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Debt
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Debt
DEBT
Our outstanding borrowings at June 30, 2018 and December 31, 2017 consisted of the following:
(In millions)
June 30,
2018
 
December 31,
2017
Marathon Petroleum Corporation:
 
 
 
Commercial paper
$

 
$

364-day bank revolving credit facility due July 2018(a)

 

Trade receivables securitization facility due July 2019

 

Bank revolving credit facility due 2022

 

Senior notes, 2.700% due December 2018

 
600

Senior notes, 3.400% due December 2020
650

 
650

Senior notes, 5.125% due March 2021
1,000

 
1,000

Senior notes, 3.625%, due September 2024
750

 
750

Senior notes, 6.500%, due March 2041
1,250

 
1,250

Senior notes, 4.750%, due September 2044
800

 
800

Senior notes, 5.850% due December 2045
250

 
250

Senior notes, 5.000%, due September 2054
400

 
400

Capital lease obligations due 2018-2033
344

 
356

MPLX LP:
 
 
 
MPLX bank revolving credit facility due 2022

 
505

MPLX senior notes, 5.500%, due February 2023
710

 
710

MPLX senior notes, 3.375%, due March 2023
500

 

MPLX senior notes, 4.500%, due July 2023
989

 
989

MPLX senior notes, 4.875%, due December 2024
1,149

 
1,149

MPLX senior notes, 4.000%, due February 2025
500

 
500

MPLX senior notes, 4.875%, due June 2025
1,189

 
1,189

MarkWest senior notes, 4.500% - 5.500%, due 2023 - 2025
63

 
63

MPLX senior notes, 4.125%, due March 2027
1,250

 
1,250

MPLX senior notes, 4.000%, due March 2028
1,250

 

MPLX senior notes, 4.500%, due April 2038
1,750

 

MPLX senior notes, 5.200%, due March 2047
1,000

 
1,000

MPLX senior notes, 4.700%, due April 2048
1,500

 

MPLX senior notes, 4.900%, due April 2058
500

 

MPLX capital lease obligations due 2020
7

 
7

Total
17,801

 
13,418

Unamortized debt issuance costs
(107
)
 
(59
)
Unamortized discount(b)
(427
)
 
(413
)
Amounts due within one year
(26
)
 
(624
)
Total long-term debt due after one year
$
17,241

 
$
12,322

(a) 
The 364-day facility expired on July 20, 2018. 
(b) 
Includes $349 million and $374 million of unamortized discount as of June 30, 2018 and December 31, 2017, respectively, related to the difference between the fair value and the principal amount of assumed MarkWest debt.
Commercial Paper
During the six months ended June 30, 2018, we had no borrowings or repayments under the commercial paper program. At June 30, 2018, we had no amounts outstanding under the commercial paper program.
Trade Receivables Securitization Facility
At June 30, 2018, we had no amounts outstanding under our trade receivables securitization facility.
MPC Bank Revolving Credit Facilities
There were no borrowings or letters of credit outstanding under the MPC bank revolving credit facility at June 30, 2018.
MPC Senior Notes
On March 15, 2018, we redeemed all of the $600 million outstanding aggregate principal amount of our 2.700 percent senior notes due December 2018. The 2018 senior notes were redeemed at a price equal to par plus a make whole premium, plus accrued and unpaid interest. The make whole premium of $2.5 million was calculated based on the market yield of the applicable treasury issue as of the redemption date as determined in accordance with the indenture governing the 2018 senior notes.
MPLX Credit Agreement
During the six months ended June 30, 2018, MPLX borrowed $50 million under the MPLX bank revolving credit facility, at an average interest rate of 3.0 percent, and repaid $555 million. At June 30, 2018, MPLX had no outstanding borrowings and $3 million letters of credit outstanding under the MPLX bank revolving credit facility, resulting in total availability of approximately $2.25 billion.
MPLX 364-Day Term Loan
On January 2, 2018, MPLX entered into a term loan agreement with a syndicate of lenders providing for a $4.1 billion, 364-day term loan facility. MPLX drew the entire amount of the term loan facility in a single borrowing to fund the cash portion of the consideration for the February 1, 2018 dropdown. On February 8, 2018, MPLX used $4.1 billion of the net proceeds from the issuance of MPLX senior notes to repay the 364-day term-loan facility.
MPLX Senior Notes
On February 8, 2018, MPLX issued $5.5 billion in aggregate principal amount of senior notes in a public offering, consisting of $500 million aggregate principal amount of 3.375 percent unsecured senior notes due March 2023, $1.25 billion aggregate principal amount of 4.000 percent unsecured senior notes due March 2028, $1.75 billion aggregate principal amount of 4.500 percent unsecured senior notes due April 2038, $1.5 billion aggregate principal amount of 4.700 percent unsecured senior notes due April 2048, and $500 million aggregate principal amount of 4.900 percent unsecured senior notes due April 2058. MPLX used $4.1 billion of the net proceeds of the offering to repay the 364-day term-loan facility. The remaining proceeds were used to repay outstanding borrowings under MPLX’s revolving credit facility and intercompany loan agreement with us and for general partnership purposes.