Marathon Petroleum Corporation

What does Marathon Petroleum own?
Marathon Petroleum Corporation owns 13 petroleum refineries across the United States with approximately 3 million barrels per day of capacity, approximately 7,300 Marathon-branded and ARCO-branded retail stations (operated by independent dealers), and a controlling approximately 64% interest in MPLX LP (NYSE: MPLX), a midstream master limited partnership that operates approximately 14,000 miles of pipelines and 150-plus storage terminals. MPC also owns renewable diesel production facilities in Dickinson, North Dakota.

Is Marathon Petroleum the same as Marathon Oil?
No. Marathon Petroleum Corporation (NYSE: MPC) and Marathon Oil Corporation were separate companies following a 2011 spin-off. MPC is the downstream refining and marketing company. Marathon Oil was the upstream exploration and production company. In 2024, Marathon Oil was acquired by ConocoPhillips for approximately $22.5 billion. MPC is not affected by this acquisition and remains an independent company. The two companies share a name due to their common origin but have no shared ownership or governance.

Is Marathon Petroleum publicly traded?
Yes, Marathon Petroleum Corporation is listed on the New York Stock Exchange under the ticker symbol MPC. The company has a single-class share structure with one vote per share. Its largest shareholders are institutional investors including Vanguard, BlackRock, and State Street, none of which have controlling ownership.

Does Marathon Petroleum still own Speedway?
No. MPC sold Speedway to 7-Eleven (owned by Seven and i Holdings) in 2021 for $21 billion in cash. The sale included approximately 3,900 Speedway stores across 36 states. Speedway is now a brand owned by 7-Eleven and is no longer affiliated with Marathon Petroleum. MPC retained its Marathon-branded wholesale marketing network, which operates through independent dealers rather than company-owned stores.

What is MPLX?
MPLX LP (NYSE: MPLX) is a master limited partnership that operates Marathon Petroleum's midstream business. MPLX owns and operates approximately 14,000 miles of crude oil and refined product pipelines, 150-plus storage terminals, natural gas gathering and processing facilities, and marine transportation assets. MPC owns approximately 64% of MPLX's common units and 100% of its general partner interest, giving MPC control of MPLX's operations. MPLX is consolidated into MPC's financial statements but also files its own public reports with the SEC.

What is Marathon Petroleum's revenue?
MPC reported FY2024 revenue of $148.4 billion (calendar year ended December 31, 2024), down from $156.8 billion in FY2023. Net income was $3.6 billion, down from $9.7 billion in FY2023. The decline reflects lower refining margins compared to the record highs of 2022, when net income was $14.8 billion. The company generated $7.8 billion in cash from operations in FY2024 and returned $5.3 billion to shareholders through dividends and share repurchases.

Marathon Petroleum traces its origins to The Ohio Oil Company, founded in 1887 in Lima, Ohio. The company was renamed Marathon Oil in 1962. For decades, Marathon Oil operated as an integrated oil company with both upstream (exploration and production) and downstream (refining and marketing) operations.

In 2011, Marathon Oil Corporation spun off its downstream refining, marketing, and pipeline operations into a separate publicly traded company, Marathon Petroleum Corporation. The spin-off was structured as a tax-free distribution of MPC shares to Marathon Oil shareholders. Marathon Oil retained the upstream exploration and production business. (Note: The original file stated 1984 as the founding year, which refers to an earlier corporate reorganization. The current MPC entity was created in the 2011 spin-off.)

Following the 2011 spin-off, MPC operated as an independent downstream company with refineries primarily in the Midwest and Gulf Coast regions. The company's initial refining capacity was approximately 1.7 million barrels per day.

In 2018, MPC acquired Andeavor (formerly Tesoro Corporation) for approximately $23 billion in an all-stock transaction. The acquisition added 10 refineries with a combined capacity of approximately 1.2 million barrels per day, primarily on the West Coast and in the Rocky Mountain region. The acquisition made MPC the largest petroleum refinery operator in the United States by capacity, with 16 refineries and approximately 3.1 million barrels per day of capacity. Following the acquisition, MPC later rationalized its refinery portfolio, closing or selling some smaller refineries, bringing the current count to 13.

In 2021, MPC sold its Speedway retail convenience store chain to 7-Eleven (owned by Seven and i Holdings) for $21 billion in cash. The sale included approximately 3,900 Speedway stores across 36 states. The transaction was one of the largest retail divestitures in US history. Following the sale, MPC retained its Marathon-branded wholesale marketing network but exited the company-operated retail convenience store business.

Also in 2021, MPC acquired the remaining 15.7% interest in MPLX LP that it did not already own, simplifying the corporate structure. However, MPLX continues to trade publicly on NYSE under the ticker MPLX, with MPC holding a controlling interest.

In 2023 and 2024, MPC focused on operational efficiency, debt reduction, and shareholder returns. The company repurchased approximately $5.3 billion of shares in FY2024 and maintained its quarterly dividend. Refining margins declined from the record levels of 2022, when the Russia-Ukraine war disrupted global energy markets, but remained above historical averages.

In 2025, MPC continued to operate in a refining environment characterized by moderating crack spreads (the difference between the price of refined products and crude oil). The company has invested in renewable diesel production capabilities at some of its refineries and has explored opportunities in renewable energy, though its core business remains traditional petroleum refining.

MPC publishes an annual Sustainability Report and an ESG (Environmental, Social, and Governance) report. The company has set targets for reducing greenhouse gas emissions from its operations. MPC's stated goals include a 30% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2030 (from a 2019 baseline).

The company has invested in renewable diesel production at its Dickinson, North Dakota facility, which has the capacity to produce approximately 184 million gallons per year of renewable diesel from feedstocks including vegetable oils and animal fats. MPC has also announced plans to convert its Martinez, California refinery to produce renewable diesel, though this project has faced regulatory and market challenges.

MPC is not a Certified B Corporation. The company's sustainability initiatives are focused on operational emissions reductions and renewable fuel production rather than broader environmental or social certification.

The company's environmental record includes regulatory violations and fines at some of its refineries. The most notable incident was a 2019 fire at the Galveston Bay refinery in Texas City, which injured several workers. MPC has also faced penalties from the Environmental Protection Agency (EPA) for air quality violations at various facilities.

MPC operates in an industry that faces significant environmental and regulatory scrutiny. The company's refineries are subject to regulation by the EPA, the Occupational Safety and Health Administration (OSHA), and state environmental agencies. Refinery emissions, including criteria air pollutants and hazardous air pollutants, are regulated under the Clean Air Act.

The company has faced environmental incidents at its refineries. In 2019, a fire at the Galveston Bay refinery injured several workers and prompted an OSHA investigation. In 2023, MPC agreed to pay a $2.8 million penalty to the EPA to resolve alleged Clean Air Act violations at its Detroit, Michigan refinery. These incidents are part of a broader pattern of regulatory compliance challenges that affect all large US refiners.

MPC's refineries are located in communities that have raised environmental justice concerns. The Martinez, California refinery and the Detroit, Michigan refinery are both located near residential areas where community groups have raised concerns about air quality and health impacts. MPC has engaged with these communities through environmental mitigation agreements and community benefit programs, but tensions persist.

The company's political spending and lobbying activities have drawn scrutiny. MPC is a member of the American Petroleum Institute (API), the oil industry's main trade association, which has lobbied against climate regulations and renewable fuel mandates. MPC's own lobbying has focused on issues including the Renewable Fuel Standard (RFS), refinery exemptions, and pipeline permitting.

The Speedway sale in 2021 was controversial among some MPC shareholders who believed the retail business was undervalued at $21 billion. Activist investor Elliott Management had pushed for the sale, arguing that MPC's stock price did not fully reflect the value of its retail and midstream assets. Following the sale, MPC used proceeds for debt reduction and share repurchases.