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v3.25.2

Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information We have three reportable segments: Refining & Marketing, Midstream and Renewable Diesel. Each of these segments is organized and managed based upon the nature of the products and services it offers. •Refining & Marketing – refines crude oil and other feedstocks at our refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States, purchases refined products and ethanol for resale and distributes refined products through transportation, storage, distribution and marketing services provided largely by our Midstream segment. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to independent entrepreneurs who operate primarily Marathon® branded outlets and through long-term fuel supply contracts with direct dealers who operate locations mainly under the ARCO® brand. •Midstream – gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, towboats and barges; gathers, processes and transports natural gas; and transports, fractionates, stores and markets NGLs. The Midstream segment primarily reflects the results of MPLX. •Renewable Diesel – processes renewable feedstocks into renewable diesel, markets renewable diesel and distributes renewable products through our Midstream segment and third parties. We sell renewable diesel to wholesale marketing customers, to buyers on the spot market and through long-term supply contracts with direct dealers who operate locations mainly under the ARCO® brand. Our chief operating decision maker (“CODM”) evaluates the performance of our segments using segment adjusted EBITDA. Our CODM is our chief executive officer. The CODM uses adjusted EBITDA by segment results when making decisions about allocating capital and personnel as part of the annual business plan process and ongoing monitoring of performance. Amounts included in income before income taxes and excluded from adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) turnaround expenses; and (iv) other adjustments as deemed necessary. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) not tied to the operational performance of the segment. Assets by segment are not a measure used to assess the performance of the company by the CODM and thus are not reported in our disclosures.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Millions of dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Segment adjusted EBITDA for reportable segments |  |  |  |  |  |  |
Refining & Marketing | $ | 1,890 |  |  | $ | 2,022 |  |  | $ | 2,379 |  |  | $ | 4,008 |
Midstream | 1,641 |  |  | 1,620 |  |  | 3,361 |  |  | 3,209 |
Renewable Diesel | (19) |  |  | (27) |  |  | (61) |  |  | (117) |
Total reportable segments | $ | 3,512 |  |  | $ | 3,615 |  |  | $ | 5,679 |  |  | $ | 7,100 |
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes |  |  |  |  |  |  |
Total reportable segments | $ | 3,512 |  |  | $ | 3,615 |  |  | $ | 5,679 |  |  | $ | 7,100 |
Corporate | (226) |  |  | (200) |  |  | (418) |  |  | (404) |
Refining & Renewable Diesel planned turnaround costs | (275) |  |  | (183) |  |  | (740) |  |  | (831) |
Renewable Diesel JV planned turnaround costs(a) | (2) |  |  | — |  |  | (10) |  |  | — |
Gain on sale of assets(b) | — |  |  | 151 |  |  | — |  |  | 151 |
Depreciation and amortization | (789) |  |  | (838) |  |  | (1,582) |  |  | (1,665) |
Renewable Diesel JV depreciation and amortization(a) | (23) |  |  | (23) |  |  | (45) |  |  | (45) |
Net interest and other financial costs | (319) |  |  | (194) |  |  | (623) |  |  | (373) |
Income before income taxes | $ | 1,878 |  |  | $ | 2,328 |  |  | $ | 2,261 |  |  | $ | 3,933 |
(a) Represents MPC’s pro-rata share of expenses from joint ventures included in the Renewable Diesel segment. (b) Gain from the Whistler Joint Venture Transaction (as defined in Note 4). See Note 4 for additional information.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Millions of dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Sales and other operating revenues |  |  |  |  |  |  |
Refining & Marketing |  |  |  |  |  |  |
Revenues from external customers(a) | $ | 31,828 |  |  | $ | 36,163 |  |  | $ | 61,285 |  |  | $ | 67,137 |
Intersegment revenues | 6 |  |  | 38 |  |  | 46 |  |  | 85 |
Refining & Marketing segment revenues | 31,834 |  |  | 36,201 |  |  | 61,331 |  |  | 67,222 |
Midstream |  |  |  |  |  |  |
Revenues from external customers(a) | 1,340 |  |  | 1,260 |  |  | 2,781 |  |  | 2,481 |
Intersegment revenues | 1,471 |  |  | 1,448 |  |  | 2,940 |  |  | 2,851 |
Midstream segment revenues | 2,811 |  |  | 2,708 |  |  | 5,721 |  |  | 5,332 |
Renewable Diesel |  |  |  |  |  |  |
Revenues from external customers(a) | 631 |  |  | 491 |  |  | 1,250 |  |  | 1,002 |
Intersegment revenues | 2 |  |  | 8 |  |  | 9 |  |  | 14 |
Renewable Diesel segment revenues | 633 |  |  | 499 |  |  | 1,259 |  |  | 1,016 |
Total segment revenues | 35,278 |  |  | 39,408 |  |  | 68,311 |  |  | 73,570 |
Less: intersegment revenues | 1,479 |  |  | 1,494 |  |  | 2,995 |  |  | 2,950 |
Consolidated sales and other operating revenues(a) | $ | 33,799 |  |  | $ | 37,914 |  |  | $ | 65,316 |  |  | $ | 70,620 |
(a) Includes sales to related parties. See Note 6 for additional information. See Note 17 for the disaggregation of our revenue from external customers by segment and product line.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Millions of dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Income from equity method investments |  |  |  |  |  |  |
Refining & Marketing | $ | 3 |  |  | $ | 7 |  |  | $ | 8 |  |  | $ | 17 |
Midstream | 191 |  |  | 203 |  |  | 400 |  |  | 384 |
Renewable Diesel | 18 |  |  | 12 |  |  | 34 |  |  | 25 |
Total segment income from equity method investments | 212 |  |  | 222 |  |  | 442 |  |  | 426 |
Corporate(a) | — |  |  | 151 |  |  | — |  |  | 151 |
Consolidated income from equity method investments | $ | 212 |  |  | $ | 373 |  |  | $ | 442 |  |  | $ | 577 |
(a) Gain from the Whistler Joint Venture Transaction. See Note 4 for additional information.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Millions of dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Segment expenses |  |  |  |  |  |  |
Refining & Marketing |  |  |  |  |  |  |
Cost of purchases | $ | 26,558 |  |  | $ | 30,914 |  |  | $ | 52,216 |  |  | $ | 56,839 |
Refining operating costs | 1,486 |  |  | 1,363 |  |  | 2,958 |  |  | 2,828 |
Distribution costs | 1,537 |  |  | 1,494 |  |  | 3,015 |  |  | 2,909 |
Other segment items(a) | 366 |  |  | 415 |  |  | 771 |  |  | 655 |
Refining & Marketing segment expenses | $ | 29,947 |  |  | $ | 34,186 |  |  | $ | 58,960 |  |  | $ | 63,231 |
Midstream |  |  |  |  |  |  |
Other segment items(b) | 1,361 |  |  | 1,291 |  |  | 2,760 |  |  | 2,507 |
Midstream segment expenses | $ | 1,361 |  |  | $ | 1,291 |  |  | $ | 2,760 |  |  | $ | 2,507 |
Renewable Diesel |  |  |  |  |  |  |
Operating costs | 66 |  |  | 59 |  |  | 136 |  |  | 126 |
Distribution costs | 25 |  |  | 19 |  |  | 47 |  |  | 51 |
Other segment items(c) | 579 |  |  | 460 |  |  | 1,171 |  |  | 981 |
Renewable Diesel segment expenses | $ | 670 |  |  | $ | 538 |  |  | $ | 1,354 |  |  | $ | 1,158 |
(a) Other segment items for the Refining & Marketing segment include costs that are reimbursed by customers through commercial arrangements, as well as LIFO inventory adjustments. (b) Other segment items for the Midstream segment include operating expenses and purchased product costs. For purposes of managing the Midstream segment of MPC, the CODM is only provided consolidated Midstream expense information. (c) Other segment items for the Renewable Diesel segment include purchased product costs.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Millions of dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization |  |  |  |  |  |  |
Refining & Marketing | $ | 405 |  |  | $ | 453 |  |  | $ | 811 |  |  | $ | 897 |
Midstream | 349 |  |  | 345 |  |  | 700 |  |  | 688 |
Renewable Diesel(a) | 18 |  |  | 17 |  |  | 36 |  |  | 33 |
Total segment depreciation and amortization | 772 |  |  | 815 |  |  | 1,547 |  |  | 1,618 |
Corporate | 17 |  |  | 23 |  |  | 35 |  |  | 47 |
Consolidated depreciation and amortization | $ | 789 |  |  | $ | 838 |  |  | $ | 1,582 |  |  | $ | 1,665 |
(a) Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $23 million, $23 million, $45 million and $45 million in the three months ended June 30, 2025 and 2024 and six months ended June 30, 2025 and 2024, respectively.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Millions of dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Capital expenditures |  |  |  |  |  |  |
Refining & Marketing | $ | 347 |  |  | $ | 302 |  |  | $ | 709 |  |  | $ | 592 |
Midstream | 691 |  |  | 241 |  |  | 1,077 |  |  | 568 |
Renewable Diesel | 1 |  |  | 2 |  |  | 2 |  |  | 3 |
Total segment capital expenditures and investments | 1,039 |  |  | 545 |  |  | 1,788 |  |  | 1,163 |
Less investments in equity method investees | 356 |  |  | 54 |  |  | 488 |  |  | 179 |
Plus: |  |  |  |  |  |  |
Corporate | 6 |  |  | 12 |  |  | 15 |  |  | 18 |
Capitalized interest | 20 |  |  | 12 |  |  | 38 |  |  | 24 |
Consolidated capital expenditures(a) | $ | 709 |  |  | $ | 515 |  |  | $ | 1,353 |  |  | $ | 1,026 |
(a)Includes changes in capital expenditure accruals. See Note 18 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the six months ended June 30, 2025 and 2024 as reported in the consolidated statements of cash flows.

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- Definition The entire disclosure for reporting segments including data and tables. 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