Marathon Petroleum
Sector unknown·MPC · USA (SEC 10-K)·Fiscal year to 31/12/2025
Refinery Crude Oil Refining Capacity (mbpcd) Gulf Coast Region Galveston Bay, Texas City, Texas 631 Garyville, Louisiana 617 Subtotal Gulf Coast region 1,248 Mid-Continent Region Catlettsburg, Kentucky 307 Robinson, Illinois 253 Detroit, Michigan 146 El Paso, Texas 133 St. Paul Park, Minnesota 105 Canton, Ohio 100 Mandan, North Dakota 72 Salt Lake City, Utah 70 Subtotal Mid-Continent region 1,186 West Coast Region Los Angeles, California 365 Anacortes, Washington 119 Kenai, Alaska 68 Subtotal West Coast region 552 Total 2,986 33 Table of Contents The following table sets forth the approximate number of locations where jobbers maintain branded outlets, marketing fuels mainly under the Marathon and ARCO brands as well as Shell, Mobil, Tesoro and other brands, as of December 31, 2025.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“Quantitative and Qualitative Disclosures about Market Risk GENERAL We are exposed to market risks related to the volatility of crude oil and refined petroleum products, ethanol, renewable feedstock, renewable products, NGLs, and natural gas prices.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Midstream NGL and natural gas prices are volatile and are impacted by changes in fundamental supply and demand, as well as market uncertainty, availability of NGL transportation and fractionation capacity and a variety of additional factors that are beyond MPLX’s control. MPLX may at times use a variety of commodity derivative instruments, including futures and options, as part of an overall program to economically hedge commodity price risk.”
Annual report 2025A · The company itself
Market
“Pipeline System or Storage Asset Diameter (inches) Length (miles) Capacity Total crude oil pipeline systems(a)(b) 2" - 42" 5,259 Various Total refined products pipeline systems(a)(b)(c) 4" - 36" 3,787 Various Barge Docks (mbpd) 5,104 Storage assets: (mbbls) Refining Logistics(d) 93,643 Tank Farms 35,456 Caverns 3,632 (a) Includes approximately 16 miles of crude oil pipeline and 2 miles of refined product pipeline leased from third parties. (b) Includes approximately 1,168 miles of inactive crude oil pipeline and 197 miles of inactive refined product pipeline. (c) Includes approximately 87 miles and 17 miles of refined product pipelines in which MPLX has partial ownership of 65 percent and 50 percent, respectively.”
Annual report 2025A · The company itself
Market
“Class of Equipment Number in Class Capacity (mbbls) Inland tank barges 320 8,655 Inland towboats 30 N/A The following tables set forth certain information relating to MPLX’s consolidated and operated joint venture gas processing facilities, fractionation facilities, natural gas gathering systems, NGL pipelines and natural gas pipelines as of and for the year ended December 31, 2025. Gas Processing Complexes Design Throughput Capacity (MMcf/d) Natural Gas Throughput (MMcf/d)(a) Utilization of Design Capacity(a) Marcellus Operations 6,520 6,123 94 % Utica Operations 1,325 961 73 % Southwest Operations(b)(c) 2,745 1,904 69 % Southern Appalachia Operations 425 191 45 % Bakken Operations(d) 185 159 86 % Total 11,200 9,338 83 % (a) Natural gas throughput is the average daily rate based on calendar days, irrespective of days in operation.”
Annual report 2025A · The company itself
Oil
Raw materials and inputs
DriverNegative impact: weakens
“Quantitative and Qualitative Disclosures about Market Risk GENERAL We are exposed to market risks related to the volatility of crude oil and refined petroleum products, ethanol, renewable feedstock, renewable products, NGLs, and natural gas prices.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“We use derivative instruments related to the acquisition of crude oil and ethanol blended with refined petroleum products to hedge price risk associated with market volatility between the time we purchase the product and when we use it in the refinery production process or it is blended.”
Annual report 2025A · The company itself
Market
“Gas Processing Complexes Design Throughput Capacity (MMcf/d) Natural Gas Throughput (MMcf/d)(a) Utilization of Design Capacity(a) Marcellus Operations 6,520 6,123 94 % Utica Operations 1,325 961 73 % Southwest Operations(b)(c) 2,745 1,904 69 % Southern Appalachia Operations 425 191 45 % Bakken Operations(d) 185 159 86 % Total 11,200 9,338 83 % (a) Natural gas throughput is the average daily rate based on calendar days, irrespective of days in operation.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Fuel
Raw materials and inputs
Market
“Refinery Crude Oil Refining Capacity (mbpcd) Gulf Coast Region Galveston Bay, Texas City, Texas 631 Garyville, Louisiana 617 Subtotal Gulf Coast region 1,248 Mid-Continent Region Catlettsburg, Kentucky 307 Robinson, Illinois 253 Detroit, Michigan 146 El Paso, Texas 133 St. Paul Park, Minnesota 105 Canton, Ohio 100 Mandan, North Dakota 72 Salt Lake City, Utah 70 Subtotal Mid-Continent region 1,186 West Coast Region Los Angeles, California 365 Anacortes, Washington 119 Kenai, Alaska 68 Subtotal West Coast region 552 Total 2,986 33 Table of Contents The following table sets forth the approximate number of locations where jobbers maintain branded outlets, marketing fuels mainly under the Marathon and ARCO brands as well as Shell, Mobil, Tesoro and other brands, as of December 31, 2025.”
Annual report 2025A · The company itself
Market
“Class of Equipment Number in Class Capacity (mbbls) Jones Act medium range product tankers 4 1,320 Jones Act 750 Series ATB vessels 3 990 RENEWABLE DIESEL Our Dickinson, North Dakota, renewables facility has the capacity to produce 184 million gallons per year of renewable diesel from corn oil, soybean oil, fats and greases. The Martinez, California renewable diesel facility has the capacity to produce 730 million gallons per year.”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
United States
Geography
Market
“Location Number of Locations Arizona 69 California 974 Nevada 117 New Mexico 1 Oregon 1 Total 1,162 The following table sets forth details about our Refining & Marketing owned and operated terminals as of December 31, 2025.”
Annual report 2025A · The company itself
Geography
“Refinery Crude Oil Refining Capacity (mbpcd) Gulf Coast Region Galveston Bay, Texas City, Texas 631 Garyville, Louisiana 617 Subtotal Gulf Coast region 1,248 Mid-Continent Region Catlettsburg, Kentucky 307 Robinson, Illinois 253 Detroit, Michigan 146 El Paso, Texas 133 St. Paul Park, Minnesota 105 Canton, Ohio 100 Mandan, North Dakota 72 Salt Lake City, Utah 70 Subtotal Mid-Continent region 1,186 West Coast Region Los Angeles, California 365 Anacortes, Washington 119 Kenai, Alaska 68 Subtotal West Coast region 552 Total 2,986 33 Table of Contents The following table sets forth the approximate number of locations where jobbers maintain branded outlets, marketing fuels mainly under the Marathon and ARCO brands as well as Shell, Mobil, Tesoro and other brands, as of December 31, 2025.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Consumer spending
Macro
StrategyPositive impact: strengthens
“Commodity Price Risk Refining & Marketing Our strategy is to obtain competitive prices for our products and allow operating results to reflect market price movements dictated by supply and demand. We use a variety of commodity derivative instruments, including futures, swaps and options, as part of an overall program to hedge commodity price risk.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Retail
End markets
Market
“Location Number of Locations Arizona 69 California 974 Nevada 117 New Mexico 1 Oregon 1 Total 1,162 The following table sets forth details about our Refining & Marketing owned and operated terminals as of December 31, 2025.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Sea freight and freight rates
Raw materials and inputs
Market
“Pipeline System or Storage Asset Diameter (inches) Length (miles) Capacity Total crude oil pipeline systems(a)(b) 2" - 42" 5,259 Various Total refined products pipeline systems(a)(b)(c) 4" - 36" 3,787 Various Barge Docks (mbpd) 5,104 Storage assets: (mbbls) Refining Logistics(d) 93,643 Tank Farms 35,456 Caverns 3,632 (a) Includes approximately 16 miles of crude oil pipeline and 2 miles of refined product pipeline leased from third parties.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Agriculture and food production
End markets
InputNegative impact: weakens
“Class of Equipment Number in Class Capacity (mbbls) Jones Act medium range product tankers 4 1,320 Jones Act 750 Series ATB vessels 3 990 RENEWABLE DIESEL Our Dickinson, North Dakota, renewables facility has the capacity to produce 184 million gallons per year of renewable diesel from corn oil, soybean oil, fats and greases. The Martinez, California renewable diesel facility has the capacity to produce 730 million gallons per year. Our Green Bison Soy Processing, LLC joint venture with ADM includes a facility in Spiritwood, North Dakota, which has capacity to produce approximately 600 million pounds of refined soybean oil annually, enough feedstock for approximately 75 million gallons of renewable diesel per year.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We own a feedstock aggregation facility in Cincinnati, Ohio and a pre-treatment facility in Beatrice, Nebraska. These facilities supply renewable agricultural feedstocks to our Dickinson and Martinez facilities.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Grain and agricultural commodities
Raw materials and inputs
DriverNegative impact: weakens
“Quantitative and Qualitative Disclosures about Market Risk GENERAL We are exposed to market risks related to the volatility of crude oil and refined petroleum products, ethanol, renewable feedstock, renewable products, NGLs, and natural gas prices.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Our Green Bison Soy Processing, LLC joint venture with ADM includes a facility in Spiritwood, North Dakota, which has capacity to produce approximately 600 million pounds of refined soybean oil annually, enough feedstock for approximately 75 million gallons of renewable diesel per year.”
Annual report 2025A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 132.7 bn USD |
| Revenue growth vs. the year before, same method | -4.4 % |
| EBITDA reported by the company | 11.54 bn USD |
| Net debt debt incl. leasing minus cash | 28.32 bn USD |
| Diluted EPS per share | 13.22 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.