Marathon Petroleum CorpMPC
Marathon Petroleum Corp Segments Disclosure
Segment Information
We have three reportable segments: Refining & Marketing, Midstream and Renewable Diesel. Each of these segments is organized and managed based upon the nature of the products and services it offers.
•Refining & Marketing – refines crude oil and other feedstocks at our refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States, purchases refined products and ethanol for resale and distributes refined products through transportation, storage, distribution and marketing services provided largely by our Midstream segment. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to independent entrepreneurs who operate primarily Marathon® branded outlets and through long-term supply contracts with direct dealers who operate locations mainly under 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 refining logistics assets, pipelines, terminals, towboats and barges; gathers, treats, processes and transports natural gas; and transports, fractionates, stores and markets NGLs. The Midstream segment primarily reflects the results of MPLX.
•Renewable Diesel - processes renewable feedstocks into renewable diesel, markets renewable diesel and distributes renewable products through our Midstream segment and third parties. We sell renewable diesel to wholesale marketing customers, to buyers on the spot market and through long-term supply contracts with direct dealers who operate locations mainly under the ARCO® brand.
Our chief operating decision maker (“CODM”) evaluates the performance of our segments using segment adjusted EBITDA. Our CODM is our chief executive officer. The CODM uses adjusted EBITDA by segment results and considers forecast-to-actual variances on a periodic basis when making decisions about allocating capital and personnel as part of the annual business plan process and ongoing monitoring of performance. Amounts included in income before income taxes and excluded from adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) turnaround expenses; and (iv) other adjustments as deemed necessary. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) not tied to the operational performance of the segment. Assets by segment are not a measure used to assess the performance of the company by the CODM and thus are not reported in our disclosures.
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||
| Segment adjusted EBITDA for reportable segments | |||||||||||||||||
| Refining & Marketing | 6,138 | $ | 5,703 | $ | 13,705 | ||||||||||||
| Midstream | 6,750 | 6,544 | 6,171 | ||||||||||||||
| Renewable Diesel | (110) | (150) | (64) | ||||||||||||||
| Total reportable segments | $ | 12,778 | $ | 12,097 | $ | 19,812 | |||||||||||
| Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes | |||||||||||||||||
| Total reportable segments | $ | 12,778 | $ | 12,097 | $ | 19,812 | |||||||||||
| Corporate | (822) | (774) | (737) | ||||||||||||||
| Refining & Renewable Diesel planned turnaround costs | (1,553) | (1,404) | (1,201) | ||||||||||||||
Renewable Diesel JV planned turnaround costs(a) | (18) | (9) | (25) | ||||||||||||||
| Garyville incident response costs | — | — | (16) | ||||||||||||||
| LIFO inventory adjustment | 72 | 161 | (145) | ||||||||||||||
Gain on sale of assets(b) | 897 | 151 | 198 | ||||||||||||||
| SRE | 57 | — | — | ||||||||||||||
Transaction-related costs(c) | (33) | — | — | ||||||||||||||
| Legal settlements | 253 | — | — | ||||||||||||||
| Depreciation and amortization | (3,251) | (3,337) | (3,307) | ||||||||||||||
Renewable Diesel JV depreciation and amortization(a) | (89) | (89) | (65) | ||||||||||||||
| Net interest and other financial costs | (1,276) | (839) | (525) | ||||||||||||||
| Income before income taxes | $ | 7,015 | $ | 5,957 | $ | 13,989 | |||||||||||
(a) Represents MPC’s pro-rata share of expenses from joint ventures included within the Renewable Diesel segment.
(b) 2025 includes gains from the BANGL Acquisition, the sale of MPC’s interest in TAMH and the Rockies divestiture. 2024 includes the gain from the Whistler Joint Venture Transaction. 2023 includes the gain associated with the remeasurement of MPLX’s existing equity investment in MarkWest Torñado GP, L.L.C., arising from the acquisition of the remaining 40 percent interest and the gain on the sale of our interest in South Texas Gateway Terminal LLC. See Note 5 for additional information.
(c) Transaction-related costs include costs associated with the Northwind Midstream Acquisition, the BANGL Acquisition and the Rockies divestiture discussed in Note 5.
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||
| Sales and other operating revenues | |||||||||||||||||
| Refining & Marketing | |||||||||||||||||
Revenues from external customers(a) | $ | 124,252 | $ | 131,588 | $ | 141,835 | |||||||||||
| Intersegment revenues | 60 | 175 | 139 | ||||||||||||||
| Refining & Marketing segment revenues | 124,312 | 131,763 | 141,974 | ||||||||||||||
| Midstream | |||||||||||||||||
Revenues from external customers(a) | 5,628 | 5,197 | 4,911 | ||||||||||||||
| Intersegment revenues | 5,906 | 5,797 | 5,597 | ||||||||||||||
| Midstream segment revenues | 11,534 | 10,994 | 10,508 | ||||||||||||||
| Renewable Diesel | |||||||||||||||||
Revenues from external customers(a) | 2,814 | 2,079 | 1,633 | ||||||||||||||
| Intersegment revenues | 16 | 25 | 31 | ||||||||||||||
| Renewable Diesel segment revenues | 2,830 | 2,104 | 1,664 | ||||||||||||||
| Total segment revenues | 138,676 | 144,861 | 154,146 | ||||||||||||||
| Plus: other revenue | 5 | — | — | ||||||||||||||
| Less: intersegment revenues | 5,982 | 5,997 | 5,767 | ||||||||||||||
Consolidated sales and other operating revenues(a) | $ | 132,699 | $ | 138,864 | $ | 148,379 | |||||||||||
(a) Includes sales to related parties. See Note 7 for additional information. See Note 20 for the disaggregation of our revenue from external customers by segment and product line.
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||
| Income from equity method investments | |||||||||||||||||
| Refining & Marketing | $ | 9 | $ | 57 | $ | 66 | |||||||||||
| Midstream | 793 | 770 | 735 | ||||||||||||||
| Renewable Diesel | 82 | 70 | (59) | ||||||||||||||
| Total segment income from equity method investments | 884 | 897 | 742 | ||||||||||||||
Corporate(a) | 738 | 151 | — | ||||||||||||||
| Consolidated income from equity method investments | $ | 1,622 | $ | 1,048 | $ | 742 | |||||||||||
(a) 2025 includes gains from the BANGL Acquisition and the sale of MPC’s interest in TAMH. 2024 represents the gain from the Whistler Joint Venture Transaction. See Note 5 for additional information.
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||
| Segment expenses | |||||||||||||||||
| Refining & Marketing | |||||||||||||||||
| Cost of purchases | $ | 104,308 | $ | 112,938 | $ | 115,973 | |||||||||||
| Refining operating costs | 6,097 | 5,712 | 5,625 | ||||||||||||||
| Distribution costs | 6,185 | 5,857 | 5,645 | ||||||||||||||
Other segment items(a) | 1,593 | 1,610 | 1,092 | ||||||||||||||
| Refining & Marketing segment expenses | $ | 118,183 | $ | 126,117 | $ | 128,335 | |||||||||||
| Midstream | |||||||||||||||||
Other segment items(b) | 5,577 | 5,220 | 5,072 | ||||||||||||||
| Midstream segment expenses | $ | 5,577 | $ | 5,220 | $ | 5,072 | |||||||||||
| Renewable Diesel | |||||||||||||||||
| Operating costs | 274 | 269 | 242 | ||||||||||||||
| Distribution costs | 101 | 95 | 82 | ||||||||||||||
Other segment items(c) | 2,647 | 1,960 | 1,345 | ||||||||||||||
| Renewable Diesel segment expenses | $ | 3,022 | $ | 2,324 | $ | 1,669 | |||||||||||
(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 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.
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Refining & Marketing | $ | 1,627 | $ | 1,767 | $ | 1,822 | |||||||||||
| Midstream | 1,450 | 1,405 | 1,320 | ||||||||||||||
Renewable Diesel(a) | 69 | 75 | 65 | ||||||||||||||
| Total segment depreciation and amortization | 3,146 | 3,247 | 3,207 | ||||||||||||||
| Corporate | 105 | 90 | 100 | ||||||||||||||
| Consolidated depreciation and amortization | $ | 3,251 | $ | 3,337 | $ | 3,307 | |||||||||||
(a) Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $89 million, $89 million and $65 million in 2025, 2024 and 2023, respectively, which was adjusted for purposes of arriving at Renewable Diesel segment adjusted EBITDA.
| (Millions of dollars) | 2025 | 2024 | 2023 | ||||||||||||||
| Capital expenditures | |||||||||||||||||
| Refining & Marketing | $ | 1,580 | $ | 1,445 | $ | 998 | |||||||||||
| Midstream | 2,975 | 1,504 | 1,105 | ||||||||||||||
| Renewable Diesel | 19 | 8 | 313 | ||||||||||||||
| Total segment capital expenditures and investments | 4,574 | 2,957 | 2,416 | ||||||||||||||
| Less investments in equity method investees | 1,064 | 509 | 480 | ||||||||||||||
| Plus: | |||||||||||||||||
| Corporate | 25 | 63 | 83 | ||||||||||||||
| Capitalized interest | 94 | 56 | 55 | ||||||||||||||
Consolidated capital expenditures(a) | $ | 3,629 | $ | 2,567 | $ | 2,074 | |||||||||||
(a) Includes changes in capital expenditure accruals. See Note 21 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows.
No single customer accounted for 10 percent or more of annual revenues for the years ended December 31, 2025, December 31, 2024 or December 31, 2023. See Note 20 for the disaggregation of our revenue by segment and product line.
We do not have significant operations in foreign countries. Therefore, revenues in foreign countries and long-lived assets located in foreign countries, including property, plant and equipment and investments, are not material to our operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.