Marathon Petroleum Corporation and MPLX LP’s $6 Billion of Credit Facilities

Cravath represented JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association in connection with a $1 billion 364‑day revolving credit facility and a $2.5 billion five‑year revolving credit facility made available to Marathon Petroleum Corporation (“MPC”), to be used for working capital and general corporate purposes, and a $2.5 billion revolving credit facility made available to MPLX LP, to be used for working capital and general partnership. Marathon Petroleum Corporation is a leading crude oil refinery and MPLX LP, a midstream master limited partnership sponsored by MPC, owns, operates, develops and acquires midstream energy infrastructure assets. The transactions closed on July 21, 2017.

The Cravath team included partner Tatiana Lapushchik and associate Shakera M. Thompson on banking matters; associates Richard Bohm and Joyce Y. Kim on tax matters; and associate Brian B. Kennedy on executive compensation and benefits matters. Summer associate Michael Fronk also worked on this matter.