v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Adjusted EBITDA
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(Millions of dollars)2026202520262025
Segment adjusted EBITDA for reportable segments
Refining & Marketing$6,655 $1,890 $8,032 $2,379 
Midstream1,778 1,641 3,376 3,361 
Renewable Diesel258 (19)296 (61)
Total reportable segments$8,691 $3,512 $11,704 $5,679 
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(Millions of dollars)2026202520262025
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes
Total reportable segments$8,691 $3,512 $11,704 $5,679 
Corporate(231)(226)(481)(418)
Refining & Renewable Diesel planned turnaround costs(276)(275)(807)(740)
Renewable Diesel JV planned turnaround costs(a)
(1)(2)(30)(10)
Depreciation and amortization(838)(789)(1,647)(1,582)
Renewable Diesel JV depreciation and amortization(a)
(23)(23)(45)(45)
Clean fuel production tax credit(b)
— — 32 — 
Net interest and other financial costs(340)(319)(710)(623)
Income before income taxes$6,982 $1,878 $8,016 $2,261 
(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.
Segment Reporting, Reconciliation of Revenue by Segment to Consolidated
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(Millions of dollars)2026202520262025
Sales and other operating revenues
Refining & Marketing
Revenues from external customers(a)
$49,299 $31,828 $81,625 $61,285 
Intersegment revenues7 6 16 46 
Refining & Marketing segment revenues49,306 31,834 81,641 61,331 
Midstream
Revenues from external customers(a)
1,455 1,340 2,757 2,781 
Intersegment revenues1,651 1,471 3,173 2,940 
Midstream segment revenues3,106 2,811 5,930 5,721 
Renewable Diesel
Revenues from external customers(a)
1,240 631 1,812 1,250 
Intersegment revenues13 2 20 9 
Renewable Diesel segment revenues1,253 633 1,832 1,259 
Total segment revenues53,665 35,278 89,403 68,311 
Less: intersegment revenues1,671 1,479 3,209 2,995 
Consolidated sales and other operating revenues(a)
$51,994 $33,799 $86,194 $65,316 
(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 
June 30,		Six Months Ended 
June 30,
(Millions of dollars)2026202520262025
Income from equity method investments
Refining & Marketing$12 $3 $10 $8 
Midstream205 191 412 400 
Renewable Diesel39 18 10 34 
Consolidated income from equity method investments$256 $212 $432 $442 
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(Millions of dollars)2026202520262025
Segment expenses
Refining & Marketing
Cost of purchases$39,077 $26,558 $66,512 $52,216 
Refining operating costs1,531 1,486 3,130 2,958 
Distribution costs1,575 1,537 3,156 3,015 
Other segment items(a)
480 366 821 771 
Refining & Marketing segment expenses$42,663 $29,947 $73,619 $58,960 
Midstream
Other segment items(b)
1,533 1,361 2,966 2,760 
Midstream segment expenses$1,533 $1,361 $2,966 $2,760 
Renewable Diesel
Operating costs74 66 141 136 
Distribution costs32 25 60 47 
Other segment items(c)
928 579 1,345 1,171 
Renewable Diesel segment expenses$1,034 $670 $1,546 $1,354 
(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 
June 30,		Six Months Ended 
June 30,
(Millions of dollars)2026202520262025
Depreciation and amortization
Refining & Marketing$410 $405 $797 $811 
Midstream387 349 769 700 
Renewable Diesel(a)
16 18 32 36 
Total segment depreciation and amortization813 772 1,598 1,547 
Corporate25 17 49 35 
Consolidated depreciation and amortization$838 $789 $1,647 $1,582 
Pro-rata share of Renewable Diesel JV depreciation and amortization$23 $23 $45 $45 
(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 
June 30,		Six Months Ended 
June 30,
(Millions of dollars)2026202520262025
Capital expenditures
Refining & Marketing$325 $347 $653 $709 
Midstream1,021 691 1,913 1,077 
Renewable Diesel(a)
— 1 — 2 
Total segment capital expenditures and investments1,346 1,039 2,566 1,788 
Less investments in equity method investees(a)
205 356 445 488 
Plus:
Corporate7 6 9 15 
Capitalized interest33 20 63 38 
Consolidated capital expenditures(b)
$1,181 $709 $2,193 $1,353 
(a)The six months ended June 30, 2026 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 six months ended June 30, 2026 and 2025 as reported in the Consolidated Statements of Cash Flows.