Marathon Petroleum Corp (NYSE: MPC)

Marathon Petroleum Corp is a leading integrated downstream and midstream energy company. It operates one of the nation’s largest refining systems with approximately 3.0 million barrels per day of crude oil refining capacity. The company distributes its refined products through one of the largest terminal operations in the United States and a large private domestic fleet of inland petroleum product barges. Its integrated midstream energy asset network links producers of natural gas and NGLs from major supply basins to domestic and international markets. Marathon Petroleum Corp is also one of the largest producers and marketers of renewable diesel in the United States.

Marathon Petroleum Corp generates revenue by refining crude oil and other feedstocks at its refineries and by purchasing refined products and ethanol for resale. It sells refined products to wholesale marketing customers domestically and internationally to spot market buyers to independent entrepreneurs operating Marathon branded outlets and to direct dealers under long term supply contracts mainly for the ARCO brand. The Midstream segment earns revenue by gathering transporting storing and distributing crude oil refined products including renewable diesel and other hydrocarbon based products principally for the Refining & Marketing segment via pipelines terminals towboats and barges. It also gathers treats processes and transports natural gas and transports fractionates stores and markets NGLs. The Renewable Diesel segment earns revenue by processing renewable feedstocks into renewable diesel marketing the product and distributing it through the Midstream segment and third parties. It sells renewable diesel to wholesale marketing customers spot market buyers and direct dealers under long term supply contracts mainly for the ARCO brand.

The company operates through the following segments: Refining & Marketing Midstream Renewable Diesel.

• Refining & Marketing refines crude oil and other feedstocks at refineries located in the Gulf Coast Mid Continent and West Coast regions purchases refined products and ethanol for resale and distributes refined products through transportation storage distribution and marketing services provided largely by the Midstream segment It sells refined products to wholesale marketing customers domestically and internationally to spot market buyers to independent entrepreneurs operating Marathon branded outlets and to direct dealers under long term supply contracts mainly for 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 pipelines terminals towboats and barges It also gathers treats processes and transports natural gas and transports fractionates stores and markets NGLs The Midstream segment primarily reflects the results of MPLX MPLX is a diversified large cap master limited partnership formed in 2012 that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services As of December 31 2025 Marathon Petroleum Corp owned the general partner of MPLX and approximately 64 percent of the outstanding MPLX common units.

• Renewable Diesel processes renewable feedstocks into renewable diesel markets the product and distributes renewable diesel through the Midstream segment and third parties It sells renewable diesel to wholesale marketing customers spot market buyers and direct dealers under long term supply contracts mainly for the ARCO brand The Dickinson North Dakota renewables facility has capacity to produce 184 million gallons per year of renewable diesel from corn oil soybean oil fats and greases Marathon Petroleum Corp owns an aggregation facility in Cincinnati Ohio and a pretreatment facility in Beatrice Nebraska that supply renewable agricultural feedstocks to the Dickinson and Martinez facilities The Martinez renewable diesel joint venture is a 50 50 partnership with Neste Corporation that refines renewable feedstocks into renewable diesel with capacity of 730 million gallons per year The Green Bison Soy Processing joint venture with Archer Daniels Midland Company has ADM owning 75 percent and MPC owning 25 percent and can produce about 600 million pounds of refined soybean oil annually enough feedstock for about 75 million gallons of renewable diesel per year.

Marathon Petroleum Corp holds a strong position as one of the largest refiners in the United States with a refining capacity that ranks among the top in the country. It is also recognized as a leading wholesale supplier of gasoline and distillates to resellers and consumers. Its extensive terminal network and large inland barge fleet give it competitive advantage in product distribution. The integrated midstream assets provide reliable logistics for crude oil natural gas and NGLs supporting both its own refining operations and third party customers. In the renewable diesel sector Marathon Petroleum Corp is among the largest producers and marketers benefiting from its owned facilities and joint ventures that generate valuable regulatory credits. Key competitors include other major integrated oil companies independent refiners and marketing firms as well as companies that supply alternative fuels such as ethanol biodiesel and electric vehicle charging services.

Marathon Petroleum Corp serves a diverse customer base that includes wholesale marketing companies spot market traders independent entrepreneurs who run Marathon branded outlets and direct dealers who sell fuel under the ARCO brand. Its refined gasoline and distillates are sold to retailers transporters and industrial users. Propane is supplied to home heating customers and to industrial petrochemical consumers. Heavy fuel oil finds markets in utility companies and ship bunkering operations. Asphalt is sold to asphalt paving contractors resellers government entities such as states counties cities and townships and asphalt roofing shingle manufacturers. NGLs and petrochemicals are delivered to chemical plants agricultural processors and fuel blending companies.