Marathon Petroleum Corp
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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Sep 30, 2024 · Filed Nov 5, 2024
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17. Debt
- Debt
Our outstanding borrowings at September 30, 2024 and December 31, 2023 consisted of the following:
| (Millions of dollars) | September 30,2024 | December 31,2023 |
|---|---|---|
| Marathon Petroleum Corporation: | ||
| Senior notes | $5,699 | $6,449 |
| Notes payable | — | 1 |
| Finance lease obligations | 494 | 464 |
| Total | 6,193 | 6,914 |
| MPLX LP: | ||
| Senior notes | 22,350 | 20,700 |
| Finance lease obligations | 6 | 6 |
| Total | 22,356 | 20,706 |
| Total debt | 28,549 | 27,620 |
| Unamortized debt issuance costs | (146) | (141) |
| Unamortized discount, net of unamortized premium | (183) | (196) |
| Amounts due within one year | (4,167) | (1,954) |
| Total long-term debt due after one year | $24,053 | $25,329 |
MPC Senior Notes
On September 16, 2024, we repaid the $750 million outstanding principal amount of 3.625 percent senior notes due September 2024 at maturity using cash on hand.
MPLX Senior Notes
On May 20, 2024, MPLX issued $1.65 billion aggregate principal amount of 5.50 percent senior notes due June 2034 (the “2034 Senior Notes”) in an underwritten public offering. MPLX intends to use the net proceeds from the issuance of the 2034 Senior Notes to repay, redeem or otherwise retire some or all of (i) MPLX's outstanding $1,149 million aggregate principal amount of 4.875 percent senior notes due December 2024, (ii) MarkWest's outstanding $1 million aggregate principal amount of 4.875 percent senior notes due December 2024 and (iii) MPLX's outstanding $500 million aggregate principal amount of 4.000 percent senior notes due February 2025, and in the interim may use such net proceeds for general partnership purposes.
Available Capacity under our Credit Facilities as of September 30, 2024
| (Millions of dollars) | TotalCapacity | OutstandingBorrowings | OutstandingLettersof Credit | AvailableCapacity | WeightedAverageInterest Rate | Expiration |
|---|---|---|---|---|---|---|
| MPC, excluding MPLX | ||||||
| MPC bank revolving credit facility | $5,000 | $— | $1 | $4,999 | —% | July 2027 |
| MPC trade receivables securitization facility(a) | 100 | — | — | 100 | —% | September 2027 |
| MPLX | ||||||
| MPLX bank revolving credit facility | 2,000 | — | — | 2,000 | —% | July 2027 |
(a) The committed borrowing and letter of credit issuance capacity under the trade receivables securitization facility is $100 million. In addition, the facility allows for the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks.
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