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v3.25.1

Debt | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt MPLX’s outstanding borrowings consist of the following:
(In millions) | March 31, 2025 |  | December 31, 2024
MPLX LP: |  |  |
MPLX Credit Agreement | $ | — |  |  | $ | — |
Fixed rate senior notes | 22,658 |  |  | 21,158 |
Consolidated subsidiaries: |  |  |
MarkWest | 11 |  |  | 11 |
ANDX | 31 |  |  | 31 |
Finance lease obligations | 8 |  |  | 6 |
Total | 22,708 |  |  | 21,206 |
Unamortized debt issuance costs | (143) |  |  | (126) |
Unamortized discount | (147) |  |  | (132) |
Amounts due within one year | (2,697) |  |  | (1,693) |
Total long-term debt due after one year | $ | 19,721 |  |  | $ | 19,255 |
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. There was no activity on the MPLX Credit Agreement during the three months ended March 31, 2025 or March 31, 2024. Fixed Rate Senior Notes MPLX’s senior notes, including those issued by consolidated subsidiaries, consist of various series of senior notes maturing between 2025 and 2058 with interest rates ranging from 1.750 percent to 5.950 percent. Interest on each series of notes is payable semi-annually in arrears on various dates depending on the series of the notes. On February 18, 2025, MPLX repaid all of MPLX’s outstanding $500 million aggregate principal amount of 4.000 percent senior notes due February 2025 at maturity. On March 10, 2025, MPLX issued $1.0 billion aggregate principal amount of 5.400 percent senior notes due 2035 (the “2035 Senior Notes”) and $1.0 billion aggregate principal amount of 5.950 percent senior notes due 2055 (the “2055 Senior Notes”) in an underwritten public offering. The 2035 Senior Notes and 2055 Senior Notes were offered at prices to the public of 99.398 percent of par and 98.331 percent of par, respectively, each with interest payable semi-annually in arrears, commencing on October 1, 2025. On April 9, 2025, MPLX used $1.2 billion of the net proceeds from the issuance of the 2035 Senior Notes and 2055 Senior Notes 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. MPLX intends to use the remaining net proceeds for general partnership purposes.

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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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