v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 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 segment 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 
September 30,		Nine Months Ended 
September 30,
(In millions)2026202520262025
Segment adjusted EBITDA for reportable segments
Refining & Marketing$9,895 $1,762 $17,927 $4,141 
Midstream1,882 1,709 5,258 5,070 
Renewable Diesel254 (56)550 (117)
Total reportable segments$12,031 $3,415 $23,735 $9,094 
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes
Total reportable segments$12,031 $3,415 $23,735 $9,094 
Corporate(302)(209)(783)(627)
Refining & Renewable Diesel planned turnaround costs(295)(401)(1,102)(1,141)
Renewable Diesel JV planned turnaround costs(a)
(2)(3)(32)(13)
Gain on sale of assets(b)
— 738 — 738 
SRE— 57 — 57 
Transaction-related costs(c)
— (21)— (21)
Clean fuel production tax credit(d)
— — 32 — 
Tax and legal settlements(e)
(123)— (123)— 
Depreciation and amortization(836)(841)(2,483)(2,423)
Renewable Diesel JV depreciation and amortization(a)
(23)(22)(68)(67)
Net interest and other financial costs(287)(310)(997)(933)
Income before income taxes$10,163 $2,403 $18,179 $4,664 
(a)    Represents MPC’s pro-rata share of expenses from joint ventures included in the Renewable Diesel segment.
(b)    The three and nine months ended September 30, 2025 include gains from the BANGL Acquisition and the sale of MPC’s interest in TAMH.
(c)    Transaction-related costs include costs associated with significant transactions discussed in Note 5.
(d)    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.
(e)    Includes adjustments for a tax matter dispute with the City of Carson relating to municipal taxes covering multiple prior year periods as well as legal settlements arising from a single event in a prior year.
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2026202520262025
Sales and other operating revenues
Refining & Marketing
Revenues from external customers(a)
$53,094 $32,647 $134,719 $93,932 
Intersegment revenues7 7 23 53 
Refining & Marketing segment revenues53,101 32,654 134,742 93,985 
Midstream
Revenues from external customers(a)
1,576 1,449 4,333 4,230 
Intersegment revenues1,719 1,481 4,892 4,421 
Midstream segment revenues3,295 2,930 9,225 8,651 
Renewable Diesel
Revenues from external customers(a)
1,362 713 3,174 1,963 
Intersegment revenues6 3 26 12 
Renewable Diesel segment revenues1,368 716 3,200 1,975 
Total segment revenues57,764 36,300 147,167 104,611 
Less: intersegment revenues1,732 1,491 4,941 4,486 
Consolidated sales and other operating revenues(a)
$56,032 $34,809 $142,226 $100,125 
(a)    Includes sales to related parties. See Note 7 for additional information. See Note 18 for the disaggregation of our revenue from external customers by segment and product line.

Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2026202520262025
Income from equity method investments
Refining & Marketing$2 $3 $12 $11 
Midstream305 213 717 613 
Renewable Diesel52 22 62 56 
Total segment income from equity method investments359 238 791 680 
Corporate(a)
— 738 — 738 
Consolidated income from equity method investments$359 $976 $791 $1,418 
(a)    The three and nine months ended September 30, 2025 include gains from the BANGL Acquisition and the sale of MPC’s interest in TAMH.
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2026202520262025
Segment expenses
Refining & Marketing
Cost of purchases$39,381 $27,353 $105,893 $79,569 
Refining operating costs1,625 1,546 4,755 4,504 
Distribution costs1,734 1,574 4,890 4,589 
Other segment items(a)
468 422 1,289 1,193 
Refining & Marketing segment expenses$43,208 $30,895 $116,827 $89,855 
Midstream
Other segment items(b)
1,718 1,434 4,684 4,194 
Midstream segment expenses$1,718 $1,434 $4,684 $4,194 
Renewable Diesel
Operating costs75 67 216 203 
Distribution costs29 22 89 69 
Other segment items(c)
1,062 705 2,407 1,876 
Renewable Diesel segment expenses$1,166 $794 $2,712 $2,148 
(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 
September 30,		Nine Months Ended 
September 30,
(In millions)2026202520262025
Depreciation and amortization
Refining & Marketing$397 $426 $1,194 $1,237 
Midstream397 369 1,166 1,069 
Renewable Diesel(a)
16 17 48 53 
Total segment depreciation and amortization810 812 2,408 2,359 
Corporate26 29 75 64 
Consolidated depreciation and amortization$836 $841 $2,483 $2,423 
Pro-rata share of Renewable Diesel JV depreciation and amortization$23 $22 $68 $67 
(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 
September 30,		Nine Months Ended 
September 30,
(In millions)2026202520262025
Capital expenditures
Refining & Marketing$284 $423 $937 $1,132 
Midstream1,119 919 3,032 1,996 
Renewable Diesel(a)
— 16 — 18 
Total segment capital expenditures and investments1,403 1,358 3,969 3,146 
Less investments in equity method investees(a)
280 333 725 821 
Plus:
Corporate7 6 16 21 
Capitalized interest34 26 97 64 
Consolidated capital expenditures(b)
$1,164 $1,057 $3,357 $2,410 
(a)The nine months ended September 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 19 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the nine months ended September 30, 2026 and 2025 as reported in the Consolidated Statements of Cash Flows.