Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company. It operates one of the largest refining systems in the U.S., with a crude oil refining capacity of approximately 3.0 million barrels per day. MPC is also a major wholesale supplier of gasoline and distillates. The company's integrated midstream energy asset network links natural gas and NGL producers to domestic and international markets. MPC's operations are divided into Refining & Marketing and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks, purchases refined products for resale, and distributes refined products. The Midstream segment gathers, transports, stores and distributes crude oil, refined products, and other hydrocarbon-based products, primarily for the Refining & Marketing segment. MPLX, a master limited partnership, is a key part of the Midstream segment.

• Employees: 18,200 (as of December 31, 2023)
• Geographic Footprint: Primarily in the United States, with some international markets
• Headquarters: Findlay, OH
• Founded: 2009
• Number of locations/facilities: Multiple refineries, terminals, and pipelines across the U.S.
• Revenue: $148.38 billion (FY2023)
• Market Capitalization: Approximately $47.2 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: MPLX, Marathon, ARCO

• CEO: Michael J. Hennigan (since January 1, 2024; previously President and CEO since March 2020)
• President: Maryann T. Mannen (since January 1, 2024; previously Executive Vice President and CFO since January 2021)
• CFO: John J. Quaid (since January 1, 2024; previously Executive Vice President and CFO of MPLX since September 2021)
• Other Key Executives: Timothy J. Aydt (Executive Vice President Refining), Molly R. Benson (Chief Legal Officer and Corporate Secretary), Fiona C. Laird (Chief Human Resources Officer and Senior Vice President Communications), David R. Heppner (Senior Vice President Strategy and Business Development), Rick D. Hessling (Chief Commercial Officer), Brian K. Partee (Chief Global Optimization Officer), Ehren D. Powell (Senior Vice President and Chief Digital Officer), James R. Wilkins (Senior Vice President Health, Environment, Safety and Security), Erin M. Brzezinski (Vice President and Controller), Kristina A. Kazarian (Vice President Finance and Investor Relations), Kelly S. Niese (Vice President Treasury), Gregory S. Floerke (Executive Vice President and Chief Operating Officer of MPLX GP LLC), Shawn M. Lyon (MPLX Senior Vice President Logistics & Storage of MPLX GP LLC)

Key leaders have extensive experience in the energy industry and have held various leadership positions within MPC and other related companies.

• Annual Revenue: $148.38 billion (FY2023)
• Net Income: $9.68 billion (FY2023)
• Market Cap: Approximately $47.2 billion (as of June 30, 2023)
• Total Assets: $85.99 billion (as of December 31, 2023)
• Employees: 18,200 (as of December 31, 2023)
• Key Financial Highlights: Decreased net income in 2023 compared to 2022 primarily due to lower Refining & Marketing margins and net gain on the disposal of assets. Total revenues and other income decreased in 2023 compared to 2022 primarily due to decreased average refined product sales prices.

Main product categories include:

• Transportation Fuels: Reformulated gasolines, blend-grade gasolines, ultra-low sulfur diesel (ULSD) fuel, heavy fuel oil
• Other Refined Products: Asphalt, propane
• NGLs and Petrochemicals: Propylene, butane, xylene, benzene, cumene, toluene
• Renewable Fuels: Renewable diesel, ethanol

Flagship offerings include Marathon® branded outlets and ARCO® branded locations.

Major business divisions:

• Refining & Marketing: Refines crude oil and other feedstocks, purchases refined products for resale, and distributes refined products.
• Midstream: Gathers, transports, stores and distributes crude oil, refined products, and other hydrocarbon-based products. Also gathers, processes and transports natural gas; and transports, fractionates, stores and markets NGLs.

Revenue breakdown by segments is available in the Key Financial Metrics section.

MPC's current strategic priorities include:

• Strengthening the competitive position of assets
• Improving commercial performance
• Maintaining capital discipline and a low-cost culture
• Commitment to sustainability

Long-term business goals include enhancing competitiveness, securing advantaged renewable feedstocks, and reducing carbon intensity. Major strategic initiatives include investments in sustainable fuels and technologies, and joint venture opportunities. MPC is focused on operational excellence, cost reduction, and disciplined capital allocation.

MPC operates in the highly competitive downstream petroleum business. Key market trends include:

• Primary Industry: Downstream energy (refining, marketing, midstream)
• Market Trends: Volatility in commodity prices, increasing demand for renewable fuels, evolving environmental regulations, and competition from other energy sources.
• Major Competitors: Integrated oil companies, independent marketers, high-volume retailers, and companies producing alternative fuels.
• Market Share: MPC is one of the largest wholesale suppliers of gasoline and distillates to resellers and consumers within our market area.

• Market Risks: Volatile refining margins, commodity price fluctuations, and changes in demand for petroleum-based transportation fuels.
• Operational Risks: Business interruptions due to incidents, unscheduled shutdowns, and natural disasters.
• Financial Risks: Significant debt obligations, changes in credit ratings, and interest rate fluctuations.
• Regulatory Risks: Compliance with environmental regulations, renewable fuel standards, and other governmental policies.
• Strategic Risks: Competition, and the impact of technological and political developments on demand for petroleum-based fuels.