Phillips 66PSX
Phillips 66 Debt Disclosure
Debt
Short-term and long-term debt at December 31 was:
| Millions of Dollars | |||||||||||||||||
| December 31, 2025 | |||||||||||||||||
| Phillips 66 | Phillips 66 Company | Phillips 66 Partners | DCP LP | Total | |||||||||||||
1.300% Senior Notes due February 2026 | 100 | — | — | — | 100 | ||||||||||||
3.550% Senior Notes due October 2026 | — | 458 | 34 | — | 492 | ||||||||||||
5.625% Senior Notes due July 2027 | — | — | — | 500 | 500 | ||||||||||||
4.950% Senior Notes due December 2027 | — | 750 | — | — | 750 | ||||||||||||
3.750% Senior Notes due March 2028 | — | 427 | 73 | — | 500 | ||||||||||||
3.900% Senior Notes due March 2028 | 800 | — | — | — | 800 | ||||||||||||
5.125% Senior Notes due May 2029 | — | — | — | 600 | 600 | ||||||||||||
3.150% Senior Notes due December 2029 | — | 570 | 30 | — | 600 | ||||||||||||
8.125% Senior Notes due August 2030 | — | — | — | 300 | 300 | ||||||||||||
2.150% Senior Notes due December 2030 | 850 | — | — | — | 850 | ||||||||||||
5.250% Senior Notes due June 2031 | — | 1,200 | — | — | 1,200 | ||||||||||||
3.250% Senior Notes due February 2032 | — | — | — | 400 | 400 | ||||||||||||
5.300% Senior Notes due June 2033 | — | 900 | — | — | 900 | ||||||||||||
4.650% Senior Notes due November 2034 | 1,000 | — | — | — | 1,000 | ||||||||||||
4.950% Senior Notes due March 2035 | — | 600 | — | — | 600 | ||||||||||||
6.450% Senior Notes due November 2036 | — | — | — | 300 | 300 | ||||||||||||
6.750% Senior Notes due September 2037 | — | — | — | 450 | 450 | ||||||||||||
5.875% Senior Notes due May 2042 | 1,500 | — | — | — | 1,500 | ||||||||||||
5.600% Senior Notes due April 2044 | — | — | — | 400 | 400 | ||||||||||||
4.875% Senior Notes due November 2044 | 1,700 | — | — | — | 1,700 | ||||||||||||
4.680% Senior Notes due February 2045 | — | 442 | 8 | — | 450 | ||||||||||||
4.900% Senior Notes due October 2046 | — | 605 | 20 | — | 625 | ||||||||||||
3.300% Senior Notes due March 2052 | 1,000 | — | — | — | 1,000 | ||||||||||||
5.650% Senior Notes due June 2054 | — | 500 | — | — | 500 | ||||||||||||
5.500% Senior Notes due March 2055 | — | 600 | — | — | 600 | ||||||||||||
5.875% Series A Junior Subordinated Notes due March 2056 | — | 1,000 | — | — | 1,000 | ||||||||||||
6.200% Series B Junior Subordinated Notes due March 2056 | — | 1,000 | — | — | 1,000 | ||||||||||||
Commercial paper due January 2026 at 3.952% at year-end 2025 | 200 | — | — | — | 200 | ||||||||||||
Receivables Securitization Facility due September 2026 at 4.538% at year-end 2025 | 200 | — | — | — | 200 | ||||||||||||
| Debt at face value | 7,350 | 9,052 | 165 | 2,950 | 19,517 | ||||||||||||
| Finance leases | 338 | ||||||||||||||||
| Software obligations | 34 | ||||||||||||||||
| Net unamortized discounts, debt issuance costs and acquisition fair value adjustments | (173) | ||||||||||||||||
| Total debt | 19,716 | ||||||||||||||||
| Short-term debt | (1,038) | ||||||||||||||||
| Long-term debt | $ | 18,678 | |||||||||||||||
| Millions of Dollars | |||||||||||||||||
| December 31, 2024 | |||||||||||||||||
| Phillips 66 | Phillips 66 Company | Phillips 66 Partners | DCP LP | Total | |||||||||||||
3.605% Senior Notes due February 2025 | — | — | 59 | — | 59 | ||||||||||||
5.375% Senior Notes due July 2025 | — | — | — | 525 | 525 | ||||||||||||
1.300% Senior Notes due February 2026 | 500 | — | — | — | 500 | ||||||||||||
3.550% Senior Notes due October 2026 | — | 458 | 34 | — | 492 | ||||||||||||
5.625% Senior Notes due July 2027 | — | — | — | 500 | 500 | ||||||||||||
4.950% Senior Notes due December 2027 | — | 750 | — | — | 750 | ||||||||||||
3.750% Senior Notes due March 2028 | — | 427 | 73 | — | 500 | ||||||||||||
3.900% Senior Notes due March 2028 | 800 | — | — | — | 800 | ||||||||||||
5.125% Senior Notes due May 2029 | — | — | — | 600 | 600 | ||||||||||||
3.150% Senior Notes due December 2029 | — | 570 | 30 | — | 600 | ||||||||||||
8.125% Senior Notes due August 2030 | — | — | — | 300 | 300 | ||||||||||||
2.150% Senior Notes due December 2030 | 850 | — | — | — | 850 | ||||||||||||
5.250% Senior Notes due June 2031 | — | 1,200 | — | — | 1,200 | ||||||||||||
3.250% Senior Notes due February 2032 | — | — | — | 400 | 400 | ||||||||||||
5.300% Senior Notes due June 2033 | — | 900 | — | — | 900 | ||||||||||||
4.650% Senior Notes due November 2034 | 1,000 | — | — | — | 1,000 | ||||||||||||
4.950% Senior Notes due March 2035 | — | 600 | — | — | 600 | ||||||||||||
6.450% Senior Notes due November 2036 | — | — | — | 300 | 300 | ||||||||||||
6.750% Senior Notes due September 2037 | — | — | — | 450 | 450 | ||||||||||||
5.875% Senior Notes due May 2042 | 1,500 | — | — | — | 1,500 | ||||||||||||
5.600% Senior Notes due April 2044 | — | — | — | 400 | 400 | ||||||||||||
4.875% Senior Notes due November 2044 | 1,700 | — | — | — | 1,700 | ||||||||||||
4.680% Senior Notes due February 2045 | — | 442 | 8 | — | 450 | ||||||||||||
4.900% Senior Notes due October 2046 | — | 605 | 20 | — | 625 | ||||||||||||
3.300% Senior Notes due March 2052 | 1,000 | — | — | — | 1,000 | ||||||||||||
5.650% Senior Notes due June 2054 | — | 500 | — | — | 500 | ||||||||||||
5.500% Senior Notes due March 2055 | — | 600 | — | — | 600 | ||||||||||||
Commercial paper due January 2025 at 4.695% at year-end 2024 | 435 | — | — | — | 435 | ||||||||||||
Uncommitted Facility due July 2025 at 5.300% at year-end 2024 | — | 400 | — | — | 400 | ||||||||||||
Receivables Securitization Facility due September 2025 at 5.182% at year-end 2024 | — | 375 | — | — | 375 | ||||||||||||
Floating Rate Term Loan due June 2026 at 5.445% at year-end 2024 | — | 550 | — | — | 550 | ||||||||||||
| Other | 1 | — | — | — | 1 | ||||||||||||
| Debt at face value | 7,786 | 8,377 | 224 | 3,475 | 19,862 | ||||||||||||
| Finance leases | 352 | ||||||||||||||||
| Software obligations | 17 | ||||||||||||||||
| Net unamortized discounts, debt issuance costs and acquisition fair value adjustments | (169) | ||||||||||||||||
| Total debt | 20,062 | ||||||||||||||||
| Short-term debt | (1,831) | ||||||||||||||||
| Long-term debt | $ | 18,231 | |||||||||||||||
Maturities of borrowings outstanding at December 31, 2025, inclusive of net unamortized discounts and debt issuance costs, for each of the years from 2026 through 2030 are $1,038 million, $1,282 million, $1,319 million, $1,217 million and $1,192 million, respectively.
Senior Notes and Term Loan Issuances and Repayments
Issuances
On September 11, 2024, Phillips 66 Company, a wholly owned subsidiary of Phillips 66, issued $1.8 billion aggregate principal amount of senior unsecured notes that are fully and unconditionally guaranteed by Phillips 66. The senior unsecured notes issuance consisted of:
•$600 million aggregate principal amount of 5.250% Senior Notes due 2031 (Additional 2031 Notes).
•$600 million aggregate principal amount of 4.950% Senior Notes due 2035 (2035 Notes).
•$600 million aggregate principal amount of 5.500% Senior Notes due 2055 (2055 Notes).
Interest on the Additional 2031 Notes is payable semi-annually on June 15 and December 15 of each year and commenced on December 15, 2024. Interest on the 2035 Notes and 2055 Notes is payable semi-annually on March 15 and September 15 of each year and commenced on March 15, 2025.
On February 28, 2024, Phillips 66 Company issued $1.5 billion aggregate principal amount of senior unsecured notes that are fully and unconditionally guaranteed by Phillips 66. The senior unsecured notes issuance consisted of:
•$600 million aggregate principal amount of 5.250% Senior Notes due 2031 (2031 Notes).
•$400 million aggregate principal amount of 5.300% Senior Notes due 2033 (Additional 2033 Notes).
•$500 million aggregate principal amount of 5.650% Senior Notes due 2054 (2054 Notes).
Interest on the 2031 Notes and 2054 Notes is payable semi-annually on June 15 and December 15 of each year and commenced on June 15, 2024. Interest on the Additional 2033 Notes is payable semi-annually on June 30 and December 30 of each year and commenced on June 30, 2024.
On March 29, 2023, Phillips 66 Company issued $1.25 billion aggregate principal amount of senior unsecured notes that are fully and unconditionally guaranteed by Phillips 66. The senior unsecured notes issuance consisted of:
•$750 million aggregate principal amount of 4.950% Senior Notes due December 2027.
•$500 million aggregate principal amount of 5.300% Senior Notes due June 2033.
Repayments
On December 31, 2025, Phillips 66 early redeemed $400 million of its 1.300% Senior Notes due February 2026. After the redemption, an aggregate principal amount of $100 million remained outstanding.
On December 4, 2025, Phillips 66 Company repaid the remaining $550 million outstanding under its delayed draw term loan agreement (the Term Loan Agreement), which had a maturity date of June 2026, and terminated this agreement.
On June 27, 2025, DCP LP early redeemed the outstanding $525 million of its 5.375% Senior Notes due July 2025, with an aggregate principal amount of $825 million.
On February 18, 2025, upon maturity, Phillips 66 Partners repaid its 3.605% Senior Notes due February 2025, with an aggregate principal amount of $59 million.
On December 16, 2024, upon maturity, Phillips 66 Company and Phillips 66 Partners repaid the 2.450% Senior Notes due December 2024 with an aggregate principal amount of $300 million.
On March 29, 2024, DCP LP early redeemed $300 million of its 5.375% Senior Notes due July 2025, at par with an aggregate principal amount of $825 million.
On March 4, 2024, Phillips 66 Company repaid $700 million of the $1.25 billion borrowed under its delayed draw term loan that matures in June 2026.
On February 15, 2024, upon maturity, Phillips 66 repaid its 0.900% senior notes due February 2024 with an aggregate principal amount of $800 million.
On May 19, 2023, DCP LP redeemed its 5.850% junior subordinated notes due May 2043 with an aggregate principal amount outstanding of $550 million. On the date of redemption, our carrying value of DCP LP’s junior subordinated notes was $497 million, which resulted in a $53 million before-tax loss. DCP LP’s junior subordinated notes were adjusted to fair value on August 17, 2022, in connection with the consolidation of DCP LP. See Note 20—Fair Value Measurements for additional information regarding the fair value of DCP LP’s junior subordinated notes.
On March 15, 2023, DCP LP repaid its 3.875% senior unsecured notes due March 2023 with an aggregate principal amount of $500 million.
Discharge of Senior Notes
On September 20, 2024, we extinguished (i) the remaining $441 million outstanding principal amount of Phillips 66 Company’s 3.605% senior notes due February 2025 (2025 P66 Co Notes), and (ii) the remaining $650 million outstanding principal amount of Phillips 66’s 3.850% senior notes due April 2025 (the 2025 PSX Notes, and together with the 2025 P66 Co Notes, the Discharged Notes), whereby we irrevocably transferred a total of $1.1 billion in government obligations to the trustee of the 2025 P66 Co Notes and the 2025 PSX Notes. The cash paid to purchase the government obligations is included within investing cash flows on our consolidated statement of cash flows. These government obligations yielded sufficient principal and interest over their remaining term to permit the trustee to satisfy the remaining principal and interest due on the Discharged Notes on the applicable maturity dates. On September 20, 2024, Phillips 66 and Phillips 66 Company ceased to be the primary obligors under the Discharged Notes. The transfer of the government obligations to the trustee was accounted for as a transfer of financial assets. The Discharged Notes and the government obligations were derecognized from our balance sheet at December 31, 2024. For the year ended December 31, 2024, we recognized an immaterial gain on the extinguishment of this debt.
Term Loan Agreement
On March 27, 2023, Phillips 66 Company, a wholly owned subsidiary of Phillips 66, entered into a $1.5 billion delayed draw term loan agreement guaranteed by Phillips 66. The Term Loan Agreement provides for a single borrowing during a 90-day period commencing on the closing date, which borrowing was contingent upon the completion of the DCP LP Merger. The Term Loan Agreement contains customary covenants similar to those contained in our revolving credit agreement, including a maximum consolidated net debt-to-capitalization ratio of 65% as of the last day of each fiscal quarter. The Term Loan Agreement has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts after grace periods; and violation of covenants. We may at any time prepay outstanding borrowings under the Term Loan Agreement, in whole or in part, without premium or penalty. Outstanding borrowings under the Term Loan Agreement bear interest at either: (a) the adjusted term Secured Overnight Financing Rate (SOFR) in effect from time to time plus the applicable margin; or (b) the reference rate plus the applicable margin, as defined in the Term Loan Agreement. At December 31, 2025, no borrowings were outstanding under the Term Loan Agreement, as the remaining balance was prepaid in full on December 4, 2025. At December 31, 2024, $550 million was outstanding under the Term Loan Agreement, which had a maturity date of June 2026. This agreement was terminated as of December 31, 2025.
Related Party Advance Term Loan Agreements
On December 31, 2024, WRB distributed its Advance Term Loan with a principal balance of $290 million, including the right to receive any accrued but unpaid interest, to Phillips 66 Company, resulting in the reduction of our related party debt balance and our investment in WRB by $290 million. The distribution was recognized as a non-cash investing and financing transaction.
Junior Subordinated Notes Issuances
On September 18, 2025, Phillips 66 Company, a wholly owned subsidiary of Phillips 66, issued $2 billion aggregate principal amount of junior subordinated notes that are fully and unconditionally guaranteed by Phillips 66. The junior subordinated notes issuance consisted of:
•$1 billion aggregate principal amount of 5.875% Series A Junior Subordinated Notes due 2056 (Series A 2056 Notes).
•$1 billion aggregate principal amount of 6.200% Series B Junior Subordinated Notes due 2056 (Series B 2056 Notes).
Interest on the Series A 2056 Notes and Series B 2056 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2026. The Series A 2056 Notes will bear interest at 5.875% per year until March 15, 2031. The interest rate will reset every five years beginning on March 15, 2031, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.283%, provided that the interest rate will not reset below 5.875%. The Series B 2056 Notes will bear interest at 6.200% per year until March 15, 2036. The interest rate will reset every five years beginning on March 15, 2036, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.166%, provided that the interest rate will not reset below 6.200%. We may defer interest payments on the Series A 2056 Notes and Series B 2056 Notes on one or more occasions for up to 10 consecutive years per deferral period. If interest payments on the Series A 2056 Notes or Series B 2056 Notes are deferred, we may not, subject to certain limited exceptions, declare or pay any dividends or distributions, or redeem, purchase, acquire, or make a liquidation payment on any of our capital stock during the deferral period. Also, during the deferral period, we may not (i) pay any principal of, or interest or premium, if any, on or repay, repurchase or redeem any debt securities of Phillips 66 or Phillips 66 Company that rank equally with, or junior to, the Series A 2056 Notes and Series B 2056 Notes, respectively, in right of payment or (ii) make any payments with respect to any guarantee by Phillips 66 or Phillips 66 Company of indebtedness if the guarantee ranks equally with or junior to the Series A 2056 Notes or Series B 2056 Notes, respectively, in right of payment.
Accounts Receivable Securitization
On September 30, 2024, Phillips 66 Company entered into a 364-day, $500 million accounts receivable securitization facility (the Receivables Securitization Facility). Under the Receivables Securitization Facility, Phillips 66 Company sells or contributes on an ongoing basis, certain of its accounts receivable, together with related security and interests in the proceeds thereof, to its wholly owned subsidiary, Phillips 66 Receivables LLC (P66 Receivables), a consolidated and bankruptcy-remote special purpose entity created for the sole purpose of transacting under the Receivables Securitization Facility. On April 1, 2025, Phillips 66 Company amended the Receivables Securitization Facility to, among other things, increase the maximum size of the Receivables Securitization Facility from $500 million to $1 billion. On September 29, 2025, Phillips 66 Company amended the Receivables Securitization Facility to, among other things, increase the maximum size of the Receivables Securitization Facility from $1 billion to $1.25 billion and extend the term of the facility through September 28, 2026. Under the amended Receivables Securitization Facility, P66 Receivables may borrow and incur indebtedness from, and/or sell certain accounts receivable in an amount not to exceed $1.25 billion in the aggregate, and will secure its obligations with a pledge of undivided interests in such receivables, together with related security and interests in the proceeds thereof, to PNC Bank, National Association, as Administrative Agent, for the benefit of the secured parties thereunder. Accounts receivable outstanding under the Receivables Securitization Facility accrue interest at an adjusted SOFR plus the applicable margin. In all instances, Phillips 66 Company retains the servicing of the accounts receivables transferred.
P66 Receivables’ sole activity consists of purchasing accounts receivable from Phillips 66 Company, providing those accounts receivable as collateral for P66 Receivables’ borrowings or on-selling certain of its accounts receivable under the Receivables Securitization Facility. P66 Receivables is a separate legal entity with its own separate creditors, who will be entitled, upon its liquidation, to be satisfied out of P66 Receivables’ assets prior to assets or value in P66 Receivables becoming available to P66 Receivables’ equity holders. The assets of P66 Receivables, including any funds of P66 Receivables that may be commingled with funds of any of its affiliates for purposes of cash management and related efficiencies, are not available to pay creditors of Phillips 66 Company, Phillips 66 or any affiliate thereof. Collections on accounts receivable in excess of amounts owed by P66 Receivables under the Receivables Securitization Facility are available to P66 Receivables for payment to Phillips 66 Company, for sales of its accounts receivable to P66 Receivables under the Receivables Securitization Facility, and otherwise for distribution to Phillips 66 Company, in each case, subject to the terms set forth in the Receivables Securitization Facility. The amount available for borrowing or sale
of accounts receivable may be limited by the availability of eligible accounts receivable and other customary factors and conditions, as well as the covenants set forth in the Receivables Securitization Facility.
Sales of accounts receivable under the Receivables Securitization Facility meet the sale criteria under ASC 860, Transfers and Servicing, and are derecognized from the consolidated balance sheet. P66 Receivables guarantees payment, in full, for accounts receivable sold to the purchasers. Cash receipts from the sale of accounts receivable under the Receivables Securitization Facility, received at the time of sale, are classified as cash flows from operating activities. For the year-ended December 31, 2025, we sold $759 million in accounts receivable in exchange for cash proceeds of $290 million, and a $469 million reduction in our borrowings under the Receivables Securitization Facility which was recognized as a non-cash financing transaction. For the year ended December 31, 2024, we sold $125 million in accounts receivable in exchange for a $125 million reduction in our borrowings under the Receivables Securitization Facility, which was recognized as a non-cash financing transaction. We recognized immaterial charges associated with the transfer of financial assets, which are included as a component within the line item “Selling, general and administrative expense” on our consolidated statement of income for the years ended December 31, 2025 and 2024.
Borrowings under the Receivables Securitization Facility are recognized as short-term debt on the consolidated balance sheet. Borrowings are secured by the accounts receivable, held by P66 Receivables, which remain reported as accounts receivable on the consolidated balance sheet. At December 31, 2025 and 2024, we had outstanding borrowings of $200 million and $375 million, respectively. These borrowings were secured by accounts receivable held by P66 Receivables of $4.4 billion and $4.6 billion for 2025 and 2024, respectively, which are included within the “Accounts and notes receivable” line item on our consolidated balance sheet.
At December 31, 2025, we had utilized $367 million of the $1.25 billion capacity of the Receivables Securitization Facility from $167 million of sold accounts receivable not yet remitted to the Administrative Agent and $200 million of outstanding borrowings. At December 31, 2024, we had utilized the full $500 million capacity of our Receivables Securitization Facility from $125 million of sold accounts receivable not yet remitted to the Administrative Agent and $375 million of outstanding borrowings.
Credit Facilities and Commercial Paper
Phillips 66 and Phillips 66 Company
On January 13, 2025, we entered into a $200 million uncommitted credit facility (the 2025 Uncommitted Facility) with Phillips 66 Company as the borrower and Phillips 66 as the guarantor. The 2025 Uncommitted Facility contains covenants and events of default customary for unsecured uncommitted facilities. The 2025 Uncommitted Facility has no commitment fees or compensating balance requirements. Outstanding borrowings under the 2025 Uncommitted Facility bear interest at a rate of either (a) the adjusted term SOFR plus the applicable margin, (b) the adjusted daily simple SOFR plus the applicable margin or (c) the base rate, in each case plus the applicable margin. Each borrowing matures six months from the date of such borrowing. We may at any time prepay outstanding borrowings, in whole or in part, without premium or penalty. At December 31, 2025, no borrowings were outstanding under the 2025 Uncommitted Facility.
On June 25, 2024, we entered into a $400 million uncommitted credit facility (the 2024 Uncommitted Facility) with Phillips 66 Company as the borrower and Phillips 66 as the guarantor. The 2024 Uncommitted Facility contains covenants and events of default customary for unsecured uncommitted facilities. The 2024 Uncommitted Facility has no commitment fees or compensating balance requirements. Outstanding borrowings under the 2024 Uncommitted Facility bear interest at a rate of either (a) the adjusted term SOFR, (b) the adjusted daily simple SOFR or (c) the reference rate, in each case plus the applicable margin. Each borrowing matures six months from the date of such borrowing. We may at any time prepay outstanding borrowings, in whole or in part, without premium or penalty. At December 31, 2025, no borrowings were outstanding, while at December 31, 2024, the entire $400 million had been drawn under the 2024 Uncommitted Facility.
On February 28, 2024, we entered into a new $5 billion revolving credit agreement (the Facility) with Phillips 66 Company as the borrower and Phillips 66 as the guarantor and a scheduled maturity date of February 28, 2029. The Facility replaced our previous $5 billion revolving credit facility dated as of June 23, 2022, with Phillips 66 Company as the borrower and Phillips 66 as the guarantor, and the previous revolving credit facility was terminated. The Facility contains customary covenants similar to the previous revolving credit facility, including a maximum consolidated net
debt-to-capitalization ratio of 65% as of the last day of each fiscal quarter. The Facility has customary events of default, such as nonpayment of principal when due; nonpayment of interest, fees or other amounts after grace periods; and violation of covenants. We may at any time prepay outstanding borrowings under the Facility, in whole or in part, without premium or penalty. We have the option to increase the overall capacity to $6 billion, subject to certain conditions. We also have the option to extend the scheduled maturity of the Facility for up to two additional -year terms, subject to, among other things, the consent of the lenders holding the majority of the commitments and of each lender extending its commitment. Outstanding borrowings under the Facility bear interest at either: (a) the adjusted term SOFR (as described in the Facility) in effect from time to time plus the applicable margin; or (b) the reference rate (as described in the Facility) plus the applicable margin. The pricing levels for the commitment fee and interest-rate margins are determined based on the ratings in effect for our senior unsecured long-term debt from time to time. At December 31, 2025 and 2024, no amounts were drawn under the Facility or the previous revolving credit facility.
Phillips 66 also has a $5 billion uncommitted commercial paper program for short-term working capital needs that is supported by the Facility. Commercial paper maturities are contractually limited to less than one year. At December 31, 2025, and 2024, $200 million and $435 million, respectively, of commercial paper had been issued under this program.
DCP Midstream Class A Segment
On March 15, 2024, DCP LP terminated its $1.4 billion credit facility and its accounts receivable securitization facility that previously provided for up to $350 million of borrowing capacity. In conjunction with the termination of these facilities, DCP LP repaid $25 million in borrowings outstanding under its $1.4 billion credit facility and $350 million of borrowings outstanding under its accounts receivable securitization facility during the three months ended March 31, 2024.
Total Committed Capacity Available
At December 31, 2025, and 2024, we had $5.7 billion and $4.6 billion, respectively, of total committed capacity available under the credit facilities described above.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 19, 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.