MARATHON PETROLEUM CORP, 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 30, 2024
Cover [Abstract]      
Entity Central Index Key 0001510295    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus (Q1,Q2,Q3,FY) FY    
Amendment Flag false    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-35054    
Entity Registrant Name Marathon Petroleum Corporation    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 27-1284632    
Entity Address, Address Line One 539 South Main Street    
Entity Address, City or Town Findlay    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 45840-3229    
City Area Code 419    
Local Phone Number 422-2121    
Title of 12(b) Security Common Stock, par value $.01    
Trading Symbol MPC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 59.0
Entity Common Stock, Shares Outstanding   312,575,833  
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Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Toledo, Ohio
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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues and other income:      
Sales and other operating revenues $ 138,864 $ 148,379 $ 177,453
Income from equity method investments 1,048 742 655
Net gain on disposal of assets 28 217 1,061
Other income 472 969 783
Revenues and other income 140,412 150,307 179,952
Costs and expenses:      
Cost of revenues (excludes items below) 126,240 128,566 151,671
Depreciation and amortization 3,337 3,307 3,215
Selling, general and administrative expenses 3,221 3,039 2,772
Other taxes 818 881 825
Total costs and expenses 133,616 135,793 158,483
Income from continuing operations 6,796 14,514 21,469
Net interest and other financial costs 839 525 1,000
Income from continuing operations before income taxes 5,957 13,989 20,469
Provision for income taxes on continuing operations 890 2,817 4,491
Income from continuing operations, net of tax 5,067 11,172 15,978
Income from discontinued operations, net of tax 0 0 72
Net income 5,067 11,172 16,050
Less net income attributable to:      
Redeemable noncontrolling interest 27 94 88
Noncontrolling interests 1,595 1,397 1,446
Net income attributable to MPC $ 3,445 $ 9,681 $ 14,516
Basic:      
Continuing operations $ 10.11 $ 23.73 $ 28.17
Discontinued operations 0 0 0.14
Net income per share $ 10.11 $ 23.73 $ 28.31
Weighted average shares outstanding 340 407 512
Diluted:      
Continuing operations $ 10.08 $ 23.63 $ 27.98
Discontinued operations 0 0 0.14
Net income per share $ 10.08 $ 23.63 $ 28.12
Weighted average shares outstanding 341 409 516
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Net income $ 5,067 $ 11,172 $ 16,050
Other comprehensive income (loss) 17 (133) 69
Comprehensive income 5,084 11,039 16,119
Less comprehensive income attributable to:      
Redeemable noncontrolling interest 27 94 88
Noncontrolling interests 1,595 1,397 1,446
Comprehensive income attributable to MPC 3,462 9,548 14,585
Actuarial changes      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) 60 (85) 122
Prior service      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) (41) (49) (52)
Other      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) $ (2) $ 1 $ (1)
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Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Actuarial changes      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
OCI, tax expense (benefit) $ 20 $ (24) $ 36
Prior service      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
OCI, tax expense (benefit) (14) (18) (15)
Other      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
OCI, tax expense (benefit) $ 1 $ 0 $ 0
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 3,210 $ 5,443
Short-term investments 0 4,781
Receivables, less allowance for doubtful accounts of $73 and $44, respectively 11,145 12,187
Inventories 9,568 9,317
Other current assets 524 403
Total current assets 24,447 32,131
Equity method investments 6,857 6,260
Property, plant and equipment, net [1] 35,028 35,112
Goodwill 8,244 8,244
Right of use assets 1,300 1,233
Other noncurrent assets 2,982 3,007
Total assets 78,858 85,987
Liabilities    
Accounts payable 13,906 13,761
Payroll and benefits payable 1,096 1,115
Accrued taxes 1,204 1,221
Debt due within one year 3,049 1,954
Operating lease liabilities 417 454
Other current liabilities 1,155 1,645
Total current liabilities 20,827 20,150
Long-term debt 24,432 25,329
Deferred income taxes 5,771 5,834
Defined benefit postretirement plan obligations 1,157 1,102
Long-term operating lease liabilities 860 764
Deferred credits and other liabilities 1,305 1,409
Total liabilities 54,352 54,588
Commitments and contingencies (see Note 27)
Redeemable noncontrolling interest 203 895
Equity    
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized) 0 0
Common stock:    
Issued – 994 million and 993 million shares (par value $0.01 per share, 2 billion shares authorized) 10 10
Held in treasury, at cost – 678 million and 625 million shares (52,623) (43,502)
Additional paid-in capital 33,624 33,465
Retained earnings 36,848 34,562
Accumulated other comprehensive loss (114) (131)
Total MPC stockholders’ equity 17,745 24,404
Noncontrolling interests 6,558 6,100
Total equity 24,303 30,504
Total liabilities, redeemable noncontrolling interest and equity $ 78,858 $ 85,987
[1] Includes finance leases. See Note 26.
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Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Receivables, allowance for doubtful accounts, current $ 73 $ 44
Preferred Stock:    
Shares issued 0 0
Shares outstanding 0 0
Par value per share $ 0.01  
Shares authorized 30  
Common stock:    
Shares issued 994 993
Par value per share $ 0.01  
Shares authorized 2,000  
Treasury stock, common, shares (678) (625)
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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 5,067 $ 11,172 $ 16,050
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred financing costs and debt discount (31) (78) 50
Depreciation and amortization 3,337 3,307 3,215
Pension and other postretirement benefits, net 59 (191) 172
Deferred income taxes (124) (28) 290
Net gain on disposal of assets (28) (217) (1,061)
Income from equity method investments (1,048) (742) (655)
Distributions from equity method investments 1,215 941 772
Income from discontinued operations 0 0 (72)
Changes in the fair value of derivative instruments 71 70 (147)
Changes in:      
Current receivables 1,117 2,109 (2,858)
Inventories (270) (489) (787)
Current liabilities and other current assets (438) (1,318) 1,972
Right of use assets and operating lease liabilities, net (10) (7) 0
All other, net (252) (412) (622)
Cash provided by operating activities - continuing operations 8,665 14,117 16,319
Cash provided by operating activities - discontinued operations 0 0 42
Net cash provided by operating activities 8,665 14,117 16,361
Investing activities:      
Additions to property, plant and equipment (2,533) (1,890) (2,420)
Acquisitions, net of cash acquired (688) (246) (413)
Disposal of assets 35 36 90
Investments – acquisitions and contributions (509) (480) (405)
Investments - redemptions, repayments, return of capital and sales proceeds 161 275 515
Purchases of short-term investments (2,949) (8,622) (6,023)
Sales of short-term investments 3,295 2,082 1,296
Maturities of short-term investments 4,526 5,048 7,159
All other, net 196 702 824
Net cash provided by (used in) investing activities 1,534 (3,095) 623
Financing activities:      
Long-term debt – borrowings 1,631 1,589 3,379
Long-term debt – repayments (1,984) (1,079) (2,280)
Debt issuance costs (15) (15) (39)
Issuance of common stock 25 62 243
Common stock repurchased (9,189) (11,572) (11,922)
Dividends paid (1,154) (1,261) (1,279)
Distributions to noncontrolling interests (1,377) (1,281) (1,214)
Repurchases of noncontrolling interests (326) 0 (491)
Redemption of noncontrolling interests - preferred units 0 (600) 0
All other, net (45) (50) (44)
Net cash used in financing activities (12,434) (14,207) (13,647)
Net change in cash, cash equivalents and restricted cash (2,235) (3,185) 3,337
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance [1] 3,211 5,446 8,631
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance [1] $ 5,446 $ 8,631 $ 5,294
[1] Restricted cash is included in other current assets on our consolidated balance sheets.
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Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Consolidated Statements of Equity) - USD ($)
$ in Millions
Total
Common Stock
Treasury Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Non-controlling Interests
Beginning balance at Dec. 31, 2021 $ 32,616 $ 10 $ (19,904) $ 33,262 $ 12,905 $ (67) $ 6,410
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 15,962       14,516   1,446
Dividends declared on common stock (1,279)       (1,279)    
Distributions to noncontrolling interests (1,129)           (1,129)
Other comprehensive income (loss) 69         69  
Shares repurchased (11,933)   (11,933)        
Shares returned - share-based compensation     (4)        
Share-based compensation 260     260     4
Equity transactions of MPLX (447)     (120)     (327)
Ending balance at Dec. 31, 2022 34,119 10 (31,841) 33,402 26,142 2 6,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 11,078       9,681   1,397
Dividends declared on common stock (1,261)       (1,261)    
Distributions to noncontrolling interests (1,187)           (1,187)
Other comprehensive income (loss) (133)         (133)  
Shares repurchased (11,661)   (11,661)        
Shares returned - share-based compensation     0        
Share-based compensation 75     67 2   6
Equity transactions of MPLX (526)     (4) (2)   (520)
Ending balance at Dec. 31, 2023 30,504 10 (43,502) 33,465 34,562 (131) 6,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 5,040       3,445   1,595
Dividends declared on common stock (1,154)       (1,154)    
Distributions to noncontrolling interests (1,333)           (1,333)
Other comprehensive income (loss) 17         17  
Shares repurchased (9,121)   (9,121)        
Shares returned - share-based compensation     0        
Share-based compensation 57     55 (5)   7
Equity transactions of MPLX 293     104 0   189
Ending balance at Dec. 31, 2024 $ 24,303 $ 10 $ (52,623) $ 33,624 $ 36,848 $ (114) $ 6,558
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Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Shares of Common Stock) - shares
shares in Millions
Total
Common Stock
Beginning balance at Dec. 31, 2021   984
Shares issued - stock-based compensation   6
Ending balance at Dec. 31, 2022   990
Shares issued - stock-based compensation   3
Ending balance at Dec. 31, 2023 993 993
Shares issued - stock-based compensation   1
Ending balance at Dec. 31, 2024 994 994
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Consolidated Statements of Equity ad Redeemable Noncontrolling Interest (Shares of Treasury Stock) - shares
shares in Millions
Total
Treasury Stock
Beginning balance at Dec. 31, 2021   (405)
Number of shares repurchased (131) (131)
Ending balance at Dec. 31, 2022   (536)
Number of shares repurchased (89) (89)
Ending balance at Dec. 31, 2023 (625) (625)
Number of shares repurchased (53) (53)
Ending balance at Dec. 31, 2024 (678) (678)
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Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Redeemable Noncontrolling Interest) - USD ($)
$ in Millions
Total
Redeemable Non-controlling Interest
Beginning balance at Dec. 31, 2021   $ 965
Net income attributable to redeemable noncontrolling interest $ 88 88
Distributions to noncontrolling interests   (85)
Equity transactions of MPLX   0
Ending balance at Dec. 31, 2022   968
Net income attributable to redeemable noncontrolling interest 94 94
Distributions to noncontrolling interests   (94)
Equity transactions of MPLX   (73)
Ending balance at Dec. 31, 2023 895 895
Net income attributable to redeemable noncontrolling interest 27 27
Distributions to noncontrolling interests   (44)
Equity transactions of MPLX   (675)
Ending balance at Dec. 31, 2024 $ 203 $ 203
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Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends declared per share of common stock (in dollars per share) $ 3.385 $ 3.075 $ 2.49
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Description of the Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation
Description of the Business
We are a leading, integrated, downstream 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.
On May 14, 2021, we completed the sale of Speedway, our company-owned and operated retail transportation fuel and convenience store business, to 7-Eleven, Inc. (“7-Eleven”). The transaction provided for adjustments to working capital and miscellaneous items, which were finalized with 7-Eleven in the fourth quarter of 2022. These adjustments are reported separately as discontinued operations, net of tax, in our consolidated statements of income and within our consolidated statements of cash flow.
Refer to Notes 5 and 10 for additional information about our operations.
Basis of Presentation
All significant intercompany transactions and accounts have been eliminated.
Certain prior period financial statement amounts have been reclassified to conform to current period presentation.
In the fourth quarter of 2024, we established a Renewable Diesel segment, which includes renewable diesel activities and assets historically reported in the Refining & Marketing segment. Prior period segment information has been recast for comparability. See Notes 10, 14, 15 and 20 for additional information and for prior period recast information.
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Summary of Principal Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary Of Principal Accounting Policies Summary of Principal Accounting Policies
Principles Applied in Consolidation
These consolidated financial statements include the accounts of our majority-owned, controlled subsidiaries and MPLX. As of December 31, 2024, we owned the general partner and approximately 64 percent of the outstanding MPLX common units. Due to our ownership of the general partner interest, 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. Income from equity method investments represents our proportionate share of net income generated by the equity method investees.
Differences in the basis of the investments and the separate net asset values of the investees, if any, are amortized into net income over the remaining useful lives of the underlying assets and liabilities, except for any excess related to goodwill. Equity method investments are evaluated for impairment whenever changes in the facts and circumstances indicate an other than temporary loss in value has occurred. When the loss is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value.
Use of Estimates
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Actual results could differ from those estimates.
Revenue Recognition
We recognize revenue based on consideration specified in contracts or agreements with customers when we satisfy our performance obligations by transferring control over products or services to a customer. We made an accounting policy election that all taxes assessed by a governmental authority that are both imposed on and concurrent with a revenue-producing transaction and collected from our customers will be recognized on a net basis within sales and other operating revenues.
Our revenue recognition patterns are described below by reportable segment:
•Refining & Marketing and Renewable Diesel - The vast majority of our Refining & Marketing and Renewable Diesel contracts contain pricing that is based on the market price for the product at the time of delivery. Our obligations to deliver product volumes are typically satisfied and revenue is recognized when control of the product transfers to our customers. Concurrent with the transfer of control, we typically receive the right to payment for the delivered product, the customer accepts the product and the customer has significant risks and rewards of ownership of the product. Payment terms require customers to pay shortly after delivery and do not contain significant financing components.
•Midstream - Midstream revenue transactions typically are defined by contracts under which we sell a product or provide a service. Revenues from sales of product are recognized when control of the product transfers to the customer. Revenues from services are recognized over time when the performance obligation is satisfied as services are provided in a series. We have elected to use the output measure of progress to recognize revenue based on the units delivered, processed or transported. The transaction prices in our Midstream contracts often have both fixed components, related to minimum volume commitments, and variable components, which are primarily dependent on volumes. Variable consideration will generally not be estimated at contract inception as the transaction price is specifically allocable to the services provided at each period end.
Refer to Note 20 for disclosure of our revenue disaggregated by segment and product line and to Note 10 for a description of our reportable segment operations.
Crude Oil and Refined Product Exchanges and Matching Buy/Sell Transactions
We enter into exchange contracts and matching buy/sell arrangements whereby we agree to deliver a particular quantity and quality of crude oil or refined products at a specified location and date to a particular counterparty and to receive from the same counterparty the same commodity at a specified location on the same or another specified date. The exchange receipts and deliveries are nonmonetary transactions, with the exception of associated grade or location differentials that are settled in cash. The matching buy/sell purchase and sale transactions are settled in cash. No revenues are recorded for exchange and matching buy/sell transactions as they are accounted for as exchanges of inventory. The exchange transactions are recognized at the carrying amount of the inventory transferred.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand and on deposit and investments in highly liquid debt instruments with original maturities of three months or less.
Short-Term Investments
Investments with a maturity date greater than three months that we intend to convert to cash or cash equivalents within a year or less are classified as short-term investments in our consolidated balance sheets. Additionally, in accordance with ASC 320, Investments - Debt Securities, we have classified all short-term investments as available-for-sale securities and changes in fair market value are reported in other comprehensive income.
Accounts Receivable and Allowance for Doubtful Accounts
Our receivables primarily consist of customer accounts receivable. Customer receivables are recorded at the invoiced amounts and generally do not bear interest. Allowances for doubtful accounts are generally recorded when it becomes probable the receivable will not be collected and are booked to bad debt expense. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in customer accounts receivable. We review the allowance quarterly and past-due balances over 150 days are reviewed individually for collectability. 
We mitigate credit risk with master netting agreements with companies engaged in the crude oil or refinery feedstock trading and supply business or the petroleum refining industry. A master netting agreement generally provides for a once per month net cash settlement of the accounts receivable from and the accounts payable to a particular counterparty.
Leases
Contracts with a term greater than one year that convey the right to direct the use of and obtain substantially all of the economic benefit of an asset are accounted for as right of use assets.
Right of use asset and lease liability balances are recorded at the commencement date at present value of the fixed lease payments using a secured incremental borrowing rate with a maturity similar to the lease term because our leases do not provide implicit rates. We have elected to include both lease and non-lease components in the present value of the lease payments for all lessee asset classes with the exception of our marine and third-party contractor service equipment leases. The lease component of the payment for the marine and equipment asset classes is determined using a relative standalone selling price. See Note 26 for additional disclosures about our lease contracts.
As a lessor under ASU No. 2016-02, Leases (“ASC 842”), MPLX may be required to reclassify existing operating leases to sales-type leases upon modification and related reassessment of the leases. See Note 26 for further information regarding our ongoing evaluation of the impacts of lease reassessments as modifications occur. The net investment in sales-type leases is recorded within receivables, net and other noncurrent assets on the consolidated balance sheets. These amounts are comprised of the present value of the sum of the future minimum lease payments representing the value of the lease receivable and the unguaranteed residual value of the lease assets. Management assesses the net investment in sales-type leases for recoverability quarterly.
Inventories
Inventories are carried at the lower of cost or market value. Cost of inventories is determined primarily under the LIFO method. Costs for crude oil and other feedstocks and refined product inventories are aggregated on a consolidated basis for purposes of assessing if the LIFO cost basis of these inventories may have to be written down to market value.
Fair Value
We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:
•Level 1 – inputs are based upon unadjusted quoted prices for identical instruments in active markets. Our Level 1 derivative assets and liabilities include exchange-traded contracts for crude oil and refined products measured at fair value with a market approach using the close-of-day settlement prices for the market. Commodity derivatives are covered under master netting agreements with an unconditional right to offset. Collateral deposits in futures commission merchant accounts covered by master netting agreements related to Level 1 commodity derivatives are classified as Level 1.
•Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, and forward and spot prices for currencies. Our Level 2 investments include commercial paper, certificates of deposit, time deposits and corporate notes and bonds. Our Level 2 derivative assets and liabilities primarily include certain OTC contracts.
•Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Our Level 3 assets and liabilities include goodwill, long-lived assets and intangible assets, when they are recorded at fair value due to an impairment charge and an embedded derivative liability relates to a natural gas purchase agreement embedded in a keep‑whole processing agreement. Unobservable inputs used in the models are significant to the fair values of the assets and liabilities.
Derivative Instruments
We use derivatives to economically hedge a portion of our exposure to commodity price risk and, historically, to interest rate risk. Our use of selective derivative instruments that assume market risk is limited. All derivative instruments (including derivative instruments embedded in other contracts) are recorded at fair value. Certain commodity derivatives are reflected on the consolidated balance sheets on a net basis by counterparty as they are governed by master netting agreements. Cash flows related to derivatives used to hedge commodity price risk and interest rate risk are classified in operating activities with the underlying transactions.
Derivatives not designated as accounting hedges
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 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, (7) the purchase of soybean oil and (8) the sale of propane. Changes in the fair value of derivatives not designated as accounting hedges are recognized immediately in net income.
Concentrations of credit risk
All of our financial instruments, including derivatives, involve elements of credit and market risk. The most significant portion of our credit risk relates to nonperformance by counterparties. The counterparties to our financial instruments consist primarily of major financial institutions and companies within the energy industry. To manage counterparty risk associated with financial instruments, we select and monitor counterparties based on an assessment of their financial strength and on credit ratings, if available. Additionally, we limit the level of exposure with any single counterparty.
Property, Plant and Equipment
Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets, generally 10 to 40 years for refining and midstream assets, 25 years for office buildings and 4 to 7 years for other miscellaneous fixed assets. Such assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset group and its eventual disposition is less than the carrying amount of the asset group, an impairment assessment is performed and the excess of the book value over the fair value of the asset group is recorded as an impairment loss.
When items of property, plant and equipment are sold or otherwise disposed of, any gains or losses are reported in net income. Gains on the disposal of property, plant and equipment are recognized when earned, which is generally at the time of closing. If a loss on disposal is expected, such losses are recognized when the assets are classified as held for sale.
Interest expense is capitalized for qualifying assets under construction. Capitalized interest costs are included in property, plant and equipment and are depreciated over the useful life of the related asset.
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment at the reporting unit level annually and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below carrying value. If we determine, based on a qualitative assessment, that it is not more likely than not that a reporting unit’s fair value is less than its carrying amount, no further impairment testing is required. If we do not perform a qualitative assessment or if that assessment indicates that further impairment testing is required, the fair value of each reporting unit is determined using an income and/or market approach which is compared to the carrying value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The fair value under the income approach is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future volumes, discount rates, and future capital requirements.
Amortization of intangibles with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Intangibles not subject to amortization are tested for impairment annually and when circumstances indicate that the fair value is less than the carrying amount of the intangible. If the fair value is less than the carrying value, an impairment is recorded for the difference.
Major Maintenance Activities
Costs for planned turnaround and other major maintenance activities are expensed in the period incurred. These types of costs include contractor repair services, materials and supplies, equipment rentals and our labor costs.
Environmental Costs
Environmental expenditures for additional equipment that mitigates or prevents future contamination or improves environmental safety or efficiency of the existing assets are capitalized. We recognize remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs can be reasonably estimated. The timing of remediation accruals coincides with the completion of a feasibility study or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of known environmental exposure and are discounted when the estimated amounts are reasonably fixed and determinable. If recoveries of remediation costs from third parties are probable, a receivable is recorded and is discounted when the estimated amount is reasonably fixed and determinable.
Asset Retirement Obligations
The fair value of asset retirement obligations is recognized in the period in which the obligations are incurred if a reasonable estimate of fair value can be made. The majority of our recognized asset retirement liability relates to conditional asset retirement obligations for removal and disposal of fire-retardant material from certain refining facilities. The remaining recognized asset retirement liability relates to other refining assets, certain pipelines and processing facilities and other related pipeline assets. The fair values recorded for such obligations are based on the most probable current cost projections.
Asset retirement obligations have not been recognized for some assets because the fair value cannot be reasonably estimated since the settlement dates of the obligations are indeterminate. Such obligations will be recognized in the period when sufficient information becomes available to estimate a range of potential settlement dates. The asset retirement obligations principally include the hazardous material disposal and removal or dismantlement requirements associated with the closure of certain refining, terminal, pipeline and processing assets.
Our practice is to keep our assets in good operating condition through routine repair and maintenance of component parts in the ordinary course of business and by continuing to make improvements based on technological advances. As a result, we believe that generally these assets have no expected settlement date for purposes of estimating asset retirement obligations since the dates or ranges of dates upon which we would retire these assets cannot be reasonably estimated at this time.
Income Taxes
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases. Deferred tax assets are recorded when it is more likely than not that they will be realized. The realization of deferred tax assets is assessed periodically based on several factors, primarily our expectation to generate sufficient future taxable income.
Share-Based Compensation Arrangements
The fair value of stock options granted to our employees is estimated on the date of grant using the Black-Scholes option pricing model. The model employs various assumptions based on management’s estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the vesting period of the stock option award. Of the required assumptions, the expected life of the stock option award and the expected volatility of our stock price have the most significant impact on the fair value calculation. The average expected life is based on our historical employee exercise behavior. The assumption for expected volatility of our stock price reflects a weighting of 50 percent of our common stock implied volatility and 50 percent of our common stock historical volatility.
The fair value of restricted stock awards granted to our employees is determined based on the fair market value of our common stock on the date of grant. The fair value of performance awards granted to our employees is determined using a Monte Carlo valuation model, which is updated quarterly, with appropriate mark-to-market adjustments made.
Our share-based compensation expense is recognized based on management’s estimate of the awards that are expected to vest, using the straight-line attribution method for all service-based awards with a graded vesting feature. Awards expected to vest are estimated using the historical data of our own employees. If actual forfeiture results are different than expected, adjustments to recognized compensation expense may be required in future periods. Unearned share-based compensation is charged to equity when restricted stock awards are granted. Compensation expense is recognized over the requisite service period and is adjusted if conditions of the restricted stock award are not met. 
Business Combinations
We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Any excess or deficiency of the purchase consideration when compared to the fair value of the net tangible assets acquired, if any, is recorded as goodwill or gain from a bargain purchase. For material acquisitions, management engages an independent valuation specialist to assist with the determination of fair value of the assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of revenue and operating expenses; (ii) long-term growth rates; and (iii) appropriate discount rates. The market valuation method uses prices paid for a reasonably similar asset by other purchasers in the market, with adjustments relating to any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at prices at the time of the acquisition reduced for depreciation of the asset. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period of the adjustment. Acquisition-related costs are expensed as incurred in connection with each business combination.
Environmental Credits and Obligations
In order to comply with certain regulations, specifically the RFS2 requirements implemented by EPA and the cap-and-trade emission reduction program and low carbon fuel standard implemented by state programs, we are required to reduce our emissions, blend certain levels of biofuels or obtain allowances or credits to offset the obligations created by our operations. In regard to each program, we record an asset, included in other current assets or other noncurrent assets on the consolidated balance sheets, for allowances or credits owned in excess of our anticipated current period compliance requirements. The asset value is based on the product of the excess allowances or credits as of the balance sheet date, if any, and the weighted average cost of those allowances or credits. We record a liability, included in other current liabilities or deferred credits and other liabilities on the consolidated balance sheets, when we are deficient allowances or credits based on the product of the deficient amount as of the balance sheet date, if any, and either the fixed contract price or the market price of the allowances or credits at the balance sheet date. The cost of allowances or credits used for compliance is reflected in cost of revenues on the consolidated statements of income. Any gains or losses on the sale or expiration of allowances or credits are classified as other income on the consolidated statements of income. Proceeds from the sale of allowances or credits are reported in investing activities - all other, net on the consolidated statements of cash flows.
v3.25.0.1
Accounting Standards
 12 Months Ended
Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Accounting Standards Accounting Standards and Disclosure Rules
Recently Adopted
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The FASB issued this ASU to update reportable segment disclosure requirements primarily by requiring enhanced disclosures about significant segment expenses. During the fourth quarter of 2024, we applied the amendments in this ASU retrospectively to all periods presented in the financial statements. The enhanced disclosures for significant segment expenses are presented in Note 10 - Segment Information.
ASU 2023-01, Leases (Topic 842): Common Control Arrangements
The FASB issued this ASU to amend certain provisions of ASC 842 that apply to arrangements between related parties under common control. The ASU amends the accounting for the amortization period of leasehold improvements in common-control leases for all entities and requires certain disclosures when the lease term is shorter than the useful life of the asset. During the first quarter of 2024, we adopted this ASU and it did not have a material impact on our financial statements or disclosures.
Not Yet Adopted
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 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 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.
SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors
In March 2024, the SEC adopted rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their annual reports. As part of the disclosures, material impacts from severe weather events and other natural conditions will be required in the audited financial statements. In April 2024, the SEC voluntarily stayed the rules pending judicial review. Pending the results of the judicial review, the disclosure requirements are effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. We are evaluating the impact these rules, if effective, will have on our disclosures and monitoring the status of the judicial review.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued an ASU to update income tax disclosure requirements to provide consistent categories and greater disaggregation of information in the rate reconciliation and to disaggregate income taxes paid by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. This standard will result in additional disclosure.
v3.25.0.1
Short-term Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Short-term Investments Short-Term Investments
Investments Components
Investments as of December 31, 2024 had maturity dates of less than 90 days and therefore, are included in cash and cash equivalents. Below reflects the components of investments at December 31, 2023.
December 31, 2023
(Millions of dollars)Fair Value LevelAmortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsShort-term Investments
Available-for-sale debt securities
Commercial paperLevel 2$3,154 $2 $— $3,156 $281 $2,875 
Certificates of deposit and time depositsLevel 21,836 1 — 1,837 800 1,037 
U.S. government securitiesLevel 1785 — (1)784 — 784 
Corporate notes and bondsLevel 285 — — 85 — 85 
Total available-for-sale debt securities$5,860 $3 $(1)$5,862 $1,081 $4,781 
Cash4,362 4,362 — 
Total$10,224 $5,443 $4,781 
Our investment policy includes concentration limits and credit rating requirements, which limits our investments to high quality, short term and highly liquid securities.
Realized gains/losses were not material.
v3.25.0.1
Master Limited Partnership
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Master Limited Partnerships 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 December 31, 2024, we owned approximately 64 percent of the outstanding MPLX common units compared to 65 percent as of December 31, 2023. Our ownership was impacted by changes in the redeemable non-controlling interest and unit repurchases.
Unit Repurchase Program
On August 2, 2022, MPLX announced its board of directors approved a $1.0 billion unit repurchase authorization. This unit repurchase authorization has 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:
(In millions, except per unit data)202420232022
Number of common units repurchased8 — 15 
Cash paid for common units repurchased$326 $— $491 
Average cost per unit$43.04 $— $31.96 
As of December 31, 2024, MPLX had approximately $520 million remaining under its unit repurchase authorization.
Preferred Units Outstanding
The Series A preferred units are considered redeemable securities under GAAP due to the existence of redemption provisions upon a deemed liquidation event, which is outside MPLX’s control. Therefore, they are presented as temporary equity in the mezzanine section of our consolidated balance sheets.
During the years ended December 31, 2024 and December 31, 2023, certain Series A preferred unitholders exercised their rights to convert their Series A preferred units into 21 million common units and 2 million common units, respectively. Approximately 6 million Series A preferred units were outstanding as of December 31, 2024. On February 11, 2025, MPLX exercised its right to convert the remaining outstanding Series A preferred units into common units.
For a summary of changes in the redeemable preferred balance, see the accompanying consolidated statements of equity and redeemable noncontrollable interest.
Redemption of the Series B Preferred Units
On February 15, 2023, MPLX exercised its right to redeem all of its 600,000 outstanding preferred units (the “Series B preferred units”). MPLX paid unitholders the Series B preferred unit redemption price of $1,000 per unit. The final semi-annual distribution on the Series B preferred units was paid on February 15, 2023 in the usual manner.
The excess of the total redemption price of $600 million paid to Series B preferred unitholders over the carrying value of the Series B preferred units on the redemption date resulted in a $2 million net reduction to retained earnings.
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 between 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 interest in MPLX were as follows:
(Millions of dollars)202420232022
Increase (decrease) due to change in ownership$159 $(4)$(164)
Tax impact(55)— 44 
Increase (decrease) in MPC's additional paid-in capital, net of tax$104 $(4)$(120)
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Variable Interest Entities 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. We also record a redeemable noncontrolling interest related to MPLX’s Series A preferred units.
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 27 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)December 31,
2024		December 31,
2023
Assets
Cash and cash equivalents$1,519 $1,048 
Receivables, less allowance for doubtful accounts731 836 
Inventories180 159 
Other current assets29 33 
Equity method investments4,531 3,743 
Property, plant and equipment, net19,154 19,264 
Goodwill7,645 7,645 
Right of use assets273 264 
Other noncurrent assets1,513 1,644 
(Millions of dollars)December 31,
2024		December 31,
2023
Liabilities
Accounts payable$719 $723 
Accrued taxes82 79 
Debt due within one year1,693 1,135 
Operating lease liabilities45 45 
Other current liabilities370 336 
Long-term debt19,255 19,296 
Deferred income taxes18 16 
Long-term operating lease liabilities217 211 
Deferred credits and other liabilities445 476 
Non-Consolidated VIEs
Martinez Renewables LLC
On September 21, 2022, MPC closed on the formation of the Martinez Renewables LLC joint venture. We determined that Martinez Renewables LLC is a VIE because, upon formation, the entity did not have sufficient equity to operate without additional financial support from its owners. We are not the primary beneficiary of this VIE because we do not have the ability to control the activities that significantly influence the economic outcomes of the entity and, therefore, do not consolidate the entity.
MPLX VIEs
For those entities that have been deemed to be VIEs, neither MPLX nor any of its subsidiaries have been deemed to be the primary beneficiary due to voting rights on significant matters. While we have the ability to exercise influence through participation in the management committees which make all significant decisions, we have equal influence over each committee as a joint interest partner and all significant decisions require the consent of the other investors without regard to economic interest and as such we have determined that these entities should not be consolidated and apply the equity method of accounting with respect to our investments in each entity.
Sherwood Midstream LLC (“Sherwood Midstream”) has been deemed the primary beneficiary of Sherwood Midstream Holdings LLC (“Sherwood Midstream Holdings”) due to its controlling financial interest through its authority to manage the joint venture. As a result, Sherwood Midstream consolidates Sherwood Midstream Holdings.
MPLX’s maximum exposure to loss as a result of its involvement with equity method investments includes its equity investment, any additional capital contribution commitments and any operating expenses incurred by the subsidiary operator in excess of its compensation received for the performance of the operating services.
We account for our ownership interest in each of these investments as an equity method investment. See Note 14 for ownership percentages and investment balances
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Transactions with related parties were as follows:
(Millions of dollars)202420232022
Sales to related parties$1,053 $915 $144 
Purchases from related parties2,437 1,818 1,175 
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 ethanol and renewable diesel from certain of our equity affiliates.
v3.25.0.1
Earnings per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings per Share 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.
(In millions, except per share data)202420232022
Income from continuing operations, net of tax$5,067 $11,172 $15,978 
Net income attributable to noncontrolling interest(1,622)(1,491)(1,534)
Net income allocated to participating securities(3)(7)(8)
Redemption of preferred units— (2)— 
Income from continuing operations available to common stockholders3,442 9,672 14,436 
Income from discontinued operations, net of tax— — 72 
Income available to common stockholders$3,442 $9,672 $14,508 
Weighted average common shares outstanding:
Basic340 407 512 
Effect of dilutive securities1 2 4 
Diluted341 409 516 
Income available to common stockholders per share:
Basic:
Continuing operations$10.11 $23.73 $28.17 
Discontinued operations— — 0.14 
Net income per share$10.11 $23.73 $28.31 
Diluted:
Continuing operations$10.08 $23.63 $27.98 
Discontinued operations— — 0.14 
Net income per share$10.08 $23.63 $28.12 
Potential common shares which were anti-dilutive and, therefore, omitted from the diluted share calculation, were immaterial for all periods.
v3.25.0.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity
On November 5, 2024, MPC announced that our board of directors approved a $5.0 billion share repurchase authorization in addition to the $5.0 billion share repurchase authorization announced on April 30, 2024. Share repurchase authorizations since 2012 totaled $60.05 billion. As of December 31, 2024, $7.75 billion remained available for repurchase under the share repurchase authorizations. These share repurchase authorizations have no expiration date.
We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, tender offers, accelerated share repurchases or open market solicitations for shares, 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 share repurchases were as follows for the respective periods:
(In millions, except per share data)202420232022
Number of shares repurchased53 89 131 
Cash paid for shares repurchased(a)
$9,077 $11,572 $11,922 
Average cost per share(b)
$171.68 $131.27 $91.20 
(a)    2024 excludes $112 million paid for excise tax on 2023 share purchases.
(b)    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.
The number of shares repurchased shown above and the amount remaining available under the share repurchase authorizations reflect the repurchase of 203,173 common shares for $28 million that were transacted in the fourth quarter of 2024 and settled in the first quarter of 2025.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
In the fourth quarter of 2024, we changed the internal financial information regularly provided to our chief operating decision maker (“CODM”) to evaluate the performance of and allocate resources to our reportable segments. We established a Renewable Diesel segment, which includes renewable diesel activities historically reported in the Refining & Marketing segment. This change in reportable segments will enhance comparability of MPC’s reporting with direct peers who report both a refining and renewable diesel segment.
All prior periods have been recast for comparability.
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 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, 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 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 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 from continuing operations 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.

(Millions of dollars)202420232022
Segment adjusted EBITDA for reportable segments
Refining & Marketing5,703 $13,705 $19,259 
Midstream6,544 6,171 5,772 
Renewable Diesel(150)(64)3 
Total reportable segments$12,097 $19,812 $25,034 
(Millions of dollars)202420232022
Reconciliation of segment adjusted EBITDA for reportable segments to income from continuing operations before income taxes
Total reportable segments$12,097 $19,812 $25,034 
Corporate(774)(737)(698)
Refining & Renewable Diesel planned turnaround costs(1,404)(1,201)(1,122)
Renewable Diesel JV planned turnaround costs(a)
(9)(25)— 
Garyville incident response costs— (16)— 
LIFO inventory (charge) credit161 (145)148 
Gain on sale of assets(b)
151 198 1,058 
Renewable volume obligation requirements(c)
— — 238 
Litigation— — 27 
Depreciation and amortization(3,337)(3,307)(3,215)
Renewable Diesel JV depreciation and amortization(a)
(89)(65)(1)
Net interest and other financial costs(839)(525)(1,000)
Income from continuing operations before income taxes$5,957 $13,989 $20,469 
(a)    Represents MPC’s pro-rata share of expenses from joint ventures included within the Renewable Diesel segment.
(b)    2024 includes the gain from the Whistler Joint Venture Transaction (as defined in Note 14). 2023 includes the gain associated with the remeasurement of MPLX’s existing equity investment in MarkWest Torñado GP, L.L.C., arising from the acquisition of the remaining 40 percent interest and the gain on the sale of our interest in South Texas Gateway Terminal LLC. 2022 includes the $549 million gain related to the contribution of assets by MPC on the formation of the Martinez Renewables LLC joint venture and the $509 million gain on lease reclassification. See Notes 14 and 26 for additional information.
(c)    Represents retroactive changes in renewable volume obligation requirements published by EPA in June 2022 for the 2020 and 2021 annual obligations.

(Millions of dollars)202420232022
Sales and other operating revenues
Refining & Marketing
Revenues from external customers(a)
$131,588 $141,835 $171,461 
Intersegment revenues175 139 135 
Refining & Marketing segment revenues131,763 141,974 171,596 
Midstream
Revenues from external customers(a)
5,197 4,911 5,366 
Intersegment revenues5,797 5,597 5,224 
Midstream segment revenues10,994 10,508 10,590 
Renewable Diesel
Revenues from external customers(a)
2,079 1,633 626 
Intersegment revenues25 31 126 
Renewable Diesel segment revenues2,104 1,664 752 
Total segment revenues144,861 154,146 182,938 
Less: intersegment revenues5,997 5,767 5,485 
Consolidated sales and other operating revenues$138,864 $148,379 $177,453 
(a)    Includes sales to related parties. See Note 7 for additional information.
(Millions of dollars)202420232022
Income from equity method investments
Refining & Marketing$57 $66 $51 
Midstream770 735 624 
Renewable Diesel70 (59)(20)
Total segment income from equity method investments897 742 655 
Corporate(a)
151 — — 
Consolidated income from equity method investments$1,048 $742 $655 
(a)    Represents the gain from the Whistler Joint Venture Transaction. See Note 14 for additional information.

(Millions of dollars)202420232022
Segment expenses
Refining & Marketing
Cost of purchases$112,938 $115,973 $139,660 
Refining operating costs5,712 5,625 5,726 
Distribution costs5,857 5,645 5,211 
Other segment items(a)
1,610 1,092 1,791 
Refining & Marketing segment expenses$126,117 $128,335 $152,388 
Midstream
Other segment items(b)
5,220 5,072 5,442 
Midstream segment expenses$5,220 $5,072 $5,442 
Renewable Diesel
Operating costs269 242 106 
Distribution costs95 82 61 
Other segment items(c)
1,960 1,345 562 
Renewable Diesel segment expenses$2,324 $1,669 $729 
(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 Midstream segment of MPC, the CODM is only provided consolidated Midstream expense information.
(c)    Other segment items for the Renewable Diesel segment includes purchased product costs.

(Millions of dollars)202420232022
Depreciation and amortization
Refining & Marketing$1,767 $1,822 $1,783 
Midstream1,405 1,320 1,310 
Renewable Diesel(a)
75 65 67 
Total segment depreciation and amortization3,247 3,207 3,160 
Corporate90 100 55 
Consolidated depreciation and amortization$3,337 $3,307 $3,215 
(a)    Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $89 million, $65 million and $1 million in 2024, 2023 and 2022, respectively, which was adjusted for purposes of arriving at Renewable Diesel segment adjusted EBITDA.
(Millions of dollars)202420232022
Capital expenditures
Refining & Marketing$1,445 $998 $1,275 
Midstream1,504 1,105 1,069 
Renewable Diesel8 313 233 
Total segment capital expenditures and investments2,957 2,416 2,577 
Less investments in equity method investees509 480 405 
Plus:
Corporate63 83 108 
Capitalized interest56 55 103 
Consolidated capital expenditures(a)
$2,567 $2,074 $2,383 
(a)    Includes changes in capital expenditure accruals. See Note 21 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows.
No single customer accounted for more than 10 percent of annual revenues for the years ended December 31, 2024 and December 31, 2023. Sales to Speedway/7-Eleven from the Refining & Marketing segment represented 10 percent of our total annual revenues for the year ended December 31, 2022. See Note 20 for the disaggregation of our revenue by segment and product line.
We do not have significant operations in foreign countries. Therefore, revenues in foreign countries and long-lived assets located in foreign countries, including property, plant and equipment and investments, are not material to our operations.
v3.25.0.1
Net Interest and Other Financial Costs
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Net Interest and Other Financial Costs Net Interest and Other Financial Costs
Net interest and other financial costs were as follows:
(Millions of dollars)202420232022
Interest income$(376)$(530)$(191)
Interest expense1,365 1,325 1,299 
Interest capitalized(57)(60)(104)
Pension and other postretirement non-service costs(a)
(38)(89)3 
Loss on extinguishment of debt— 9 2 
Investments - net premium (discount) amortization(91)(142)(30)
Other financial costs36 12 21 
Net interest and other financial costs$839 $525 $1,000 
(a)    See Note 24.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes from continuing operations consisted of:
(Millions of dollars)202420232022
Current:
Federal$862 $2,359 $3,565 
State and local144 475 629 
Foreign8 11 7 
Total current1,014 2,845 4,201 
Deferred:
Federal(90)18 191 
State and local(33)(46)98 
Foreign(1)— 1 
Total deferred(124)(28)290 
Income tax provision$890 $2,817 $4,491 
Our effective tax rate for the year ended December 31, 2024 was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests.
Our effective tax rate for the year ended December 31, 2023 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.
Our effective tax rate for the year ended December 31, 2022 was higher than the U.S. statutory rate primarily due to state taxes, partially offset by permanent tax benefits related to net income attributable to noncontrolling interests.
A reconciliation of the federal statutory income tax rate to the effective tax rate applied to income from continuing operations before income taxes follows:
202420232022
Federal statutory rate 21 %21 %21 %
State and local income taxes, net of federal income tax effects2 2 3 
Noncontrolling interests(6)(2)(2)
Other(2)(1)— 
Effective tax rate applied to income from continuing operations before income taxes15 %20 %22 %
Deferred tax assets and liabilities resulted from the following:
December 31,
(Millions of dollars)20242023
Deferred tax assets:
Employee benefits$558 $549 
Environmental remediation81 89 
Finance lease obligations433 365 
Operating lease liabilities243 229 
Net operating loss carryforwards39 44 
Tax credit carryforwards22 10 
Goodwill and other intangibles75 71 
Other95 96 
Total deferred tax assets1,546 1,453 
Valuation allowance(51)(28)
Total net deferred tax assets1,495 1,425 
Deferred tax liabilities:
Property, plant and equipment2,584 2,684 
Inventories672 627 
Investments in subsidiaries and affiliates3,742 3,706 
Right of use assets246 230 
Other20 11 
Total deferred tax liabilities7,264 7,258 
Net deferred tax liabilities$5,769 $5,833 
Net deferred tax liabilities were classified in the consolidated balance sheets as follows:
December 31,
(Millions of dollars)20242023
Assets:
Other noncurrent assets$2 $1 
Liabilities:
Deferred income taxes5,771 5,834 
Net deferred tax liabilities$5,769 $5,833 
At both December 31, 2024 and 2023, federal operating loss carryforwards were $3 million, which includes a mix of indefinite carryforward ability and expiration periods ranging from 2032 through 2034. As of December 31, 2024 and 2023, state and local operating loss and tax credit carryforwards were $42 million and $31 million, respectively, which includes a mix of indefinite carryforward ability and expiration periods ranging from 2029 through 2044. At December 31, 2024 and 2023, foreign operating loss carryforwards were $16 million and $20 million, respectively, which includes expiration periods ranging from 2028 through 2043.
As of December 31, 2024 and 2023, $51 million and $28 million of valuation allowances have been recorded related to income taxes, related to realizability of foreign tax operating losses, state tax net operating losses and credits, and related deferred tax assets.
MPC is continuously undergoing examination of its U.S. federal income tax returns by the Internal Revenue Service (“IRS”). Since 2012, we have continued to participate in the Compliance Assurance Process (“CAP”). CAP is a real-time audit of the U.S. federal income tax return that allows the IRS, working in conjunction with MPC, to determine tax return compliance with the U.S. federal tax law prior to filing the return. This program provides us with greater certainty about our tax liability for years under examination by the IRS. MPLX and its subsidiaries are undergoing examination of its U.S. federal income tax returns by the IRS for the tax years 2019 through 2022. We do not believe the eventual outcome of such audits will have a material impact on our financial statements as of December 31, 2024.
Further, we are routinely involved in U.S. state income tax audits. We believe all other audits will be resolved with the amounts provided for these liabilities. As of December 31, 2024, we have various state and local income tax returns subject to examination for years 2016 through 2023, depending on jurisdiction.
The following table summarizes the activity in unrecognized tax benefits:
(Millions of dollars)202420232022
January 1 balance$38 $57 $37 
Additions for tax positions of prior years— 8 38 
Reductions for tax positions of prior years(5)(6)(2)
Settlements(6)(20)(15)
Statute of limitations— (1)(1)
December 31 balance$27 $38 $57 
If the unrecognized tax benefits as of December 31, 2024 were recognized, $27 million would affect our effective income tax rate. There were $7 million of uncertain tax positions as of December 31, 2024 for which it is reasonably possible that the amount of unrecognized tax benefits would significantly decrease during the next twelve months.
Interest and penalties related to income taxes are recorded as part of the provision for income taxes. Such interest and penalties were net expenses (benefits) of $(2) million, less than $(1) million and $1 million in 2024, 2023 and 2022, respectively. At December 31, 2024 and 2023, $2 million and $4 million of interest and penalties were accrued related to income taxes, respectively.
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
December 31,
(Millions of dollars)20242023
Crude oil and other feedstocks$3,185 $3,211 
Refined products5,137 4,940 
Materials and supplies1,246 1,166 
Total$9,568 $9,317 
The cost of inventories of crude oil and other feedstocks and refined products is determined under the LIFO method. The LIFO method accounted for 87 percent of total inventory value at both December 31, 2024 and 2023. Current acquisition costs were estimated to exceed the LIFO inventory value at December 31, 2024 and 2023 by $2.53 billion and $2.77 billion, respectively.
v3.25.0.1
Equity Method Investments
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
Refining & Marketing Segment
LF Bioenergy Acquisition
On March 8, 2023, MPC announced the acquisition of a 49.9 percent interest in LF Bioenergy, an emerging producer of renewable natural gas (“RNG”) in the U.S., for approximately $56 million, which included funding for on-going operations and project development. LF Bioenergy has been focused on developing and growing a portfolio of dairy farm-based, low carbon intensity RNG projects. MPC accounts for our ownership interest in LF Bioenergy as an equity method investment.
Watson Cogeneration Company
On June 1, 2022, MPC purchased the remaining 49 percent interest in Watson Cogeneration Company from NRG Energy, Inc. for approximately $59 million. This entity is now consolidated and included in our consolidated results. It was previously accounted for as an equity method investment.
The excess of the $62 million fair value over the $25 million book value of our 51 percent ownership interest in Watson Cogeneration Company resulted in a $37 million gain, which is included in the net gain on disposal of assets line of the accompanying consolidated statements of income.
Midstream Segment - MPLX
BANGL, LLC Acquisition
On July 31, 2024, MPLX exercised its right of first offer under the BANGL, LLC joint venture agreement to purchase an additional 20 percent ownership interest in BANGL, LLC for $210 million cash, increasing total ownership interest to 45 percent (the “BANGL Transaction”). BANGL is a natural gas liquids pipeline system connecting the Delaware and Midland basins to the fractionation market in the Gulf Coast and export markets. The purchase price of the additional 20 percent ownership interest in BANGL, LLC exceeded our portion of the underlying net assets of the joint venture by approximately $156 million. This basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets. Following the BANGL Transaction, our investment in BANGL, LLC continues to be accounted for as an equity method investment.
Whistler Joint Venture Transaction
On May 29, 2024, MPLX and its joint venture partner contributed their respective membership interest in Whistler Pipeline, LLC to a newly formed joint venture, WPC Parent, LLC, and issued a 19 percent voting interest in WPC Parent, LLC to an affiliate of Enbridge Inc. in exchange for the contribution of cash and the Rio Bravo Pipeline project (collectively the “Whistler Joint Venture Transaction”). As a result of the transaction, MPLX’s voting interest in the joint venture was reduced from 37.5 percent to 30.4 percent. MPLX recognized a gain of $151 million at closing and received a cash distribution of $134 million, recorded as a return of capital, related to the dilution of the ownership interest. The gain is included in income from equity method investments on the accompanying consolidated statements of income and the return of capital is included in investments - redemptions, repayments, return of capital and sales proceeds within the investing section of the accompanying consolidated statements of cash flows.
Midstream Acquisition
On March 22, 2024, MPLX used $625 million of cash on hand to purchase additional ownership interest in existing joint ventures and gathering assets, which will enhance MPLX’s position in the Utica basin. Prior to the acquisition, MPLX owned an indirect interest in Ohio Gathering Company, L.L.C. (“OGC”) and a direct interest in Ohio Condensate Company, L.L.C. (“OCC”) and now owns a combined 73 percent interest in OGC and a 100 percent interest in OCC, and a dry gas gathering system in the Utica basin. OGC continues to be accounted for as an equity method investment as MPLX did not obtain control of OGC as a result of the transaction. OGC is considered a VIE and MPLX is not deemed to be the primary beneficiary due to voting rights on significant matters. The acquisition date fair value of our investment in OGC exceeded our portion of the underlying net assets of the joint venture by approximately $75 million. This basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets. OCC was previously accounted for as an equity method investment, and it is now consolidated and included in our consolidated financial results.
The acquisition was accounted for as a business combination requiring all the acquired assets and liabilities to be remeasured to fair value resulting in a consolidated fair value of net assets and liabilities of $625 million. The fair value includes $507 million related to acquired interests in the joint ventures and the remaining balance related to other acquired assets and liabilities. The revaluation of MPLX’s existing 62 percent equity method investment in OCC resulted in a $20 million gain, which is included in net gain on disposal of assets on the accompanying consolidated statements of income. The fair value of equity method investments was based on a discounted cash flow model.
MarkWest Torñado GP, L.L.C.
On December 15, 2023, MPLX used $303 million of cash on hand to purchase the remaining 40 percent interest in MarkWest Torñado GP, L.L.C. (“Torñado”) for approximately $270 million, including cash paid for working capital, and to extend the term of a gathering and processing agreement for approximately $33 million. As a result of this transaction, this entity is now consolidated and included in our consolidated financial results. It was previously accounted for as an equity method investment. Torñado provides natural gas gathering and processing related services in the Permian basin. The results for this business are reported within our Midstream segment.
At December 15, 2023, the carrying value of MPLX’s 60 percent equity investment in Torñado was $311 million. Upon acquisition of the remaining 40 percent member interest, the existing equity investment was remeasured to fair value resulting in the recognition of a $92 million gain, which was presented in the net gain on disposal of assets line on the accompanying consolidated statements of income. The fair value of the previously held equity method investment was primarily based on the price negotiated for the 40 percent interest in Torñado.
The acquisition was accounted for as a business combination. While the purchase price for the 40 percent interest was $270 million, all of the Torñado assets and liabilities were remeasured to fair value resulting in a consolidated fair value of net assets and liabilities of $673 million, consisting primarily of property, plant and equipment and identifiable intangible assets. The fair value of property, plant and equipment was based primarily on the cost approach. The fair value of the identifiable intangible assets, consisting of various customer contracts, was primarily based on the multi-period excess earnings method, which is an income approach.
Midstream Segment - MPC-Retained
Jones Act Blue Water Vessels
Marathon Coastal Holdings LLC (formerly known as Crowley Coastal Partners LLC, “Coastal Holdings”) was formed in May 2016 as a joint venture to own, through its subsidiaries, four Jones Act mid-range product tankers and three Jones Act series 750 ATB vessels. Prior to October 1, 2024, MPC accounted for our 50 percent ownership in Coastal Holdings as an equity method investment.
On December 1, 2022, MPC purchased all of Coastal Holdings’ interest in Marathon Tanker Holdings LLC (formerly known as Crowley Ocean Partners LLC, “Tankers Holdings”) and its four subsidiaries, which own the four mid-range product tankers, for approximately $485 million, which included $196 million to pay off the debt associated with the four tankers. Subsequent to the acquisition date, Tankers Holdings is wholly owned by MPC and is included in our consolidated results.
The excess of the $144 million fair value over the $125 million book value of our 50 percent indirect interest in Tankers Holdings resulted in a $19 million gain, which is included in income from equity method investments on the accompanying consolidated statements of income.
On October 1, 2024, MPC paid approximately $66 million in cash to purchase the remaining 50 percent interest in Coastal Holdings and its subsidiary, Marathon Blue Water Holdings LLC (formerly known as Crowley Blue Water Partners, LLC, “Blue Water Holdings”), which owns the three ATB vessels, from our joint venture partner. As part of the transaction, MPC assumed Blue Water Holdings’ United States Maritime Administration guaranteed obligations (the “MARAD Debt”) with an aggregate outstanding principal amount and accrued interest value of $175 million as of October 1, 2024. See Note 19 for additional information. Subsequent to the acquisition date, Coastal Holdings is wholly owned by MPC and is included in our consolidated results.
The excess of the $66 million fair value over the $50 million book value of our 50 percent indirect interest in Coastal Holdings resulted in a $16 million gain, which is included in income from equity method investments on the accompanying consolidated statements of income.
South Texas Gateway Terminal LLC
On August 1, 2023, MPC sold its 25 percent interest in South Texas Gateway Terminal LLC (“South Texas Gateway”) to an affiliate of Gibson Energy Inc. (“Gibson Energy”). Gibson Energy paid $1.1 billion in cash to acquire 100 percent of the membership interests of South Texas Gateway from MPC and its other members. South Texas Gateway owns an oil export facility in the U.S. Gulf Coast. MPC’s proceeds were $270 million, resulting in a gain of $106 million, which is included in net gain on disposal of assets on the accompanying consolidated statements of income.
Renewable Diesel Segment
Martinez Renewables LLC
On September 21, 2022, MPC closed on the formation of the Martinez Renewables LLC joint venture. MPC contributed property, plant and equipment, inventory, and working capital with an estimated fair value of $1.471 billion and Neste contributed $728 million in cash. MPC recorded a gain of $549 million resulting from the difference between the carrying value and fair value of the contributed property, plant and equipment and inventory. Subsequent to the closing, the joint venture paid a special distribution to MPC of $500 million, which is reflected as a return of capital in MPC’s consolidated statements of cash flows. After the special distribution, MPC’s investment value in the entity was approximately $971 million. We apply the equity method of accounting with respect to our investment in the entity.
Ownership as ofCarrying value at
December 31,December 31,
(In millions of dollars, except ownership percentages)VIE202420242023
Refining & Marketing
The Andersons Marathon Holdings LLC50%$190 $227 
Other(a)
X92 75 
Refining & Marketing Total$282 $302 
Midstream
MPLX
BANGL45%$281 $63 
Illinois Extension Pipeline Company, L.L.C.35%218 228 
LOOP LLC41%310 314 
MarEn Bakken Company LLC25%526 449 
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C.X67%329 336 
MarkWest Utica EMG, L.L.C.X59%742 676 
Ohio Gathering Co, LLCX35%470 — 
Sherwood Midstream LLCX50%488 500 
WPC Parent, LLC30%208 214 
Other(a)
X959 963 
MPLX Total$4,531 $3,743 
MPC-Retained
Capline Pipeline Company LLC33%$382 $402 
Gray Oak Pipeline, LLC25%274 284 
Other(a)
X114 170 
MPC-Retained Total$770 $856 
Midstream Total$5,301 $4,599 
Renewable Diesel
Martinez Renewables LLCX50%$1,184 $1,266 
Other(a)
X90 93 
Renewable Diesel Total$1,274 $1,359 
Total$6,857 $6,260 
(a)    Some investments included within “Other” have been deemed to be VIEs.

    
Summarized financial information for all equity method investments in affiliated companies, combined, was as follows:
(Millions of dollars)202420232022
Income statement data:
Revenues and other income$9,259 $6,544 $5,069 
Income from operations2,698 2,428 1,907 
Net income2,211 2,089 1,740 
Balance sheet data – December 31:
Current assets$2,687 $2,610 
Noncurrent assets24,656 21,098 
Current liabilities1,927 1,569 
Noncurrent liabilities7,837 6,719 
As of December 31, 2024, the carrying value of our equity method investments was $521 million higher than the underlying net assets of investees. This basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets, except for $208 million of excess related to goodwill and other non-depreciable assets.
Dividends and partnership distributions received from equity method investees (excluding distributions that represented a return of capital previously contributed) were $1.215 billion, $941 million and $772 million in 2024, 2023 and 2022, respectively.
v3.25.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment (PP&E)
December 31, 2024December 31, 2023
(Millions of dollars)Gross
PP&E		Accumulated DepreciationNet
PP&E		Gross
PP&E		Accumulated DepreciationNet
PP&E
Refining & Marketing$32,965 $19,015 $13,950 $31,536 $17,721 $13,815 
Midstream30,697 10,798 19,899 29,620 9,589 20,031 
Renewable Diesel976 338 638 960 271 689 
Corporate1,679 1,138 541 1,632 1,055 577 
Total(a)
$66,317 $31,289 $35,028 $63,748 $28,636 $35,112 
(a)    Includes finance leases. See Note 26.
Property, plant and equipment includes construction in progress of $1.78 billion and $1.40 billion at December 31, 2024 and 2023, respectively, which primarily relates to capital projects at our refineries and midstream facilities.
v3.25.0.1
Goodwill and Intangibles
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangibles Goodwill and Intangibles
Goodwill
MPC annually evaluates goodwill for impairment as of November 30, as well as whenever events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit with goodwill is less than its carrying amount. There were no impairments of goodwill required based on our annual test of goodwill in 2024 and 2023.
At December 31, 2024, MPC had four reporting units with goodwill totaling approximately $8.24 billion. For the annual impairment assessment as of November 30, 2024, management performed only a qualitative assessment for three reporting units as we determined it was more likely than not that the fair value of the reporting units exceeded the carrying value. A quantitative assessment was performed for the remaining reporting unit, which resulted in the fair value of the reporting unit exceeding its carrying value by greater than 10 percent.
The changes in the carrying amount of goodwill for 2024 were as follows:
(Millions of dollars)Refining & MarketingMidstreamTotal
Balance as of December 31, 2022$561 $7,683 $8,244 
Impairment losses— — — 
Balance as of December 31, 2023561 7,683 8,244 
Impairment losses— — — 
Balance as of December 31, 2024$561 $7,683 $8,244 
Gross goodwill as of December 31, 2024$6,141 $10,824 $16,965 
Accumulated impairment losses(5,580)(3,141)(8,721)
Balance as of December 31, 2024$561 $7,683 $8,244 

Intangible Assets
Our definite lived intangible assets as of December 31, 2024 and 2023 are as shown below.
December 31, 2024December 31, 2023
(Millions of dollars)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer contracts and relationships$4,111 $2,446 $1,665 $3,838 $2,132 $1,706 
Brand rights and tradenames101 89 12 101 79 22 
Royalty agreements141 120 21 173 142 31 
Other36 31 5 41 35 6 
Total$4,389 $2,686 $1,703 $4,153 $2,388 $1,765 
At both December 31, 2024 and 2023, we had indefinite lived intangible assets of $71 million, which are emission allowance credits.
Amortization expense was $266 million in 2024 and $316 million in 2023. Estimated future amortization expense for the next five years related to the intangible assets at December 31, 2024 is as follows:
(Millions of dollars)
2025$250 
2026230 
2027202 
2028180 
202916 
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Values – Recurring
The following tables present assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2024 and 2023 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.
December 31, 2024
Fair Value Hierarchy
(Millions of dollars)Level 1Level 2Level 3
Netting and Collateral(a)
Net Carrying Value on Balance Sheet(b)
Collateral Pledged Not Offset
Assets:
Commodity contracts$139 $— $— $(132)$7 $16 
Liabilities:
Commodity contracts$144 $— $— $(144)$— $— 
Embedded derivatives in commodity contracts— — 58 — 58 — 
December 31, 2023
Fair Value Hierarchy
(Millions of dollars)Level 1Level 2Level 3
Netting and Collateral(a)
Net Carrying Value on Balance Sheet(b)
Collateral Pledged Not Offset
Assets:
Commodity contracts$244 $— $— $(220)$24 $73 
Liabilities:
Commodity contracts$249 $— $— $(249)$— $— 
Embedded derivatives in commodity contracts— — 61 — 61 — 
(a)    Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of December 31, 2024, cash collateral of $12 million was netted with mark-to-market derivative liabilities. As of December 31, 2023, cash collateral of $29 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 relate to an embedded derivative liability for a natural gas purchase commitment embedded in a keep‑whole processing agreement. The fair value calculation for these Level 3 instruments at December 31, 2024 used significant unobservable inputs including: (1) NGL prices interpolated and extrapolated due to inactive markets ranging from $0.65 to $1.54 per gallon with a weighted average of $0.81 per gallon and (2) a 100 percent probability of renewable for the five-year term of the natural gas purchase agreement 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.
(Millions of dollars)20242023
Beginning balance$61 $61 
Unrealized and realized loss included in net income(a)
10 11 
Settlements of derivative instruments(13)(11)
Ending balance$58 $61 
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):
$7 $9 
(a)    The gain/loss is included in cost of revenues on the consolidated statements of income.
See Note 18 for the income statement impacts of our derivative instruments.
Fair Values – Non-recurring
Non-recurring fair value measurements and disclosures in 2024 relate to acquisitions and other transactions as discussed in Note 14.
Non-recurring fair value measurements and disclosures in 2023 relate primarily to the acquisition of the remaining interest in Torñado as discussed in Note 14.
Non-recurring fair value measurements and disclosures in 2022 relate primarily to sales-type leases discussed in Note 26 and the Martinez Renewables LLC equity method investment discussed in Note 14. The net investment in sales-type leases was recorded at the estimated fair value of the underlying leased assets at contract modification date. The leased assets were valued
using a cost method valuation approach which utilizes Level 3 inputs. The fair value of the Martinez Renewables LLC equity method investment was primarily based on the cash consideration received from Neste for their 50 percent ownership.
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 and the expected insignificance of bad debt expense, 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 prices from recent trade activity and is categorized in level 3 of the fair value hierarchy. The carrying and fair values of our debt were approximately $26.9 billion and $25.0 billion at December 31, 2024, respectively, and approximately $27.0 billion and $25.5 billion at December 31, 2023, respectively. These carrying and fair values of our debt exclude the unamortized issuance costs, which are netted against our total debt.
v3.25.0.1
Derivatives
 12 Months Ended
Dec. 31, 2024
Summary of Derivative Instruments [Abstract]  
Derivatives Derivatives
For further information regarding the fair value measurement of derivative instruments, including any effect of master netting agreements or collateral, see Note 17. See Note 2 for a discussion of the types of derivatives we use and the reasons for them. We do not designate any of our commodity derivative instruments as hedges for accounting purposes.
The following table presents the fair value of derivative instruments as of December 31, 2024 and 2023 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)December 31, 2024December 31, 2023
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$139 $144 $244 $249 
Other current liabilities(a)
— 10 — 11 
Deferred credits and other liabilities(a)
— 48 — 50 
(a)    Includes embedded derivatives.
The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of December 31, 2024. 
Percentage of contracts that expire next quarterPosition
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil54.5%47,351 43,785 
Refined products82.3%18,086 21,973 
Blending products93.5%6,061 6,121 
Soybean oil97.9%2,295 2,888 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 15,975 long and 15,455 short; Refined products - 545 long and 325 short and Blending products - 158 long. 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)Gain (Loss)
Income Statement Location202420232022
Sales and other operating revenues$1 $7 $— 
Cost of revenues(94)(15)(58)
Other income2 2 — 
Total$(91)$(6)$(58)
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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Our outstanding borrowings at December 31, 2024 and 2023 consisted of the following:
(Millions of dollars)December 31,
2024		December 31,
2023
Marathon Petroleum Corporation:
Senior notes$5,699 $6,449 
Notes payable— 1 
MARAD debt174 — 
Finance lease obligations718 464 
Total6,591 6,914 
MPLX LP:
Senior notes21,200 20,700 
Finance lease obligations6 6 
Total21,206 20,706 
Total debt27,797 27,620 
Unamortized debt issuance costs(142)(141)
Unamortized discount, net of unamortized premium(174)(196)
Amounts due within one year(3,049)(1,954)
Total long-term debt due after one year$24,432 $25,329 
Commercial Paper
We have in place a commercial paper program that allows us to have a maximum of $2.0 billion in commercial paper outstanding, with maturities up to 397 days from the date of issuance. We do not intend to have outstanding commercial paper borrowings in excess of available capacity under the MPC Credit Agreement.
MPC Senior Notes
 December 31,
(Millions of dollars)20242023
Senior notes, 3.625% due September 2024— 750 
Senior notes, 4.700% due May 20251,250 1,250 
Senior notes, 5.125% due December 2026719 719 
Senior notes, 3.800% due April 2028496 496 
Senior notes, 6.500% due March 20411,250 1,250 
Senior notes, 4.750% due September 2044800 800 
Senior notes, 5.850% due December 2045250 250 
Senior notes, 4.500% due April 2048498 498 
Andeavor senior notes, 3.800% - 5.125% due 2026 – 204836 36 
Senior notes, 5.000%, due September 2054400 400 
Total$5,699 $6,449 
2024 Activity
On September 16, 2024, we repaid the $750 million outstanding principal amount of 3.625 percent senior notes due September 2024 at maturity using cash on hand.
Interest on each series of senior notes is payable semi-annually in arrears. The MPC senior notes are unsecured and unsubordinated obligations of MPC and rank equally with all of MPC’s other existing and future unsecured and unsubordinated indebtedness. The MPC senior notes are non-recourse to our subsidiaries and structurally subordinated to the indebtedness of our subsidiaries, including the outstanding indebtedness of Andeavor and MPLX. The Andeavor senior notes are unsecured, unsubordinated obligations of Andeavor and are non-recourse to MPC and any of MPC’s subsidiaries other than Andeavor.
MARAD Debt
During the fourth quarter of 2024, MPC purchased the remaining 50 percent interest in Coastal Holdings from our joint venture partner and assumed $174 million in aggregate principal amount of MARAD Debt obligations issued by Blue Water Holdings, a subsidiary of Marathon Coastal Holdings LLC, that owns three 750 series ATB Vessels. Blue Water Holdings remains the primary obligor under the MARAD Debt. The U.S. Department of Transportation Maritime Administration (“MARAD”) has guaranteed certain of Blue Water Holdings’ obligations under the MARAD Debt and Blue Water Holdings has agreed to reimburse MARAD for any payments it makes with respect to the MARAD Debt pursuant to the guaranty. Blue Water Holdings’ reimbursement obligations to MARAD with respect to the MARAD Debt are secured by a mortgage on the three ATB Vessels and certain related rights and assets and are guaranteed by MPC.
The MARAD Debt is comprised of $55 million aggregate principal amount of 3.432% bonds due 2036, $57 million aggregate principal amount of 3.477% bonds due 2037 and $62 million aggregate principal amount of 3.609% bonds due 2038. The agreements that govern the MARAD Debt, including the indenture, security agreement and guarantee contain customary representations and warranties as well as affirmative and negative covenants, events of defaults and other provisions, we believe are typical for U.S. government guaranteed obligations of this type. As of December 31, 2024, we were in compliance with the covenants contained in the MARAD Debt documents.
MPLX Senior Notes
 December 31,
(Millions of dollars)20242023
Senior notes, 4.875% due December 2024$— $1,149 
Senior notes, 4.000% due February 2025500 500 
Senior notes, 4.875% due June 20251,189 1,189 
MarkWest senior notes, 4.875% due 2024 – 202511 12 
Senior notes, 1.750% due March 20261,500 1,500 
Senior notes, 4.125% due March 20271,250 1,250 
Senior notes, 4.250% due December 2027732 732 
Senior notes, 4.000% due March 20281,250 1,250 
Senior notes, 4.800% due February 2029750 750 
Senior notes, 2.650% due August 20301,500 1,500 
Senior notes, 4.950% due September 20321,000 1,000 
Senior notes, 5.000% due March 20331,100 1,100 
Senior notes, 5.500% due June 20341,650 — 
Senior notes, 4.500% due April 20381,750 1,750 
Senior notes, 5.200% due March 20471,000 1,000 
Senior notes, 5.200% due December 2047487 487 
ANDX senior notes, 4.250% - 5.200% due 2027 – 204731 31 
Senior notes, 4.700% due April 20481,500 1,500 
Senior notes, 5.500% due February 20491,500 1,500 
Senior notes, 4.950% due March 20521,500 1,500 
Senior notes, 5.650% due March 2053500 500 
Senior notes, 4.900% due April 2058500 500 
Total$21,200 $20,700 
2024 Activity
On May 20, 2024, MPLX issued $1.65 billion aggregate principal amount of 5.50 percent senior notes due June 2034 (the “2034 Senior Notes”) in an underwritten public offering. On December 1, 2024, MPLX used $1,150 million of the net proceeds from the issuance of the 2034 Senior Notes to repay all of (i) MPLX's outstanding $1,149 million aggregate principal amount of 4.875 percent senior notes due December 2024 and (ii) MarkWest's outstanding $1 million aggregate principal amount of 4.875 percent senior notes due December 2024. On February 18, 2025, MPLX used the remaining net proceeds from the issuance of the 2034 Senior Notes to repay all of MPLX's outstanding $500 million aggregate principal amount of 4.000 percent senior notes due February 2025.
2023 Activity
On February 9, 2023, MPLX issued $1.6 billion aggregate principal amount of senior notes in a public offering, consisting of $1.1 billion aggregate principal amount of 5.00 percent senior notes due March 2033 and $500 million aggregate principal amount of 5.65 percent senior notes due March 2053. On February 15, 2023, MPLX used $600 million of the net proceeds to redeem all of the outstanding Series B preferred units. On March 13, 2023, MPLX used the remaining proceeds to redeem all of MPLX’s and MarkWest’s $1.0 billion aggregate principal amount of 4.50 percent senior notes due July 2023.The redemption resulted in a loss on extinguishment of debt of $9 million due to the immediate expense recognition of unamortized debt discount and issuance costs.
Interest on each series of MPLX fixed rate senior notes is payable semi-annually in arrears. The MPLX senior notes are unsecured, unsubordinated obligations of MPLX and are non-recourse to MPC and its subsidiaries other than MPLX and MPLX GP LLC, as the general partner of MPLX. The MPLX senior notes are non-recourse to MPLX’s subsidiaries and structurally subordinated to the indebtedness of MPLX’s subsidiaries.
Schedule of Maturities
Principal maturities of long-term debt, excluding finance lease obligations, as of December 31, 2024 for the next five years are as follows:
(Millions of dollars)
2025$2,964 
20262,263 
20272,014 
20281,764 
2029764 
Available Capacity under our Facilities as of December 31, 2024
(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 facility2,000 — — 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.
MPC Bank Revolving Credit Facility
MPC’s credit agreement (the “MPC Credit Agreement”) matures in July 2027 and, provides for a $5.0 billion unsecured revolving credit facility and letter of credit issuing capacity under the facility of up to $2.2 billion. Letters of credit issuing capacity is included in, not in addition to, the $5.0 billion borrowing capacity.
MPC has an option under the MPC Credit Agreement to increase the aggregate commitments by up to an additional $1.0 billion, subject to, among other conditions, the consent of the lenders whose commitments would be increased. In addition, the maturity date may be extended, for up to two additional one year periods, subject to, among other conditions, the approval of lenders holding the majority of the commitments then outstanding, provided that the commitments of any non-consenting lenders will terminate on the then-effective maturity date. The MPC Credit Agreement includes sub-facilities for swing-line loans of up to $250 million and letters of credit of up to $2.2 billion (which may be increased to up to $3.0 billion upon receipt of additional letter of credit issuing commitments).
Borrowings under the MPC Credit Agreement bear interest, at our election, at either the Adjusted Term SOFR or the Alternate Base Rate, both as defined in the MPC Credit Agreement, plus an applicable margin. We are charged various fees and expenses in connection with the agreement, including administrative agent fees, commitment fees on the unused portion of the commitments and fees with respect to issued and outstanding letters of credit. The applicable margins to the benchmark interest rates and the commitment fees payable under the MPC Credit Agreement fluctuate based on changes, if any, to our credit ratings.
The MPC Credit Agreement contains certain representations and warranties, affirmative and restrictive covenants and events of default that we consider to be usual and customary for arrangements of this type, including a financial covenant that requires us to maintain a ratio of Consolidated Net Debt to Total Capitalization, each as defined in the MPC Credit Agreement, of no greater than 0.65 to 1.00 as of the last day of each fiscal quarter. The covenants also restrict, among other things, our ability and/or the ability of certain of our subsidiaries to incur debt, create liens on assets or enter into transactions with affiliates. As of December 31, 2024, we were in compliance with the covenants contained in the MPC Credit Agreement.
Trade Receivables Securitization Facility
On September 30, 2021, we entered into a Loan and Security Agreement and related documentation with a group of lenders providing for a new trade receivables securitization facility having $100 million of committed borrowing and letter of credit issuance capacity and uncommitted borrowing and letter of credit issuance capacity that can be extended at the discretion of the lenders, provided that at no time may outstanding borrowings and letters of credit issued under the facility exceed the balance of eligible trade receivables (as calculated in accordance with the Loan and Security Agreement) that are pledged as collateral under the facility. In September 2024, the trade receivables securitization facility was amended to, among other things, extend its term until September 30, 2027.
The trade receivables facility consists of certain of our wholly owned subsidiaries (“Originators”) selling or contributing on an on-going basis all of the trade receivables generated by them (the “Pool Receivables”), together with all related security and interests in the proceeds thereof, without recourse, to another wholly owned, bankruptcy-remote special purpose subsidiary, MPC Trade Receivables Company I LLC (“TRC”), in exchange for a combination of cash, equity and/or borrowings under a subordinated note issued by TRC to one or more of the Originators. TRC may request borrowings and extensions of credit under the Loan and Security Agreement for up to the lesser of the maximum capacity under the facility or the eligible trade receivables balance of the Pool Receivables. TRC and each of the Originators have granted a security interest in all of their rights, title and interests in and to the Pool Receivables, together with all related security and interests in the proceeds thereof, to the lenders to secure the performance of TRC’s and the Originators’ payment and other obligations under the facility. In addition, MPC has issued a performance guaranty in favor of the lenders guaranteeing the performance by TRC and the Originators of their obligations under the facility.
To the extent that TRC retains an ownership interest in the Pool Receivables, such interest will be included in our consolidated financial statements solely as a result of the consolidation of the financial statements of TRC with those of MPC. The receivables sold or contributed to TRC are available first and foremost to satisfy claims of the creditors of TRC and are not available to satisfy the claims of creditors of MPC. TRC has granted a security interest in all of its assets to the lenders to secure its obligations under the Loan and Security Agreement.
TRC pays floating-rate interest charges and usage fees on amounts outstanding under the trade receivables facility, if any, unused fees on the portion of unused commitments and certain other fees related to the administration of the facility and letters of credit that are issued and outstanding under the trade receivables facility.
The Loan and Security Agreement and other documents comprising the facility contain representations and covenants that we consider usual and customary for arrangements of this type. Trade receivables are subject to customary criteria, limits and reserves before being deemed to be eligible receivables that count towards the borrowing base under the trade receivables facility. In addition, the lender’s commitments to extend loans and credits under the facility are subject to termination, and TRC may be subject to default fees, upon the occurrence of certain events of default that are included in the Loan and Security Agreement and other facility documentation, all of which we consider to be usual and customary for arrangements of this type. As of December 31, 2024, we were in compliance with the covenants contained in the Loan and Security Agreement and other facility documentation.
MPLX Bank Revolving Credit Facility
MPLX’s credit agreement (the “MPLX Credit Agreement”) matures in July 2027 and, among other things, provides for a $2.0 billion unsecured revolving credit facility and letter of credit issuing capacity under the facility of up to $150 million. Letters of credit issuing capacity is included in, not in addition to, the $2.0 billion borrowing capacity.
The borrowing capacity under the MPLX Credit Agreement may be increased by up to an additional $1.0 billion, subject to certain conditions, including the consent of the lenders whose commitments would increase. In addition, the maturity date may be extended, for up to two additional one year periods, subject to, among other conditions, the approval of lenders holding the majority of the commitments then outstanding, provided that the commitments of any non-consenting lenders will terminate on the then-effective maturity date.
Borrowings under the MPLX Credit Agreement bear interest, at MPLX’s election, at either the Adjusted Term SOFR or the Alternate Base Rate, both as defined in the MPLX Credit Agreement, plus an applicable margin. MPLX is charged various fees and expenses in connection with the agreement, including administrative agent fees, commitment fees on the unused portion of the commitments and fees with respect to issued and outstanding letters of credit. The applicable margins to the benchmark interest rates and the commitment fees payable under the MPLX Credit Agreement fluctuate based on changes, if any, to MPLX’s credit ratings.
The MPLX Credit Agreement contains certain representations and warranties, affirmative and restrictive covenants and events of default that we consider to be usual and customary for an agreement of this type, including a financial covenant that requires MPLX to maintain a ratio of Consolidated Total Debt as of the end of each fiscal quarter to Consolidated EBITDA, both as defined in the MPLX Credit Agreement, for the prior four fiscal quarters of no greater than 5.0 to 1.0 (or 5.5 to 1.0 for up to two fiscal quarters following certain acquisitions). Consolidated EBITDA is subject to adjustments for certain acquisitions completed and capital projects undertaken during the relevant period. The covenants also restrict, among other things, MPLX’s ability and/or the ability of certain of its subsidiaries to incur debt, create liens on assets and enter into transactions with affiliates. As of December 31, 2024, MPLX was in compliance with the covenants contained in the MPLX Credit Agreement.
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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
The following table presents our revenues from external customers disaggregated by segment and product line:
(Millions of dollars)202420232022
Refining & Marketing
Refined products$122,429 $132,675 $160,737 
Crude oil7,298 7,423 8,962 
Services and other1,861 1,737 1,762 
Total revenues from external customers131,588 141,835 171,461 
Midstream
Refined products1,668 1,675 2,219 
Services and other(a)
3,529 3,236 3,147 
Total revenues from external customers5,197 4,911 5,366 
Renewable Diesel
Refined products2,073 1,628 625 
Services and other6 5 1 
Total revenues from external customers2,079 1,633 626 
Sales and other operating revenues$138,864 $148,379 $177,453 
(a)    Includes sales-type lease revenue. See Note 26.
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 December 31, 2024, we do not have future performance obligations that are material to future periods.
Receivables
On the accompanying consolidated balance sheets, receivables, less allowance for doubtful accounts primarily consists of customer receivables. Significant, non-customer balances included in our receivables at December 31, 2024 include matching buy/sell receivables of $4.3 billion.
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Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
(Millions of dollars)202420232022
Net cash provided by operating activities included:
Interest paid (net of amounts capitalized)$1,247 $1,200 $1,060 
Income taxes paid to taxing authorities(a)
732 2,751 4,869 
Cash paid for amounts included in the measurement of lease liabilities
Payments on operating leases532 493 498 
Interest payments under finance lease obligations25 25 24 
Net cash provided by financing activities included:
Principal payments under finance lease obligations82 79 79 
Non-cash investing and financing activities:
Right of use assets obtained in exchange for new operating lease obligations637 465 367 
Right of use assets obtained in exchange for new finance lease obligations302 21 60 
Contribution of assets(b)
— — 818 
Book value of equity method investment(c)
50 311 150 
(a)    2024 includes $565 million paid to third parties for transferable tax credits.
(b)    Represents the book value of property, plant and equipment, inventory and working capital contributed by MPC to Martinez Renewables LLC. See Note 14 for additional information.
(c)    2024 represents the book value of Coastal Holdings prior to MPC buying out the remaining 50 percent interest from our joint venture partner. 2023 represents the book value of MPLX’s equity method investment in Torñado, prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Tanker Holdings of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 14 for additional information.
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:
(Millions of dollars)202420232022
Additions to property, plant and equipment per the consolidated statements of cash flows$2,533 $1,890 $2,420 
Increase (decrease) in capital accruals34 184 (37)
Total capital expenditures$2,567 $2,074 $2,383 
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Other Current Liabilities
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Other Liabilities Disclosure
The following summarizes the components of other current liabilities:
December 31,
(Millions of dollars)20242023
Environmental credits liability$422 $778 
Accrued interest payable314 316 
Other current liabilities419 551 
Total other current liabilities$1,155 $1,645 
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Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss
The following table shows the changes in accumulated other comprehensive income (loss) by component. Amounts in parentheses indicate debits.
(Millions of dollars)Pension BenefitsOther BenefitsOtherTotal
Balance as of December 31, 2021$(117)$49 $1 $(67)
Other comprehensive income (loss) before reclassifications, net of tax of $11
(70)129 (1)58 
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(45)(22)— (67)
Amortization of actuarial loss(a)
4 6 — 10 
Settlement loss(a)
79 — — 79 
Tax effect(14)3 — (11)
Other comprehensive income (loss)(46)116 (1)69 
Balance as of December 31, 2022(163)165 — 2 
Other comprehensive income (loss) before reclassifications, net of tax of $(22)
(60)(21)2 (79)
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(45)(22)— (67)
Amortization of actuarial gain(a)
(5)— — (5)
Settlement gain(a)
(1)— — (1)
Other— — (1)(1)
Tax effect13 7 — 20 
Other comprehensive income (loss)(98)(36)1 (133)
Balance as of December 31, 2023(261)129 1 (131)
Other comprehensive income (loss) before reclassifications, net of tax of $16
44 10 (2)52 
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(33)(22)— (55)
Amortization of actuarial loss(a)
6 — — 6 
Settlement loss(a)
3 — — 3 
Tax effect6 5 — 11 
Other comprehensive income (loss)26 (7)(2)17 
Balance as of December 31, 2024$(235)$122 $(1)$(114)
(a)    These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 24.
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Pension and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Defined Benefit Pension and Other Postretirement Plans Pension and Other Postretirement Benefits
We have two noncontributory defined benefit pension plans. One plan is frozen and covered certain employees of our former Speedway LLC subsidiary. The other plan is active and covers substantially all of our employees. Benefits under these plans are based on a now frozen final average pay type of benefit based on age, years of service and final average pensionable earnings, and a cash balance type of benefit. The years of service component for the final average pay type of benefit was frozen as of December 31, 2009, and certain of the pensionable earnings components were frozen as of December 31, 2012. Benefits for the cash balance type of benefit began on January 1, 2010 for our continuing active plan, and began on January 1, 2016 for our frozen plan, and are based on a cash balance formula with an annual percentage of eligible pay credited based upon age and years of service or at a flat rate of eligible pay, depending on covered employee group. Substantially all of our employees also accrue benefits under a defined contribution plan.
(Millions of dollars)202420232022
Cash balance weighted average interest crediting rates4.56 %3.57 %3.00 %
We also have other postretirement benefits covering most employees. Retiree health care benefits are provided through comprehensive hospital, surgical, major medical benefit, prescription drug and related health benefit provisions subject to various cost sharing features. Retiree life insurance benefits are provided to a closed group of retirees. Other postretirement benefits are not funded in advance.
In connection with the Andeavor acquisition, we assumed a number of additional qualified and nonqualified noncontributory benefit pension plans, covering substantially all former Andeavor employees. Benefits under these plans are determined based on final average compensation and years of service through December 31, 2010 and a cash balance formula for service beginning January 1, 2011. These plans were frozen as of December 31, 2018. Further, as of December 31, 2019, the qualified plans were merged with our existing qualified plans in which the actuarial assumptions were materially the same between the plans. We also assumed a number of additional postretirement benefits covering eligible employees. These benefits were merged with our existing benefits beginning January 1, 2019.
Obligations and Funded Status
The accumulated benefit obligation for all defined benefit pension plans was $2,579 million and $2,441 million as of December 31, 2024 and 2023.
The following summarizes the projected benefit obligations and funded status for our defined benefit pension and other postretirement plans:
 Pension BenefitsOther Benefits
(Millions of dollars)2024202320242023
Benefit obligations at January 1$2,563 $2,359 $679 $650 
Service cost219 195 21 18 
Interest cost122 116 32 31 
Actuarial (gain) loss(32)184 (14)31 
Benefits paid(187)(291)(49)(51)
Benefit obligations at December 312,685 2,563 669 679 
Fair value of plan assets at January 12,082 1,838 — — 
Actual return on plan assets161 266 — — 
Employer contributions102 269 49 51 
Benefits paid from plan assets(187)(291)(49)(51)
Fair value of plan assets at December 312,158 2,082 — — 
Funded status at December 31$(527)$(481)$(669)$(679)

Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include:
 Pension BenefitsOther Benefits
(Millions of dollars)2024202320242023
Noncurrent assets$22 $— $— $— 
Current liabilities(11)(8)(50)(50)
Noncurrent liabilities(538)(473)(619)(629)
Accrued benefit cost$(527)$(481)$(669)$(679)
Included in accumulated other comprehensive loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost:
 Pension BenefitsOther Benefits
(Millions of dollars)2024202320242023
Net actuarial loss$404 $467 $36 $50 
Prior service credit(36)(69)(181)(202)
Amounts exclude those related to LOOP and Explorer, equity method investees with defined benefit pension and postretirement plans for which net losses (gains) of $(7) million and $4 million were recorded in accumulated other comprehensive income (loss) in 2024, reflecting our ownership share.
Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss
The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive loss (pretax) for our defined benefit pension and other postretirement plans.
 Pension BenefitsOther Benefits
(Millions of dollars)202420232022202420232022
Service cost$227 $201 $230 $21 $18 $26 
Interest cost122 116 102 32 31 21 
Expected return on plan assets(146)(163)(142)— — — 
Amortization of prior service credit(33)(45)(45)(22)(22)(22)
Amortization of actuarial (gain) loss6 (5)4 — — 6 
Settlement (gain) loss3 (1)79 — — — 
Net periodic benefit cost(a)
$179 $103 $228 $31 $27 $31 
Actuarial (gain) loss$(54)$75 $109 $(15)$31 $(167)
Amortization of actuarial (gain) loss(9)6 (83)— — (6)
Amortization of prior service credit33 45 45 22 22 22 
Total recognized in other comprehensive (income) loss$(30)$126 $71 $7 $53 $(151)
Total recognized in net periodic benefit cost and other comprehensive (income) loss$149 $229 $299 $38 $80 $(120)
(a)    Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.
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.
For certain of our pension plans, lump sum payments to employees retiring in 2024, 2023 and 2022 exceeded the plan’s total service and interest costs expected for those years. Settlement losses are required to be recorded when lump sum payments exceed total service and interest costs. As a result, pension settlement expenses were recorded in 2024, 2023 and 2022.
Plan Assumptions
The following summarizes the assumptions used to determine the benefit obligations at December 31, and net periodic benefit cost for the defined benefit pension and other postretirement plans for 2024, 2023 and 2022.
Pension BenefitsOther Benefits
 202420232022202420232022
Benefit obligation:
Discount rate5.55 %4.85 %5.04 %5.58 %4.88 %5.08 %
Rate of compensation increase4.18 %4.18 %4.18 %4.18 %4.18 %4.18 %
Net periodic benefit cost:
Discount rate4.85 %5.10 %3.33 %4.88 %5.08 %2.93 %
Expected long-term return on plan assets6.80 %7.00 %5.75 %— %— %— %
Rate of compensation increase4.18 %4.18 %4.18 %4.18 %4.18 %4.18 %
Expected Long-term Return on Plan Assets
The overall expected long-term return on plan assets assumption is determined based on an asset rate-of-return modeling tool developed by a third-party investment group. The tool utilizes underlying assumptions based on actual returns by asset category and inflation and takes into account our asset allocation to derive an expected long-term rate of return on those assets. Capital
market assumptions reflect the long-term capital market outlook. The assumptions for equity and fixed income investments are developed using a building-block approach, reflecting observable inflation information and interest rate information available in the fixed income markets. Long-term assumptions for other asset categories are based on historical results, current market characteristics and the professional judgment of our internal and external investment teams.
Assumed Health Care Cost Trend
The following summarizes the assumed health care cost trend rates.
 December 31,
 202420232022
Health care cost trend rate assumed for the following year:
Medical: Pre-657.90 %7.70 %6.60 %
Prescription drugs12.50 %10.80 %8.90 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate):
Medical: Pre-654.50 %4.50 %4.50 %
Prescription drugs4.50 %4.50 %4.50 %
Year that the rate reaches the ultimate trend rate:
Medical: Pre-65203420322031
Prescription drugs203420322031
Increases in the post-65 medical plan premium for the Marathon Petroleum Health Plan and the Marathon Petroleum Retiree Health Plan have been permanently eliminated.
Plan Investment Policies and Strategies
The investment policies for our pension plan assets reflect the funded status of the plans and expectations regarding our future ability to make further contributions. Long-term investment goals are to: (1) manage the assets in accordance with the legal requirements of all applicable laws; (2) diversify plan investments across asset classes to achieve an optimal balance between risk and return and between income and growth of assets through capital appreciation; and (3) source benefit payments primarily through existing plan assets and anticipated future returns.
The investment goals are implemented to manage the plans’ funded status volatility and minimize future cash contributions. The asset allocation strategy will change over time in response to changes primarily in funded status, which is dictated by current and anticipated market conditions, the independent actions of our investment committee, required cash flows to and from the plans and other factors deemed appropriate. Such changes in asset allocation are intended to allocate additional assets to the fixed income asset class should the funded status improve. The fixed income asset class shall be invested in such a manner that its interest rate sensitivity correlates highly with that of the plans’ liabilities. Other asset classes are intended to provide additional return with associated higher levels of risk. Investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies. At December 31, 2024, the primary plan’s targeted asset allocation was 50 percent equity, private equity, real estate, and timber securities and 50 percent fixed income securities.
Fair Value Measurements
Plan assets are measured at fair value. The following provides a description of the valuation techniques employed for each major plan asset category at December 31, 2024 and 2023.
Cash and cash equivalents
Cash and cash equivalents include a collective fund serving as the investment vehicle for the cash reserves and cash held by third-party investment managers. The collective fund is valued at net asset value (“NAV”) on a scheduled basis using a cost approach and is considered a Level 2 asset. Cash and cash equivalents held by third-party investment managers are valued using a cost approach and are considered Level 2.
Equity
Equity investments include common stock, mutual and pooled funds. Common stock investments are valued using a market approach, which are priced daily in active markets and are considered Level 1. Mutual and pooled equity funds are well diversified portfolios, representing a mix of strategies in domestic, international and emerging market strategies. Mutual funds are publicly registered, valued at NAV on a daily basis using a market approach and are considered Level 1 assets. Pooled funds are valued at NAV using a market approach and are considered Level 2.
Fixed Income
Fixed income investments include corporate bonds, U.S. dollar treasury bonds and municipal bonds. These securities are priced on observable inputs using a combination of market, income and cost approaches. These securities are considered Level 2 assets. Fixed income also includes a well-diversified bond portfolio structured as a pooled fund. This fund is valued at NAV on a daily basis using a market approach and is considered Level 2.
Private Equity
Private equity investments include interests in limited partnerships which are valued using information provided by external managers for each individual investment held in the fund. These holdings are considered Level 3.
Real Estate
Real estate investments consist of interests in limited partnerships. These holdings are either appraised or valued using the investment manager’s assessment of assets held. These holdings are considered Level 3.
Other
Other investments include two limited liability companies (“LLCs”) with no public market. The LLCs were formed to acquire timberland in the northwest U.S. These holdings are either appraised or valued using the investment manager’s assessment of assets held. These holdings are considered Level 3. Other investments classified as Level 2 include derivative transactions.
The following tables present the fair values of our defined benefit pension plans’ assets, by level within the fair value hierarchy, as of December 31, 2024 and 2023.
 December 31, 2024December 31, 2023
(Millions of dollars)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$— $62 $— $62 $— $63 $— $63 
Equity:
Common stocks52 — — 52 50 — — 50 
Mutual funds125 — — 125 115 — — 115 
Pooled funds— 871 — 871 — 791 — 791 
Fixed income:
Corporate— 637 — 637 — 588 — 588 
Government— 267 — 267 — 330 — 330 
Pooled funds— 117 — 117 — 118 — 118 
Private equity— — 9 9 — — 10 10 
Real estate— — 11 11 — — 12 12 
Other— 7 — 7 — 2 3 5 
Total investments, at fair value$177 $1,961 $20 $2,158 $165 $1,892 $25 $2,082 
Cash Flows
Contributions to defined benefit plans
Our funding policy with respect to the funded pension plans is to contribute amounts necessary to satisfy minimum pension funding requirements, including requirements of the Pension Protection Act of 2006, plus such additional, discretionary, amounts from time to time as determined appropriate by management. In 2024, we made contributions totaling $92 million to our funded pension plans. For 2025, we do not project any required funding, but we may make voluntary contributions to our funded pension plans at our discretion. Cash contributions to be paid from our general assets for the unfunded pension and postretirement plans are estimated to be approximately $11 million and $51 million, respectively, in 2025.
Estimated future benefit payments
The following gross benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated.
(Millions of dollars)Pension BenefitsOther Benefits
2025$177 $51 
2026180 52 
2027188 52 
2028203 53 
2029206 54 
2030 through 20341,219 280 
Contributions to defined contribution plan
We also contribute to a defined contribution plan for eligible employees. Contributions to this plan totaled $181 million, $176 million and $167 million in 2024, 2023 and 2022, respectively.
Multiemployer Pension Plan
We contribute to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covers some of our union-represented employees. The risks of participating in this multiemployer plan are different from single-employer plans in the following aspects:
•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.
•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
•If we choose to stop participating in the multiemployer plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
Our participation in this plan for 2024, 2023 and 2022 is outlined in the table below. The “EIN” column provides the Employee Identification Number for the plan. The most recent Pension Protection Act zone status available in 2024 and 2023 is for the plan years ending on December 31, 2023 and December 31, 2022, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded. The “FIP/RP Status Pending/Implemented” column indicates a financial improvement plan or a rehabilitation plan has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. There have been no significant changes that affect the comparability of 2024, 2023 and 2022 contributions. Our portion of the contributions does not make up more than five percent of total contributions to the plan.
  Pension 
Protection
Act Zone 
Status		FIP/RP Status
Pending/Implemented
MPC Contributions 
(Millions of dollars)
Surcharge
Imposed		Expiration Date of
Collective – Bargaining
Agreement
Pension FundEIN20242023202420232022
Central States, Southeast and Southwest Areas Pension Plan(a)(b)
366044243RedRedImplemented$3 $5 $5 NoJanuary 31, 2031
(a)    This agreement has a minimum contribution requirement of $338 per week per employee for 2025. A total of 252 employees participated in the plan as of December 31, 2024.
(b)    The parties to the expired agreement continue operating under the relevant terms of the expired agreement while negotiating a successor agreement.
Multiemployer Health and Welfare Plan
We contribute to one multiemployer health and welfare plan that covers both active employees and retirees. Through the health and welfare plan, employees receive medical, dental, vision, prescription and disability coverage. Our contributions to this plan totaled $5 million, $7 million and $7 million for 2024, 2023 and 2022, respectively.
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Share-Based Compensation
Description of the Incentive Plans
Our employees and non-employee directors are eligible to receive share, share-based and other types of awards under the Marathon Petroleum Corporation 2021 Incentive Compensation Plan (“MPC 2021 Plan”). The MPC 2021 Plan authorizes the Compensation and Organization Development Committee of our board of directors (“Committee”) to grant nonqualified or incentive stock options, stock appreciation rights, share and share-based awards (including restricted stock and restricted stock unit awards), cash awards and performance awards to our employees and non-employee directors. The maximum number of shares of our common stock available for awards under the MPC 2021 Plan is 20.5 million shares. The MPC 2021 Plan became effective upon shareholder approval on April 28, 2021. Prior to that date, our employees and non-employee directors were eligible to receive share, share-based and other types of awards under the Amended and Restated Marathon Petroleum Corporation 2012 Incentive Compensation Plan (“MPC 2012 Plan”), effective April 26, 2012, and prior to that date, the Marathon Petroleum Corporation 2011 Second Amended and Restated Incentive Compensation Plan (“MPC 2011 Plan”). Shares issued as a result of awards granted under these plans are funded through the issuance of new MPC common shares.
Share-Based Awards under the Plans
Stock Options
Prior to 2021, we granted stock options to certain officer and non-officer employees under the MPC 2011 Plan and the MPC 2012 Plan. Stock options represent the right to purchase shares of our common stock at an exercise price equal to the closing price of our common stock on the date of grant. Stock options generally vest over a service period of three years and expire ten years after the grant date. We expensed stock options based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures. We used the Black Scholes option-pricing model to estimate the fair value of stock options granted, which requires the input of subjective assumptions.
Restricted Stock and Restricted Stock Units
We grant restricted stock units to certain employees and to our non-employee directors. Prior to 2021, we granted restricted stock to certain employees and to our non-employee directors. In general, restricted stock and restricted stock units granted to employees vest over a requisite service period of three years. Restricted stock awards and restricted stock unit awards granted to officers prior to 2022 are subject to an additional one-year holding period after the three-year vesting period. Restricted stock recipients have the right to vote such stock; however, dividends are accrued and when vested are payable at the dates specified in the awards. The non-vested shares are not transferable and are held by our transfer agent. Restricted stock units granted to non-employee directors are considered to vest immediately at the time of the grant for accounting purposes, as they are non-forfeitable, but are not issued until the director’s departure from the board of directors. Restricted stock unit recipients do not have the right to vote any shares of stock and accrue dividend equivalents which when vested are payable at the dates specified in the awards. We expense restricted stock and restricted stock units based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures. The fair values of restricted stock and restricted stock units are equal to the market price of our common stock on the grant date.
Performance Share Units
We grant performance share unit awards to certain officer and non-officer employees. At grant, a performance share unit has a target value equal to the MPC common stock average 30-day closing price prior to the grant date. The actual payout value of a performance share unit is based on company performance (which can range from 0 percent to 200 percent) for the three-year performance period beginning January 1 of the year of grant, multiplied by, for the awards granted in 2021 and 2022, MPC’s closing share price on the date the Committee certifies performance; and for the awards granted in 2023 and 2024, MPC’s average closing share price for the final thirty calendar days at the end of the performance period. Company performance for purposes of payout will be determined by the relative ranking of the total shareholder return (“TSR”) of MPC common stock over the three-year performance period compared to the TSR of a select group of peer companies, the Standard & Poor’s 500 Index, the Alerian MLP Index, as well as the median of MPC’s compensation reference group applicable for the year the award is granted. These awards settle 100 percent in cash and are accounted for as liability awards. We expense liability-classified performance share unit awards at fair value over the requisite service period, with mark-to-market adjustments made each quarter until payout occurs. The fair value is determined using a Monte Carlo valuation model.
Significant assumptions used in our Monte Carlo valuation models include: 1) risk free interest rate, for which we utilize the treasury rate for the time period closest to the remaining performance period of the award being valued; 2) look-back period (in years), for which we utilize the remaining performance period of the award being valued; and 3) expected volatility, for which we utilize the historical volatility of our own stock and the stock of our peer group for the look-back period previously discussed.
In general, performance share units granted to officers have a vesting service period beginning on the grant date and ending on the last day of the three-year performance period, and performance share units granted to employees outside of our senior management vest in one-third increments at the end of each calendar year of the performance period. However, certain employees are eligible to vest in some awards earlier, subject to reaching certain age and employment milestones, with payout still occurring at the end of the original performance period.
Total Share-Based Compensation Expense
The following table reflects activity related to our share-based compensation arrangements:
(Millions of dollars)202420232022
Share-based compensation expense$137 $211 $153 
Tax benefit recognized on share-based compensation expense33 51 37 
Cash received by MPC upon exercise of stock option awards25 62 243 
Tax benefit received for tax deductions for stock awards exercised28 49 53 
Stock Option Awards
The following is a summary of our common stock option activity in 2024: 
Number of SharesWeighted Average Exercise Price
Weighted Average Remaining Contractual Terms (in years)
Aggregate Intrinsic Value (Millions of dollars)
Outstanding at December 31, 20231,044,011 $52.07 
Exercised(537,951)46.97 
Outstanding at December 31, 2024(a)
506,060 57.50 3.9$41 
(a)    All options outstanding at December 31, 2024 are fully vested and exercisable.
The intrinsic value of options exercised by MPC employees during 2024, 2023 and 2022 was $75 million, $136 million and $247 million, respectively.
As of December 31, 2024, there was no unrecognized compensation cost related to stock option awards.
Restricted Stock and Restricted Stock Unit Awards
The following is a summary of restricted stock unit award activity of our common stock in 2024:
 Restricted Stock Units
 Number of
Units		Weighted
Average
Grant Date
Fair Value
Unvested at December 31, 20231,192,704 $98.16 
Granted496,894 171.55 
Vested(606,774)80.86 
Forfeited(49,555)130.29 
Unvested at December 31, 20241,033,269 142.08 
The following is a summary of the values related to restricted stock and restricted stock unit awards held by MPC employees and non-employee directors:
Restricted StockRestricted Stock Units
Intrinsic Value of Awards Vested During the Period (Millions of dollars)
Weighted Average Grant Date Fair Value of Awards Granted During the Period
Intrinsic Value of Awards Vested During the Period (Millions of dollars)
Weighted Average Grant Date Fair Value of Awards Granted During the Period
2024$— $— $102 $171.55 
2023— — 144 133.94 
202217 — 99 75.81 
As of December 31, 2024, there was no unrecognized compensation cost related to restricted stock awards. Unrecognized compensation cost related to restricted stock unit awards was $90 million, which is expected to be recognized over a weighted average period of 2.0 years.
Performance Awards
The following is a summary of performance share unit awards activity in 2024:
Number of Performance Share Units
Unvested at December 31, 2023580,666 
Granted255,290 
Vested(393,862)
Forfeited(14,746)
Unvested at December 31, 2024427,348 
We paid $169 million, $14 million and $26 million during the years ended 2024, 2023 and 2022, respectively, to settle performance awards.
As of December 31, 2024, unrecognized compensation cost related to performance awards was $22 million, which is expected to be recognized over a weighted average period of 1.3 years. As of December 31, 2024, the total liability associated with performance awards was $184 million.
MPLX Awards
Compensation expense for awards of MPLX units are not material to our consolidated financial statements for 2024.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lessee, Operating Leases
Lessee
We lease a wide variety of facilities and equipment including land and building space, office and field equipment, storage facilities and transportation equipment. Our remaining lease terms range from less than one year to 94 years. Most long-term leases include renewal options ranging from one year to 40 years and, in certain leases, also include purchase options. The lease term included in the measurement of right of use assets and lease liabilities includes options to extend or terminate our leases that we are reasonably certain to exercise.
Under ASC 842, the components of lease cost are shown below. Lease costs for operating leases are recognized on a straight-line basis and are reflected in the income statement based on the leased asset’s use. Lease costs for finance leases are reflected in depreciation and amortization and in net interest and other financial costs.
(Millions of dollars)202420232022
Finance lease cost:
Amortization of right of use assets$80 $73 $81 
Interest on lease liabilities26 25 29 
Operating lease cost534 489 490 
Variable lease cost60 54 59 
Short-term lease cost952 881 772 
Total lease cost$1,652 $1,522 $1,431 
Supplemental consolidated balance sheet data related to leases were as follows:
December 31,
(Millions of dollars)20242023
Operating leases
Assets
Right of use assets$1,300 $1,233 
Liabilities
Operating lease liabilities$417 $454 
Long-term operating lease liabilities860 764 
Total operating lease liabilities$1,277 $1,218 
Weighted average remaining lease term (in years)44
Weighted average discount rate4.4 %4.1 %
Finance leases
Assets
Property, plant and equipment, gross$1,118 $765 
Less accumulated depreciation510 413 
Property, plant and equipment, net$608 $352 
Liabilities
Debt due within one year$94 $69 
Long-term debt630 401 
Total finance lease liabilities$724 $470 
Weighted average remaining lease term (in years)99
Weighted average discount rate4.8 %5.1 %
As of December 31, 2024, maturities of lease liabilities for operating lease obligations and finance lease obligations having initial or remaining non-cancellable lease terms in excess of one year are as follows:
(Millions of dollars)OperatingFinance
2025$464 $126 
2026334 123 
2027242 111 
2028173 97 
202976 79 
2030 and thereafter111 360 
Gross lease payments1,400 896 
Less: imputed interest123 172 
Total lease liabilities$1,277 $724 
Lessor, Operating Leases
Lessor
MPLX is considered to be the lessor under several operating lease agreements in accordance with GAAP related to certain fee-based natural gas transportation and processing agreements in the Marcellus and Southern Appalachia region. The primary terms of these agreements expire between 2026 and 2036, however, these contracts either have renewal options or will continue thereafter on a year-to-year basis until terminated by either party.
MPLX did not elect to use the practical expedient to combine lease and non-lease components for lessor arrangements. The tables below represent the portion of the contract allocated to the lease component based on relative standalone selling price. MPLX elected the practical expedient to carry forward historical classification conclusions until a modification of an existing agreement occurs. Once a modification occurs, the amended agreement is required to be assessed under ASC 842 to determine whether a reclassification of the lease is required.
During the third quarter of 2022, the approved expansion of a gathering and compression system triggered the first assessment of a third party agreement under ASC 842. As a result of the assessment during the period, the lease was reclassified from an operating lease to a sales-type lease. Accordingly, the underlying property, plant and equipment of $745 million and associated deferred revenue of $277 million were derecognized. The present value of the future lease payments of $914 million and the unguaranteed residual value of $63 million were recorded as the net investment in the lease within receivables and other noncurrent assets. This resulted in a gain of approximately $509 million, which was recorded as a net gain on disposal of assets in the consolidated statements of income. This transaction was a non-cash transaction.
Lease revenues are included in sales and other operating revenues on the consolidated statements of income. Lease revenues were as follows:
(Millions of dollars)202420232022
Operating leases:
Rental income$260 $243 $327 
Sales-type leases:
Interest income (Sales-type rental revenue-fixed minimum)114 114 46 
Interest income (Revenue from variable lease payments)22 22 16 
Sales-type lease revenue$136 $136 $62 
The following is a schedule of minimum future rentals on the non-cancelable operating leases as of December 31, 2024:
(Millions of dollars)
2025$109 
202688 
202766 
202859 
202957 
2030 and thereafter248 
Total minimum future rentals$627 
Annual minimum undiscounted lease payment receipts under our sales-type leases were as follows as of December 31, 2024:
(Millions of dollars)
2025$172 
2026157 
2027147 
2028138 
2029130 
2030 and thereafter896 
Total minimum future rentals1,640 
Less: imputed interest707 
Lease receivables(a)
$933 
Current lease receivables(b)
$102 
Long-term lease receivables(c)
831 
Unguaranteed residual assets95 
Total sales-type lease assets$1,028 
(a)    This amount does not include the unguaranteed residual assets.
(b)    Presented in receivables, net on the consolidated balance sheets.
(c)    Presented in other noncurrent assets on the consolidated balance sheets.
Capital expenditures related to assets subject to sales-type lease arrangements were $69 million for the year ended December 31, 2024. These amounts are reflected as additions to property, plant and equipment in the consolidated statements of cash flows.
The following schedule summarizes our investment in assets held under operating lease by major classes as of December 31, 2024 and 2023:
December 31,
(Millions of dollars)20242023
Gathering and transportation$86 $86 
Processing and fractionation1,039 1,000 
Pipelines18 12 
Terminals129 129 
Land, building and other11 10 
Property, plant and equipment1,283 1,237 
Less accumulated depreciation458 396 
Total property, plant and equipment, net$825 $841 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies 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.
At December 31, 2024 and 2023, accrued liabilities for remediation totaled $364 million and $387 million, 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 $6 million and $5 million at December 31, 2024 and 2023, respectively.
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 California, Delaware, Maryland, Hawaii, Rhode Island, South Carolina and Oregon. 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.
We are involved in a number of 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.
Asset Retirement Obligations
Our short-term asset retirement obligations were $36 million and $24 million at December 31, 2024 and 2023, respectively, and are included in other current liabilities in our consolidated balance sheets. Our long-term asset retirement obligations were $210 million and $218 million at December 31, 2024 and 2023, respectively, which are included in deferred credits and other liabilities in our consolidated balance sheets.
Other Legal Proceedings
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 that crosses the Fort Berthold Reservation in North Dakota. 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, in December 2020, 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 direct 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. On February 8, 2022, the U.S. Government Parties filed their answer and counterclaims to THPP’s suit claiming THPP is in continued trespass with respect to the pipeline and seek disgorgement of pipeline profits from June 1, 2013 to present, removal of the pipeline and remediation. On November 8, 2023, the District Court of North Dakota granted THPP’s motion to sever and stay the U.S. Government Parties’ counterclaims. 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. THPP continues not to operate that portion of the pipeline that crosses the property at issue.
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 $212 million as of December 31, 2024.
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 a draft EIS in September 2023 detailing various options for the easement going forward, including denying the easement, approving the easement with additional measures, rerouting the easement, or approving the easement with no changes. The Army Corps has not selected a preferred alternative, but will make a decision in its final review, after considering input from the public and other agencies. The pipeline remains operational while the Army Corps finalizes its decision which will follow the issuance of the final EIS. According to public statements from Army Corps officials, the EIS is now expected to be issued in 2025.
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 to allow the entities that own and operate the Bakken Pipeline system to satisfy their senior note payment obligations. The senior notes were issued to repay amounts owed by the pipeline companies to fund the cost of construction of the Bakken Pipeline system. 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 December 31, 2024, our maximum potential undiscounted payments under the Contingent Equity Contribution Agreement were approximately $78 million.
Marathon Oil indemnifications
The separation and distribution agreement and other agreements with Marathon Oil to effect our spinoff provide for cross-indemnities between Marathon Oil and us. In general, Marathon Oil and its successor, ConocoPhillips, is required to indemnify us for any liabilities relating to Marathon Oil’s historical oil and gas exploration and production operations, oil sands mining operations and integrated gas operations, and we are required to indemnify Marathon Oil and its successor, ConocoPhillips, for
any liabilities relating to Marathon Oil’s historical refining, marketing and transportation operations. The terms of these indemnifications are indefinite and the amounts are not capped.
Other guarantees
We have entered into other guarantees with maximum potential undiscounted payments totaling $191 million as of December 31, 2024, 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.
General guarantees associated with dispositions
Over the years, we have sold various assets in the normal course of our business. Certain of the related agreements contain performance and general guarantees, including guarantees regarding inaccuracies in representations, warranties, covenants and agreements, and environmental and general indemnifications that require us to perform upon the occurrence of a triggering event or condition. These guarantees and indemnifications are part of the normal course of selling assets. We are typically not able to calculate the maximum potential amount of future payments that could be made under such contractual provisions because of the variability inherent in the guarantees and indemnities. Most often, the nature of the guarantees and indemnities is such that there is no appropriate method for quantifying the exposure because the underlying triggering event has little or no past experience upon which a reasonable prediction of the outcome can be based.
Contractual Commitments and Contingencies
At December 31, 2024, our contractual commitments to acquire property, plant and equipment totaled $260 million. Our contractual commitments to acquire property, plant and equipment totaled $281 million at December 31, 2023.
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.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Event
On February 10, 2025, MPC issued $2.0 billion aggregate principal amount of senior notes in an underwritten public offering consisting of $1.1 billion aggregate principal amount of 5.150 percent senior notes due March 2030 and $900 million aggregate principal amount of 5.700 percent senior notes due March 2035. We intend to use the net proceeds from this offering to repay, redeem or otherwise retire our outstanding $1.250 billion aggregate principal amount of 4.700 percent senior notes due May 2025 and for general corporate purposes.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) Attributable to Parent $ 3,445 $ 9,681 $ 14,516
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the quarter ended December 31, 2024, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of MPC adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
We have processes in place designed to protect our information systems, data, assets, infrastructure and computing environments from cybersecurity threats and risks while maintaining confidentiality, integrity, and availability. These enterprise-wide processes are based upon policies, practices and standards that guide us on identifying, assessing, and managing material cybersecurity risks and include, but are not limited to:
•placing security limits on physical and network access to our information technology (“IT”) and operating technology (“OT”) systems;
•employing internal IT and OT controls designed to detect cybersecurity threats by collecting and analyzing data in our centralized cybersecurity operations center;
•utilizing layers of defensive methodologies designed to facilitate cyber resilience, minimize attack surfaces, and provide flexibility and scalability in our ability to address cybersecurity risks and threats;
•providing cybersecurity threat and awareness training to employees and contractors;
•limiting remote network access to our IT and OT network environments; and
•assessing our cybersecurity resiliency through various methods, including penetration testing, tabletop exercises with varying scenarios and participants ranging from individuals on our operations teams to executive leadership, and analyzing our corporate cybersecurity incident response plan.
We apply an enterprise risk management (“ERM”) methodology as established and led by our executive leadership team and overseen by our Board to identify, assess, and manage enterprise-level risks. Our cybersecurity risk program directly integrates and is intended to align with our governing ERM program.
We engage with external resources to contribute to and provide independent evaluation of our cybersecurity practices, including a periodic assessment of our cybersecurity program that is performed by a third party. Our cybersecurity leadership and operational teams monitor cybersecurity threat intelligence and applicable cybersecurity regulatory requirements in a variety of ways, including by communicating with federal agencies, trade associations, service providers, and other miscellaneous third-party resources. Our management team, through consultation with our Senior Vice President and Chief Digital Officer (“CDO”), Vice President and Chief Information Security Officer (“CISO”), and the Audit Committee of our Board, use the information gathered from these sources to inform long-term cybersecurity investments and strategies which seek to identify cybersecurity threats and protect against, detect, respond to and recover from cybersecurity incidents.
The information systems, data, assets, infrastructure, and computing environments of our third-party service providers are also at risk of cybersecurity incidents. We manage third-party service provider cybersecurity risks through contract management, evaluation of applicable security control assessments, and third-party risk assessment processes.
As of February 27, 2025, we do not believe that any risks from cybersecurity threats, including as a result of past cybersecurity incidents, have had, or are reasonably likely to have, a material adverse effect on the company, including our business strategy, results of operations or financial condition. However, there can be no assurance that our cybersecurity processes will prevent or mitigate cybersecurity incidents or threats and that efforts will always be successful. It is possible that cybersecurity incidents may occur and could have a material adverse effect on our business strategy, results of operations, or financial condition. See “Business and Operational Risks--We are increasingly dependent on the performance of our information technology systems and those of our third-party business partners and service providers” in Item 1A. Risk Factors of this Annual Report on Form 10-K.
Governance
Our full Board of Directors oversees enterprise-level risks and has delegated to the Audit Committee of our Board oversight of risks from cybersecurity threats as informed through the ERM program. Our CDO and CISO are standing members of the ERM committee, comprised of members of senior management, and as part of the committee, report on and evaluate cybersecurity threats and risk management efforts, as communicated to them by way of their direct reports and the larger cybersecurity team. The CDO and CISO are responsible for managing risks from cybersecurity threats. The CDO and CISO provide regular cybersecurity briefings to the Board of Directors including the Audit Committee, with a minimum of two briefings per year and additional briefings as needed. The Audit Committee also has direct access to the CDO and CISO and their management teams for other updates on cybersecurity and information security strategy throughout the year. Additionally, the CDO and CISO, from time to time, meet with members of management to discuss cybersecurity risks, strategy, and threats.
Our CISO is responsible for implementing the cybersecurity program which is comprised of Cybersecurity GRC (Governance, Risk & Compliance), Cybersecurity Architecture, Engineering & Operations, and a Cyber Fusion Center that includes Threat Intelligence, Vulnerability Management, & Incident Response. Our CISO has more than 30 years of experience in the oil and gas industry and has held various leadership and strategic roles across IT, software R&D and marketing, including collectively serving as a chief information security officer for seven years at two publicly traded companies. Our CISO also holds an Executive Master in Cybersecurity degree, a Master of Computer Science degree, and undergraduate degrees in both computer science and mathematics.
Our CISO works at the direction of the CDO, who has more than 20 years of executive IT leadership experience and leads the company’s Digital and Information Technology functions that seek to provide innovative, secure, and reliable technology products and services to MPC and its customers. Prior to joining MPC in 2021, our CDO was employed by GE and its subsidiary companies for over 20 years, holding several executive IT leadership roles with increasing responsibility. He was then named Senior Vice President and Chief Information Officer of Services for parent company GE in 2017 and was later named the Vice President and Chief Information Officer of GE Healthcare. Our CDO holds a Bachelor’s degree in Business Administration, Management and Information Systems.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We apply an enterprise risk management (“ERM”) methodology as established and led by our executive leadership team and overseen by our Board to identify, assess, and manage enterprise-level risks. Our cybersecurity risk program directly integrates and is intended to align with our governing ERM program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
Our full Board of Directors oversees enterprise-level risks and has delegated to the Audit Committee of our Board oversight of risks from cybersecurity threats as informed through the ERM program. Our CDO and CISO are standing members of the ERM committee, comprised of members of senior management, and as part of the committee, report on and evaluate cybersecurity threats and risk management efforts, as communicated to them by way of their direct reports and the larger cybersecurity team. The CDO and CISO are responsible for managing risks from cybersecurity threats. The CDO and CISO provide regular cybersecurity briefings to the Board of Directors including the Audit Committee, with a minimum of two briefings per year and additional briefings as needed. The Audit Committee also has direct access to the CDO and CISO and their management teams for other updates on cybersecurity and information security strategy throughout the year. Additionally, the CDO and CISO, from time to time, meet with members of management to discuss cybersecurity risks, strategy, and threats.
Our CISO is responsible for implementing the cybersecurity program which is comprised of Cybersecurity GRC (Governance, Risk & Compliance), Cybersecurity Architecture, Engineering & Operations, and a Cyber Fusion Center that includes Threat Intelligence, Vulnerability Management, & Incident Response. Our CISO has more than 30 years of experience in the oil and gas industry and has held various leadership and strategic roles across IT, software R&D and marketing, including collectively serving as a chief information security officer for seven years at two publicly traded companies. Our CISO also holds an Executive Master in Cybersecurity degree, a Master of Computer Science degree, and undergraduate degrees in both computer science and mathematics.
Our CISO works at the direction of the CDO, who has more than 20 years of executive IT leadership experience and leads the company’s Digital and Information Technology functions that seek to provide innovative, secure, and reliable technology products and services to MPC and its customers. Prior to joining MPC in 2021, our CDO was employed by GE and its subsidiary companies for over 20 years, holding several executive IT leadership roles with increasing responsibility. He was then named Senior Vice President and Chief Information Officer of Services for parent company GE in 2017 and was later named the Vice President and Chief Information Officer of GE Healthcare. Our CDO holds a Bachelor’s degree in Business Administration, Management and Information Systems.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] has delegated to the Audit Committee of our Board oversight of risks from cybersecurity threats as informed through the ERM program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our CDO and CISO are standing members of the ERM committee, comprised of members of senior management, and as part of the committee, report on and evaluate cybersecurity threats and risk management efforts, as communicated to them by way of their direct reports and the larger cybersecurity team. The CDO and CISO are responsible for managing risks from cybersecurity threats. The CDO and CISO provide regular cybersecurity briefings to the Board of Directors including the Audit Committee, with a minimum of two briefings per year and additional briefings as needed. The Audit Committee also has direct access to the CDO and CISO and their management teams for other updates on cybersecurity and information security strategy throughout the year. Additionally, the CDO and CISO, from time to time, meet with members of management to discuss cybersecurity risks, strategy, and threats.
Cybersecurity Risk Role of Management [Text Block] Our CISO is responsible for implementing the cybersecurity program which is comprised of Cybersecurity GRC (Governance, Risk & Compliance), Cybersecurity Architecture, Engineering & Operations, and a Cyber Fusion Center that includes Threat Intelligence, Vulnerability Management, & Incident Response.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CISO is responsible for implementing the cybersecurity program
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has more than 30 years of experience in the oil and gas industry and has held various leadership and strategic roles across IT, software R&D and marketing, including collectively serving as a chief information security officer for seven years at two publicly traded companies. Our CISO also holds an Executive Master in Cybersecurity degree, a Master of Computer Science degree, and undergraduate degrees in both computer science and mathematics.Our CISO works at the direction of the CDO, who has more than 20 years of executive IT leadership experience and leads the company’s Digital and Information Technology functions that seek to provide innovative, secure, and reliable technology products and services to MPC and its customers. Prior to joining MPC in 2021, our CDO was employed by GE and its subsidiary companies for over 20 years, holding several executive IT leadership roles with increasing responsibility. He was then named Senior Vice President and Chief Information Officer of Services for parent company GE in 2017 and was later named the Vice President and Chief Information Officer of GE Healthcare. Our CDO holds a Bachelor’s degree in Business Administration, Management and Information Systems
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The CDO and CISO are responsible for managing risks from cybersecurity threats. The CDO and CISO provide regular cybersecurity briefings to the Board of Directors including the Audit Committee, with a minimum of two briefings per year and additional briefings as needed. The Audit Committee also has direct access to the CDO and CISO and their management teams for other updates on cybersecurity and information security strategy throughout the year. Additionally, the CDO and CISO, from time to time, meet with members of management to discuss cybersecurity risks, strategy, and threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Principal Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles applied in consolidation
Principles Applied in Consolidation
These consolidated financial statements include the accounts of our majority-owned, controlled subsidiaries and MPLX. As of December 31, 2024, we owned the general partner and approximately 64 percent of the outstanding MPLX common units. Due to our ownership of the general partner interest, 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. Income from equity method investments represents our proportionate share of net income generated by the equity method investees.
Differences in the basis of the investments and the separate net asset values of the investees, if any, are amortized into net income over the remaining useful lives of the underlying assets and liabilities, except for any excess related to goodwill. Equity method investments are evaluated for impairment whenever changes in the facts and circumstances indicate an other than temporary loss in value has occurred. When the loss is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value.
Use of estimates
Use of Estimates
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Actual results could differ from those estimates.
Revenue recognition
Revenue Recognition
We recognize revenue based on consideration specified in contracts or agreements with customers when we satisfy our performance obligations by transferring control over products or services to a customer. We made an accounting policy election that all taxes assessed by a governmental authority that are both imposed on and concurrent with a revenue-producing transaction and collected from our customers will be recognized on a net basis within sales and other operating revenues.
Our revenue recognition patterns are described below by reportable segment:
•Refining & Marketing and Renewable Diesel - The vast majority of our Refining & Marketing and Renewable Diesel contracts contain pricing that is based on the market price for the product at the time of delivery. Our obligations to deliver product volumes are typically satisfied and revenue is recognized when control of the product transfers to our customers. Concurrent with the transfer of control, we typically receive the right to payment for the delivered product, the customer accepts the product and the customer has significant risks and rewards of ownership of the product. Payment terms require customers to pay shortly after delivery and do not contain significant financing components.
•Midstream - Midstream revenue transactions typically are defined by contracts under which we sell a product or provide a service. Revenues from sales of product are recognized when control of the product transfers to the customer. Revenues from services are recognized over time when the performance obligation is satisfied as services are provided in a series. We have elected to use the output measure of progress to recognize revenue based on the units delivered, processed or transported. The transaction prices in our Midstream contracts often have both fixed components, related to minimum volume commitments, and variable components, which are primarily dependent on volumes. Variable consideration will generally not be estimated at contract inception as the transaction price is specifically allocable to the services provided at each period end.
Refer to Note 20 for disclosure of our revenue disaggregated by segment and product line and to Note 10 for a description of our reportable segment operations.
Crude oil and refined product exchanges and matching buy/sell transactions
Crude Oil and Refined Product Exchanges and Matching Buy/Sell Transactions
We enter into exchange contracts and matching buy/sell arrangements whereby we agree to deliver a particular quantity and quality of crude oil or refined products at a specified location and date to a particular counterparty and to receive from the same counterparty the same commodity at a specified location on the same or another specified date. The exchange receipts and deliveries are nonmonetary transactions, with the exception of associated grade or location differentials that are settled in cash. The matching buy/sell purchase and sale transactions are settled in cash. No revenues are recorded for exchange and matching buy/sell transactions as they are accounted for as exchanges of inventory. The exchange transactions are recognized at the carrying amount of the inventory transferred.
Cash and cash equivalents
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand and on deposit and investments in highly liquid debt instruments with original maturities of three months or less.
Short-term investments
Short-Term Investments
Investments with a maturity date greater than three months that we intend to convert to cash or cash equivalents within a year or less are classified as short-term investments in our consolidated balance sheets. Additionally, in accordance with ASC 320, Investments - Debt Securities, we have classified all short-term investments as available-for-sale securities and changes in fair market value are reported in other comprehensive income.
Accounts receivable and allowance for doubtful accounts
Accounts Receivable and Allowance for Doubtful Accounts
Our receivables primarily consist of customer accounts receivable. Customer receivables are recorded at the invoiced amounts and generally do not bear interest. Allowances for doubtful accounts are generally recorded when it becomes probable the receivable will not be collected and are booked to bad debt expense. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in customer accounts receivable. We review the allowance quarterly and past-due balances over 150 days are reviewed individually for collectability. 
We mitigate credit risk with master netting agreements with companies engaged in the crude oil or refinery feedstock trading and supply business or the petroleum refining industry. A master netting agreement generally provides for a once per month net cash settlement of the accounts receivable from and the accounts payable to a particular counterparty.
Lessee, Leases
Leases
Contracts with a term greater than one year that convey the right to direct the use of and obtain substantially all of the economic benefit of an asset are accounted for as right of use assets.
Right of use asset and lease liability balances are recorded at the commencement date at present value of the fixed lease payments using a secured incremental borrowing rate with a maturity similar to the lease term because our leases do not provide implicit rates. We have elected to include both lease and non-lease components in the present value of the lease payments for all lessee asset classes with the exception of our marine and third-party contractor service equipment leases. The lease component of the payment for the marine and equipment asset classes is determined using a relative standalone selling price. See Note 26 for additional disclosures about our lease contracts.
Lessor, Leases
As a lessor under ASU No. 2016-02, Leases (“ASC 842”), MPLX may be required to reclassify existing operating leases to sales-type leases upon modification and related reassessment of the leases. See Note 26 for further information regarding our ongoing evaluation of the impacts of lease reassessments as modifications occur. The net investment in sales-type leases is recorded within receivables, net and other noncurrent assets on the consolidated balance sheets. These amounts are comprised of the present value of the sum of the future minimum lease payments representing the value of the lease receivable and the unguaranteed residual value of the lease assets. Management assesses the net investment in sales-type leases for recoverability quarterly.
Inventories
Inventories
Inventories are carried at the lower of cost or market value. Cost of inventories is determined primarily under the LIFO method. Costs for crude oil and other feedstocks and refined product inventories are aggregated on a consolidated basis for purposes of assessing if the LIFO cost basis of these inventories may have to be written down to market value.
Fair Value
Fair Value
We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:
•Level 1 – inputs are based upon unadjusted quoted prices for identical instruments in active markets. Our Level 1 derivative assets and liabilities include exchange-traded contracts for crude oil and refined products measured at fair value with a market approach using the close-of-day settlement prices for the market. Commodity derivatives are covered under master netting agreements with an unconditional right to offset. Collateral deposits in futures commission merchant accounts covered by master netting agreements related to Level 1 commodity derivatives are classified as Level 1.
•Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, and forward and spot prices for currencies. Our Level 2 investments include commercial paper, certificates of deposit, time deposits and corporate notes and bonds. Our Level 2 derivative assets and liabilities primarily include certain OTC contracts.
•Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Our Level 3 assets and liabilities include goodwill, long-lived assets and intangible assets, when they are recorded at fair value due to an impairment charge and an embedded derivative liability relates to a natural gas purchase agreement embedded in a keep‑whole processing agreement. Unobservable inputs used in the models are significant to the fair values of the assets and liabilities.
Derivative instruments
Derivative Instruments
We use derivatives to economically hedge a portion of our exposure to commodity price risk and, historically, to interest rate risk. Our use of selective derivative instruments that assume market risk is limited. All derivative instruments (including derivative instruments embedded in other contracts) are recorded at fair value. Certain commodity derivatives are reflected on the consolidated balance sheets on a net basis by counterparty as they are governed by master netting agreements. Cash flows related to derivatives used to hedge commodity price risk and interest rate risk are classified in operating activities with the underlying transactions.
Derivatives not designated as accounting hedges
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 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, (7) the purchase of soybean oil and (8) the sale of propane. Changes in the fair value of derivatives not designated as accounting hedges are recognized immediately in net income.
Concentrations of credit risk
All of our financial instruments, including derivatives, involve elements of credit and market risk. The most significant portion of our credit risk relates to nonperformance by counterparties. The counterparties to our financial instruments consist primarily of major financial institutions and companies within the energy industry. To manage counterparty risk associated with financial instruments, we select and monitor counterparties based on an assessment of their financial strength and on credit ratings, if available. Additionally, we limit the level of exposure with any single counterparty.
Concentration of credit risk
Concentrations of credit risk
All of our financial instruments, including derivatives, involve elements of credit and market risk. The most significant portion of our credit risk relates to nonperformance by counterparties. The counterparties to our financial instruments consist primarily of major financial institutions and companies within the energy industry. To manage counterparty risk associated with financial instruments, we select and monitor counterparties based on an assessment of their financial strength and on credit ratings, if available. Additionally, we limit the level of exposure with any single counterparty.
Property, plant and equipment
Property, Plant and Equipment
Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets, generally 10 to 40 years for refining and midstream assets, 25 years for office buildings and 4 to 7 years for other miscellaneous fixed assets. Such assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset group and its eventual disposition is less than the carrying amount of the asset group, an impairment assessment is performed and the excess of the book value over the fair value of the asset group is recorded as an impairment loss.
When items of property, plant and equipment are sold or otherwise disposed of, any gains or losses are reported in net income. Gains on the disposal of property, plant and equipment are recognized when earned, which is generally at the time of closing. If a loss on disposal is expected, such losses are recognized when the assets are classified as held for sale.
Interest expense is capitalized for qualifying assets under construction. Capitalized interest costs are included in property, plant and equipment and are depreciated over the useful life of the related asset.
Goodwill and intangible assets
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment at the reporting unit level annually and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below carrying value. If we determine, based on a qualitative assessment, that it is not more likely than not that a reporting unit’s fair value is less than its carrying amount, no further impairment testing is required. If we do not perform a qualitative assessment or if that assessment indicates that further impairment testing is required, the fair value of each reporting unit is determined using an income and/or market approach which is compared to the carrying value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The fair value under the income approach is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future volumes, discount rates, and future capital requirements.
Amortization of intangibles with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Intangibles not subject to amortization are tested for impairment annually and when circumstances indicate that the fair value is less than the carrying amount of the intangible. If the fair value is less than the carrying value, an impairment is recorded for the difference.
Major maintenance activities
Major Maintenance Activities
Costs for planned turnaround and other major maintenance activities are expensed in the period incurred. These types of costs include contractor repair services, materials and supplies, equipment rentals and our labor costs.
Environmental costs
Environmental Costs
Environmental expenditures for additional equipment that mitigates or prevents future contamination or improves environmental safety or efficiency of the existing assets are capitalized. We recognize remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs can be reasonably estimated. The timing of remediation accruals coincides with the completion of a feasibility study or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of known environmental exposure and are discounted when the estimated amounts are reasonably fixed and determinable. If recoveries of remediation costs from third parties are probable, a receivable is recorded and is discounted when the estimated amount is reasonably fixed and determinable.
Asset retirement obligations
Asset Retirement Obligations
The fair value of asset retirement obligations is recognized in the period in which the obligations are incurred if a reasonable estimate of fair value can be made. The majority of our recognized asset retirement liability relates to conditional asset retirement obligations for removal and disposal of fire-retardant material from certain refining facilities. The remaining recognized asset retirement liability relates to other refining assets, certain pipelines and processing facilities and other related pipeline assets. The fair values recorded for such obligations are based on the most probable current cost projections.
Asset retirement obligations have not been recognized for some assets because the fair value cannot be reasonably estimated since the settlement dates of the obligations are indeterminate. Such obligations will be recognized in the period when sufficient information becomes available to estimate a range of potential settlement dates. The asset retirement obligations principally include the hazardous material disposal and removal or dismantlement requirements associated with the closure of certain refining, terminal, pipeline and processing assets.
Our practice is to keep our assets in good operating condition through routine repair and maintenance of component parts in the ordinary course of business and by continuing to make improvements based on technological advances. As a result, we believe that generally these assets have no expected settlement date for purposes of estimating asset retirement obligations since the dates or ranges of dates upon which we would retire these assets cannot be reasonably estimated at this time.
Income taxes
Income Taxes
Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases. Deferred tax assets are recorded when it is more likely than not that they will be realized. The realization of deferred tax assets is assessed periodically based on several factors, primarily our expectation to generate sufficient future taxable income.
Stock-based compensation arrangements
Share-Based Compensation Arrangements
The fair value of stock options granted to our employees is estimated on the date of grant using the Black-Scholes option pricing model. The model employs various assumptions based on management’s estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the vesting period of the stock option award. Of the required assumptions, the expected life of the stock option award and the expected volatility of our stock price have the most significant impact on the fair value calculation. The average expected life is based on our historical employee exercise behavior. The assumption for expected volatility of our stock price reflects a weighting of 50 percent of our common stock implied volatility and 50 percent of our common stock historical volatility.
The fair value of restricted stock awards granted to our employees is determined based on the fair market value of our common stock on the date of grant. The fair value of performance awards granted to our employees is determined using a Monte Carlo valuation model, which is updated quarterly, with appropriate mark-to-market adjustments made.
Our share-based compensation expense is recognized based on management’s estimate of the awards that are expected to vest, using the straight-line attribution method for all service-based awards with a graded vesting feature. Awards expected to vest are estimated using the historical data of our own employees. If actual forfeiture results are different than expected, adjustments to recognized compensation expense may be required in future periods. Unearned share-based compensation is charged to equity when restricted stock awards are granted. Compensation expense is recognized over the requisite service period and is adjusted if conditions of the restricted stock award are not met.
Business combinations
Business Combinations
We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Any excess or deficiency of the purchase consideration when compared to the fair value of the net tangible assets acquired, if any, is recorded as goodwill or gain from a bargain purchase. For material acquisitions, management engages an independent valuation specialist to assist with the determination of fair value of the assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of revenue and operating expenses; (ii) long-term growth rates; and (iii) appropriate discount rates. The market valuation method uses prices paid for a reasonably similar asset by other purchasers in the market, with adjustments relating to any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at prices at the time of the acquisition reduced for depreciation of the asset. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period of the adjustment. Acquisition-related costs are expensed as incurred in connection with each business combination.
Environmental credits and obligations
Environmental Credits and Obligations
In order to comply with certain regulations, specifically the RFS2 requirements implemented by EPA and the cap-and-trade emission reduction program and low carbon fuel standard implemented by state programs, we are required to reduce our emissions, blend certain levels of biofuels or obtain allowances or credits to offset the obligations created by our operations. In regard to each program, we record an asset, included in other current assets or other noncurrent assets on the consolidated balance sheets, for allowances or credits owned in excess of our anticipated current period compliance requirements. The asset value is based on the product of the excess allowances or credits as of the balance sheet date, if any, and the weighted average cost of those allowances or credits. We record a liability, included in other current liabilities or deferred credits and other liabilities on the consolidated balance sheets, when we are deficient allowances or credits based on the product of the deficient amount as of the balance sheet date, if any, and either the fixed contract price or the market price of the allowances or credits at the balance sheet date. The cost of allowances or credits used for compliance is reflected in cost of revenues on the consolidated statements of income. Any gains or losses on the sale or expiration of allowances or credits are classified as other income on the consolidated statements of income. Proceeds from the sale of allowances or credits are reported in investing activities - all other, net on the consolidated statements of cash flows.
v3.25.0.1
Short-term Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
December 31, 2023
(Millions of dollars)Fair Value LevelAmortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsShort-term Investments
Available-for-sale debt securities
Commercial paperLevel 2$3,154 $2 $— $3,156 $281 $2,875 
Certificates of deposit and time depositsLevel 21,836 1 — 1,837 800 1,037 
U.S. government securitiesLevel 1785 — (1)784 — 784 
Corporate notes and bondsLevel 285 — — 85 — 85 
Total available-for-sale debt securities$5,860 $3 $(1)$5,862 $1,081 $4,781 
Cash4,362 4,362 — 
Total$10,224 $5,443 $4,781 
v3.25.0.1
Master Limited Partnership (Tables)
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Line Items]  
Unit Repurchases
Total share repurchases were as follows for the respective periods:
(In millions, except per share data)202420232022
Number of shares repurchased53 89 131 
Cash paid for shares repurchased(a)
$9,077 $11,572 $11,922 
Average cost per share(b)
$171.68 $131.27 $91.20 
(a)    2024 excludes $112 million paid for excise tax on 2023 share purchases.
(b)    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.
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 interest in MPLX were as follows:
(Millions of dollars)202420232022
Increase (decrease) due to change in ownership$159 $(4)$(164)
Tax impact(55)— 44 
Increase (decrease) in MPC's additional paid-in capital, net of tax$104 $(4)$(120)
MPLX  
Noncontrolling Interest [Line Items]  
Unit Repurchases
Total unit repurchases were as follows for the respective periods:
(In millions, except per unit data)202420232022
Number of common units repurchased8 — 15 
Cash paid for common units repurchased$326 $— $491 
Average cost per unit$43.04 $— $31.96 
v3.25.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Summarized Balance Sheet Information of VIEs
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)December 31,
2024		December 31,
2023
Assets
Cash and cash equivalents$1,519 $1,048 
Receivables, less allowance for doubtful accounts731 836 
Inventories180 159 
Other current assets29 33 
Equity method investments4,531 3,743 
Property, plant and equipment, net19,154 19,264 
Goodwill7,645 7,645 
Right of use assets273 264 
Other noncurrent assets1,513 1,644 
(Millions of dollars)December 31,
2024		December 31,
2023
Liabilities
Accounts payable$719 $723 
Accrued taxes82 79 
Debt due within one year1,693 1,135 
Operating lease liabilities45 45 
Other current liabilities370 336 
Long-term debt19,255 19,296 
Deferred income taxes18 16 
Long-term operating lease liabilities217 211 
Deferred credits and other liabilities445 476 
v3.25.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Transactions with related parties were as follows:
(Millions of dollars)202420232022
Sales to related parties$1,053 $915 $144 
Purchases from related parties2,437 1,818 1,175 
v3.25.0.1
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Summary of Earnings Per Common 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.
(In millions, except per share data)202420232022
Income from continuing operations, net of tax$5,067 $11,172 $15,978 
Net income attributable to noncontrolling interest(1,622)(1,491)(1,534)
Net income allocated to participating securities(3)(7)(8)
Redemption of preferred units— (2)— 
Income from continuing operations available to common stockholders3,442 9,672 14,436 
Income from discontinued operations, net of tax— — 72 
Income available to common stockholders$3,442 $9,672 $14,508 
Weighted average common shares outstanding:
Basic340 407 512 
Effect of dilutive securities1 2 4 
Diluted341 409 516 
Income available to common stockholders per share:
Basic:
Continuing operations$10.11 $23.73 $28.17 
Discontinued operations— — 0.14 
Net income per share$10.11 $23.73 $28.31 
Diluted:
Continuing operations$10.08 $23.63 $27.98 
Discontinued operations— — 0.14 
Net income per share$10.08 $23.63 $28.12 
Potential common shares which were anti-dilutive and, therefore, omitted from the diluted share calculation, were immaterial for all periods.
v3.25.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Share Repurchases
Total share repurchases were as follows for the respective periods:
(In millions, except per share data)202420232022
Number of shares repurchased53 89 131 
Cash paid for shares repurchased(a)
$9,077 $11,572 $11,922 
Average cost per share(b)
$171.68 $131.27 $91.20 
(a)    2024 excludes $112 million paid for excise tax on 2023 share purchases.
(b)    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.
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Adjusted EBITDA
(Millions of dollars)202420232022
Segment adjusted EBITDA for reportable segments
Refining & Marketing5,703 $13,705 $19,259 
Midstream6,544 6,171 5,772 
Renewable Diesel(150)(64)3 
Total reportable segments$12,097 $19,812 $25,034 
(Millions of dollars)202420232022
Reconciliation of segment adjusted EBITDA for reportable segments to income from continuing operations before income taxes
Total reportable segments$12,097 $19,812 $25,034 
Corporate(774)(737)(698)
Refining & Renewable Diesel planned turnaround costs(1,404)(1,201)(1,122)
Renewable Diesel JV planned turnaround costs(a)
(9)(25)— 
Garyville incident response costs— (16)— 
LIFO inventory (charge) credit161 (145)148 
Gain on sale of assets(b)
151 198 1,058 
Renewable volume obligation requirements(c)
— — 238 
Litigation— — 27 
Depreciation and amortization(3,337)(3,307)(3,215)
Renewable Diesel JV depreciation and amortization(a)
(89)(65)(1)
Net interest and other financial costs(839)(525)(1,000)
Income from continuing operations before income taxes$5,957 $13,989 $20,469 
(a)    Represents MPC’s pro-rata share of expenses from joint ventures included within the Renewable Diesel segment.
(b)    2024 includes the gain from the Whistler Joint Venture Transaction (as defined in Note 14). 2023 includes the gain associated with the remeasurement of MPLX’s existing equity investment in MarkWest Torñado GP, L.L.C., arising from the acquisition of the remaining 40 percent interest and the gain on the sale of our interest in South Texas Gateway Terminal LLC. 2022 includes the $549 million gain related to the contribution of assets by MPC on the formation of the Martinez Renewables LLC joint venture and the $509 million gain on lease reclassification. See Notes 14 and 26 for additional information.
(c)    Represents retroactive changes in renewable volume obligation requirements published by EPA in June 2022 for the 2020 and 2021 annual obligations.
Reconciliation of Revenue from Segments to Consolidated
(Millions of dollars)202420232022
Sales and other operating revenues
Refining & Marketing
Revenues from external customers(a)
$131,588 $141,835 $171,461 
Intersegment revenues175 139 135 
Refining & Marketing segment revenues131,763 141,974 171,596 
Midstream
Revenues from external customers(a)
5,197 4,911 5,366 
Intersegment revenues5,797 5,597 5,224 
Midstream segment revenues10,994 10,508 10,590 
Renewable Diesel
Revenues from external customers(a)
2,079 1,633 626 
Intersegment revenues25 31 126 
Renewable Diesel segment revenues2,104 1,664 752 
Total segment revenues144,861 154,146 182,938 
Less: intersegment revenues5,997 5,767 5,485 
Consolidated sales and other operating revenues$138,864 $148,379 $177,453 
(a)    Includes sales to related parties. See Note 7 for additional information.
Other Significant Reconciling Items from Segments to Consolidated
(Millions of dollars)202420232022
Income from equity method investments
Refining & Marketing$57 $66 $51 
Midstream770 735 624 
Renewable Diesel70 (59)(20)
Total segment income from equity method investments897 742 655 
Corporate(a)
151 — — 
Consolidated income from equity method investments$1,048 $742 $655 
(a)    Represents the gain from the Whistler Joint Venture Transaction. See Note 14 for additional information.

(Millions of dollars)202420232022
Segment expenses
Refining & Marketing
Cost of purchases$112,938 $115,973 $139,660 
Refining operating costs5,712 5,625 5,726 
Distribution costs5,857 5,645 5,211 
Other segment items(a)
1,610 1,092 1,791 
Refining & Marketing segment expenses$126,117 $128,335 $152,388 
Midstream
Other segment items(b)
5,220 5,072 5,442 
Midstream segment expenses$5,220 $5,072 $5,442 
Renewable Diesel
Operating costs269 242 106 
Distribution costs95 82 61 
Other segment items(c)
1,960 1,345 562 
Renewable Diesel segment expenses$2,324 $1,669 $729 
(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 Midstream segment of MPC, the CODM is only provided consolidated Midstream expense information.
(c)    Other segment items for the Renewable Diesel segment includes purchased product costs.

(Millions of dollars)202420232022
Depreciation and amortization
Refining & Marketing$1,767 $1,822 $1,783 
Midstream1,405 1,320 1,310 
Renewable Diesel(a)
75 65 67 
Total segment depreciation and amortization3,247 3,207 3,160 
Corporate90 100 55 
Consolidated depreciation and amortization$3,337 $3,307 $3,215 
(a)    Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $89 million, $65 million and $1 million in 2024, 2023 and 2022, respectively, which was adjusted for purposes of arriving at Renewable Diesel segment adjusted EBITDA.
(Millions of dollars)202420232022
Capital expenditures
Refining & Marketing$1,445 $998 $1,275 
Midstream1,504 1,105 1,069 
Renewable Diesel8 313 233 
Total segment capital expenditures and investments2,957 2,416 2,577 
Less investments in equity method investees509 480 405 
Plus:
Corporate63 83 108 
Capitalized interest56 55 103 
Consolidated capital expenditures(a)
$2,567 $2,074 $2,383 
(a)    Includes changes in capital expenditure accruals. See Note 21 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows.
v3.25.0.1
Net Interest and Other Financial Costs (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Net Interest And Other Financial Income (Costs)
Net interest and other financial costs were as follows:
(Millions of dollars)202420232022
Interest income$(376)$(530)$(191)
Interest expense1,365 1,325 1,299 
Interest capitalized(57)(60)(104)
Pension and other postretirement non-service costs(a)
(38)(89)3 
Loss on extinguishment of debt— 9 2 
Investments - net premium (discount) amortization(91)(142)(30)
Other financial costs36 12 21 
Net interest and other financial costs$839 $525 $1,000 
(a)    See Note 24.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components Of Income Tax Provisions (Benefits)
The provision for income taxes from continuing operations consisted of:
(Millions of dollars)202420232022
Current:
Federal$862 $2,359 $3,565 
State and local144 475 629 
Foreign8 11 7 
Total current1,014 2,845 4,201 
Deferred:
Federal(90)18 191 
State and local(33)(46)98 
Foreign(1)— 1 
Total deferred(124)(28)290 
Income tax provision$890 $2,817 $4,491 
Reconciliation Of Federal Statutory Income Tax Rate
A reconciliation of the federal statutory income tax rate to the effective tax rate applied to income from continuing operations before income taxes follows:
202420232022
Federal statutory rate 21 %21 %21 %
State and local income taxes, net of federal income tax effects2 2 3 
Noncontrolling interests(6)(2)(2)
Other(2)(1)— 
Effective tax rate applied to income from continuing operations before income taxes15 %20 %22 %
Components Of Deferred Tax Assets And Liabilities
Deferred tax assets and liabilities resulted from the following:
December 31,
(Millions of dollars)20242023
Deferred tax assets:
Employee benefits$558 $549 
Environmental remediation81 89 
Finance lease obligations433 365 
Operating lease liabilities243 229 
Net operating loss carryforwards39 44 
Tax credit carryforwards22 10 
Goodwill and other intangibles75 71 
Other95 96 
Total deferred tax assets1,546 1,453 
Valuation allowance(51)(28)
Total net deferred tax assets1,495 1,425 
Deferred tax liabilities:
Property, plant and equipment2,584 2,684 
Inventories672 627 
Investments in subsidiaries and affiliates3,742 3,706 
Right of use assets246 230 
Other20 11 
Total deferred tax liabilities7,264 7,258 
Net deferred tax liabilities$5,769 $5,833 
Net deferred tax liabilities were classified in the consolidated balance sheets as follows:
December 31,
(Millions of dollars)20242023
Assets:
Other noncurrent assets$2 $1 
Liabilities:
Deferred income taxes5,771 5,834 
Net deferred tax liabilities$5,769 $5,833 
Summary Of Activity In Unrecognized Tax Benefits
The following table summarizes the activity in unrecognized tax benefits:
(Millions of dollars)202420232022
January 1 balance$38 $57 $37 
Additions for tax positions of prior years— 8 38 
Reductions for tax positions of prior years(5)(6)(2)
Settlements(6)(20)(15)
Statute of limitations— (1)(1)
December 31 balance$27 $38 $57 
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Summary Of Inventories
December 31,
(Millions of dollars)20242023
Crude oil and other feedstocks$3,185 $3,211 
Refined products5,137 4,940 
Materials and supplies1,246 1,166 
Total$9,568 $9,317 
v3.25.0.1
Equity Method Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule Of Equity Method Investments
Ownership as ofCarrying value at
December 31,December 31,
(In millions of dollars, except ownership percentages)VIE202420242023
Refining & Marketing
The Andersons Marathon Holdings LLC50%$190 $227 
Other(a)
X92 75 
Refining & Marketing Total$282 $302 
Midstream
MPLX
BANGL45%$281 $63 
Illinois Extension Pipeline Company, L.L.C.35%218 228 
LOOP LLC41%310 314 
MarEn Bakken Company LLC25%526 449 
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C.X67%329 336 
MarkWest Utica EMG, L.L.C.X59%742 676 
Ohio Gathering Co, LLCX35%470 — 
Sherwood Midstream LLCX50%488 500 
WPC Parent, LLC30%208 214 
Other(a)
X959 963 
MPLX Total$4,531 $3,743 
MPC-Retained
Capline Pipeline Company LLC33%$382 $402 
Gray Oak Pipeline, LLC25%274 284 
Other(a)
X114 170 
MPC-Retained Total$770 $856 
Midstream Total$5,301 $4,599 
Renewable Diesel
Martinez Renewables LLCX50%$1,184 $1,266 
Other(a)
X90 93 
Renewable Diesel Total$1,274 $1,359 
Total$6,857 $6,260 
(a)    Some investments included within “Other” have been deemed to be VIEs.
Investment Company, Nonconsolidated Subsidiary, Summarized Financial Information
Summarized financial information for all equity method investments in affiliated companies, combined, was as follows:
(Millions of dollars)202420232022
Income statement data:
Revenues and other income$9,259 $6,544 $5,069 
Income from operations2,698 2,428 1,907 
Net income2,211 2,089 1,740 
Balance sheet data – December 31:
Current assets$2,687 $2,610 
Noncurrent assets24,656 21,098 
Current liabilities1,927 1,569 
Noncurrent liabilities7,837 6,719 
v3.25.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Summary Of Property, Plant And Equipment
December 31, 2024December 31, 2023
(Millions of dollars)Gross
PP&E		Accumulated DepreciationNet
PP&E		Gross
PP&E		Accumulated DepreciationNet
PP&E
Refining & Marketing$32,965 $19,015 $13,950 $31,536 $17,721 $13,815 
Midstream30,697 10,798 19,899 29,620 9,589 20,031 
Renewable Diesel976 338 638 960 271 689 
Corporate1,679 1,138 541 1,632 1,055 577 
Total(a)
$66,317 $31,289 $35,028 $63,748 $28,636 $35,112 
(a)    Includes finance leases. See Note 26.
v3.25.0.1
Goodwill and Intangibles (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for 2024 were as follows:
(Millions of dollars)Refining & MarketingMidstreamTotal
Balance as of December 31, 2022$561 $7,683 $8,244 
Impairment losses— — — 
Balance as of December 31, 2023561 7,683 8,244 
Impairment losses— — — 
Balance as of December 31, 2024$561 $7,683 $8,244 
Gross goodwill as of December 31, 2024$6,141 $10,824 $16,965 
Accumulated impairment losses(5,580)(3,141)(8,721)
Balance as of December 31, 2024$561 $7,683 $8,244 
Schedule of Acquired Finite-Lived Intangible Assets by Major Class
Our definite lived intangible assets as of December 31, 2024 and 2023 are as shown below.
December 31, 2024December 31, 2023
(Millions of dollars)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer contracts and relationships$4,111 $2,446 $1,665 $3,838 $2,132 $1,706 
Brand rights and tradenames101 89 12 101 79 22 
Royalty agreements141 120 21 173 142 31 
Other36 31 5 41 35 6 
Total$4,389 $2,686 $1,703 $4,153 $2,388 $1,765 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense Estimated future amortization expense for the next five years related to the intangible assets at December 31, 2024 is as follows:
(Millions of dollars)
2025$250 
2026230 
2027202 
2028180 
202916 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Accounted for at Fair Value on Recurring Basis
The following tables present assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2024 and 2023 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.
December 31, 2024
Fair Value Hierarchy
(Millions of dollars)Level 1Level 2Level 3
Netting and Collateral(a)
Net Carrying Value on Balance Sheet(b)
Collateral Pledged Not Offset
Assets:
Commodity contracts$139 $— $— $(132)$7 $16 
Liabilities:
Commodity contracts$144 $— $— $(144)$— $— 
Embedded derivatives in commodity contracts— — 58 — 58 — 
December 31, 2023
Fair Value Hierarchy
(Millions of dollars)Level 1Level 2Level 3
Netting and Collateral(a)
Net Carrying Value on Balance Sheet(b)
Collateral Pledged Not Offset
Assets:
Commodity contracts$244 $— $— $(220)$24 $73 
Liabilities:
Commodity contracts$249 $— $— $(249)$— $— 
Embedded derivatives in commodity contracts— — 61 — 61 — 
(a)    Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of December 31, 2024, cash collateral of $12 million was netted with mark-to-market derivative liabilities. As of December 31, 2023, cash collateral of $29 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.
Reconciliation of Net Beginning and Ending Balances Recorded for Net Assets and Liabilities Classified as Level 3
The following is a reconciliation of the beginning and ending balances recorded for net liabilities classified as Level 3 in the fair value hierarchy.
(Millions of dollars)20242023
Beginning balance$61 $61 
Unrealized and realized loss included in net income(a)
10 11 
Settlements of derivative instruments(13)(11)
Ending balance$58 $61 
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):
$7 $9 
(a)    The gain/loss is included in cost of revenues on the consolidated statements of income.
v3.25.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Derivative Instruments [Abstract]  
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral
The following table presents the fair value of derivative instruments as of December 31, 2024 and 2023 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)December 31, 2024December 31, 2023
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$139 $144 $244 $249 
Other current liabilities(a)
— 10 — 11 
Deferred credits and other liabilities(a)
— 48 — 50 
(a)    Includes embedded derivatives.
Schedule of Notional Amounts of Outstanding Derivative Positions
The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of December 31, 2024. 
Percentage of contracts that expire next quarterPosition
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil54.5%47,351 43,785 
Refined products82.3%18,086 21,973 
Blending products93.5%6,061 6,121 
Soybean oil97.9%2,295 2,888 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 15,975 long and 15,455 short; Refined products - 545 long and 325 short and Blending products - 158 long. There are no spread contracts for soybean oil.
Effect of Commodity Derivative Instruments in Statements of Income
The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income:
(Millions of dollars)Gain (Loss)
Income Statement Location202420232022
Sales and other operating revenues$1 $7 $— 
Cost of revenues(94)(15)(58)
Other income2 2 — 
Total$(91)$(6)$(58)
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Outstanding Borrowings
Our outstanding borrowings at December 31, 2024 and 2023 consisted of the following:
(Millions of dollars)December 31,
2024		December 31,
2023
Marathon Petroleum Corporation:
Senior notes$5,699 $6,449 
Notes payable— 1 
MARAD debt174 — 
Finance lease obligations718 464 
Total6,591 6,914 
MPLX LP:
Senior notes21,200 20,700 
Finance lease obligations6 6 
Total21,206 20,706 
Total debt27,797 27,620 
Unamortized debt issuance costs(142)(141)
Unamortized discount, net of unamortized premium(174)(196)
Amounts due within one year(3,049)(1,954)
Total long-term debt due after one year$24,432 $25,329 
Schedule Of Debt Payments
Principal maturities of long-term debt, excluding finance lease obligations, as of December 31, 2024 for the next five years are as follows:
(Millions of dollars)
2025$2,964 
20262,263 
20272,014 
20281,764 
2029764 
Schedule of Line of Credit Facilities
(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 facility2,000 — — 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.
Marathon Petroleum Corporation | Senior Notes  
Debt Instrument [Line Items]  
Outstanding Borrowings
MPC Senior Notes
 December 31,
(Millions of dollars)20242023
Senior notes, 3.625% due September 2024— 750 
Senior notes, 4.700% due May 20251,250 1,250 
Senior notes, 5.125% due December 2026719 719 
Senior notes, 3.800% due April 2028496 496 
Senior notes, 6.500% due March 20411,250 1,250 
Senior notes, 4.750% due September 2044800 800 
Senior notes, 5.850% due December 2045250 250 
Senior notes, 4.500% due April 2048498 498 
Andeavor senior notes, 3.800% - 5.125% due 2026 – 204836 36 
Senior notes, 5.000%, due September 2054400 400 
Total$5,699 $6,449 
MPLX | Senior Notes  
Debt Instrument [Line Items]  
Outstanding Borrowings
 December 31,
(Millions of dollars)20242023
Senior notes, 4.875% due December 2024$— $1,149 
Senior notes, 4.000% due February 2025500 500 
Senior notes, 4.875% due June 20251,189 1,189 
MarkWest senior notes, 4.875% due 2024 – 202511 12 
Senior notes, 1.750% due March 20261,500 1,500 
Senior notes, 4.125% due March 20271,250 1,250 
Senior notes, 4.250% due December 2027732 732 
Senior notes, 4.000% due March 20281,250 1,250 
Senior notes, 4.800% due February 2029750 750 
Senior notes, 2.650% due August 20301,500 1,500 
Senior notes, 4.950% due September 20321,000 1,000 
Senior notes, 5.000% due March 20331,100 1,100 
Senior notes, 5.500% due June 20341,650 — 
Senior notes, 4.500% due April 20381,750 1,750 
Senior notes, 5.200% due March 20471,000 1,000 
Senior notes, 5.200% due December 2047487 487 
ANDX senior notes, 4.250% - 5.200% due 2027 – 204731 31 
Senior notes, 4.700% due April 20481,500 1,500 
Senior notes, 5.500% due February 20491,500 1,500 
Senior notes, 4.950% due March 20521,500 1,500 
Senior notes, 5.650% due March 2053500 500 
Senior notes, 4.900% due April 2058500 500 
Total$21,200 $20,700 
v3.25.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents our revenues from external customers disaggregated by segment and product line:
(Millions of dollars)202420232022
Refining & Marketing
Refined products$122,429 $132,675 $160,737 
Crude oil7,298 7,423 8,962 
Services and other1,861 1,737 1,762 
Total revenues from external customers131,588 141,835 171,461 
Midstream
Refined products1,668 1,675 2,219 
Services and other(a)
3,529 3,236 3,147 
Total revenues from external customers5,197 4,911 5,366 
Renewable Diesel
Refined products2,073 1,628 625 
Services and other6 5 1 
Total revenues from external customers2,079 1,633 626 
Sales and other operating revenues$138,864 $148,379 $177,453 
(a)    Includes sales-type lease revenue. See Note 26.
v3.25.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]  
Summary of Supplemental Cash Flow Information
(Millions of dollars)202420232022
Net cash provided by operating activities included:
Interest paid (net of amounts capitalized)$1,247 $1,200 $1,060 
Income taxes paid to taxing authorities(a)
732 2,751 4,869 
Cash paid for amounts included in the measurement of lease liabilities
Payments on operating leases532 493 498 
Interest payments under finance lease obligations25 25 24 
Net cash provided by financing activities included:
Principal payments under finance lease obligations82 79 79 
Non-cash investing and financing activities:
Right of use assets obtained in exchange for new operating lease obligations637 465 367 
Right of use assets obtained in exchange for new finance lease obligations302 21 60 
Contribution of assets(b)
— — 818 
Book value of equity method investment(c)
50 311 150 
(a)    2024 includes $565 million paid to third parties for transferable tax credits.
(b)    Represents the book value of property, plant and equipment, inventory and working capital contributed by MPC to Martinez Renewables LLC. See Note 14 for additional information.
(c)    2024 represents the book value of Coastal Holdings prior to MPC buying out the remaining 50 percent interest from our joint venture partner. 2023 represents the book value of MPLX’s equity method investment in Torñado, prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Tanker Holdings of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 14 for additional information.
Schedule Of Reconciliation Of Additions To Property Plant And Equipment To Total Capital Expenditures
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:
(Millions of dollars)202420232022
Additions to property, plant and equipment per the consolidated statements of cash flows$2,533 $1,890 $2,420 
Increase (decrease) in capital accruals34 184 (37)
Total capital expenditures$2,567 $2,074 $2,383 
v3.25.0.1
Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities
The following summarizes the components of other current liabilities:
December 31,
(Millions of dollars)20242023
Environmental credits liability$422 $778 
Accrued interest payable314 316 
Other current liabilities419 551 
Total other current liabilities$1,155 $1,645 
v3.25.0.1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Loss by Component
The following table shows the changes in accumulated other comprehensive income (loss) by component. Amounts in parentheses indicate debits.
(Millions of dollars)Pension BenefitsOther BenefitsOtherTotal
Balance as of December 31, 2021$(117)$49 $1 $(67)
Other comprehensive income (loss) before reclassifications, net of tax of $11
(70)129 (1)58 
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(45)(22)— (67)
Amortization of actuarial loss(a)
4 6 — 10 
Settlement loss(a)
79 — — 79 
Tax effect(14)3 — (11)
Other comprehensive income (loss)(46)116 (1)69 
Balance as of December 31, 2022(163)165 — 2 
Other comprehensive income (loss) before reclassifications, net of tax of $(22)
(60)(21)2 (79)
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(45)(22)— (67)
Amortization of actuarial gain(a)
(5)— — (5)
Settlement gain(a)
(1)— — (1)
Other— — (1)(1)
Tax effect13 7 — 20 
Other comprehensive income (loss)(98)(36)1 (133)
Balance as of December 31, 2023(261)129 1 (131)
Other comprehensive income (loss) before reclassifications, net of tax of $16
44 10 (2)52 
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(33)(22)— (55)
Amortization of actuarial loss(a)
6 — — 6 
Settlement loss(a)
3 — — 3 
Tax effect6 5 — 11 
Other comprehensive income (loss)26 (7)(2)17 
Balance as of December 31, 2024$(235)$122 $(1)$(114)
(a)    These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 24.
v3.25.0.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Defined Contribution Plan Disclosures
(Millions of dollars)202420232022
Cash balance weighted average interest crediting rates4.56 %3.57 %3.00 %
Summary Of Projected Benefit Obligations And Funded Status For Defined Benefit Pension And Other Postretirement Plans
The following summarizes the projected benefit obligations and funded status for our defined benefit pension and other postretirement plans:
 Pension BenefitsOther Benefits
(Millions of dollars)2024202320242023
Benefit obligations at January 1$2,563 $2,359 $679 $650 
Service cost219 195 21 18 
Interest cost122 116 32 31 
Actuarial (gain) loss(32)184 (14)31 
Benefits paid(187)(291)(49)(51)
Benefit obligations at December 312,685 2,563 669 679 
Fair value of plan assets at January 12,082 1,838 — — 
Actual return on plan assets161 266 — — 
Employer contributions102 269 49 51 
Benefits paid from plan assets(187)(291)(49)(51)
Fair value of plan assets at December 312,158 2,082 — — 
Funded status at December 31$(527)$(481)$(669)$(679)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include:
 Pension BenefitsOther Benefits
(Millions of dollars)2024202320242023
Noncurrent assets$22 $— $— $— 
Current liabilities(11)(8)(50)(50)
Noncurrent liabilities(538)(473)(619)(629)
Accrued benefit cost$(527)$(481)$(669)$(679)
Schedule of Net Periodic Benefit Cost Not yet Recognized
Included in accumulated other comprehensive loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost:
 Pension BenefitsOther Benefits
(Millions of dollars)2024202320242023
Net actuarial loss$404 $467 $36 $50 
Prior service credit(36)(69)(181)(202)
Amounts exclude those related to LOOP and Explorer, equity method investees with defined benefit pension and postretirement plans for which net losses (gains) of $(7) million and $4 million were recorded in accumulated other comprehensive income (loss) in 2024, reflecting our ownership share.
Components of Net Periodic Benefit Costs
The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive loss (pretax) for our defined benefit pension and other postretirement plans.
 Pension BenefitsOther Benefits
(Millions of dollars)202420232022202420232022
Service cost$227 $201 $230 $21 $18 $26 
Interest cost122 116 102 32 31 21 
Expected return on plan assets(146)(163)(142)— — — 
Amortization of prior service credit(33)(45)(45)(22)(22)(22)
Amortization of actuarial (gain) loss6 (5)4 — — 6 
Settlement (gain) loss3 (1)79 — — — 
Net periodic benefit cost(a)
$179 $103 $228 $31 $27 $31 
Actuarial (gain) loss$(54)$75 $109 $(15)$31 $(167)
Amortization of actuarial (gain) loss(9)6 (83)— — (6)
Amortization of prior service credit33 45 45 22 22 22 
Total recognized in other comprehensive (income) loss$(30)$126 $71 $7 $53 $(151)
Total recognized in net periodic benefit cost and other comprehensive (income) loss$149 $229 $299 $38 $80 $(120)
(a)    Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Pretax)
The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive loss (pretax) for our defined benefit pension and other postretirement plans.
 Pension BenefitsOther Benefits
(Millions of dollars)202420232022202420232022
Service cost$227 $201 $230 $21 $18 $26 
Interest cost122 116 102 32 31 21 
Expected return on plan assets(146)(163)(142)— — — 
Amortization of prior service credit(33)(45)(45)(22)(22)(22)
Amortization of actuarial (gain) loss6 (5)4 — — 6 
Settlement (gain) loss3 (1)79 — — — 
Net periodic benefit cost(a)
$179 $103 $228 $31 $27 $31 
Actuarial (gain) loss$(54)$75 $109 $(15)$31 $(167)
Amortization of actuarial (gain) loss(9)6 (83)— — (6)
Amortization of prior service credit33 45 45 22 22 22 
Total recognized in other comprehensive (income) loss$(30)$126 $71 $7 $53 $(151)
Total recognized in net periodic benefit cost and other comprehensive (income) loss$149 $229 $299 $38 $80 $(120)
(a)    Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.
Plan Assumptions
The following summarizes the assumptions used to determine the benefit obligations at December 31, and net periodic benefit cost for the defined benefit pension and other postretirement plans for 2024, 2023 and 2022.
Pension BenefitsOther Benefits
 202420232022202420232022
Benefit obligation:
Discount rate5.55 %4.85 %5.04 %5.58 %4.88 %5.08 %
Rate of compensation increase4.18 %4.18 %4.18 %4.18 %4.18 %4.18 %
Net periodic benefit cost:
Discount rate4.85 %5.10 %3.33 %4.88 %5.08 %2.93 %
Expected long-term return on plan assets6.80 %7.00 %5.75 %— %— %— %
Rate of compensation increase4.18 %4.18 %4.18 %4.18 %4.18 %4.18 %
Assumed Health Care Cost Trend Rates
The following summarizes the assumed health care cost trend rates.
 December 31,
 202420232022
Health care cost trend rate assumed for the following year:
Medical: Pre-657.90 %7.70 %6.60 %
Prescription drugs12.50 %10.80 %8.90 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate):
Medical: Pre-654.50 %4.50 %4.50 %
Prescription drugs4.50 %4.50 %4.50 %
Year that the rate reaches the ultimate trend rate:
Medical: Pre-65203420322031
Prescription drugs203420322031
Fair Values Of Defined Benefit Pension Plan Assets
The following tables present the fair values of our defined benefit pension plans’ assets, by level within the fair value hierarchy, as of December 31, 2024 and 2023.
 December 31, 2024December 31, 2023
(Millions of dollars)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$— $62 $— $62 $— $63 $— $63 
Equity:
Common stocks52 — — 52 50 — — 50 
Mutual funds125 — — 125 115 — — 115 
Pooled funds— 871 — 871 — 791 — 791 
Fixed income:
Corporate— 637 — 637 — 588 — 588 
Government— 267 — 267 — 330 — 330 
Pooled funds— 117 — 117 — 118 — 118 
Private equity— — 9 9 — — 10 10 
Real estate— — 11 11 — — 12 12 
Other— 7 — 7 — 2 3 5 
Total investments, at fair value$177 $1,961 $20 $2,158 $165 $1,892 $25 $2,082 
Estimated Future Benefit Payment
The following gross benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated.
(Millions of dollars)Pension BenefitsOther Benefits
2025$177 $51 
2026180 52 
2027188 52 
2028203 53 
2029206 54 
2030 through 20341,219 280 
Multiemployer Plan
Our participation in this plan for 2024, 2023 and 2022 is outlined in the table below. The “EIN” column provides the Employee Identification Number for the plan. The most recent Pension Protection Act zone status available in 2024 and 2023 is for the plan years ending on December 31, 2023 and December 31, 2022, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded. The “FIP/RP Status Pending/Implemented” column indicates a financial improvement plan or a rehabilitation plan has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. There have been no significant changes that affect the comparability of 2024, 2023 and 2022 contributions. Our portion of the contributions does not make up more than five percent of total contributions to the plan.
  Pension 
Protection
Act Zone 
Status		FIP/RP Status
Pending/Implemented
MPC Contributions 
(Millions of dollars)
Surcharge
Imposed		Expiration Date of
Collective – Bargaining
Agreement
Pension FundEIN20242023202420232022
Central States, Southeast and Southwest Areas Pension Plan(a)(b)
366044243RedRedImplemented$3 $5 $5 NoJanuary 31, 2031
(a)    This agreement has a minimum contribution requirement of $338 per week per employee for 2025. A total of 252 employees participated in the plan as of December 31, 2024.
(b)    The parties to the expired agreement continue operating under the relevant terms of the expired agreement while negotiating a successor agreement.
v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table reflects activity related to our share-based compensation arrangements:
(Millions of dollars)202420232022
Share-based compensation expense$137 $211 $153 
Tax benefit recognized on share-based compensation expense33 51 37 
Cash received by MPC upon exercise of stock option awards25 62 243 
Tax benefit received for tax deductions for stock awards exercised28 49 53 
Summary of Stock Option Award Activity
The following is a summary of our common stock option activity in 2024: 
Number of SharesWeighted Average Exercise Price
Weighted Average Remaining Contractual Terms (in years)
Aggregate Intrinsic Value (Millions of dollars)
Outstanding at December 31, 20231,044,011 $52.07 
Exercised(537,951)46.97 
Outstanding at December 31, 2024(a)
506,060 57.50 3.9$41 
(a)    All options outstanding at December 31, 2024 are fully vested and exercisable.
Summary of Restricted Stock Award Activity
The following is a summary of restricted stock unit award activity of our common stock in 2024:
 Restricted Stock Units
 Number of
Units		Weighted
Average
Grant Date
Fair Value
Unvested at December 31, 20231,192,704 $98.16 
Granted496,894 171.55 
Vested(606,774)80.86 
Forfeited(49,555)130.29 
Unvested at December 31, 20241,033,269 142.08 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity, Vested And Unvested
The following is a summary of the values related to restricted stock and restricted stock unit awards held by MPC employees and non-employee directors:
Restricted StockRestricted Stock Units
Intrinsic Value of Awards Vested During the Period (Millions of dollars)
Weighted Average Grant Date Fair Value of Awards Granted During the Period
Intrinsic Value of Awards Vested During the Period (Millions of dollars)
Weighted Average Grant Date Fair Value of Awards Granted During the Period
2024$— $— $102 $171.55 
2023— — 144 133.94 
202217 — 99 75.81 
Share-Based Payment Arrangement, Performance Shares, Activity
The following is a summary of performance share unit awards activity in 2024:
Number of Performance Share Units
Unvested at December 31, 2023580,666 
Granted255,290 
Vested(393,862)
Forfeited(14,746)
Unvested at December 31, 2024427,348 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease, Cost
Under ASC 842, the components of lease cost are shown below. Lease costs for operating leases are recognized on a straight-line basis and are reflected in the income statement based on the leased asset’s use. Lease costs for finance leases are reflected in depreciation and amortization and in net interest and other financial costs.
(Millions of dollars)202420232022
Finance lease cost:
Amortization of right of use assets$80 $73 $81 
Interest on lease liabilities26 25 29 
Operating lease cost534 489 490 
Variable lease cost60 54 59 
Short-term lease cost952 881 772 
Total lease cost$1,652 $1,522 $1,431 
Assets and Liabilities Lessee
Supplemental consolidated balance sheet data related to leases were as follows:
December 31,
(Millions of dollars)20242023
Operating leases
Assets
Right of use assets$1,300 $1,233 
Liabilities
Operating lease liabilities$417 $454 
Long-term operating lease liabilities860 764 
Total operating lease liabilities$1,277 $1,218 
Weighted average remaining lease term (in years)44
Weighted average discount rate4.4 %4.1 %
Finance leases
Assets
Property, plant and equipment, gross$1,118 $765 
Less accumulated depreciation510 413 
Property, plant and equipment, net$608 $352 
Liabilities
Debt due within one year$94 $69 
Long-term debt630 401 
Total finance lease liabilities$724 $470 
Weighted average remaining lease term (in years)99
Weighted average discount rate4.8 %5.1 %
Operating & Finance Leases, Liability, Maturity
As of December 31, 2024, maturities of lease liabilities for operating lease obligations and finance lease obligations having initial or remaining non-cancellable lease terms in excess of one year are as follows:
(Millions of dollars)OperatingFinance
2025$464 $126 
2026334 123 
2027242 111 
2028173 97 
202976 79 
2030 and thereafter111 360 
Gross lease payments1,400 896 
Less: imputed interest123 172 
Total lease liabilities$1,277 $724 
Operating Lease, Lease Income
Lease revenues are included in sales and other operating revenues on the consolidated statements of income. Lease revenues were as follows:
(Millions of dollars)202420232022
Operating leases:
Rental income$260 $243 $327 
Sales-type leases:
Interest income (Sales-type rental revenue-fixed minimum)114 114 46 
Interest income (Revenue from variable lease payments)22 22 16 
Sales-type lease revenue$136 $136 $62 
Sales-type Lease, Lease Income
Lease revenues are included in sales and other operating revenues on the consolidated statements of income. Lease revenues were as follows:
(Millions of dollars)202420232022
Operating leases:
Rental income$260 $243 $327 
Sales-type leases:
Interest income (Sales-type rental revenue-fixed minimum)114 114 46 
Interest income (Revenue from variable lease payments)22 22 16 
Sales-type lease revenue$136 $136 $62 
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
The following is a schedule of minimum future rentals on the non-cancelable operating leases as of December 31, 2024:
(Millions of dollars)
2025$109 
202688 
202766 
202859 
202957 
2030 and thereafter248 
Total minimum future rentals$627 
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
Annual minimum undiscounted lease payment receipts under our sales-type leases were as follows as of December 31, 2024:
(Millions of dollars)
2025$172 
2026157 
2027147 
2028138 
2029130 
2030 and thereafter896 
Total minimum future rentals1,640 
Less: imputed interest707 
Lease receivables(a)
$933 
Current lease receivables(b)
$102 
Long-term lease receivables(c)
831 
Unguaranteed residual assets95 
Total sales-type lease assets$1,028 
(a)    This amount does not include the unguaranteed residual assets.
(b)    Presented in receivables, net on the consolidated balance sheets.
(c)    Presented in other noncurrent assets on the consolidated balance sheets.
Capital expenditures related to assets subject to sales-type lease arrangements were $69 million for the year ended December 31, 2024. These amounts are reflected as additions to property, plant and equipment in the consolidated statements of cash flows.
Schedule of Property Subject to or Available for Operating Lease
The following schedule summarizes our investment in assets held under operating lease by major classes as of December 31, 2024 and 2023:
December 31,
(Millions of dollars)20242023
Gathering and transportation$86 $86 
Processing and fractionation1,039 1,000 
Pipelines18 12 
Terminals129 129 
Land, building and other11 10 
Property, plant and equipment1,283 1,237 
Less accumulated depreciation458 396 
Total property, plant and equipment, net$825 $841 
v3.25.0.1
Summary of Principal Accounting Policies (Principal Accounting Policies) (Details)
Dec. 31, 2024
Dec. 31, 2023
Refining and midstream assets | Minimum    
Estimated useful lives (in years) 10 years  
Refining and midstream assets | Maximum    
Estimated useful lives (in years) 40 years  
Office building    
Estimated useful lives (in years) 25 years  
Other miscellaneous fixed assets | Minimum    
Estimated useful lives (in years) 4 years  
Other miscellaneous fixed assets | Maximum    
Estimated useful lives (in years) 7 years  
MPC | MPLX    
MPC's partnership interest in MLPs (in percentage) 64.00% 65.00%
v3.25.0.1
Short-term Investments (Investments Components) (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-sale [Line Items]  
Amortized Cost $ 5,860
Unrealized Gains 3
Unrealized Losses (1)
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 5,862
Cash 4,362
Cash and short-term investments 10,224
Cash and Cash Equivalents  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 1,081
Cash 4,362
Cash and short-term investments 5,443
Short-term Investments  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 4,781
Cash 0
Cash and short-term investments 4,781
Commercial paper | Level 2  
Debt Securities, Available-for-sale [Line Items]  
Amortized Cost 3,154
Unrealized Gains 2
Unrealized Losses 0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 3,156
Commercial paper | Level 2 | Cash and Cash Equivalents  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 281
Commercial paper | Level 2 | Short-term Investments  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 2,875
Certificates of deposit and time deposits | Level 2  
Debt Securities, Available-for-sale [Line Items]  
Amortized Cost 1,836
Unrealized Gains 1
Unrealized Losses 0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 1,837
Certificates of deposit and time deposits | Level 2 | Cash and Cash Equivalents  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 800
Certificates of deposit and time deposits | Level 2 | Short-term Investments  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 1,037
U.S. government securities | Level 1  
Debt Securities, Available-for-sale [Line Items]  
Amortized Cost 785
Unrealized Gains 0
Unrealized Losses (1)
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 784
U.S. government securities | Level 1 | Cash and Cash Equivalents  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 0
U.S. government securities | Level 1 | Short-term Investments  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 784
Corporate notes and bonds | Level 2  
Debt Securities, Available-for-sale [Line Items]  
Amortized Cost 85
Unrealized Gains 0
Unrealized Losses 0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 85
Corporate notes and bonds | Level 2 | Cash and Cash Equivalents  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current 0
Corporate notes and bonds | Level 2 | Short-term Investments  
Debt Securities, Available-for-sale [Line Items]  
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Current $ 85
v3.25.0.1
Master Limited Partnership (Details)
Dec. 31, 2024
Dec. 31, 2023
MPC | MPLX    
Noncontrolling Interest [Line Items]    
MPC's partnership interest in MLPs (in percentage) 64.00% 65.00%
v3.25.0.1
Master Limited Partnership (Unit Repurchase Program) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Aug. 02, 2022
Noncontrolling Interest [Line Items]    
Stock repurchase program, authorized amount $ 60,050  
Stock repurchase plan remaining authorized amount 7,750  
MPLX    
Noncontrolling Interest [Line Items]    
Stock repurchase plan remaining authorized amount $ 520  
MPLX | Share Repurchase Authorization August 2022    
Noncontrolling Interest [Line Items]    
Stock repurchase program, authorized amount   $ 1,000
v3.25.0.1
Master Limited Partnership (Unit Repurchases) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Noncontrolling Interest [Line Items]      
Average cost per unit $ 171.68 $ 131.27 $ 91.20
MPLX      
Noncontrolling Interest [Line Items]      
Number of common units repurchased 8 0 15
Cash paid for common units repurchased $ 326 $ 0 $ 491
Average cost per unit $ 43.04 $ 0 $ 31.96
v3.25.0.1
Master Limited Partnership (Preferred Units Outstanding) (Details) - MPLX - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Common Stock    
Noncontrolling Interest [Line Items]    
Partners' Capital Account, Units, Converted 21,000,000 2,000,000
Series A Preferred Stock    
Noncontrolling Interest [Line Items]    
Temporary Equity, Shares Outstanding 6,000,000  
v3.25.0.1
Master Limited Partnership (Redemption of the Series B Preferred Units) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 15, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Noncontrolling Interest [Line Items]        
Redemption of preferred units   $ 0 $ 600 $ 0
Preferred stock redemption premium   $ 0 $ (2) $ 0
Series B Preferred Stock | MPLX        
Noncontrolling Interest [Line Items]        
Preferred units, outstanding 600,000      
Preferred stock, redemption price per share $ 1,000      
Redemption of preferred units $ 600      
Series B Preferred Stock | MPLX | Retained Earnings        
Noncontrolling Interest [Line Items]        
Preferred stock redemption premium $ 2      
v3.25.0.1
Master Limited Partnership (Noncontrolling Interest) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Increase (decrease) in MPC's additional paid-in capital, net of tax $ 293 $ (526) $ (447)
Additional Paid-in Capital      
Increase (decrease) due to change in ownership 159 (4) (164)
Tax impact (55) 0 44
Increase (decrease) in MPC's additional paid-in capital, net of tax $ 104 $ (4) $ (120)
v3.25.0.1
Variable Interest Entities (Balance Sheet Information for Consolidated VIEs) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets      
Cash and cash equivalents $ 3,210 $ 5,443  
Receivables 11,145 12,187  
Inventories 9,568 9,317  
Other current assets 524 403  
Equity method investments 6,857 6,260  
Property, plant and equipment, net [1] 35,028 35,112  
Goodwill 8,244 8,244 $ 8,244
Right of use assets 1,300 1,233  
Other noncurrent assets 2,982 3,007  
Liabilities      
Accounts payable 13,906 13,761  
Accrued taxes 1,204 1,221  
Debt due within one year 3,049 1,954  
Operating lease liabilities 417 454  
Other current liabilities 1,155 1,645  
Long-term debt 24,432 25,329  
Deferred income taxes 5,771 5,834  
Long-term operating lease liabilities 860 764  
Deferred credits and other liabilities 1,305 1,409  
VIE, Primary Beneficiary | MPLX      
Assets      
Cash and cash equivalents 1,519 1,048  
Receivables 731 836  
Inventories 180 159  
Other current assets 29 33  
Equity method investments 4,531 3,743  
Property, plant and equipment, net 19,154 19,264  
Goodwill 7,645 7,645  
Right of use assets 273 264  
Other noncurrent assets 1,513 1,644  
Liabilities      
Accounts payable 719 723  
Accrued taxes 82 79  
Debt due within one year 1,693 1,135  
Operating lease liabilities 45 45  
Other current liabilities 370 336  
Long-term debt 19,255 19,296  
Deferred income taxes 18 16  
Long-term operating lease liabilities 217 211  
Deferred credits and other liabilities $ 445 $ 476  
[1] Includes finance leases. See Note 26.
v3.25.0.1
Related Party Transactions (Related Party Transactions) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Sales and other operating revenues $ 138,864 $ 148,379 $ 177,453
Purchases from related parties 2,437 1,818 1,175
Related Party      
Related Party Transaction [Line Items]      
Sales and other operating revenues $ 1,053 $ 915 $ 144
v3.25.0.1
Earnings per Share (Summary Of Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Income from continuing operations, net of tax $ 5,067 $ 11,172 $ 15,978
Net income attributable to noncontrolling interest (1,622) (1,491) (1,534)
Net income allocated to participating securities (3) (7) (8)
Redemption of preferred units 0 (2) 0
Income from continuing operations available to common stockholders 3,442 9,672 14,436
Income from discontinued operations, net of tax 0 0 72
Income available to common stockholders $ 3,442 $ 9,672 $ 14,508
Weighted average common shares outstanding:      
Basic (in shares) 340 407 512
Effect of dilutive securities (in shares) 1 2 4
Diluted (in shares) 341 409 516
Basic:      
Continuing operations $ 10.11 $ 23.73 $ 28.17
Discontinued operations 0 0 0.14
Net income per share 10.11 23.73 28.31
Diluted:      
Continuing operations 10.08 23.63 27.98
Discontinued operations 0 0 0.14
Net income per share $ 10.08 $ 23.63 $ 28.12
v3.25.0.1
Equity (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Nov. 05, 2024
Apr. 30, 2024
Equity, Class of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount   $ 60,050        
Stock repurchase plan remaining authorized amount   $ 7,750        
Number of shares repurchased   53,000,000 89,000,000 131,000,000    
Cash paid for shares repurchased   $ 9,189 $ 11,572 $ 11,922    
Subsequent Event            
Equity, Class of Treasury Stock [Line Items]            
Number of shares repurchased 203,173          
Cash paid for shares repurchased $ 28          
Share Repurchase Authorization November 2024            
Equity, Class of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount         $ 5,000  
Share Repurchase Authorization April 2024            
Equity, Class of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount           $ 5,000
v3.25.0.1
Equity (Share Repurchases) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity [Abstract]      
Number of shares repurchased 53 89 131
Cash paid for shares repurchased $ 9,077 $ 11,572 $ 11,922
Average cost per share $ 171.68 $ 131.27 $ 91.20
Share Repurchase Program, excise tax $ 112    
v3.25.0.1
Segment Information (Number of Reportable Segments) (Details)
 12 Months Ended
Dec. 31, 2024
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.0.1
Segment Information (Segment adjusted EBITDA) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 21, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]        
Refining & Renewable Diesel planned turnaround costs   $ (1,404) $ (1,201) $ (1,122)
Renewable Diesel JV planned turnaround costs(a) [1]   (9) (25) 0
Garyville incident response costs   0 (16) 0
LIFO inventory (charge) credit   161 (145) 148
Gain on sales of assets [2]   151 198 1,058
Renewable volume obligation requirements   0 0 238 [3]
Litigation   0 0 27
Depreciation and amortization   (3,337) (3,307) (3,215)
Renewable Diesel JV depreciation and amortization [1]   (89) (65) (1)
Net interest and other financial costs   (839) (525) (1,000)
Income from continuing operations before income taxes   5,957 13,989 20,469
Net gain on disposal of assets   28 217 1,061
Sales-type lease, selling profit (loss)     509 509
Martinez Renewables LLC        
Segment Reporting Information [Line Items]        
Net gain on disposal of assets $ 549     549
Renewable Diesel        
Segment Reporting Information [Line Items]        
Renewable Diesel JV depreciation and amortization   (89) (65) (1)
Operating Segments        
Segment Reporting Information [Line Items]        
Adjusted EBITDA   12,097 19,812 25,034
Depreciation and amortization   (3,247) (3,207) (3,160)
Operating Segments | Refining & Marketing        
Segment Reporting Information [Line Items]        
Adjusted EBITDA   5,703 13,705 19,259
Depreciation and amortization   (1,767) (1,822) (1,783)
Operating Segments | Midstream        
Segment Reporting Information [Line Items]        
Adjusted EBITDA   6,544 6,171 5,772
Depreciation and amortization   (1,405) (1,320) (1,310)
Operating Segments | Renewable Diesel        
Segment Reporting Information [Line Items]        
Adjusted EBITDA   (150) (64) 3
Depreciation and amortization [4]   (75) (65) (67)
Corporate        
Segment Reporting Information [Line Items]        
Corporate   (774) (737) (698)
Depreciation and amortization   $ (90) $ (100) $ (55)
[1] Represents MPC’s pro-rata share of expenses from joint ventures included within the Renewable Diesel segment.
[2] 2024 includes the gain from the Whistler Joint Venture Transaction (as defined in Note 14). 2023 includes the gain associated with the remeasurement of MPLX’s existing equity investment in MarkWest Torñado GP, L.L.C., arising from the acquisition of the remaining 40 percent interest and the gain on the sale of our interest in South Texas Gateway Terminal LLC. 2022 includes the $549 million gain related to the contribution of assets by MPC on the formation of the Martinez Renewables LLC joint venture and the $509 million gain on lease reclassification. See Notes 14 and 26 for additional information.
[3] Represents retroactive changes in renewable volume obligation requirements published by EPA in June 2022 for the 2020 and 2021 annual obligations.
[4] Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $89 million, $65 million and $1 million in 2024, 2023 and 2022, respectively, which was adjusted for purposes of arriving at Renewable Diesel segment adjusted EBITDA.
v3.25.0.1
Segment Information (Recon of Segment Revenues to Sales and Other Operating Revenues) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Sales and other operating revenues $ 138,864 $ 148,379 $ 177,453
Refining & Marketing      
Segment Reporting Information [Line Items]      
Sales and other operating revenues [1] 131,588 141,835 171,461
Midstream      
Segment Reporting Information [Line Items]      
Sales and other operating revenues [1] 5,197 4,911 5,366
Renewable Diesel      
Segment Reporting Information [Line Items]      
Sales and other operating revenues [1] 2,079 1,633 626
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Sales and other operating revenues 5,997 5,767 5,485
Intersegment Eliminations | Refining & Marketing      
Segment Reporting Information [Line Items]      
Sales and other operating revenues 175 139 135
Intersegment Eliminations | Midstream      
Segment Reporting Information [Line Items]      
Sales and other operating revenues 5,797 5,597 5,224
Intersegment Eliminations | Renewable Diesel      
Segment Reporting Information [Line Items]      
Sales and other operating revenues 25 31 126
Operating Segments      
Segment Reporting Information [Line Items]      
Sales and other operating revenues 144,861 154,146 182,938
Operating Segments | Refining & Marketing      
Segment Reporting Information [Line Items]      
Sales and other operating revenues 131,763 141,974 171,596
Operating Segments | Midstream      
Segment Reporting Information [Line Items]      
Sales and other operating revenues 10,994 10,508 10,590
Operating Segments | Renewable Diesel      
Segment Reporting Information [Line Items]      
Sales and other operating revenues $ 2,104 $ 1,664 $ 752
[1] Includes sales to related parties. See Note 7 for additional information.
v3.25.0.1
Segment Information (Equity Method Investments) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Income from equity method investments $ 1,048 $ 742 $ 655
Operating Segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Income from equity method investments 897 742 655
Operating Segments | Refining & Marketing      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Income from equity method investments 57 66 51
Operating Segments | Midstream      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Income from equity method investments 770 735 624
Operating Segments | Renewable Diesel      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Income from equity method investments 70 (59) (20)
Corporate      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Income from equity method investments $ 151 [1] $ 0 $ 0
[1] Represents the gain from the Whistler Joint Venture Transaction. See Note 14 for additional information.
v3.25.0.1
Segment Information (Segment Expenses) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Segment expenses $ 133,616 $ 135,793 $ 158,483
Operating Segments | Refining & Marketing      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Cost of purchases 112,938 115,973 139,660
Operating costs 5,712 5,625 5,726
Distribution costs 5,857 5,645 5,211
Other segment item [1] 1,610 1,092 1,791
Segment expenses 126,117 128,335 152,388
Operating Segments | Midstream      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Other segment item [2] 5,220 5,072 5,442
Segment expenses 5,220 5,072 5,442
Operating Segments | Renewable Diesel      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Operating costs 269 242 106
Distribution costs 95 82 61
Other segment item [3] 1,960 1,345 562
Segment expenses $ 2,324 $ 1,669 $ 729
[1] Other segment items for the Refining & Marketing segment include costs that are reimbursed by customers through commercial arrangements, as well as LIFO inventory adjustments.
[2] Other segment items for the Midstream segment include operating expenses and purchased product costs. For purposes of managing Midstream segment of MPC, the CODM is only provided consolidated Midstream expense information.
[3] Other segment items for the Renewable Diesel segment includes purchased product costs.
v3.25.0.1
Segment Information (Depreciation and Amortization) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Depreciation and amortization $ 3,337 $ 3,307 $ 3,215
Renewable Diesel JV depreciation and amortization [1] 89 65 1
Renewable Diesel      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Renewable Diesel JV depreciation and amortization 89 65 1
Operating Segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Depreciation and amortization 3,247 3,207 3,160
Operating Segments | Refining & Marketing      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Depreciation and amortization 1,767 1,822 1,783
Operating Segments | Midstream      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Depreciation and amortization 1,405 1,320 1,310
Operating Segments | Renewable Diesel      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Depreciation and amortization [2] 75 65 67
Corporate      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Depreciation and amortization $ 90 $ 100 $ 55
[1] Represents MPC’s pro-rata share of expenses from joint ventures included within the Renewable Diesel segment.
[2] Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $89 million, $65 million and $1 million in 2024, 2023 and 2022, respectively, which was adjusted for purposes of arriving at Renewable Diesel segment adjusted EBITDA.
v3.25.0.1
Segment Information (Recon of Other Significant Items from Segments to Consolidated) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Investments in equity method investments $ 509 $ 480 $ 405
Segment, Reconciliation of Other Items from Segments to Consolidated [Abstract]      
Total capital expenditures [1] 2,567 2,074 2,383
Operating Segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Capital Expenditures And Investments 2,957 2,416 2,577
Investments in equity method investments 509 480 405
Operating Segments | Refining & Marketing      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Capital Expenditures And Investments 1,445 998 1,275
Operating Segments | Midstream      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Capital Expenditures And Investments 1,504 1,105 1,069
Operating Segments | Renewable Diesel      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Capital Expenditures And Investments 8 313 233
Corporate      
Segment, Reconciliation of Other Items from Segments to Consolidated [Abstract]      
Capital Expenditures Excluding Capitalized Interest 63 83 108
Capitalized interest $ 56 $ 55 $ 103
[1] Includes changes in capital expenditure accruals. See Note 21 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows
v3.25.0.1
Segment Information (Major Customer) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2022
Segment Reporting Information [Line Items]    
Segment Reporting, Disclosure of Major Customers No single customer accounted for more than 10 percent of annual revenues for the years ended December 31, 2024 and December 31, 2023. Sales to Speedway/7-Eleven from the Refining & Marketing segment represented 10 percent of our total annual revenues for the year ended December 31, 2022.  
Speedway/7-Eleven | Customer Concentration Risk | Revenue Benchmark    
Segment Reporting Information [Line Items]    
Percent of annual revenues   10.00%
v3.25.0.1
Net Interest and Other Financial Costs (Net Interest and Other Financial Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]      
Interest income $ (376) $ (530) $ (191)
Interest expense 1,365 1,325 1,299
Interest capitalized (57) (60) (104)
Pension and other postretirement non-service costs [1] (38) (89) 3
Loss on extinguishment of debt 0 9 2
Investments - net premium (discount) amortization (91) (142) (30)
Other financial costs 36 12 21
Net interest and other financial costs $ 839 $ 525 $ 1,000
[1] See Note 24.
v3.25.0.1
Income Taxes (Components Of Income Tax Provisions (Benefits)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 862 $ 2,359 $ 3,565
State and local 144 475 629
Foreign 8 11 7
Total current 1,014 2,845 4,201
Deferred:      
Federal (90) 18 191
State and local (33) (46) 98
Foreign (1) 0 1
Total deferred (124) (28) 290
Income tax provision $ 890 $ 2,817 $ 4,491
v3.25.0.1
Income Taxes (Reconciliation Of Federal Statutory Income Tax Rate) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Federal statutory rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effects 2.00% 2.00% 3.00%
Noncontrolling interests (6.00%) (2.00%) (2.00%)
Other (2.00%) (1.00%) 0.00%
Effective tax rate applied to income from continuing operations before income taxes 15.00% 20.00% 22.00%
v3.25.0.1
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Employee benefits $ 558 $ 549
Environmental remediation 81 89
Finance lease obligations 433 365
Operating lease liabilities 243 229
Net operating loss carryforwards 39 44
Tax credit carryforwards 22 10
Goodwill and other intangibles 75 71
Other 95 96
Total deferred tax assets 1,546 1,453
Valuation allowance (51) (28)
Total net deferred tax assets 1,495 1,425
Deferred tax liabilities:    
Property, plant and equipment 2,584 2,684
Inventories 672 627
Investments in subsidiaries and affiliates 3,742 3,706
Right of use assets 246 230
Other 20 11
Total deferred tax liabilities 7,264 7,258
Net deferred tax liabilities $ 5,769 $ 5,833
v3.25.0.1
Income Taxes (Components Of Net Deferred Tax Liabilities Classified In Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Net deferred tax liabilities $ 5,769 $ 5,833
Other noncurrent assets    
Net deferred tax liabilities 2 1
Deferred income taxes    
Net deferred tax liabilities $ 5,771 $ 5,834
v3.25.0.1
Income Taxes (Operating Loss Carryforwards, Tax Credit Carryforwards and Valuation Allowances) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]    
Valuation allowance $ 51 $ 28
Domestic Tax Authority    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards 3 3
State and Local Jurisdiction    
Operating Loss Carryforwards [Line Items]    
Operating loss and tax credit carryforward 42 31
Foreign Tax Authority    
Operating Loss Carryforwards [Line Items]    
Operating loss carryforwards $ 16 $ 20
v3.25.0.1
Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits, beginning balance $ 38 $ 57 $ 37
Additions for tax positions of prior years 0 8 38
Reductions for tax positions of prior years (5) (6) (2)
Settlements, decrease (6) (20) (15)
Statute of limitations 0 (1) (1)
Unrecognized tax benefits, ending balance 27 38 57
Unrecognized tax benefits that would impact effective income tax rate 27    
Uncertain tax positions, reasonably possible increase or decrease during the next twelve months 7    
Unrecognized tax benefits income tax net penalties and interest expense (benefits) (2) (1) $ 1
Interest and penalties accrued $ 2 $ 4  
v3.25.0.1
Inventories (Summary Of Inventories) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Crude oil and other feedstocks $ 3,185 $ 3,211
Refined products 5,137 4,940
Materials and supplies 1,246 1,166
Total $ 9,568 $ 9,317
v3.25.0.1
Inventories (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Total inventory LIFO percentage 87.00% 87.00%
Excess of current acquisition costs over stated LIFO value $ 2,530 $ 2,770
v3.25.0.1
Equity Method Investments (LF Bioenergy Acquisition) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 08, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]        
Payments to acquire businesses, net of cash acquired   $ 688 $ 246 $ 413
LF Bioenergy        
Schedule of Equity Method Investments [Line Items]        
Equity method investments, ownership percentage 49.90%      
Payments to acquire businesses, net of cash acquired $ 56      
v3.25.0.1
Equity Method Investments (Watson Cogeneration Company) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]        
Payments to acquire businesses, net of cash acquired   $ 688 $ 246 $ 413
Book value of equity method investment   50 311 [1] 150
Net gain on disposal of assets   $ 28 $ 217 $ 1,061
Watson Cogeneration Company        
Schedule of Equity Method Investments [Line Items]        
Equity method investment, remaining ownership interest purchased 49.00%      
Payments to acquire businesses, net of cash acquired $ 59      
Fair value of assets contributed 62      
Book value of equity method investment $ 25      
Equity method investments, ownership percentage 51.00%      
Net gain on disposal of assets $ 37      
[1] 2024 represents the book value of Coastal Holdings prior to MPC buying out the remaining 50 percent interest from our joint venture partner. 2023 represents the book value of MPLX’s equity method investment in Torñado, prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Tanker Holdings of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 14 for additional information.
v3.25.0.1
Equity Method Investments (BANGL, LLC Acquisition) (Details) - USD ($)
$ in Millions
Jul. 31, 2024
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Equity method investment difference between carrying amount and underlying equity   $ 521
BANGL, LLC    
Schedule of Equity Method Investments [Line Items]    
Equity method investment, additional ownership acquired 20.00%  
Payments to acquire interest in joint venture $ 210  
Equity method investments, ownership percentage 45.00%  
Equity method investment difference between carrying amount and underlying equity $ 156  
v3.25.0.1
Equity Method Investments (Whistler Joint Venture Transaction) (Details) - USD ($)
$ in Millions
 12 Months Ended
May 29, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 28, 2024
Schedule of Equity Method Investments [Line Items]          
Proceeds from equity method investment, distribution, return of capital   $ 161 $ 275 $ 515  
WPC Parent, LLC          
Schedule of Equity Method Investments [Line Items]          
Gain on disposition of stock in equity method investee $ 151        
Proceeds from equity method investment, distribution, return of capital $ 134        
WPC Parent, LLC | MPLX          
Schedule of Equity Method Investments [Line Items]          
Equity method investments, ownership percentage 30.40%        
WPC Parent, LLC | Enbridge Inc.          
Schedule of Equity Method Investments [Line Items]          
Equity method investments, ownership percentage 19.00%        
Whistler Pipeline LLC | MPLX          
Schedule of Equity Method Investments [Line Items]          
Equity method investments, ownership percentage         37.50%
v3.25.0.1
Equity Method Investments (Midstream Acquisition) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 22, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 21, 2024
Schedule of Equity Method Investments [Line Items]          
Equity method investment difference between carrying amount and underlying equity   $ 521      
Net gain on disposal of assets   $ 28 $ 217 $ 1,061  
Ohio Condensate Company          
Schedule of Equity Method Investments [Line Items]          
Equity method investments, ownership percentage         62.00%
Midstream Acquisition          
Schedule of Equity Method Investments [Line Items]          
Payments to acquire interest in affiliates $ 625        
Recognized identifiable assets acquired and liabilities assumed, net 625        
Recognized identifiable assets acquired and liabilities assumed, equity method investments $ 507        
Midstream Acquisition | Ohio Gathering Company          
Schedule of Equity Method Investments [Line Items]          
Equity method investments, ownership percentage 73.00%        
Equity method investment difference between carrying amount and underlying equity $ 75        
Midstream Acquisition | Ohio Condensate Company          
Schedule of Equity Method Investments [Line Items]          
Equity method investments, ownership percentage 100.00%        
Net gain on disposal of assets $ 20        
v3.25.0.1
Equity Method Investments (MarkWest Torñado GP, L.L.C.) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 15, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]        
Book value of equity method investment   $ 50 $ 311 [1] $ 150
Net gain on disposal of assets   $ 28 $ 217 $ 1,061
Markwest Tornado GP, L.L.C.        
Schedule of Equity Method Investments [Line Items]        
Payments to acquire additional interest in subsidiaries $ 303      
Equity method investment, remaining ownership interest purchased 40.00%      
Cash payment for acquisition $ 270      
Contract with customer, asset, before allowance for credit loss, noncurrent $ 33      
Equity method investments, ownership percentage 60.00%      
Book value of equity method investment $ 311      
Net gain on disposal of assets 92      
Recognized identifiable assets acquired and liabilities assumed, net $ 673      
[1] 2024 represents the book value of Coastal Holdings prior to MPC buying out the remaining 50 percent interest from our joint venture partner. 2023 represents the book value of MPLX’s equity method investment in Torñado, prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Tanker Holdings of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 14 for additional information.
v3.25.0.1
Equity Method Investments (Jones Act Blue Water Vessels) (Details) - USD ($)
$ in Millions
 12 Months Ended
Oct. 01, 2024
Dec. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2024
Schedule of Equity Method Investments [Line Items]            
Book value of equity method investment     $ 50 $ 311 [1] $ 150  
Net gain on disposal of assets     $ 28 $ 217 $ 1,061  
Coastal Holdings            
Schedule of Equity Method Investments [Line Items]            
Equity method investments, ownership percentage           50.00%
Fair value of assets contributed $ 66          
Book value of equity method investment 50          
Net gain on disposal of assets 16          
Payments to acquire additional interest in subsidiaries 66          
Tanker Holdings            
Schedule of Equity Method Investments [Line Items]            
Equity method investments, ownership percentage       50.00%    
Fair value of assets acquired   $ 485        
Repayments of other debt   196        
Fair value of assets contributed   144        
Book value of equity method investment   125        
Net gain on disposal of assets   $ 19        
Blue Water Holdings | Bonds            
Schedule of Equity Method Investments [Line Items]            
Other long-term debt $ 175          
[1] 2024 represents the book value of Coastal Holdings prior to MPC buying out the remaining 50 percent interest from our joint venture partner. 2023 represents the book value of MPLX’s equity method investment in Torñado, prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Tanker Holdings of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 14 for additional information.
v3.25.0.1
Equity Method Investments (South Texas Gateway Terminal LLC) (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 01, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]        
Net gain on disposal of assets   $ 28 $ 217 $ 1,061
South Texas Gateway Terminal        
Schedule of Equity Method Investments [Line Items]        
Equity method investments, ownership percentage 25.00%      
Proceeds from sale of equity method investments $ 270      
Net gain on disposal of assets 106      
South Texas Gateway Terminal | Gibson Energy        
Schedule of Equity Method Investments [Line Items]        
Payments to acquire assets, investing activities $ 1,100      
v3.25.0.1
Equity Method Investments (Martinez Renewables LLC) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 21, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]          
Net gain on disposal of assets   $ 28 $ 217 $ 1,061  
Proceeds from equity method investment, distribution, return of capital   161 275 515  
Equity method investments   $ 6,857 $ 6,260    
Martinez Renewables LLC          
Schedule of Equity Method Investments [Line Items]          
Fair value of assets contributed $ 1,471        
Net gain on disposal of assets 549     $ 549  
Proceeds from equity method investment, distribution, return of capital 500        
Equity method investments         $ 971
Martinez Renewables LLC | Neste          
Schedule of Equity Method Investments [Line Items]          
Payments to acquire interest in joint venture $ 728        
v3.25.0.1
Equity Method Investments (Schedule Of Equity Method Investments) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 6,857 $ 6,260  
Martinez Renewables LLC      
Schedule of Equity Method Investments [Line Items]      
Equity method investments     $ 971
Refining & Marketing      
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 282 302  
Refining & Marketing | The Andersons Marathon Holdings LLC      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 50.00%    
Equity method investments $ 190 227  
Refining & Marketing | Other equity method investees      
Schedule of Equity Method Investments [Line Items]      
Equity method investments [1] 92 75  
Midstream      
Schedule of Equity Method Investments [Line Items]      
Equity method investments 5,301 4,599  
Renewable Diesel      
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 1,274 1,359  
Renewable Diesel | Martinez Renewables LLC      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 50.00%    
Equity method investments $ 1,184 1,266  
Renewable Diesel | Other equity method investees      
Schedule of Equity Method Investments [Line Items]      
Equity method investments [1] 90 93  
MPLX | Midstream      
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 4,531 3,743  
MPLX | Midstream | BANGL      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 45.00%    
Equity method investments $ 281 63  
MPLX | Midstream | Illinois Extension Pipeline      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 35.00%    
Equity method investments $ 218 228  
MPLX | Midstream | LOOP      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 41.00%    
Equity method investments $ 310 314  
MPLX | Midstream | MarEn Bakken Company LLC      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 25.00%    
Equity method investments $ 526 449  
MPLX | Midstream | MarkWest EMG Jefferson Dry Gas      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 67.00%    
Equity method investments $ 329 336  
MPLX | Midstream | MarkWest Utica EMG      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 59.00%    
Equity method investments $ 742 676  
MPLX | Midstream | Ohio Gathering Company      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 35.00%    
Equity method investments $ 470 0  
MPLX | Midstream | Sherwood Midstream      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 50.00%    
Equity method investments $ 488 500  
MPLX | Midstream | WPC Parent, LLC      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 30.00%    
Equity method investments $ 208 214  
MPLX | Midstream | Other equity method investees      
Schedule of Equity Method Investments [Line Items]      
Equity method investments [1] 959 963  
Marathon Petroleum Corporation | Midstream      
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 770 856  
Marathon Petroleum Corporation | Midstream | Capline LLC      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 33.00%    
Equity method investments $ 382 402  
Marathon Petroleum Corporation | Midstream | Gray Oak Pipeline LLC      
Schedule of Equity Method Investments [Line Items]      
Equity method investments, ownership percentage 25.00%    
Equity method investments $ 274 284  
Marathon Petroleum Corporation | Midstream | Other equity method investees      
Schedule of Equity Method Investments [Line Items]      
Equity method investments [1] $ 114 $ 170  
[1] Some investments included within “Other” have been deemed to be VIEs.
v3.25.0.1
Equity Method Investments (Summarized Financial Information For Equity Method Investees) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income statement data:      
Revenues and other income $ 140,412 $ 150,307 $ 179,952
Income from operations 6,796 14,514 21,469
Net income 5,067 11,172 16,050
Balance sheet data – December 31:      
Current assets 24,447 32,131  
Current liabilities 20,827 20,150  
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Income statement data:      
Revenues and other income 9,259 6,544 5,069
Income from operations 2,698 2,428 1,907
Net income 2,211 2,089 $ 1,740
Balance sheet data – December 31:      
Current assets 2,687 2,610  
Noncurrent assets 24,656 21,098  
Current liabilities 1,927 1,569  
Noncurrent liabilities $ 7,837 $ 6,719  
v3.25.0.1
Equity Method Investments (Basis differences and distributions) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]      
Equity method investment difference between carrying amount and underlying equity $ 521    
Equity method investment difference between carrying amount and underlying equity portion related to goodwill and other assets not amortized 208    
Distributions from equity method investments $ 1,215 $ 941 $ 772
v3.25.0.1
Property, Plant and Equipment (Summary Of Property, Plant And Equipment) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Gross PP&E [1] $ 66,317 $ 63,748
Accumulated depreciation [1] 31,289 28,636
Property, plant and equipment, net [1] 35,028 35,112
Operating Segments | Refining & Marketing    
Property, Plant and Equipment [Line Items]    
Gross PP&E 32,965 31,536
Accumulated depreciation 19,015 17,721
Property, plant and equipment, net 13,950 13,815
Operating Segments | Midstream    
Property, Plant and Equipment [Line Items]    
Gross PP&E 30,697 29,620
Accumulated depreciation 10,798 9,589
Property, plant and equipment, net 19,899 20,031
Operating Segments | Renewable Diesel    
Property, Plant and Equipment [Line Items]    
Gross PP&E 976 960
Accumulated depreciation 338 271
Property, plant and equipment, net 638 689
Corporate    
Property, Plant and Equipment [Line Items]    
Gross PP&E 1,679 1,632
Accumulated depreciation 1,138 1,055
Property, plant and equipment, net $ 541 $ 577
[1] Includes finance leases. See Note 26.
v3.25.0.1
Property, Plant and Equipment (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Gross PP&E [1] $ 66,317 $ 63,748
Construction in progress    
Property, Plant and Equipment [Line Items]    
Gross PP&E $ 1,780 $ 1,400
[1] Includes finance leases. See Note 26.
v3.25.0.1
Goodwill and Intangibles (Changes In Carrying Amount Of Goodwill) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Beginning balance $ 8,244 $ 8,244
Impairments 0 0
Ending balance 8,244 8,244
Refining & Marketing    
Goodwill [Line Items]    
Beginning balance 561 561
Impairments 0 0
Ending balance 561 561
Midstream    
Goodwill [Line Items]    
Beginning balance 7,683 7,683
Impairments 0 0
Ending balance $ 7,683 $ 7,683
v3.25.0.1
Goodwill and Intangibles (Accumulated Impairment Losses) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]      
Gross goodwill $ 16,965    
Accumulated impairment losses (8,721)    
Goodwill 8,244 $ 8,244 $ 8,244
Refining & Marketing      
Goodwill [Line Items]      
Gross goodwill 6,141    
Accumulated impairment losses (5,580)    
Goodwill 561 561 561
Midstream      
Goodwill [Line Items]      
Gross goodwill 10,824    
Accumulated impairment losses (3,141)    
Goodwill $ 7,683 $ 7,683 $ 7,683
v3.25.0.1
Goodwill and Intangibles (Intangible Assets by Major Class) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross $ 4,389 $ 4,153
Accumulated amortization 2,686 2,388
Net 1,703 1,765
Customer contracts and relationships    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross 4,111 3,838
Accumulated amortization 2,446 2,132
Net 1,665 1,706
Brand rights and tradenames    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross 101 101
Accumulated amortization 89 79
Net 12 22
Royalty agreements    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross 141 173
Accumulated amortization 120 142
Net 21 31
Other intangible assets    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross 36 41
Accumulated amortization 31 35
Net $ 5 $ 6
v3.25.0.1
Goodwill and Intangibles (Intangibles Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Indefinite-lived intangible assets $ 71 $ 71
Amortization expense $ 266 $ 316
v3.25.0.1
Goodwill and Intangibles (Estimated Future Amortization Expense) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 250
2026 230
2027 202
2028 180
2029 $ 16
v3.25.0.1
Fair Value Measurements (Assets And Liabilities Accounted For At Fair Value On Recurring Basis) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash collateral netted with derivative liabilities $ 12 $ 29
Fair Value, Measurements, Recurring | Commodity derivative instruments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, assets - collateral and netting (132) (220)
Derivative asset, subject to master netting arrangement, after offset 7 24
Commodity derivative instruments, assets - collateral pledged not offset 16 73
Commodity derivative instruments, liabilities - netting and collateral (144) (249)
Derivative liability, subject to master netting arrangement, after offset 0 0
Commodity derivative instruments, liabilities - collateral pledged not offset 0 0
Fair Value, Measurements, Recurring | Commodity derivative instruments | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, assets - gross 139 244
Commodity derivative instruments, liabilities - gross 144 249
Fair Value, Measurements, Recurring | Commodity derivative instruments | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, assets - gross 0 0
Commodity derivative instruments, liabilities - gross 0 0
Fair Value, Measurements, Recurring | Commodity derivative instruments | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, assets - gross 0 0
Commodity derivative instruments, liabilities - gross 0 0
Fair Value, Measurements, Recurring | Embedded derivative in commodity contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, liabilities - netting and collateral 0 0
Derivative liability, subject to master netting arrangement, after offset 58 61
Commodity derivative instruments, liabilities - collateral pledged not offset 0 0
Fair Value, Measurements, Recurring | Embedded derivative in commodity contracts | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, liabilities - gross 0 0
Fair Value, Measurements, Recurring | Embedded derivative in commodity contracts | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, liabilities - gross 0 0
Fair Value, Measurements, Recurring | Embedded derivative in commodity contracts | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, liabilities - gross $ 58 $ 61
v3.25.0.1
Fair Value Measurements (Recurring Narrative) (Details) - Level 3
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / gal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Derivative, average forward price | $ / gal 0.81
Probability of renewal second term 100.00%
Minimum  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Derivative, forward price 0.65
Maximum  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Derivative, forward price 1.54
v3.25.0.1
Fair Value Measurements (Reconciliation Of Net Beginning And Ending Balances Recorded For Net Assets And Liabilities Classified As Level 3) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Beginning balance $ 61 $ 61
Unrealized and realized loss included in net income [1] 10 11
Settlements of derivative instruments (13) (11)
Ending balance $ 58 $ 61
Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of revenues (excludes items below) Cost of revenues (excludes items below)
[1] The gain/loss is included in cost of revenues on the consolidated statements of income.
v3.25.0.1
Fair Value Measurements (Gains/Losses Included In Earnings Relating to Assets Still Held at the End of Period) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
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 [1] $ 7 $ 9
Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of revenues (excludes items below) Cost of revenues (excludes items below)
[1] The gain/loss is included in cost of revenues on the consolidated statements of income.
v3.25.0.1
Fair Value Measurements (Fair Values - Reported) (Details) - USD ($)
$ in Billions
Dec. 31, 2024
Dec. 31, 2023
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 26.9 $ 27.0
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 25.0 $ 25.5
v3.25.0.1
Derivatives (Classification Of Gross Fair Values Of Derivative Instruments, Excluding Cash Collateral) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commodity derivative instruments | Other current assets    
Derivatives, Fair Value [Line Items]    
Asset $ 139 $ 244
Liability 144 249
Embedded derivative in commodity contracts | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Asset 0 0
Liability 10 11
Embedded derivative in commodity contracts | Deferred credits and other liabilities    
Derivatives, Fair Value [Line Items]    
Asset 0 0
Liability $ 48 $ 50
v3.25.0.1
Derivatives (Open Commodity Derivative Contracts) (Details) - Exchange Traded
bbl in Thousands
 12 Months Ended
Dec. 31, 2024
bbl
Crude oil  
Derivative [Line Items]  
Percentage of derivative contracts expiring next quarter 54.50%
Crude oil | Long  
Derivative [Line Items]  
Notional contracts (contract volumes) 47,351 [1]
Crude oil | Long | Spread contracts  
Derivative [Line Items]  
Notional contracts (contract volumes) 15,975
Crude oil | Short  
Derivative [Line Items]  
Notional contracts (contract volumes) 43,785 [1]
Crude oil | Short | Spread contracts  
Derivative [Line Items]  
Notional contracts (contract volumes) 15,455
Refined products  
Derivative [Line Items]  
Percentage of derivative contracts expiring next quarter 82.30%
Refined products | Long  
Derivative [Line Items]  
Notional contracts (contract volumes) 18,086 [1]
Refined products | Long | Spread contracts  
Derivative [Line Items]  
Notional contracts (contract volumes) 545
Refined products | Short  
Derivative [Line Items]  
Notional contracts (contract volumes) 21,973 [1]
Refined products | Short | Spread contracts  
Derivative [Line Items]  
Notional contracts (contract volumes) 325
Blending products  
Derivative [Line Items]  
Percentage of derivative contracts expiring next quarter 93.50%
Blending products | Long  
Derivative [Line Items]  
Notional contracts (contract volumes) 6,061 [1]
Blending products | Short  
Derivative [Line Items]  
Notional contracts (contract volumes) 6,121 [1]
Soybean oil  
Derivative [Line Items]  
Percentage of derivative contracts expiring next quarter 97.90%
Soybean oil | Long  
Derivative [Line Items]  
Notional contracts (contract volumes) 2,295
Soybean oil | Short  
Derivative [Line Items]  
Notional contracts (contract volumes) 2,888
[1] Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 15,975 long and 15,455 short; Refined products - 545 long and 325 short and Blending products - 158 long. There are no spread contracts for soybean oil.
v3.25.0.1
Derivatives (Effect Of Commodity Derivative Instruments In Statements Of Income) (Details) - Commodity Contract [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] $ (91) $ (6) $ (58)
Sales and other operating revenues      
Derivative [Line Items]      
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] 1 7 0
Cost of revenues      
Derivative [Line Items]      
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] (94) (15) (58)
Other income      
Derivative [Line Items]      
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] $ 2 $ 2 $ 0
v3.25.0.1
Debt (Outstanding Borrowings) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total finance lease liabilities $ 724 $ 470
Total debt 27,797 27,620
Unamortized debt issuance costs (142) (141)
Unamortized discount, net of unamortized premium (174) (196)
Amounts due within one year (3,049) (1,954)
Total long-term debt due after one year 24,432 25,329
Marathon Petroleum Corporation    
Debt Instrument [Line Items]    
Notes payable 0 1
Total debt 6,591 6,914
Marathon Petroleum Corporation | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt outstanding 5,699 6,449
Marathon Petroleum Corporation | Bonds    
Debt Instrument [Line Items]    
Other long-term debt 174 0
Marathon Petroleum Corporation | Finance Lease    
Debt Instrument [Line Items]    
Total finance lease liabilities 718 464
MPLX    
Debt Instrument [Line Items]    
Total debt 21,206 20,706
MPLX | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt outstanding 21,200 20,700
MPLX | Finance Lease    
Debt Instrument [Line Items]    
Total finance lease liabilities $ 6 $ 6
v3.25.0.1
Debt (Commercial Paper) (Details) - Commercial paper
$ in Billions
Feb. 26, 2016
USD ($)
Debt Instrument [Line Items]  
Line of credit facility, maximum borrowing capacity $ 2.0
Debt instrument, term 397 days
v3.25.0.1
Debt (MPC Senior Notes) (Details) - Marathon Petroleum Corporation - Senior Notes - USD ($)
$ in Millions
Sep. 16, 2024
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Long-term debt outstanding   $ 5,699 $ 6,449
Senior notes, 3.625% due September 2024      
Debt Instrument [Line Items]      
Long-term debt outstanding   0 750
Repayments of debt $ 750    
Senior notes, 4.700% due May 2025      
Debt Instrument [Line Items]      
Long-term debt outstanding   1,250 1,250
Senior notes, 5.125% due December 2026      
Debt Instrument [Line Items]      
Long-term debt outstanding   719 719
Senior notes, 3.800% due April 2028      
Debt Instrument [Line Items]      
Long-term debt outstanding   496 496
Senior notes, 6.500% due March 2041      
Debt Instrument [Line Items]      
Long-term debt outstanding   1,250 1,250
Senior notes, 4.750% due September 2044      
Debt Instrument [Line Items]      
Long-term debt outstanding   800 800
Senior notes, 5.850% due December 2045      
Debt Instrument [Line Items]      
Long-term debt outstanding   250 250
Senior notes, 4.500% due April 2048      
Debt Instrument [Line Items]      
Long-term debt outstanding   498 498
Senior notes, 5.000%, due September 2054      
Debt Instrument [Line Items]      
Long-term debt outstanding   400 400
Andeavor | Andeavor senior notes, 3.800% - 5.125% due 2026 – 2048      
Debt Instrument [Line Items]      
Long-term debt outstanding   $ 36 $ 36
v3.25.0.1
Debt (MARAD Debt) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Bonds | MARAD debt    
Debt Instrument [Line Items]    
Other long-term debt $ 174  
Bonds | MARAD debt - 3.432% bonds due 2036    
Debt Instrument [Line Items]    
Other long-term debt 55  
Bonds | MARAD debt - 3.477% bonds due 2037    
Debt Instrument [Line Items]    
Other long-term debt 57  
Bonds | MARAD debt - 3.609% bonds due 2038    
Debt Instrument [Line Items]    
Other long-term debt $ 62  
Coastal Holdings    
Debt Instrument [Line Items]    
Equity method investments, ownership percentage   50.00%
v3.25.0.1
Debt (MPLX Senior Notes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 18, 2025
Dec. 01, 2024
Mar. 13, 2023
Feb. 15, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 20, 2024
Feb. 09, 2023
Debt Instrument [Line Items]                  
Redemption of preferred units         $ 0 $ 600 $ 0    
Loss on extinguishment of debt         0 9 $ 2    
Senior Notes | Senior notes, 4.500% due July 2023                  
Debt Instrument [Line Items]                  
Loss on extinguishment of debt     $ 9            
MPLX | Series B Preferred Stock                  
Debt Instrument [Line Items]                  
Redemption of preferred units       $ 600          
MPLX | Senior Notes                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         21,200 20,700      
Debt instrument, face amount                 $ 1,600
Repayments of debt   $ 1,150              
MPLX | Senior Notes | Senior notes, 4.875% due December 2024                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         0 1,149      
Repayments of debt   1,149              
MPLX | Senior Notes | Senior notes, 4.000% due February 2025                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         500 500      
MPLX | Senior Notes | Senior notes, 4.000% due February 2025 | Forecast                  
Debt Instrument [Line Items]                  
Repayments of debt $ 500                
MPLX | Senior Notes | Senior notes, 4.875% due June 2025                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,189 1,189      
MPLX | Senior Notes | Senior notes, 1.750% due March 2026                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,500 1,500      
MPLX | Senior Notes | Senior notes, 4.125% due March 2027                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,250 1,250      
MPLX | Senior Notes | Senior notes, 4.250% due December 2027                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         732 732      
MPLX | Senior Notes | Senior notes, 4.000% due March 2028                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,250 1,250      
MPLX | Senior Notes | Senior notes, 4.800% due February 2029                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         750 750      
MPLX | Senior Notes | Senior notes, 2.650% due August 2030                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,500 1,500      
MPLX | Senior Notes | Senior notes, 4.950% due September 2032                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,000 1,000      
MPLX | Senior Notes | Senior notes, 5.000% due March 2033                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,100 1,100      
Debt instrument, face amount                 1,100
MPLX | Senior Notes | Senior notes, 5.500% due June 2034                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,650 0      
Debt instrument, face amount               $ 1,650  
MPLX | Senior Notes | Senior notes, 4.500% due April 2038                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,750 1,750      
MPLX | Senior Notes | Senior notes, 5.200% due March 2047                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,000 1,000      
MPLX | Senior Notes | Senior notes, 5.200% due December 2047                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         487 487      
MPLX | Senior Notes | Senior notes, 4.700% due April 2048                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,500 1,500      
MPLX | Senior Notes | Senior notes, 5.500% due February 2049                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,500 1,500      
MPLX | Senior Notes | Senior notes, 4.950% due March 2052                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         1,500 1,500      
MPLX | Senior Notes | Senior notes, 5.650% due March 2053                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         500 500      
Debt instrument, face amount                 $ 500
MPLX | Senior Notes | Senior notes, 4.900% due April 2058                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         500 500      
MPLX | Senior Notes | Senior notes, 4.500% due July 2023                  
Debt Instrument [Line Items]                  
Repayments of debt     $ 1,000            
MPLX | Senior Notes | MarkWest | Senior notes, 4.875% due December 2024                  
Debt Instrument [Line Items]                  
Repayments of debt   $ 1              
MPLX | Senior Notes | MarkWest | MarkWest senior notes, 4.875% due 2024 – 2025                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         11 12      
MPLX | Senior Notes | ANDX | ANDX senior notes, 4.250% - 5.200% due 2027 – 2047                  
Debt Instrument [Line Items]                  
Long-term debt outstanding         $ 31 $ 31      
v3.25.0.1
Debt (Schedule Of Debt Payments) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 2,964
2026 2,263
2027 2,014
2028 1,764
2029 $ 764
v3.25.0.1
Debt (Available Capacity under our Facilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Jul. 31, 2022
Jul. 07, 2022
MPC bank revolving credit facility due July 2027      
Line of Credit Facility [Line Items]      
Total Capacity $ 5,000    
Outstanding Borrowings 0    
Outstanding Letters of Credit 1    
Available Capacity $ 4,999    
Weighted Average Interest Rate 0.00%    
Trade Receivables Securitization due September 2027      
Line of Credit Facility [Line Items]      
Total Capacity $ 100    
Outstanding Borrowings 0    
Outstanding Letters of Credit 0    
Available Capacity [1] $ 100    
Weighted Average Interest Rate 0.00%    
Line of credit facility, maximum borrowing capacity $ 100 $ 100  
MPLX revolving credit facility due July 2027      
Line of Credit Facility [Line Items]      
Available Capacity 2,000    
MPLX revolving credit facility due July 2027 | MPLX      
Line of Credit Facility [Line Items]      
Total Capacity 2,000    
Outstanding Borrowings 0    
Outstanding Letters of Credit $ 0    
Weighted Average Interest Rate 0.00%    
Line of credit facility, maximum borrowing capacity     $ 2,000
[1] 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.
v3.25.0.1
Debt (MPC Bank Revolving Credit Facility) (Details) - MPC bank revolving credit facility due July 2027
$ in Millions
Jul. 07, 2022
USD ($)
Period
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]    
Total capacity   $ 5,000
Marathon Petroleum Corporation    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity $ 5,000  
Number of renewal periods | Period 2  
Debt instrument, description of variable rate basis at either the Adjusted Term SOFR or the Alternate Base Rate, both as defined in the MPC Credit Agreement, plus an applicable margin  
Marathon Petroleum Corporation | Letter of Credit    
Line of Credit Facility [Line Items]    
Total capacity $ 2,200  
Marathon Petroleum Corporation | Maximum    
Line of Credit Facility [Line Items]    
Line of credit facility additional borrowing capacity $ 1,000  
Ratio of indebtedness to net capital 0.65  
Marathon Petroleum Corporation | Maximum | Bridge Loan    
Line of Credit Facility [Line Items]    
Total capacity $ 250  
Marathon Petroleum Corporation | Maximum | Letter of Credit    
Line of Credit Facility [Line Items]    
Total capacity $ 3,000  
v3.25.0.1
Debt (Trade Receivables Securitization Facility) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Jul. 31, 2022
Trade Receivables Securitization due September 2027    
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity $ 100 $ 100
v3.25.0.1
Debt (MPLX Bank Revolving Credit Facility) (Details) - MPLX - MPLX revolving credit facility due July 2027
$ in Millions
Jul. 07, 2022
USD ($)
Period
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity $ 2,000  
Total capacity   $ 2,000
Number of renewal periods | Period 2  
Debt instrument, description of variable rate basis at MPLX’s election, at either the Adjusted Term SOFR or the Alternate Base Rate, both as defined in the MPLX Credit Agreement, plus an applicable margin  
Maximum    
Debt Instrument [Line Items]    
Line of credit facility additional borrowing capacity $ 1,000  
Number of prior quarterly reporting periods covenant 4  
Covenant ratio debt to EBITDA 5.0  
Covenant ratio debt to EBITDA post acquisition 5.5  
Letter of Credit | Maximum    
Debt Instrument [Line Items]    
Total capacity $ 150  
v3.25.0.1
Revenue (Disaggregated by Segment and Product Line) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sales and other operating revenues $ 138,864 $ 148,379 $ 177,453
Refining & Marketing      
Sales and other operating revenues [1] 131,588 141,835 171,461
Refining & Marketing | Refined products      
Sales and other operating revenues 122,429 132,675 160,737
Refining & Marketing | Crude oil      
Sales and other operating revenues 7,298 7,423 8,962
Refining & Marketing | Services and other      
Sales and other operating revenues 1,861 1,737 1,762
Midstream      
Sales and other operating revenues [1] 5,197 4,911 5,366
Midstream | Refined products      
Sales and other operating revenues 1,668 1,675 2,219
Midstream | Services and other      
Sales and other operating revenues [2] 3,529 3,236 3,147
Renewable Diesel      
Sales and other operating revenues [1] 2,079 1,633 626
Renewable Diesel | Refined products      
Sales and other operating revenues 2,073 1,628 625
Renewable Diesel | Services and other      
Sales and other operating revenues $ 6 $ 5 $ 1
[1] Includes sales to related parties. See Note 7 for additional information.
[2] Includes sales-type lease revenue. See Note 26.
v3.25.0.1
Revenue (Receivables) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Revenue from Contract with Customer [Abstract]  
Matching buy/sell receivables $ 4,300
v3.25.0.1
Supplemental Cash Flow Information (Summary Of Supplemental Cash Flow Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Oct. 01, 2024
Dec. 01, 2022
Jun. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2024
Net cash provided by operating activities included:              
Interest paid (net of amounts capitalized)       $ 1,247 $ 1,200 $ 1,060  
Income taxes paid to taxing authorities       732 [1] 2,751 4,869  
Payments on operating leases       532 493 498  
Interest payments under finance lease obligations       25 25 24  
Net cash provided by financing activities included:              
Principal payments under finance lease obligations       82 79 79  
Non-cash investing and financing activities:              
Right of use assets obtained in exchange for new operating lease obligations       637 465 367  
Right of use assets obtained in exchange for new finance lease obligations       302 21 60  
Contribution of net assets       0 0 [2] 818  
Book value of equity method investment       50 $ 311 [3] $ 150  
Income Tax Credits and Adjustments       $ 565      
Coastal Holdings              
Non-cash investing and financing activities:              
Book value of equity method investment $ 50            
Equity method investments, ownership percentage             50.00%
Watson Cogeneration Company              
Non-cash investing and financing activities:              
Book value of equity method investment     $ 25        
Equity method investments, ownership percentage     51.00%        
Tanker Holdings              
Non-cash investing and financing activities:              
Book value of equity method investment   $ 125          
Equity method investments, ownership percentage         50.00%    
[1] 2024 includes $565 million paid to third parties for transferable tax credits.
[2] Represents the book value of property, plant and equipment, inventory and working capital contributed by MPC to Martinez Renewables LLC. See Note 14 for additional information.
[3] 2024 represents the book value of Coastal Holdings prior to MPC buying out the remaining 50 percent interest from our joint venture partner. 2023 represents the book value of MPLX’s equity method investment in Torñado, prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Tanker Holdings of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 14 for additional information.
v3.25.0.1
Supplemental Cash Flow Information (Reconciliation Of Additions To Property, Plant And Equipment To Total Capital Expenditures) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]      
Additions to property, plant and equipment per the consolidated statements of cash flows $ 2,533 $ 1,890 $ 2,420
Increase (decrease) in capital accruals 34 184 (37)
Total capital expenditures [1] $ 2,567 $ 2,074 $ 2,383
[1] Includes changes in capital expenditure accruals. See Note 21 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows
v3.25.0.1
Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Environmental credits liability $ 422 $ 778
Accrued interest payable 314 316
Other current liabilities 419 551
Total other current liabilities $ 1,155 $ 1,645
v3.25.0.1
Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance $ (131) $ 2 $ (67)
Other comprehensive income (loss) before reclassifications, net of tax 52 (79) 58
Amounts reclassified from accumulated other comprehensive loss:      
Amortization of prior service cost (credit) (55) (67) (67)
Amortization of actuarial loss 6 (5) 10
Settlement (gain) loss 3 (1) 79
Other   (1)  
Tax effect 11 20 (11)
Other comprehensive income (loss) 17 (133) 69
Ending balance (114) (131) 2
Other comprehensive income (loss) before reclassifications, tax 16 (22) 11
Pension Benefits      
Amounts reclassified from accumulated other comprehensive loss:      
Amortization of prior service cost (credit) (33) (45) (45)
Other Benefits      
Amounts reclassified from accumulated other comprehensive loss:      
Amortization of prior service cost (credit) (22) (22) (22)
Accumulated Defined Benefit Plans Adjustment | Pension Benefits      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (261) (163) (117)
Other comprehensive income (loss) before reclassifications, net of tax 44 (60) (70)
Amounts reclassified from accumulated other comprehensive loss:      
Amortization of prior service cost (credit) [1] (33) (45) (45)
Amortization of actuarial loss [1] 6 (5) 4
Settlement (gain) loss [1] 3 (1) 79
Tax effect 6 13 (14)
Other comprehensive income (loss) 26 (98) (46)
Ending balance (235) (261) (163)
Accumulated Defined Benefit Plans Adjustment | Other Benefits      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance 129 165 49
Other comprehensive income (loss) before reclassifications, net of tax 10 (21) 129
Amounts reclassified from accumulated other comprehensive loss:      
Amortization of prior service cost (credit) [1] (22) (22) (22)
Amortization of actuarial loss [1] 0 0 6
Settlement (gain) loss [1] 0 0 0
Tax effect 5 7 3
Other comprehensive income (loss) (7) (36) 116
Ending balance 122 129 165
Other      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance 1 0 1
Other comprehensive income (loss) before reclassifications, net of tax (2) 2 (1)
Amounts reclassified from accumulated other comprehensive loss:      
Other   (1)  
Tax effect 0 0 0
Other comprehensive income (loss) (2) 1 (1)
Ending balance $ (1) $ 1 $ 0
[1] These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 24.
v3.25.0.1
Pension and Other Postretirement Benefits (Cash Balance Pension Plan) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Cash balance weighted average interest crediting rates 4.56% 3.57% 3.00%
v3.25.0.1
Pension and Other Postretirement Benefits (Accumulated Benefit Obligations) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]    
Accumulated benefit obligation $ 2,579 $ 2,441
v3.25.0.1
Pension and Other Postretirement Benefits (Summary Of Projected Benefit Obligations And Funded Status For Defined Benefit Pension And Other Postretirement Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets at January 1 $ 2,082    
Fair value of plan assets at December 31 2,158 $ 2,082  
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Benefit obligations at January 1 2,563 2,359  
Service cost 219 195  
Interest cost 122 116 $ 102
Actuarial (gain) loss (32) 184  
Benefits paid (187) (291)  
Benefit obligations at December 31 2,685 2,563 2,359
Fair value of plan assets at January 1 2,082 1,838  
Actual return on plan assets 161 266  
Employer contributions 102 269  
Benefits paid from plan assets (187) (291)  
Fair value of plan assets at December 31 2,158 2,082 1,838
Funded status at December 31 (527) (481)  
Other Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Benefit obligations at January 1 679 650  
Service cost 21 18  
Interest cost 32 31 21
Actuarial (gain) loss (14) 31  
Benefits paid (49) (51)  
Benefit obligations at December 31 669 679 650
Fair value of plan assets at January 1 0 0  
Actual return on plan assets 0 0  
Employer contributions 49 51  
Benefits paid from plan assets (49) (51)  
Fair value of plan assets at December 31 0 0 $ 0
Funded status at December 31 $ (669) $ (679)  
v3.25.0.1
Pension and Other Postretirement Benefits (Amounts Recognized in Consolidated Balance Sheet) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit postretirement plan obligations $ (1,157) $ (1,102)
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Noncurrent assets 22 0
Current liabilities (11) (8)
Defined benefit postretirement plan obligations (538) (473)
Accrued benefit cost (527) (481)
Other Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Noncurrent assets 0 0
Current liabilities (50) (50)
Defined benefit postretirement plan obligations (619) (629)
Accrued benefit cost $ (669) $ (679)
v3.25.0.1
Pension and Other Postretirement Benefits (Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in AOCI) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial (gain) loss $ 404 $ 467
Prior service credit (36) (69)
Pension Benefits | LOOP LLC and Explorer Pipeline    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial (gain) loss (7)  
Other Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial (gain) loss 36 50
Prior service credit (181) $ (202)
Other Benefits | LOOP LLC and Explorer Pipeline    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial (gain) loss $ 4  
v3.25.0.1
Pension and Other Postretirement Benefits (Components Of Net Periodic Benefit Cost And Other Comprehensive (Income) Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Amortization of prior service credit $ 55 $ 67 $ 67
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 227 201 230
Interest cost 122 116 102
Expected return on plan assets (146) (163) (142)
Amortization of prior service credit (33) (45) (45)
Amortization of actuarial (gain) loss 6 (5) 4
Settlement (gain) loss 3 (1) 79
Net periodic benefit cost [1] 179 103 228
Actuarial (gain) loss (54) 75 109
Amortization of actuarial (gain) loss (9) 6 (83)
Amortization of prior service credit 33 45 45
Total recognized in other comprehensive (income) loss (30) 126 71
Total recognized in net periodic benefit cost and other comprehensive (income) loss 149 229 299
Other Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 21 18 26
Interest cost 32 31 21
Expected return on plan assets 0 0 0
Amortization of prior service credit (22) (22) (22)
Amortization of actuarial (gain) loss 0 0 6
Settlement (gain) loss 0 0 0
Net periodic benefit cost [1] 31 27 31
Actuarial (gain) loss (15) 31 (167)
Amortization of actuarial (gain) loss 0 0 (6)
Amortization of prior service credit 22 22 22
Total recognized in other comprehensive (income) loss 7 53 (151)
Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 38 $ 80 $ (120)
[1] Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.
v3.25.0.1
Pension and Other Postretirement Benefits (Summary Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Benefit obligation:      
Discount rate 5.55% 4.85% 5.04%
Rate of compensation increase 4.18% 4.18% 4.18%
Net periodic benefit cost:      
Discount rate 4.85% 5.10% 3.33%
Expected long-term return on plan assets 6.80% 7.00% 5.75%
Rate of compensation increase 4.18% 4.18% 4.18%
Other Benefits      
Benefit obligation:      
Discount rate 5.58% 4.88% 5.08%
Rate of compensation increase 4.18% 4.18% 4.18%
Net periodic benefit cost:      
Discount rate 4.88% 5.08% 2.93%
Expected long-term return on plan assets 0.00% 0.00% 0.00%
Rate of compensation increase 4.18% 4.18% 4.18%
v3.25.0.1
Pension and Other Postretirement Benefits (Expected Long-Term Return on Plan Assets) (Details)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Defined benefit plan, plan assets, expected long-term rate-of-return, description The overall expected long-term return on plan assets assumption is determined based on an asset rate-of-return modeling tool developed by a third-party investment group. The tool utilizes underlying assumptions based on actual returns by asset category and inflation and takes into account our asset allocation to derive an expected long-term rate of return on those assets. Capital market assumptions reflect the long-term capital market outlook. The assumptions for equity and fixed income investments are developed using a building-block approach, reflecting observable inflation information and interest rate information available in the fixed income markets. Long-term assumptions for other asset categories are based on historical results, current market characteristics and the professional judgment of our internal and external investment teams
v3.25.0.1
Pension and Other Postretirement Benefits (Summarizes Assumed Health Care Cost Trend Rates) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Medical Pre-65      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate assumed for the following year: 7.90% 7.70% 6.60%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate): 4.50% 4.50% 4.50%
Year that the rate reaches the ultimate trend rate: 2034 2032 2031
Prescription drugs      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate assumed for the following year: 12.50% 10.80% 8.90%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate): 4.50% 4.50% 4.50%
Year that the rate reaches the ultimate trend rate: 2034 2032 2031
v3.25.0.1
Pension and Other Postretirement Benefits (Plan Investment Policies And Strategies) (Details)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Defined benefit plan, investment goals The investment policies for our pension plan assets reflect the funded status of the plans and expectations regarding our future ability to make further contributions. Long-term investment goals are to: (1) manage the assets in accordance with the legal requirements of all applicable laws; (2) diversify plan investments across asset classes to achieve an optimal balance between risk and return and between income and growth of assets through capital appreciation; and (3) source benefit payments primarily through existing plan assets and anticipated future returns.The investment goals are implemented to manage the plans’ funded status volatility and minimize future cash contributions. The asset allocation strategy will change over time in response to changes primarily in funded status, which is dictated by current and anticipated market conditions, the independent actions of our investment committee, required cash flows to and from the plans and other factors deemed appropriate. Such changes in asset allocation are intended to allocate additional assets to the fixed income asset class should the funded status improve. The fixed income asset class shall be invested in such a manner that its interest rate sensitivity correlates highly with that of the plans’ liabilities. Other asset classes are intended to provide additional return with associated higher levels of risk. Investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies
Equity Securities  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Targeted asset allocation 50.00%
Fixed Income Securities  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Targeted asset allocation 50.00%
v3.25.0.1
Pension and Other Postretirement Benefits (Fair Values Of Defined Benefit Pension Plan Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value $ 2,158 $ 2,082
Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 177 165
Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 1,961 1,892
Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 20 25
Cash and Cash Equivalents    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 62 63
Cash and Cash Equivalents | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Cash and Cash Equivalents | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 62 63
Cash and Cash Equivalents | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Common stocks    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 52 50
Common stocks | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 52 50
Common stocks | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Common stocks | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Mutual funds    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 125 115
Mutual funds | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 125 115
Mutual funds | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Mutual funds | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Pooled funds    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 871 791
Pooled funds | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Pooled funds | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 871 791
Pooled funds | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Corporate notes and bonds    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 637 588
Corporate notes and bonds | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Corporate notes and bonds | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 637 588
Corporate notes and bonds | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Government    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 267 330
Government | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Government | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 267 330
Government | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Pooled funds    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 117 118
Pooled funds | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Pooled funds | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 117 118
Pooled funds | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Private equity    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 9 10
Private equity | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Private equity | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Private equity | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 9 10
Real estate    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 11 12
Real estate | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Real estate | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Real estate | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 11 12
Other    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 7 5
Other | Level 1    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 0 0
Other | Level 2    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value 7 2
Other | Level 3    
Defined Benefit Plan, Plan Assets, Allocation [Line Items]    
Plan asset investments, at fair value $ 0 $ 3
v3.25.0.1
Pension and Other Postretirement Benefits (Contributions To Defined Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Contributions to defined contribution plans $ 181 $ 176 $ 167
Pension Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Pension contributions $ 92    
Expected future employer contributions, next fiscal year, description For 2025, we do not project any required funding, but we may make voluntary contributions to our funded pension plans at our discretion.    
Unfunded Pension Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined benefit plans, estimated future employer contributions in next fiscal year $ 11    
Other Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined benefit plans, estimated future employer contributions in next fiscal year $ 51    
v3.25.0.1
Pension and Other Postretirement Benefits (Estimated Future Benefit Payments) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
2025 $ 177
2026 180
2027 188
2028 203
2029 206
2030 through 2034 1,219
Other Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
2025 51
2026 52
2027 52
2028 53
2029 54
2030 through 2034 $ 280
v3.25.0.1
Pension and Other Postretirement Benefits (Multiemployer Pension Plan) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
employee
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Multiemployer Plan [Line Items]      
Multiemployer Plan, Pension, Insignificant, Certified Zone Status [Fixed List] Red Red  
Funding improvement plan and rehabilitation plan Implemented    
Surcharge - imposed No    
Multiemployer Plans, Minimum Contribution, Description This agreement has a minimum contribution requirement of $338 per week per employee for 2025.    
Number of employees participated in the plan | employee 252    
Pension Benefits      
Multiemployer Plan [Line Items]      
Multiemployer Plans, General Nature We contribute to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covers some of our union-represented employees. The risks of participating in this multiemployer plan are different from single-employer plans in the following aspects:•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.•If we choose to stop participating in the multiemployer plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.    
Pension Benefits | Central States, Southeast and Southwest Pension Plan      
Multiemployer Plan [Line Items]      
Multiemployer Plan, Pension, Insignificant, Employer Contribution, Cost | $ $ 3 [1],[2] $ 5 $ 5
[1] The parties to the expired agreement continue operating under the relevant terms of the expired agreement while negotiating a successor agreement.
[2] This agreement has a minimum contribution requirement of $338 per week per employee for 2025. A total of 252 employees participated in the plan as of December 31, 2024.
v3.25.0.1
Pension and Other Postretirement Benefits (Multiemployer Health and Welfare Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Employer contribution cost $ 5 $ 7 $ 7
v3.25.0.1
Share-Based Compensation (Narrative) (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2024
shares
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period of awards 3 years
Expiration period of awards 10 years
Terms of award Prior to 2021, we granted stock options to certain officer and non-officer employees under the MPC 2011 Plan and the MPC 2012 Plan. Stock options represent the right to purchase shares of our common stock at an exercise price equal to the closing price of our common stock on the date of grant. Stock options generally vest over a service period of three years and expire ten years after the grant date. We expensed stock options based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures. We used the Black Scholes option-pricing model to estimate the fair value of stock options granted, which requires the input of subjective assumptions
Restricted Stock Awards and Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period of awards 3 years
Restricted stock and restricted stock unit awards granted in 2012, additional holding period 1 year
Terms of award We grant restricted stock units to certain employees and to our non-employee directors. Prior to 2021, we granted restricted stock to certain employees and to our non-employee directors. In general, restricted stock and restricted stock units granted to employees vest over a requisite service period of three years. Restricted stock awards and restricted stock unit awards granted to officers prior to 2022 are subject to an additional one-year holding period after the three-year vesting period. Restricted stock recipients have the right to vote such stock; however, dividends are accrued and when vested are payable at the dates specified in the awards. The non-vested shares are not transferable and are held by our transfer agent. Restricted stock units granted to non-employee directors are considered to vest immediately at the time of the grant for accounting purposes, as they are non-forfeitable, but are not issued until the director’s departure from the board of directors. Restricted stock unit recipients do not have the right to vote any shares of stock and accrue dividend equivalents which when vested are payable at the dates specified in the awards. We expense restricted stock and restricted stock units based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures. The fair values of restricted stock and restricted stock units are equal to the market price of our common stock on the grant date.
MPC 2021 Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares of common stock authorized to be delivered under the compensation plan 20.5
MPC 2021 Plan | Performance Share Unit Awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Terms of award We grant performance share unit awards to certain officer and non-officer employees. At grant, a performance share unit has a target value equal to the MPC common stock average 30-day closing price prior to the grant date. The actual payout value of a performance share unit is based on company performance (which can range from 0 percent to 200 percent) for the three-year performance period beginning January 1 of the year of grant, multiplied by, for the awards granted in 2021 and 2022, MPC’s closing share price on the date the Committee certifies performance; and for the awards granted in 2023 and 2024, MPC’s average closing share price for the final thirty calendar days at the end of the performance period. Company performance for purposes of payout will be determined by the relative ranking of the total shareholder return (“TSR”) of MPC common stock over the three-year performance period compared to the TSR of a select group of peer companies, the Standard & Poor’s 500 Index, the Alerian MLP Index, as well as the median of MPC’s compensation reference group applicable for the year the award is granted. These awards settle 100 percent in cash and are accounted for as liability awards. We expense liability-classified performance share unit awards at fair value over the requisite service period, with mark-to-market adjustments made each quarter until payout occurs. The fair value is determined using a Monte Carlo valuation model. Significant assumptions used in our Monte Carlo valuation models include: 1) risk free interest rate, for which we utilize the treasury rate for the time period closest to the remaining performance period of the award being valued; 2) look-back period (in years), for which we utilize the remaining performance period of the award being valued; and 3) expected volatility, for which we utilize the historical volatility of our own stock and the stock of our peer group for the look-back period previously discussed. In general, performance share units granted to officers have a vesting service period beginning on the grant date and ending on the last day of the three-year performance period, and performance share units granted to employees outside of our senior management vest in one-third increments at the end of each calendar year of the performance period. However, certain employees are eligible to vest in some awards earlier, subject to reaching certain age and employment milestones, with payout still occurring at the end of the original performance period.
v3.25.0.1
Share-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Share-based compensation expense $ 137 $ 211 $ 153
Tax benefit recognized on share-based compensation expense 33 51 37
Cash received by MPC upon exercise of stock option awards 25 62 243
Tax benefit received for tax deductions for stock awards exercised $ 28 $ 49 $ 53
v3.25.0.1
Share-Based Compensation (Summary Of Stock Option Award Activity) (Details) - Stock Options - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic value of options exercised $ 75 $ 136 $ 247
Unrecognized compensation cost $ 0    
Number of Shares      
Outstanding, beginning balance 1,044,011    
Exercised (537,951)    
Outstanding, ending balance 506,060 [1] 1,044,011  
Vested and expected to vest at December 31, 2024 (in shares) [1] 506,060    
Exercisable at December 31, 2024 (in shares) [1] 506,060    
Weighted Average Exercise Price      
Outstanding, beginning balance (in USD per share) $ 52.07    
Exercised (in USD per share) 46.97    
Outstanding, ending balance (in USD per share) 57.50 [1] $ 52.07  
Vested and expected to vest at December 31, 2024 (in USD per share) [1] 57.50    
Exercisable at December 31, 2024 (in USD per share) [1] $ 57.50    
Weighted Average Remaining Contractual Terms (in years)      
Vested and expected to vest at December 31, 2024 [1] 3 years 10 months 24 days    
Exercisable at December 31, 2024 (in years) [1] 3 years 10 months 24 days    
Aggregate Intrinsic Value (Millions of dollars)      
Vested and expected to vest at December 31, 2024 (in USD) [1] $ 41    
Exercisable at December 31, 2024 (in USD) [1] $ 41    
[1] All options outstanding at December 31, 2024 are fully vested and exercisable
v3.25.0.1
Share-Based Compensation (Summary Of Restricted Stock Award Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Unvested, beginning balance 1,192,704    
Granted 496,894    
Vested (606,774)    
Forfeited (49,555)    
Unvested, ending balance 1,033,269 1,192,704  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Unvested, beginning balance (in USD per share) $ 98.16    
Granted (in USD per share) 171.55 $ 133.94 $ 75.81
Vested (in USD per share) 80.86    
Forfeited (in USD per share) 130.29    
Unvested, ending balance (in USD per share) $ 142.08 $ 98.16  
v3.25.0.1
Share-Based Compensation (Summary Of Values Related To Vested And Unvested Restricted Stock Awards) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic Value of Awards Vested During the Period (Millions of dollars) $ 0 $ 0 $ 17
Granted (in USD per share) $ 0 $ 0 $ 0
Unrecognized compensation cost $ 0    
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic Value of Awards Vested During the Period (Millions of dollars) $ 102 $ 144 $ 99
Granted (in USD per share) $ 171.55 $ 133.94 $ 75.81
Unrecognized compensation cost $ 90    
Weighted average recognition period, in years 2 years    
v3.25.0.1
Share-Based Compensation (Summary of Performance Award Activity) (Details) - Performance Share Unit Awards
 12 Months Ended
Dec. 31, 2024
shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Unvested, beginning balance 580,666
Granted 255,290
Vested (393,862)
Forfeited (14,746)
Unvested, ending balance 427,348
v3.25.0.1
Share-Based Compensation (Performance Awards) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance Share Unit Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based liabilities paid $ 169    
Unrecognized compensation cost $ 22    
Weighted average recognition period, in years 1 year 3 months 18 days    
Deferred compensation share-based arrangements, liability, current and noncurrent $ 184    
Performance Unit Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based liabilities paid   $ 14 $ 26
v3.25.0.1
Leases (Lessee Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
Minimum  
Term of agreements 1 year
Renewal term agreement 1 year
Maximum  
Term of agreements 94 years
Renewal term agreement 40 years
v3.25.0.1
Leases (Components of Lease Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finance lease cost:      
Amortization of right of use assets $ 80 $ 73 $ 81
Interest on lease liabilities 26 25 29
Operating lease cost 534 489 490
Variable lease cost 60 54 59
Short-term lease cost 952 881 772
Total lease cost $ 1,652 $ 1,522 $ 1,431
v3.25.0.1
Leases (Supplemental Balance Sheet Disclosure) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Right of use assets $ 1,300 $ 1,233
Liabilities    
Operating lease liabilities 417 454
Long-term operating lease liabilities 860 764
Total operating lease liabilities $ 1,277 $ 1,218
Weighted average remaining lease term (in years) 4 years 4 years
Weighted average discount rate 4.40% 4.10%
Assets    
Property, plant and equipment, gross $ 1,118 $ 765
Less accumulated depreciation 510 413
Property, plant and equipment, net $ 608 $ 352
Liabilities    
Debt due within one year Debt due within one year Debt due within one year
Finance lease, liability, current $ 94 $ 69
Long-term debt Long-term debt Long-term debt
Finance lease, liability, noncurrent $ 630 $ 401
Finance lease obligations Long-term debt, Debt due within one year Long-term debt, Debt due within one year
Finance lease obligations $ 724 $ 470
Weighted average remaining lease term (in years) 9 years 9 years
Weighted average discount rate 4.80% 5.10%
v3.25.0.1
Leases (Schedule Of Future Minimum Commitments) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating    
2025 $ 464  
2026 334  
2027 242  
2028 173  
2029 76  
2030 and thereafter 111  
Gross lease payments 1,400  
Less: imputed interest 123  
Total operating lease liabilities 1,277 $ 1,218
Finance    
2025 126  
2026 123  
2027 111  
2028 97  
2029 79  
2030 and thereafter 360  
Gross lease payments 896  
Less: imputed interest 172  
Total finance lease liabilities $ 724 $ 470
v3.25.0.1
Leases (Lessor Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Jul. 31, 2022
Leases [Abstract]        
Total property, plant and equipment, net $ 841   $ 825 $ 745
Deferred revenue       277
Lease receivables     933 [1] 914
Unguaranteed residual assets     $ 95 $ 63
Sales-type lease, selling profit (loss) $ 509 $ 509    
[1] This amount does not include the unguaranteed residual assets.
v3.25.0.1
Leases (Lessor -Lease Revenues) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating leases:        
Rental income   $ 260 $ 243 $ 327
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]   Sales and other operating revenues Sales and other operating revenues Sales and other operating revenues
Sales-type leases:        
Interest income (Sales-type rental revenue-fixed minimum) $ 114   $ 114 $ 46
Interest income (Revenue from variable lease payments) 22   22 16
Sales-type lease revenue $ 136   $ 136 $ 62
v3.25.0.1
Leases (Minimum Future Rentals On The Non-Cancellable Operating Leases) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 109
2026 88
2027 66
2028 59
2029 57
2030 and thereafter 248
Total minimum future rentals $ 627
v3.25.0.1
Leases (Lease Receivables - Sales-type Leases) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jul. 31, 2022
2025 $ 172  
2026 157  
2027 147  
2028 138  
2029 130  
2030 and thereafter 896  
Total minimum future rentals 1,640  
Less: imputed interest 707  
Lease receivables 933 [1] $ 914
Unguaranteed residual assets 95 $ 63
Total sales-type lease assets 1,028  
Reclassification, Other    
Capital expenditures related to assets subject to sales-type lease arrangements 69  
Receivables    
Lease receivables [2] 102  
Other noncurrent assets    
Lease receivables [3] $ 831  
[1] This amount does not include the unguaranteed residual assets.
[2] Presented in receivables, net on the consolidated balance sheets.
[3] Presented in other noncurrent assets on the consolidated balance sheets.
v3.25.0.1
Leases (Investments In Assets Held For Operating Lease By Major Classes) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Jul. 31, 2022
Operating Leased Assets [Line Items]      
Property, plant and equipment $ 1,283 $ 1,237  
Less accumulated depreciation 458 396  
Total property, plant and equipment, net 825 841 $ 745
Gathering and transportation      
Operating Leased Assets [Line Items]      
Property, plant and equipment 86 86  
Processing and fractionation      
Operating Leased Assets [Line Items]      
Property, plant and equipment 1,039 1,000  
Pipelines      
Operating Leased Assets [Line Items]      
Property, plant and equipment 18 12  
Terminals      
Operating Leased Assets [Line Items]      
Property, plant and equipment 129 129  
Land, building and other      
Operating Leased Assets [Line Items]      
Property, plant and equipment $ 11 $ 10  
v3.25.0.1
Commitments and Contingencies (Environmental Matters) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Accrued liabilities for remediation $ 364 $ 387
Environmental loss contingency, statement of financial position [extensible enumeration] Deferred credits and other liabilities, Other current liabilities Deferred credits and other liabilities, Other current liabilities
Receivables for recoverable costs $ 6 $ 5
v3.25.0.1
Commitments and Contingencies (Asset Retirement Obligations) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Asset retirement obligation, current $ 36 $ 24
Asset retirement obligations, noncurrent $ 210 $ 218
v3.25.0.1
Commitments and Contingencies (Other Legal Proceedings) (Details) - USD ($)
$ in Millions
 1 Months Ended
Dec. 31, 2020
Jul. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Loss contingency, damages sought, value   $ 187
Loss contingency, damages paid, value $ 4  
v3.25.0.1
Commitments and Contingencies (Guarantees) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Financial Guarantee | Guarantee of Indebtedness of Others | LOOP and LOCAP LLC  
Loss Contingencies [Line Items]  
Maximum potential undiscounted payments $ 212
Financial Guarantee | Guarantee of Indebtedness of Others | Bakken Pipeline System  
Loss Contingencies [Line Items]  
Maximum potential undiscounted payments 78
Other Guarantees  
Loss Contingencies [Line Items]  
Maximum potential undiscounted payments $ 191
Indirect | Bakken Pipeline System  
Loss Contingencies [Line Items]  
Equity method investments, ownership percentage 9.19%
v3.25.0.1
Commitments and Contingencies (Contractual Commitments and Contingencies) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Contractual commitments to acquire property, plant and equipment and advance funds to equity method investees $ 260 $ 281
v3.25.0.1
Subsequent Events (Details) - Marathon Petroleum Corporation - Senior Notes - USD ($)
$ in Millions
 2 Months Ended
May 01, 2025
Feb. 10, 2025
Senior notes, 4.700% due May 2025 | Forecast    
Subsequent Event [Line Items]    
Repayments of debt $ 1,250  
Subsequent Event    
Subsequent Event [Line Items]    
Debt instrument, face amount   $ 2,000
Subsequent Event | Senior notes, 5.150% due March 2030    
Subsequent Event [Line Items]    
Debt instrument, face amount   1,100
Subsequent Event | Senior notes, 5.700% due March 2035    
Subsequent Event [Line Items]    
Debt instrument, face amount   $ 900