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Debt | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt Our outstanding borrowings at September 30, 2024 and December 31, 2023 consisted of the following:
(Millions of dollars) | September 30, 2024 |  | December 31, 2023
Marathon Petroleum Corporation: |  |  |
Senior notes | $ | 5,699 |  |  | $ | 6,449 |
Notes payable | — |  |  | 1 |
Finance lease obligations | 494 |  |  | 464 |
Total | 6,193 |  |  | 6,914 |
MPLX LP: |  |  |
Senior notes | 22,350 |  |  | 20,700 |
Finance lease obligations | 6 |  |  | 6 |
Total | 22,356 |  |  | 20,706 |
Total debt | 28,549 |  |  | 27,620 |
Unamortized debt issuance costs | (146) |  |  | (141) |
Unamortized discount, net of unamortized premium | (183) |  |  | (196) |
Amounts due within one year | (4,167) |  |  | (1,954) |
Total long-term debt due after one year | $ | 24,053 |  |  | $ | 25,329 |
MPC Senior Notes On September 16, 2024, we repaid the $750 million outstanding principal amount of 3.625 percent senior notes due September 2024 at maturity using cash on hand. MPLX Senior Notes 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. MPLX intends to use the net proceeds from the issuance of the 2034 Senior Notes to repay, redeem or otherwise retire some or all of (i) MPLX's outstanding $1,149 million aggregate principal amount of 4.875 percent senior notes due December 2024, (ii) MarkWest's outstanding $1 million aggregate principal amount of 4.875 percent senior notes due December 2024 and (iii) MPLX's outstanding $500 million aggregate principal amount of 4.000 percent senior notes due February 2025, and in the interim may use such net proceeds for general partnership purposes. Available Capacity under our Credit Facilities as of September 30, 2024
(Millions of dollars) |  | Total Capacity |  | Outstanding Borrowings |  | Outstanding Letters of Credit |  | Available Capacity |  | Weighted Average Interest 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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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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