Research Reports

Key takeaways

MPC entered $5.0B unsecured revolving credit facility maturing April 7, 2031, replaceable prior $5.0B 2022 agreement.

MPLX entered $2.5B unsecured revolving credit facility maturing April 7, 2031, replacing prior $2.0B 2022 agreement.

Both facilities include options to increase commitments by $1.0B and up to two one-year extensions with lender consent.

MPC covenant: Consolidated Net Debt to Total Capitalization ≤65%; MPLX: Consolidated Total Debt to EBITDA ≤5.0x (5.5x in acquisition periods).

No borrowings outstanding under new or terminated prior agreements; MPC had $2.2B cash as of March 31, 2026.

Sub-facilities: MPC swingline $300M, LCs up to $3.0B; MPLX swingline $150M, LCs up to $200M.

Full analysis

Marathon Petroleum Corporation and its sponsored master limited partnership MPLX LP simultaneously renewed their revolving credit facilities on April 7, 2026, extending maturities to April 7, 2031 from prior 2022 agreements. MPC's facility maintains the same $5.0 billion size while MPLX expands from $2.0 billion to $2.5 billion, both unsecured with no current borrowings. Expansion options up to $1.0 billion each provide liquidity flexibility subject to lender consent. MPC's net debt to total capitalization covenant at 65% offers moderate leverage capacity, while MPLX's debt to EBITDA limit of 5.0x (with acquisition cushion) aligns with MLP financing norms. Sub-limits for swingline and letters of credit support working capital needs, with MPC's LC capacity notably larger at up to $3.0 billion. The clean replacement with zero outstanding debt under old facilities signals strong liquidity, evidenced by MPC's $2.2 billion cash position as of March 31, 2026. Pricing tied to credit ratings ensures market competitiveness.

MPC · Marathon Petroleum Corporation

Summary

Key takeaways

Full analysis