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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Adjusted EBITDA |
| 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.
Reconciliation of Revenue from Segments to Consolidated |
| 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.
Other Significant Reconciling Items from Segments to Consolidated |
| 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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