U.S. Pipeline Company Secures Long-Term Funding with 2036 Maturity Fixed-Rate Bonds

MPLX LP reported net income of $4.9 billion and adjusted EBITDA of $7.0 billion for full-year 2025 (approximately KRW 6.6 trillion and KRW 9.5 trillion, respectively), and returned growth investments totaling $5.5 billion and $4.4 billion (about KRW 7.4 trillion and KRW 5.9 trillion) to unitholders. The partnership declared a fourth-quarter 2025 distribution of $1.0765 per common unit and, supported by $2.1 billion in cash and a 3.7× leverage ratio, unveiled a $2.7 billion capital-expenditure plan for 2026 (approx. KRW 3.6 trillion), allocating roughly 90% to natural-gas and NGL infrastructure projects.

On February 12, 2026, MPLX executed its 36th supplemental indenture to establish the terms for a new $1.0 billion unsecured senior note due April 1, 2036, with a 5.300% coupon (approx. KRW 1.3 trillion). The indenture includes semiannual interest payments, early-redemption provisions, collateral requirements on key pipeline and storage assets, and sale-and-leaseback restrictions.

Earlier, on February 5, the partnership priced a $1.5 billion senior-note offering (about KRW 2 trillion), comprised of $1.0 billion of 5.300% notes due 2036 and $0.5 billion of 6.100% notes due 2056. MPLX plans to use the proceeds to redeem $1.5 billion of 1.750% senior notes maturing in March 2026. In its February 3 release of fourth-quarter 2025 results, the company reported adjusted EBITDA of $1.8 billion, exceeding market expectations, and maintained a 1.3× distribution-coverage ratio and 3.7× leverage, according to both company statements and media reports.

MPLX is a large U.S. midstream master limited partnership owning crude-oil and refined-products pipelines, storage terminals, inland marine assets, and natural-gas and NGL processing and fractionation facilities, chiefly operating the midstream infrastructure of Marathon Petroleum. In North America’s energy-midstream sector, robust long-term investment continues in pipelines, gas-processing plants, and export terminals to support rising shale production and expanding natural-gas and NGL exports, with infrastructure financing increasingly executed through long-term fixed-rate bonds and the MLP structure.