MPLX LP
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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12. Debt
- Debt
MPLX’s outstanding borrowings consist of the following:
| (In millions) | September 30,2026 | December 31,2025 |
|---|---|---|
| MPLX LP: | ||
| Fixed rate senior notes | $26,969 | $25,969 |
| Consolidated subsidiaries: | ||
| ANDX | 31 | 31 |
| Finance lease obligations | 5 | 6 |
| Total | 27,005 | 26,006 |
| Unamortized debt issuance costs | (194) | (174) |
| Unamortized discount | (203) | (179) |
| Amounts due within one year | (2) | (1,502) |
| Total long-term debt due after one year | $26,606 | $24,151 |
Credit Agreement
On April 7, 2026, MPLX entered into a new revolving credit facility (the “MPLX Credit Agreement”) to replace the previously existing credit facility, which was scheduled to expire July 2027. The MPLX Credit Agreement has a five-year term and expires in April 2031. MPLX’s total capacity under the MPLX Credit Agreement 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. Borrowings under the MPLX Credit Agreement bear interest, at MPLX’s election, at either the Adjusted Term SOFR or the Alternate Base Rate, both as defined in the MPLX Credit Agreement, plus an applicable margin within ranges defined in the MPLX Credit Agreement, depending on MPLX’s credit ratings.
At September 30, 2026, MPLX hadno outstanding borrowings and less than $1 million in letters of credit outstanding under this facility, resulting in total availability of approximately $2.5 billion or approximately 100 percent of the borrowing capacity.
Fixed Rate Senior Notes
MPLX’s senior notes, including those issued by consolidated subsidiaries, consist of various series of senior notes maturing between 2027 and 2058 with interest rates ranging from 2.650 percent to 6.200 percent. Interest on each series of notes is payable semi-annually in arrears on various dates depending on the series of the notes.
The following table summarizes debt issuances during the nine months ended September 30, 2026, all of which were issued in an underwritten public offering:
| Issue Date | AggregatePrincipal 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.