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Debt
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Debt DEBT
Our outstanding borrowings at June 30, 2020 and December 31, 2019 consisted of the following:
(In millions)
June 30,
2020
 
December 31,
2019
Marathon Petroleum Corporation:
 
 
 
Senior notes
$
10,974

 
$
8,474

Notes payable
10

 
10

Finance lease obligations
683

 
679

MPLX LP:
 
 
 
Bank revolving credit facility
825

 
—

Term loan facility
1,000

 
1,000

Senior notes
19,100

 
19,100

Finance lease obligations
13

 
19

Total debt
$
32,605

 
$
29,282

Unamortized debt issuance costs
(143
)
 
(134
)
Unamortized (discount) premium, net
(296
)
 
(310
)
Amounts due within one year
(1,715
)
 
(711
)
Total long-term debt due after one year
$
30,451

 
$
28,127



Available Capacity under our Facilities as of June 30, 2020
(Dollars in millions)
 
Total
Capacity
 
Outstanding
Borrowings
 
Outstanding
Letters
of Credit
 
Available
Capacity
 
Weighted
Average
Interest
Rate
 
Expiration
MPC, excluding MPLX
 
 
 
 
 
 
 
 
 
 
 
 
MPC 364-day bank revolving credit facility
 
$
1,000

 
$
—

 
$
—

 
$
1,000

 
—

 
September 2020
MPC 364-day bank revolving credit facility
 
1,000

 
—

 
—

 
1,000

 
—

 
April 2021
MPC bank revolving credit facility(a)
 
5,000

 
—

 
1

 
4,999

 
—

 
October 2023
MPC trade receivables securitization facility(b)
 
705

 
—

 
—

 
705

 
—

 
July 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
MPLX
 
 
 
 
 
 
 
 
 
 
 
 
MPLX bank revolving credit facility(c)
 
3,500

 
825

 
—

 
2,675

 
1.36
%
 
July 2024

(a) 
Borrowed $3.5 billion and repaid $3.5 billion during the six months ended June 30, 2020.
(b) 
Borrowed $1.175 billion and repaid $1.175 billion during the six months ended June 30, 2020. Availability under our $750 million trade receivables facility is a function of eligible trade receivables, which will be lower in a sustained lower price environment for refined products.
(c) 
Borrowed $2.5 billion at an average interest rate of 1.53 percent and repaid $1.675 billion during the six months ended June 30, 2020.
Additional MPC 364-Day Bank Revolving Credit Facility
On April 27, 2020, MPC entered into a credit agreement with a syndicate of lenders providing for an additional $1 billion 364-day revolving credit facility. The credit agreement for the additional 364-day revolving credit facility contains representations and warranties, affirmative and negative covenants and events of default that we consider customary for agreements of their nature and type and substantially similar to those contained in our existing $5 billion five-year revolving credit facility and $1 billion 364-day revolving credit facility.
MPC Senior Notes Issuance
On April 27, 2020, we closed on the issuance of $2.5 billion in aggregate principal amount of senior notes in a public offering, consisting of $1.25 billion aggregate principal amount of 4.500 percent unsecured senior notes due May 2023 and $1.25 billion aggregate principal amount of 4.700 percent unsecured senior notes due May 2025. Interest is payable semi-annually in arrears. MPC used the net proceeds from this offering to repay certain amounts outstanding under its five-year revolving credit facility.