Marathon Petroleum Corp
For the period ended Mar 31, 2025. Filed May 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 6, 2025
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16. Debt
- Debt
Our outstanding borrowings at March 31, 2025 and December 31, 2024 consisted of the following:
| (Millions of dollars) | March 31,2025 | December 31,2024 |
|---|---|---|
| MPC: | ||
| Senior notes | $7,699 | $5,699 |
| MARAD debt | 168 | 174 |
| Finance lease obligations | 704 | 718 |
| Total | 8,571 | 6,591 |
| MPLX: | ||
| Senior notes | 22,700 | 21,200 |
| Finance lease obligations | 8 | 6 |
| Total | 22,708 | 21,206 |
| Total debt | 31,279 | 27,797 |
| Unamortized debt issuance costs | (175) | (142) |
| Unamortized discount, net of unamortized premium | (194) | (174) |
| Amounts due within one year | (4,065) | (3,049) |
| Total long-term debt due after one year | $26,845 | $24,432 |
MPC Senior Notes
On February 10, 2025, MPC issued $2.0 billion in aggregate principal amount of senior notes in an underwritten public offering, consisting of $1.1 billion aggregate principal amount of 5.150 percent senior notes due March 2030 and $900 million aggregate principal amount of 5.700 percent senior notes due March 2035. The senior notes offering was intended to replace the $750 million aggregate principal amount of 3.625 percent senior notes that matured in September 2024 and refinance the $1.250 billion aggregate principal amount of 4.700 percent senior notes that matured on May 1, 2025.
MPLX Senior Notes
On February 18, 2025, MPLX repaid all of MPLX's outstanding $500 million aggregate principal amount of 4.000 percent senior notes due February 2025 at maturity.
On March 10, 2025, MPLX issued $2.0 billion in aggregate principal amount of senior notes in an underwritten public offering, consisting of $1.0 billion aggregate principal amount of 5.400 percent senior notes due April 2035 and $1.0 billion aggregate principal amount of 5.950 percent senior notes due April 2055. On April 9, 2025, MPLX used a portion of the net proceeds from this offering to redeem all of (i) MPLX LP’s outstanding $1,189 million aggregate principal amount of 4.875 percent senior notes due June 2025 and (ii) MarkWest Energy Partners, L.P.’s outstanding $11 million aggregate principal amount of 4.875 percent senior notes due June 2025. MPLX intends to use the remaining net proceeds for general partnership purposes.
Available Capacity under our Credit Facilities as of March 31, 2025
| (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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