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Debt (Tables)
9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
MPLX’s outstanding borrowings consist of the following:
(In millions)September 30,
2025
December 31,
2024
MPLX LP:
MPLX Credit Agreement$— $— 
Fixed rate senior notes25,969 21,158 
Consolidated subsidiaries:
MarkWest— 11 
ANDX31 31 
Finance lease obligations
Total26,007 21,206 
Unamortized debt issuance costs(179)(126)
Unamortized discount(182)(132)
Amounts due within one year(1,501)(1,693)
Total long-term debt due after one year$24,145 $19,255 
Schedule of Long-Term Debt Instruments
The following table summarizes debt issuances during the nine months ended September 30, 2025, all of which were issued in an underwritten public offering:
Issue DateAggregate Principal Amount
(in millions)
Note(s)Coupon (percent)Price to Public
(percent of par)
Interest Payment DatesMaturity Date
March 10, 2025$1,000 
(1)
5.40099.398April 1 and October 1April 1, 2035
March 10, 20251,000 
(1)
5.95098.331April 1 and October 1April 1, 2055
August 11, 20251,250 
(2)
4.80099.880February 15 and August 15February 15, 2031
August 11, 2025750 
(2)
5.00098.936January 15 and July 15January 15, 2033
August 11, 20251,500 
(2)
5.40098.943March 15 and September 15September 15, 2035
August 11, 2025$1,000 
(2)
6.20098.277March 15 and September 15September 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. MPLX intends to use the remaining net proceeds 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. We intend to use the remainder of the net proceeds from this offering for general partnership purposes, which may include capital expenditures and other working capital requirements.