XML 71 R44.htm IDEA: XBRL DOCUMENT v3.25.2

Segment Information (Tables)

6 Months Ended

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.

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration