Financial Position and Liquidity

As of December 31, 2022, MPLX had $238 million in cash, $2 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with Marathon Petroleum Corp. (NYSE: MPC). MPLX's leverage ratio was 3.5x, below its stated target of 4.0x.

The partnership repurchased $176 million of common units held by the public in the fourth quarter, and $491 million for the full-year 2022. As of December 31, 2022, MPLX had approximately $846 million remaining available under its unit repurchase authorization.

MPLX is providing a notice of redemption for all of the $600 million outstanding Series B preferred units.  The Series B preferred units are expected to be redeemed on February 15, 2023 at $1,000 per unit. The semi-annual distribution on the Series B preferred units will be paid in the usual manner on February 15, 2023 to the holders of record as of the close of business on February 1, 2023. The foregoing is qualified in its entirety by the redemption notice to be distributed to the holders of the Series B preferred units and does not constitute an offer to buy or sell, or the solicitation of an offer to sell or buy, securities in any jurisdiction or a notice of redemption for the Series B preferred units.