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v3.26.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Adjusted EBITDA |
| Three Months Ended March 31, |  |
(Millions of dollars) | 2026 |  | 2025 |  |  |  |
Segment adjusted EBITDA for reportable segments |  |  |  |  |  |  |
Refining & Marketing | $ | 1,377 |  |  | $ | 489 |  |  |  |  |
Midstream | 1,598 |  |  | 1,720 |  |  |  |  |
Renewable Diesel | 38 |  |  | (42) |  |  |  |  |
Total reportable segments | $ | 3,013 |  |  | $ | 2,167 |  |  |  |  |
| Three Months Ended March 31, |  |
(Millions of dollars) | 2026 |  | 2025 |  |  |  |
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes |  |  |  |  |  |  |
Total reportable segments | $ | 3,013 |  |  | $ | 2,167 |  |  |  |  |
Corporate | (250) |  |  | (192) |  |  |  |  |
Refining & Renewable Diesel planned turnaround costs | (531) |  |  | (465) |  |  |  |  |
Renewable Diesel JV planned turnaround costs(a) | (29) |  |  | (8) |  |  |  |  |
Depreciation and amortization | (809) |  |  | (793) |  |  |  |  |
Renewable Diesel JV depreciation and amortization(a) | (22) |  |  | (22) |  |  |  |  |
Clean fuel production tax credit(b) | 32 |  |  | — |  |  |  |  |
Net interest and other financial costs | (370) |  |  | (304) |  |  |  |  |
Income before income taxes | $ | 1,034 |  |  | $ | 383 |  |  |  |  |
(a) Represents MPC’s pro-rata share of expenses from joint ventures included in the Renewable Diesel segment. (b) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February 2026, which clarified the qualification criteria for 45Z credits.
Reconciliation of Revenue from Segments to Consolidated |
| Three Months Ended March 31, |  |
(Millions of dollars) | 2026 |  | 2025 |  |  |  |
Sales and other operating revenues |  |  |  |  |  |  |
Refining & Marketing |  |  |  |  |  |  |
Revenues from external customers(a) | $ | 32,326 |  |  | $ | 29,457 |  |  |  |  |
Intersegment revenues | 9 |  |  | 40 |  |  |  |  |
Refining & Marketing segment revenues | 32,335 |  |  | 29,497 |  |  |  |  |
Midstream |  |  |  |  |  |  |
Revenues from external customers(a) | 1,302 |  |  | 1,441 |  |  |  |  |
Intersegment revenues | 1,522 |  |  | 1,469 |  |  |  |  |
Midstream segment revenues | 2,824 |  |  | 2,910 |  |  |  |  |
Renewable Diesel |  |  |  |  |  |  |
Revenues from external customers(a) | 572 |  |  | 619 |  |  |  |  |
Intersegment revenues | 7 |  |  | 7 |  |  |  |  |
Renewable Diesel segment revenues | 579 |  |  | 626 |  |  |  |  |
Total segment revenues | 35,738 |  |  | 33,033 |  |  |  |  |
Less: intersegment revenues | 1,538 |  |  | 1,516 |  |  |  |  |
Consolidated sales and other operating revenues(a) | $ | 34,200 |  |  | $ | 31,517 |  |  |  |  |
(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 March 31, |  |
(Millions of dollars) | 2026 |  | 2025 |  |  |  |
Income from equity method investments |  |  |  |  |  |  |
Refining & Marketing | $ | (2) |  |  | $ | 5 |  |  |  |  |
Midstream | 207 |  |  | 209 |  |  |  |  |
Renewable Diesel | (29) |  |  | 16 |  |  |  |  |
Consolidated income from equity method investments | $ | 176 |  |  | $ | 230 |  |  |  |  |
| Three Months Ended March 31, |  |
(Millions of dollars) | 2026 |  | 2025 |  |  |  |
Segment expenses |  |  |  |  |  |  |
Refining & Marketing |  |  |  |  |  |  |
Cost of purchases | $ | 27,435 |  |  | $ | 25,658 |  |  |  |  |
Refining operating costs | 1,599 |  |  | 1,472 |  |  |  |  |
Distribution costs | 1,581 |  |  | 1,478 |  |  |  |  |
Other segment items(a) | 341 |  |  | 405 |  |  |  |  |
Refining & Marketing segment expenses | $ | 30,956 |  |  | $ | 29,013 |  |  |  |  |
Midstream |  |  |  |  |  |  |
Other segment items(b) | 1,433 |  |  | 1,399 |  |  |  |  |
Midstream segment expenses | $ | 1,433 |  |  | $ | 1,399 |  |  |  |  |
Renewable Diesel |  |  |  |  |  |  |
Operating costs | 67 |  |  | 70 |  |  |  |  |
Distribution costs | 28 |  |  | 22 |  |  |  |  |
Other segment items(c) | 417 |  |  | 592 |  |  |  |  |
Renewable Diesel segment expenses | $ | 512 |  |  | $ | 684 |  |  |  |  |
(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, 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 March 31, |  |
(Millions of dollars) | 2026 |  | 2025 |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |
Refining & Marketing | $ | 387 |  |  | $ | 406 |  |  |  |  |
Midstream | 382 |  |  | 351 |  |  |  |  |
Renewable Diesel(a) | 16 |  |  | 18 |  |  |  |  |
Total segment depreciation and amortization | 785 |  |  | 775 |  |  |  |  |
Corporate | 24 |  |  | 18 |  |  |  |  |
Consolidated depreciation and amortization | $ | 809 |  |  | $ | 793 |  |  |  |  |
Pro-rata share of Renewable Diesel JV depreciation and amortization | $ | 22 |  |  | $ | 22 |  |  |  |  |
(a) Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization, which was adjusted for purposes of arriving at Renewable Diesel segment adjusted EBITDA.
| Three Months Ended March 31, |  |
(Millions of dollars) | 2026 |  | 2025 |  |  |  |
Capital expenditures |  |  |  |  |  |  |
Refining & Marketing | $ | 328 |  |  | $ | 362 |  |  |  |  |
Midstream | 892 |  |  | 386 |  |  |  |  |
Renewable Diesel(a) | — |  |  | 1 |  |  |  |  |
Total segment capital expenditures and investments | 1,220 |  |  | 749 |  |  |  |  |
Less investments in equity method investees(a) | 240 |  |  | 132 |  |  |  |  |
Plus: |  |  |  |  |  |  |
Corporate | 2 |  |  | 9 |  |  |  |  |
Capitalized interest | 30 |  |  | 18 |  |  |  |  |
Consolidated capital expenditures(b) | $ | 1,012 |  |  | $ | 644 |  |  |  |  |
(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 changes in capital expenditure accruals. See Note 18 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the three months ended March 31, 2026 and 2025 as reported in the consolidated statements of cash flows.

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- 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
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