Marathon Petroleum Corp. and MPLX LP announce redemption of outstanding senior notes

FINDLAY, Ohio, Sept. 25, 2020 /PRNewswire/ -- Marathon Petroleum Corporation (NYSE: MPC) and MPLX LP (NYSE: MPLX) today announced the redemption of (i) all of the $650 million outstanding aggregate principal amount of MPC's 3.400% senior notes due Dec. 15, 2020, and (ii) all of the $300 million outstanding aggregate principal amount of MPLX's 6.250% senior notes due Oct. 15, 2022, including the approximately $34 million in aggregate principal amount of senior notes issued by Andeavor Logistics LP and Tesoro Logistics Finance Corp.

The MPC 2020 senior notes will be redeemed on Nov. 15, 2020, at a price equal to par, plus accrued and unpaid interest to, but not including, such date. The MPLX 2022 senior notes will be redeemed on Oct. 15, 2020, at par. The regular semiannual interest payment due on the MPLX 2022 senior notes on Oct. 15, 2020, will be paid in the usual manner to holders of record at the close of business on Oct. 1, 2020. MPLX had previously announced that it intended to redeem the MPLX 2022 senior notes with the proceeds of a recently completed senior notes offering.

This news release is for informational purposes only and is neither an offer to buy nor a solicitation to sell any of the MPC 2020 senior notes or the MPLX 2022 senior notes. The foregoing does not constitute a notice of redemption under the indentures governing either the MPC 2020 senior notes or the MPLX 2022 senior notes, respectively, and is qualified in its entirety by the redemption notices distributed to the holders of the MPC 2020 senior notes and MPLX 2022 senior notes under such indentures.

About Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

About MPLX LP 

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com.

Investor Relations Contacts: (419) 421-2071 
Kristina Kazarian, Vice President, Investor Relations 
Taryn Erie, Manager, Investor Relations 
Brian Worthington, Manager, Investor Relations

Media Contacts: 
Hamish Banks, Vice President, Corporate Communications (419) 421-2521 
Jamal Kheiry, Manager, Corporate Communications (419) 421-3312

SOURCE Marathon Petroleum Corporation; MPLX LP