MPC
Updated: 23/09/2026, 04:04:32
Marathon Petroleum Corporation (MPC) functions as a prominent integrated energy enterprise, primarily concentrating its downstream operations across the United States. Its business is bifurcated into two main divisions: Refining & Marketing, and Midstream. The Refining & Marketing segment is responsible for processing crude oil and various other raw materials at its refineries, strategically located in the U.S. Gulf Coast, Mid-Continent, and West Coast regions. This division also acquires refined petroleum products and ethanol for subsequent distribution. Key outputs from this segment encompass a diverse array of transportation fuels, including different gasoline blends, heavy fuel oil, and asphalt. Additionally, it manufactures chemicals such as aromatics, propane, propylene, and sulfur. MPC sells these refined goods through multiple channels, including wholesale marketers domestically and globally, purchasers on the open spot market, and independent entrepreneurs who manage primarily Marathon-branded retail locations. It also supplies fuel via long-term agreements to direct dealer sites, predominantly under the ARCO brand. The Midstream segment handles the comprehensive movement, storage, distribution, and commercialization of crude oil and refined products. This is achieved through its extensive network of refining logistics assets, pipelines, terminals, towboats, and barges. Moreover, this segment engages in the collection, processing, and transportation of natural gas, alongside the gathering, transport, fractionation, storage, and marketing of natural gas liquids. By December 31, 2021, the corporation supported 7,159 branded jobber retail points, managed by independent entrepreneurs, spanning 37 U.S. states, the District of Columbia, and Mexico. Marathon Petroleum Corporation, established in 1887, maintains its corporate headquarters in Findlay, Ohio.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$132.7B
FY 2025 · Reported
Net income
$4.0B
FY 2025 · Reported
Gross margin
10.0%
FY 2025 · Calculated
Free cash flow
$4.8B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$3.5B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company definition
Marathon Petroleum Corporation and consolidated subsidiaries; filing includes MPLX LP (MPLX)
“all references in this Annual Report on Form 10-K to “MPC,” “us,” “our,” “we” or the “Company” mean Marathon Petroleum Corporation and its consolidated subsidiaries”
Reportable segments
Refining & Marketing; Midstream; Renewable Diesel
“Our Refining & Marketing segment results for 2025 versus 2024 reflect higher realized refining margins... Our Midstream segment contributed strong results and continued growth in 2025”
MPLX midstream NGL/natural gas commodity exposure
MPLX profitability directly affected by NGL and natural gas prices; indirectly affected by producer drilling levels
“A portion of MPLX’s profitability is directly affected by prevailing commodity prices primarily as a result of purchasing and selling NGLs and natural gas at index-related prices.”
Renewable diesel commodity hedging
Renewable diesel business exposed to renewable feedstock and renewable diesel price volatility, hedged with exchange-traded futures
“We are subject to price volatility mainly in agricultural commodities markets in relation to renewable feedstock used in the production of renewable diesel.”
Segment adjusted EBITDA 2025 vs 2024 (millions USD)
R&M $6,138M vs $5,703M; Midstream $6,750M vs $6,544M; Renewable Diesel $(110)M vs $(150)M; Total $12,778M vs $12,097M
“Refining & Marketing$6,138 $5,703 Midstream6,750 6,544 Renewable Diesel(110)(150) Total reportable segments$12,778 $12,097”
Commodity price risk scope
Exposed to volatility of crude oil and refined products, ethanol, renewable feedstock/products, NGLs, and natural gas prices
“We are exposed to market risks related to the volatility of crude oil and refined petroleum products, ethanol, renewable feedstock, renewable products, NGLs, and natural gas prices.”
IFO sensitivity to 10%/25% commodity price moves (12/31/2025 open positions)
10%/25% price increase reduces IFO: Crude $(10)M/$(25)M; Refined products $(13)M/$(33)M; Blending products $(1)M/$(3)M; Soybean oil $(4)M/$(10)M
“Crude$(10)$(25)$10 $25 Refined products(13)(33)13 33 Blending products(1)(3)1 3 Soybean oil(4)(10)4 10”
No financial hedges for interest rate or FX risk at 12/31/2025
No financial derivative instruments to hedge interest rate or foreign currency exchange rate fluctuations as of December 31, 2025
“As of December 31, 2025, we did not have any financial derivative instruments to hedge the risks related to interest rate or foreign currency exchange rate fluctuations”
Northwind Midstream Acquisition
MPLX acquired 100% of Northwind Midstream for $2.4B cash (Aug 29, 2025), financed partly by $4.5B senior notes
“On August 29, 2025, MPLX completed the acquisition of 100 percent of Northwind Midstream for $2.4 billion in cash.”
BANGL, LLC Acquisition
MPLX bought remaining 55% of BANGL for $703M + up to $275M earnout; $484M gain recognized
“On July 1, 2025, MPLX purchased the remaining 55 percent interest in BANGL, LLC (“BANGL”) for $703 million cash, plus an earnout provision of up to $275 million”
Whiptail Midstream Acquisition
MPLX acquired Whiptail Midstream gathering businesses for $235M cash (San Juan basin)
“On March 11, 2025, MPLX acquired gathering businesses from Whiptail Midstream, LLC for $235 million in cash”
BANGL Acquisition
Recently completed acquisition of BANGL, LLC ("BANGL Acquisition")
“and BANGL, LLC (the “BANGL Acquisition”)”
Northwind Midstream Acquisition
Recently completed acquisition of Northwind Delaware Holdings LLC ("Northwind Midstream Acquisition")
“the recently completed acquisitions of Northwind Delaware Holdings LLC (the “Northwind Midstream Acquisition”)”
Sale of Rockies gathering and processing assets
MPLX sold Rockies assets to Harvest Midstream for $980M cash; $159M gain
“On November 12, 2025, MPLX completed the sale of its Rockies gathering and processing assets (the “Rockies”) to a subsidiary of Harvest Midstream (“Harvest”) for $980 million in cash.”
Ethanol Joint Venture Sale (TAMH)
MPC sold 49.9% TAMH interest to The Andersons Ethanol LLC for $427M cash; $254M gain
“On July 31, 2025, MPC sold its 49.9 percent interest in The Andersons Marathon Holdings LLC (“TAMH”) to The Andersons Ethanol LLC... in exchange for cash proceeds of $427 million.”
Business strategy priorities
Plans to improve commercial performance, lower costs and optimize asset portfolio; ESG/GHG goals; capital return (MPC dividends/buybacks; MPLX distributions/unit repurchases)
“business strategies, growth opportunities and expected investments, including plans to improve commercial performance, lower costs and optimize our asset portfolio”
NGL transport and fractionation capacity as price driver
NGL/natural gas prices impacted by supply/demand, availability of NGL transportation and fractionation capacity
“impacted by changes in fundamental supply and demand, as well as market uncertainty, availability of NGL transportation and fractionation capacity and a variety of additional factors that are beyond MPLX’s control.”
Interest rate risk on long-term debt
Fixed-rate long-term debt fair value $31,331M; +100bp changes fair value by $2,494M; variable-rate $0
“Fixed-rate$31,331 $2,494 n/a Variable-rate$— $— $—”
MPLX senior notes issuance
MPLX $4.5B senior notes issued August 2025 to fund Northwind acquisition and expansions
“financed with a portion of the net proceeds from MPLX's $4.5 billion senior notes issuance in August 2025”
Regional conflict exposure
Volatility from regional conflicts such as hostilities in the Middle East and in Ukraine
“regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation, or rising interest rates”
Refining demand/capacity outlook
Constructive environment for U.S. refiners supported by demand growth exceeding capacity changes through end of decade
“global demand growth is expected to outpace the net impact of refining capacity additions and rationalizations through the end of the decade”
Environmental and fuel regulation
Compliance exposure to federal/state environmental, economic, health and safety and energy regulations; RFS/RIN/SRE, CARB/LCFS referenced
“our ability to comply with federal and state environmental, economic, health and safety, energy and other policies and regulations and enforcement actions initiated thereunder”
Volatile refining margins drive results
Refined product margins are volatile and depend on crude/feedstock prices, tariffs, competitor capacity, natural gas and electricity costs, beyond company control.
“Our financial results are affected by volatile refining margins, which are dependent on factors beyond our control.”
EV adoption and emissions regulation reduce liquid fuels demand
Emissions, fuel-efficiency and alternative fuel vehicle developments (California ACC II, Advanced Clean Trucks, automaker EV goals) may decrease demand for liquid transportation fuels.
“In 2021, several automobile manufacturers jointly announced their shared goal that 40-50 percent of their new vehicle sales be battery electric, fuel cell or plug-in hybrid vehicles by 2030.”
Derivative accounting treatment
Commodity derivative instruments are not designated as hedges for accounting purposes
“We do not designate any of our commodity derivative instruments as hedges for accounting purposes.”
Cybersecurity and IT dependency
Increasingly dependent on IT systems and third-party providers; subject to ransomware, supply chain and AI-enabled attacks; prior incidents not material to date.
“To date, the impacts of prior events and incidents have not had a material adverse effect on us.”
Operational hazards and business interruption
Operations subject to business interruptions and inherent hazards including explosions, fires, releases, severe weather; water-adjacent transport subject to OPA-90 liability.
“Our operations are subject to business interruptions, such as scheduled and unscheduled refinery turnarounds, unplanned maintenance, explosions, fires, refinery or pipeline releases, product quality incidents, power outages, severe weather, labor disputes, acts of terrorism”
Margin timing/feedstock purchase lag risk
We generally purchase our feedstocks weeks before we refine them; price level changes in the interim can significantly affect results.
“We generally purchase our feedstocks weeks before we refine them and sell the refined products.”
Environmental regulation compliance costs
Expects substantial capex/opex for evolving environmental laws; exposure to benzene/MTBE liability and increasing PFAS monitoring and remediation obligations.
“There is also increased regulatory interest in PFAS, which we expect will lead to increased monitoring and remediation obligations and potential liability related thereto.”
MPLX derivative credit support and monitoring
MPLX performs credit reviews, provides guaranties as credit support, uses netting agreements, and prohibits speculative positions
“MPLX management conducts a standard credit review on counterparties to derivative contracts, and it has provided the counterparties with a guaranty as credit support”
State climate/GHG programs raise costs
California/Washington LCFS, California Cap-and-Invest, and NY/Vermont climate-damage laws could raise costs and reduce competitiveness of California refinery, renewable fuel facility and Washington refinery.
“requirements to drastically reduce GHG emissions in California could increase our operating costs, require additional capital expenditures, reduce the competitiveness of our California refinery and renewable fuel facility and our Washington refinery”
MPLX publicly traded partnership tax treatment risk
Legislative/judicial changes could eliminate MPLX's qualification for partnership tax treatment, possibly retroactively.
“proposals that would eliminate MPLX’s ability to qualify for partnership tax treatment”
Data privacy regulation exposure
Subject to GDPR, CCPA, and state privacy laws in more than twenty U.S. states; operates in Mexico, Peru and Singapore with privacy laws.
“comprehensive state privacy laws have been proposed or passed in more than twenty U.S. states. We also operate in other jurisdictions (such as Mexico, Peru and Singapore)”
Renewable diesel margin exposure
Lower refined product margins, including renewable diesel margins, may lead to reduced production and possible impairments.
“Lower refined product margins, including renewable diesel margins have in the past, and may in the future, lead us to reduce the amount of refined products we produce”
MPLX volumetric imbalance commodity risk
MPLX exposed to additional commodity risk from producer under/over-delivery or processing recovery modes
“MPLX would be exposed to additional commodity risk in certain situations such as if producers under‑deliver or over‑deliver products or if processing facilities are operated in different recovery modes.”
Federal deregulation may create state regulatory patchwork
2025 federal policy changes may lead to a patchwork of state regulation varying in stringency and scope.
“If the federal government relaxes or revokes certain environmental regulations, states may pass laws that vary in stringency and scope by state, creating a patchwork of regulation.”
ESG/societal pressure on carbon-based fuels business
Societal/political opposition to carbon fuels, ESG advocacy and lender pressure could impair capital access and project approvals.
“If this were to continue, it could have a material adverse effect on our access to capital.”
Tariff and trade risk
Risk from establishment or increase of tariffs on goods including crude oil and feedstocks imported into the US, and retaliatory actions from foreign governments
“the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments”
California regulatory risk
Risk of windfall profit taxes, maximum margin penalties, minimum inventory requirements or refinery maintenance/turnaround supply plans in California or other jurisdictions
“the imposition of windfall profit taxes, maximum margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions”
Capital project execution risks
Capital projects face financing cost increases, supply chain disruption, vendor nonperformance, and political/activist delays.
“global supply chain disruptions; nonperformance by, or disputes with, vendors, suppliers, contractors or subcontractors”
Permitting/approval difficulty for storage and transportation projects
Approval process for storage and transportation projects increasingly challenging; expansion projects may not complete on schedule or budget.
“The approval process for storage and transportation projects has become increasingly challenging, due in part to state and local concerns related to pipelines, negative public perception regarding the oil and gas industry”
Customer credit risk
Risk of non-payment/non-performance by customers and changes in producer customers' drilling plans or throughput volumes
“non-payment or non-performance by our customers”
Transportation/logistics dependency
Risk from cost or availability of third-party vessels, pipelines, railcars and other transportation for crude, natural gas, NGLs, feedstocks, refined products and renewable diesel
“changes in the cost or availability of third-party vessels, pipelines, railcars and other means of transportation for crude oil, natural gas, NGLs, feedstocks, refined products and renewable diesel and other renewable fuels”
Alternative fuels and EV substitution risk
Risk from alternative fuels, alternative-fuel vehicles, and laws mandating such fuels or vehicles
“the price, availability and acceptance of alternative fuels and alternative-fuel vehicles and laws mandating such fuels or vehicles”
Tax law change exposure (One Big Beautiful Bill Act)
Risk from changes in tax regulations or guidance under the One Big Beautiful Bill Act
“taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act”
Refining & Marketing margins depend on crack spreads keyed to MEH (42%), WTI (40%), ANS (18%) crude; $1/bbl blended crack spread change = ~$1,125M segment EBITDA.
“Crack spread based on 42 percent MEH, 40 percent WTI and 18 percent ANS with Gulf Coast, Mid-Continent and West Coast product pricing”
Refining margins and results depend on crude oil and feedstock prices purchased weeks before refining; tariffs on imported crude also cited.
“Our margins from the sale of refined products are influenced by a number of conditions, including the price of crude oil and other feedstocks.”
2025 R&M results reflect higher realized refining margins supported by stable demand and U.S. gasoline/distillate inventories at or below five-year averages.
“higher realized refining margins supported by stable demand and by gasoline and distillate inventory levels in the U.S. that were at or below five-year averages”
Refining & Marketing uses commodity derivatives (futures, swaps, options) to hedge crude oil acquisition price risk; open crude positions drive IFO sensitivity of $(10)M/$(25)M for 10%/25% price increases.
“We use derivative instruments related to the acquisition of crude oil and ethanol blended with refined petroleum products to hedge price risk associated with market volatility”
MPC's forward-looking statements identify consumer demand for refined products, natural gas, renewable diesel and other renewable fuels and NGLs as a key driver of results.
“consumer demand for refined products, natural gas, renewable diesel and other renewable fuels and NGLs”
Midstream segment delivered $6,750M segment adjusted EBITDA in 2025; MPC receives LP distributions ($2.56B in 2025) on ~647M units.
“We received limited partner distributions of $2.56 billion and $2.27 billion from MPLX during 2025 and 2024, respectively.”
Fuel specifications, climate and GHG legislation could materially adversely impact business via compliance costs and permitting delays; environmental capex was 20% of 2025 capex.
“Legislation and regulations pertaining to fuel specifications, climate change and GHG emissions have the potential to materially adversely impact our business”
MPLX midstream profitability directly affected by NGL and natural gas index-related prices, mitigated with natural gas derivative swap contracts.
“To mitigate MPLX’s cash flow exposure to fluctuations in the price of natural gas, it may use natural gas derivative swap contracts”
Growing consumer acceptance and automaker EV goals (40-50% by 2030) expected to adversely affect liquid transportation fuel sales.
“consumer acceptance and market penetration of electric, hybrid and alternative fuel vehicles continues to increase”
Regional conflicts including hostilities in the Middle East and Ukraine are cited as sources of volatility/degradation of business conditions.
“regional conflicts such as hostilities in the Middle East and in Ukraine”
Risk of windfall profit taxes, margin penalties, inventory requirements and turnaround supply plans in California.
“the imposition of windfall profit taxes, maximum margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions”
Cost and availability of third-party vessels, pipelines and railcars for crude, products and renewable diesel is a disclosed risk.
“changes in the cost or availability of third-party vessels, pipelines, railcars and other means of transportation”
Larger sweet and sour differentials enhance Refining & Marketing margin; each $1.00/bbl change in either differential moves annual segment adjusted EBITDA by ~$520M.
“In general, larger sweet and sour differentials will enhance our Refining & Marketing margin.”
Fixed-rate senior notes of $31,331M fair value expose the company to fair value changes ($2,494M per 100bp) and refinancing risk; variable-rate revolver borrowings expose interest expense to short-term rates.
“Variable-rate debt, such as borrowings under our revolving credit facilities, exposes us to short-term changes in market rates that impact our interest expense.”
Evolving environmental laws (emissions, PFAS, renewable fuel blending, permitting) require substantial ongoing capex and operating costs.
“We expect to continue to incur substantial capital expenditures and operating costs to meet the requirements of evolving environmental and other laws or regulations.”
Glossary and forward-looking statements show exposure to RFS, RINs, Small Refinery Exemption credits, CARB and LCFS compliance regimes.
“RFSRenewable Fuel Standard program, as required by the Energy Independence and Security Act of 2007”
California EV mandates (ACC II, Advanced Clean Trucks) may reduce demand for MPC's liquid transportation fuels.
“These regulations include Advanced Clean Cars (“ACC”) I, ACC II, and Advanced Clean Trucks.”
Natural gas price is a disclosed cost driver: $1.00/MMBtu change impacts annual Refining & Marketing segment adjusted EBITDA by ~$360M.
“Natural gas price sensitivity(d) (per $1.00/MMBtu) 360”
Natural gas availability and supply costs affect refining margins; MPLX transports and stores natural gas exposed to appliance restrictions.
“natural gas and electricity availability and supply costs”
Declining GHG caps could raise operating costs and reduce competitiveness of California and Washington refineries.
“CARB is currently developing regulations to implement the changes to the Cap-and-Invest program.”
State climate damages lawsuits, greenwashing claims, and Dakota Access Pipeline shutdown litigation create uncertain liability, including for MPLX's minority interest.
“Governments and private parties may continue to file lawsuits or initiate regulatory action based on allegations that certain public statements regarding climate change and other ESG related matters and practices by companies are false and misleading”
Renewable diesel production exposed to agricultural commodity (renewable feedstock, e.g. soybean oil) price volatility, hedged with exchange-traded futures; IFO sensitivity $(4)M/$(10)M for 10%/25% moves.
“Soybean oil(4)(10)4 10”
Midstream growth driven by Permian to Gulf Coast expansion including Northwind/BANGL acquisitions, long-haul pipeline projects, and Gulf Coast fractionation/export expansion.
“benefitting from the expansion of its Permian to Gulf Coast natural gas and NGL value chains with the Northwind Midstream Acquisition and the BANGL Acquisition”
Price, availability and acceptance of alternative fuels and alternative-fuel vehicles, and mandating laws, are disclosed demand risks.
“the price, availability and acceptance of alternative fuels and alternative-fuel vehicles and laws mandating such fuels or vehicles”
Midstream growth is tied to producer customers' development plans, expanded via Northwind and BANGL acquisitions along Permian to Gulf Coast value chains.
“We believe our Midstream business is well positioned and has significant opportunities to support the development plans of its producer customers.”
MPLX's partnership tax treatment could be eliminated by legislative or administrative changes, possibly retroactively.
“there are proposals to change the existing U.S. federal income tax laws that would affect publicly traded partnerships, including proposals that would eliminate MPLX’s ability to qualify for partnership tax treatment”
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