v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Adjusted EBITDA
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.
Reconciliation of Revenue from Segments to Consolidated
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 $31,517 
(a)    Includes sales to related parties. See Note 6 for additional information. See Note 17 for the disaggregation of our revenue from external customers by segment and product line.
Other Significant Reconciling Items from Segments to Consolidated
Three Months Ended 
March 31,
(Millions of dollars)20262025
Income from equity method investments
Refining & Marketing$(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.