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Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. It operates one of the largest refining systems in the United States, with a refining capacity of approximately 3.0 million barrels per day. MPC's main business activities include refining crude oil and other feedstocks, distributing refined products, and managing midstream operations through MPLX LP . The company sells refined products, including renewable diesel, to wholesale marketing customers both domestically and internationally, and also markets natural gas liquids (NGLs) .
- Refining & Marketing - Refines crude oil and other feedstocks, including renewable feedstocks, and distributes refined products such as renewable diesel. Sells refined products to wholesale marketing customers domestically and internationally, and through long-term supply contracts with direct dealers.
- Midstream - Conducted primarily through MPLX LP, gathers, transports, stores, and distributes crude oil, refined products, and other hydrocarbon-based products. Also gathers, processes, and transports natural gas and markets natural gas liquids (NGLs) .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Maryann T. Mannen ExecutiveBoard | President and CEO | Board Member at Owens Corning | Maryann T. Mannen became President and CEO of MPC on August 1, 2024, succeeding Michael J. Hennigan. She joined MPC in January 2021 as EVP and CFO. | View Report → |
Michael J. Hennigan ExecutiveBoard | Executive Chairman of the Board | Board Member at Nutrien Ltd. | Michael J. Hennigan transitioned to Executive Chairman on August 1, 2024, after serving as CEO since March 2020. | |
Brian K. Partee Executive | Chief Global Optimization Officer | None | Brian K. Partee has been Chief Global Optimization Officer since January 1, 2024. | |
David R. Heppner Executive | SVP, Strategy and Business Development | None | David R. Heppner has been SVP, Strategy and Business Development since February 24, 2021. | |
Ehren D. Powell Executive | SVP and Chief Digital Officer | None | Ehren D. Powell has been SVP and Chief Digital Officer since July 2020. | |
Erin M. Brzezinski Executive | VP and Controller | None | Erin M. Brzezinski became VP and Controller on January 8, 2024. | |
Fiona C. Laird Executive | Chief Human Resources Officer and SVP Communications | None | Fiona C. Laird has been Chief Human Resources Officer and SVP Communications since February 2021. | |
Gregory S. Floerke Executive | EVP and COO of MPLX LP LLC | None | Gregory S. Floerke is EVP and COO of MPLX LP LLC, a subsidiary of MPC. | |
James R. Wilkins Executive | SVP, Health, Environment, Safety and Security | None | James R. Wilkins has been SVP, Health, Environment, Safety and Security since February 2021. | |
John J. Quaid Executive | EVP and CFO | Board Member of the general partner of MPLX | John J. Quaid became EVP and CFO of MPC on January 1, 2024, after serving as EVP and CFO of MPLX. | |
Kelly S. Niese Executive | VP, Treasury | None | Kelly S. Niese has been VP, Treasury since January 2023. | |
Kristina A. Kazarian Executive | VP of Finance and Investor Relations | None | Kristina A. Kazarian has been VP of Finance and Investor Relations since January 2023. | |
Molly R. Benson Executive | Chief Legal Officer and Corporate Secretary | None | Molly R. Benson became Chief Legal Officer and Corporate Secretary on January 1, 2024. | |
Rick D. Hessling Executive | Chief Commercial Officer | None | Rick D. Hessling became Chief Commercial Officer on January 1, 2024. | |
Shawn M. Lyon Executive | SVP, Logistics & Storage | Board Chair of the Louisiana Offshore Oil Port (LOOP) and Liquid Energy Pipeline Association | Shawn M. Lyon has been SVP, Logistics & Storage at MPLX GP LLC since September 2022. | |
Timothy J. Aydt Executive | EVP, Refining | None | Timothy J. Aydt has been EVP, Refining since October 2022. He previously served as EVP and Chief Commercial Officer of MPLX GP LLC. | |
Abdulaziz F. Alkhayyal Board | Independent Director | Board Member at Halliburton Company, National Gas & Industrialization Company | Abdulaziz F. Alkhayyal has been a director since 2016. | |
Charles E. Bunch Board | Independent Director | Director at Mondelez International, Inc. | Charles E. Bunch has been a director since 2015. | |
Edward G. Galante Board | Class II Director | Director at Celanese Corporation, Clean Harbors, Inc. | Edward G. Galante has been a director since 2018. | |
Eileen P. Drake Board | Director | Board Member at Woodward, Inc. | Eileen P. Drake has been a director since March 1, 2024. | |
Evan Bayh Board | Class II Independent Director | Senior Advisor at Apollo Global Management; Director at Berry Global Group, Fifth Third Bancorp, RLJ Lodging Trust | Evan Bayh has been a director since 2011. | |
Frank M. Semple Board | Independent Director | Board Member at MPLX GP LLC, Choctaw Global, LLC | Frank M. Semple rejoined the board in 2021. | |
J. Michael Stice Board | Class III Director | Director at Kosmos Energy Ltd., MPLX GP LLC | J. Michael Stice has been a director since 2017. | |
John P. Surma Board | Lead Independent Director | Board Member at MPLX GP LLC, PSEG, Trane Technologies plc; Chairman, Board of the University of Pittsburgh Medical Center | John P. Surma has been Lead Independent Director since August 1, 2024. | |
Jonathan Z. Cohen Board | Independent Director | Founder, CEO, and President of Hepco Capital Management, LLC | Jonathan Z. Cohen has been a director since 2019. | |
Kim K.W. Rucker Board | Director | Director at Celanese Corporation, HP Inc., GE Vernova | Kim K.W. Rucker has been a director since 2018. | |
Kimberly Ellison-Taylor Board | Class II Director | Independent Director at EverCommerce Inc., U.S. Bancorp, Mutual of Omaha Insurance Corporation | Kimberly Ellison-Taylor has been a director since March 1, 2024. |
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Given the volatility in refining margins and uncertainties around global economic growth, particularly in China, how confident are you that demand growth will exceed capacity additions through the end of the decade, and what factors could alter this outlook?
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With competitors shutting down refineries on the West Coast and the challenging regulatory environment, what gives you confidence in investing capital in your Los Angeles refinery with an expected 20% return, and how are you mitigating risks associated with stricter environmental regulations and potential demand shifts in that region?
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Your capital returns have significantly reduced your share count by over 50% since May 2021; however, with projected lower utilization rates and higher operating costs in the fourth quarter, how sustainable are these capital returns, and how might a prolonged period of soft margins impact your capital allocation strategy?
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You mentioned comfort with maintaining a minimum $1 billion cash balance through a down cycle, relying on the $2.5 billion annualized distribution from MPLX; can you elaborate on the risks to this midstream cash flow and how you would adjust your capital return commitments if MPLX's distributions were to decline?
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With sequentially lower adjusted EBITDA driven by decreased results in your Refining & Marketing segment and higher operating costs per barrel due to lower throughputs and increased turnaround activity, what specific measures are you taking to control costs and improve margins in anticipation of a potentially weaker refining environment?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
Buckeye Partners, L.P. | The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). |
DCP Midstream Partners, LP | The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
Holly Energy Partners L.P. | The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). |
Magellan Midstream Partners, L.P. | The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). | |
The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions). |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Speedway/7-Eleven | Sales of refined products | Refining & Marketing | Represented 10% of 2022 total annual revenues. Total 2022 revenues were $179.952 billion , so Speedway/7-Eleven contributed about $17,995 million |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
BANGL natural gas liquids pipeline acquisition | 2024 | MPLX acquired an additional 20% interest in BANGL, increasing its ownership to 45% on July 31, 2024, for $210 million in cash. This deal enhances MPLX’s NGL value chain and supports expansion of the pipeline capacity to 250 thousand barrels per day by Q1 2025, with overpayment amortized over the assets' useful lives. |
Additional Utica basin assets acquisition (Ohio Gathering Company & Ohio Condensate Company) | 2024 | MPLX increased its stake in Ohio Gathering Company to 73% and acquired a 100% interest in Ohio Condensate Company along with a dry gas gathering system for $625 million on March 22, 2024. The transaction, treated as a business combination with remeasurement to fair value (including a $20 million gain on OCC), strengthens MPLX's position in the Utica basin. |
LF Bioenergy equity interest acquisition | 2023 | MPC acquired a 49.9% equity interest in LF Bioenergy on March 8, 2023 for approximately $56 million to support dairy-based renewable natural gas projects, positioning the company for further RNG infrastructure investments while integrating RNG into MPC’s renewable diesel operations. |
Recent press releases and 8-K filings for MPC.
- Marathon Petroleum reported a net loss of $(74) million (or $(0.24) per diluted share) in Q1 2025, a stark turnaround from Q1 2024’s net income of $937 million.
- Adjusted EBITDA was approximately $2.0 billion in Q1 2025, driven by strong Midstream performance (up 8% YoY with $1.7 billion and MPLX distributions rising to $619 million from $550 million), alongside $489 million from Refining & Marketing and a narrowed Renewable Diesel loss of $(42) million.
- The company returned over $1.3 billion to shareholders, including $1.1 billion through share repurchases.
- Significant turnaround and maintenance activities boosted refinery utilization to 89%, helped build a consolidated cash position of $3.8 billion, and Q2 guidance projects a throughput of 2.8 million barrels per day with turnaround expenses of about $265 million.
- Ongoing strategic investments include targeted capital spending at key refineries (Los Angeles, Robinson, Galveston Bay), the MPLX acquisition of BANGL, LLC, and the FID of the Traverse Pipeline, reinforcing operational improvements.