v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information 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 fuel 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.

Three Months Ended 
March 31,
(Millions of dollars)20262025
Segment adjusted EBITDA for reportable segments
Refining & Marketing$1,377 $489 
Midstream1,598 1,720 
Renewable Diesel38 (42)
Total reportable segments$3,013 $2,167 
Three Months Ended 
March 31,
(Millions of dollars)20262025
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes
Total reportable segments$3,013 $2,167 
Corporate(250)(192)
Refining & Renewable Diesel planned turnaround costs(531)(465)
Renewable Diesel JV planned turnaround costs(a)
(29)(8)
Depreciation and amortization(809)(793)
Renewable Diesel JV depreciation and amortization(a)
(22)(22)
Clean fuel production tax credit(b)
32 — 
Net interest and other financial costs(370)(304)
Income before income taxes$1,034 $383 
(a)    Represents MPC’s pro-rata share of expenses from joint ventures included in the Renewable Diesel segment.
(b)    Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February 2026, which clarified the qualification criteria for 45Z credits.
Three Months Ended 
March 31,
(Millions of dollars)20262025
Sales and other operating revenues
Refining & Marketing
Revenues from external customers(a)
$32,326 $29,457 
Intersegment revenues9 40 
Refining & Marketing segment revenues32,335 29,497 
Midstream
Revenues from external customers(a)
1,302 1,441 
Intersegment revenues1,522 1,469 
Midstream segment revenues2,824 2,910 
Renewable Diesel
Revenues from external customers(a)
572 619 
Intersegment revenues7 7 
Renewable Diesel segment revenues579 626 
Total segment revenues35,738 33,033 
Less: intersegment revenues1,538 1,516 
Consolidated sales and other operating revenues(a)
$34,200 $31,517 
(a)    Includes sales to related parties. See Note 6 for additional information. See Note 17 for the disaggregation of our revenue from external customers by segment and product line.

Three Months Ended 
March 31,
(Millions of dollars)20262025
Income from equity method investments
Refining & Marketing$(2)$5 
Midstream207 209 
Renewable Diesel(29)16 
Consolidated income from equity method investments$176 $230 
Three Months Ended 
March 31,
(Millions of dollars)20262025
Segment expenses
Refining & Marketing
Cost of purchases$27,435 $25,658 
Refining operating costs1,599 1,472 
Distribution costs1,581 1,478 
Other segment items(a)
341 405 
Refining & Marketing segment expenses$30,956 $29,013 
Midstream
Other segment items(b)
1,433 1,399 
Midstream segment expenses$1,433 $1,399 
Renewable Diesel
Operating costs67 70 
Distribution costs28 22 
Other segment items(c)
417 592 
Renewable Diesel segment expenses$512 $684 
(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 the Midstream segment, the CODM is only provided consolidated Midstream expense information.
(c)    Other segment items for the Renewable Diesel segment include purchased product costs.
Three Months Ended 
March 31,
(Millions of dollars)20262025
Depreciation and amortization
Refining & Marketing$387 $406 
Midstream382 351 
Renewable Diesel(a)
16 18 
Total segment depreciation and amortization785 775 
Corporate24 18 
Consolidated depreciation and amortization$809 $793 
Pro-rata share of Renewable Diesel JV depreciation and amortization$22 $22 
(a)    Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization, which was adjusted for purposes of arriving at Renewable Diesel segment adjusted EBITDA.
Three Months Ended 
March 31,
(Millions of dollars)20262025
Capital expenditures
Refining & Marketing$328 $362 
Midstream892 386 
Renewable Diesel(a)
— 1 
Total segment capital expenditures and investments1,220 749 
Less investments in equity method investees(a)
240 132 
Plus:
Corporate2 9 
Capitalized interest30 18 
Consolidated capital expenditures(b)
$1,012 $644 
(a)Excludes $62 million of funding to the Martinez Renewables JV due to turnaround costs in the first quarter of 2026 expected to be recovered through subsequent distributions from the JV during 2026.
(b)Includes changes in capital expenditure accruals. See Note 18 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the three months ended March 31, 2026 and 2025 as reported in the consolidated statements of cash flows.