Securing 5 Trillion Won in Credit Facilities: Major U.S. Refiners Expand Liquidity

On April 7, 2026, Marathon Petroleum Corp. (NYSE: MPC) signed a new $5 billion unsecured revolving credit facility, replacing its existing revolver and boosting liquidity for general corporate purposes and letters of credit.

The facility was arranged with a banking syndicate led by JPMorgan Chase as administrative agent and includes customary financial and negative covenants—such as a net-debt-to-total-capitalization leverage cap, limits on additional borrowings and lien incurrences, and restrictions on sale-and-leaseback and affiliate transactions.

Interest rates under the facility are tied to Term SOFR and Daily Simple SOFR, with fees and credit spreads that vary according to the company’s credit ratings. The agreement also features options to increase the commitment size and extend the maturity, providing greater flexibility for mid- to long-term financial management.

Marathon’s improving refining margins and upgraded financial outlook have prompted several research houses to raise their price targets. On April 10, 2026, Barclays lifted its target to $230 and maintained an Overweight rating, and on April 9 Jacks Research upgraded the stock to a Strong Buy. (gurufocus.com)

Headquartered in Findlay, Ohio, Marathon Petroleum is a leading independent refiner in the U.S., operating large‐scale refineries, pipelines and storage terminals to produce and supply gasoline, diesel and jet fuel. In a high-rate environment marked by demand-supply swings and energy-transition policies, U.S. refiners are defending profitability through facility upgrades, cost controls and improved capital efficiency.