What it does
Marathon Petroleum states that it is an integrated downstream and midstream energy company with three operating segments: Refining & Marketing, Midstream and Renewable Diesel. Refining & Marketing processes crude oil and other feedstocks and sells refined products. Midstream gathers, transports, stores and distributes crude oil, refined products, natural gas and NGLs, principally through MPLX and related assets. Renewable Diesel processes renewable feedstocks and markets renewable diesel. The company states that its refining system has aggregate crude-oil refining capacity of 2,986 mbpcd, while its renewable diesel operations include wholly owned facilities and joint ventures.
Source: Marathon Petroleum Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company generates revenue by refining and selling gasoline, distillates, propane, NGLs and petrochemicals, heavy fuel oil and asphalt through wholesale, spot, branded and retail distribution channels, including exports. It also earns from transportation, storage, distribution and marketing services largely provided by its Midstream segment. Midstream provides logistics, natural-gas gathering and processing, NGL transportation, fractionation, storage and marketing services. Renewable Diesel sells renewable diesel to wholesale customers, spot-market buyers and direct dealers. The segment table below provides the reported revenue breakdown; the filing says the segments are managed according to their products and services.
Source: Marathon Petroleum Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The filing lists customers including wholesale marketing customers, independent retailers, branded jobbers, direct dealers, spot-market buyers and international export customers. As of December 31, 2025, the company had 7,882 brand-jobber outlets in 40 states, the District of Columbia and Mexico, and long-term supply contracts for 1,162 direct-dealer locations primarily in Southern California. Its refineries operate in the U.S. Gulf Coast, Mid-Continent and West Coast regions. MPC states that it also sells refined products for export, primarily from its Garyville, Galveston Bay, Anacortes and Los Angeles refineries.
Source: Marathon Petroleum Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The company states that downstream petroleum is highly competitive in crude-oil and feedstock supply and in refined-product marketing. It identifies competition from independent marketers, integrated oil companies, high-volume retailers, private-brand marketers, commercial and industrial consumers, refiners and marketers, and suppliers of alternative energy and fuels. For Midstream, it says competition involves natural-gas gathering, crude-oil transportation, natural-gas supplies, NGL gathering, transportation and fractionation, and marketing services. The filing does not name individual refining, marketing, midstream or renewable-diesel competitors. It names Neste Corporation and Archer-Daniels-Midland Company as renewable-diesel joint-venture partners.
Source: Marathon Petroleum Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing’s risk factors emphasize:
- Volatile refining margins dependent on factors beyond the company’s control.
- Acute physical risks, including floods, hurricane-force winds, wildfires, winter storms and earth movement, as well as chronic physical risks such as sea-level rise or water shortages.
- Significant debt obligations and risks from deterioration of its credit profile, rating downgrades, reduced debt capacity or tighter credit markets.
- Capital expenditures and operating costs required by evolving environmental and other laws or regulations.
- Delays, higher costs, supply disruptions, weather events, labor shortages and vendor or contractor issues affecting projects or facilities.
Source: Marathon Petroleum Corporation Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, the company employed approximately 18,500 people in full-time and part-time roles. It states that many provide services to MPLX under employee service agreements and that approximately 3,800 employees are covered by collective bargaining agreements. Operations include refineries in the Gulf Coast, Mid-Continent and West Coast regions, supported by pipelines, terminals, towboats, barges, trucks, railcars and marine vessels. The filing states that gasoline, diesel fuel and asphalt demand is generally higher in spring and summer; it also says renewable-diesel demand may increase during those months, which can make first- and fourth-quarter results lower than second- and third-quarter results for those segments.
Source: Marathon Petroleum Corporation Form 10-K for fiscal 2025, Item 1 — sec.gov