Marathon Petroleum Corporation
marathonpetroleum.comWhat Do They Do?
Refines crude oil into transportation fuels and other petroleum products for wholesale and international buyers and independent retailers; also transports and stores crude oil, natural gas and refined products through pipelines, terminals and marine fleets.
10-K for FY2025, filed Feb 26, 2026MPC has nearly 140 years of history in the energy business, and is a leading, integrated, downstream and midstream energy company. We…View ↗
Refining & Marketing – refines crude oil and other feedstocks at our refineries in the Gulf Coast, Mid-Continent and West Coast regions of…View ↗
Our refineries include crude oil atmospheric and vacuum distillation, fluid catalytic cracking, hydrocracking, catalytic reforming, coking…View ↗
MPLX owns and operates a network of crude oil, natural gas and refined product pipelines and has joint ownership interests in crude oil…View ↗
How Do They Make Money?
Refining & Marketing sells products at market-based prices, with customers generally paying shortly after delivery; Renewable Diesel follows the same pattern. Midstream earns revenue from product sales and services under contracts, with product sales tied to delivery.
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$132.7B
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10-K for FY2025, filed Feb 26, 2026
$132.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Refining & Marketing
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
94%
FY2022: 97%
|
Refining & Marketing, FY2025
$124.3B Sources
|
Sold outright |
|
Midstream
|
4.2%
FY2022: 3.0%
|
Midstream, FY2025
$5.6B Sources
|
|
|
Renewable Diesel
Sold outright
|
2.1%
FY2022: 0.4%
|
Renewable Diesel, FY2025
$2.8B Sources
|
Sold outright |
Who Are Their Customers?
Wholesale and international buyers purchase refined products, some through spot sales; independent entrepreneurs operate Marathon-branded outlets, while direct dealers buy under long-term supply contracts, mainly at ARCO locations.
10-K for FY2025, filed Feb 26, 2026Refining & Marketing – refines crude oil and other feedstocks at our refineries in the Gulf Coast, Mid-Continent and West Coast regions of…View ↗
Our refined products are sold to independent retailers, wholesale customers, our brand jobbers and direct dealers. In addition, we sell…View ↗
We sell gasoline, gasoline blendstocks and distillates (including No. 1 and No. 2 fuel oils, jet fuel, kerosene and diesel) to wholesale…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$8.3BView ↗
10-K for FY2025, filed Feb 26, 2026
$4BView ↗
10-K for FY2025, filed Feb 26, 2026
$4.8BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
MPLX strategy points to 12.5% annual distribution growth
The natural gas and NGL strategy is expected to support annual distribution growth in 2026 and 2027.
Sources
8-K, filed Aug 4, 2026
Second-quarter net income attributable to MPC of $5.1 billion, or $17.73 per diluted share $8.5 billion of adjusted EBITDA, with strong…View ↗
Growing. Revenue grew 11% in 4 years, from $120B in FY2021 to $132.7B in FY2025, about 3% a year.
Renewable diesel separated
Renewable diesel moved from being described as part of refining and marketing to a distinct segment that processes renewable feedstocks and includes wholly owned and joint-venture facilities.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026
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