Marathon Petroleum Corp
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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Sep 30, 2026 · Filed Nov 3, 2026
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17. Debt
- Debt
Our outstanding borrowings at September 30, 2026 and December 31, 2025 consisted of the following:
| (In millions) | September 30,2026 | December 31,2025 |
|---|---|---|
| MPC: | ||
| Senior notes | $5,700 | $6,449 |
| MARAD debt | 147 | 161 |
| Finance lease obligations | 640 | 689 |
| Total | 6,487 | 7,299 |
| MPLX: | ||
| Senior notes | 27,000 | 26,000 |
| Finance lease obligations | 5 | 6 |
| Total | 27,005 | 26,006 |
| Total debt | 33,492 | 33,305 |
| Unamortized debt issuance costs | (221) | (204) |
| Unamortized discount, net of unamortized premium | (249) | (225) |
| Amounts due within one year | (128) | (2,371) |
| Total long-term debt due after one year | $32,894 | $30,505 |
MPC Senior Notes
In September 2026, we redeemed all of the outstanding MPC and Andeavor LLC $749 million aggregate principal amount of 5.125 percent senior notes due December 2026.
MPLX Senior Notes
The following table summarizes MPLX debt issuances during the nine months ended September 30, 2026, all of which were issued in an underwritten public offering:
| Issue Date | Aggregate Principal Amount(in millions) | Coupon (percent) | Price to Public(percent of par) | Interest Payment Dates | Maturity Date |
|---|---|---|---|---|---|
| February 12, 2026 | $1,000 | 5.300 | 99.678 | April 1 and October 1 | April 1, 2036 |
| February 12, 2026 | 500 | 6.100 | 98.453 | April 1 and October 1 | April 1, 2056 |
| August 24, 2026 | 1,250 | 4.700 | 99.312 | May 1 and November 1 | November 1, 2029 |
| August 24, 2026 | 500 | 5.000 | 98.972 | May 1 and November 1 | May 1, 2032 |
| August 24, 2026 | 500 | 5.500 | 98.066 | May 1 and November 1 | November 1, 2036 |
In March 2026, MPLX used the proceeds from the issuance of senior notes in February 2026 to repay all of MPLX’s outstanding $1.5 billion aggregate principal amount of 1.750 percent senior notes at maturity.
In September 2026, MPLX used a portion of the proceeds from the issuance of senior notes in August 2026 to redeem the outstanding $1.25 billion aggregate principal amount of 4.125 percent senior notes due March 2027.
Capacity under our Credit Facilities as of September 30, 2026
| (In millions) | TotalCapacity | OutstandingBorrowings | OutstandingLettersof Credit | AvailableCapacity | WeightedAverageInterest Rate | Expiration |
|---|---|---|---|---|---|---|
| MPC, excluding MPLX | ||||||
| MPC bank revolving credit facility | $5,000 | $— | $1 | $4,999 | —% | April 2031 |
| MPC trade receivables securitization facility(a) | 100 | — | 100 | — | —% | April 2029 |
| MPLX | ||||||
| MPLX bank revolving credit facility | 2,500 | — | — | 2,500 | —% | April 2031 |
(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 borrowings and the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks. As of September 30, 2026, letters of credit in the total amount of $1.63 billion were issued and outstanding under the facility to secure contracts awarded by the U.S. Department of Energy to purchase crude oil from the SPR.
On April 7, 2026, MPC and MPLX each entered into new revolving credit facilities to replace their respective previously existing credit facilities, which were scheduled to expire July 2027. The new facilities mature in April 2031. MPLX’s total capacity under the revolving credit facility increased from $2.0 billion to $2.5 billion, and includes sub-facilities for swing-line loans of up to $150 million and letters of credit of up to $150 million. MPC’s total capacity remains at $5.0 billion and includes sub-facilities for swing-line loans of up to $300 million and letters of credit of up to $2.0 billion.
On April 30, 2026, MPC entered into an amended and restated trade receivables facility providing for committed borrowing and letter of credit issuance capacity of $100 million and uncommitted borrowing and letter of credit issuance capacity of up to $1.9 billion. In addition, the term of the facility was extended to April 30, 2029.
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