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v3.25.4

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Instrument [Line Items] |
Schedule of Debt [Table Text Block] | 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.
Schedule of Maturities of Long-Term Debt [Table Text Block] | 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 |
Schedule of interest payable dates [Table Text Block] | 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 1 st and September 1 st
4.125% senior notes due March 1, 2027 |  | March 1 st and September 1 st
4.250% senior notes due December 1, 2027 |  | June 1 st and December 1 st
4.000% senior notes due March 15, 2028 |  | March 15 th and September 15 th
4.800% senior notes due February 15, 2029 |  | February 15 th and August 15 th
2.650% senior notes due August 15, 2030 |  | February 15 th and August 15 th
4.800% senior notes due February 15, 2031 |  | February 15 th and August 15 th
4.950% senior notes due September 1, 2032 |  | March 1 st and September 1 st
5.000% senior notes due January 15, 2033 |  | January 15 th and July 15 th
5.000% senior notes due March 1, 2033 |  | March 1 st and September 1 st
5.500% senior notes due June 1, 2034 |  | June 1 st and December 1 st
5.400% senior notes due April 1, 2035 |  | April 1 st and October 1 st
5.400% senior notes due September 15, 2035 |  | March 15 th and September 15 th
4.500% senior notes due April 15, 2038 |  | April 15 th and October 15 th
5.200% senior notes due March 1, 2047 |  | March 1 st and September 1 st
5.200% senior notes due December 1, 2047 |  | June 1 st and December 1 st
4.700% senior notes due April 15, 2048 |  | April 15 th and October 15 th
5.500% senior notes due February 15, 2049 |  | February 15 th and August 15 th
4.950% senior notes due March 14, 2052 |  | March 14 th and September 14 th
5.650% senior notes due March 1, 2053 |  | March 1 st and September 1 st
5.950% senior notes due April 1, 2055 |  | April 1 st and October 1 st
6.200% senior notes due September 15, 2055 |  | March 15 th and September 15 th
4.900% senior notes due April 15, 2058 |  | April 15 th and October 15 th
Revolving Credit Facility |
Debt Instrument [Line Items] |
Schedule of Long-Term Debt Instruments | 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 |
Debt Instrument [Line Items] |
Schedule of Long-Term Debt Instruments | 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.

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