MARATHON PETROLEUM CORP, DEF 14A filed on 3/17/2025
Proxy Statement (definitive)
v3.25.1
Cover
12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Marathon Petroleum Corporation
Entity Central Index Key 0001510295
v3.25.1
Pay vs Performance Disclosure
4 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Apr. 29, 2020
USD ($)
Dec. 31, 2024
USD ($)
Jul. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure                
Pay vs Performance Disclosure, Table      
Pay Versus Performance
SEC rules require us to disclose the following information concerning executive compensation and certain financial performance information about the Company for the periods shown.
Year
Summary Compensation Table Total for PEO
($)
Compensation Actually Paid to PEO
($)
Average Summary Compensation Table Total for Non-PEO NEOs
($)
Average Compensation Actually Paid to Non-PEO NEOs
($)
Value of Initial Fixed $100 Investment Based On:
Net Income
($ millions)
MPC Relative TSR Performance Percentile
Total Shareholder Return
($)
Peer Group Total Shareholder Return
($)
202414,388,81713,378,7175,048,6184,572,852273.26 177.54 5,067 50.00th
23,755,15321,868,592— — — — — — 
202324,054,49249,644,4705,557,27210,633,993284.79 189.79 11,172 100.00th
202221,288,53254,026,5574,759,89911,070,030218.21 153.61 16,050 83.33rd
202121,185,20634,913,3075,601,2036,430,233116.95 90.02 11,001 91.67th
202015,534,26521,219,0145,628,2575,101,56272.64 66.82 (9,977)90.00th
10,005,70010,070,251— — — — — — 
       
Company Selected Measure Name       MPC Relative TSR Performance Percentile        
Named Executive Officers, Footnote      
2024: Mr. Quaid, Mr. Aydt, Mr. Hessling and Ms. Benson
2023: Ms. Mannen, Mr. Aydt, Suzanne Gagle and Gregory S. Floerke
2022: Ms. Mannen, Ms. Gagle, Mr. Aydt, Mr. Floerke and Raymond L. Brooks
2021: Ms. Mannen, Mr. Brooks, Ms. Gagle, Brian C. Davis, Donald C. Templin and Timothy T. Griffith
2020: Mr. Templin, Mr. Griffith, Mr. Brooks and Ms. Gagle
       
Peer Group Issuers, Footnote      
Peer Group Total Shareholder Return is shown for the S&P 500 Oil & Gas Refining & Marketing Sub-Industry Index, the same peer group used for the Stock Return Performance Graph included in our 2024 Annual Report.
       
Adjustment To PEO Compensation, Footnote      
Deductions from SCT TotalAdditions to SCT Total
2024 SCT to CAP Total Reconciliation
SCT Total
($)
Grant Date Fair Value of Equity-Based Awards
($)
Change in Pension Value
($)
Pension
Service Cost
($)
Value or Change in Value of Equity Awards as Summarized Below
($)
CAP Total
($)
PEO (Mannen)14,388,8179,196,582295,011210,5278,270,96613,378,717
PEO (Hennigan)23,755,15317,084,462799,469519,41515,477,95521,868,592
Non-PEO NEOs (avg.)5,048,6182,857,055212,60592,3262,501,5684,572,852
Deductions from SCT Total include the amounts shown in the SCT “Stock Awards” column and “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column. Additions to SCT Total reflect the value of equity calculated in accordance with SEC methodology for determining CAP. The equity components of 2024 CAP are further detailed in the following supplemental table.





2024 Change in Value of Equity Awards
Year-End Fair Value of Unvested Equity Awards Granted in the Year
($)
Year-End Over Year-End Change in Fair Value of Unvested Equity Awards Granted in Prior Years
($)
Vesting Date Fair Value of Vested Equity Awards Granted in the Year
($)
Year-End Over Vesting Date Change in Fair Value of Vested Equity Awards Granted in Prior Years
($)
Fair Value at Prior Year-End of Equity Awards Cancelled in the Year
($)
Value of Dividends or Other Earnings on Equity Awards in the Year
($)
Total Change in Value of Equity Awards as Included Above
($)
PEO (Mannen)7,180,504 (9,122)— 852,038 — 247,546 8,270,966 
PEO (Hennigan)13,626,346 (51,925)252,232 971,223 — 680,078 15,477,955 
Non-PEO NEOs (avg.)2,291,718 (7,090)28,819 102,983 — 85,138 2,501,568 
       
Non-PEO NEO Average Total Compensation Amount       $ 5,048,618 $ 5,557,272 $ 4,759,899 $ 5,601,203 $ 5,628,257
Non-PEO NEO Average Compensation Actually Paid Amount       $ 4,572,852 10,633,993 11,070,030 6,430,233 5,101,562
Adjustment to Non-PEO NEO Compensation Footnote      
Deductions from SCT TotalAdditions to SCT Total
2024 SCT to CAP Total Reconciliation
SCT Total
($)
Grant Date Fair Value of Equity-Based Awards
($)
Change in Pension Value
($)
Pension
Service Cost
($)
Value or Change in Value of Equity Awards as Summarized Below
($)
CAP Total
($)
PEO (Mannen)14,388,8179,196,582295,011210,5278,270,96613,378,717
PEO (Hennigan)23,755,15317,084,462799,469519,41515,477,95521,868,592
Non-PEO NEOs (avg.)5,048,6182,857,055212,60592,3262,501,5684,572,852
Deductions from SCT Total include the amounts shown in the SCT “Stock Awards” column and “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column. Additions to SCT Total reflect the value of equity calculated in accordance with SEC methodology for determining CAP. The equity components of 2024 CAP are further detailed in the following supplemental table.





2024 Change in Value of Equity Awards
Year-End Fair Value of Unvested Equity Awards Granted in the Year
($)
Year-End Over Year-End Change in Fair Value of Unvested Equity Awards Granted in Prior Years
($)
Vesting Date Fair Value of Vested Equity Awards Granted in the Year
($)
Year-End Over Vesting Date Change in Fair Value of Vested Equity Awards Granted in Prior Years
($)
Fair Value at Prior Year-End of Equity Awards Cancelled in the Year
($)
Value of Dividends or Other Earnings on Equity Awards in the Year
($)
Total Change in Value of Equity Awards as Included Above
($)
PEO (Mannen)7,180,504 (9,122)— 852,038 — 247,546 8,270,966 
PEO (Hennigan)13,626,346 (51,925)252,232 971,223 — 680,078 15,477,955 
Non-PEO NEOs (avg.)2,291,718 (7,090)28,819 102,983 — 85,138 2,501,568 
       
Compensation Actually Paid vs. Total Shareholder Return      
CAP vs. TSR.jpg
       
Compensation Actually Paid vs. Net Income      
CAP vs Net Income.jpg
       
Compensation Actually Paid vs. Company Selected Measure      
CAP vs. Relative Performance Percentile.jpg
       
Total Shareholder Return Vs Peer Group      
MPC vs. Peer Group TSR.jpg
       
Tabular List, Table      
2024 FINANCIAL PERFORMANCE MEASURES USED TO LINK NEO CAP TO MPC PERFORMANCE
MPC Relative TSR Performance Percentile
Relative Adjusted EBITDA per Barrel
ACB Adjusted EBITDA
Distributable Cash Flow at MPLX per Unit
Refining and Corporate Costs
See the description of our ACB program beginning on page 43 for information on additional performance measures the Compensation and Organization Development Committee believes are critical to driving execution of our business strategy and desired culture and creating long-term shareholder value.
       
Total Shareholder Return Amount       $ 273.26 284.79 218.21 116.95 72.64
Peer Group Total Shareholder Return Amount       177.54 189.79 153.61 90.02 66.82
Net Income (Loss)       $ 5,067,000,000 $ 11,172,000,000 $ 16,050,000,000 $ 11,001,000,000 $ (9,977,000,000)
Company Selected Measure Amount       50 100 83.33 91.67 90
PEO Name       •2024: Ms. Mannen (top row), who was promoted to the CEO role effective August 1, 2024, and Mr. Hennigan (bottom row), who transitioned from the CEO role to Executive Chairman on that date •2023, 2022 and 2021: Mr. Hennigan•2020: Mr. Hennigan (top row), who was promoted to the CEO role effective March 17, 2020, and Gary R. Heminger (bottom row), who stepped down from the CEO role on that date but continued to serve in his role as Chairman of the Board through April 29, 2020        
Measure:: 1                
Pay vs Performance Disclosure                
Name       MPC Relative TSR Performance Percentile        
Measure:: 2                
Pay vs Performance Disclosure                
Name       Relative Adjusted EBITDA per Barrel        
Measure:: 3                
Pay vs Performance Disclosure                
Name       ACB Adjusted EBITDA        
Measure:: 4                
Pay vs Performance Disclosure                
Name       Distributable Cash Flow at MPLX per Unit        
Measure:: 5                
Pay vs Performance Disclosure                
Name       Refining and Corporate Costs        
Maryann T. Mannen [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount   $ 14,388,817            
PEO Actually Paid Compensation Amount   13,378,717            
Michael J. Hennigan [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount     $ 23,755,153   $ 24,054,492 $ 21,288,532 $ 21,185,206 $ 15,534,265
PEO Actually Paid Compensation Amount     21,868,592   $ 49,644,470 $ 54,026,557 $ 34,913,307 $ 21,219,014
Gary R. Heminger [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount $ 10,005,700              
PEO Actually Paid Compensation Amount $ 10,070,251              
PEO | Maryann T. Mannen [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (295,011)            
PEO | Maryann T. Mannen [Member] | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   210,527            
PEO | Maryann T. Mannen [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (9,196,582)            
PEO | Maryann T. Mannen [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   8,270,966            
PEO | Maryann T. Mannen [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   7,180,504            
PEO | Maryann T. Mannen [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (9,122)            
PEO | Maryann T. Mannen [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Maryann T. Mannen [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   852,038            
PEO | Maryann T. Mannen [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   0            
PEO | Maryann T. Mannen [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   $ 247,546            
PEO | Michael J. Hennigan [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     (799,469)          
PEO | Michael J. Hennigan [Member] | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     519,415          
PEO | Michael J. Hennigan [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     (17,084,462)          
PEO | Michael J. Hennigan [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     15,477,955          
PEO | Michael J. Hennigan [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     13,626,346          
PEO | Michael J. Hennigan [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     (51,925)          
PEO | Michael J. Hennigan [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     252,232          
PEO | Michael J. Hennigan [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     971,223          
PEO | Michael J. Hennigan [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     0          
PEO | Michael J. Hennigan [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount     $ 680,078          
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       $ 212,605        
Non-PEO NEO | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       92,326        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       2,857,055        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       2,501,568        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       2,291,718        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       (7,090)        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       28,819        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       102,983        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount       $ 85,138        
v3.25.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true