Marathon Petroleum Corp (MPC)

Marathon Petroleum Corporation (MPC) is a leading integrated downstream and midstream energy company with nearly 140 years of history in the energy business. It operates one of the largest refining systems in the United States, with about 3.0 million barrels per day of crude oil refining capacity, and believes it is one of the largest wholesale suppliers of gasoline and distillates to resellers in the country. It also runs a large terminal operation, one of the largest private domestic fleets of inland petroleum product barges, and a midstream network linking natural gas and NGL producers to domestic and international markets. It is also one of the largest producers and marketers of renewable diesel in the U.S. MPC was incorporated in Delaware in 2009 and spun off from Marathon Oil in 2011. It acquired Andeavor in 2018 and sold its Speedway retail business to 7-Eleven in 2021.

The company reports three segments. Refining & Marketing operates refineries in the Gulf Coast, Mid-Continent and West Coast regions with aggregate capacity of 2,986 mbpcd. These include Galveston Bay, Garyville, Los Angeles, Catlettsburg, Robinson, Detroit, El Paso, St. Paul Park, Canton, Mandan, Salt Lake City, Anacortes and Kenai. In 2025 they processed 2,787 mbpd of crude oil. Products include gasoline, distillates, propane, NGLs and petrochemicals, heavy fuel oil and asphalt, along with fuel-grade and anode-grade coke. The segment also holds a 49.9 percent interest in LF Bioenergy, a renewable natural gas producer. Midstream, which mainly reflects MPLX, gathers, transports, stores and distributes crude oil, refined products and other hydrocarbon products. It also gathers, treats, processes and transports natural gas, and transports, fractionates, stores and markets NGLs. MPC owned the general partner and about 64 percent of MPLX common units at December 31, 2025, and also owns Jones Act tankers and ATB vessels and interests in pipeline systems. Renewable Diesel processes renewable feedstocks and includes the wholly owned Dickinson, North Dakota facility (184 million gallons per year), a 50/50 Martinez Renewables joint venture with Neste (730 million gallons per year), and a 25 percent interest in the Green Bison Soy Processing joint venture with ADM. It also has feedstock aggregation and pre-treatment facilities in Cincinnati and Beatrice.

Refined products are sold to wholesale marketing customers domestically and internationally, to spot market buyers, and to independent retailers. As of December 31, 2025, there were 7,882 Marathon-branded brand jobber outlets in 40 states, the District of Columbia and Mexico, and long-term supply contracts for 1,162 direct dealer locations, mainly in Southern California under the ARCO brand. Sales volumes in 2025 were 3,718 mbpd, including about 401 mbpd destined for export, primarily from the Garyville, Galveston Bay, Anacortes and Los Angeles refineries. NGLs and petrochemicals go to customers in the chemical, agricultural and fuel-blending industries. Asphalt customers include paving contractors, resellers, government entities and roofing shingle manufacturers. Propane is sold mostly to the home heating market and to industrial and petrochemical consumers. Renewable diesel is sold to wholesale customers, on the spot market and through direct dealers, primarily on the West Coast.

MPC buys crude oil through negotiated term contracts, spot purchases and exchanges. In 2025 its crude came from the United States (1,966 mbpd), Canada (599 mbpd) and other international sources (222 mbpd). Its refineries are linked by pipelines, terminals and barges, and products move by pipeline, truck, railcar, ship and barge, largely through MPLX and third-party assets, plus MPC's own trucks and railcars. The company competes with other refiners, integrated oil companies, independent marketers and high-volume retailers, and in renewable diesel with other producers for feedstocks and sales. Demand is seasonal, with the second and third quarters typically stronger. Operations are subject to environmental regulation, including the Clean Air Act, Clean Water Act, RCRA, CERCLA and OPA-90.