | — | 50.89 | 3/1/2025 | ||||||||||||||||||||||||||||
3/1/2016 | 32,097 | — | 34.63 | 8/31/2025 | ||||||||||||||||||||||||||||
3/1/2017 | 14,045 | — | 50.99 | 8/31/2025 | ||||||||||||||||||||||||||||
3/1/2018 | 8,636 | — | 64.79 | 8/31/2025 | MPC | |||||||||||||||||||||||||||
3/1/2019 | 16,737 | — | 62.68 | 8/31/2025 | 4,571 | 189,057 | 800,000 | 1,600,000 | ||||||||||||||||||||||||
3/1/2020 | 24,565 | — | 47.73 | 8/31/2025 | MPLX | |||||||||||||||||||||||||||
183,826 | — | 9,031 | 195,521 | 200,000 | 400,000 |
MPC RSUs/Restricted Stock | MPLX LP Phantom Units | |||||||||||||||||||
Name | Grant Date | Number of Unvested Shares | Vesting Dates | Grant Date | Number of Unvested Units | Vesting Dates | ||||||||||||||
Hennigan | 3/1/2018 | 1,011 | 3/1/2021 | 3/1/2018 | 8,024 | 3/1/2021 | ||||||||||||||
3/1/2019 | 3,535 | 3/1/2021, 3/1/2022 | 3/1/2019 | 7,136 | 3/1/2021, 3/1/2022 | |||||||||||||||
3/1/2020 | 15,421 | 3/1/2021, 3/1/2022, 3/1/2023 | 3/1/2020 | 22,920 | 3/1/2021, 3/1/2022, 3/1/2023 | |||||||||||||||
3/17/2020 | 290,641 | 3/17/2021, 3/17/2022, 3/17/2023 | 38,080 | |||||||||||||||||
310,608 | ||||||||||||||||||||
Beall | 3/1/2018 | 289 | 3/1/2021 | 3/1/2018 | 2,293 | 3/1/2021 | ||||||||||||||
3/1/2019 | 955 | 3/1/2021, 3/1/2022 | 3/1/2019 | 1,929 | 3/1/2021, 3/1/2022 | |||||||||||||||
3/1/2020 | 3,353 | 3/1/2021, 3/1/2022, 3/1/2023 | 3/1/2020 | 4,983 | 3/1/2021, 3/1/2022, 3/1/2023 | |||||||||||||||
4,597 | 9,205 | |||||||||||||||||||
Gagle | 3/1/2018 | 456 | 3/1/2021 | 3/1/2018 | 3,666 | 3/1/2021 | ||||||||||||||
3/1/2019 | 1,697 | 3/1/2021, 3/1/2022 | 3/1/2019 | 3,469 | 3/1/2021, 3/1/2022 | |||||||||||||||
3/1/2020 | 6,705 | 3/1/2021, 3/1/2022, 3/1/2023 | 3/1/2020 | 9,966 | 3/1/2021, 3/1/2022, 3/1/2023 | |||||||||||||||
8,858 | 17,101 | |||||||||||||||||||
Floerke | 3/1/2018 | 288 | 3/1/2021 | 12/18/2015 | 36,476 | Upon termination without cause | ||||||||||||||
3/1/2019 | 953 | 3/1/2021, 3/1/2022 | 3/1/2018 | 2,292 | 3/1/2021 | |||||||||||||||
3/1/2020 | 3,353 | 3/1/2021, 3/1/2022, 3/1/2023 | 3/1/2019 | 1,929 | 3/1/2021, 3/1/2022 | |||||||||||||||
4,594 | 3/1/2020 | 4,983 | 3/1/2021, 3/1/2022, 3/1/2023 | |||||||||||||||||
45,680 | ||||||||||||||||||||
Aydt | 4/1/2018 | 257 | 4/1/2021 | 4/1/2018 | 979 | 4/1/2021 | ||||||||||||||
11/1/2018 | 259 | 11/1/2021 | 3/1/2019 | 1,156 | 3/1/2021, 3/1/2022 | |||||||||||||||
3/1/2019 | 566 | 3/1/2021, 3/1/2022 | 3/1/2020 | 2,990 | 3/1/2021, 3/1/2022, 3/1/2023 | |||||||||||||||
3/1/2020 | 2,012 | 3/1/2021, 3/1/2022, 3/1/2023 | 5,125 | |||||||||||||||||
3,094 | ||||||||||||||||||||
Swearingen | 3/1/2018 | 312 | 3/1/2021 | 3/1/2018 | 2,299 | 3/1/2021 | ||||||||||||||
3/1/2019 | 1,032 | 3/1/2021, 3/1/2022 | 3/1/2019 | 1,935 | 3/1/2021, 3/1/2022 | |||||||||||||||
3/1/2020 | 3,227 | 3/1/2021, 3/1/2022, 3/1/2023 | 3/1/2020 | 4,797 | 3/1/2021, 3/1/2022, 3/1/2023 | |||||||||||||||
4,571 | 9,031 |
Name | MPC Performance Units | MPLX Performance Units | |||||||||||||||||||||
Grant Date | Number of Unvested Units | Performance Cycle | Grant Date | Number of Unvested Units | Performance Cycle | ||||||||||||||||||
Hennigan | 3/1/2019 | 1,480,000 | 1/1/2019 - 12/31/2021 | 3/1/2019 | 370,000 | 1/1/2019 - 12/31/2021 | |||||||||||||||||
3/1/2020 | 1,840,000 | 1/1/2020 - 12/31/2022 | 3/1/2020 | 460,000 | 1/1/2020 - 12/31/2022 | ||||||||||||||||||
3,320,000 | 830,000 | ||||||||||||||||||||||
Beall | 3/1/2019 | 400,000 | 1/1/2019 - 12/31/2021 | 3/1/2019 | 100,000 | 1/1/2019 - 12/31/2021 | |||||||||||||||||
3/1/2020 | 400,000 | 1/1/2020 - 12/31/2022 | 3/1/2020 | 100,000 | 1/1/2020 - 12/31/2022 | ||||||||||||||||||
800,000 | 200,000 | ||||||||||||||||||||||
Gagle | 3/1/2019 | 720,000 | 1/1/2019 - 12/31/2021 | 3/1/2019 | 180,000 | 1/1/2019 - 12/31/2021 | |||||||||||||||||
3/1/2020 | 800,000 | 1/1/2020 - 12/31/2022 | 3/1/2020 | 200,000 | 1/1/2020 - 12/31/2022 | ||||||||||||||||||
1,520,000 | 380,000 | ||||||||||||||||||||||
Name | MPC Performance Units | MPLX Performance Units | |||||||||||||||||||||
Grant Date | Number of Unvested Units | Performance Cycle | Grant Date | Number of Unvested Units | Performance Cycle | ||||||||||||||||||
Floerke | 3/1/2019 | 400,000 | 1/1/2019 - 12/31/2021 | 3/1/2019 | 100,000 | 1/1/2019 - 12/31/2021 | |||||||||||||||||
3/1/2020 | 400,000 | 1/1/2020 - 12/31/2022 | 3/1/2020 | 100,000 | 1/1/2020 - 12/31/2022 | ||||||||||||||||||
800,000 | 200,000 | ||||||||||||||||||||||
Aydt | 3/1/2019 | 240,000 | 1/1/2019 - 12/31/2021 | 3/1/2019 | 60,000 | 1/1/2019 - 12/31/2021 | |||||||||||||||||
3/1/2020 | 240,000 | 1/1/2020 - 12/31/2022 | 3/1/2020 | 60,000 | 1/1/2020 - 12/31/2022 | ||||||||||||||||||
480,000 | 120,000 | ||||||||||||||||||||||
Swearingen | 3/1/2019 | 400,000 | 1/1/2019 - 12/31/2021 | 3/1/2019 | 100,000 | 1/1/2019 - 12/31/2021 | |||||||||||||||||
3/1/2020 | 400,000 | 1/1/2020 - 12/31/2022 | 3/1/2020 | 100,000 | 1/1/2020 - 12/31/2022 | ||||||||||||||||||
800,000 | 200,000 |
Option Awards | Stock/Unit Awards | ||||||||||||||||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares/Units Acquired on Vesting (#) | Value Realized on Vesting ($) | |||||||||||||||||||||||||
Hennigan | MPC | — | — | 22,312 | 884,898 | ||||||||||||||||||||||||
MPLX | 98,383 | 1,742,551 | |||||||||||||||||||||||||||
Beall | MPC | — | — | 2,562 | 114,282 | ||||||||||||||||||||||||
MPLX | 6,551 | 131,795 | |||||||||||||||||||||||||||
Gagle | MPC | — | — | 5,345 | 240,243 | ||||||||||||||||||||||||
MPLX | 6,987 | 140,731 | |||||||||||||||||||||||||||
Floerke | MPC | — | — | 2,552 | 113,794 | ||||||||||||||||||||||||
MPLX | 6,377 | 128,303 | |||||||||||||||||||||||||||
Aydt | MPC | 15,148 | 295,013 | 3,404 | 119,207 | ||||||||||||||||||||||||
MPLX | 2,563 | 34,877 | |||||||||||||||||||||||||||
Swearingen | MPC | 40,750 | 705,619 | 3,019 | 135,558 | ||||||||||||||||||||||||
MPLX | 5,936 | 120,160 |
Name | Plan Name | Number of Years Credited Service (#) |
Present Value of Accumulated Benefit
($) |
Payments During Last Fiscal Year
($) |
||||||||||||||||
Hennigan* | MPC Retirement Plan | 3.58 | 57,464 | — | ||||||||||||||||
MPC Excess Benefit Plan | 3.58 | 473,062 | — | |||||||||||||||||
Beall | MPC Retirement Plan | 18.67 | 930,661 | — | ||||||||||||||||
MPC Excess Benefit Plan | 18.67 | 1,950,842 | — | |||||||||||||||||
Gagle* | MPC Retirement Plan | 27.67 | 653,259 | — | ||||||||||||||||
MPC Excess Benefit Plan | 27.67 | 407,678 | — | |||||||||||||||||
Floerke | MPC Retirement Plan | 5.00 | 133,919 | — | ||||||||||||||||
MPC Excess Benefit Plan | 5.00 | 388,795 | — | |||||||||||||||||
Aydt | MPC Retirement Plan | 35.58 | 1,941,150 | — | ||||||||||||||||
MPC Excess Benefit Plan | 35.58 | 1,125,031 | — | |||||||||||||||||
Swearingen* | MPC Retirement Plan | 39.25 | 1,795,561 | — | ||||||||||||||||
MPC Excess Benefit Plan | 39.25 | 2,857,556 | 178,979 |
MPC Legacy Benefit Formula | |||||||||||||||||||||||
1.6% | × |
Monthly Final
Average Pay |
× |
Years of Participation
|
|||||||||||||||||||
– | 1.33% | × | Monthly Estimated Primary Social Security Benefit | × |
Years of Participation
|
||||||||||||||||||
Monthly Benefit |
Age at Retirement | 62 | 61 | 60 | 59 | 58 | 57 | 56 | 55 | 54 | 53 | 52 | 51 | 50 | ||||||||||||||||||||||||||||
Early Retirement Factor | 100 | % | 97 | % | 94 | % | 91 | % | 87 | % | 83 | % | 79 | % | 75 | % | 71 | % | 67 | % | 63 | % | 59 | % | 55 | % |
Name | Plan |
Executive Contributions in Last Fiscal Year
($) |
MPC Company Contributions in Last Fiscal Year
($) |
Aggregate Earnings in Last Fiscal Year
($) |
Aggregate Withdrawals/Distributions
($) |
Aggregate Balance at Last Fiscal Year-End
($) |
||||||||||||||
Hennigan* | MPC Deferred Compensation Plan | 515,745 | 170,023 | 443,490 | — | 2,080,117 | ||||||||||||||
MPC 2012 Incentive Compensation Plan | — | — | 11,912 | 776 | 11,136 | |||||||||||||||
MPLX LP 2012 Incentive Compensation Plan | — | — | 15,806 | 1,345 | 14,461 | |||||||||||||||
MPLX LP 2018 Incentive Compensation Plan | — | — | 12,651 | 781 | 11,870 | |||||||||||||||
Beall | MPC Excess Benefit Plan | — | — | 2,822 | — | 145,302 | ||||||||||||||
MPC Deferred Compensation Plan | — | 92,384 | 159,724 | — | 1,425,147 | |||||||||||||||
MPC 2012 Incentive Compensation Plan | — | — | 5,936 | 388 | 5,548 | |||||||||||||||
MPLX LP 2012 Incentive Compensation Plan | — | — | 8,212 | 699 | 7,513 | |||||||||||||||
MPLX LP 2018 Incentive Compensation Plan | — | — | 6,218 | 384 | 5,834 | |||||||||||||||
Gagle* | MPC Excess Benefit Plan | — | — | 1,053 | — | 54,204 | ||||||||||||||
MPC Deferred Compensation Plan | — | 59,777 | 31,031 | — | 196,869 | |||||||||||||||
MPC 2012 Incentive Compensation Plan | — | — | 5,193 | 341 | 4,852 | |||||||||||||||
MPLX LP 2012 Incentive Compensation Plan | — | — | 6,569 | 566 | 6,003 | |||||||||||||||
MPLX LP 2018 Incentive Compensation Plan | — | — | 5,595 | 350 | 5,245 | |||||||||||||||
Floerke | MPC Deferred Compensation Plan | — | 87,325 | 101,063 | — | 436,613 | ||||||||||||||
MPC 2012 Incentive Compensation Plan | — | — | 5,936 | 389 | 5,547 | |||||||||||||||
MPLX LP 2012 Incentive Compensation Plan | — | — | 8,212 | 700 | 7,512 | |||||||||||||||
MPLX LP 2018 Incentive Compensation Plan | — | — | 6,218 | 385 | 5,833 | |||||||||||||||
Aydt | MPC Excess Benefit Plan | — | — | 3,413 | — | 175,714 | ||||||||||||||
MPC Deferred Compensation Plan | — | 48,686 | 24,054 | — | 106,305 | |||||||||||||||
MPC 2012 Incentive Compensation Plan | — | — | 6,191 | 366 | 5,825 | |||||||||||||||
MPLX LP 2018 Incentive Compensation Plan | — | — | 7,241 | 536 | 6,705 | |||||||||||||||
Swearingen* | MPC Excess Benefit Plan | — | — | 2,709 | 35,774 | 108,311 | ||||||||||||||
MPC Deferred Compensation Plan | — | 56,422 | 67,730 | — | 479,848 | |||||||||||||||
MPC 2012 Incentive Compensation Plan | — | — | 8,827 | 433 | 8,394 | |||||||||||||||
MPLX LP 2012 Incentive Compensation Plan | — | — | 6,159 | 487 | 5,672 | |||||||||||||||
MPLX LP 2018 Incentive Compensation Plan | — | — | 12,371 | 555 | 11,816 | |||||||||||||||
* Amounts for Mr. Hennigan, Ms. Gagle and Mr. Swearingen are shown at 55%, 50% and 75%, respectively, to reflect the portions of their time allocated to us for 2020 under our omnibus agreement. |
Hennigan | Beall | Gagle | Floerke | Swearingen | |||||||||||||
MPC Deferred Compensation Plan
|
1,460,246 | 241,684 | 36,174 | 193,774 | 87,876 |
Name | Scenario | Severance ($) | Additional Pension Benefits ($) |
Stock Options Vested
($) |
RSUs/Restricted Stock Vested
($) |
Performance Units Vested
($) |
Other Benefits ($) |
Total
($) |
||||||||||||||||||
Hennigan | Retirement | — | — | — | — | — | — | — | ||||||||||||||||||
Resignation | — | — | — | — | — | — | — | |||||||||||||||||||
Involuntary Termination without Cause or with Good Reason | — | — | — | 13,154,942 | 2,883,334 | — | 16,038,276 | |||||||||||||||||||
Involuntary Termination for Cause | — | — | — | — | — | — | — | |||||||||||||||||||
Change in Control with Qualified Termination | 10,800,000 | — | — | 13,154,942 | 2,883,334 | 18,541 | 26,856,817 | |||||||||||||||||||
Death | — | — | — | 13,154,942 | 2,883,334 | — | 16,038,276 | |||||||||||||||||||
Beall | Retirement | — | — | — | — | — | — | — | ||||||||||||||||||
Resignation | — | — | — | — | — | — | — | |||||||||||||||||||
Involuntary Termination without Cause or with Good Reason | — | — | — | 246,562 | 666,667 | — | 913,229 | |||||||||||||||||||
Involuntary Termination for Cause | — | — | — | — | — | — | — | |||||||||||||||||||
Change in Control with Qualified Termination | 793,011 | 2,499,820 | — | 246,562 | 666,667 | 9,122 | 4,215,182 | |||||||||||||||||||
Death | — | — | — | 246,562 | 666,667 | — | 913,229 | |||||||||||||||||||
Gagle | Retirement | — | — | — | — | — | — | — | ||||||||||||||||||
Resignation | — | — | — | — | — | — | — | |||||||||||||||||||
Involuntary Termination without Cause or with Good Reason | — | — | — | 493,083 | 1,266,667 | — | 1,759,750 | |||||||||||||||||||
Involuntary Termination for Cause | — | — | — | — | — | — | — | |||||||||||||||||||
Change in Control with Qualified Termination | 4,350,000 | 9,430,285 | — | 493,083 | 1,266,667 | 11,624 | 15,551,659 | |||||||||||||||||||
Death | — | — | — | 493,083 | 1,266,667 | — | 1,759,750 | |||||||||||||||||||
Floerke | Retirement | — | — | — | — | — | — | — | ||||||||||||||||||
Resignation | — | — | — | 789,705 | — | — | 789,705 | |||||||||||||||||||
Involuntary Termination without Cause or with Good Reason | — | — | — | 1,036,267 | 666,667 | — | 1,702,934 | |||||||||||||||||||
Involuntary Termination for Cause | — | — | — | — | — | — | — | |||||||||||||||||||
Change in Control with Qualified Termination | 3,540,000 | — | — | 1,036,267 | 666,667 | 8,315 | 5,251,249 | |||||||||||||||||||
Death | — | — | — | 1,036,267 | 666,667 | — | 1,702,934 | |||||||||||||||||||
Aydt | Retirement | — | — | — | — | — | — | — | ||||||||||||||||||
Resignation | — | — | — | — | — | — | — | |||||||||||||||||||
Involuntary Termination without Cause or with Good Reason | — | — | — | 147,950 | 400,000 | — | 547,950 | |||||||||||||||||||
Involuntary Termination for Cause | — | — | — | — | — | — | — | |||||||||||||||||||
Change in Control with Qualified Termination | 2,325,000 | 5,302,176 | — | 147,950 | 400,000 | 6,771 | 8,181,897 | |||||||||||||||||||
Death | — | — | — | 147,950 | 400,000 | — | 547,950 |
Role |
Cash Retainer
($) |
Deferred Phantom Unit Equity Award
($) |
Lead Director Retainer
($) |
Committee Chair Retainer
($) |
MLP Representative Retainer
($) |
Total
($) |
|||||||||||||||||||||||
Lead Director | 90,000 | 110,000 | 15,000 | — | — | 215,000 | |||||||||||||||||||||||
Audit Committee Chair | 90,000 | 110,000 | — | 15,000 | — | 215,000 | |||||||||||||||||||||||
Conflicts Committee Chair | 90,000 | 110,000 | — | 15,000 | — | 215,000 | |||||||||||||||||||||||
MLP Representative Board Observer | 90,000 | 110,000 | — | — | 62,500 | 262,500 | |||||||||||||||||||||||
All Other Directors | 90,000 | 110,000 | — | — | — | 200,000 |
Name |
Fees Earned or Paid in Cash
($) |
Unit Awards ($) |
All Other Compensation
($) |
Total
($) |
|||||||||||||||||||||||||
Michael L. Beatty | 90,000 | 110,000 | 10,000 | 210,000 | |||||||||||||||||||||||||
Christopher A. Helms | 105,000 | 110,000 | — | 215,000 | |||||||||||||||||||||||||
Garry L. Peiffer | 105,000 | 110,000 | 8,500 | 223,500 | |||||||||||||||||||||||||
Dan D. Sandman | 105,000 | 110,000 | — | 215,000 | |||||||||||||||||||||||||
Frank M. Semple | 152,500 | 110,000 | 10,000 | 272,500 | |||||||||||||||||||||||||
J. Michael Stice | 90,000 | 110,000 | — | 200,000 | |||||||||||||||||||||||||
John P. Surma | 90,000 | 110,000 | — | 200,000 |
Name of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Total Outstanding (%) | ||||||||||||||||||
MPLX Common Units | MPC Common Stock | MPLX | MPC | |||||||||||||||||
Timothy J. Aydt | 18,823 | 71,953 | * | * | ||||||||||||||||
Pamela K.M. Beall | 44,469 | 137,497 | * | * | ||||||||||||||||
Michael L. Beatty | 50,839 | — | * | * | ||||||||||||||||
Gregory S. Floerke | 78,659 | 57,664 | * | * | ||||||||||||||||
Suzanne Gagle | 33,534 | 161,105 | * | * | ||||||||||||||||
Christopher A. Helms | 41,612 | — | * | * | ||||||||||||||||
Michael J. Hennigan | 124,710 | 468,996 | * | * | ||||||||||||||||
Maryann T. Mannen | — | 78,900 | * | * | ||||||||||||||||
Garry L. Peiffer | 95,565 | 63,394 | * | * | ||||||||||||||||
Dan D. Sandman | 111,242 | — | * | * | ||||||||||||||||
Frank M. Semple | 597,754 | 5,213 | * | * | ||||||||||||||||
J. Michael Stice | 19,063 | 13,742 | * | * | ||||||||||||||||
John P. Surma | 43,583 | 55,387 | * | * | ||||||||||||||||
John S. Swearingen | 28,767 | 236,928 | * | * | ||||||||||||||||
Donald C. Templin | 117,177 | 747,871 | * | * | ||||||||||||||||
All current Directors and Executive Officers as a group (16 individuals) | 1,394,893 | 1,961,907 | * | * |
Name and Address
of Beneficial Owner |
Number of Common Units
Representing Limited Partner Interests |
Percent of Common Units
Representing Limited Partner Interests |
||||||||||||
Marathon Petroleum Corporation | 647,415,452 | 62.4 | % | |||||||||||
539 S. Main Street | ||||||||||||||
Findlay, Ohio 45840 | ||||||||||||||
The Blackstone Group Inc. | 67,919,543 | 6.5 | % | |||||||||||
345 Park Avenue | ||||||||||||||
New York, New York 10154 |
Plan category |
Number of securities to be issued upon
exercise of outstanding options, warrants and rights |
Weighted average
exercise price of outstanding options, warrants and rights |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) |
|||||||||||||||||
Equity compensation plans approved by security holders | 976,154 | N/A | 14,914,455 | |||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||
Total | 976,154 | 14,914,455 |
(In thousands) | 2020 | 2019 | |||||||||
Audit | $ | 4,725 | $ | 6,208 | |||||||
Audit-Related | — | — | |||||||||
Tax | 1,580 | 2,312 | |||||||||
All Other | 10 | 10 | |||||||||
Total | $ | 6,315 | $ | 8,530 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
|||||||||||||||||||||||||||||||||||||||||
Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.3 | S-1/A | 10.6 | 10/9/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
10.4 | S-1/A | 10.7 | 10/9/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
10.5 | S-1/A | 10.8 | 9/7/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
10.6 | S-1/A | 10.9 | 10/18/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
10.7 | 8-K | 10.3 | 11/6/2012 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.8 | S-1/A | 10.13 | 10/9/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
10.9 | S-1/A | 10.14 | 10/9/2012 | 333-182500 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
|||||||||||||||||||||||||||||||||||||||||
Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.10 | S-1/A | 10.15 | 10/9/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
10.11 | S-1/A | 10.16 | 10/9/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
10.12 | S-1/A | 10.17 | 10/9/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
10.13 | 8-K | 10.4 | 11/6/2012 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.14 | 8-K | 10.5 | 11/6/2012 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.15 | 8-K | 10.6 | 11/6/2012 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.16 | 8-K | 10.7 | 11/6/2012 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
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Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.17 | 8-K | 10.8 | 11/6/2012 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.18 | 8-K | 10.9 | 11/6/2012 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.19 | 8-K | 10.10 | 11/6/2012 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.20 | 8-K | 10.11 | 11/6/2012 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.21 | 8-K | 10.12 | 11/6/2012 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.22* | 10-K | 10.26 | 3/25/2013 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.23* | 10-K | 10.30 | 2/24/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.24 | 10-Q | 10.2 | 5/4/2015 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
|||||||||||||||||||||||||||||||||||||||||
Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.25 | 10-Q | 10.3 | 5/4/2015 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.26 | 8-K | 10.1 | 6/17/2015 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.27 | 8-K | 10.1 | 9/23/2015 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.28 | 8-K | 10.1 | 1/4/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.29+ | 10-K | 10.48 | 2/26/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.30 | 8-K | 10.1 | 4/6/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.31 | 8-K | 10.2 | 4/6/2016 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
|||||||||||||||||||||||||||||||||||||||||
Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.32 | 8-K | 10.3 | 4/6/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.33 | 8-K | 10.4 | 4/6/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.34* | 10-Q | 10.9 | 5/1/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.35* | 10-Q | 10.7 | 5/2/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.36* | 10-Q | 10.8 | 5/1/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.37* | 10-Q | 10.9 | 5/2/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.38 | 8-K | 10.1 | 4/29/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.39 | 10-Q | 10.2 | 10/31/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.40 | 10-Q | 10.1 | 8/3/2016 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
|||||||||||||||||||||||||||||||||||||||||
Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.41 | 10-Q | 10.2 | 8/3/2016 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.42 | 10-K | 10.62 | 2/24/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.43 | 10-K | 10.63 | 2/24/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.44 | 8-K | 10.1 | 3/2/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.45 | 8-K | 10.2 | 3/2/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.46 | 8-K | 10.3 | 3/2/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.47 | 8-K | 10.4 | 3/2/2017 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
|||||||||||||||||||||||||||||||||||||||||
Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.48 | 8-K | 10.5 | 3/2/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.49 | 8-K | 10.6 | 3/2/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.50 | 8-K | 10.7 | 3/2/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.51* | 10-Q | 10.1 | 8/3/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.52* | 10-Q | 10.2 | 10/30/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.53* | 10-Q | 10.3 | 10/30/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.54 | 8-K | 10.1 | 11/7/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.55 | 8-K | 10.2 | 11/7/2017 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.56+ | 8-K | 10.1 | 2/2/2018 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
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Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.57+ | 8-K | 10.2 | 2/2/2018 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.58 | 8-K | 10.3 | 2/2/2018 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.59+ | 8-K | 10.4 | 2/2/2018 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.60 | 8-K | 10.5 | 2/2/2018 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.61* | 8-K | 10.1 | 3/5/2018 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.62* | 10-Q | 10.8 | 4/30/2018 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.63* | 10-Q | 10.9 | 4/30/2018 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.64* | 10-Q | 10.10 | 4/30/2018 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.65* | 10-Q | 10.11 | 4/30/2018 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.66* | 10-Q | 10.12 | 4/30/2018 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
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Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.67* | 10-K | 10.78 | 2/28/2019 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.68* | 10-K | 10.79 | 2/28/2019 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.69* | 10-K | 10.75 | 2/28/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.70* | 10-Q | 10.1 | 5/9/2019 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.71* | 10-Q | 10.2 | 5/9/2019 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.72* | 10-Q | 10.3 | 5/9/2019 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.73* | 10-Q | 10.4 | 5/9/2019 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
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Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.74 | 8-K | 10.1 | 8/1/2019 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.75 | 8-K | 10.2 | 8/1/2019 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.76 | 8-K | 10.2 | 10/31/2017 |
001-35143
(ANDX) |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
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Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.77 | 10-K | 10.77 | 2/28/2019 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
10.78 | 8-K | 10.3 | 8/1/2019 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
10.79 | 10-Q | 10.2 | 11/17/2018 |
001-35143
(ANDX) |
||||||||||||||||||||||||||||||||||||||||
10.80* | 10-Q | 10.47 | 11/4/2019 |
001-35143
(ANDX) |
||||||||||||||||||||||||||||||||||||||||
10.81* | 10-Q | 10.48 | 11/4/2019 |
001-35143
(ANDX) |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
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Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.82 | 8-K | 10.9 | 12/8/2014 |
001-35143
(ANDX) |
||||||||||||||||||||||||||||||||||||||||
10.83 | 8-K | 10.3 | 2/3/2016 |
001-35143
(ANDX) |
||||||||||||||||||||||||||||||||||||||||
10.84 | 10-Q | 10.20 | 8/7/2018 |
001-35143
(ANDX) |
||||||||||||||||||||||||||||||||||||||||
10.85 | 8-K | 10.1 | 10/16/2014 |
001-36114
(WNRL) |
||||||||||||||||||||||||||||||||||||||||
10.86 | 10-Q | 10.7 | 8/7/2018 |
001-35143
(ANDX) |
||||||||||||||||||||||||||||||||||||||||
10.87 | 10-Q | 10.8 | 8/7/2018 |
001-35143
(ANDX) |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
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Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.88 | 10-Q | 10.9 | 8/7/2018 |
001-35143
(ANDX) |
||||||||||||||||||||||||||||||||||||||||
10.89 | 10-Q | 10.10 | 8/7/2018 |
001-35143
(ANDX) |
||||||||||||||||||||||||||||||||||||||||
10.90 | 10-Q | 10.11 | 8/7/2018 |
001-35143
(ANDX) |
||||||||||||||||||||||||||||||||||||||||
10.91 | 10-K | 10.102 | 2/28/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.92 | 10-K | 10.103 | 2/28/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.93 | 10-Q | 10.2 | 11/6/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.94* | 10-Q | 10.1 | 5/7/2020 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
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Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.95* | 10-Q | 10.2 | 5/7/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.96* | 10-Q | 10.3 | 5/7/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.97* | 10-Q | 10.4 | 5/7/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.98 | 10-Q | 10.1 | 8/3/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.99 | 8-K | 10.1 | 11/5/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.100 | 10-Q | 10.3 | 11/6/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.101 | 10-Q | 10.4 | 11/6/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.102 | 10-Q | 10.5 | 11/6/2020 | 001-35714 |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
|||||||||||||||||||||||||||||||||||||||||
Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
10.103 | 10-Q | 10.6 | 11/6/2020 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.104 | X | |||||||||||||||||||||||||||||||||||||||||||
10.105* | X | |||||||||||||||||||||||||||||||||||||||||||
10.106 | X | |||||||||||||||||||||||||||||||||||||||||||
21.1 | X | |||||||||||||||||||||||||||||||||||||||||||
23.1 | X | |||||||||||||||||||||||||||||||||||||||||||
24.1 | X | |||||||||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||||||||
32.1 | X |
Exhibit Description | Incorporated by Reference |
Filed
Herewith |
Furnished
Herewith |
|||||||||||||||||||||||||||||||||||||||||
Exhibit
Number |
Form | Exhibit | Filing Date | SEC File No. | ||||||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document | X | ||||||||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | X | ||||||||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | X | ||||||||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | X | ||||||||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | X | ||||||||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | X | ||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Date: February 26, 2021 | MPLX LP | |||||||
By: |
MPLX GP LLC
Its general partner |
|||||||
By: | /s/ C. Kristopher Hagedorn | |||||||
C. Kristopher Hagedorn
Vice President and Controller of MPLX GP LLC (the general partner of MPLX LP) |
By: | /s/ Michael J. Hennigan | February 26, 2021 | ||||||||||||
Michael J. Hennigan
Attorney-in-Fact |