MPC · 10-Q · 2026Q2 · Full report

Outstanding Indebtedness

Marathon Petroleum Corp · 2026-08-04 · Importance 70 · Surprise 82

Long-term debt borrowings and repayments represented a net $106 million use of cash in the first six months of 2026, compared with a $919 million source of cash in the first six months of 2025. MPLX issued $1.5 billion of senior notes and repaid $1.5 billion of senior notes due in March 2026. The company borrowed and repaid $3.86 billion under its commercial paper program during the first six months of 2026, versus $210 million of net borrowings in the prior-year period. These transactions indicate substantially higher short-term debt activity and debt refinancing during 2026.

Key facts

• During the first six months of 2025, MPC issued $2.0 billion aggregate principal amount of senior notes and repaid $1.25 billion aggregate principal amount of senior notes. source
• During the first six months of 2025, MPLX issued $2.0 billion aggregate principal amount of senior notes and repaid $1.70 billion aggregate principal amount of senior notes. source
• During the first six months of 2026, MPLX issued $1.5 billion aggregate principal amount of senior notes and repaid $1.5 billion aggregate principal amount of senior notes that were due in March 2026. source
• During the first six months of 2026, we borrowed and repaid $3.86 billion under our commercial paper program. source
• Net interest and other financial costs increased $87 million in the six months ended June 30, 2026 largely due to increased interest expense primarily from higher MPLX borrowings, partially offset by increased interest income and capitalized interest. source
• Net interest and other financial costs were $340 million for the three months ended June 30, 2026 and $319 million for the three months ended June 30, 2025; net interest and other financial costs were $710 million for the six months ended June 30, 2026 and $623 million for the six months ended June 30, 2025. source
• Long-term debt borrowings and repayments were a net $919 million source of cash in the first six months of 2025. source
• Long-term debt borrowings and repayments were a net $106 million use of cash in the first six months of 2026. source