Marathon Petroleum Corp. (MPC)

Marathon Petroleum is a downstream and midstream energy company, described in the filing as having nearly 140 years of history in the energy business and as operating one of the nation's largest refining systems. It reports three segments: Refining & Marketing, Midstream and Renewable Diesel. The company was incorporated in Delaware on 9 November 2009 and became independent on 30 June 2011, when Marathon Oil distributed its Refining, Marketing & Transportation business to its own shareholders. It acquired Andeavor on 1 October 2018 for about 239.8 million of its own shares plus $3.5 billion in cash, and it sold Speedway, its company-owned retail transportation fuel and convenience store business, to 7-Eleven in May 2021. It employed about 18,500 people in full-time and part-time roles at the end of 2025, about 3,800 of them covered by collective bargaining agreements.

Refining and marketing

Aggregate crude oil refining capacity is 2,986 mbpcd across three regions: the Gulf Coast at 1,248 mbpcd, the Mid-Continent at 1,186 and the West Coast at 552. The two largest plants are Galveston Bay at Texas City, Texas, at 631 mbpcd, and Garyville, Louisiana, at 617. The Mid-Continent is spread across eight smaller refineries running from Catlettsburg, Kentucky at 307 mbpcd down to Salt Lake City, Utah at 70, and the West Coast runs Los Angeles at 365, Anacortes, Washington at 119 and Kenai, Alaska at 68. The refineries processed 2,787 mbpd of crude oil and 202 mbpd of other charge and blendstocks in 2025, against 2,714 and 208 in 2024. They are largely integrated with each other by pipeline, terminal and barge, so intermediate products can be moved between them to make fuller use of processing capacity.

What comes out and who buys it

Refinery production in 2025 totalled 3,023 mbpd: gasoline 1,499, distillates 1,093, NGLs and petrochemicals 195, heavy fuel oil 90, asphalt 79 and propane 67. The crude itself came 1,966 mbpd from the United States, 599 mbpd from Canada and 222 mbpd from other international sources, bought on negotiated term contracts and on the spot market. Refined products are sold to independent retailers, wholesale customers, brand jobbers and direct dealers, and exported to international customers. At the end of 2025 there were 7,882 brand jobber outlets across 40 states, the District of Columbia and Mexico, where independent entrepreneurs mainly maintain Marathon-branded outlets, alongside long-term supply contracts covering 1,162 direct dealer locations, mostly in Southern California and largely under the ARCO brand.

Midstream

The Midstream segment primarily reflects MPLX, a master limited partnership formed in 2012, of which MPC owned the general partner and about 64 percent of the outstanding common units at the end of 2025. MPLX owns and operates crude oil, natural gas and refined product pipelines, holds joint ownership interests in others, runs light products terminals and storage assets, and maintains a fleet of owned and leased towboats and barges for fuels distribution on MPC's behalf. Its assets also include natural gas gathering systems and natural gas processing and NGL fractionation complexes. MPC keeps some midstream assets itself: four Jones Act medium range product tankers, three Jones Act 750 Series ATB vessels, and ownership interests in several crude oil and refined products pipeline systems and pipeline companies.

Renewable diesel

The wholly owned Dickinson, North Dakota facility can produce 184 million gallons per year of renewable diesel from corn oil, soybean oil, fats and greases. The Martinez facility, a 50/50 joint venture with Neste Corporation, can produce 730 million gallons per year including pretreatment and reached full capacity in late 2024. Feedstock comes partly from an aggregation facility in Cincinnati, Ohio and a pre-treatment facility in Beatrice, Nebraska, and partly from Green Bison Soy Processing in Spiritwood, North Dakota, a joint venture 75 percent owned by Archer-Daniels-Midland and 25 percent by MPC, which processes local soybeans and supplies about 600 million pounds of refined soybean oil a year exclusively to MPC. The renewable diesel generates federal RINs, 45Z tax credits and LCFS credits when sold in California or similar markets, and the company uses those instruments against its own Renewable Fuel Standard and LCFS compliance obligations as a petroleum fuel producer.

From Marathon Petroleum's annual report on Form 10-K for the year ended 31 December 2025. The filing