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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-35054

Marathon Petroleum Corporation

(Exact name of registrant as specified in its charter)


Delaware						27-1284632
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

539 South Main Street, Findlay, Ohio 45840-3229

(Address of principal executive offices) (Zip code)

(419) 422-2121

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01	MPC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 291,936,635 shares of Marathon Petroleum Corporation common stock outstanding as of April 30, 2026.

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		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements:
	Consolidated Statements of Income (Unaudited)	3
	Consolidated Statements of Comprehensive Income (Unaudited)	4
	Consolidated Balance Sheets (Unaudited)	5
	Consolidated Statements of Cash Flows (Unaudited)	6
	Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Unaudited)	7
	Notes to Consolidated Financial Statements (Unaudited)	8
	1. Description of Business and Basis of Presentation	8
	2. Accounting Standards	8
	3. Master Limited Partnership	9
	4. Acquisitions and Other Transactions	9
	5. Variable Interest Entities	12
	6. Related Party Transactions	13
	7. Earnings Per Share	13
	8. Equity	14
	9. Segment Information	14
	10. Net Interest and Other Financial Costs	17
	11. Income Taxes	17
	12. Inventories	17
	13. Property, Plant and Equipment (PP&E)	18
	14. Fair Value Measurements	18
	15. Derivatives	19
	16. Debt	21
	17. Revenue	22
	18. Supplemental Cash Flow Information	22
	19. Other Current Liabilities	23
	20. Accumulated Other Comprehensive Income (Loss)	23
	21. Pension and Other Postretirement Benefits	24
	22. Commitments and Contingencies	24
	23. Subsequent Event	26
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	48
Item 4.	Controls and Procedures	49

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	50
Item 1A.	Risk Factors	50
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 5.	Other Information	50
Item 6.	Exhibits	52
	Signatures	53

Unless otherwise stated or the context otherwise indicates, all references in this Form 10-Q to “MPC,” “us,” “our,” “we” or “the Company” mean Marathon Petroleum Corporation and its consolidated subsidiaries.

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Glossary of Terms

Throughout this report, the following company or industry specific terms and abbreviations are used:


ANS			Alaska North Slope crude oil, an oil index benchmark price
ASU			Accounting Standards Update
barrel			One stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to crude oil or other liquid hydrocarbons
CARB			California Air Resources Board
CARBOB			California Reformulated Gasoline Blendstock for Oxygenate Blending
CBOB			Conventional Gasoline Blendstock for Oxygenate Blending
EBITDA			Earnings Before Interest, Tax, Depreciation and Amortization (a non-GAAP financial measure)
EPA			U.S. Environmental Protection Agency
FASB			Financial Accounting Standards Board
GAAP			Accounting principles generally accepted in the United States
JV			Joint Venture
LIFO			Last in, first out, an inventory costing method
mbpd			Thousand barrels per day
MEH			Magellan East Houston crude oil, an oil index benchmark price
MMBtu			One million British thermal units
MMcf/d			One million cubic feet per day
MPLX			MPLX LP and its consolidated subsidiaries
NGL			Natural gas liquids, such as ethane, propane, butanes and natural gasoline
NYMEX			New York Mercantile Exchange
RFS			Renewable Fuel Standard program, as required by the Energy Independence and Security Act of 2007
RIN			Renewable Identification Number
SEC			U.S. Securities and Exchange Commission

ULSD			Ultra-low sulfur diesel
USGC			U.S. Gulf Coast
VIE			Variable interest entity
WTI			West Texas Intermediate crude oil, an oil index benchmark price

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Marathon Petroleum Corporation

Consolidated Statements of Income (Unaudited)


	Three Months Ended March 31,
(In millions, except per share data)	2026		2025
Revenues and other income:
Sales and other operating revenues	$	34,200	$	31,517
Income from equity method investments	176		230

Other income	192		103
Total revenues and other income	34,568		31,850

Costs and expenses:
Cost of revenues (excludes items below)	31,261		29,360
Depreciation and amortization	809		793
Selling, general and administrative expenses	867		783
Other taxes	227		227
Total costs and expenses	33,164		31,163

Income from operations	1,404		687
Net interest and other financial costs	370		304
Income before income taxes	1,034		383
Provision for income taxes	183		37
Net income	851		346
Less net income attributable to:
Noncontrolling interests	340		420
Net income (loss) attributable to MPC	$	511	$	(74)

Per share data (See Note 7)
Basic:
Net income (loss) attributable to MPC per share	$	1.73	$	(0.24)
Weighted average shares outstanding	295		313

Diluted:
Net income (loss) attributable to MPC per share	$	1.73	$	(0.24)
Weighted average shares outstanding	295		313

The accompanying notes are an integral part of these consolidated financial statements.

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Marathon Petroleum Corporation

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Net income	$	851	$	346
Defined benefit plans:
Actuarial changes, net of tax of $1 and $3, respectively	3		11
Prior service, net of tax of $(2) and $(2), respectively	(6)		(6)
Other, net of tax of $— and $—, respectively	—		—
Other comprehensive income (loss)	(3)		5
Comprehensive income	848		351
Less comprehensive income attributable to:
Noncontrolling interests	340		420
Comprehensive income (loss) attributable to MPC	$	508	$	(69)

The accompanying notes are an integral part of these consolidated financial statements.

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Marathon Petroleum Corporation

Consolidated Balance Sheets (Unaudited)


(Millions of dollars, except share data)	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	2,151	$	3,672
Receivables, less allowance for expected credit loss of $16 and $20, respectively	14,629		10,317
Inventories	10,764		10,129
Other current assets	1,154		662

Total current assets	28,698		24,780
Equity method investments	6,999		6,795
Property, plant and equipment, net	37,597		37,397
Goodwill	9,335		9,354
Intangibles, net	2,658		2,714
Right of use assets, net	1,507		1,493
Other noncurrent assets	1,393		1,422
Total assets	$	88,187	$	83,955

Liabilities
Accounts payable	$	17,617	$	12,974
Payroll and benefits payable	1,208		1,107
Accrued taxes	1,632		1,484
Debt due within one year	2,119		2,371
Operating lease liabilities	501		489
Other current liabilities	1,334		1,253

Total current liabilities	24,411		19,678
Long-term debt	30,706		30,505
Deferred income taxes	5,995		5,984
Defined benefit postretirement plan obligations	1,231		1,173
Long-term operating lease liabilities	1,000		993
Deferred credits and other liabilities	1,417		1,536
Total liabilities	64,760		59,869

Commitments and contingencies (see Note 22)

Equity
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)	—		—
Common stock:
Issued – 995 million and 994 million shares (par value $0.01 per share, 2 billion shares authorized)	10		10
Held in treasury, at cost – 702 million and 699 million shares	(56,783)		(56,027)
Additional paid-in capital	33,668		33,685
Retained earnings	39,966		39,751
Accumulated other comprehensive loss	(108)		(105)
Total MPC stockholders’ equity	16,753		17,314
Noncontrolling interests	6,674		6,772
Total equity	23,427		24,086
Total liabilities and equity	$	88,187	$	83,955

The accompanying notes are an integral part of these consolidated financial statements.

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Marathon Petroleum Corporation

Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Operating activities:
Net income	$	851	$	346
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization of deferred financing costs and debt discount	10		12
Depreciation and amortization	809		793
Pension and other postretirement benefits, net	55		15
Deferred income taxes	19		(28)

Income from equity method investments	(176)		(230)
Distributions from equity method investments	273		227
Changes in the fair value of derivative instruments	(318)		(16)
Changes in:
Current receivables	(4,302)		(928)
Inventories	(635)		(920)
Current liabilities and other current assets	4,677		788
Right of use assets and operating lease liabilities, net	5		2
All other, net	(147)		(125)
Net cash provided by (used in) operating activities	1,121		(64)

Investing activities:
Additions to property, plant and equipment	(913)		(663)
Acquisitions, net of cash acquired	14		(237)
Disposal of assets	5		1
Investments – acquisitions and contributions	(302)		(132)
Investments – redemptions, repayments, return of capital and sales proceeds	—		21
All other, net	149		87
Net cash used in investing activities	(1,047)		(923)

Financing activities:
Commercial paper – issued	3,864		—
Commercial paper – repayments	(3,864)		—
Long-term debt – borrowings	1,489		4,372
Long-term debt – repayments	(1,538)		(930)
Debt issuance costs	(15)		(36)
Issuance of common stock	1		23
Common stock repurchased	(750)		(1,057)
Dividends paid	(295)		(285)
Distributions to noncontrolling interests	(407)		(370)
Repurchases of noncontrolling interests	(50)		(100)
All other, net	(31)		(28)
Net cash provided by (used in) financing activities	(1,596)		1,589

Net change in cash, cash equivalents and restricted cash	(1,522)		602
Cash, cash equivalents and restricted cash at beginning of period(a)	3,673		3,211
Cash, cash equivalents and restricted cash at end of period(a)	$	2,151	$	3,813

(a) Restricted cash is included in other current assets on our consolidated balance sheets.

The accompanying notes are an integral part of these consolidated financial statements.

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Marathon Petroleum Corporation

Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Unaudited)


	MPC Stockholders’ Equity
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests		Total Equity		Redeemable Non-controlling Interest
(Shares in millions; amounts in millions of dollars)	Shares	Amount		Shares	Amount
Balance as of December 31, 2025	994	$	10	(699)	$	(56,027)	$	33,685	$	39,751	$	(105)	$	6,772	$	24,086	$	—
Net income	—	—		—	—		—		511		—		340		851		—
Dividends declared on common stock ($1.00 per share)	—	—		—	—		—		(295)		—		—		(295)		—
Distributions to noncontrolling interests	—	—		—	—		—		—		—		(407)		(407)		—
Other comprehensive loss	—	—		—	—		—		—		(3)		—		(3)		—
Shares repurchased	—	—		(3)	(756)		—		—		—		—		(756)		—
Share-based compensation	1	—		—	—		(3)		(1)		—		(3)		(7)		—
Equity transactions of MPLX	—	—		—	—		(14)		—		—		(28)		(42)		—

Balance as of March 31, 2026	995	$	10	(702)	$	(56,783)	$	33,668	$	39,966	$	(108)	$	6,674	$	23,427	$	—


	MPC Stockholders’ Equity
	Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests		Total Equity		Redeemable Non-controlling Interest
(Shares in millions; amounts in millions of dollars)	Shares	Amount		Shares	Amount
Balance as of December 31, 2024	994	$	10	(678)	$	(52,623)	$	33,624	$	36,848	$	(114)	$	6,558	$	24,303	$	203
Net income (loss)	—	—		—	—		—		(74)		—		420		346		—
Dividends declared on common stock ($0.91 per share)	—	—		—	—		—		(285)		—		—		(285)		—
Distributions to noncontrolling interests	—	—		—	—		—		—		—		(364)		(364)		(6)
Other comprehensive income	—	—		—	—		—		—		5		—		5		—
Shares repurchased	—	—		(7)	(1,039)		—		—		—		—		(1,039)		—
Share-based compensation	—	—		—	—		19		—		—		(3)		16		—
Equity transactions of MPLX	—	—		—	—		25		—		—		58		83		(197)
Balance as of March 31, 2025	994	$	10	(685)	$	(53,662)	$	33,668	$	36,489	$	(109)	$	6,669	$	23,065	$	—

The accompanying notes are an integral part of these consolidated financial statements.

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Notes to Consolidated Financial Statements (Unaudited)

1. Description of the Business and Basis of Presentation

Description of the Business

We are a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. We operate one of the nation's largest refining systems. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market and to independent entrepreneurs who operate branded outlets. We also sell transportation fuel to consumers through direct dealer locations under long-term supply contracts. MPC’s midstream operations are primarily conducted through MPLX, which owns and operates crude oil and light product transportation and logistics infrastructure as well as gathering, processing and fractionation assets. We own the general partner and a majority limited partner interest in MPLX. In addition, we produce and market renewable diesel in the United States.

Refer to Note 3 for additional information on MPLX and Note 9 for additional information about our operations.

Basis of Presentation

These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. Certain information and disclosures derived from our audited annual financial statements, prepared in accordance with GAAP, have been condensed or omitted from these interim financial statements.

These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year.

These consolidated financial statements include the accounts of our majority-owned, controlled subsidiaries, including MPLX. All significant intercompany transactions and accounts have been eliminated. Due to our ownership of the general partner interest of MPLX, we have determined that we control MPLX and therefore we consolidate MPLX and record a noncontrolling interest for the interest owned by the public. Changes in ownership interest in consolidated subsidiaries that do not result in a change in control are recorded as equity transactions. Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. This includes entities in which we hold majority ownership but the minority shareholders have substantive participating rights.

2. Accounting Standards

Not Yet Adopted

ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)

In September 2025, the FASB issued ASU 2025-06 to modernize the accounting for software costs that are accounted for under ASC 350-40 by removing all references to prescriptive and sequential software development stages and requiring entities to begin capitalizing software costs when both management has authorized and committed to the funding of the software project, and it is probable that the project will be completed and the software will be used to perform its intended function. This ASU also provides enhanced guidance on evaluating whether the probable-to-complete recognition threshold has been met. This ASU is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU may be applied either (1) prospectively to all projects started in reporting periods after adoption, including in-process projects, (2) on a modified transition basis that is based on the status of the project and whether software costs were capitalized before the date of adoption, or (3) retrospectively to all prior periods presented in the financial statements. We will adopt this ASU on a prospective basis and do not expect material impacts to our capitalized software cost.

ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued an ASU to require more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this ASU will have on our disclosures.

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3. Master Limited Partnership

We own the general partner and a majority limited partner interest in MPLX, which owns and operates crude oil and light product transportation and logistics infrastructure as well as gathering, processing and fractionation assets. We control MPLX through our ownership of the general partner interest and, as of March 31, 2026, we owned approximately 64 percent of the outstanding MPLX common units.

Unit Repurchase Program

On August 5, 2025, MPLX announced its board of directors approved a $1.0 billion unit repurchase authorization in addition to the $1.0 billion unit repurchase authorization announced on August 2, 2022. These unit repurchase authorizations have no expiration date. MPLX may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended, discontinued or restarted at any time.

Total unit repurchases were as follows for the respective periods:


	Three Months Ended March 31,
(In millions, except per unit data)	2026		2025
Number of common units repurchased	1		2
Cash paid for common units repurchased	$	50	$	100
Average cost per unit	$	56.63	$	52.48

As of March 31, 2026, MPLX had approximately $1.07 billion remaining under its unit repurchase authorizations.

Agreements

We have various long-term, fee-based commercial agreements with MPLX. Under these agreements, MPLX provides transportation, storage, distribution and marketing services to us. With certain exceptions, these agreements generally contain minimum volume commitments. These transactions are eliminated in consolidation but are reflected as intersegment transactions among our Refining & Marketing, Renewable Diesel and Midstream segments. We also have agreements with MPLX that establish fees for operational and management services provided between us and MPLX and for executive management services and certain general and administrative services provided by us to MPLX. These transactions are eliminated in consolidation but are reflected as intersegment transactions between corporate and our Midstream segment.

Noncontrolling Interest

As a result of equity transactions of MPLX, we are required to adjust non-controlling interest and additional paid-in capital. Changes in MPC’s additional paid-in capital resulting from changes in its ownership interests in MPLX were as follows:


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Increase (decrease) due to change in ownership	$	(21)	$	39
Tax impact	7		(14)
Increase (decrease) in MPC's additional paid-in capital, net of tax	$	(14)	$	25

4. Acquisitions and Other Transactions

Northwind Midstream Acquisition

On August 29, 2025, MPLX completed the acquisition of 100 percent of the outstanding membership interests of Northwind Delaware Holdings LLC (“Northwind Midstream”) for $2.4 billion in cash (the “Northwind Midstream Acquisition”). Northwind Midstream provides sour gas gathering and treating services in Lea County, New Mexico, which enhances MPLX’s Permian natural gas and NGL value chain. The Northwind Midstream Acquisition was financed with a portion of the net proceeds from MPLX's $4.5 billion senior notes issuance in August 2025.

Northwind Midstream consists of over 200,000 dedicated acres, more than 200 miles of gathering pipelines, two in-service acid gas injection wells at 20 MMcf/d and a third permitted well that will bring its total capacity to 37 MMcf/d. At the time of acquisition, the system had 150 MMcf/d of sour gas treating capacity, with in-process expansion projects expected to increase capacity to over 400 MMcf/d by the second half of 2026. The system is partially supported by minimum volume commitments by regional producers.

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The Northwind Midstream Acquisition was accounted for as a business combination requiring all Northwind Midstream assets and liabilities to be remeasured to fair value. The fair value of property, plant and equipment was based primarily on the cost approach. The fair value of the identifiable intangible assets was primarily based on the multi-period excess earnings method, which is an income approach. The intangible assets acquired are related to various commercial contracts with a weighted average amortization period of 15 years. The following table reflects our preliminary allocation of the $2.4 billion purchase price to the Northwind Midstream assets and liabilities, as well as measurement period adjustments since the acquisition date:


(In millions)	August 29, 2025		Adjustments		As adjusted
Assets acquired:
Cash and cash equivalents	$	17	$	—	$	17
Receivables	11		—		11
Other current assets	1		—		1
Property, plant and equipment	1,182		(15)		1,167
Intangibles	951		6		957
Other noncurrent assets	2		—		2
Total assets acquired	2,164		(9)		2,155
Liabilities assumed:
Accounts payable	105		9		114
Other current liabilities	1		—		1
Long-term operating lease liabilities	1		—		1
Total liabilities assumed	107		9		116
Total identifiable net assets	2,057		(18)		2,039
Goodwill	356		4		360
Fair value of net assets acquired	$	2,413	$	(14)	$	2,399

The allocation is subject to revision, as certain data necessary to complete the purchase price allocation is not yet available, including, but not limited to, the final valuation of property, plant and equipment and intangible assets acquired, which may impact the amount of goodwill recognized. The final valuation will be completed no later than one year from the acquisition date. The results for the acquired business are reported within our Midstream segment.

The purchase price allocation, inclusive of measurement period adjustments through March 31, 2026, resulted in the recognition of $360 million in goodwill by our Midstream segment, all of which is deductible by MPLX for tax purposes. Goodwill represents the accelerated growth opportunities in the Permian using Northwind Midstream’s asset base, which is complementary and adjacent to MPLX’s existing Delaware basin natural gas system and offers optionality to direct volumes through our integrated system.

Pro forma financial information assuming the Northwind Midstream Acquisition had occurred as of the beginning of the calendar year prior to the year of the acquisition, as well as the revenues and earnings generated during the period since the acquisition date, were not material for disclosure purposes.

Divestiture of Rockies Operations

On November 12, 2025, MPLX completed the sale of its Rockies gathering and processing operations (the “Rockies”) to a subsidiary of Harvest Midstream (“Harvest”) for $980 million in cash. The sale of these non-core gathering and processing assets did not represent a strategic shift that has or will have a material effect on our operations or financial results. Prior to the sale, the Rockies operations were included in our Midstream segment.

Sale of Interest in Ethanol Joint Venture

On July 31, 2025, MPC sold its 49.9 percent interest in The Andersons Marathon Holdings LLC (“TAMH”) to The Andersons Ethanol LLC, in exchange for cash proceeds of $427 million. MPC’s equity method investment in TAMH was previously reported in the Refining & Marketing segment. Upon closing, MPC derecognized the carrying value of the equity method investment of $173 million.

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BANGL, LLC Acquisition

On July 1, 2025, MPLX purchased the remaining 55 percent interest in BANGL, LLC (“BANGL”) for $703 million in cash, plus an earnout provision of up to $275 million based on targeted EBITDA growth from 2026 to 2029 (the “BANGL Acquisition”). We recorded a liability for these contingent payments in the third quarter of 2025. See Note 14 for additional detail on the inputs used to measure the fair value of these contingent payments. On July 3, 2025, MPLX used cash on hand to extinguish approximately $656 million principal amount of debt outstanding, including interest, related to certain term and revolving loans assumed as part of the BANGL Acquisition (the “BANGL Debt Repayment”).

Upon acquisition of the remaining 55 percent interest in BANGL, MPLX’s existing equity investment was remeasured to fair value. The fair value of the previously held equity method investment was estimated using an income approach, with significant valuation inputs including forecasted cash flows and discount rates ranging from 11 to 12 percent. As a result of the BANGL Acquisition, MPLX now owns 100 percent of BANGL and its results are reflected in our Midstream segment within our consolidated financial results.

The following table summarizes the purchase price consideration in connection with the BANGL Acquisition:


(In millions)
Total cash paid	$	703
Fair value of contingent consideration as of acquisition date	234
Total consideration	937
Fair value of previously held equity interest	766
Fair value of net assets acquired	$	1,703

The BANGL Acquisition was accounted for as a business combination requiring all BANGL assets and liabilities to be remeasured to fair value. The fair value of property, plant and equipment was determined using a combination of both the cost and income approach. The fair value of the identifiable intangible assets was primarily based on the multi-period excess earnings method, which is an income approach. The intangible asset acquired is related to a customer relationship with an amortization period of 11 years. The following table reflects our determination of the fair value of the BANGL assets and liabilities:


(In millions)	July 1, 2025
Assets acquired:
Cash and cash equivalents	$	18
Other current assets	4
Property, plant and equipment	1,550
Intangibles	77
Other noncurrent assets	22
Total assets acquired	1,671
Liabilities assumed:
Long-term debt due within one year	46
Other current liabilities	42
Long-term debt	610
Other long-term liabilities	1
Total liabilities assumed	699
Total identifiable net assets	972
Goodwill	731
Fair value of net assets acquired	$	1,703

The purchase price allocation resulted in the recognition of $731 million in goodwill by our Midstream segment, 55 percent of which is deductible by MPLX for tax purposes. Goodwill represents the advancement of MPLX’s wellhead-to-water strategy by securing full ownership of a strategically located NGL transport asset, which further integrates MPLX’s midstream infrastructure connecting the Permian and Gulf Coast regions.

Pro forma financial information assuming the BANGL Acquisition had occurred as of the beginning of the calendar year prior to the year of the acquisition, as well as the revenues and earnings generated during the period since the acquisition date, were not material for disclosure purposes.

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Whiptail Midstream Acquisition

On March 11, 2025, MPLX acquired gathering businesses from Whiptail Midstream, LLC for $235 million in cash. These San Juan basin assets consist primarily of crude and natural gas gathering systems in the Four Corners region. The acquisition was accounted for as a business combination, which requires all the identifiable assets acquired and liabilities assumed to be remeasured to fair value at the date of acquisition. The final valuation includes $170 million of property, plant and equipment, $41 million of intangibles and $24 million of net working capital. The results for the acquired business are reported within our Midstream segment.

5. Variable Interest Entities

Consolidated VIE

We control MPLX through our ownership of its general partner. MPLX is a VIE because the limited partners do not have substantive kick-out or participating rights over the general partner. We are the primary beneficiary of MPLX because in addition to our significant economic interest, we also have the ability, through our ownership of the general partner, to control the decisions that most significantly impact MPLX. We therefore consolidate MPLX and record a noncontrolling interest for the interest owned by the public.

The creditors of MPLX do not have recourse to MPC’s general credit or assets through guarantees or other financial arrangements, except as otherwise noted. MPC has effectively guaranteed certain indebtedness of LOOP LLC (“LOOP”) and LOCAP LLC (“LOCAP”), in which MPLX holds an interest. See Note 22 for more information. The assets of MPLX can only be used to settle its own obligations and any rights of MPC’s creditors to participate in the assets of MPLX are subject to prior claims of MPLX’s creditors.

The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets.


(Millions of dollars)	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	1,506	$	2,137
Receivables, less allowance for expected credit loss	782		746
Inventories	178		172
Other current assets	62		51

Equity method investments	4,981		4,798
Property, plant and equipment, net	21,992		21,698
Goodwill	8,736		8,755
Intangibles, net	1,359		1,397
Right of use assets, net	268		276
Other noncurrent assets	1,161		1,126
Liabilities
Accounts payable	$	1,076	$	865
Accrued taxes	73		93
Debt due within one year	1,251		1,502
Operating lease liabilities	53		53
Other current liabilities	370		403

Long-term debt	24,383		24,151
Deferred income taxes	25		25
Long-term operating lease liabilities	208		217
Deferred credits and other liabilities	455		474

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6. Related Party Transactions

Transactions with related parties were as follows:


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Sales to related parties	$	238	$	320
Purchases from related parties(a)	471		705

(a) The 2025 period includes purchases of ethanol from TAMH, an equity affiliate, through July 2025. MPC sold its interest in TAMH on July 31, 2025. TAMH ceased to be a related party after the sale. See Note 4.

Sales to related parties, which are included in sales and other operating revenues, consist primarily of refined product sales and renewable feedstock sales to certain of our equity affiliates.

Purchases from related parties are included in cost of revenues. We obtain utilities, transportation services and purchase renewable diesel from certain of our equity affiliates.

7. Earnings Per Share

We compute basic earnings per share by dividing net income attributable to MPC less income allocated to participating securities by the weighted average number of shares of common stock outstanding. Since MPC grants certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities, we have calculated our earnings per share using the two-class method. Diluted income per share assumes exercise of certain share-based compensation awards, provided the effect is not anti-dilutive.


	Three Months Ended March 31,
(In millions, except per share data)	2026		2025
Basic earnings per share:
Allocation of earnings
Net income (loss) attributable to MPC	$	511	$	(74)
Income allocated to participating securities	—		—
Income (loss) available to common stockholders - basic	$	511	$	(74)

Weighted average common shares outstanding	295		313
Basic earnings (loss) per share	$	1.73	$	(0.24)

Diluted earnings per share:
Allocation of earnings
Net income (loss) attributable to MPC	$	511	$	(74)
Income allocated to participating securities	—		—
Income (loss) available to common stockholders - diluted	$	511	$	(74)

Weighted average common shares outstanding	295		313
Effect of dilutive securities	—		—
Weighted average common shares, including dilutive effect	295		313
Diluted earnings (loss) per share	$	1.73	$	(0.24)

Potential common shares that were anti-dilutive and, therefore, omitted from the diluted share calculation, were immaterial for all periods.

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8. Equity

On November 5, 2024, MPC announced that our board of directors approved a $5.0 billion share repurchase authorization. As of March 31, 2026, $3.63 billion remained available for repurchase under the share repurchase authorization. The share repurchase authorization has no expiration date.

Total share repurchases were as follows for the respective periods:


	Three Months Ended March 31,
(In millions, except per share data)	2026		2025
Number of shares repurchased	4		7
Cash paid for shares repurchased	$	750	$	1,057
Average cost per share(a)	$	213.45	$	147.87

(a) The average cost per share includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but the excise tax does not reduce the remaining share repurchase authorization.

9. 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)	2026		2025
Segment adjusted EBITDA for reportable segments
Refining & Marketing	$	1,377	$	489
Midstream	1,598		1,720
Renewable Diesel	38		(42)
Total reportable segments	$	3,013	$	2,167

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	Three Months Ended March 31,
(Millions of dollars)	2026		2025
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)	2026		2025
Sales and other operating revenues
Refining & Marketing
Revenues from external customers(a)	$	32,326	$	29,457
Intersegment revenues	9		40
Refining & Marketing segment revenues	32,335		29,497

Midstream
Revenues from external customers(a)	1,302		1,441
Intersegment revenues	1,522		1,469
Midstream segment revenues	2,824		2,910

Renewable Diesel
Revenues from external customers(a)	572		619
Intersegment revenues	7		7
Renewable Diesel segment revenues	579		626

Total segment revenues	35,738		33,033

Less: intersegment revenues	1,538		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)	2026		2025
Income from equity method investments
Refining & Marketing	$	(2)	$	5
Midstream	207		209
Renewable Diesel	(29)		16


Consolidated income from equity method investments	$	176	$	230

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	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Segment expenses
Refining & Marketing
Cost of purchases	$	27,435	$	25,658
Refining operating costs	1,599		1,472
Distribution costs	1,581		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 costs	67		70
Distribution costs	28		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.


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Depreciation and amortization
Refining & Marketing	$	387	$	406
Midstream	382		351
Renewable Diesel(a)	16		18
Total segment depreciation and amortization	785		775
Corporate	24		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.

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	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Capital expenditures
Refining & Marketing	$	328	$	362
Midstream	892		386
Renewable Diesel(a)	—		1
Total segment capital expenditures and investments	1,220		749
Less investments in equity method investees(a)	240		132
Plus:
Corporate	2		9
Capitalized interest	30		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.

10. Net Interest and Other Financial Costs

Net interest and other financial costs were as follows:


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Interest income	$	(33)	$	(46)
Interest expense	420		352
Interest capitalized	(34)		(18)
Pension and other postretirement non-service costs(a)	5		5


Other financial costs	12		11
Net interest and other financial costs	$	370	$	304

(a)See Note 21.

11. Income Taxes

We recorded a combined federal, state and foreign income tax provision of $183 million for the three months ended March 31, 2026, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes.

We recorded a combined federal, state and foreign income tax provision of $37 million for the three months ended March 31, 2025, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests and discrete state tax benefits.

12. Inventories


(Millions of dollars)	March 31, 2026		December 31, 2025
Crude oil and other feedstocks	$	3,360	$	3,272
Refined products	6,035		5,350
Materials and supplies	1,369		1,507
Total	$	10,764	$	10,129

Inventories are carried at the lower of cost or market value. Costs of crude oil and other feedstocks and refined products are aggregated on a consolidated basis for purposes of assessing whether the LIFO cost basis of these inventories may have to be written down to market values.

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13. Property, Plant and Equipment (PP&E)


	March 31, 2026						December 31, 2025
(Millions of dollars)	Gross PP&E		Accumulated Depreciation		Net PP&E		Gross PP&E		Accumulated Depreciation		Net PP&E
Refining & Marketing	$	34,659	$	20,810	$	13,849	$	34,372	$	20,462	$	13,910
Midstream	34,669		12,015		22,654		34,057		11,690		22,367
Renewable Diesel	970		411		559		970		396		574
Corporate	1,615		1,080		535		1,610		1,064		546
Total	$	71,913	$	34,316	$	37,597	$	71,009	$	33,612	$	37,397

Depreciation expense was $732 million and $727 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

14. Fair Value Measurements

Fair Values – Recurring

The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables.


	March 31, 2026
	Fair Value Hierarchy
(Millions of dollars)	Level 1		Level 2		Level 3		Netting and Collateral(a)		Net Carrying Value on Balance Sheet(b)		Collateral Pledged Not Offset
Assets:
Commodity contracts	$	3,140	$	—	$	—	$	(3,127)	$	13	$	347
Liabilities:
Commodity contracts	$	3,638	$	—	$	7	$	(3,638)	$	7	$	—
Embedded derivatives in commodity contracts	—		—		54		—		54		—
Contingent consideration	—		—		239		—		239		—


	December 31, 2025
	Fair Value Hierarchy
(Millions of dollars)	Level 1		Level 2		Level 3		Netting and Collateral(a)		Net Carrying Value on Balance Sheet(b)		Collateral Pledged Not Offset
Assets:
Commodity contracts	$	243	$	—	$	—	$	(226)	$	17	$	10
Liabilities:
Commodity contracts	$	236	$	—	$	—	$	(236)	$	—	$	—
Embedded derivatives in commodity contracts	—		—		41		—		41		—
Contingent consideration	—		—		236		—		236		—

(a)Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of March 31, 2026, cash collateral of $511 million was netted with mark-to-market derivative liabilities. As of December 31, 2025, cash collateral of $10 million was netted with mark-to-market derivative liabilities.

(b)We have no derivative contracts which are subject to master netting arrangements reflected gross on the balance sheet.

Level 3 instruments include a liability for contingent consideration related to the BANGL Acquisition earnout provision and an embedded derivative liability for a natural gas purchase commitment embedded in a keep-whole processing agreement.

The fair value calculation for the contingent consideration liability was estimated using discounted cash flows based on a Monte Carlo simulation. Future earnout payments are tied to the achievement of EBITDA growth from 2026 to 2029, which includes the significant unobservable input of forecasted throughput volumes. The earnout payment will continue to be remeasured at fair value each quarter with changes in fair value recognized in earnings until either the EBITDA targets are met or the earnout period ends, with the total payout capped at $275 million.

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The fair value calculation for the embedded derivative liability at March 31, 2026 used significant unobservable inputs including: (1) NGL prices interpolated and extrapolated due to inactive markets ranging from $0.69 to $2.21 per gallon with a weighted average of $0.85 per gallon and (2) a 100 percent probability of renewal for the five-year term of the natural gas purchase commitment and related keep-whole processing agreement. Increases or decreases in the fractionation spread result in an increase or decrease in the fair value of the embedded derivative liability.

The following is a reconciliation of the beginning and ending balances recorded for net liabilities classified as Level 3 in the fair value hierarchy.


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Beginning balance	$	277	$	58

Unrealized and realized loss included in net income(a)	24		7
Settlements of derivative instruments	(1)		(3)
Ending balance	$	300	$	62

The amount of total loss for the period included in earnings attributable to the change in unrealized loss relating to liabilities still held at the end of period(a):	$	25	$	7

(a) The loss is included in cost of revenues on the consolidated statements of income.

Fair Values – Reported

We believe the carrying value of our other financial instruments, including cash and cash equivalents, receivables, accounts payable and certain accrued liabilities, approximate fair value. Our fair value assessment incorporates a variety of considerations, including the short-term duration of the instruments, historical incurrence of credit losses and expected insignificance of future credit losses, which includes an evaluation of counterparty credit risk. The borrowings under our revolving credit facilities, which include variable interest rates, approximate fair value. The fair value of our long-term debt is based on average bid prices obtained from broker quotes and is categorized in level 3 of the fair value hierarchy. The carrying and fair values of our debt were approximately $32.4 billion and $30.8 billion at March 31, 2026, respectively, and approximately $32.4 billion and $31.1 billion at December 31, 2025, respectively. These carrying and fair values of our debt exclude the unamortized issuance costs, which are netted against our total debt.

15. Derivatives

For further information regarding the fair value measurement of derivative instruments, including any effect of master netting agreements or collateral, see Note 14. We do not designate any of our commodity derivative instruments as hedges for accounting purposes.

Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of domestic and foreign-sourced crude oil, (4) the acquisition of ethanol for blending with refined products, (5) the sale of NGLs, (6) the purchase of natural gas and (7) the purchase of soybean oil.

The following table presents the fair value of derivative instruments as of March 31, 2026 and December 31, 2025 and the line items in the consolidated balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.


(Millions of dollars)	March 31, 2026				December 31, 2025
Balance Sheet Location	Asset		Liability		Asset		Liability
Commodity derivatives
Other current assets	$	3,112	$	3,582	$	243	$	236
Other non-current assets	28		56		—		—
Other current liabilities(a)	—		18		—		6
Deferred credits and other liabilities(a)	—		43		—		35

(a) Includes embedded derivatives.

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The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of March 31, 2026.


	Percentage of contracts that expire next quarter	Position
(Units in thousands of barrels)		Long	Short
Exchange-traded(a)
Crude oil	64.2%	104,640	114,888
Refined products	83.6%	97,684	110,823
Blending products	80.5%	11,368	10,123
Soybean oil	70.2%	1,806	2,858

(a) Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 3,755 long and 4,070 short, Refined products - 4,059 long and 3,706 short and Blending Products - 147 long and 67 short. There are no spread contracts for Soybean oil.

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income:



(Millions of dollars)	Three Months Ended March 31,
Income Statement Location	2026		2025
Sales and other operating revenues
Realized loss	$	(13)	$	—
Unrealized loss	(49)		—
Sales and other operating revenues loss	(62)		—
Cost of revenues
Realized loss	(400)		(54)
Unrealized loss	(440)		(13)
Cost of revenues loss	(840)		(67)
Other income
Realized gain	23		3
Unrealized loss	(30)		(1)
Other income loss	(7)		2
Total derivative loss included in Net Income	$	(909)	$	(65)

In March and April 2026, the U.S. Department of Energy accepted MPC’s bids to exchange crude oil barrels with the Strategic Petroleum Reserve (“SPR”). Under the arrangements, the SPR agreed to deliver 9.7 million barrels to MPC in the second quarter of 2026, with an estimated return of approximately 11.8 million barrels beginning in 2028. The arrangements will be accounted for as derivatives, indexed to forward crude pricing. Changes in the fair value of the derivatives will be recognized in earnings within Cost of revenues in the Consolidated Statements of Income.

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16. Debt

Our outstanding borrowings at March 31, 2026 and December 31, 2025 consisted of the following:


(Millions of dollars)	March 31, 2026		December 31, 2025
MPC:


Senior notes	$	6,449	$	6,449
MARAD debt	154		161
Finance lease obligations	663		689
Total	7,266		7,299

MPLX:

Senior notes	26,000		26,000
Finance lease obligations	6		6
Total	26,006		26,006

Total debt	33,272		33,305
Unamortized debt issuance costs	(214)		(204)
Unamortized discount, net of unamortized premium	(233)		(225)
Amounts due within one year	(2,119)		(2,371)
Total long-term debt due after one year	$	30,706	$	30,505

MPLX Senior Notes

On February 12, 2026, MPLX issued $1.0 billion aggregate principal amount of 5.300 percent senior notes due 2036 (the “2036 Senior Notes”) and $500 million aggregate principal amount of 6.100 percent senior notes due 2056 (the “2056 Senior Notes”) in an underwritten public offering. The 2036 Senior Notes were offered at a price to the public of 99.678 percent of par, with interest payable semi-annually in arrears, commencing on October 1, 2026. The 2056 Senior Notes were offered at a price to the public of 98.453 percent of par, with interest payable semi-annually in arrears, commencing on October 1, 2026.

In March 2026, MPLX repaid all of MPLX’s outstanding $1.5 billion aggregate principal amount of 1.750 percent senior notes due March 2026 at maturity.

Capacity under our Credit Facilities as of March 31, 2026


(Millions of dollars)	Total Capacity		Outstanding Borrowings		Outstanding Letters of Credit		Available Capacity		Weighted Average Interest Rate		Expiration
MPC, excluding MPLX
MPC bank revolving credit facility	$	5,000	$	—	$	1	$	4,999	—	%	July 2027
MPC trade receivables securitization facility(a)	100		—		100		—		—	%	September 2027

MPLX
MPLX bank revolving credit facility	2,000		—		—		2,000		—	%	July 2027

(a) The committed borrowing and letter of credit issuance capacity under the trade receivables securitization facility is $100 million. In addition, the facility allows for the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks. As of March 31, 2026, letters of credit in the total amount of $726 million were issued and outstanding under the facility to secure contracts awarded by the U.S. Department of Energy to purchase crude oil from the SPR.

On April 7, 2026, MPC and MPLX each entered into new revolving credit facilities to replace their respective previously existing credit facilities, which were scheduled to expire July 2027. The new facilities mature in April 2031. MPLX’s total capacity under the revolving credit facility increased from $2.0 billion to $2.5 billion, and includes sub-facilities for swing-line loans of up to $150 million and letters of credit of up to $150 million. MPC’s total capacity remains at $5.0 billion and includes sub-facilities for swing-line loans of up to $300 million and letters of credit of up to $2.0 billion.

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On April 30, 2026, MPC entered into an amended and restated trade receivables facility providing for committed borrowing and letter of credit issuance capacity of $100 million and uncommitted borrowing and letter of credit issuance capacity of up to $1.9 billion. In addition, the term of the facility was extended to April 30, 2029.

17. Revenue

The following table presents our revenues from external customers disaggregated by segment and product line:


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Refining & Marketing
Refined products	$	30,220	$	27,427
Crude oil	1,650		1,565
Services and other	456		465
Total revenues from external customers	32,326		29,457
Midstream
Refined products	485		530
Services and other	817		911
Total revenues from external customers	1,302		1,441
Renewable Diesel
Refined products	567		615
Services and other	5		4
Total revenues from external customers	572		619



Sales and other operating revenues	$	34,200	$	31,517

We do not disclose information on the future performance obligations for any contract with expected duration of one year or less at inception. As of March 31, 2026, we do not have future performance obligations that are material to future periods.

Contract Balances

Our receivables primarily consist of customer receivables. Significant, non-customer balances included in our receivables at March 31, 2026 and December 31, 2025 include matching buy/sell receivables of $6.0 billion and $4.1 billion, respectively.

Our contract liabilities primarily represent advances from our customers prior to product or service delivery. At March 31, 2026 and December 31, 2025, contract liabilities were $182 million and $215 million, respectively. Contract liabilities are included in other current liabilities and deferred credits and other liabilities on our consolidated balance sheets. We classify contract liabilities as current or long-term based on the timing of when we expect to recognize revenue.

18. Supplemental Cash Flow Information


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Net cash provided by operating activities included:
Interest paid (net of amounts capitalized)	$	505	$	344
Net income taxes paid to taxing authorities(a)	12		85
Non-cash investing and financing activities:
Contribution of assets(b)	—		115

(a) Includes $111 million in the three months ended March 31, 2025 paid to third parties for transferable tax credits.

(b) Represents the book value of assets contributed by MPLX to a joint venture.

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The consolidated statements of cash flows exclude changes to the consolidated balance sheets that did not affect cash. The following is a reconciliation of additions to property, plant and equipment to total capital expenditures:


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Additions to property, plant and equipment per the consolidated statements of cash flows	$	913	$	663
Increase (decrease) in capital accruals	99		(19)
Total capital expenditures	$	1,012	$	644

19. Other Current Liabilities

The following summarizes the components of other current liabilities:


(Millions of dollars)	March 31, 2026		December 31, 2025
Environmental credits liability	$	607	$	463
Accrued interest payable	320		449
Other current liabilities	407		341
Total other current liabilities	$	1,334	$	1,253

20. Accumulated Other Comprehensive Income (Loss)

The following table shows the changes in accumulated other comprehensive income (loss) by component. Amounts in parentheses indicate debits.


(Millions of dollars)	Pension Benefits		Other Benefits		Other		Total
Balance as of December 31, 2025	$	(209)	$	105	$	(1)	$	(105)
Other comprehensive loss before reclassifications, net of tax of $0	—		(1)		—		(1)
Amounts reclassified from accumulated other comprehensive income (loss):
Amortization of prior service credit(a)	(2)		(5)		—		(7)
Amortization of actuarial loss(a)	4		—		—		4


Tax effect	—		1		—		1
Other comprehensive income (loss)	2		(5)		—		(3)
Balance as of March 31, 2026	$	(207)	$	100	$	(1)	$	(108)


(Millions of dollars)	Pension Benefits		Other Benefits		Other		Total
Balance as of December 31, 2024	$	(235)	$	122	$	(1)	$	(114)
Other comprehensive income before reclassifications, net of tax of $2	5		3		—		8
Amounts reclassified from accumulated other comprehensive income (loss):
Amortization of prior service credit(a)	(2)		(6)		—		(8)
Amortization of actuarial loss(a)	4		—		—		4


Tax effect	—		1		—		1
Other comprehensive income (loss)	7		(2)		—		5
Balance as of March 31, 2025	$	(228)	$	120	$	(1)	$	(109)

(a)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 21.

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21. Pension and Other Postretirement Benefits

The following summarizes the components of net periodic benefit costs:


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Pension Benefits
Service cost	$	62	$	55
Interest cost	39		37
Expected return on plan assets	(39)		(37)
Amortization of prior service credit	(2)		(2)
Amortization of actuarial loss	4		4

Net periodic pension benefit cost	$	64	$	57

Other Benefits
Service cost	$	5	$	5
Interest cost	8		9
Amortization of prior service credit	(5)		(6)

Net periodic other benefit cost	$	8	$	8

The components of net periodic benefit cost, other than the service cost component, are included in net interest and other financial costs on the consolidated statements of income.

During the three months ended March 31, 2026, we made no contributions to our funded pension plans. Benefit payments related to unfunded pension and other postretirement benefit plans were $4 million and $14 million, respectively, during the three months ended March 31, 2026.

22. Commitments and Contingencies

We are the subject of, or a party to, a number of pending or threatened legal actions, contingencies and commitments involving a variety of matters, including laws and regulations relating to the environment. Some of these matters are discussed below. For matters for which we have not recorded a liability, we are unable to estimate a range of possible loss because the issues involved have not been fully developed through pleadings, discovery or court proceedings. However, the ultimate resolution of some of these contingencies could, individually or in the aggregate, be material.

Environmental Matters

We are subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites and certain other locations including presently or formerly owned or operated retail marketing sites. Penalties may be imposed for noncompliance.

Accrued liabilities for remediation totaled $371 million and $355 million at March 31, 2026 and December 31, 2025, respectively. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties, if any, that may be imposed. Receivables for recoverable costs from certain states, under programs to assist companies in clean-up efforts related to underground storage tanks at presently or formerly owned or operated retail marketing sites, were $4 million at both March 31, 2026 and December 31, 2025.

We are involved in environmental enforcement matters arising in the ordinary course of business. While the outcome and impact on us cannot be predicted with certainty, management believes the resolution of these environmental matters will not, individually or collectively, have a material adverse effect on our consolidated results of operations, financial position or cash flows.

Climate Change Litigation

Governmental and other entities in various states have filed climate-related lawsuits against a number of energy companies, including MPC. Although each suit is separate and unique, the lawsuits generally allege defendants made knowing misrepresentations about knowingly concealing or failing to warn of the impacts of their petroleum products which led to increased demand and worsened climate change. Plaintiffs are seeking unspecified damages and abatement under various tort theories, as well as breaches of consumer protection and unfair trade statutes. We are currently subject to such proceedings in federal or state courts in Delaware and Oregon. The pending cases are: Delaware ex rel. Jennings v. BP America Inc., et al.,

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(Del. Super. Ct.) (date instituted September 10, 2020); and County of Multnomah v. Exxon Mobil Corp., et al., (Or. Cir. Ct.) (date instituted June 22, 2023).

Similar lawsuits may be filed in other jurisdictions. At this early stage, the ultimate outcome of these matters remains uncertain, and neither the likelihood of an unfavorable outcome nor the ultimate liability, if any, can be determined.

Other Legal Proceedings

Tesoro High Plains Pipeline

In July 2020, Tesoro High Plains Pipeline Company, LLC (“THPP”), a subsidiary of MPLX, received a Notification of Trespass Determination from the Bureau of Indian Affairs (“BIA”) relating to a portion of the Tesoro High Plains Pipeline. The notification demanded the immediate cessation of pipeline operations and assessed trespass damages of approximately $187 million. After subsequent appeal proceedings and in compliance with a new order issued by the BIA, THPP paid approximately $4 million in assessed trespass damages and ceased use of the portion of the pipeline that crosses the property at issue. In March 2021, the BIA issued an order purporting to vacate the BIA’s prior orders related to THPP’s alleged trespass and directed the Regional Director of the BIA to reconsider the issue of THPP’s alleged trespass and issue a new order. In April 2021, THPP filed a lawsuit in the District of North Dakota against the United States of America, the U.S. Department of the Interior and the BIA (collectively, the “U.S. Government Parties”) challenging the March 2021 order purporting to vacate all previous orders related to THPP’s alleged trespass. The case will proceed on the merits of THPP’s challenge to the March 2021 order purporting to vacate all previous orders related to THPP’s alleged trespass.

We are also a party to a number of other lawsuits and other proceedings arising in the ordinary course of business. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe that the resolution of these other lawsuits and proceedings will not, individually or collectively, have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Guarantees

We have provided certain guarantees, direct and indirect, of the indebtedness of other companies. Under the terms of most of these guarantee arrangements, we would be required to perform should the guaranteed party fail to fulfill its obligations under the specified arrangements. In addition to these financial guarantees, we also have various performance guarantees related to specific agreements.

Guarantees related to indebtedness of equity method investees

LOOP and LOCAP

MPC and MPLX hold interests in an offshore oil port, LOOP, and MPLX holds an interest in a crude oil pipeline system, LOCAP. Both LOOP and LOCAP have secured various project financings with throughput and deficiency agreements. Under the agreements, MPC, as a shipper, is required to advance funds if the investees are unable to service their debt. Any such advances are considered prepayments of future transportation charges. The duration of the agreements varies but tends to follow the terms of the underlying debt, which extend through 2040. Our maximum potential undiscounted payments under these agreements for the debt principal totaled $210 million as of March 31, 2026.

Dakota Access Pipeline

MPLX holds a 9.19 percent indirect interest in a joint venture (“Dakota Access”), which owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects (collectively, the “Bakken Pipeline system”). In 2020, the U.S. District Court for the District of Columbia (the “D.D.C.”) ordered the U.S. Army Corps of Engineers (“Army Corps”), which granted permits and an easement for the Bakken Pipeline system, to prepare an environmental impact statement (“EIS”) relating to an easement under Lake Oahe in North Dakota. The D.D.C. later vacated the easement. The Army Corps issued the final EIS in late 2025 and recommended the continued operation of the pipeline. The Army Corps may issue a Record of Decision now that the final EIS has been issued. New litigation may be filed now that the final EIS has been issued.

MPLX has entered into a Contingent Equity Contribution Agreement whereby it, along with the other joint venture owners in the Bakken Pipeline system, has agreed to make equity contributions to the joint venture upon certain events occurring, such as a vacatur of the easement resulting in a shutdown of the pipeline, to allow the entities that own and operate the Bakken Pipeline system to satisfy their senior note payment obligations.

If the vacatur of the easement results in a temporary shutdown of the pipeline, MPLX would have to contribute its 9.19 percent pro rata share of funds required to pay interest accruing on the notes and any portion of the principal that matures while the pipeline is shut down. MPLX also expects to contribute its 9.19 percent pro rata share of any costs to remediate any deficiencies to reinstate the easement and/or return the pipeline into operation. If the vacatur of the easement results in a permanent shutdown of the pipeline, MPLX would have to contribute its 9.19 percent pro rata share of the cost to redeem the bonds (including the 1 percent redemption premium required pursuant to the indenture governing the notes) and any accrued and unpaid interest. As of March 31, 2026, our maximum potential undiscounted payments under the Contingent Equity Contribution Agreement were approximately $78 million.

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Other guarantees

We have entered into other guarantees with maximum potential undiscounted payments totaling $185 million as of March 31, 2026, which primarily consist of a commitment to indemnify a joint venture member for our pro rata share of any payments made under a performance guarantee for construction of a pipeline by an equity method investee, a commitment to contribute cash to an equity method investee for certain catastrophic events in lieu of procuring insurance coverage, a commitment to pay a termination fee on a supply agreement if terminated during the initial term, a commitment to fund a share of the bonds issued by a government entity for construction of public utilities in the event that other industrial users of the facility default on their utility payments and leases of assets containing general lease indemnities and guaranteed residual values.

Contractual Commitments and Contingencies

Certain natural gas processing and gathering arrangements require us to construct natural gas processing plants, natural gas gathering pipelines and NGL pipelines and contain certain fees and charges if specified construction milestones are not achieved for reasons other than force majeure. In certain cases, certain producer customers may have the right to cancel the processing arrangements if there are significant delays that are not due to force majeure.

23. Subsequent Event

Additional $5.0 Billion Share Repurchase Authorization

On May 5, 2026, we announced that our board of directors approved an additional $5.0 billion share repurchase authorization. The authorization has no expiration date. We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended, discontinued or restarted at any time.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section should also be read in conjunction with the unaudited consolidated financial statements and accompanying footnotes included under Item 1. Financial Statements and in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025.

DISCLOSURES REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, particularly Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 3. Quantitative and Qualitative Disclosures about Market Risk, includes forward-looking statements that are subject to risks, contingencies or uncertainties. You can identify forward-looking statements by words such as “advance,” “anticipate,” “believe,” “commitment,” “continue,” “could,” “design,” “drive,” “endeavor,” “estimate,” “expect,” “focus,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,” “progress,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “strive,” “support,” “target,” “trends,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes.

Forward-looking statements include, among other things, statements regarding:

•future financial and operating results;

•environmental, social and governance (“ESG”) plans and goals, including those related to greenhouse gas emissions and intensity, freshwater withdraw intensity, inclusion and ESG reporting;

•future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses;

•the success or timing of completion of ongoing or anticipated capital or maintenance projects;

•business strategies, growth opportunities and expected investments, including plans to improve commercial performance, lower costs and optimize our asset portfolio;

•consumer demand for refined products, natural gas, renewable diesel and other renewable fuels and NGLs;

•the timing, amount and form of any future capital return transactions, including dividends and share repurchases by MPC or distributions and unit repurchases by MPLX; and

•the anticipated effects of actions of third parties such as competitors, activist investors, federal, foreign, state or local regulatory authorities, or plaintiffs in litigation.

Our forward-looking statements are not guarantees of future performance, and you should not rely unduly on them, as they involve risks, uncertainties and assumptions that we cannot predict. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Material differences between actual results and any future performance suggested in our forward-looking statements could result from a variety of factors, including the following:

•general economic, political or regulatory developments, including tariffs, inflation, interest rates, government shutdowns, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs or renewable diesel and other renewable fuels, or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act;

•the regional, national and worldwide availability and pricing of refined products, crude oil, natural gas, renewable diesel and other renewable fuels, NGLs and other feedstocks, including increased pricing volatility or supply disruptions due to the U.S.- Iran conflict and market reactions thereto;

•disruptions in credit markets or changes to credit ratings;

•the adequacy of capital resources and liquidity, including availability, timing and amounts of free cash flow necessary to execute business plans and to effect any share repurchases or to maintain or increase the dividend;

•the potential effects of judicial or other proceedings on our business, financial condition, results of operations and cash flows;

•the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels;

•volatility in or degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation, or rising interest rates;

•our ability to comply with federal and state environmental, economic, health and safety, energy and other policies and regulations and enforcement actions initiated thereunder;

•adverse market conditions or other risks affecting MPLX;

•refining industry overcapacity or under capacity;

•foreign imports and exports of crude oil, refined products, natural gas and NGLs;

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•the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments;

•changes in producer customers’ drilling plans or in volumes of throughput of crude oil, natural gas, NGLs, refined products, other hydrocarbon-based products or renewable diesel and other renewable fuels;

•non-payment or non-performance by our customers;

•changes in the cost or availability of third-party vessels, pipelines, railcars and other means of transportation for crude oil, natural gas, NGLs, feedstocks, refined products and renewable diesel and other renewable fuels;

•the price, availability and acceptance of alternative fuels and alternative-fuel vehicles and laws mandating such fuels or vehicles;

•political and economic conditions in nations that consume refined products, natural gas, renewable diesel and other renewable fuels and NGLs, including the United States and Mexico, and in crude oil producing regions, including the Middle East, Russia, Africa, Canada and South America;

•actions taken by our competitors, including pricing adjustments, the expansion and retirement of refining capacity and the expansion and retirement of pipeline capacity, processing, fractionation and treating facilities in response to market conditions;

•completion of pipeline projects within the United States;

•changes in fuel and utility costs for our facilities;

•industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers;

•acts of war, terrorism or civil unrest that could impair our ability to produce refined products, receive feedstocks or to gather, process, fractionate or transport crude oil, natural gas, NGLs, refined products or renewable diesel and other renewable fuels;

•political pressure and influence of environmental groups and other stakeholders that are adverse to the production, gathering, refining, processing, fractionation, transportation and marketing of crude oil or other feedstocks, refined products, natural gas, NGLs, other hydrocarbon-based products or renewable diesel and other renewable fuels;

•labor and material shortages;

•the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned or recently completed acquisitions or other transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC;

•the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete planned projects or to consummate planned transactions within the expected timeframe, if at all;

•the inability or failure of our joint venture partners to fund their share of operations and capital investments;

•the financing and distribution decisions of joint ventures we do not control;

•the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto;

•our ability to successfully implement our sustainable energy strategy and principles and achieve our ESG plans and goals within the expected timeframe, if at all;

•the costs, disruption and diversion of management’s attention associated with campaigns commenced by activist investors;

•personnel changes;

•the imposition of windfall profit taxes, maximum margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; and

•compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions.

For additional risk factors affecting our business, see the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2025. We undertake no obligation to update any forward-looking statements except to the extent required by applicable law.

EXECUTIVE SUMMARY

Business and Economic Environment Update

Our Refining & Marketing segment results for the first quarter of 2026 versus the first quarter of 2025 reflect higher realized refining margins supported by stable demand and higher global product prices, partially offset by derivative losses related to our economic hedging program. Longer term, global demand growth is expected to outpace the net impact of refining capacity additions and rationalizations through the end of the decade. We anticipate these fundamentals, as well as the U.S. refining industry’s current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners.

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Our Midstream segment results for the first quarter of 2026 versus the first quarter of 2025 were impacted by derivative losses resulting from increased market volatility as well as previously announced acquisition and divestiture activity as we continue to optimize our assets and execute on progressing our growth strategies in the Permian and Northeast. We believe our Midstream business is well positioned and has significant opportunities to support the development plans of its producer customers.

Strategic Updates

Strategic Petroleum Reserve

In March 2026, the U.S Department of Energy (“DOE”) accepted MPC’s bid to exchange crude oil barrels with the Strategic Petroleum Reserve (“SPR”). Under the arrangement, the SPR agreed to deliver 7.7 million barrels to MPC in the second quarter of 2026 and MPC agreed to return approximately 9.4 million barrels over an estimated period of time in 2028.

In April 2026, the DOE accepted a second bid from MPC for the exchange of crude oil barrels with the SPR. Under the arrangement, the SPR agreed to deliver 2 million barrels to MPC in the second quarter of 2026 and MPC agreed to return approximately 2.4 million barrels over an estimated period of time in 2028.

See Note 15 to the unaudited consolidated financial statements for further discussion.

Additional $5.0 Billion Share Repurchase Authorization

On May 5, 2026, we announced that our board of directors approved an additional $5.0 billion share repurchase authorization. The share repurchase authorization has no expiration date. Future repurchases under the authorization will depend on the macro environment, cash available after opportunities for capital investment and growth of the business and market conditions. As of March 31, 2026, MPC had $3.63 billion remaining under its share repurchase authorization, which does not include the additional $5.0 billion authorization described above.

See Note 8 and Note 23 to the unaudited consolidated financial statements for further discussion of our share repurchase authorizations.

Results

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) are not tied to the operational performance of the segment.

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Select results are reflected in the following table.


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Segment adjusted EBITDA for reportable segments
Refining & Marketing	$	1,377	$	489
Midstream	1,598		1,720
Renewable Diesel	38		(42)
Total reportable segments	$	3,013	$	2,167

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

Net income (loss) attributable to MPC per diluted share	$	1.73	$	(0.24)

(a) Represents MPC’s pro-rata share of expenses from joint ventures included within the Renewable Diesel segment.

(b) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.

Net income (loss) attributable to MPC was $511 million, or $1.73 per diluted share, for the first quarter of 2026 compared to $(74) million, or $(0.24) per diluted share, for the first quarter of 2025.

Refer to the Results of Operations section for a discussion of consolidated financial results and Segment Results for the first quarter of 2026 as compared to the first quarter of 2025.

MPLX

We owned approximately 647 million MPLX common units as of March 31, 2026, with a market value of $36.95 billion based on the March 31, 2026 closing price of $57.07 per common unit. On April 28, 2026, MPLX declared a quarterly cash distribution of $1.0765 per common unit, payable on May 15, 2026 to unitholders of record on May 8, 2026. MPC’s portion of this distribution is approximately $697 million.

We received limited partner distributions from MPLX of $697 million in the three months ended March 31, 2026 and $619 million in the three months ended March 31, 2025.

During the three months ended March 31, 2026, MPLX repurchased approximately 1 million MPLX common units at an average cost per unit of $56.63 and paid $50 million of cash for the repurchased common units. As of March 31, 2026, approximately $1.07 billion remained available under authorizations for future unit repurchases.

See Note 3 to the unaudited consolidated financial statements for additional information on MPLX.

OVERVIEW OF SEGMENTS

Refining & Marketing

Refining & Marketing segment adjusted EBITDA depends largely on our refinery throughputs, Refining & Marketing margin, refining operating costs and distribution costs.

Refining & Marketing margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined, including the costs to transport these inputs to our refineries and the costs of products purchased for resale. The crack spread is a measure of the difference between market prices for refined products and crude oil,

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commonly used by the industry as a proxy for the refining margin. Crack spreads can fluctuate significantly, particularly when prices of refined products do not move in the same relationship as the cost of crude oil. As a performance benchmark and a comparison with other industry participants, we calculate Gulf Coast, Mid-Continent and West Coast crack spreads that we believe most closely track our operations and slate of products. The following are used for these crack spread calculations:

•The Gulf Coast crack spread uses three barrels of MEH crude producing two barrels of USGC CBOB gasoline and one barrel of USGC ULSD;

•The Mid-Continent crack spread uses three barrels of WTI crude producing two barrels of Chicago CBOB gasoline and one barrel of Chicago ULSD; and

•The West Coast crack spread uses three barrels of ANS crude producing two barrels of LA CARBOB and one barrel of LA CARB Diesel.

Our refineries can process a variety of sweet and sour crude oil, which typically can be purchased at a discount to crude oil referenced in our Gulf Coast, Mid-Continent and West Coast crack spreads. The amount of these discounts, which we refer to as the sweet differential and the sour differential, can vary significantly, causing our Refining & Marketing margin to differ from blended crack spreads. In general, larger sweet and sour differentials will enhance our Refining & Marketing margin.

Future crude oil differentials will be dependent on a variety of market and economic factors, as well as U.S. energy policy.

The following table provides sensitivities showing an estimated change in annual Refining & Marketing segment adjusted EBITDA due to potential changes in market conditions.


(Millions of dollars)
Blended crack spread sensitivity(a) (per $1.00/barrel change)	$	1,125
Sour differential sensitivity(b) (per $1.00/barrel change)	520
Sweet differential sensitivity(c) (per $1.00/barrel change)	520
Natural gas price sensitivity(d) (per $1.00/MMBtu)	360

(a)Crack spread based on 42 percent MEH, 40 percent WTI and 18 percent ANS with Gulf Coast, Mid-Continent and West Coast product pricing, respectively, and assumes all other differentials and pricing relationships remain unchanged.

(b)Sour crude oil basket consists of the following crudes: ANS, Argus Sour Crude Index, Maya and Western Canadian Select. We assume approximately 50 percent of the crude processed at our refineries in 2026 will be sour crude.

(c)Sweet crude oil basket consists of the following crudes: Bakken, Brent, MEH, WTI-Cushing and WTI-Midland. We assume approximately 50 percent of the crude processed at our refineries in 2026 will be sweet crude.

(d)This is consumption-based exposure for our Refining & Marketing segment and does not include the sales exposure for our Midstream segment.

In addition to the market changes indicated by the crack spreads, the sour differential and the sweet differential, our Refining & Marketing margin is impacted by factors such as:

•the selling prices realized for refined products;

•the types of crude oil and other charge and blendstocks processed;

•our refinery yields;

•the cost of products purchased for resale;

•the impact of commodity derivative instruments used to hedge price risk;

•the potential impact of lower of cost or market adjustments to inventories in periods of declining prices;

•the potential impact of LIFO adjustments; and

•the cost of purchasing RINs in the open market to comply with RFS requirements.

Refining & Marketing segment adjusted EBITDA is also affected by changes in refining operating costs in addition to committed distribution costs. Changes in operating costs are primarily driven by the cost of energy used by our refineries, including purchased natural gas, and the level of maintenance costs. Distribution costs primarily include long-term agreements with MPLX, which as discussed below include minimum commitments to MPLX, and will negatively impact segment adjusted EBITDA in periods when throughput or sales are lower or refineries are idled.

We have various long-term, fee-based commercial agreements with MPLX. Under these agreements, MPLX, which is reported in our Midstream segment, provides transportation, storage, distribution and marketing services for our Refining & Marketing segment. Certain of these agreements include commitments for minimum quarterly throughput and distribution volumes of crude oil and refined products and minimum storage volumes of crude oil, refined products and other products. Certain other agreements include commitments to pay for 100 percent of available capacity for certain marine transportation and refining logistics assets.

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Midstream

Our Midstream segment gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products, principally for our Refining & Marketing segment. Additionally, the segment markets refined products. The profitability of our pipeline transportation operations primarily depends on tariff rates and the volumes shipped through the pipelines. The profitability of our marine operations primarily depends on the quantity and availability of our vessels and barges. The profitability of our light product terminal operations primarily depends on the throughput volumes at these terminals. The profitability of our fuels distribution services primarily depends on the sales volumes of certain refined products. The profitability of our refining logistics operations depends on the quantity and availability of our refining logistics assets. A majority of the crude oil and refined product shipments on our pipelines and marine vessels and the refined product throughput at our terminals serve our Refining & Marketing segment and our refining logistics assets and fuels distribution services are used solely by our Refining & Marketing segment. As discussed above in the Refining & Marketing section, MPLX, which is reported in our Midstream segment, has various long-term, fee-based commercial agreements related to services provided to our Refining & Marketing segment. Under these agreements, MPLX has received various commitments of minimum throughput, storage and distribution volumes as well as commitments to pay for all available capacity of certain assets. The volume of crude oil that we transport is directly affected by the supply of, and refiner demand for, crude oil in the markets served directly by our crude oil pipelines, terminals and marine operations. Key factors in this supply and demand balance are the production levels of crude oil by producers in various regions or fields, the availability and cost of alternative modes of transportation, the volumes of crude oil processed at refineries and refinery and transportation system maintenance levels. The volume of refined products that we transport, store, distribute and market is directly affected by the production levels of, and user demand for, refined products in the markets served by our refined product pipelines and marine operations. In most of our markets, demand for gasoline and distillate peaks during the summer driving season, which extends from May through September of each year, and declines during the fall and winter months. As with crude oil, other transportation alternatives and system maintenance levels influence refined product movements.

Our Midstream segment also gathers, treats, processes and transports natural gas and transports, fractionates, stores and markets NGLs. 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 our control. Our Midstream segment profitability is affected by prevailing commodity prices primarily as a result of processing or conditioning at our own or third‑party processing plants, purchasing and selling or gathering and transporting volumes of natural gas at index‑related prices and the cost of third‑party transportation and fractionation services. To the extent that commodity prices influence the level of natural gas drilling by our producer customers, such prices also affect profitability.

Renewable Diesel

Our Renewable Diesel segment processes renewable feedstocks into renewable diesel, markets and distributes renewable diesel and includes joint ventures that produce renewable diesel and renewable feedstocks.

Our Renewable Diesel segment adjusted EBITDA is affected by changes in operating costs, distribution costs, throughput and certain regulatory credits.

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RESULTS OF OPERATIONS

The following discussion includes comments and analysis relating to our results of operations. This discussion should be read in conjunction with Item 1. Financial Statements and is intended to provide investors with a reasonable basis for assessing our historical operations, but should not serve as the only criteria for predicting our future performance.

Consolidated Results of Operations


	Three Months Ended March 31,
(Millions of dollars)	2026		2025		Variance
Revenues and other income:
Sales and other operating revenues	$	34,200	$	31,517	$	2,683
Income from equity method investments	176		230		(54)

Other income	192		103		89
Total revenues and other income	34,568		31,850		2,718

Costs and expenses:
Cost of revenues (excludes items below)	31,261		29,360		1,901
Depreciation and amortization	809		793		16
Selling, general and administrative expenses	867		783		84
Other taxes	227		227		—
Total costs and expenses	33,164		31,163		2,001

Income from operations	1,404		687		717
Net interest and other financial costs	370		304		66
Income before income taxes	1,034		383		651
Provision for income taxes	183		37		146
Net income	851		346		505
Less net income attributable to:
Noncontrolling interests	340		420		(80)
Net income (loss) attributable to MPC	$	511	$	(74)	$	585

First Quarter 2026 Compared to First Quarter 2025

Net income attributable to MPC increased $585 million in the first quarter of 2026 compared to the first quarter of 2025 primarily due to the following:

Revenues and other income increased $2.72 billion primarily due to:

•increased sales and other operating revenues of $2.68 billion mainly due to an increase in Refining & Marketing segment average refined product sales prices of $0.15 per gallon and increased refined product sales volumes of 105 mbpd;

•decreased income from equity method investments of $54 million largely due to decreased income from our Martinez Renewables JV of $46 million as a result of planned turnaround activity; and

•increased other income of $89 million primarily due to approximately $58 million of clean fuel production tax credits, of which $32 million related to 2025 activity, and increased RIN sales of $28 million.

Costs and expenses increased $2.0 billion primarily due to:

•increased cost of revenues of $1.90 billion mainly due to increased finished product purchases and unrealized derivative losses related to our economic hedging program; and

•increased selling, general and administrative expenses of $84 million primarily due to quarterly fair-value remeasurement of outstanding performance-based stock compensation of $42 million and increased employee related costs of $34 million.

Net interest and other financial costs increased $66 million largely due to increased interest expense, primarily due to higher MPLX borrowings, and decreased interest income.

We recorded a combined federal, state and foreign income tax provision of $183 million for the three months ended March 31, 2026 and $37 million for the three months ended March 31, 2025. The rate for the three months ended March 31, 2026 was

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lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes while the rate for the three months ended March 31, 2025 was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests and discrete state tax benefits.

Net income attributable to noncontrolling interests decreased $80 million mainly due to a decrease in MPLX’s net income in the first quarter of 2026. See further discussion in the Segment Results-Midstream section.

Segment Results

We classify our business in the following reportable segments: Refining & Marketing, Midstream and Renewable Diesel. Segment adjusted EBITDA represents adjusted EBITDA attributable to the reportable segments. 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.

Our segment adjusted EBITDA for reportable segments was $3.01 billion and $2.17 billion for the three months ended March 31, 2026 and 2025, respectively.

Refining & Marketing

The following includes key financial and operating data for the first quarter of 2026 compared to the first quarter of 2025.

(a)Includes intersegment sales to the Midstream segment and sales destined for export.

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	Three Months Ended March 31,
	2026		2025
Refining & Marketing Operating Statistics
Net refinery throughput (mbpd)	2,850		2,849


Refining & Marketing margin per barrel(a)(b)	$	17.74	$	13.38
Less:
Refining operating costs per barrel(c)	6.23		5.74
Distribution costs per barrel(d)	6.16		5.77

Other income per barrel(e)	(0.02)		(0.04)
Refining & Marketing segment adjusted EBITDA per barrel	$	5.37	$	1.91

Refining planned turnaround costs per barrel	$	2.07	$	1.77

Depreciation and amortization per barrel	1.51		1.58
Per barrel fees paid to MPLX included in distribution costs above	3.97		3.86

(a)Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.

(b)See “Non-GAAP Financial Measures” section for reconciliation and further information regarding this non-GAAP financial measure.

(c)Refining operating costs exclude planned turnaround and depreciation and amortization expense.

(d)Distribution costs exclude depreciation and amortization expense.

(e)Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.

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The following information presents certain benchmark prices in our marketing areas and market indicators that we believe are helpful in understanding the results of our Refining & Marketing segment. The benchmark crack spreads below do not reflect the market cost of RINs necessary to meet EPA renewable volume obligations for attributable products under the Renewable Fuel Standard program.


	Three Months Ended March 31,
	2026		2025
Benchmark Spot Prices (dollars per gallon)
Chicago CBOB unleaded regular gasoline	$	2.00	$	1.98
Chicago ULSD	2.52		2.12
USGC CBOB unleaded regular gasoline	2.09		1.98
USGC ULSD	2.74		2.29
LA CARBOB	2.58		2.36
LA CARB diesel	2.87		2.38

Market Indicators (dollars per barrel)
WTI	$	72.67	$	71.42
MEH	74.66		72.81
ANS	78.04		75.96
Crack Spreads:
Mid-Continent WTI 3-2-1	$	10.85	$	9.40
USGC MEH 3-2-1	14.65		10.02
West Coast ANS 3-2-1	26.95		18.57
Blended 3-2-1(a)	15.34		11.31

Crude Oil Differentials:
Sweet	$	(1.02)	$	(0.80)
Sour	(4.84)		(3.25)

(a) Blended 3-2-1 Mid-Continent/USGC/West Coast crack spread is 40/42/18 percent in 2026 and 2025.

First Quarter 2026 Compared to First Quarter 2025

Refining & Marketing segment revenues increased $2.84 billion primarily due to an increase in average refined product sales prices of $0.15 per gallon and increased refined product sales volumes of 105 mbpd.

Refining & Marketing segment adjusted EBITDA increased $888 million mainly due to increased per barrel margins, partially offset by increased refining operating and distribution costs, both excluding depreciation and amortization. Refining & Marketing segment adjusted EBITDA was $5.37 per barrel for the first quarter of 2026, versus $1.91 per barrel for the first quarter of 2025.

Refining & Marketing margin was $17.74 per barrel for the first quarter of 2026 compared to $13.38 per barrel for the first quarter of 2025. Results benefited from higher crack spreads, partially offset by unrealized derivative losses related to our economic hedging program. Refining & Marketing margin is affected by our performance against the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net positive impact of approximately $1.3 billion on Refining & Marketing margin for the first quarter of 2026 compared to the first quarter of 2025. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, the effect of market structure on our crude oil acquisition prices, the effect of RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net negative effect of approximately $200 million on Refining & Marketing segment adjusted EBITDA in the first quarter of 2026 compared to the first quarter of 2025.

We purchase RINs to satisfy a portion of our RFS compliance. Our expenses associated with purchased RINs and included in Refining & Marketing margin were $593 million and $354 million in the first quarter of 2026 and 2025, respectively. The increase in the first quarter of 2026 was mainly due to increased RIN obligations, lower RINs generated and acquired from our Martinez Renewables JV due to turnaround activity and higher RIN costs.

For the three months ended March 31, 2026, refining operating costs, excluding depreciation and amortization, increased $127 million, or $0.49 per barrel, largely due to increased project related expense associated with increased turnaround activity during the quarter.

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Distribution costs, excluding depreciation and amortization, increased $103 million, or $0.39 per barrel, and include fees paid to MPLX. The change in the first quarter of 2026 primarily reflects rate increases and increased third party marine costs.

Refining planned turnaround costs increased $0.30 per barrel, or $76 million, due to the scope and timing of turnaround activity.

Supplemental Refining & Marketing Statistics


	Three Months Ended March 31,
	2026	2025
Refining & Marketing Operating Statistics
Crude oil capacity utilization percent(a)	89	89

Refinery throughput (mbpd):
Crude oil refined	2,664	2,623
Other charge and blendstocks	186	226
Net refinery throughput	2,850	2,849

Sour crude oil throughput percent	48	46
Sweet crude oil throughput percent	52	54

Refined product yields (mbpd):
Gasoline	1,414	1,485
Distillates	1,023	1,029
Propane	62	67
NGLs and petrochemicals	181	162
Heavy fuel oil	125	74
Asphalt	76	74
Total	2,881	2,891

Refined product export sales volumes (mbpd)(b)	362	387

(a)Based on calendar-day capacity, which is an annual average that includes down time for planned maintenance and other normal operating activities.

(b)Represents fully loaded refined product export cargoes for each time period. These sales volumes are included in the total sales volume amounts.

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Midstream

The following includes key financial and operating data for the first quarter of 2026 compared to the first quarter of 2025.

(a)On owned common-carrier pipelines, excluding equity method investments.

(b)Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

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	Three Months Ended March 31,
Benchmark Prices	2026		2025
Natural Gas NYMEX HH (per MMBtu)	$	3.48	$	3.87
C2 + NGL Pricing (per gallon)(a)	$	0.75	$	0.93

(a)C2 + NGL pricing based on Mont Belvieu prices assuming an NGL barrel of approximately 10 percent ethane, 60 percent propane, five percent Iso-Butane, 15 percent normal butane and 10 percent natural gasoline.

First Quarter 2026 Compared to First Quarter 2025

In the first quarter of 2026, Midstream segment adjusted EBITDA decreased $122 million mainly due to decreased sales and operating revenues of $86 million. These decreases were primarily driven by derivative losses of $77 million in the first quarter of 2026 and a $37 million non-recurring benefit associated with a customer agreement in the first quarter of 2025, with acquisition and divestiture activity also having an impact.

Renewable Diesel

The following includes key financial and operating data for the first quarter of 2026 compared to the first quarter of 2025.

(a) Includes intersegment sales to the Refining & Marketing segment.

(b) Includes Dickinson facility production and purchased product from our Martinez Renewables JV.

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First Quarter 2026 Compared to First Quarter 2025

Renewable Diesel segment revenues decreased $47 million, primarily due to decreased sales volume of 180 thousand gallons per day, due to decreased utilization from planned turnaround activity at our Martinez Renewables JV in the first quarter of 2026, partially offset by higher sales prices. Renewable Diesel segment adjusted EBITDA increased $80 million, primarily due to an increase in Renewable Diesel margin, which was $133 million for the first quarter of 2026 compared to $26 million for the first quarter of 2025, in addition to recognition of clean fuel production tax credits due to clarity on 45Z regulation. This was partially offset by decreased utilization due to planned downtime at our Martinez Renewables JV.

See “Non-GAAP Financial Measures” section for reconciliation of Renewable Diesel margin.

Corporate


(millions of dollars)	Three Months Ended March 31,
	2026		2025
Corporate(a)	$	(274)	$	(210)

(a)Corporate costs consist primarily of MPC’s corporate administrative expenses and costs related to certain non-operating assets, except for corporate overhead expenses attributable to MPLX, which are included in the Midstream segment. Corporate costs include depreciation and amortization of $24 million and $18 million for the first quarter of 2026 and 2025, respectively.

First Quarter 2026 Compared to First Quarter 2025

In the first quarter of 2026, corporate expenses increased $64 million primarily due to the fair-value remeasurement of outstanding performance-based stock compensation of $23 million driven by recent stock performance as well as environmental remediation expense related to historical operations at the Martinez refinery of $21 million.

Items not Allocated to Segments


(millions of dollars)	Three Months Ended March 31,
	2026		2025
Items not allocated to segments:
Clean fuel production tax credit	$	32	$	—

First Quarter 2026 Compared to First Quarter 2025

Items not allocated to segments of $32 million in the first quarter of 2026 are the 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.

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Non-GAAP Financial Measures

Management uses financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. The non-GAAP financial measures we use are as follows:

Refining & Marketing Margin

Refining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Refining & Marketing segment adjusted EBITDA to Refining & Marketing gross margin and Refining & Marketing margin


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Refining & Marketing segment adjusted EBITDA	$	1,377	$	489
Plus (Less):
Depreciation and amortization	(387)		(406)
Refining planned turnaround costs	(530)		(454)

Selling, general and administrative expenses	650		624
(Income) loss from equity method investments	2		(5)

Other income	(101)		(68)
Refining & Marketing gross margin	1,011		180
Plus (Less):
Operating expenses (excluding depreciation and amortization)	3,248		2,984
Depreciation and amortization	387		406
Gross margin excluded from and other income included in Refining & Marketing margin(a)	(44)		(70)
Other taxes included in Refining & Marketing margin	(52)		(70)
Refining & Marketing margin	$	4,550	$	3,430

(a)Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income.

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Renewable Diesel Margin

Renewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and purchased product costs. We use, and believe our investors use, this non-GAAP financial measure to evaluate our Renewable Diesel segment’s operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Renewable Diesel segment adjusted EBITDA to Renewable Diesel gross margin and Renewable Diesel margin


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Renewable Diesel segment adjusted EBITDA	$	38	$	(42)
Plus (Less):
Depreciation and amortization	(16)		(18)
Renewable Diesel JV depreciation and amortization(a)	(22)		(22)
Renewable Diesel planned turnaround costs	(1)		(11)
Renewable Diesel JV planned turnaround costs(a)	(29)		(8)

Selling, general and administrative expenses	8		9
(Income) loss from equity method investments	29		(16)

Other income	(28)		(3)
Renewable Diesel gross margin	(21)		(111)
Plus (Less):
Operating expenses (excluding depreciation and amortization)	117		98
Depreciation and amortization	16		18
Martinez Renewables JV depreciation and amortization	21		21
Renewable Diesel margin	$	133	$	26

(a) Represents MPC’s pro-rata share of expenses from joint ventures included within the Renewable Diesel segment.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

Our consolidated cash and cash equivalents balance was approximately $2.15 billion at March 31, 2026 compared to $3.67 billion at December 31, 2025. Net cash provided by (used in) operating activities, investing activities and financing activities are presented in the following table.


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Net cash provided by (used in):
Operating activities	$	1,121	$	(64)
Investing activities	(1,047)		(923)
Financing activities	(1,596)		1,589
Total increase (decrease) in cash	$	(1,522)	$	602

Operating Activities

Net cash provided by operating activities increased $1.19 billion in the first three months of 2026 compared to the first three months of 2025. The change in net cash provided by operating activities was primarily due to an increase in operating results and a favorable change in working capital of $501 million, when comparing the change in working capital in both periods.

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For the first three months of 2026, changes in working capital, excluding changes in short-term debt, were a net $573 million use of cash mainly due to the effects of changes in energy commodity prices and volumes, including derivatives, at the end of the period. Accounts payable increased primarily due to increases in crude oil prices. Current receivables increased primarily due to increases in crude oil prices and volumes in addition to an increase in refined product prices, partially offset by refined product volumes. Inventories increased largely due to increases in refined product and crude oil inventory volumes, partially offset by a decrease in materials and supplies inventory volumes.

For the first three months of 2025, changes in working capital, excluding changes in short-term debt, were a net $1.07 billion use of cash primarily due to the effects of changes in energy commodity prices and volumes at the end of the period. Current receivables increased primarily due to increases in crude oil volumes. Inventories increased primarily due to increases in refined product and crude oil inventory volumes. Accounts payable increased primarily due to increases in crude oil volumes partially offset by decreases in crude oil prices.

Investing Activities

Investing activities were a net $1.05 billion use of cash in the first three months of 2026 compared to a net $923 million use of cash in the first three months of 2025.

•Additions to property, plant and equipment increased $250 million. See the Capital Requirements section for additional information on our capital expenditures and investments.

•Cash used for acquisitions of $237 million in the first three months of 2025 was due to an acquisition in our Midstream segment.

•Cash used in net investments was $302 million for the first three months of 2026 compared to $111 million for the first three months of 2025. In the first three months of 2026, investments primarily included contributions to MPLX and Renewable Diesel equity method investments. The first three months of 2025 primarily included contributions to MPLX equity method investments.

The consolidated statements of cash flows exclude changes to the consolidated balance sheets that did not affect cash. A reconciliation of additions to property, plant and equipment per the consolidated statements of cash flows to reported total capital expenditures and investments follows.


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Additions to property, plant and equipment per the consolidated statements of cash flows	$	913	$	663

Increase (decrease) in capital accruals	99		(19)
Total capital expenditures	1,012		644
Investments in equity method investees(a)	240		132
Total capital expenditures and investments	$	1,252	$	776

Financing Activities

Financing activities were a net $1.60 billion use of cash in the first three months of 2026 compared to a net $1.59 billion source of cash in the first three months of 2025.

•Long-term debt borrowings and repayments were a net $64 million use of cash in the first three months of 2026 compared to a net $3.41 billion source of cash in the first three months of 2025. During the first three months of 2026, MPLX issued $1.5 billion aggregate principal amount of senior notes and repaid $1.5 billion aggregate principal amount of senior notes that were due in March 2026. During the first three months of 2025, MPC issued $2.0 billion aggregate principal amount of senior notes and MPLX issued $2.0 billion aggregate principal amount of senior notes and repaid $500 million aggregate principal amount of senior notes.

•During the first three months of 2026, we borrowed and repaid $3.86 billion under our commercial paper program. We had no activity under our commercial paper program during the first three months of 2025.

•Cash used in common stock repurchases, including fees and expenses, totaled $750 million in the first three months of 2026 compared to $1.06 billion in the first three months of 2025. See the Capital Requirements section for further discussion of our stock repurchases.

•Cash used in dividend payments increased $10 million for the first three months of 2026 compared to the first three months of 2025 due to a 10 percent increase in per share dividends, partially offset by a reduction of shares outstanding resulting from share repurchases.

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•Cash used in distributions to noncontrolling interests increased $37 million for the first three months of 2026 compared to the first three months of 2025 primarily due to an increase in MPLX’s distribution per common unit.

•Cash used in repurchases of noncontrolling interests was $50 million in the first three months of 2026 and $100 million in the first three months of 2025 related to the repurchase of MPLX common units. See Note 3 to the unaudited consolidated financial statements for further discussion of MPLX.

Derivative Instruments

See Item 3. Quantitative and Qualitative Disclosures about Market Risk for a discussion of derivative instruments and associated market risk.

Capital Resources

MPC, Excluding MPLX

We control MPLX through our ownership of the general partner; however, the creditors of MPLX do not have recourse to MPC’s general credit through guarantees or other financial arrangements, except as noted. MPC has effectively guaranteed certain indebtedness of LOOP and LOCAP, in which MPLX holds an interest. Therefore, in the following table, we present the liquidity of MPC, excluding MPLX. MPLX liquidity is discussed in the following section.

Our liquidity, excluding MPLX, totaled $5.64 billion at March 31, 2026 consisting of:


	March 31, 2026
(Millions of dollars)	Total Capacity		Outstanding Borrowings		Outstanding Letters of Credit		Available Capacity
Bank revolving credit facility	$	5,000	$	—	$	1	$	4,999
Trade receivables facility(a)	100		—		100		—
Total	$	5,100	$	—	$	101	$	4,999

Cash and cash equivalents and short-term investments(b)							645
Total liquidity							$	5,644

(a)The committed borrowing and letter of credit issuance capacity under the trade receivables securitization facility is $100 million. In addition, the facility allows for the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks. As of March 31, 2026, letters of credit in the total amount of $726 million were issued and outstanding under the facility to secure contracts awarded by the U.S. Department of Energy to purchase crude oil from the SPR.

(b) Excludes $1.51 billion of MPLX cash and cash equivalents.

We have a commercial paper program that allows us to have a maximum of $2.0 billion in commercial paper outstanding. We do not intend to have outstanding commercial paper borrowings in excess of available capacity under our bank revolving credit facility. At March 31, 2026, we had no borrowings outstanding under the commercial paper program.

Because of the alternatives available to us, including internally generated cash flow, access to capital markets and a commercial paper program, we believe that our short-term and long-term liquidity is adequate to fund not only our current operations, but also our near-term (less than twelve months) and long-term funding requirements, including capital spending programs, the repurchase of shares of our common stock, dividend payments, defined benefit plan contributions, repayment of debt maturities and other amounts that may ultimately be paid in connection with contingencies.

On April 7, 2026, MPC entered into a new revolving credit facility to replace its previously existing revolving credit facility, which was scheduled to expire July 2027. The new facility is for a five-year term which will expire April 2031. MPC’s total capacity under the revolving credit facility agreement remains at $5.0 billion, and includes sub-facilities for swing-line loans of up to $300 million and letters of credit of up to $2.0 billion.

MPC’s bank revolving credit facility and trade receivables facility contain representations and warranties, affirmative and negative covenants and restrictions, including financial covenants, and events of default that we consider usual and customary for agreements of a similar type and nature. As of March 31, 2026, we were in compliance with such covenants and restrictions.

Our intention is to maintain an investment-grade credit profile. As of March 31, 2026, the credit ratings on our senior unsecured debt are as follows.


Company	Rating Agency	Rating
MPC	Moody’s	Baa2 (stable outlook)
	Standard & Poor’s	BBB (stable outlook)
	Fitch	BBB (stable outlook)

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The ratings reflect the respective views of the rating agencies and should not be interpreted as a recommendation to buy, sell or hold our securities. Although it is our intention to maintain a credit profile that supports an investment grade rating, there is no assurance that these ratings will continue for any given period of time. The ratings may be revised or withdrawn entirely by the rating agencies if, in their respective judgments, circumstances so warrant. A rating from one rating agency should be evaluated independently of ratings from other rating agencies.

The agreements governing MPC’s debt obligations do not contain credit rating triggers that would result in the acceleration of interest, principal or other payments in the event that our credit ratings are downgraded. However, any downgrades of our senior unsecured debt could increase the applicable interest rates, yields and other fees payable under such agreements and may limit our flexibility to obtain financing in the future, including to refinance existing indebtedness. In addition, a downgrade of our senior unsecured debt rating to below investment-grade levels could, under certain circumstances, impact our ability to purchase crude oil on an unsecured basis and could result in us having to post letters of credit or other security under existing transportation services or other agreements.

See Note 16 to the unaudited consolidated financial statements for further discussion of our debt.

MPLX

MPLX’s liquidity totaled $5.0 billion at March 31, 2026 consisting of:


	March 31, 2026
(Millions of dollars)	Total Capacity		Outstanding Borrowings		Outstanding Letters of Credit		Available Capacity
MPLX LP - bank revolving credit facility	$	2,000	$	—	$	—	$	2,000
MPC intercompany loan agreement	1,500		—		—		1,500
Total	$	3,500	$	—	$	—	$	3,500
Cash and cash equivalents							1,506
Total liquidity							$	5,006

On February 12, 2026, MPLX issued $1.0 billion aggregate principal amount of 5.300 percent senior notes due 2036 (the “2036 Senior Notes”) and $500 million aggregate principal amount of 6.100 percent senior notes due 2056 (the “2056 Senior Notes”) in an underwritten public offering, The 2036 Senior Notes were offered at a price to the public of 99.678 percent of par, with interest payable semi-annually in arrears, commencing on October 1, 2026. The 2056 Senior Notes were offered at a price to the public of 98.453 percent of par, with interest payable semi-annually in arrears, commencing on October 1, 2026.

In March 2026, MPLX repaid all of MPLX’s outstanding $1.5 billion aggregate principal amount of 1.750 percent senior notes due March 2026 at maturity.

On April 7, 2026, MPLX entered into a new revolving credit facility to replace its previously existing revolving credit facility, which was scheduled to expire July 2027. The new facility is for a five-year team which will expire April 2031. MPLX’s total capacity under the new revolving credit facility was increased from $2.0 billion to $2.5 billion, and includes sub-facilities for swing-line loans of up to $150 million and letters of credit of up to $150 million.

MPLX’s bank revolving credit facility contains certain representations and warranties, covenants and restrictions, including financial covenants, and events of default that we consider to be usual and customary for an agreement of this type. As of March 31, 2026, MPLX was in compliance with such covenants.

Our intention is to maintain an investment-grade credit profile for MPLX. As of March 31, 2026, the credit ratings on MPLX’s senior unsecured debt are as follows.


Company	Rating Agency	Rating
MPLX	Moody’s	Baa2 (stable outlook)
	Standard & Poor’s	BBB (stable outlook)
	Fitch	BBB (stable outlook)

The ratings reflect the respective views of the rating agencies and should not be interpreted as a recommendation to buy, sell or hold MPLX securities. Although it is our intention to maintain a credit profile that supports an investment grade rating for MPLX, there is no assurance that these ratings will continue for any given period of time. The ratings may be revised or withdrawn entirely by the rating agencies if, in their respective judgments, circumstances so warrant. A rating from one rating agency should be evaluated independently of ratings from other rating agencies.

The agreements governing MPLX’s debt obligations do not contain credit rating triggers that would result in the acceleration of interest, principal or other payments in the event that MPLX credit ratings are downgraded. However, any downgrades of MPLX

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senior unsecured debt to below investment-grade ratings could increase the applicable interest rates, yields and other fees payable under such agreements. In addition, a downgrade of MPLX senior unsecured debt ratings to below investment-grade levels may limit MPLX’s ability to obtain future financing, including to refinance existing indebtedness.

See Note 16 to the unaudited consolidated financial statements for further discussion of MPLX’s debt.

Capital Requirements

Capital Expenditures and Investments

Capital expenditures and investments in affiliates during the three months ended March 31, 2026 were primarily for Refining & Marketing segment and Midstream segment projects. Major Refining & Marketing segment projects include continued high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries. In addition to these multi-year investments, we are executing shorter-term projects that offer high returns through margin enhancement and cost reduction. Our capital investment outlook for Marketing includes continuing to expand the reach and presence of our branded stations in support of strong value capture.

Our Midstream segment capital expenditures and investments in affiliates were primarily focused on expanding our Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support producer activity, and investing in new gas processing plants in the Marcellus and Permian. The remainder of our Midstream capital plan targets the debottlenecking of existing assets to meet customer demand. We continuously evaluate our capital plan and make changes as conditions warrant.

Capital expenditures and investments for MPC and MPLX are summarized below.


	Three Months Ended March 31,
(Millions of dollars)	2026		2025
Capital expenditures and investments:(a)
MPC, excluding MPLX
Refining & Marketing	$	328	$	362
Midstream - Other	6		5
Renewable Diesel(b)	—		1
Corporate and Other(c)	2		9
Total MPC, excluding MPLX	$	336	$	377

Midstream - MPLX(d)	$	886	$	381

(a) Capital expenditures include changes in capital accruals.

(b) 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.

(c) Excludes capitalized interest of $30 million and $18 million for the three months ended March 31, 2026 and 2025, respectively.

(d) Includes reimbursable capital of $39 million.

Share Repurchases

Total share repurchases were as follows for the respective periods:


	Three Months Ended March 31,
(In millions, except per share data)	2026		2025
Number of shares repurchased	4		7
Cash paid for shares repurchased	$	750	$	1,057
Average cost per share(a)	$	213.45	$

Marathon Petroleum Corp 10-Q