MPLX LP issues $1.5B long-dated senior notes to push out March 2026 maturity

MPLX launches note sale to push out near-term maturity

Refinancing with long-dated unsecured senior notes

MPLX LP prices $1.5 billion of unsecured senior notes in an underwritten public offering, splitting the sale into $1.0 billion of 5.300% senior notes due 2036 and $500 million of 6.100% senior notes due 2056. The partnership intends to use the net proceeds to repay $1.5 billion of 1.750% senior notes that mature in March 2026, extending its debt maturity profile with longer-dated unsecured obligations.

The offering is led by joint book-running managers Citigroup, Barclays, MUFG Securities Americas and RBC Capital Markets and is expected to close on Feb. 12, 2026, subject to customary closing conditions. MPLX structures the transaction as an underwritten public offering and makes the securities available only by means of a prospectus and related prospectus supplement filed with the U.S. Securities and Exchange Commission.

By replacing the March 2026 notes with maturities in 2036 and 2056, MPLX reduces near-term refinancing pressure and locks in fixed coupon rates for substantially longer periods. The move aligns with typical midstream industry practice of smoothing maturities and preserving liquidity for ongoing operations in transportation, storage and fuels distribution assets.

Regulatory filings and prospectus access

Details and registration information are available in the prospectus and related supplements filed with the SEC and on MPLX’s website. Prospectus copies are also accessible through representatives of the underwriters; the offering notice reiterates that the release does not constitute an offer to sell or a solicitation to buy in any jurisdiction where such action would be unlawful.

Company profile and investor contacts

MPLX is a large-cap master limited partnership that owns and operates midstream energy infrastructure and fuels distribution assets. The company lists investor relations contacts and senior finance and IR officers for inquiries and provides a toll-free number for investor relations.