v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Our outstanding borrowings at September 30, 2026 and December 31, 2025 consisted of the following:
(In millions)September 30,
2026		December 31,
2025
MPC:
Senior notes$5,700 $6,449 
MARAD debt147 161 
Finance lease obligations640 689 
Total6,487 7,299 
MPLX:
Senior notes27,000 26,000 
Finance lease obligations5 6 
Total27,005 26,006 
Total debt33,492 33,305 
Unamortized debt issuance costs(221)(204)
Unamortized discount, net of unamortized premium(249)(225)
Amounts due within one year(128)(2,371)
Total long-term debt due after one year$32,894 $30,505 
MPC Senior Notes
In September 2026, we redeemed all of the outstanding MPC and Andeavor LLC $749 million aggregate principal amount of 5.125 percent senior notes due December 2026.
MPLX Senior Notes
The following table summarizes MPLX debt issuances during the nine months ended September 30, 2026, all of which were issued in an underwritten public offering:
Issue Date
Aggregate Principal Amount
(in millions)
Coupon (percent)
Price to Public
(percent of par)
Interest Payment DatesMaturity Date
February 12, 2026$1,0005.30099.678April 1 and October 1April 1, 2036
February 12, 20265006.10098.453April 1 and October 1April 1, 2056
August 24, 20261,2504.70099.312May 1 and November 1November 1, 2029
August 24, 20265005.00098.972May 1 and November 1May 1, 2032
August 24, 20265005.50098.066May 1 and November 1November 1, 2036
In March 2026, MPLX used the proceeds from the issuance of senior notes in February 2026 to repay all of MPLX’s outstanding $1.5 billion aggregate principal amount of 1.750 percent senior notes at maturity.
In September 2026, MPLX used a portion of the proceeds from the issuance of senior notes in August 2026 to redeem the outstanding $1.25 billion aggregate principal amount of 4.125 percent senior notes due March 2027.
Capacity under our Credit Facilities as of September 30, 2026
(In millions)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 — %April 2031
MPC trade receivables securitization facility(a)
100 — 100 — — %April 2029
MPLX
MPLX bank revolving credit facility2,500 — — 2,500 — %April 2031
(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 borrowings and the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks. As of September 30, 2026, letters of credit in the total amount of $1.63 billion were issued and outstanding under the facility to secure contracts awarded by the U.S. Department of Energy to purchase crude oil from the SPR.
On April 7, 2026, MPC and MPLX each entered into new revolving credit facilities to replace their respective previously existing credit facilities, which were scheduled to expire July 2027. The new facilities mature in April 2031. MPLX’s total capacity under the revolving credit facility increased from $2.0 billion to $2.5 billion, and includes sub-facilities for swing-line loans of up to $150 million and letters of credit of up to $150 million. MPC’s total capacity remains at $5.0 billion and includes sub-facilities for swing-line loans of up to $300 million and letters of credit of up to $2.0 billion.
On April 30, 2026, MPC entered into an amended and restated trade receivables facility providing for committed borrowing and letter of credit issuance capacity of $100 million and uncommitted borrowing and letter of credit issuance capacity of up to $1.9 billion. In addition, the term of the facility was extended to April 30, 2029.