Every 424B that MPLX LP (MPLX) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow MPLX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MPLX filings page.
MPLX LP is issuing $2,250,000,000 of senior unsecured notes: $1.25 billion 4.700% notes due 2029, $500 million 5.000% notes due 2032, and $500 million 5.500% notes due 2036. Interest is paid semi-annually on May 1 and November 1, starting May 1, 2027.
The notes are senior unsecured obligations of MPLX LP, effectively junior to secured debt and structurally subordinated to all liabilities of its subsidiaries. MPLX expects net proceeds of approximately $2,210 million, to be used to repay $1,250 million 4.125% senior notes due March 2027, with the remainder for general partnership purposes including capital expenditures and working capital.
As of June 30, 2026, total consolidated debt was $26,005 million, which would be about $27,005 million on an as-adjusted basis after this offering and the planned use of proceeds. MPLX maintains a $2.5 billion unsecured revolving credit facility with a maximum Consolidated Total Debt to Consolidated EBITDA ratio of 5.0 to 1.0 under its covenant.
MPLX LP plans to issue three new series of unsecured, unsubordinated senior notes under its existing indenture. Each series will pay fixed interest semi-annually beginning in 2027, may be redeemed at MPLX’s option (including a Treasury-based make‑whole call before specified Par Call Dates), and will rank equally with MPLX’s other senior unsecured debt but be effectively junior to any secured debt and structurally subordinated to obligations of its subsidiaries.
MPLX reports consolidated debt of $26,005 million as of June 30, 2026 and intends to use the net proceeds to repay or redeem its $1,250 million 4.125% senior notes due March 2027, with any remaining proceeds for general partnership purposes such as capital expenditures and working capital. MPLX is a large-cap master limited partnership sponsored and controlled by Marathon Petroleum Corporation, which owned about 64% of MPLX’s outstanding common units as of June 30, 2026.
The new notes are not protected by a change‑of‑control put, are not guaranteed by subsidiaries, and have no sinking fund. The base indenture contains limited covenants on liens and sale‑leaseback transactions tied to assets designated as principal properties and includes standard events of default, merger restrictions, and defeasance provisions. The notes will be issued only in book‑entry form through DTC, with no application for listing on any securities exchange.
MPLX LP is issuing $1,000,000,000 of 5.300% senior notes due 2036 and $500,000,000 of 6.100% senior notes due 2056. The notes are unsecured, unsubordinated obligations of MPLX LP, structurally subordinated to its subsidiaries’ debt, and may be redeemed by MPLX before maturity on stated terms.
The offering is expected to generate about $1,474 million in net proceeds, which MPLX plans to use to repay $1,500 million of 1.750% senior notes maturing in March 2026. As of September 30, 2025, consolidated debt was about $26,007 million, with $2.0 billion of undrawn revolver capacity.
Preliminary unaudited results show revenues and other income of $3,252 million and net income attributable to MPLX of $1,193 million for Q4 2025, and $12,998 million of revenues with $4,912 million of net income for full-year 2025. Adjusted EBITDA attributable to MPLX was $1,804 million for Q4 and $7,017 million for the year, while distributable cash flow attributable to LP unitholders was $1,417 million in Q4 and $5,791 million for 2025.
MPLX LP plans to issue two new series of senior unsecured notes, with interest paid semi-annually, to help refinance existing debt. The partnership intends to use net proceeds to repay $1,500 million of 1.750% senior notes due March 2026 and for general partnership purposes.
Alongside the offering, MPLX released preliminary unaudited 2025 results. For 2025, revenues and other income were $12,998 million and net income attributable to MPLX was $4,912 million. Adjusted EBITDA attributable to MPLX was $7,017 million and distributable cash flow was $5,791 million, supported by $5,909 million of net cash from operating activities.
For Q4 2025, revenues and other income were $3,252 million and net income attributable to MPLX was $1,193 million. Adjusted EBITDA attributable to MPLX was $1,804 million and distributable cash flow attributable to LP unitholders was $1,417 million. As of December 31, 2025, MPLX reported $2,137 million in cash and cash equivalents, $43,005 million of total assets, $25,653 million of total debt and $14,528 million of total equity, with no borrowings outstanding under its $2 billion revolving credit facility or its intercompany loan agreement.