Marathon Petroleum Corporation (MPC)

Marathon Petroleum Corp. names Brian Worthington vice president, Investor Relations; Kristina Kazarian to become vice president, Finance and TreasurerMay 11, 2026 4:05 PM
PR Newswire (US) FINDLAY, Ohio, May 11, 2026 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) announced today that Brian Worthington has been named vice president, Investor Relations. Worthington succeeds Kristina Kazarian, who will become vice president, Finance and Treasurer. Both appointments are effective May 25."Over the past six years, Brian has closely engaged with our investment community and developed a deep understanding of our business, positioning him as the ideal choice for this important role," said Maryann Mannen, chairman, president and chief executive officer. "We are pleased that Kristina will expand her responsibilities around capital allocation and treasury activities, bringing a perspective of driving long-term value creation for our shareholders."Both Worthington and Kazarian will report to Maria Khoury, executive vice president and chief financial officer. In addition to their MPC responsibilities, Worthington and Kazarian will each serve in their new respective capacities for MPLX (NYSE: MPLX), the master limited partnership sponsored by MPC. "I look forward to working closely with Brian and Kristina, whose strong partnership will enable clear and consistent engagement with the investment community, support the execution of our strategic objectives, and drive long-term shareholder value," said Khoury.Worthington joined MPC as part of the Investor Relations team in 2020, bringing 17 years of experience from ConocoPhillips. Kazarian joined MPC in 2018 as vice president, Investor Relations and took on the additional responsibilities of Finance in 2023. Prior to MPC, she spent over a decade in energy roles at Fidelity and leading equity research teams at Deutsche Bank and Credit Suisse.About Marathon Petroleum CorporationMarathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President, Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Alyx Teschel, Director, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications Manager View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-names-brian-worthington-vice-president-investor-relations-kristina-kazarian-to-become-vice-president-finance-and-treasurer-302768467.htmlSOURCE Marathon Petroleum Corporation Original: Marathon Petroleum Corp. names Brian Worthington vice president, Investor Relations; Kristina Kazarian to become vice president, Finance and Treasurer

Marathon Petroleum tops expectations as refining performance drives earningsMay 5, 2026 10:54 AM
IH Market News Marathon Petroleum Corp. (NYSE:MPC) delivered first-quarter results that exceeded analyst forecasts, posting adjusted earnings per share of $1.65 compared to estimates of $1.09, supported by stronger crack spreads and solid operational execution.Revenue came in at $34.57 billion, ahead of the $33.49 billion consensus and representing a notable improvement from the same period last year, when the company reported a net loss of -$0.24 per share.Shares gained 1% following the announcement. The company also introduced an additional $5 billion share buyback authorization, bringing its total available repurchase capacity to $8.6 billion as of March 31, 2026.During the quarter, Marathon generated $1.1 billion in operating cash flow and completed roughly 40% of its planned 2026 turnaround activities. Adjusted EBITDA reached $2.8 billion, up from $2.0 billion in the first quarter of 2025.The Refining & Marketing segment was a key contributor, reporting adjusted EBITDA of $1.4 billion compared to $489 million a year earlier. Margins improved to $17.74 per barrel from $13.38, while crude capacity utilization stood at 89%, with total throughput of 2.9 million barrels per day. Gains were driven by stronger crack spreads, though partially offset by losses tied to the company’s hedging program.“Our first-quarter results underscore the strength and reliability of our integrated system and our disciplined approach to capital deployment,” said Chairman, President and Chief Executive Officer Maryann Mannen. “Accelerating our planned turnaround activity in the quarter enhances our operational readiness to supply the elevated levels of current market demand.”The Midstream segment recorded adjusted EBITDA of $1.6 billion, slightly below the $1.7 billion reported in the prior-year quarter, mainly due to derivative-related losses and the absence of a one-time benefit.Marathon returned more than $1.0 billion to shareholders over the period and ended the quarter with $2.2 billion in cash and cash equivalents.Marathon Petroleum Corp stock price Original: Marathon Petroleum tops expectations as refining performance drives earnings

Marathon Petroleum Corp. Reports First-Quarter 2026 ResultsMay 5, 2026 6:45 AM
PR Newswire (US) FINDLAY, Ohio, May 5, 2026 /PRNewswire/ -- First-quarter net income attributable to MPC of $511 million, or $1.73 per diluted share, adjusted net income of $487 million, or $1.65 per diluted shareCash from operations of $1.1 billion, reflecting safe and reliable performance while completing approximately 40% of 2026 planned turnaround activity Executing value-enhancing capital strategy; Garyville jet project online in 1Q26, progressing El Paso FCC upgrade (2Q26 target completion) and Robinson jet project (3Q26 target completion)Progressing MPLX Permian growth strategy, expected to support 12.5% annual distribution growth to MPC in 2026 and 2027$1.0 billion of capital returned, reinforcing commitment to industry-leading capital return; announced incremental $5 billion share repurchase authorizationMarathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $511 million, or $1.73 per diluted share, for the first quarter of 2026. This compares with a net loss attributable to MPC of $(74) million, or $(0.24) per diluted share, for the first quarter of 2025. Adjusted net income was $487 million, or $1.65 per diluted share, for the first quarter of 2026.Cash provided by operating activities was $1.1 billion for the first quarter of 2026, compared with $(64) million for the first quarter of 2025.The first quarter of 2026 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $2.8 billion, compared with $2.0 billion for the first quarter of 2025."Our first-quarter results underscore the strength and reliability of our integrated system and our disciplined approach to capital deployment," said Chairman, President and Chief Executive Officer Maryann Mannen. "Accelerating our planned turnaround activity in the quarter enhances our operational readiness to supply the elevated levels of current market demand. MPLX progressed its mid-single digit growth strategy through expansions across its Natural Gas and NGL value chains, underpinning distribution growth and strengthening cash flow stability to MPC, positioning us to lead in capital return."Results from OperationsAdjusted EBITDA (unaudited)

Three Months Ended March 31,(In millions)
2026

2025Refining & Marketing segment adjusted EBITDA$1,377
$489Midstream segment adjusted EBITDA
1,598

1,720Renewable Diesel segment adjusted EBITDA
38

(42)Subtotal
3,013

2,167Corporate
(274)

(210)Add: Depreciation and amortization
24

18Adjusted EBITDA$2,763
$1,975Refining & Marketing (R&M)Segment adjusted EBITDA was $1.4 billion in the first quarter of 2026, versus $489 million for the first quarter of 2025. R&M segment adjusted EBITDA was $5.37 per barrel for the first quarter of 2026, versus $1.91 per barrel for the first quarter of 2025. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $530 million in the first quarter of 2026 and $454 million in the first quarter of 2025.R&M margin was $17.74 per barrel for the first quarter of 2026, versus $13.38 per barrel for the first quarter of 2025. Crude capacity utilization was 89%, resulting in total throughput of 2.9 million barrels per day (bpd) for the first quarter of 2026. Results benefited from higher crack spreads, partially offset by derivative losses related to our economic hedging program.Refining operating costs were $6.23 per barrel for the first quarter of 2026, versus $5.74 per barrel for the first quarter of 2025, reflecting higher project-related expense associated with increased turnaround activity. Full-year planned turnaround expense is unchanged, estimated at $1.35 billion. MidstreamSegment adjusted EBITDA was $1.6 billion in the first quarter of 2026, versus $1.7 billion for the first quarter of 2025. The decrease was primarily driven by derivative losses of $77 million on economic hedges in the first quarter of 2026 and a $37 million non-recurring benefit associated with a customer agreement in the first quarter of 2025.Renewable DieselSegment adjusted EBITDA was $38 million in the first quarter of 2026, versus $(42) million for the first quarter of 2025. The results reflect a stronger margin environment and recognition of clean fuel production tax credits due to clarity on 45Z regulation, partially offset by decreased utilization due to planned downtime at the Martinez Renewables joint venture facility, compared to the prior year quarter.Corporate and Items Not AllocatedCorporate expenses totaled $274 million in the first quarter of 2026, compared with $210 million in the first quarter of 2025.  The variance was primarily due to the fair value remeasurement of outstanding performance-based stock compensation driven by recent stock performance and environmental remediation expense related to historical operations at the Martinez refinery.Financial Position, Liquidity, and Return of Capital As of March 31, 2026, MPC had $2.2 billion of cash and cash equivalents, including $1.5 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility. In the first quarter, the company returned over $1.0 billion of capital to shareholders. As of March 31, 2026, the company had $3.6 billion available under its share repurchase authorizations.Additionally, the Board of Directors approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company would have had $8.6 billion available under its share repurchase authorizations as of March 31, 2026. The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended or discontinued at any time.Strategic UpdateMPC's 2026 capital spending outlook (excluding MPLX) is $1.5 billion. Approximately 65% of its overall spending is focused on value enhancing capital and 35% on sustaining capital. MPC's outlook includes high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries. In the first quarter of 2026, the Garyville jet flexibility project was brought online. Modifications to the hydrocracker fractionator allow current products to be upgraded to higher value jet fuel, allowing the company to take advantage of growing domestic and export demand. In addition to these multi-year investments, the company is executing shorter-term projects that offer high returns through margin enhancement and cost reduction. InvestmentDetailsExpected In-ServiceGaryvilleJet FlexibilityIncreases flexibility to maximize higher value
jet fuel production to meet growing demand1Q26 - CompletedEl PasoYield ImprovementUpgrades fluid catalytic cracker (FCC) and
alkylation units to drive volume expansion2Q26Robinson Product FlexibilityIncreases flexibility to maximize higher value
jet fuel production to meet growing demand3Q26Galveston BayDistillate HydrotreaterIncreases ability to supply high-value ULSD to
domestic and export marketsYE27GaryvilleFeedstock OptimizationOptimizes feedstock slate to enhance marginYE27GaryvilleProduct Export FlexibilityIncreases flexibility to produce incremental
export premium gasoline and lowers costsYE27MPLX is investing 90% of its $2.4 billion organic growth capital plan toward opportunities to meet growing natural gas and NGL infrastructure needs. With projects concentrated in the Permian and Marcellus, two of the most prolific and competitive basins in North America, investments in these value chains reflect MPLX's confidence in the long-term fundamentals of the energy market, offer some of the most compelling investments in the midstream sector, and are expected to generate mid-teens returns.InvestmentDetailsMPLX
OwnershipExpected In-
ServiceHarmon Creek III300 million cubic feet per day (MMcf/d) gas processing plant and 40
thousand bpd (mbpd) de-ethanizer100 %3Q26Bay Runner and Rio
Bravo PipelinesUp to 5.3 billion cubic feet per day
(Bcf/d) of natural gas transport capacity
between Agua Dulce, Texas, and
Brownsville, Texas30 %Bay Runner: 3Q26Rio Bravo: 2029Titan ComplexIncreasing sour gas treating capacity
from 150 MMcf/d to over 400 MMcf/d100 %4Q26BANGL PipelineExpansion from 250 mbpd to 300
mbpd100 %4Q26Blackcomb Pipeline2.5 Bcf/d pipeline connecting Permian
supply to Agua Dulce, Texas34 %4Q26Traverse Pipeline2.5 Bcf/d pipeline designed to
transport natural gas between Agua
Dulce, Texas and Katy, Texas34 %2H27Gulf Coast FractionatorsTwo 150 mbpd fractionation facilities
near MPC's Galveston Bay refinery100 %Frac I: 2028Frac II: 2029Gulf Coast LPG Export
Terminal JV400 mbpd LPG export terminal50 %2028Marcellus Gathering
System ExpansionSupports producer activity near
MPLX's Majorsville gas processing
complex100 %1H28Eiger Express Pipeline3.7 Bcf/d pipeline connecting Permian
supply to Katy, Texas22 %Mid-2028Secretariat II300 MMcf/d gas processing plant in
the Delaware Basin100 %2H28Second-Quarter 2026 OutlookRefining & Marketing Segment:

Refining operating costs per barrel(a)$5.65Distribution costs (in millions)$1,625Refining planned turnaround costs (in millions)$300Depreciation and amortization (in millions)$390


Refinery throughputs (mbpd):

    Crude oil refined
2,795    Other charge and blendstocks
195        Total
2,990


Corporate (includes $30 million of D&A)$240

(a)Excludes refining planned turnaround and depreciation and amortization expense. Conference CallAt 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.About Marathon Petroleum CorporationMarathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Alyx Teschel, Director, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications ManagerReferences to Earnings and Defined Terms
References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC's share after excluding amounts attributable to noncontrolling interests.Market Data
Certain relevant benchmark margin and market data, including pricing, regional and blended crack spreads and sweet and sour crude differentials, along with a hypothetical Refining and Marketing margin indicator based on such margin and market data and operational guidance provided for each quarter, is available on MPC's Investors website at www.marathonpetroleum.com/Investors/Investor-Market-Data. MPC intends to update this information each month no later than the close of business on the second business day following the end of each month unless otherwise noted and may also provide additional updates within each month. Interested parties may register to receive automatic email alerts when the information is updated by clicking on "Sign Up" at https://www.marathonpetroleum.com/Investors/ and following the instructions provided.Forward-Looking Statements
This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "confidence," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs"), or renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation rising interest rates or government shutdowns; the regional, national and worldwide demand for refined products and renewables and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, renewable diesel and other renewable fuels, NGLs and other feedstocks and related pricing differentials, including increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the ability to obtain the necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating within the energy industry in California or other jurisdictions; 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; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.Consolidated Statements of Income (unaudited)


Three Months Ended March 31,(In millions, except per-share data)
2026

2025Revenues and other income:




   Sales and other operating revenues$34,200
$31,517 Income from equity method investments
176

230 Other income
192

103       Total revenues and other income
34,568

31,850Costs and expenses:




   Cost of revenues (excludes items below)
31,261

29,360   Depreciation and amortization
809

793   Selling, general and administrative expenses
867

783   Other taxes
227

227       Total costs and expenses
33,164

31,163Income from operations
1,404

687Net interest and other financial costs
370

304Income before income taxes
1,034

383Provision for income taxes
183

37Net income
851

346Less net income attributable to:




Noncontrolling interests
340

420Net income (loss) attributable to MPC$511
$(74)





Per share data




Basic:




  Net income (loss) attributable to MPC per share$1.73
$(0.24)  Weighted average shares outstanding (in millions)
295

313





Diluted:




  Net income (loss) attributable to MPC per share$1.73
$(0.24)Weighted average shares outstanding (in millions)
295

313 Capital Expenditures and Investments (unaudited)


Three Months Ended March 31,(In millions)
2026

2025Refining & Marketing$328
$362Midstream
892

386Renewable Diesel(a)
—

1Corporate(b)
32

27Total$1,252
$776





Capitalized interest$30
$18

(a) Excludes $62 million of funding to the Martinez Renewables JV due to turnaround costs in the first quarter of 2026 expected to be recovered through subsequent distributions from the JV during 2026.(b) Includes capitalized interest. Refining & Marketing Operating Statistics (unaudited)
Dollar per Barrel of Net Refinery Throughput
Three Months Ended March 31,

2026

2025Refining & Marketing margin(a)$17.74
$13.38Less:




Refining operating costs(b)
6.23

5.74Distribution costs(c)
6.16

5.77Other income(d)
(0.02)

(0.04)Refining & Marketing segment adjusted EBITDA$5.37
$1.91





Refining planned turnaround costs$2.07
$1.77Depreciation and amortization
1.51

1.58Fees paid to MPLX included in distribution costs above
3.97

3.86

(a)Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.(b)Excludes refining planned turnaround and depreciation and amortization expense.(c)Excludes depreciation and amortization expense.(d)Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss. Refining & Marketing - Supplemental Operating Data
Three Months Ended March 31,

2026

2025Refining & Marketing refined product sales volume (mbpd)(a)
3,551

3,446Crude oil refining capacity (mbpcd)(b)
2,986

2,963Crude oil capacity utilization (percent)(b)
89

89





Refinery throughputs (mbpd):




    Crude oil refined
2,664

2,623    Other charge and blendstocks
186

226Net refinery throughputs
2,850

2,849





Sour crude oil throughput (percent)
48

46Sweet crude oil throughput (percent)
52

54





Refined product yields (mbpd):




    Gasoline
1,414

1,485    Distillates
1,023

1,029    Propane
62

67    NGLs and petrochemicals
181

162    Heavy fuel oil
125

74    Asphalt
76

74        Total
2,881

2,891Inter-region refinery transfers excluded from throughput and yields above (mbpd)
105

44

(a)Includes intersegment sales.(b)Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.Refining & Marketing - Supplemental Operating Data by Region (unaudited)The per barrel data for the regions, as shown in the tables below, is calculated based on the net refinery throughput (excludes inter-refinery transfer volumes).Refining operating costs exclude refining planned turnaround costs and refining depreciation and amortization expense. Distribution costs exclude depreciation and amortization.Gulf Coast Region
Three Months Ended March 31,

2026

2025Refining & Marketing margin (dollar per barrel of net refinery throughput)$17.58
$11.75Less:




Refining operating costs
5.34

5.25Distribution costs
6.13

5.77Other income
(0.09)

(0.01)Refining & Marketing Gulf Coast adjusted EBITDA$6.20
$0.74





Refining planned turnaround costs$3.11
$2.28Depreciation and amortization(a)
1.21

1.21





Refinery throughputs (mbpd):




    Crude oil refined
1,113

1,013    Other charge and blendstocks
165

170Gross refinery throughputs
1,278

1,183





Sour crude oil throughput (percent)
59

61Sweet crude oil throughput (percent)
41

39





Refined product yields (mbpd):




    Gasoline
539

598    Distillates
431

412    Propane
34

37    NGLs and petrochemicals
129

104    Heavy fuel oil
152

47    Asphalt
14

12        Total
1,299

1,210Inter-region refinery transfers included in throughput and yields above (mbpd)
70

23

(a) Includes refining and distribution depreciation and amortization.     Mid-Continent Region
Three Months Ended March 31,

2026

2025Refining & Marketing margin (dollar per barrel of net refinery throughput)$14.10
$13.03Less:




Refining operating costs
6.20

4.94Distribution costs
6.37

5.58Other (income) loss
0.03

(0.06)Refining & Marketing Mid-Continent adjusted EBITDA$1.50
$2.57





Refining planned turnaround costs$1.56
$0.63Depreciation and amortization(a)
1.54

1.59





Refinery throughputs (mbpd):




    Crude oil refined
1,044

1,127    Other charge and blendstocks
77

65Gross refinery throughputs
1,121

1,192





Sour crude oil throughput (percent)
28

24Sweet crude oil throughput (percent)
72

76





Refined product yields (mbpd):




    Gasoline
612

640    Distillates
386

434    Propane
18

21    NGLs and petrochemicals
32

32    Heavy fuel oil
15

11    Asphalt
63

62        Total
1,126

1,200Inter-region refinery transfers included in throughput and yields above (mbpd)
8

7

(a) Includes refining and distribution depreciation and amortization.      West Coast Region
Three Months Ended March 31,

2026

2025Refining & Marketing margin (dollar per barrel of net refinery throughput)$25.71
$17.94Less:




Refining operating costs
8.34

8.75Distribution costs
5.80

6.18Other income
(0.04)

(0.02)Refining & Marketing West Coast adjusted EBITDA$11.61
$3.03





Refining planned turnaround costs$0.76
$3.27Depreciation and amortization(a)
2.13

2.42





Refinery throughputs (mbpd):




    Crude oil refined
507

483    Other charge and blendstocks
49

35Gross refinery throughputs
556

518





Sour crude oil throughput (percent)
66

65Sweet crude oil throughput (percent)
34

35





Refined product yields (mbpd):




    Gasoline
280

256    Distillates
215

184    Propane
10

9    NGLs and petrochemicals
29

34    Heavy fuel oil
27

42    Asphalt
—

—        Total
561

525Inter-region refinery transfers included in throughput and yields above (mbpd)
27

14

(a) Includes refining and distribution depreciation and amortization.      Midstream Operating Statistics (unaudited)


Three Months Ended March 31,

2026

2025Pipeline throughputs (mbpd)(a)
5,788

6,022Terminal throughputs (mbpd)
2,976

3,095Gathering system throughputs (million cubic feet per day)(b)
6,488

6,516Natural gas processed (million cubic feet per day)(b)
9,406

9,781C2 (ethane) + NGLs fractionated (mbpd)(b)
634

660

(a)Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.(b)Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. Renewable Diesel Financial Data (unaudited)


Three Months Ended March 31,(In millions)
2026

2025Renewable Diesel margin(a)$133
$26Less:




Operating costs(b)
67

70Distribution costs(c)
28

22Other income(d)
—

(24)Renewable Diesel segment adjusted EBITDA$38
$(42)





Planned turnaround costs$1
$11JV planned turnaround costs
29

8Depreciation and amortization
16

18JV depreciation and amortization
22

22

(a)Sales revenue less cost of renewable inputs and purchased products.(b)Excludes planned turnaround and depreciation and amortization expense.(c)Excludes depreciation and amortization expense.(d)Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss. Select Financial Data (unaudited)


March 31, 
2026

December 31, 
2025(in millions of dollars)




Cash and cash equivalents$2,151
$3,672Total consolidated debt(a)
32,825

32,876MPC debt
7,191

7,223MPLX debt
25,634

25,653Equity
23,427

24,086





(in millions)




Shares outstanding
293

295

(a) Net of unamortized debt issuance costs and unamortized premium/discount, net.Non-GAAP Financial Measures Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. The non-GAAP financial measures we use are as follows:Adjusted Net Income Attributable to MPC and Adjusted Diluted Income Per ShareAdjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance. Adjusted diluted income per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.We believe the use of adjusted net income attributable to MPC and adjusted diluted income per share provides us and our investors with important measures of our ongoing financial performance to better assess our underlying business results and trends. Adjusted net income attributable to MPC or adjusted diluted income per share should not be considered as a substitute for, or superior to net income attributable to MPC, diluted net income per share or any other measure of financial performance presented in accordance with GAAP. Adjusted net income attributable to MPC and adjusted diluted income per share may not be comparable to similarly titled measures reported by other companies.Reconciliation of Net Income Attributable to MPC to Adjusted Net Income Attributable to MPC
(unaudited)


Three Months Ended March 31,(In millions)
2026

2025Net income (loss) attributable to MPC$511
$(74)Pre-tax adjustments:




Clean fuel production tax credit(a)
(32)

—Tax impact of adjustments(b)
8

—Adjusted net income (loss) attributable to MPC$487
$(74)





Diluted income (loss) per share$1.73
$(0.24)Adjusted diluted income (loss) per share$1.65
$(0.24)





Weighted average diluted shares outstanding
295

313

(a) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.(b) Income taxes for the three months ended March 31, 2026 were calculated by applying a federal statutory rate and a blended state tax rate to the pre-tax adjustments. The corresponding adjustments to reported income taxes are shown in the table above.Adjusted EBITDA Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. Adjusted EBITDA should not be considered as a substitute for, or superior to income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA (unaudited)


Three Months Ended March 31,(In millions)
2026

2025Net income (loss) attributable to MPC$511
$(74)Net income attributable to noncontrolling interests
340

420Provision for income taxes
183

37Net interest and other financial costs
370

304Depreciation and amortization
809

793Renewable Diesel JV depreciation and amortization
22

22Refining & Renewable Diesel planned turnaround costs
531

465Renewable Diesel JV planned turnaround costs
29

8Clean fuel production tax credit(a)
(32)

—Adjusted EBITDA$2,763
$1,975

(a) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.Refining & Marketing MarginRefining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products, which includes impacts from derivative activity. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.Reconciliation of Refining & Marketing Segment Adjusted EBITDA to Refining & Marketing Gross
Margin and Refining & Marketing Margin (unaudited)


Three Months Ended March 31,(In millions)
2026

2025Refining & Marketing segment adjusted EBITDA$1,377
$489Plus (Less):




Depreciation and amortization
(387)

(406)Refining planned turnaround costs
(530)

(454)Selling, general and administrative expenses
650

624(Income) loss from equity method investments
2

(5) Other income
(101)

(68)Refining & Marketing gross margin
1,011

180Plus (Less):




Operating expenses (excluding depreciation and amortization)
3,248

2,984Depreciation and amortization
387

406Gross margin excluded from and other income included in Refining & Marketing
margin(a)
(44)

(70)Other taxes included in Refining & Marketing margin
(52)

(70)Refining & Marketing margin$4,550
$3,430

(a)Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income. Refining & Marketing Margin by region:


Three Months Ended March 31,

2026

2025

Margin
Net
Refinery
Throughput

Margin

Margin
Net
Refinery
Throughput

MarginRegion
(in millions)
(mbpd)

($/bbl)

(in millions)
(mbpd)

($/bbl)Gulf Coast$1,913
1,208
$17.58
$1,227
1,160
$11.75Mid-Continent
1,412
1,113

14.10

1,390
1,185

13.03West Coast
1,225
529

25.71

813
504

17.94Refining & Marketing$4,550
2,850

17.74
$3,430
2,849

13.38 Refining & Marketing Adjusted EBITDA by region:


Three Months Ended March 31,

2026

2025

Adjusted
EBITDA
Net
Refinery
Throughput

Adjusted
EBITDA

Adjusted
EBITDA
Net
Refinery
Throughput

Adjusted
EBITDARegion
(in millions)
(mbpd)

($/bbl)

(in millions)
(mbpd)

($/bbl)Gulf Coast$674
1,208
$6.20
$78
1,160
$0.74Mid-Continent
150
1,113

1.50

274
1,185

2.57West Coast
553
529

11.61

137
504

3.03Refining & Marketing
Segment$1,377
2,850

5.37
$489
2,849

1.91Renewable Diesel MarginRenewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and costs for purchased product, including from our Martinez Renewables JV. We use, and believe our investors use, this non-GAAP financial measure to evaluate our Renewable Diesel segment's operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.Reconciliation of Renewable Diesel Segment Adjusted EBITDA to Renewable Diesel Gross Margin
and Renewable Diesel Margin (unaudited)


Three Months Ended March 31,(In millions)
2026

2025Renewable Diesel segment adjusted EBITDA$38
$(42)Plus (Less):




Depreciation and amortization
(16)

(18)JV depreciation and amortization
(22)

(22)Planned turnaround costs
(1)

(11)JV planned turnaround costs
(29)

(8)Selling, general and administrative expenses
8

9(Income) loss from equity method investments
29

(16)Other income
(28)

(3)Renewable Diesel gross margin
(21)

(111)Plus (Less):




Operating expenses (excluding depreciation and amortization)
117

98Depreciation and amortization
16

18Martinez JV depreciation and amortization
21

21Renewable Diesel margin$133
$26  View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-reports-first-quarter-2026-results-302762467.htmlSOURCE Marathon Petroleum Corporation Original: Marathon Petroleum Corp. Reports First-Quarter 2026 Results

Marathon Petroleum Corp. Announces Quarterly DividendApril 29, 2026 3:10 PM
PR Newswire (US)

FINDLAY, Ohio, April 29, 2026 /PRNewswire/ -- The board of directors of Marathon Petroleum Corp. (NYSE: MPC) has declared a dividend of $1.00 per share on common stock. The dividend is payable June 10, 2026, to shareholders of record as of the close of business May 20, 2026.About Marathon Petroleum CorporationMarathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Alyx Teschel, Director, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications Manager



View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-announces-quarterly-dividend-302757792.htmlSOURCE Marathon Petroleum Corporation

Original: Marathon Petroleum Corp. Announces Quarterly Dividend

Marathon Petroleum Corp. to Report First-Quarter Financial Results on May 5, 2026March 23, 2026 4:15 PM
PR Newswire (US)

FINDLAY, Ohio, March 23, 2026 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) will host a conference call on Tuesday, May 5, 2026, at 11 a.m. EDT to discuss 2026 first-quarter financial results.Interested parties may listen to the conference call by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on MPC's website for two weeks. Financial information, including the earnings release and other investor-related material, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.About Marathon Petroleum CorporationMPC is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Alyx Teschel, Director, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications Manager



View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-to-report-first-quarter-financial-results-on-may-5-2026-302722440.htmlSOURCE Marathon Petroleum Corporation

Original: Marathon Petroleum Corp. to Report First-Quarter Financial Results on May 5, 2026

MPLX LP Reports Fourth-Quarter and Full-Year 2025 ResultsFebruary 3, 2026 6:30 AM
PR Newswire (US)

FINDLAY, Ohio, Feb. 3, 2026 /PRNewswire/ --
Full-year 2025 net income attributable to MPLX of $4.9 billion and adjusted EBITDA of $7.0 billionFull-year 2025 growth investments of $5.5 billion and capital returned to unitholders of $4.4 billion, delivering on capital return commitmentProgressing natural gas and NGL value chains through construction of Gulf Coast fractionation and export facilities and integration of sour gas treating platformAnnouncing 2026 organic growth capital plan of $2.4 billion, aligned with natural gas and NGL investments driving mid-single digit adjusted EBITDA growthMPLX LP (NYSE: MPLX) today reported fourth-quarter 2025 net income attributable to MPLX of $1,193 million, compared with $1,099 million for the fourth quarter of 2024. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,804 million, compared with $1,762 million for the fourth quarter of 2024.During the quarter, MPLX generated $1,496 million in net cash provided by operating activities, $1,417 million of distributable cash flow, and adjusted free cash flow of $1,567 million. MPLX announced a fourth-quarter 2025 distribution of $1.0765 per common unit, resulting in distribution coverage of 1.3x for the quarter. The leverage ratio was 3.7x at the end of the quarter.For the full year 2025, MPLX generated $5.9 billion in net cash provided by operating activities, $5.8 billion of distributable cash flow, and $1.0 billion of adjusted free cash flow, compared to $5.9 billion, $5.7 billion, and $3.9 billion, respectively, in 2024."In 2025, we invested to grow our natural gas and NGL value chains and returned more than $4 billion to unitholders," said Maryann Mannen, MPLX chairman, president and chief executive officer. "In 2026, we are executing growth anchored in the Permian and Marcellus basins, advancing our strategic initiatives and commitment to durable distribution growth. These opportunities will meet growing demand for natural gas and NGLs, enhance our value chains, and support mid-single digit adjusted EBITDA growth."Financial Highlights (unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions, except per unit and ratio data)
2025

2024

2025

2024Net income attributable to MPLX LP$1,193
$1,099
$4,912
$4,317Adjusted EBITDA attributable to MPLX LP(a)
1,804

1,762

7,017

6,764Net cash provided by operating activities
1,496

1,675

5,909

5,946Distributable cash flow attributable to MPLX LP(a)
1,417

1,477

5,791

5,697Distribution per common unit(b)$1.0765
$0.9565
$4.0660
$3.6130Distribution coverage(c)
1.3x

1.5x

1.4x

1.5xConsolidated total debt to LTM adjusted EBITDA(d)
3.7x

3.1x

3.7x

3.1xCash paid for common unit repurchases$100
$100
$400
$326











(a)Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation in the tables that follow.(b)Distributions declared by the board of directors of MPLX's general partner.(c)DCF attributable to LP unitholders divided by total LP distributions.(d)Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.Segment ResultsCrude Oil and Products LogisticsCrude Oil and Products Logistics segment adjusted EBITDA for the fourth quarter of 2025 increased by $52 million compared to the same period in 2024. The increase was primarily driven by a $37 million benefit from a FERC tariff ruling issued in November, as well as higher rates, partially offset by higher project related expenses.Operating Statistics (unaudited)
Three Months Ended December 31,

Twelve Months Ended December 31,
2025

2024
%
Change

2025

2024
%
ChangeTotal MPLX














Pipeline throughput (mbpd)
5,908

5,857
1 %

5,965

5,782
3 %Terminal throughput (mbpd)
3,078

3,128
(2) %

3,132

3,131
— %Average tariff rates ($ per barrel)$1.06
$1.06
— %
$1.06
$1.02
4 %Segment adjusted EBITDA (in millions)$1,175
$1,123
5 %
$4,547
$4,375
4 %Natural Gas and NGL ServicesNatural Gas and NGL Services segment adjusted EBITDA for the fourth quarter of 2025 decreased by $10 million compared to the same period in 2024. The decrease was driven by a $23 million reduction associated with the divestiture of non-core gathering and processing assets, and a reduction for lower natural gas liquids prices, which more than offset contributions from recently acquired assets and higher volumes.Operating Statistics (unaudited)
Three Months Ended December 31,

Twelve Months Ended December 31,
2025

2024
%
Change

2025

2024
%
ChangeTotal MPLX














Gathering throughput (MMcf/d)
6,848

6,734
2 %

6,709

6,579
2 %Natural gas processed (MMcf/d)
9,827

9,934
(1) %

9,856

9,663
2 %C2 + NGLs fractionated (mbpd)
666

683
(2) %

660

654
1 %Segment adjusted EBITDA (in
millions)$629
$639
(2) %
$2,470
$2,389
3 %Strategic UpdateMPLX's capital spending outlook for 2026 is $2.7 billion, consisting of $2.4 billion of growth and $300 million of maintenance.Natural Gas and NGL Services investments account for 90% of MPLX's growth capital spending. MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support increased producer activity, and investing in Permian and Marcellus processing capacity in response to producer demand.Crude Oil and Products Logistics investments account for 10% of MPLX's growth capital spending. MPLX is advancing Permian gathering infrastructure and pursuing opportunities to expand and optimize assets that support Marathon Petroleum's (NYSE: MPC) fuels value chains, further strengthening our strategic relationship.Newly Announced InvestmentsSecretariat II: Consists of a 300 million cubic feet per day (MMcf/d) gas processing plant which will increase MPLX's processing capacity in the Permian basin to 1.7 billion cubic feet per day (Bcf/d); expected in service in the second half of 2028.Marcellus Gathering System Expansion: Consists of a compressor station, over 30 miles of pipelines, supporting well connections, and de-bottlenecking activities at MPLX's Majorsville gas processing complex. Expected in service in the first half of 2028.Ongoing InvestmentsSecretariat I: A 200 MMcf/d gas processing plant, began commissioning in January 2026. The plant increases MPLX's gas processing capacity in the Permian to 1.4 Bcf/d, with volumes expected to ramp through 2026.Harmon Creek III: Consists of a 300 MMcf/d gas processing plant and 40 thousand barrel per day (mbpd) de-ethanizer, which will increase MPLX's processing capacity in the Northeast to 8.1 Bcf/d and fractionation capacity to 800 mbpd; expected in service in the third quarter of 2026.Titan Complex (Northwind): The second sour gas treating plant is anticipated to be fully online in the fourth quarter of 2026, which will increase sour gas treating capacity in the Permian to over 400 MMcf/d from its acquired level of 150 MMcf/d.BANGL Pipeline: Expansion from 250 mbpd to 300 mbpd; supporting MPLX's Gulf Coast fractionators. Expected in service in the fourth quarter of 2026.Bay Runner and Rio Bravo Pipelines: Designed to transport up to 5.3 Bcf/d of natural gas from the Agua Dulce hub in Texas to export markets via the Gulf Coast. Bay Runner Pipeline is expected to be in service in the third quarter of 2026, and the Rio Bravo Pipeline is expected to be in service in 2029.Blackcomb Pipeline: A 2.5 Bcf/d pipeline connecting supply in the Permian to domestic and export markets along the Gulf Coast. The pipeline provides shippers with flexible market access and is expected in service in the fourth quarter of 2026.Traverse Pipeline: A bi-directional 2.5 Bcf/d pipeline designed to transport natural gas along the Gulf Coast between Agua Dulce and the Katy area. The pipeline creates optionality for shippers to access multiple premium markets and is expected in service in the second half of 2027.Gulf Coast Fractionators: Two 150 mbpd fractionation facilities near MPC's Galveston Bay refinery. These fractionation facilities are expected in service in 2028 and 2029. MPC will purchase the offtake from the fractionators and intends to market it globally.Gulf Coast LPG Export Terminal: Constructing a 400 mbpd LPG export terminal in an advantaged location for global market access, and an associated pipeline, which is anticipated in service in 2028; a strategic partnership with ONEOK.Eiger Express Pipeline: A 3.7 Bcf/d pipeline designed to transport natural gas from the Permian basin to Katy, Texas, with connectivity to Agua Dulce via the Traverse pipeline. Expected in service in mid-2028.Financial Position and LiquidityAs of December 31, 2025, MPLX had $2.1 billion in cash, $2.0 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with MPC. MPLX's leverage ratio was 3.7x, while the stability of cash flows supports leverage in the range of 4.0x.The partnership repurchased $100 million of common units held by the public in the fourth quarter of 2025. As of December 31, 2025, MPLX had approximately $1.1 billion remaining available under its unit repurchase authorizations.Conference CallAt 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com.About MPLX LPMPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications ManagerNon-GAAP referencesIn addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions. Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable.DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below.Forward-Looking StatementsThis press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions, biodiversity, and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs") or renewable diesel and other renewable fuels, or taxation including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation or rising interest rates; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the timing and ability to obtain necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisition of Northwind Delaware Holdings LLC ("Northwind Midstream"); the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC's obligations under MPLX's commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; 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; other risk factors inherent to MPLX's industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPLX's and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC.Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. 











Condensed Consolidated Results of Operations (unaudited)
Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions, except per unit data)
2025

2024

2025

2024Revenues and other income:










Operating revenue$1,399
$1,376
$5,601
$5,171Operating revenue - related parties
1,495

1,464

5,873

5,733Income from equity method investments
155

171

697

802Gain on equity method investments
—

—

484

20Other income
203

52

343

207  Total revenues and other income
3,252

3,063

12,998

11,933Costs and expenses:










Operating expenses (including purchased product costs)
858

835

3,456

3,203Operating expenses - related parties
419

425

1,665

1,601Depreciation and amortization
355

324

1,351

1,283General and administrative expenses
101

104

446

427Other taxes
36

32

137

131  Total costs and expenses
1,769

1,720

7,055

6,645Income from operations
1,483

1,343

5,943

5,288Net interest and other financial costs
277

229

983

921Income before income taxes
1,206

1,114

4,960

4,367Provision for income taxes
3

5

8

10Net income
1,203

1,109

4,952

4,357Less: Net income attributable to noncontrolling interests
10

10

40

40Net income attributable to MPLX LP
1,193

1,099

4,912

4,317Less: Series A preferred unitholders interest in net income
—

6

—

27Limited partners' interest in net income attributable to
MPLX LP$1,193
$1,093
$4,912
$4,290











Per Unit Data










Net income attributable to MPLX LP per limited partner unit:










Common – basic$1.17
$1.07
$4.82
$4.21Common – diluted$1.17
$1.07
$4.82
$4.21Weighted average limited partner units outstanding:










Common units – basic
1,017

1,018

1,019

1,016Common units – diluted
1,017

1,019

1,019

1,017











 











Select Financial Statistics (unaudited)
Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions, except ratio data)
2025

2024

2025

2024Common unit distributions declared by MPLX LP










Common units (LP) – public$396
$353
$1,506
$1,339Common units – MPC
696

619

2,632

2,339  Total LP distribution declared
1,092

972

4,138

3,678











Preferred unit distributions(a)










Series A preferred unit distributions
—

6

—

27  Total preferred unit distributions
—

6

—

27











Other Financial Data










Adjusted EBITDA attributable to MPLX LP(b)
1,804

1,762

7,017

6,764DCF attributable to LP unitholders(b)$1,417
$1,471
$5,791
$5,670Distribution coverage(c)
1.3x

1.5x

1.4x

1.5x











Cash Flow Data










Net cash flow provided by (used in):










Operating activities$1,496
$1,675
$5,909
$5,946Investing activities
78

(349)

(4,856)

(1,995)Financing activities$(1,202)
$(2,233)
$(435)
$(3,480)











(a)Series A preferred unitholders receive the greater of $0.528125 per unit or the amount of per unit distributions paid to holders of MPLX LP common units. Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.(b)Non-GAAP measure. See reconciliation below.(c)DCF attributable to LP unitholders divided by total LP distributions. 





Financial Data (unaudited)




(In millions, except ratio data)
December 31,
2025

December 31,
2024Cash and cash equivalents$2,137
$1,519Total assets
43,005

37,511Total debt(a)
25,653

20,948Redeemable preferred units
—

203Total equity$14,528
$13,807Consolidated debt to LTM adjusted EBITDA(b)
3.7x

3.1x





Partnership units outstanding:




MPC-held common units
647

647Public common units
368

370





(a)There were no borrowings on the loan agreement with MPC as of December 31, 2025 or December 31, 2024. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year.(b)Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was $26,006 million as of December 31, 2025, and $21,206 million as of December 31, 2024. 















Operating Statistics (unaudited)
Three Months Ended December 31,

Twelve Months Ended December 31,
2025

2024
%
Change

2025

2024
%
ChangeCrude Oil and Products Logistics














Pipeline throughput (mbpd)














Crude oil pipelines
3,811

3,831
(1) %

3,899

3,785
3 %Product pipelines
2,097

2,026
4 %

2,066

1,997
3 %Total pipelines
5,908

5,857
1 %

5,965

5,782
3 %















Average tariff rates ($ per barrel)














Crude oil pipelines$1.05
$1.08
(3) %
$1.06
$1.03
3 %Product pipelines
1.08

1.03
5 %

1.08

1.00
8 %Total pipelines$1.06
$1.06
— %
$1.06
$1.02
4 %















Terminal throughput (mbpd)
3,078

3,128
(2) %

3,132

3,131
— %















Barges in operation
322

319
1 %

322

319
1 %Towboats in operation
30

29
3 %

30

29
3 %















 















Natural Gas and NGL Services
 Operating Statistics (unaudited) -
Consolidated(a)
Three Months Ended December 31,

Twelve Months Ended December 31,
2025

2024
%
Change

2025

2024
%
ChangeGathering throughput (MMcf/d)














Marcellus Operations
1,602

1,538
4 %

1,526

1,521
— %Utica Operations
—

338
(100) %

66

264
(75) %Southwest Operations
1,900

1,788
6 %

1,826

1,698
8 %Bakken Operations
146

185
(21) %

160

183
(13) %Rockies Operations
244

552
(56) %

465

560
(17) %Total gathering throughput
3,892

4,401
(12) %

4,043

4,226
(4) %















Natural gas processed (MMcf/d)














Marcellus Operations
4,617

4,383
5 %

4,431

4,366
1 %Utica Operations(b)
—

—
— %

—

—
— %Southwest Operations
1,933

2,020
(4) %

1,904

1,844
3 %Southern Appalachia Operations
202

206
(2) %

191

215
(11) %Bakken Operations
145

183
(21) %

159

182
(13) %Rockies Operations
277

596
(54) %

518

616
(16) %Total natural gas processed
7,174

7,388
(3) %

7,203

7,223
— %















C2 + NGLs fractionated (mbpd)














Marcellus Operations
573

588
(3) %

566

565
— %Utica Operations(b)
—

—
— %

—

—
— %Other
26

36
(28) %

29

37
(22) %Total C2 + NGLs fractionated
599

624
(4) %

595

602
(1) %















(a)Includes operating data for entities that have been consolidated into the MPLX financial statements.(b)The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica. Excluding Divestiture Assets(a), 
Natural Gas and NGL Services
Operating Statistics (unaudited) -
Consolidated(b)
Three Months Ended
December 31,

Twelve Months Ended
December 31,
2025

2024
% Change

2025

2024
% ChangeTotal gathering throughput (MMcf/d)
3,648

3,511
4 %

3,512

3,402
3 %Total natural gas processed (MMcf/d)
6,897

6,792
2 %

6,685

6,607
1 %Total C2 + NGLs fractionated (mbpd)
597

619
(4) %

591

597
(1) %(a)Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.               (b)Includes operating data for entities that have been consolidated into the MPLX financial statements. 















Natural Gas and NGL Services 
Operating Statistics (unaudited) -
Operated(a)
Three Months Ended
December 31,

Twelve Months Ended
December 31,
2025

2024
%
Change

2025

2024
%
ChangeGathering throughput (MMcf/d)














Marcellus Operations
1,602

1,538
4 %

1,526

1,521
— %Utica Operations
2,924

2,608
12 %

2,672

2,544
5 %Southwest Operations
1,900

1,788
6 %

1,826

1,698
8 %Bakken Operations
146

185
(21) %

160

183
(13) %Rockies Operations
276

615
(55) %

525

633
(17) %Total gathering throughput
6,848

6,734
2 %

6,709

6,579
2 %















Natural gas processed (MMcf/d)














Marcellus Operations
6,312

6,006
5 %

6,123

5,974
2 %Utica Operations
958

923
4 %

961

832
16 %Southwest Operations
1,933

2,020
(4) %

1,904

1,844
3 %Southern Appalachia Operations
202

206
(2) %

191

215
(11) %Bakken Operations
145

183
(21) %

159

182
(13) %Rockies Operations
277

596
(54) %

518

616
(16) %Total natural gas processed
9,827

9,934
(1) %

9,856

9,663
2 %















C2 + NGLs fractionated (mbpd)














Marcellus Operations
573

588
(3) %

566

565
— %Utica Operations
67

59
14 %

65

52
25 %Other
26

36
(28) %

29

37
(22) %Total C2 + NGLs fractionated
666

683
(2) %

660

654
1 %















(a)Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. Excluding Divestiture Assets(a), 
Natural Gas and NGL Services
Operating Statistics (unaudited) -
Operated(b)
Three Months Ended
December 31,

Twelve Months Ended
December 31,
2025

2024
%
Change

2025

2024
%
ChangeTotal gathering throughput (MMcf/d)
6,572

6,119
7 %

6,184

5,946
4 %Total natural gas processed (MMcf/d)
9,550

9,338
2 %

9,338

9,047
3 %Total C2 + NGLs fractionated (mbpd)
664

678
(2) %

656

649
1 %(a)Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.(b)Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. 
Reconciliation of Segment Adjusted EBITDA to Net Income
(unaudited)
Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions)
2025

2024

2025

2024Crude Oil and Products Logistics segment adjusted EBITDA
attributable to MPLX LP$1,175
$1,123
$4,547
$4,375Natural Gas and NGL Services segment adjusted EBITDA
attributable to MPLX LP
629

639

2,470

2,389Adjusted EBITDA attributable to MPLX LP
1,804

1,762

7,017

6,764Depreciation and amortization
(355)

(324)

(1,351)

(1,283)Net interest and other financial costs
(277)

(229)

(983)

(921)Income from equity method investments
155

171

697

802Distributions/adjustments related to equity method
investments
(255)

(257)

(962)

(928)Gain on equity method investments
—

—

484

—Gain on sale of assets
159

—

159

—Transaction-related costs(a)
(12)

—

(33)

—Adjusted EBITDA attributable to noncontrolling interests
11

11

44

44Other(b)
(27)

(25)

(120)

(121)Net income$1,203
$1,109
$4,952
$4,357











(a)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.(b)Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes and other miscellaneous items. 











Reconciliation of Segment Adjusted EBITDA to Income
from Operations (unaudited)Three Months Ended December 31,
Twelve Months Ended December 31,(In millions)
2025

2024

2025

2024Crude Oil and Products Logistics










Segment adjusted EBITDA$1,175
$1,123

4,547

4,375Depreciation and amortization
(139)

(133)

(546)

(526)Income from equity method investments
57

56

243

269Distributions/adjustments related to equity method
investments
(85)

(97)

(318)

(347)Other
(19)

(15)

(70)

(55)











Natural Gas and NGL Services










Segment adjusted EBITDA
629

639

2,470

2,389Depreciation and amortization
(216)

(191)

(805)

(757)Income from equity method investments
98

115

454

533Distributions/adjustments related to equity method investments
(170)

(160)

(644)

(581)Gain on equity method investments
—

—

484

—Gain on sale of assets
159

—

159

—Transaction-related costs(a)
(12)

—

(33)

—Adjusted EBITDA attributable to noncontrolling interests
11

11

44

44Other
(5)

(5)

(42)

(56)











Income from operations$1,483
$1,343
$5,943
$5,288











(a)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations. 





Reconciliation of Adjusted EBITDA Attributable to MPLX
LP and DCF Attributable to LP Unitholders from Net
Income (unaudited)
Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions)
2025

2024

2025

2024Net income$1,203
$1,109
$4,952
$4,357Provision for income taxes
3

5

8

10Net interest and other financial costs
277

229

983

921Income from operations
1,483

1,343

5,943

5,288Depreciation and amortization
355

324

1,351

1,283Income from equity method investments
(155)

(171)

(697)

(802)Distributions/adjustments related to equity method
investments
255

257

962

928Gain on equity method investments
—

—

(484)

—Gain on sale of assets
(159)

—

(159)

—Transaction-related costs(a)
12

—

33

—Other
24

20

112

111Adjusted EBITDA
1,815

1,773

7,061

6,808Adjusted EBITDA attributable to noncontrolling interests
(11)

(11)

(44)

(44)Adjusted EBITDA attributable to MPLX LP
1,804

1,762

7,017

6,764Deferred revenue impacts
(23)

25

(57)

31Sales-type lease payments, net of income
14

12

62

32Adjusted net interest and other financial costs(b)
(270)

(216)

(950)

(867)Maintenance capital expenditures, net of reimbursements
(106)

(86)

(256)

(206)Equity method investment maintenance capital expenditures
paid out
(8)

(7)

(20)

(18)Other
6

(13)

(5)

(39)DCF attributable to MPLX LP
1,417

1,477

5,791

5,697Preferred unit distributions(c)
—

(6)

—

(27)DCF attributable to LP unitholders$1,417
$1,471
$5,791
$5,670











(a)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.(b)Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.(c)Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units. 


Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA
(unaudited)
Last Twelve Months
December 31,(In millions)
2025

2024LTM Net income$4,952
$4,357Provision for income taxes
8

10Net interest and other financial costs
983

921LTM income from operations
5,943

5,288Depreciation and amortization
1,351

1,283Income from equity method investments
(697)

(802)Distributions/adjustments related to equity method investments
962

928Gain on equity method investments
(484)

—Gain on sale of assets
(159)

—Transaction-related costs(a)
33

—Other
112

111LTM Adjusted EBITDA
7,061

6,808Adjusted EBITDA attributable to noncontrolling interests
(44)

(44)LTM Adjusted EBITDA attributable to MPLX LP
7,017

6,764Consolidated total debt(b)$26,006
$21,206Consolidated total debt to LTM adjusted EBITDA(c)
3.7x

3.1x





(a)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.(b)Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC.(c)Also referred to as our leverage ratio. 








Reconciliation of Adjusted EBITDA Attributable to MPLX
LP and DCF Attributable to LP Unitholders from Net Cash
Provided by Operating Activities (unaudited)
Three Months Ended December 31,

Twelve Months Ended December 31,(In millions)
2025

2024

2025

2024Net cash provided by operating activities$1,496
$1,675
$5,909
$5,946Changes in working capital items
(22)

(186)

(65)

(241)All other, net
5

8

1

(5)Loss on extinguishment of debt
—

—

3

—Adjusted net interest and other financial costs(a)
270

216

950

867Other adjustments related to equity method investments
22

27

98

102Transaction-related costs(b)
12

—

33

—Other
32

33

132

139Adjusted EBITDA
1,815

1,773

7,061

6,808Adjusted EBITDA attributable to noncontrolling interests
(11)

(11)

(44)

(44)Adjusted EBITDA attributable to MPLX LP
1,804

1,762

7,017

6,764Deferred revenue impacts
(23)

25

(57)

31Sales-type lease payments, net of income
14

12

62

32Adjusted net interest and other financial costs(a)
(270)

(216)

(950)

(867)Maintenance capital expenditures, net of reimbursements
(106)

(86)

(256)

(206)Equity method investment maintenance capital expenditures
paid out
(8)

(7)

(20)

(18)Other
6

(13)

(5)

(39)DCF attributable to MPLX LP
1,417

1,477

5,791

5,697Preferred unit distributions(c)
—

(6)

—

(27)DCF attributable to LP unitholders$1,417
$1,471
$5,791
$5,670











(a)Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.(b)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.(c)Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units. 











Reconciliation of Net Cash Provided by Operating
Activities to Adjusted Free Cash Flow and Adjusted Free
Cash Flow after Distributions (unaudited)
Three Months Ended December 31,

Twelve Months Ended December 31,(In millions)
2025

2024

2025

2024Net cash provided by operating activities(a)$1,496
$1,675
$5,909
$5,946Adjustments to reconcile net cash provided by operating
activities to adjusted free cash flow










Net cash used in investing activities(b)
78

(349)

(4,856)

(1,995)Contributions from MPC
4

9

24

35Distributions to noncontrolling interests
(11)

(11)

(44)

(44)Adjusted free cash flow
1,567

1,324

1,033

3,942Distributions paid to common and preferred unitholders
(1,095)

(980)

(4,024)

(3,603)Adjusted free cash flow after distributions$472
$344
$(2,991)
$339











(a)The three months ended December 31, 2025 and December 31, 2024 include working capital draws of $22 million and $186 million, respectively. The twelve months ended December 31, 2025 and December 31, 2024 include working capital draws of $65 million and $241 million, respectively.(b)The twelve months ended December 31, 2025 includes $2.4 billion for the acquisition of Northwind Midstream, $703 million for the acquisition of the remaining 55% interest of BANGL LLC, $235 million for the acquisition of Whiptail Midstream, LLC, $151 million for the purchase of an additional five percent ownership interest in the joint venture that owns and operates the Matterhorn Express pipeline, a $49 million capital contribution to WPC Parent, LLC to redeem Enbridge's special membership interest in the Rio Bravo Pipeline project, and $971 million received from the sale of our Rockies gathering and processing operations. 











Capital Expenditures (unaudited)
Three Months Ended December 31,

Twelve Months Ended December 31,(In millions)
2025

2024

2025

2024Capital Expenditures:










Growth capital expenditures$649
$227
$1,668
$796Growth capital reimbursements
(36)

(51)

(136)

(115)Investments in unconsolidated affiliates(a)
232

50

794

236Return of capital(b)
(150)

(8)

(251)

(12)Capitalized interest
(16)

(4)

(38)

(16)Total growth capital expenditures(c)
679

214

2,037

889Maintenance capital expenditures
104

103

288

254Maintenance capital reimbursements
2

(17)

(32)

(48)Capitalized interest
(1)

(1)

(4)

(3)Total maintenance capital expenditures
105

85

252

203











Total growth and maintenance capital expenditures
784

299

2,289

1,092Investments in unconsolidated affiliates(a)
(232)

(50)

(794)

(236)Return of capital(b)
150

8

251

12Growth and maintenance capital reimbursements(d)
34

68

168

163(Increase)/Decrease in capital accruals
(39)

(22)

(170)

6Capitalized interest
17

5

42

19Other
—

—

22

—Additions to property, plant and equipment$714
$308
$1,808
$1,056











(a)Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. Investments in unconsolidated affiliates for the twelve months ended December 31, 2025, and December 31, 2024 exclude payments associated with purchases of equity interests in unconsolidated affiliates totaling $213 million and $228 million, respectively.(b)Return of capital for the twelve months ended December 31, 2025 excludes special distributions of $42 million received in exchange for the contribution of assets to a joint venture. Return of capital for the twelve months ended December 31, 2024 excludes a $134 million cash distribution received in connection with the Whistler joint venture transaction.(c)Total growth capital expenditures for the twelve months ended December 31, 2025 and December 31, 2024 exclude $3,316 million and $622 million of acquisitions, net of cash acquired, respectively, and a $134 million cash distribution received in 2024 in connection with the formation of a new joint venture to combine the Whistler Pipeline and Rio Bravo pipeline project. Total growth capital expenditures also exclude purchases of additional equity interests in unconsolidated affiliates of $213 million and $228 million for the years ended December 31, 2025 and December 31, 2024, respectively.(d)Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows. 



View original content:https://www.prnewswire.com/news-releases/mplx-lp-reports-fourth-quarter-and-full-year-2025-results-302677445.htmlSOURCE MPLX LP

Original: MPLX LP Reports Fourth-Quarter and Full-Year 2025 Results

Marathon Petroleum Corp. Reports Fourth-Quarter and Full-Year 2025 ResultsFebruary 3, 2026 6:30 AM
PR Newswire (US)

FINDLAY, Ohio, Feb. 3, 2026 /PRNewswire/ -- 
Fourth-quarter net income attributable to MPC of $1.5 billion, or $5.12 per diluted share, adjusted net income of $1.2 billion, or $4.07 per diluted shareFull-year refining utilization of 94 percent and margin capture of 105 percent, demonstrating strong operational and commercial performanceCash from operations of $8.3 billion enabled peer-leading capital returns of $4.5 billion in 2025 MPLX's growing distribution is expected to more than fund MPC's 2026 dividend and standalone capital; a source of differentiation for capital returnMarathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $1.5 billion, or $5.12 per diluted share, for the fourth quarter of 2025, compared with net income attributable to MPC of $371 million, or $1.15 per diluted share, for the fourth quarter of 2024.Adjusted net income was $1.2 billion, or $4.07 per diluted share, for the fourth quarter of 2025. This compares to adjusted net income of $249 million, or $0.77 per diluted share, for the fourth quarter of 2024.The fourth quarter of 2025 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $3.5 billion, compared with $2.1 billion for the fourth quarter of 2024. For the full year 2025, net income attributable to MPC was $4.0 billion, or $13.22 per diluted share, compared with net income attributable to MPC of $3.4 billion, or $10.08 per diluted share for the full year 2024. Adjusted net income was $3.3 billion, or $10.70 per diluted share for the full year 2025. This compares to adjusted net income of $3.3 billion, or $9.51 per diluted share for the full year 2024. Cash provided by operating activities was $8.3 billion for the full year 2025, compared with $8.7 billion for the full year 2024. Adjusted EBITDA was $12.0 billion for the full year 2025, compared with $11.3 billion for the full year 2024."In 2025, strong refining operational performance and commercial execution drove cash flow generation," said Chairman, President and Chief Executive Officer Maryann Mannen. "The deployment of MPC capital enhances our competitiveness in each of the regions where we operate. In Midstream, MPLX is investing to execute its natural gas and NGL growth strategies. Growing MPLX distributions differentiates MPC from peers and supports our commitment to industry-leading capital return."Results from OperationsAdjusted EBITDA (unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions)
2025

2024

2025

2024Refining & Marketing segment adjusted EBITDA$1,997
$559
$6,138
$5,703Midstream segment adjusted EBITDA
1,680

1,707

6,750

6,544Renewable Diesel segment adjusted EBITDA
7

28

(110)

(150)Subtotal
3,684

2,294

12,778

12,097Corporate
(236)

(189)

(927)

(864)Add: Depreciation and amortization
41

15

105

90Adjusted EBITDA$3,489
$2,120
$11,956
$11,323Refining & Marketing (R&M)Segment adjusted EBITDA was $1,997 million in the fourth quarter of 2025, versus $559 million for the fourth quarter of 2024. R&M segment adjusted EBITDA was $7.15 per barrel for the fourth quarter of 2025, versus $2.03 per barrel for the fourth quarter of 2024. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $410 million in the fourth quarter of 2025 and $281 million in the fourth quarter of 2024.R&M margin was $18.65 per barrel for the fourth quarter of 2025, versus $12.93 per barrel for the fourth quarter of 2024. Crude capacity utilization was 95%, resulting in total throughput of 3.0 million barrels per day (bpd) for the fourth quarter of 2025. R&M margin results were driven by higher crack spreads compared to the fourth quarter of 2024.   Refining operating costs were $5.70 per barrel for the fourth quarter of 2025, versus $5.26 per barrel for the fourth quarter of 2024, reflecting higher project related expense associated with increased turnaround activity and higher energy costs.MidstreamSegment adjusted EBITDA was $1.7 billion in the fourth quarter of 2025, versus $1.7 billion for the fourth quarter of 2024. The results reflect higher rates and throughputs plus contributions from recently acquired assets, which were more than offset by higher operating expenses and the divestiture of non-core gathering and processing assets.Renewable DieselSegment adjusted EBITDA was $7 million in the fourth quarter of 2025, versus $28 million for the fourth quarter of 2024. The results reflect increased utilization to 94%, offset by a weaker margin environment compared to the prior year quarter.Corporate and Items Not AllocatedCorporate expenses totaled $236 million in the fourth quarter of 2025, compared with $189 million in the fourth quarter of 2024.Financial Position, Liquidity, and Return of Capital As of December 31, 2025, MPC had $3.7 billion of cash and cash equivalents, including $2.1 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility. In the fourth quarter, the company returned approximately $1.3 billion of capital to shareholders. As of December 31, 2025, the company had $4.4 billion available under its share repurchase authorizations.Strategic UpdateMPC's 2026 standalone (excluding MPLX) capital spending outlook: $1.5 billion. Approximately 65% of its overall spending is focused on value enhancing capital and 35% on sustaining capital.2026 Capital Outlook ($ millions)MPC Standalone (excluding MPLX)

Refining & Marketing Segment:

Refining$710Marketing
250Maintenance
450Refining & Marketing Segment
1,410Renewable Diesel
0Midstream Segment (excluding MPLX)
40Corporate and Other(a)
50Total MPC Standalone (excluding MPLX)$1,500


MPLX Total(b)$2,700
(a)  Does not include capitalized interest.(b)   Excludes $260 million of reimbursable capital.MPC's 2026 capital spending outlook includes continued high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries. The utility modernization project at the Los Angeles refinery was successfully implemented in the fourth quarter of 2025. In addition to these multi-year investments, the company is executing shorter-term projects that offer high returns through margin enhancement and cost reduction.Newly AnnouncedGaryville - Feedstock Optimization: To optimize feedstock slate by displacing higher-cost intermediate purchases with crude to improve margin. Capital spend in 2026 is expected to be $110 million and another $185 million in 2027. Completion is expected by year-end 2027.Garyville - Product Export Flexibility: To increase flexibility to produce incremental export premium gasoline, while improving reliability and lowering costs. Total capital spend in 2026 is expected to be $50 million and another $100 million in 2027. Completion is expected by year-end 2027.El Paso - Yield Improvement: To upgrade fluid catalytic cracker and alkylation units to drive volume expansion and increased production of specialty gasolines for local markets. Capital spend in 2026 is expected to be $35 million. Completion is expected in the second quarter of 2026.OngoingRobinson - Product Flexibility: To increase the refinery's flexibility to maximize higher value jet fuel production to meet growing demand. Capital spend is expected to be $50 million in 2026. Completion is expected in the third quarter of 2026.Galveston Bay - Distillate Hydrotreater: To upgrade high-sulfur distillate to higher-value ultra-low sulfur diesel with the addition of a 90 thousand bpd (mbpd) high-pressure distillate hydrotreater (DHT). Capital spend in 2026 is expected to be $350 million, with another $225 million in 2027. Completion is expected by year-end 2027.MPLX's 2026 capital spending outlook: $2.7 billion. Approximately 90% of its overall spending is focused on growth capital and 10% on maintenance capital.MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth to support expected increased producer activity, and investing in Permian and Marcellus processing capacity in response to producer demand. Updates include:Newly AnnouncedSecretariat II: Consists of a 300 million cubic feet per day (MMcf/d) gas processing plant which will increase MPLX's processing capacity in the Permian basin to 1.7 billion cubic feet per day (Bcf/d); expected in service in the second half of 2028.Marcellus Gathering System Expansion: Consists of a compressor station, over 30 miles of pipelines, supporting well connections, and de-bottlenecking activities at MPLX's Majorsville gas processing complex. Expected in service in the first half of 2028.OngoingSecretariat I: A 200 MMcf/d gas processing plant, began commissioning in January 2026. The plant increases MPLX's gas processing capacity in the Permian to 1.4 Bcf/d, with volumes expected to ramp through 2026.Harmon Creek III: Consists of a 300 MMcf/d gas processing plant and 40 mbpd de-ethanizer, which will increase MPLX's processing capacity in the Northeast to 8.1 Bcf/d and fractionation capacity to 800 mbpd; expected in service in the third quarter of 2026.Titan Complex (Northwind): The second sour gas treating plant is anticipated to be fully online in the fourth quarter of 2026, which will increase sour gas treating capacity in the Permian to over 400 MMcf/d from its acquired level of 150 MMcf/d.BANGL Pipeline: Expansion from 250 mbpd to 300 mbpd; supporting MPLX's Gulf Coast fractionators. Expected in service in the fourth quarter of 2026.Bay Runner and Rio Bravo Pipelines: Designed to transport up to 5.3 Bcf/d of natural gas from the Agua Dulce hub in Texas to export markets via the Gulf Coast. Bay Runner Pipeline is expected to be in service in the third quarter of 2026, and the Rio Bravo Pipeline is expected to be in service in 2029.Blackcomb Pipeline: A 2.5 Bcf/d pipeline connecting supply in the Permian to domestic and export markets along the Gulf Coast. The pipeline provides shippers with flexible market access and is expected in service in the fourth quarter of 2026.Traverse Pipeline: A bi-directional 2.5 Bcf/d pipeline designed to transport natural gas along the Gulf Coast between Agua Dulce and the Katy area. The pipeline creates optionality for shippers to access multiple premium markets and is expected in service in the second half of 2027.Gulf Coast Fractionators: Two 150 mbpd fractionation facilities near MPC's Galveston Bay refinery. These fractionation facilities are expected in service in 2028 and 2029. MPC will purchase the offtake from the fractionators and intends to market it globally.Gulf Coast LPG Export Terminal: Constructing a 400 mbpd LPG export terminal in an advantaged location for global market access, and an associated pipeline, which is anticipated in service in 2028; a strategic partnership with ONEOK.Eiger Express Pipeline: A 3.7 Bcf/d pipeline designed to transport natural gas from the Permian basin to Katy, Texas, with connectivity to Agua Dulce via the Traverse pipeline. Expected in service in mid-2028.First-Quarter 2026 OutlookRefining & Marketing Segment:

Refining operating costs per barrel(a)$5.85Distribution costs (in millions)$1,625Refining planned turnaround costs (in millions)$465Depreciation and amortization (in millions)$385


Refinery throughputs (mbpd):

    Crude oil refined
2,540    Other charge and blendstocks
200        Total
2,740


Corporate (includes $30 million of D&A)$240


(a)       Excludes refining planned turnaround and depreciation and amortization expense.Conference CallAt 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.About Marathon Petroleum CorporationMarathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Alyx Teschel, Director, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications ManagerReferences to Earnings and Defined Terms
References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC's share after excluding amounts attributable to noncontrolling interests.Refining margin capture or "capture" is an operations metric that represents MPC's ability to convert benchmark market conditions into realized performance. Capture reflects the percentage of our R&M Margin Indicator realized in our reported R&M Margin and is calculated by dividing our reported R&M Margin to the R&M Margin Indicator. We use and believe our investors use this metric to evaluate our Refining & Marketing segment's operating, financial and commercial performance relative to benchmark margin and market indicators and prevailing market conditions.Market Data
Certain relevant benchmark margin and market data, including pricing, regional and blended crack spreads and sweet and sour crude differentials, along with a hypothetical Refining and Marketing margin indicator based on such margin and market data and operational guidance provided for each quarter, is available on MPC's Investors website at www.marathonpetroleum.com/Investors/Investor-Market-Data. MPC intends to update this information each month no later than the close of business on the second business day following the end of each month unless otherwise noted and may also provide additional updates within each month. Interested parties may register to receive automatic email alerts when the information is updated by clicking on "Sign Up" at https://www.marathonpetroleum.com/Investors/and following the instructions provided.Forward-Looking Statements
This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs"), or renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation or rising interest rates; the regional, national and worldwide demand for refined products and renewables and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, renewable diesel and other renewable fuels, NGLs and other feedstocks and related pricing differentials; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the ability to obtain the necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisition of Northwind Delaware Holdings LLC ("Northwind Midstream"); the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating within the energy industry in California or other jurisdictions; 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; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Consolidated Statements of Income (unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions, except per-share data)
2025

2024

2025

2024Revenues and other income:










   Sales and other operating revenues$32,574
$33,137
$132,699
$138,864 Income from equity method investments
204

252

1,622

1,048 Net gain on disposal of assets
169

11

173

28 Other income
475

66

728

472       Total revenues and other income
33,422

33,466

135,222

140,412Costs and expenses:










   Cost of revenues (excludes items below)
28,861

30,558

119,446

126,240   Depreciation and amortization
828

826

3,251

3,337   Selling, general and administrative expenses
836

804

3,349

3,221   Other taxes
203

137

885

818       Total costs and expenses
30,728

32,325

126,931

133,616Income from operations
2,694

1,141

8,291

6,796Net interest and other financial costs
343

245

1,276

839Income before income taxes
2,351

896

7,015

5,957Provision for income taxes
372

111

1,137

890Net income
1,979

785

5,878

5,067Less net income attributable to:










Redeemable noncontrolling interest
—

6

—

27Noncontrolling interests
444

408

1,831

1,595Net income attributable to MPC$1,535
$371
$4,047
$3,445











Per share data










Basic:










  Net income attributable to MPC per share$5.13
$1.16
$13.24
$10.11  Weighted average shares outstanding (in millions)
299

320

305

340











Diluted:










  Net income attributable to MPC per share$5.12
$1.15
$13.22
$10.08Weighted average shares outstanding (in millions)
300

321

306

341 Capital Expenditures and Investments (unaudited)

Three Months Ended
December 31,

Twelve Months Ended 
December 31,(In millions)
2025

2024

2025

2024Refining & Marketing$448
$484
$1,580
$1,445Midstream
979

379

2,975

1,504Renewable Diesel
1

2

19

8Corporate(a)
34

56

119

119Total$1,462
$921
$4,693
$3,076











(a)Includes capitalized interest of $30 million, $18 million, $94 million and $56 million for the fourth quarter 2025, the fourth quarter 2024, full year 2025 and full year 2024, respectively. Refining & Marketing Operating Statistics (unaudited) Dollar per Barrel of Net Refinery Throughput
Three Months Ended
December 31,

Twelve Months Ended
December 31,

2025

2024

2025

2024Refining & Marketing margin(a)$18.65
$12.93
$16.87
$16.01Less:










Refining operating costs(b)
5.70

5.26

5.59

5.34Distribution costs(c)
5.71

5.34

5.67

5.48LIFO inventory adjustment
0.29

0.38

0.07

0.10Other income(d)
(0.20)

(0.08)

(0.09)

(0.24)Refining & Marketing segment adjusted EBITDA$7.15
$2.03
$5.63
$5.33











Refining planned turnaround costs$1.47
$1.02
$1.39
$1.31Depreciation and amortization
1.40

1.53

1.49

1.65Fees paid to MPLX included in distribution costs above
3.66

3.60

3.69

3.70











(a)Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.(b)Excludes refining planned turnaround and depreciation and amortization expense.(c)Excludes depreciation and amortization expense.(d)Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss. Refining & Marketing - Supplemental Operating Data
Three Months Ended
December 31,

Twelve Months Ended
December 31,

2025

2024

2025

2024Refining & Marketing refined product sales volume
(mbpd)(a)
3,803

3,747

3,718

3,585Crude oil refining capacity (mbpcd)(b)
2,963

2,950

2,963

2,950Crude oil capacity utilization (percent)(b)
95

94

94

92











Refinery throughputs (mbpd):










    Crude oil refined
2,817

2,783

2,787

2,714    Other charge and blendstocks
221

214

202

208Net refinery throughputs
3,038

2,997

2,989

2,922











Sour crude oil throughput (percent)
47

43

45

44Sweet crude oil throughput (percent)
53

57

55

56











Refined product yields (mbpd):










    Gasoline
1,524

1,570

1,499

1,490    Distillates
1,120

1,109

1,093

1,070    Propane
68

69

67

67    NGLs and petrochemicals
154

154

195

192    Heavy fuel oil
123

57

90

59    Asphalt
79

80

79

81        Total
3,068

3,039

3,023

2,959Inter-region refinery transfers excluded from throughput
and yields above (mbpd)
70

96

64

87











(a)Includes intersegment sales.(b)Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.Refining & Marketing - Supplemental Operating Data by Region (unaudited)The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the refining operating costs, refining planned turnaround costs and refining depreciation and amortization for the regions, as shown in the tables below, is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes).Refining operating costs exclude refining planned turnaround costs and refining depreciation and amortization expense.Gulf Coast Region
Three Months Ended
December 31,

Twelve Months Ended
December 31,

2025

2024

2025

2024Dollar per barrel of refinery throughput:










Refining & Marketing margin$17.09
$12.36
$14.82
$15.05Refining operating costs
4.49

4.04

4.61

4.14Refining planned turnaround costs
0.47

0.74

0.81

1.23Refining depreciation and amortization
0.90

1.14

0.95

1.35











Refinery throughputs (mbpd):










    Crude oil refined
1,218

1,190

1,155

1,119    Other charge and blendstocks
160

186

159

181Gross refinery throughputs
1,378

1,376

1,314

1,300











Sour crude oil throughput (percent)
57

55

57

56Sweet crude oil throughput (percent)
43

45

43

44











Refined product yields (mbpd):










    Gasoline
659

671

625

621    Distillates
499

509

471

476    Propane
39

40

37

38    NGLs and petrochemicals
127

118

131

124    Heavy fuel oil
66

51

59

52    Asphalt
17

17

17

16        Total
1,407

1,406

1,340

1,327Inter-region refinery transfers included in throughput and
yields above (mbpd)
36

72

37

58 Mid-Continent Region
Three Months Ended
December 31,

Twelve Months Ended
December 31,

2025

2024

2025

2024Dollar per barrel of refinery throughput:










Refining & Marketing margin$18.19
$11.31
$17.27
$15.77Refining operating costs
5.56

5.21

5.19

5.10Refining planned turnaround costs
1.16

1.49

1.17

1.40Refining depreciation and amortization
1.28

1.40

1.35

1.39











Refinery throughputs (mbpd):










    Crude oil refined
1,097

1,095

1,134

1,103    Other charge and blendstocks
76

79

65

70Gross refinery throughputs
1,173

1,174

1,199

1,173











Sour crude oil throughput (percent)
24

22

24

24Sweet crude oil throughput (percent)
76

78

76

76











Refined product yields (mbpd):










    Gasoline
639

636

632

622    Distillates
430

423

434

413    Propane
20

20

21

20    NGLs and petrochemicals
16

20

41

42    Heavy fuel oil
10

18

13

15    Asphalt
62

63

62

65        Total
1,177

1,180

1,203

1,177Inter-region refinery transfers included in throughput and
yields above (mbpd)
8

14

8

11 West Coast Region
Three Months Ended
December 31,

Twelve Months Ended
December 31,

2025

2024

2025

2024Dollar per barrel of refinery throughput:










Refining & Marketing margin$21.94
$15.70
$20.57
$18.29Refining operating costs
8.26

7.48

8.20

7.92Refining planned turnaround costs
4.38

0.55

3.09

1.07Refining depreciation and amortization
1.27

1.38

1.43

1.37











Refinery throughputs (mbpd):










    Crude oil refined
502

498

498

492    Other charge and blendstocks
55

45

42

44Gross refinery throughputs
557

543

540

536











Sour crude oil throughput (percent)
64

60

64

61Sweet crude oil throughput (percent)
36

40

36

39











Refined product yields (mbpd):










    Gasoline
242

278

259

273    Distillates
198

198

191

197    Propane
9

9

9

9    NGLs and petrochemicals
24

30

30

33    Heavy fuel oil
81

34

55

30    Asphalt
—

—

—

—        Total
554

549

544

542Inter-region refinery transfers included in throughput and
yields above (mbpd)
26

10

19

18 Midstream Operating Statistics (unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2025

2024

2025

2024Pipeline throughputs (mbpd)(a)
6,005

5,939

6,067

5,874Terminal throughputs (mbpd)
3,078

3,128

3,132

3,131Gathering system throughputs (million cubic feet per day)(b)
6,848

6,734

6,709

6,579Natural gas processed (million cubic feet per day)(b)
9,827

9,934

9,856

9,663C2 (ethane) + NGLs fractionated (mbpd)(b)
666

683

660

654











(a)Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.(b)Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. Renewable Diesel Financial Data (unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions)
2025

2024

2025

2024Renewable Diesel margin(a)$68
$137
$151
$186Less:










Operating costs(b)
71

68

274

269Distribution costs(c)
32

28

101

95LIFO inventory adjustment
(10)

55

(10)

55Other income(d)
(32)

(42)

(104)

(83)Renewable Diesel segment adjusted EBITDA$7
$28
$(110)
$(150)











Planned turnaround costs$2
$2
$39
$7JV planned turnaround costs
5

9

18

9Depreciation and amortization
16

25

69

75JV depreciation and amortization
22

22

89

89











(a)Sales revenue less cost of renewable inputs and purchased products.(b)Excludes planned turnaround and depreciation and amortization expense.(c)Excludes depreciation and amortization expense.(d)Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss. Select Financial Data (unaudited)

December 31, 
2025

September 30, 
2025(in millions of dollars)




Cash and cash equivalents$3,672
$2,654Total consolidated debt(a)
32,876

32,844MPC debt
7,223

7,198MPLX debt
25,653

25,646Equity
24,086

23,889





(in millions)




Shares outstanding
295

301





(a)Net of unamortized debt issuance costs and unamortized premium/discount, net.Non-GAAP Financial Measures Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. The non-GAAP financial measures we use are as follows:Adjusted Net Income Attributable to MPC and Adjusted Diluted Income Per ShareAdjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance. Adjusted diluted income per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.We believe the use of adjusted net income attributable to MPC and adjusted diluted income per share provides us and our investors with important measures of our ongoing financial performance to better assess our underlying business results and trends. Adjusted net income attributable to MPC or adjusted diluted income per share should not be considered as a substitute for, or superior to net income attributable to MPC, diluted net income per share or any other measure of financial performance presented in accordance with GAAP. Adjusted net income attributable to MPC and adjusted diluted income per share may not be comparable to similarly titled measures reported by other companies.Reconciliation of Net Income Attributable to MPC to Adjusted Net Income Attributable to MPC
(unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions)
2025

2024

2025

2024Net income attributable to MPC$1,535
$371
$4,047
$3,445Pre-tax adjustments:










Gain on sale of assets
(159)

—

(897)

(151)SRE(a)
—

—

(57)

—Transaction-related costs(b)
12

—

33

—Legal settlements
(253)

—

(253)

—LIFO inventory adjustment
(72)

(161)

(72)

(161)Tax impact of adjustments(c)
103

39

254

62Non-controlling interest impact of adjustments
54

—

222

55Adjusted net income attributable to MPC$1,220
$249
$3,277
$3,250











Diluted income per share$5.12
$1.15
$13.22
$10.08Adjusted diluted income per share$4.07
$0.77
$10.70
$9.51











Weighted average diluted shares outstanding
300

321

306

341











(a)Small Refinery Exemption ("SRE") credit under the Renewable Fuel Standard program.(b)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.(c)Income taxes for the three and twelve months ended December 31, 2025 were calculated by applying a federal statutory rate and a blended state tax rate to the pre-tax adjustments after non-controlling interest. The corresponding adjustments to reported income taxes are shown in the table above.Adjusted EBITDA Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. Adjusted EBITDA should not be considered as a substitute for, or superior to income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA (unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions)
2025

2024

2025

2024Net income attributable to MPC$1,535
$371
$4,047
$3,445Net income attributable to noncontrolling interests
444

414

1,831

1,622Provision for income taxes
372

111

1,137

890Net interest and other financial costs
343

245

1,276

839Depreciation and amortization
828

826

3,251

3,337Renewable Diesel JV depreciation and amortization
22

22

89

89Refining & Renewable Diesel planned turnaround costs
412

283

1,553

1,404Renewable Diesel JV planned turnaround costs
5

9

18

9LIFO inventory adjustment
(72)

(161)

(72)

(161)Gain on sale of assets
(159)

—

(897)

(151)SRE(a)
—

—

(57)

—Transaction-related costs(b)
12

—

33

—Legal settlements
(253)

—

(253)

—Adjusted EBITDA$3,489
$2,120
$11,956
$11,323











(a)Small Refinery Exemption ("SRE") credit under the Renewable Fuel Standard program.(b)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC, and the divestiture of the Rockies gathering and processing operations.Refining & Marketing MarginRefining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.Reconciliation of Refining & Marketing Segment Adjusted EBITDA to Refining & Marketing Gross
Margin and Refining & Marketing Margin (unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions)
2025

2024

2025

2024Refining & Marketing segment adjusted EBITDA$1,997
$559
$6,138
$5,703Plus (Less):










Depreciation and amortization
(390)

(422)

(1,627)

(1,767)Refining planned turnaround costs
(410)

(281)

(1,514)

(1,397)   LIFO inventory adjustment
82

106

82

106Selling, general and administrative expenses
664

562

2,632

2,472(Income) loss from equity method investments
2

(11)

(9)

(57) Net (gain) loss on disposal of assets
—

(2)

2

(1) Other income
(192)

(33)

(347)

(342)Refining & Marketing gross margin
1,753

478

5,357

4,717Plus (Less):










Operating expenses (excluding depreciation and
amortization)
2,998

2,823

11,817

11,321Depreciation and amortization
390

422

1,627

1,767Gross margin excluded from and other income included
in Refining & Marketing margin(a)
127

(103)

(136)

(425)Other taxes included in Refining & Marketing margin
(54)

(54)

(261)

(259)Refining & Marketing margin$5,214
$3,566
$18,404
$17,121











Refining & Marketing margin by region:(b)










Gulf Coast$2,111
$1,483
$6,907
$6,839Mid-Continent
1,949

1,207

7,503

6,705West Coast
1,072

770

3,912

3,471Refining & Marketing margin$5,132
$3,460
$18,322
$17,015











(a)Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income.(b)Excludes the effect of the LIFO inventory adjustment.Renewable Diesel MarginRenewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and purchased product costs. We use and believe our investors use this non-GAAP financial measure to evaluate our Renewable Diesel segment's operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.Reconciliation of Renewable Diesel Segment Adjusted EBITDA to Renewable Diesel Gross Margin
and Renewable Diesel Margin (unaudited)

Three Months Ended
December 31,

Twelve Months Ended
December 31,(In millions)
2025

2024

2025

2024Renewable Diesel segment adjusted EBITDA$7
$28
$(110)
$(150)Plus (Less):










Depreciation and amortization
(16)

(25)

(69)

(75)JV depreciation and amortization
(22)

(22)

(89)

(89)Planned turnaround costs
(2)

(2)

(39)

(7)JV planned turnaround costs
(5)

(9)

(18)

(9)   LIFO inventory adjustment
(10)

55

(10)

55Selling, general and administrative expenses
9

19

35

59Income from equity method investments
(26)

(31)

(82)

(70)Other income
(12)

—

(33)

—Renewable Diesel gross margin
(77)

13

(415)

(286)Plus (Less):










Operating expenses (excluding depreciation and
amortization)
108

78

412

312Depreciation and amortization
16

25

69

75Martinez JV depreciation and amortization
21

21

85

85Renewable Diesel margin$68
$137
$151
$186 



View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-reports-fourth-quarter-and-full-year-2025-results-302677430.htmlSOURCE Marathon Petroleum Corporation

Original: Marathon Petroleum Corp. Reports Fourth-Quarter and Full-Year 2025 Results

Marathon Petroleum Corp. to host 2026 annual meeting of shareholdersJanuary 30, 2026 6:10 PM
PR Newswire (US)

FINDLAY, Ohio, Jan. 30, 2026 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) announced today that its annual meeting of shareholders will take place April 29, 2026, at 10 a.m. ET in a virtual-only format via live webcast. Shareholders of record as of March 3, 2026, are entitled to notice of and to vote at the annual meeting. The company's proxy statement will include additional information regarding how shareholders may access and participate in the virtual annual meeting.About Marathon Petroleum CorporationMarathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Alyx Teschel, Director, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications Manager



View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-to-host-2026-annual-meeting-of-shareholders-302675468.htmlSOURCE Marathon Petroleum Corporation

Original: Marathon Petroleum Corp. to host 2026 annual meeting of shareholders

Marathon Petroleum Corp. Announces Quarterly DividendJanuary 30, 2026 4:30 PM
PR Newswire (US)

FINDLAY, Ohio, Jan. 30, 2026 /PRNewswire/ -- The board of directors of Marathon Petroleum Corp. (NYSE: MPC) has declared a dividend of $1.00 per share on common stock. The dividend is payable March 10, 2026, to shareholders of record as of the close of business Feb. 18, 2026.About Marathon Petroleum CorporationMarathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Alyx Teschel, Director, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications Manager



View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-announces-quarterly-dividend-302675411.htmlSOURCE Marathon Petroleum Corporation

Original: Marathon Petroleum Corp. Announces Quarterly Dividend

20 billion*

Mpc about to jump. 20 in cash coming in with 4 billion buy back

Seven & i and Marathon Petroleum announce $21 billion deal to sell Speedway to Seven Eleven.

https://t.co/8ciER1kmdw

Oil does not and will not go away. Liberals go away. Cheers

Up

This should start moving north by next week if not sooner!!
45+

Looking for good $$$$$ Aug 3rd Report. Lots of summer travel!!!
Speedway$$$$$$

Nice$$$$$$$$$
Buy on fear!!!!

$$$$$$$$$$$$$$$$

Yes Yes Yes!!!!!!!!

Buy Buy Buy!!!

$70 by January

Back over $40!!!!

Got tons of shares sitting in this guy and man the accounts are green all around!!!

Winning

Got to love this baby!!!

Making money and dissident now declared.

$$$$$$$$$$

Here we goooooo $$$$$$$

Clearly a long play, but it will have great returns.

Cheers!!!

Ha!...I added to BP on the 16th(long..very long)....now I am about to make a first entry here. Am a little heavy though given that I also own ENB(Enbridge). May have to trim a little BP to place here.

What great days!!!

Still increasing my position here. I know their refineries are cutting output, but the key here is how quickly will demand start to eat thru the stockpile being built up at this time.

Still buying up this beautiful pig. She should be a shinny one by Q3 in my opinion.

Dry powder moving into this one is a no brainer.

Cheers to all

Loaded up

It seems we’re moving a long fast here.

Very bullish on Marathon.

Brexit seems to be a go, China seems to be coming to the table, and more turmoil in the Middle East all add to more oil getting consumed, and Marathon makes better margins because they buy the cheap heavy crudes from Canada that provide them a great margin.

I expect this all to be playing in as there is nothing else I’m seeing on the radar.

Why the sudden spike in MPC today? 63.50 to 65.38 in 9 minutes

in at 47.70 for G&I

This play is still staying very solid.

I think it has more upside even in the slowing economy.

What a move by the stock over the past two days.

I like this stock very much in the near to mid term.

Also have to love the old Andeavor board members trying to show off their “expertise” and oust the CEO.

News: $MPC Marathon Petroleum Responds To Elliott Management Proposal

FINDLAY, Ohio , Sept. 25, 2019 /PRNewswire/ -- Marathon Petroleum Corporation (NYSE: MPC) today issued the following statement regarding the letter and presentation released by Elliott Management to MPC's Board of Directors. MPC engages in regular communication with its shareholders and...

In case you are interested MPC - Marathon Petroleum Responds To Elliott Management Proposal

This split would be a very nice boost to the company.

I’ll be in the split camp for now.

The spread for refiners seems to be moving.

Got a big position going in this one.

Cheers!!!

$MPC Marathon Galveston Bay refinery FCCU may be shut eight weeks - Reuters

The gasoline-producing unit at Marathon Petroleum's (NYSE:MPC) 585K bbl/day Galveston Bay Refinery in Texas may remain shut for 2-8 weeks for repairs, Reuters reports.

The 140K bbl/day gasoline-producing Fluidic Catalytic Cracking Unit 3 was shut on June 29 to repair a leak, according to the report.

To repair the sour water stripper, which removes ammonia and hydrogen sulfide discharged by FCCU 3, MPC may need to rebuild a needed transformer, which reportedly could take eight weeks; if a replacement can be purchased, the repairs may only last two weeks.

Galveston Bay is MPC's largest refinery and the second largest in the U.S.

dark side of the index on ....trailing a stop loss....without a double bottom in sight
not again...
whereby share price can be received after day trade not an hour trader
market close
that the low point
thanks'
lucky

290k shares, damn that over 22 mil pesos! Someone must like this stock

$MPC Marathon Petroleum (NYSE:MPC) expects U.S. lawmakers to propose changes this spring to the federal Renewable Fuel Standard, executives said today during the company's earnings conference call.

MPC execs offered no specifics about what the company expected but their comments suggested a full repeal.

MPC President Don Templin is "fairly optimistic about the legislative efforts that are ongoing in Washington, D.C., led by Sen. Cornyn and others," and predicts a resolution with "some short-term relief but more importantly has a long-term solution to the RFS, elimination the mandate and allowing our transportation fuels and other transportation fuels to be able to participate in a free market."

The recent bankruptcy filing of Philadelphia Energy Solutions has focused more attention on federal fuel mandates, and EPA chief Scott Pruitt today stressed the need for changes to the RIN program.

Marathon Petroleum +2% on surprise Q1 profit as refining margins rise

Marathon Petroleum (MPC +2%) moves higher after reporting a surprise Q1 profit, as refining margins jump 18% despite challenging market conditions.

While refining operating losses narrowed to $70M in the quarter from $86M a year ago, refining and marketing margins rose 18% to $11.65/bbl, well above a Barclays estimate of $10.30/bbl.

MPC says Q1 refinery direct operating costs rose 16.5% to $9.45/bbl but still came in well below a Jefferies estimate of $10.18/bbl.

Q1 total throughput fell 3.7% to 1.71M bbl/day, but the result edged Barclays' forecast for 1.68M bbl/day, and the company expects to process 1.975M bbl/day in the current quarter, 4.6% higher than a year ago.

MPC also says a special committee expects to complete the ongoing review of Speedway's divestiture by mid-2017.

Goldman picks favorites in oil & gas, refiners
Tweaking a list of favorite energy names alongside a fairly bullish outlook for the future of oil prices, Goldman notes potential "pockets of upside" among major oil & gas companies, and refiners.
Among the top picks: Marathon Petroleum (NYSE:MPC) for "underappreciated value across business lines, Valero Energy (NYSE:VLO) - a "free cash flow winner" and dividend growth potential, Husky Energy (OTCPK:HUSKF) on valuation, and Chevron (NYSE:CVX) thanks to free cash flow, dividend yield, and Permian Basin holdings.
Also making the top pick list is Suncor Energy (NYSE:SU) on hopes for strong growth for new projects, and valuation.
Upgraded to Neutral from Sell after recent underperformance is PBF Energy (NYSE:PBF). Downgraded to Sell from Neutral thanks to a pricey valuation is HollyFrontier (NYSE:HFC).
Previously: Goldman stays bullish on oil (April 5)

Marathon Petroleum (NYSE:MPC): Q1 EPS of $0.07 may not be comparable to consensus of $0.15.

Revenue of $12.83B (-25.6% Y/Y) misses by $250M.

MPC did well today...so did PSX.....more downward side to oil coming and for many reasons....unfortunately MPC and the like will be pulled down to SOME extent with the sector.....Buying opportunity folks..

Credit Suisse says Top independent refiner is Marathon Petroleum (NYSE:MPC), the synergy of the company’s recently-acquired Hess retail business  is exceeding plans, and it is confident MPC will continue to benefit from self-help initiatives.

MPC enjoyed a quick 8% jump when the MPLX/MWE deal was announced, but the firm says the recent decline in the share price implies that “little to no credit is now being given for the deal in MPC’s shares, either because of fears that the deal won’t close or that MPC will have to contribute more cash."