Marathon Petroleum Corp (MPC)

Marathon Petroleum Corporation (MPC) is a nearly 140-year-old, integrated downstream and midstream energy company operating through three reportable segments: Refining & Marketing, Midstream, and Renewable Diesel. Incorporated in Delaware in 2009 as part of a spinoff from Marathon Oil Corporation completed in 2011, MPC trades on the NYSE under ticker "MPC." The company significantly expanded its footprint through the 2018 acquisition of Andeavor for approximately $19.8 billion in stock and $3.5 billion in cash, and later sold its Speedway retail business to 7-Eleven in 2021 for $21.38 billion. MPC operates one of the largest U.S. refining systems, with 13 refineries across the Gulf Coast, Mid-Continent, and West Coast regions totaling approximately 2,986 mbpcd of crude oil refining capacity, processing 2,787 mbpd of crude oil in 2025.

These refineries produce gasoline, distillates, NGLs and petrochemicals, heavy fuel oil, asphalt, and propane, distributed through wholesale, spot, branded jobber, and direct dealer channels (including Marathon® and ARCO® branded outlets), with total refined product sales of 3,718 mbpd in 2025, including exports of 401 mbpd. The company also holds a 49.9% stake in LF Bioenergy, a renewable natural gas producer. The Midstream segment, primarily reflected through MPC's roughly 64% ownership of MPLX LP (a diversified master limited partnership formed in 2012), encompasses an extensive network of pipelines, terminals, storage, gathering and processing systems, and marine transportation assets for crude oil, refined products, natural gas, and NGLs, along with MPC-retained assets including Jones Act tankers and pipeline interests.

The Renewable Diesel segment includes a wholly owned Dickinson, North Dakota facility with 184 million gallons per year capacity, supporting feedstock facilities in Cincinnati and Beatrice, and joint ventures including the 50/50 Martinez Renewables partnership with Neste Corporation (730 million gallons per year capacity) and the Green Bison Soy Processing joint venture with ADM. MPC operates in highly competitive and cyclical markets across all segments, facing competition based on feedstock access, pricing, market connectivity, and regulatory credit dynamics, while its operations remain subject to extensive environmental regulation under laws such as the CAA, CWA, RCRA, CERCLA, and OPA-90.