MPLX LPMPLX
MPLX LP Debt Disclosure
Debt
MPLX’s outstanding borrowings consist of the following:
| December 31, | |||||||||||
| (In millions) | 2025 | 2024 | |||||||||
| MPLX LP: | |||||||||||
| MPLX Credit Agreement | $ | — | $ | — | |||||||
4.000% senior notes due February 15, 2025 | — | 500 | |||||||||
4.875% senior notes due June 1, 2025 | — | 1,189 | |||||||||
1.750% senior notes due March 1, 2026 | 1,500 | 1,500 | |||||||||
4.125% senior notes due March 1, 2027 | 1,250 | 1,250 | |||||||||
4.250% senior notes due December 1, 2027 | 732 | 732 | |||||||||
4.000% senior notes due March 15, 2028 | 1,250 | 1,250 | |||||||||
4.800% senior notes due February 15, 2029 | 750 | 750 | |||||||||
2.650% senior notes due August 15, 2030 | 1,500 | 1,500 | |||||||||
4.800% senior notes due February 15, 2031 | 1,250 | — | |||||||||
4.950% senior notes due September 1, 2032 | 1,000 | 1,000 | |||||||||
5.000% senior notes due January 15, 2033 | 750 | — | |||||||||
5.000% senior notes due March 1, 2033 | 1,100 | 1,100 | |||||||||
5.500% senior notes due June 1, 2034 | 1,650 | 1,650 | |||||||||
5.400% senior notes due April 1, 2035 | 1,000 | — | |||||||||
5.400% senior notes due September 15, 2035 | 1,500 | — | |||||||||
4.500% senior notes due April 15, 2038 | 1,750 | 1,750 | |||||||||
5.200% senior notes due March 1, 2047 | 1,000 | 1,000 | |||||||||
5.200% senior notes due December 1, 2047 | 487 | 487 | |||||||||
4.700% senior notes due April 15, 2048 | 1,500 | 1,500 | |||||||||
5.500% senior notes due February 15, 2049 | 1,500 | 1,500 | |||||||||
4.950% senior notes due March 14, 2052 | 1,500 | 1,500 | |||||||||
5.650% senior notes due March 1, 2053 | 500 | 500 | |||||||||
5.950% senior notes due April 1, 2055 | 1,000 | — | |||||||||
6.200% senior notes due September 15, 2055 | 1,000 | — | |||||||||
4.900% senior notes due April 15, 2058 | 500 | 500 | |||||||||
| Consolidated subsidiaries: | |||||||||||
MarkWest - 4.875% senior notes, due 2025 | — | 11 | |||||||||
ANDX - 4.250% - 5.200% senior notes, due 2027-2047 | 31 | 31 | |||||||||
Finance lease obligations(1) | 6 | 6 | |||||||||
| Total | 26,006 | 21,206 | |||||||||
| Unamortized debt issuance costs | (174) | (126) | |||||||||
| Unamortized discount | (179) | (132) | |||||||||
| Amounts due within one year | (1,502) | (1,693) | |||||||||
| Total long-term debt due after one year | $ | 24,151 | $ | 19,255 | |||||||
(1) See Note 21 for lease information.
The following table shows five years of scheduled debt payments, including payments on finance lease obligations, as of December 31, 2025:
| (In millions) | |||||
| 2026 | $ | 1,503 | |||
| 2027 | 2,002 | ||||
| 2028 | 1,250 | ||||
| 2029 | 750 | ||||
| 2030 | 1,500 | ||||
Credit Agreement
MPLX Credit Agreement
MPLX’s credit agreement (the “MPLX Credit Agreement”) matures in July 2027 and, among other things, provides for a $2.0 billion unsecured revolving credit facility and letter of credit issuing capacity under the facility of up to $150 million. Letter of credit issuing capacity is included in, not in addition to, the $2.0 billion borrowing capacity. 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.
The borrowing capacity under the MPLX Credit Agreement may be increased by up to an additional $1.0 billion, subject to certain conditions, including the consent of lenders whose commitments would increase. In addition, the maturity date may be extended, for up to two additional one year periods, subject to, among other conditions, the approval of lenders holding the majority of the commitments then outstanding, provided that the commitments of any non-consenting lenders will terminate on the then-effective maturity date. MPLX is charged various fees and expenses in connection with the agreement, including administrative agent fees, commitment fees on the unused portion of the facility and fees with respect to issued and outstanding letters of credit. The applicable margins to the benchmark interest rates and certain fees fluctuate based on the credit ratings in effect from time to time on MPLX’s long-term debt.
The MPLX Credit Agreement contains certain representations and warranties, affirmative and restrictive covenants and events of default that MPLX considers to be usual and customary for an agreement of this type, including a financial covenant that requires MPLX to maintain a ratio of Consolidated Total Debt as of the end of each fiscal quarter to Consolidated EBITDA (both as defined in the MPLX Credit Agreement) for the prior four fiscal quarters of no greater than 5.0 to 1.0 (or 5.5 to 1.0 for up to two fiscal quarters following certain acquisitions). Consolidated EBITDA is subject to adjustments, including for certain acquisitions and dispositions completed and capital projects undertaken during the relevant period. Other covenants restrict MPLX and/or certain of its subsidiaries from incurring debt, creating liens on our assets and entering into transactions with affiliates. As of December 31, 2025, MPLX was in compliance with the covenants contained in the MPLX Credit Agreement.
Activity on the MPLX Credit Agreement during the year ended December 31, 2025 is summarized in the table below. There were no revolver borrowings or repayments under the MPLX Credit Agreement during the year ended December 31, 2024.
| (in millions, except %) | 2025 | |||||||
| Borrowings | $ | 106 | ||||||
| Weighted average interest rate of borrowings | 7.74 | % | ||||||
| Repayments | $ | 106 | ||||||
| Outstanding balance at end of period | $ | — | ||||||
| Letters of credit outstanding | $ | 0.2 | ||||||
| Total remaining availability on facility | $ | 2,000 | ||||||
| Percent of borrowing capacity available | 100 | % | ||||||
Senior Notes
Interest on each series of MPLX LP and ANDX senior notes outstanding is payable semi-annually in arrears, according to the table below.
| Senior Notes | Interest payable semi-annually in arrears | |||||||
1.750% senior notes due March 1, 2026 | March 1st and September 1st | |||||||
4.125% senior notes due March 1, 2027 | March 1st and September 1st | |||||||
4.250% senior notes due December 1, 2027 | June 1st and December 1st | |||||||
4.000% senior notes due March 15, 2028 | March 15th and September 15th | |||||||
4.800% senior notes due February 15, 2029 | February 15th and August 15th | |||||||
2.650% senior notes due August 15, 2030 | February 15th and August 15th | |||||||
4.800% senior notes due February 15, 2031 | February 15th and August 15th | |||||||
4.950% senior notes due September 1, 2032 | March 1st and September 1st | |||||||
5.000% senior notes due January 15, 2033 | January 15th and July 15th | |||||||
5.000% senior notes due March 1, 2033 | March 1st and September 1st | |||||||
5.500% senior notes due June 1, 2034 | June 1st and December 1st | |||||||
5.400% senior notes due April 1, 2035 | April 1st and October 1st | |||||||
5.400% senior notes due September 15, 2035 | March 15th and September 15th | |||||||
4.500% senior notes due April 15, 2038 | April 15th and October 15th | |||||||
5.200% senior notes due March 1, 2047 | March 1st and September 1st | |||||||
5.200% senior notes due December 1, 2047 | June 1st and December 1st | |||||||
4.700% senior notes due April 15, 2048 | April 15th and October 15th | |||||||
5.500% senior notes due February 15, 2049 | February 15th and August 15th | |||||||
4.950% senior notes due March 14, 2052 | March 14th and September 14th | |||||||
5.650% senior notes due March 1, 2053 | March 1st and September 1st | |||||||
5.950% senior notes due April 1, 2055 | April 1st and October 1st | |||||||
6.200% senior notes due September 15, 2055 | March 15th and September 15th | |||||||
4.900% senior notes due April 15, 2058 | April 15th and October 15th | |||||||
The following table summarizes debt issuances during the year ended December 31, 2025, all of which were issued in an underwritten public offering:
| Issue Date | Aggregate Principal Amount (in millions) | Note | Coupon (percent) | Price to Public (percent of par) | Interest Payment Dates | Maturity Date | ||||||||||||||||||||||||||||||||
| March 10, 2025 | $ | 1,000 | (1) | 5.400 | 99.398 | April 1 and October 1 | April 1, 2035 | |||||||||||||||||||||||||||||||
| March 10, 2025 | 1,000 | (1) | 5.950 | 98.331 | April 1 and October 1 | April 1, 2055 | ||||||||||||||||||||||||||||||||
| August 11, 2025 | 1,250 | (2) | 4.800 | 99.880 | February 15 and August 15 | February 15, 2031 | ||||||||||||||||||||||||||||||||
| August 11, 2025 | 750 | (2) | 5.000 | 98.936 | January 15 and July 15 | January 15, 2033 | ||||||||||||||||||||||||||||||||
| August 11, 2025 | 1,500 | (2) | 5.400 | 98.943 | March 15 and September 15 | September 15, 2035 | ||||||||||||||||||||||||||||||||
| August 11, 2025 | 1,000 | (2) | 6.200 | 98.277 | March 15 and September 15 | September 15, 2055 | ||||||||||||||||||||||||||||||||
(1) On April 9, 2025, MPLX used $1.2 billion of the net proceeds from the issuance of senior notes in March 2025 to redeem all of (i) MPLX’s outstanding $1,189 million aggregate principal amount of 4.875 percent senior notes due June 2025 and (ii) MarkWest’s outstanding $11 million aggregate principal amount of 4.875 percent senior notes due June 2025. The remaining net proceeds from this offering were used for general partnership purposes.
(2) We used a portion of the net proceeds from this offering to fund the Northwind Midstream Acquisition, including the payment of related fees and expenses, and to increase cash and cash equivalents following the recently completed BANGL Acquisition and BANGL Debt Repayment. The remainder of the net proceeds from this offering were used for general partnership purposes.
On July 3, 2025, MPLX used cash on hand to extinguish approximately $656 million principal amount of debt outstanding, including interest, related to certain term and revolving loans assumed as part of the BANGL Acquisition. See Note 4 for additional information on the BANGL Acquisition.
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. The 2034 Senior Notes were offered at a price to the public of 98.778 percent of par, with interest payable semi-annually in arrears, commencing on December 1, 2024. On December 1, 2024, MPLX used $1,150 million of the net proceeds from the issuance of the 2034 Senior Notes to repay all of (i) MPLX’s outstanding $1,149 million aggregate principal amount of 4.875 percent senior notes due December 2024 and (ii) MarkWest’s outstanding $1 million aggregate principal amount of 4.875 percent senior notes due December 2024. On February 18, 2025, MPLX used the
remaining net proceeds from the issuance of the 2034 Senior Notes to repay all of MPLX’s outstanding $500 million aggregate principal amount of 4.000 percent senior notes due February 2025.
Subordination of Senior Notes
The MPLX senior notes are direct, unsecured unsubordinated obligations of MPLX LP. As such, they rank equally in right of payment with all of MPLX LP’s other unsubordinated debt and are not guaranteed by any of MPLX LP’s subsidiaries. The MPLX notes are effectively junior to MPLX LP’s secured indebtedness, if any, to the extent of the value of the relevant collateral. The MPLX notes are not obligations of any of MPLX’s subsidiaries and are effectively subordinated to all indebtedness and other obligations of such subsidiaries. The MPLX notes may be redeemed, in whole or part, at any time at the option of MPLX at a redemption price specified in the indenture governing the applicable notes, plus accrued and unpaid interest to the redemption date. The indenture governing the MPLX senior notes does not limit the amount of debt that MPLX may issue under the indenture, nor the amount of other debt that MPLX or any of its subsidiaries may issue or guaranty.
The ANDX senior notes are non-recourse to MPLX and its subsidiaries other than ANDX, the general partner of ANDX and other subsidiaries, if any, of ANDX that are a co-issuer or guarantor of the ANDX senior notes.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.