# Marathon Petroleum Corp

Summary updated: 2026-09-28T11:33:16.562682Z
Canonical: https://finbar.com/research/companies/marathon-petroleum

## Overview

Marathon Petroleum Corporation is a U.S.-based integrated downstream and midstream energy company headquartered in Findlay, Ohio. It refines crude oil into products including gasoline, diesel and jet fuel, then markets those products through wholesale customers and branded fuel outlets. Its midstream business, primarily conducted through MPLX, transports, stores and distributes hydrocarbons. [1](https://app.finbar.com/go?id=P85378055)[2](https://app.finbar.com/go?id=P12365465)[3](https://app.finbar.com/go?id=P69989205)[4](https://app.finbar.com/go?id=P81571814)

The company’s operations are centered on the United States, with 13 refineries and approximately 3 million barrels per day of crude-refining capacity; its fuel-marketing network also reaches Mexico. Marathon Petroleum describes its broader aim as creating shared value for stakeholders. In 2025, it reported $132.7 billion in sales and other operating revenues and approximately 18,500 employees. [5](https://www.marathonpetroleum.com/Operations/)[6](https://app.finbar.com/go?id=P16295544)[7](https://www.marathonpetroleum.com/About/)[8](https://app.finbar.com/go?id=T3163682)[9](https://app.finbar.com/go?id=P29015010)
[1](https://app.finbar.com/go?id=P85378055)[2](https://app.finbar.com/go?id=P12365465)[3](https://app.finbar.com/go?id=P69989205)[4](https://app.finbar.com/go?id=P81571814)[6](https://app.finbar.com/go?id=P16295544)[8](https://app.finbar.com/go?id=T3163682)[9](https://app.finbar.com/go?id=P29015010)[5](https://www.marathonpetroleum.com/Operations/)[7](https://www.marathonpetroleum.com/About/)

## Products & services

Marathon Petroleum’s principal refined products are gasoline and distillates. Its distillate range includes diesel, jet fuel, kerosene, and No. 1 and No. 2 fuel oils. It also produces propane, heavy fuel oil, natural gas liquids and petrochemicals, including propylene, butane, xylene, benzene, cumene and toluene. In 2024, gasoline accounted for approximately 54% of Refining & Marketing sales volume and distillates for 33%; these are volume shares, not revenue shares. [10](https://app.finbar.com/go?id=P113994214)[11](https://app.finbar.com/go?id=P107405269)[12](https://app.finbar.com/go?id=T8206146)

Specialty outputs include asphalt cement, polymer-modified and emulsified asphalt, industrial asphalt and roofing flux. The company also produces fuel-grade coke for power generation and industrial applications and anode-grade coke for aluminum smelting. Its renewable-fuels operations process feedstocks such as vegetable oils, corn oil, fats and greases into renewable diesel. [13](https://app.finbar.com/go?id=P121733888)[14](https://app.finbar.com/go?id=P7522629)[15](https://app.finbar.com/go?id=P48611660)

Marathon Petroleum supplies refined fuels through wholesale and branded-dealer channels, including Marathon-branded outlets and ARCO-branded dealers. Its midstream services include transporting and storing crude oil and refined products, as well as gathering and processing natural gas and transporting, fractionating, storing and marketing natural gas liquids. [16](https://app.finbar.com/go?id=P102674446)[17](https://app.finbar.com/go?id=P92804195)[18](https://app.finbar.com/go?id=P29477523)
[10](https://app.finbar.com/go?id=P113994214)[11](https://app.finbar.com/go?id=P107405269)[12](https://app.finbar.com/go?id=T8206146)[13](https://app.finbar.com/go?id=P121733888)[14](https://app.finbar.com/go?id=P7522629)[15](https://app.finbar.com/go?id=P48611660)[16](https://app.finbar.com/go?id=P102674446)[17](https://app.finbar.com/go?id=P92804195)[18](https://app.finbar.com/go?id=P29477523)

## Geographic presence

Marathon Petroleum is headquartered in Findlay, Ohio. Its 13 U.S. refineries are grouped into Gulf Coast, Mid-Continent and West Coast regions. Gulf Coast sites are in Texas City, Texas, and Garyville, Louisiana. Mid-Continent sites span Kentucky, Illinois, Michigan, Texas, Minnesota, Ohio, North Dakota and Utah; West Coast sites are in Los Angeles, California, Anacortes, Washington, and Kenai, Alaska. [1](https://app.finbar.com/go?id=P85378055)[19](https://app.finbar.com/go?id=T3863508)

Its branded fuel-distribution network reaches 40 U.S. states, Washington, D.C., and Mexico, while its direct-dealer supply locations are concentrated in Southern California. Refined-product exports originate primarily from refineries in Garyville, Texas City, Anacortes and Los Angeles. Its midstream operations include crude-oil and refined-product pipelines and natural-gas processing in regions including the Marcellus, Utica and Bakken. The company also identifies operations in Canada and Mexico. [6](https://app.finbar.com/go?id=P16295544)[20](https://app.finbar.com/go?id=P119589889)[21](https://app.finbar.com/go?id=T5385484)[22](https://app.finbar.com/go?id=T2640423)[23](https://app.finbar.com/go?id=P15578477)
[1](https://app.finbar.com/go?id=P85378055)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[19](https://app.finbar.com/go?id=T3863508)[6](https://app.finbar.com/go?id=P16295544)[20](https://app.finbar.com/go?id=P119589889)[21](https://app.finbar.com/go?id=T5385484)[21](https://app.finbar.com/go?id=T5385484)[22](https://app.finbar.com/go?id=T2640423)[22](https://app.finbar.com/go?id=T2640423)[22](https://app.finbar.com/go?id=T2640423)[23](https://app.finbar.com/go?id=P15578477)

## Business segments

Marathon Petroleum reports three business segments: Refining & Marketing, Midstream, and Renewable Diesel. Refining & Marketing refines crude oil and other feedstocks, purchases refined products and ethanol for resale, and distributes refined products. Midstream gathers, transports, stores and distributes crude oil, refined products and other hydrocarbons, and handles natural gas and natural gas liquids; its results primarily reflect MPLX. Renewable Diesel processes renewable feedstocks into renewable diesel and markets and distributes the product. [24](https://app.finbar.com/go?id=P53086396)[3](https://app.finbar.com/go?id=P69989205)[25](https://app.finbar.com/go?id=P57031126)

Based on 2025 sales to external customers, Refining & Marketing contributed approximately 93.6% of consolidated revenue, Midstream 4.2%, and Renewable Diesel 2.1%. These percentages understate Midstream’s activity within the company: it also recorded $5.9 billion of intersegment revenue, which is eliminated on consolidation. [8](https://app.finbar.com/go?id=T3163682)
[24](https://app.finbar.com/go?id=P53086396)[3](https://app.finbar.com/go?id=P69989205)[25](https://app.finbar.com/go?id=P57031126)[8](https://app.finbar.com/go?id=T3163682)[8](https://app.finbar.com/go?id=T3163682)[8](https://app.finbar.com/go?id=T3163682)[8](https://app.finbar.com/go?id=T3163682)[8](https://app.finbar.com/go?id=T3163682)

## Company history

Marathon Petroleum traces its roots to The Ohio Oil Company, formed in Lima, Ohio, in 1887. Ohio Oil adopted Marathon as a gasoline brand in 1930 and changed its corporate name to Marathon Oil Company in 1962. U.S. Steel acquired Marathon Oil in 1982. [26](https://www.marathonpetroleum.com/About/History/)

The downstream business expanded through Marathon Oil’s 1998 refining and marketing joint venture with Ashland. Marathon acquired Ashland’s stake in 2005, and the business became Marathon Petroleum Company LLC. In 2011, Marathon Oil spun off its downstream operations, creating Marathon Petroleum Corporation as an independent publicly traded company. [27](https://www.sec.gov/Archives/edgar/data/101778/000095013298000009/0000950132-98-000009.txt)[28](https://www.sec.gov/Archives/edgar/data/101778/000110465905030739/a05-11722_1ex99d1.htm)[29](https://ir.marathonpetroleum.com/investor/news-releases/news-details/2011/Marathon-Petroleum-Completes-Transformation-To-New-Independent-Public-Energy-Company/default.aspx)

Marathon Petroleum expanded its retail network by acquiring Hess’s retail business in 2014 and broadened its refining and midstream operations through its 2018 acquisition of Andeavor. In 2021, it sold its Speedway convenience-store business to 7-Eleven. [30](https://www.sec.gov/Archives/edgar/data/1510295/000151029515000007/mpc-20141231x10k.htm)[31](https://www.sec.gov/Archives/edgar/data/1510295/000151029519000014/mpc-20181231x10k.htm)[32](https://www.sec.gov/Archives/edgar/data/1510295/000151029521000076/ex991pressreleasemay14.htm)
[26](https://www.marathonpetroleum.com/About/History/)[27](https://www.sec.gov/Archives/edgar/data/101778/000095013298000009/0000950132-98-000009.txt)[28](https://www.sec.gov/Archives/edgar/data/101778/000110465905030739/a05-11722_1ex99d1.htm)[29](https://ir.marathonpetroleum.com/investor/news-releases/news-details/2011/Marathon-Petroleum-Completes-Transformation-To-New-Independent-Public-Energy-Company/default.aspx)[30](https://www.sec.gov/Archives/edgar/data/1510295/000151029515000007/mpc-20141231x10k.htm)[31](https://www.sec.gov/Archives/edgar/data/1510295/000151029519000014/mpc-20181231x10k.htm)[32](https://www.sec.gov/Archives/edgar/data/1510295/000151029521000076/ex991pressreleasemay14.htm)

## Sources

1. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=P85378055)
2. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=P12365465)
3. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=P69989205)
4. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=P81571814)
5. [www.marathonpetroleum.com](https://www.marathonpetroleum.com/Operations/)
6. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=P16295544)
7. [www.marathonpetroleum.com](https://www.marathonpetroleum.com/About/)
8. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=T3163682)
9. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=P29015010)
10. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=P113994214)
11. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=P107405269)
12. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=T8206146)
13. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=P121733888)
14. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=P7522629)
15. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=P48611660)
16. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=P102674446)
17. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=P92804195)
18. [Marathon Petroleum Corp — Full financial report (2024 Y)](https://app.finbar.com/go?id=P29477523)
19. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=T3863508)
20. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=P119589889)
21. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=T5385484)
22. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=T2640423)
23. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=P15578477)
24. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=P53086396)
25. [Marathon Petroleum Corp — Full financial report (2025 Y)](https://app.finbar.com/go?id=P57031126)
26. [www.marathonpetroleum.com](https://www.marathonpetroleum.com/About/History/)
27. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/101778/000095013298000009/0000950132-98-000009.txt)
28. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/101778/000110465905030739/a05-11722_1ex99d1.htm)
29. [ir.marathonpetroleum.com](https://ir.marathonpetroleum.com/investor/news-releases/news-details/2011/Marathon-Petroleum-Completes-Transformation-To-New-Independent-Public-Energy-Company/default.aspx)
30. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1510295/000151029515000007/mpc-20141231x10k.htm)
31. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1510295/000151029519000014/mpc-20181231x10k.htm)
32. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1510295/000151029521000076/ex991pressreleasemay14.htm)

AI-generated summary; may contain errors. Not investment advice. Sign up to Finbar to view original document sources and access worldwide fundamental financial data and intelligence.