Filed Pursuant to Rule 433
Registration No. 333-271922
February 5, 2026
Supplementing the Preliminary
Prospectus Supplement dated February 5, 2026
(To Prospectus dated May 15, 2023)
MPLX LP
Pricing Term Sheet
February 5, 2026
$1,000,000,000 5.300% Senior Notes due 2036
$500,000,000 6.100% Senior Notes due 2056
| Issuer: | MPLX LP | |
| Expected Ratings (Moody’s / S&P / Fitch)*: | Baa2/BBB/BBB | |
| Net proceeds (after underwriting discounts but before expenses) to the Issuer: | $1,478,170,000 | |
| Trade Date: | February 5, 2026 | |
| Settlement Date**: | February 12, 2026 (T+5) | |
| 5.300% Senior Notes due 2036 | ||
| Principal Amount: | $1,000,000,000 | |
| Maturity Date: | April 1, 2036 | |
| Coupon: | 5.300% | |
| Price to Public: | 99.678% of the principal amount plus accrued interest, if any, from February 12, 2026 | |
| Yield to Maturity: | 5.340% | |
| Spread to Benchmark Treasury: | +113 bps | |
| Benchmark Treasury: | 4.000% due November 15, 2035 | |
| Benchmark Treasury Price / Yield: | 98-10+ / 4.210% | |
| Interest Payment Dates: | April 1 and October 1, commencing October 1, 2026, to holders of record at the close of business on the preceding March 15 and September 15, respectively | |
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| Optional Redemption Provisions: | ||
| Make-Whole Call: |
T+20 bps (at any time before January 1, 2036) | |
| Par Call: |
At any time on or after January 1, 2036 | |
| CUSIP / ISIN: | 55336V CE8 / US55336VCE83 | |
| 6.100% Senior Notes due 2056 | ||
| Principal Amount: | $500,000,000 | |
| Maturity Date: | April 1, 2056 | |
| Coupon: | 6.100% | |
| Price to Public: | 98.453% of the principal amount plus accrued interest, if any, from February 12, 2026 | |
| Yield to Maturity: | 6.213% | |
| Spread to Benchmark Treasury: | +135 bps | |
| Benchmark Treasury: | 4.750% due August 15, 2055 | |
| Benchmark Treasury Price / Yield: | 98-07+ / 4.863% | |
| Interest Payment Dates: | April 1 and October 1, commencing October 1, 2026, to holders of record at the close of business on the preceding March 15 and September 15, respectively | |
| Optional Redemption Provisions: | ||
| Make-Whole Call: |
T+25 bps (at any time before October 1, 2055) | |
| Par Call: |
At any time on or after October 1, 2055 | |
| CUSIP / ISIN: | 55336V CF5 / US55336VCF58 | |
| Joint Book-Running Managers: | Citigroup Global Markets Inc. Barclays Capital Inc. MUFG Securities Americas Inc. RBC Capital Markets, LLC Wells Fargo Securities, LLC TD Securities (USA) LLC J.P. Morgan Securities LLC BofA Securities, Inc. Mizuho Securities USA LLC | |
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| Co-Managers: | Truist Securities, Inc. Scotia Capital (USA) Inc. SMBC Nikko Securities America, Inc. U.S. Bancorp Investments, Inc. PNC Capital Markets LLC Fifth Third Securities, Inc. Huntington Securities, Inc. Morgan Stanley & Co. LLC Academy Securities, Inc. Comerica Securities, Inc. BNY Mellon Capital Markets, LLC Cabrera Capital Markets LLC |
| * | A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
The issuer has filed a registration statement (including a prospectus) and a prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc. telephone: 1-800-831-9146 (toll-free), Barclays Capital Inc. telephone: 1-888-603-5847 (toll-free), MUFG Securities Americas Inc. telephone: 1-877-649-6848 (toll-free) or RBC Capital Markets, LLC telephone: 1-866-375-6829 (toll-free).
| ** | It is expected that delivery of the notes will be made against payment therefor on or about February 12, 2026, which is the fifth business day following the date hereof (such settlement cycle being referred to as “T+5”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to the date that is more than one business day preceding the settlement date will be required, by virtue of the fact that the notes initially will settle in T+5 to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to their date of delivery hereunder should consult their own advisors. |
Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another system.
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