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This statistic highlights Marathon Petroleum’s Revenue by Segment, split across Refining and Marketing, Midstream segments, reported on a quarterly basis from Q1 2016 onwards.
Marathon Petroleum’s revenue is split into the following two segments.
|Revenue by Segment||Q3 2020||Q2 2021||Q3 2021||Revenue contribution in Q3 2021|
|Refining & Marketing||$ 16,516||$ 28,584||$ 31,146||92.69%|
|Midstream||$ 2,147||$ 2,309||$ 2,454||7.30%|
|Total||$ 18,663||$ 30,893||$ 33,600||100%|
(All figures are in millions, except percentages)
Marathon Petroleum’s total revenue by segment grew from $18,663 million in Q3 2020 to $33,600 million in Q3 2021 which means a growth of revenue by 80.04%. It further grew by $2707 million which is approximately 8.76% between Q2 2021 and Q3 2021.
Refining and Marketing:
The refining and marketing segment of Marathon Petroleum company is safe, systematic, and authentic. They are involved in the refining of crude oil and other feedstocks at their refineries. They even buy refined products and ethanol for resale, and distribute these products through storage, transportation , distribution, and marketing services primarily provided by their Midstream segment. It plays an important role in supplying the everyday use of refined products to the people of the US. In 2018, after the capture of Andeavor, MP became the largest petroleum refinery operator in the United States of America.
It markets refined products to wholesalers, retailers, and consumers.
This segment occupies 92.69% of the total revenue by all segments, as of Q3 2021. The revenue generated by this sector rose between Q3 2020 and Q3 2021 by $14,630 million i.e., by 88.58%. Further, it rose from $28,584 million in Q2 2021 to $ 31,146 million in Q3 2021 i.e., by 8.96%.
MPC’s midstream activities are principally managed by MPLX LP (“MPLX”), which owns and runs crude oil and light product gathering, processing, delivery, logistics, and fractionation assets. They own a majority limited partner interest in MPLX as well as the general partner.
The revenue from the midstream sector accounts for 7.30% of the total revenue from all segments, as of Q3 2021. It increased from $2147 million in Q3 2020 to $2454 million in Q3 2021 i.e., by 14.29% on a year-on-year basis. Next, it rose by $145 million, about 6.27% between Q2 2021 and Q3 2021.
About the Company:
Marathon Petroleum was founded on November 9, 2009, in Delaware, United States. Headquartered in Findlay, Ohio, Marathon Petroleum is a leading, integrated downstream energy company. They run the country’s largest refining system which includes selling refined products to wholesale marketing customers both domestically and internationally, as well as spot market buyers and independent entrepreneurs who run branded stores. Under long-term supply contracts, they also sell transportation fuel to consumers through direct dealer locations.
It was a subsidiary company of Marathon Oil Corporation until 2011. MPC took over the Andeavor company in 2018, and henceforth became the largest refining products company in the USA. It is traded on the NYSE under the ticker MPC.
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