What is the primary purpose of these new credit agreements for MPC and MPLX?

The new credit agreements are primarily for general corporate purposes for MPC and general partnership purposes for MPLX. They serve to provide ongoing access to liquidity and flexibility for future business needs, capital expenditures, or other strategic initiatives.

Does Marathon Petroleum Corporation or MPLX LP currently have any outstanding debt under these new credit facilities?

No, as of the filing date (April 13, 2026) and at the time of their termination, neither MPC nor MPLX had any outstanding borrowings under their prior agreements, and there are no borrowings outstanding under these new credit agreements. This indicates a strong current liquidity position for both entities.

What are the key financial covenants MPC and MPLX must adhere to under these new agreements?

For MPC, a key covenant requires maintaining a ratio of Consolidated Net Debt to Total Capitalization not to exceed 65% at the end of each fiscal quarter. For MPLX, a key covenant is maintaining a ratio of Consolidated Total Debt to Consolidated EBITDA not to exceed 5.0 to 1.0 (or 5.5 to 1.0 during an Acquisition Period) for the prior four fiscal quarters.

What flexibility do these agreements offer regarding future financing needs?

Both MPC and MPLX have the option to increase their respective credit facility commitments. MPC can increase its by up to $1.0 billion, and MPLX can increase its by up to $1.0 billion. Additionally, both companies have the option to request up to two one-year extensions of the maturity date, subject to lender consent.

MPC 8-K: Earnings & Results, Material Agreements & More

Summary

Marathon Petroleum Corporation (MPC) and its master limited partnership, MPLX LP, have entered into new, substantial credit agreements, replacing their prior facilities. MPC secured a $5.0 billion, five-year revolving credit facility maturing in April 2031, with an option to increase commitments by $1.0 billion. MPLX established a $2.5 billion, five-year revolving credit facility with the same maturity date, also with an option for a $1.0 billion increase. Both facilities are unsecured and intended for general corporate or partnership purposes, respectively. Notably, neither MPC nor MPLX had any outstanding borrowings under their prior agreements at the time of termination, and no borrowings are outstanding under the new agreements as of the filing date, indicating a strong liquidity position.

Key Highlights

1MPC enters into a new $5.0 billion, five-year unsecured revolving credit facility, maturing April 7, 2031.
2MPLX LP secures a new $2.5 billion, five-year unsecured revolving credit facility, also maturing April 7, 2031.
3Both credit facilities replace prior agreements and are intended for general corporate/partnership purposes.
4MPC has the option to increase its credit facility by an additional $1.0 billion, subject to lender consent.
5MPLX has the option to increase its credit facility by an additional $1.0 billion, subject to lender consent.
6Neither MPC nor MPLX had outstanding borrowings under their previous agreements, and none are currently outstanding under the new facilities, suggesting robust liquidity.
7The agreements include covenants such as MPC maintaining a Consolidated Net Debt to Total Capitalization ratio not exceeding 65%.

Marathon Petroleum Corp 8-K Report, Material Agreement (Apr 13, 2026)

Summary

Key Highlights

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