MARATHON PETROLEUM CORP, 10-Q filed on 5/6/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Cover [Abstract]    
Entity Central Index Key 0001510295  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus (Q1,Q2,Q3,FY) Q1  
Amendment Flag false  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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 $.01  
Trading Symbol MPC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   307,213,828
v3.25.1
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues and other income:    
Sales and other operating revenues [1] $ 31,517 $ 32,706
Income from equity method investments 230 204
Net gain on disposal of assets 0 20
Other income 103 281
Total revenues and other income 31,850 33,211
Costs and expenses:    
Cost of revenues (excludes items below) 29,360 29,593
Depreciation and amortization 793 827
Selling, general and administrative expenses 783 779
Other taxes 227 228
Total costs and expenses 31,163 31,427
Income from operations 687 1,784
Net interest and other financial costs 304 179
Income before income taxes 383 1,605
Provision for income taxes 37 293
Net income 346 1,312
Less net income attributable to:    
Redeemable noncontrolling interest 0 10
Noncontrolling interests 420 365
Net income (loss) attributable to MPC $ (74) $ 937
Earnings Per Share, Basic [Abstract]    
Basic earnings (loss) per share $ (0.24) $ 2.59
Weighted average shares outstanding 313 361
Earnings Per Share, Diluted [Abstract]    
Diluted earnings (loss) per share $ (0.24) $ 2.58
Weighted average shares outstanding 313 362
[1] Includes sales to related parties. See Note 6 for additional information. See Note 17 for the disaggregation of our revenue from external customers by segment and product line.
v3.25.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net income $ 346 $ 1,312
Other comprehensive income (loss) 5 (12)
Comprehensive income 351 1,300
Less comprehensive income attributable to:    
Redeemable noncontrolling interest 0 10
Noncontrolling interests 420 365
Comprehensive income (loss) attributable to MPC (69) 925
Actuarial changes    
Other comprehensive income (loss) 11 2
Prior service    
Other comprehensive income (loss) (6) (11)
Other    
Other comprehensive income (loss) $ 0 $ (3)
v3.25.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Actuarial changes    
OCI, tax expense (benefit) $ 3 $ 1
Prior service    
OCI, tax expense (benefit) (2) (3)
Other    
OCI, tax expense (benefit) $ 0 $ (1)
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 3,812 $ 3,210
Receivables, less allowance for doubtful accounts of $31 and $73, respectively 12,114 11,145
Inventories 10,488 9,568
Other current assets 726 524
Total current assets 27,140 24,447
Equity method investments 7,095 6,857
Property, plant and equipment, net 34,943 35,028
Goodwill 8,244 8,244
Right of use assets 1,249 1,300
Other noncurrent assets 2,962 2,982
Total assets 81,633 78,858
Liabilities    
Accounts payable 14,748 13,906
Payroll and benefits payable 1,155 1,096
Accrued taxes 1,265 1,204
Debt due within one year 4,065 3,049
Operating lease liabilities 410 417
Other current liabilities 1,082 1,155
Total current liabilities 22,725 20,827
Long-term debt 26,845 24,432
Deferred income taxes 5,759 5,771
Defined benefit postretirement plan obligations 1,176 1,157
Long-term operating lease liabilities 817 860
Deferred credits and other liabilities 1,246 1,305
Total liabilities 58,568 54,352
Commitments and contingencies (see Note 22)
Redeemable noncontrolling interest 0 203
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 994 million shares (par value $0.01 per share, 2 billion shares authorized) 10 10
Held in treasury, at cost – 685 million and 678 million shares (53,662) (52,623)
Additional paid-in capital 33,668 33,624
Retained earnings 36,489 36,848
Accumulated other comprehensive loss (109) (114)
Total MPC stockholders’ equity 16,396 17,745
Noncontrolling interests 6,669 6,558
Total equity 23,065 24,303
Total liabilities, redeemable noncontrolling interest and equity $ 81,633 $ 78,858
v3.25.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for credit loss, current $ 31 $ 73
Preferred stock:    
Preferred stock, shares issued 0  
Preferred stock, shares outstanding 0  
Preferred stock, par or stated value per share $ 0.01  
Preferred stock, shares authorized 30  
Common stock:    
Common stock, shares, issued 994 994
Common stock, par or stated value per share $ 0.01  
Common stock, shares authorized 2,000  
Treasury stock, shares (685) (678)
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 346 $ 1,312
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Amortization of deferred financing costs and debt discount 12 (24)
Depreciation and amortization 793 827
Pension and other postretirement benefits, net 15 33
Deferred income taxes (28) (35)
Net gain on disposal of assets 0 (20)
Income from equity method investments (230) (204)
Distributions from equity method investments 227 262
Changes in the fair value of derivative instruments (16) 37
Changes in:    
Current receivables (928) (964)
Inventories (920) (462)
Current liabilities and other current assets 788 999
Right of use assets and operating lease liabilities, net 2 1
All other, net (125) (230)
Net cash provided by (used in) operating activities (64) 1,532
Investing activities:    
Additions to property, plant and equipment (663) (585)
Acquisitions, net of cash acquired (237) (622)
Disposal of assets 1 1
Investments – acquisitions and contributions (132) (125)
Investments - redemptions, repayments, return of capital and sales proceeds 21 0
Purchases of short-term investments 0 (1,661)
Sales of short-term investments 0 193
Maturities of short-term investments 0 1,885
All other, net 87 90
Net cash used in investing activities (923) (824)
Financing activities:    
Long-term debt – borrowings 4,372 0
Long-term debt – repayments (930) (17)
Debt issuance costs (36) 0
Issuance of common stock 23 11
Common stock repurchased (1,057) (2,218)
Dividends paid (285) (299)
Distributions to noncontrolling interests (370) (337)
Repurchases of noncontrolling interests (100) (75)
All other, net (28) (42)
Net cash provided by (used in) financing activities 1,589 (2,977)
Net change in cash, cash equivalents and restricted cash 602 (2,269)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance 3,211 [1] 5,446
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance $ 3,813 [1] $ 3,177
[1] Restricted cash is included in other current assets on our consolidated balance sheets.
v3.25.1
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, 2023 $ 30,504 $ 10 $ (43,502) $ 33,465 $ 34,562 $ (131) $ 6,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,302       937   365
Dividends declared on common stock (299)       (299)    
Distributions to noncontrolling interests (314)           (314)
Other comprehensive income (loss) (12)         (12)  
Shares repurchased (2,172)   (2,172)        
Share-based compensation (9)     (7) (1)   (1)
Equity transactions of MPLX 210     72 0   138
Ending balance at Mar. 31, 2024 29,210 10 (45,674) 33,530 35,199 (143) 6,288
Beginning balance at Dec. 31, 2024 24,303 10 (52,623) 33,624 36,848 (114) 6,558
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 346       (74)   420
Dividends declared on common stock (285)       (285)    
Distributions to noncontrolling interests (364)           (364)
Other comprehensive income (loss) 5         5  
Shares repurchased (1,039)   (1,039)        
Share-based compensation 16     19 0   (3)
Equity transactions of MPLX 83     25     58
Ending balance at Mar. 31, 2025 $ 23,065 $ 10 $ (53,662) $ 33,668 $ 36,489 $ (109) $ 6,669
v3.25.1
Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Shares of Common Stock) - shares
shares in Millions
Total
Common Stock
Beginning balance at Dec. 31, 2023   993
Number of common shares issued - stock compensation   0
Ending balance at Mar. 31, 2024   993
Beginning balance at Dec. 31, 2024 994 994
Number of common shares issued - stock compensation   0
Ending balance at Mar. 31, 2025 994 994
v3.25.1
Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Shares of Treasury Stock) - shares
shares in Millions
Total
Treasury Stock
Beginning balance at Dec. 31, 2023   (625)
Number of shares repurchased (13) (13)
Ending balance at Mar. 31, 2024   (638)
Beginning balance at Dec. 31, 2024 (678) (678)
Number of shares repurchased (7) (7)
Ending balance at Mar. 31, 2025 (685) (685)
v3.25.1
Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Redeemable Noncontrolling Interest) - USD ($)
$ in Millions
Total
Redeemable Non-controlling Interest
Beginning balance at Dec. 31, 2023   $ 895
Net income attributable to redeemable noncontrolling interest $ 10 10
Distributions to noncontrolling interests   (23)
Equity transactions of MPLX   (321)
Ending balance at Mar. 31, 2024   561
Beginning balance at Dec. 31, 2024 203 203
Net income attributable to redeemable noncontrolling interest 0 0
Distributions to noncontrolling interests   (6)
Equity transactions of MPLX   (197)
Ending balance at Mar. 31, 2025 $ 0 $ 0
v3.25.1
Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends declared per share of common stock (in dollars per share) $ 0.91 $ 0.825
v3.25.1
Description of the Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
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 and midstream energy company headquartered in Findlay, Ohio. We operate one of the nation's largest refining systems. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market and to independent entrepreneurs who operate branded outlets. We also sell transportation fuel to consumers through direct dealer locations under long-term supply contracts. MPC’s midstream operations are primarily conducted through MPLX, which owns and operates crude oil and light product transportation and logistics infrastructure as well as gathering, processing and fractionation assets. We own the general partner and a majority limited partner interest in MPLX. See Note 3. In addition, we produce and market renewable diesel in the United States.
Basis of Presentation
These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. Certain information and disclosures derived from our audited annual financial statements, prepared in accordance with GAAP, have been condensed or omitted from these interim financial statements.
These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be expected for the full year.
These consolidated financial statements include the accounts of our majority-owned, controlled subsidiaries, including MPLX. All significant intercompany transactions and accounts have been eliminated. Due to our ownership of the general partner interest of MPLX, we have determined that we control MPLX and therefore we consolidate MPLX and record a noncontrolling interest for the interest owned by the public. Changes in ownership interest in consolidated subsidiaries that do not result in a change in control are recorded as equity transactions. Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. This includes entities in which we hold majority ownership but the minority shareholders have substantive participating rights.
In the fourth quarter of 2024, we established a Renewable Diesel segment, which includes renewable diesel activities historically reported in the Refining & Marketing segment. Prior period segment information has been recast for comparability. See Notes 9 and 17 for prior period recast information.
Basis of Accounting
These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. Certain information and disclosures derived from our audited annual financial statements, prepared in accordance with GAAP, have been condensed or omitted from these interim financial statements.
v3.25.1
Accounting Standards
 3 Months Ended
Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Accounting Standards Accounting Standards and Disclosure Rules
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 face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments 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 before ultimately voting to withdraw its defense of the rule in March 2025. We will continue to monitor and evaluate any changes to the status of this rulemaking.
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 ASU will result in additional disclosure.
v3.25.1
Master Limited Partnership
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Master Limited Partnership Master Limited Partnership
We own the general partner and a majority limited partner interest in MPLX, which owns and operates crude oil and light product transportation and logistics infrastructure as well as gathering, processing and fractionation assets. We control MPLX through our ownership of the general partner interest and, as of March 31, 2025, we owned approximately 63 percent of the outstanding MPLX common units compared to approximately 64 percent as of December 31, 2024. 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:
Three Months Ended 
March 31,
(In millions, except per unit data)20252024
Number of common units repurchased2 2 
Cash paid for common units repurchased$100 $75 
Average cost per unit$52.48 $40.04 
As of March 31, 2025, MPLX had approximately $420 million remaining under its unit repurchase authorization.
Preferred Units
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 2023 and 2024, certain Series A preferred unitholders exercised their rights to convert their Series A preferred units into common units. 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.
Agreements
We have various long-term, fee-based commercial agreements with MPLX. Under these agreements, MPLX provides transportation, storage, distribution and marketing services to us. With certain exceptions, these agreements generally contain minimum volume commitments. These transactions are eliminated in consolidation but are reflected as intersegment transactions among our Refining & Marketing, Renewable Diesel and Midstream segments. We also have agreements with MPLX that establish fees for operational and management services provided between us and MPLX and for executive management services and certain general and administrative services provided by us to MPLX. These transactions are eliminated in consolidation but are reflected as intersegment transactions between corporate and our Midstream segment.
Noncontrolling Interest
As a result of equity transactions of MPLX, we are required to adjust non-controlling interest and additional paid-in capital. Changes in MPC’s additional paid-in capital resulting from changes in its ownership interests in MPLX were as follows:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Increase due to change in ownership$39 $108 
Tax impact(14)(36)
Increase in MPC's additional paid-in capital, net of tax$25 $72 
v3.25.1
Acquisitions and Other Transacations
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions and Other Transactions
Whiptail Midstream Acquisition
On March 11, 2025, MPLX acquired gathering businesses from Whiptail Midstream, LLC for $237 million in cash. These San Juan basin assets consist primarily of crude and natural gas gathering systems in the Four Corners region. The acquisition was accounted for as a business combination, which requires all the identifiable assets acquired and liabilities assumed to be remeasured to fair value at the date of acquisition. The preliminary determination of the fair value includes $172 million of property, plant and equipment, $41 million of intangibles and $24 million of net working capital. The allocation is subject to revision, as certain data necessary to complete the purchase price allocation is not yet available, including, but not limited to, the final valuation of assets acquired and liabilities assumed. The final valuation will be completed no later than one year from the acquisition date. The results for the acquired business are reported within our Midstream segment.
Utica Midstream Acquisition
On March 22, 2024, MPLX used $625 million of cash 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”). After giving effect to the acquisition, MPLX owns a combined direct and indirect 73 percent interest in OGC and a 100 percent interest in OCC. In addition, MPLX acquired a 100 percent interest in 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.
v3.25.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [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.
The creditors of MPLX do not have recourse to MPC’s general credit or assets through guarantees or other financial arrangements, except as otherwise noted. MPC has effectively guaranteed certain indebtedness of LOOP LLC (“LOOP”) and LOCAP LLC (“LOCAP”), in which MPLX holds an interest. See Note 22 for more information. The assets of MPLX can only be used to settle its own obligations and any rights of MPC’s creditors to participate in the assets of MPLX are subject to prior claims of MPLX’s creditors.
The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets.
(Millions of dollars)March 31,
2025		December 31,
2024
Assets
Cash and cash equivalents$2,534 $1,519 
Receivables, less allowance for doubtful accounts930 731 
Inventories186 180 
Other current assets33 29 
Equity method investments4,751 4,531 
Property, plant and equipment, net19,147 19,154 
Goodwill7,645 7,645 
Right of use assets286 273 
Other noncurrent assets1,527 1,513 
Liabilities
Accounts payable$700 $719 
Accrued taxes76 82 
Debt due within one year2,697 1,693 
Operating lease liabilities47 45 
Other current liabilities323 370 
Long-term debt19,721 19,255 
Deferred income taxes18 18 
Long-term operating lease liabilities227 217 
Deferred credits and other liabilities448 445 
v3.25.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Transactions with related parties were as follows:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Sales to related parties$320 $271 
Purchases from related parties705 580 
Sales to related parties, which are included in sales and other operating revenues, consist primarily of refined product sales and renewable feedstock sales to certain of our equity affiliates.
Purchases from related parties are included in cost of revenues. We obtain utilities, transportation services and purchase ethanol and renewable diesel from certain of our equity affiliates.
v3.25.1
Earnings (Loss) Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) per Share Earnings (Loss) Per Share
We compute basic earnings per share by dividing net income attributable to MPC less income allocated to participating securities by the weighted average number of shares of common stock outstanding. Since MPC grants certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities, we have calculated our earnings per share using the two-class method. Diluted income per share assumes exercise of certain share-based compensation awards, provided the effect is not anti-dilutive.
Three Months Ended 
March 31,
(In millions, except per share data)20252024
Basic earnings (loss) per share:
Allocation of earnings
Net income (loss) attributable to MPC$(74)$937 
Income allocated to participating securities— (1)
Income (loss) available to common stockholders - basic$(74)$936 
Weighted average common shares outstanding313 361 
Basic earnings (loss) per share$(0.24)$2.59 
Diluted earnings (loss) per share:
Allocation of earnings
Net income (loss) attributable to MPC$(74)$937 
Income allocated to participating securities— (1)
Income (loss) available to common stockholders - diluted$(74)$936 
Weighted average common shares outstanding313 361 
Effect of dilutive securities— 1 
Weighted average common shares, including dilutive effect313 362 
Diluted earnings (loss) per share$(0.24)$2.58 
Potential common shares that were anti-dilutive and, therefore, omitted from the diluted share calculation, were immaterial for all periods.
v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity 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. As of March 31, 2025, $6.72 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, accelerated share repurchases, tender offers 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:
Three Months Ended 
March 31,
(In millions, except per share data)20252024
Number of shares repurchased7 13 
Cash paid for shares repurchased$1,057 $2,218 
Average cost per share(a)
$147.87 $168.05 
(a)    The average cost per share includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but the excise tax does not reduce the remaining share repurchase authorization.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We have three reportable segments: Refining & Marketing, Midstream and Renewable Diesel. Each of these segments is organized and managed based upon the nature of the products and services it offers.
•Refining & Marketing – refines crude oil and other feedstocks at our refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States, purchases refined products and ethanol for resale and distributes refined products through transportation, storage, distribution and marketing services provided largely by our Midstream segment. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to independent entrepreneurs who operate primarily Marathon® branded outlets and through long-term fuel supply contracts with direct dealers who operate locations mainly under the ARCO® brand.
•Midstream – gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, towboats and barges; gathers, processes and transports natural gas; and transports, fractionates, stores and markets NGLs. The Midstream segment primarily reflects the results of MPLX.
•Renewable Diesel – processes renewable feedstocks into renewable diesel, markets renewable diesel and distributes renewable products through our Midstream segment and third parties. We sell renewable diesel to wholesale marketing customers, to buyers on the spot market and through long-term supply contracts with direct dealers who operate locations mainly under the ARCO® brand.
Our chief operating decision maker (“CODM”) evaluates the performance of our segments using segment adjusted EBITDA. Our CODM is our chief executive officer. The CODM uses adjusted EBITDA by segment results when making decisions about allocating capital and personnel as part of the annual business plan process and ongoing monitoring of performance. Amounts included in income before income taxes and excluded from adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) turnaround expenses; and (iv) other adjustments as deemed necessary. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) not tied to the operational performance of the segment. Assets by segment are not a measure used to assess the performance of the company by the CODM and thus are not reported in our disclosures.

Three Months Ended 
March 31,
(Millions of dollars)20252024
Segment adjusted EBITDA for reportable segments
Refining & Marketing$489 $1,986 
Midstream1,720 1,589 
Renewable Diesel(42)(90)
Total reportable segments$2,167 $3,485 
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes
Total reportable segments$2,167 $3,485 
Corporate(192)(204)
Refining & Renewable Diesel planned turnaround costs(465)(648)
Renewable Diesel JV planned turnaround costs(a)
(8)— 
Depreciation and amortization(793)(827)
Renewable Diesel JV depreciation and amortization(a)
(22)(22)
Net interest and other financial costs(304)(179)
Income before income taxes$383 $1,605 
(a)    Represents MPC’s pro-rata share of expenses from joint ventures included in the Renewable Diesel segment.
Three Months Ended 
March 31,
(Millions of dollars)20252024
Sales and other operating revenues
Refining & Marketing
Revenues from external customers(a)
$29,457 $30,974 
Intersegment revenues40 47 
Refining & Marketing segment revenues29,497 31,021 
Midstream
Revenues from external customers(a)
1,441 1,221 
Intersegment revenues1,469 1,403 
Midstream segment revenues2,910 2,624 
Renewable Diesel
Revenues from external customers(a)
619 511 
Intersegment revenues7 6 
Renewable Diesel segment revenues626 517 
Total segment revenues33,033 34,162 
Less: intersegment revenues1,516 1,456 
Consolidated sales and other operating revenues(a)
$31,517 $32,706 
(a)    Includes sales to related parties. See Note 6 for additional information. See Note 17 for the disaggregation of our revenue from external customers by segment and product line.

Three Months Ended 
March 31,
(Millions of dollars)20252024
Income from equity method investments
Refining & Marketing$5 $10 
Midstream209 181 
Renewable Diesel16 13 
Total segment income from equity method investments230 204 
Corporate— — 
Consolidated income from equity method investments$230 $204 
Three Months Ended 
March 31,
(Millions of dollars)20252024
Segment expenses
Refining & Marketing
Cost of purchases$25,658 $25,925 
Refining operating costs1,472 1,465 
Distribution costs1,478 1,415 
Other segment items(a)
405 240 
Refining & Marketing segment expenses$29,013 $29,045 
Midstream
Other segment items(b)
1,399 1,216 
Midstream segment expenses$1,399 $1,216 
Renewable Diesel
Operating costs70 67 
Distribution costs22 32 
Other segment items(c)
592 521 
Renewable Diesel segment expenses$684 $620 
(a)    Other segment items for the Refining & Marketing segment include costs that are reimbursed by customers through commercial arrangements, as well as LIFO inventory adjustments.
(b)    Other segment items for the Midstream segment include operating expenses and purchased product costs. For purposes of managing the Midstream segment of MPC, the CODM is only provided consolidated Midstream expense information.
(c)    Other segment items for the Renewable Diesel segment include purchased product costs.

Three Months Ended 
March 31,
(Millions of dollars)20252024
Depreciation and amortization
Refining & Marketing406 444 
Midstream351 343 
Renewable Diesel(a)
18 16 
Total segment depreciation and amortization775 803 
Corporate18 24 
Consolidated depreciation and amortization$793 $827 
(a)    Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $22 million in both the three months ended March 31, 2025 and 2024.
Three Months Ended 
March 31,
(Millions of dollars)20252024
Capital expenditures
Refining & Marketing$362 $290 
Midstream386 327 
Renewable Diesel1 1 
Total segment capital expenditures and investments749 618 
Less investments in equity method investees132 125 
Plus:
Corporate9 6 
Capitalized interest18 12 
Consolidated capital expenditures(a)
$644 $511 
(a)Includes changes in capital expenditure accruals. See Note 18 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the three months ended March 31, 2025 and 2024 as reported in the consolidated statements of cash flows.
v3.25.1
Net Interest and Other Financial Costs
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Net Interest and Other Financial Costs Net Interest and Other Financial Costs
Net interest and other financial costs were as follows:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Interest income$(46)$(101)
Interest expense352 341 
Interest capitalized(18)(12)
Pension and other postretirement non-service costs(a)
5 (11)
Investments - net premium (discount) amortization— (39)
Other financial costs11 1 
Net interest and other financial costs$304 $179 
(a)See Note 21.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We recorded a combined federal, state and foreign income tax provision of $37 million for the three months ended March 31, 2025, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests and discrete state tax benefits.
We recorded a combined federal, state and foreign income tax provision of $293 million for the three months ended March 31, 2024, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes.
v3.25.1
Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
(Millions of dollars)March 31,
2025		December 31,
2024
Crude oil and other feedstocks$3,613 $3,185 
Refined products5,661 5,137 
Materials and supplies1,214 1,246 
Total$10,488 $9,568 
Inventories are carried at the lower of cost or market value. Costs of crude oil and other feedstocks and refined products are aggregated on a consolidated basis for purposes of assessing whether the LIFO cost basis of these inventories may have to be written down to market values.
v3.25.1
Property, Plant and Equipment (PP&E)
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment (PP&E)
March 31, 2025December 31, 2024
(Millions of dollars)Gross
PP&E		Accumulated DepreciationNet
PP&E		Gross
PP&E		Accumulated DepreciationNet
PP&E
Refining & Marketing$33,269 $19,384 $13,885 $32,965 $19,015 $13,950 
Midstream30,991 11,099 19,892 30,697 10,798 19,899 
Renewable Diesel968 347 621 976 338 638 
Corporate1,699 1,154 545 1,679 1,138 541 
Total$66,927 $31,984 $34,943 $66,317 $31,289 $35,028 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables.
March 31, 2025
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$190 $— $— $(186)$4 $39 
Liabilities:
Commodity contracts$205 $— $— $(205)$— $— 
Embedded derivatives in commodity contracts— — 62 — 62 — 
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 — 
(a)Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of March 31, 2025, cash collateral of $19 million was netted with mark-to-market derivative liabilities. As of December 31, 2024, cash collateral of $12 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 March 31, 2025 used significant unobservable inputs including: (1) NGL prices interpolated and extrapolated due to inactive markets ranging from $0.71 to $1.53 per gallon with a weighted average of $0.86 per gallon and (2) a 100 percent probability of renewal for the five-year term of the natural gas purchase commitment and related keep-whole processing agreement. Increases or decreases in the fractionation spread result in an increase or decrease in the fair value of the embedded derivative liability.
The following is a reconciliation of the beginning and ending balances recorded for net liabilities classified as Level 3 in the fair value hierarchy.
Three Months Ended 
March 31,
(Millions of dollars)20252024
Beginning balance$58 $61 
Unrealized and realized loss included in net income(a)
7 12 
Settlements of derivative instruments(3)(4)
Ending balance$62 $69 
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 $11 
(a)    The loss is included in cost of revenues on the consolidated statements of income.
Fair Values – Non-recurring
Non-recurring fair value measurements and disclosures relate to acquisitions as discussed in Note 4.
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 $30.4 billion and $28.5 billion at March 31, 2025, respectively, and approximately $26.9 billion and $25.0 billion at December 31, 2024, respectively. These carrying and fair values of our debt exclude the unamortized issuance costs, which are netted against our total debt.
v3.25.1
Derivatives
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [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 14. We do not designate any of our commodity derivative instruments as hedges for accounting purposes.
Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of foreign-sourced crude oil, (4) the acquisition of ethanol for blending with refined products, (5) the sale of NGLs, (6) the purchase of natural gas and (7) the purchase of soybean oil.
The following table presents the fair value of derivative instruments as of March 31, 2025 and December 31, 2024 and the line items in the consolidated balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.

(Millions of dollars)March 31, 2025December 31, 2024
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$190 $205 $139 $144 
Other current liabilities(a)
— 9 — 10 
Deferred credits and other liabilities(a)
— 53 — 48 
(a)     Includes embedded derivatives.
The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of March 31, 2025.
Percentage of contracts
that expire next quarter		Position
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil70.8%54,644 60,286 
Refined products85.9%29,388 35,639 
Blending products74.5%7,422 5,786 
Soybean oil86.8%1,055 1,220 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 15,537 long and 15,402 short and Refined products - 600 long and 495 short. There are no spread contracts for blending products or soybean oil.

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
Gain (Loss)
(Millions of dollars)Three Months Ended 
March 31,
Income Statement Location20252024
Cost of revenues$(67)$(74)
Other income2 — 
Total$(65)$(74)
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Our outstanding borrowings at March 31, 2025 and December 31, 2024 consisted of the following:
(Millions of dollars)March 31,
2025		December 31,
2024
MPC:
Senior notes$7,699 $5,699 
MARAD debt168 174 
Finance lease obligations704 718 
Total8,571 6,591 
MPLX:
Senior notes22,700 21,200 
Finance lease obligations8 6 
Total22,708 21,206 
Total debt31,279 27,797 
Unamortized debt issuance costs(175)(142)
Unamortized discount, net of unamortized premium(194)(174)
Amounts due within one year(4,065)(3,049)
Total long-term debt due after one year$26,845 $24,432 

MPC Senior Notes
On February 10, 2025, MPC issued $2.0 billion in 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. The senior notes offering was intended to replace the $750 million aggregate principal amount of 3.625 percent senior notes that matured in September 2024 and refinance the $1.250 billion aggregate principal amount of 4.700 percent senior notes that matured on May 1, 2025.
MPLX Senior Notes
On February 18, 2025, MPLX repaid all of MPLX's outstanding $500 million aggregate principal amount of 4.000 percent senior notes due February 2025 at maturity.
On March 10, 2025, MPLX issued $2.0 billion in aggregate principal amount of senior notes in an underwritten public offering, consisting of $1.0 billion aggregate principal amount of 5.400 percent senior notes due April 2035 and $1.0 billion aggregate principal amount of 5.950 percent senior notes due April 2055. On April 9, 2025, MPLX used a portion of the net proceeds from this offering to redeem all of (i) MPLX LP’s outstanding $1,189 million aggregate principal amount of 4.875 percent senior notes due June 2025 and (ii) MarkWest Energy Partners, L.P.’s outstanding $11 million aggregate principal amount of 4.875 percent senior notes due June 2025. MPLX intends to use the remaining net proceeds for general partnership purposes.
Available Capacity under our Credit Facilities as of March 31, 2025
(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.
v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table presents our revenues from external customers disaggregated by segment and product line:

Three Months Ended 
March 31,
(Millions of dollars)20252024
Refining & Marketing
Refined products$27,427 $28,737 
Crude oil1,565 1,788 
Services and other465 449 
Total revenues from external customers29,457 30,974 
Midstream
Refined products530 373 
Services and other911 848 
Total revenues from external customers1,441 1,221 
Renewable Diesel
Refined products615 510 
Services and other4 1 
Total revenues from external customers619 511 
Sales and other operating revenues$31,517 $32,706 
We do not disclose information on the future performance obligations for any contract with expected duration of one year or less at inception. As of March 31, 2025, 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 March 31, 2025 include matching buy/sell receivables of $5.18 billion.
v3.25.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Three Months Ended 
March 31,
(Millions of dollars)20252024
Net cash provided by operating activities included:
Interest paid (net of amounts capitalized)$344 $359 
Net income taxes paid to (received from) taxing authorities(a)
85 (22)
Non-cash investing and financing activities:
Contribution of assets(b)
115 — 
(a)    2025 includes $111 million paid to third parties for transferable tax credits.
(b)    Represents the book value of assets contributed by MPLX to a joint venture.

The consolidated statements of cash flows exclude changes to the consolidated balance sheets that did not affect cash. The following is a reconciliation of additions to property, plant and equipment to total capital expenditures:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Additions to property, plant and equipment per the consolidated statements of cash flows$663 $585 
Decrease in capital accruals(19)(74)
Total capital expenditures$644 $511 
v3.25.1
Other Current Liabilities
 3 Months Ended
Mar. 31, 2025
Other Liabilities Disclosure [Abstract]  
Other Liabilities Disclosure Other Current Liabilities
The following summarizes the components of other current liabilities:
(Millions of dollars)March 31,
2025		December 31,
2024
Environmental credits liability$437 $422 
Accrued interest payable289 314 
Other current liabilities356 419 
Total other current liabilities$1,082 $1,155 
v3.25.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Income (Loss)
The following table shows the changes in accumulated other comprehensive income (loss) by component. Amounts in parentheses indicate debits.
(Millions of dollars)Pension BenefitsOther BenefitsOtherTotal
Balance as of December 31, 2023$(261)$129 $1 $(131)
Other comprehensive income (loss) before reclassifications, net of tax of $(1)
2 (1)(3)(2)
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(8)(5)— (13)
 Amortization of actuarial loss(a)
1 — — 1 
Tax effect1 1 — 2 
Other comprehensive loss(4)(5)(3)(12)
Balance as of March 31, 2024$(265)$124 $(2)$(143)

(Millions of dollars)Pension BenefitsOther BenefitsOtherTotal
Balance as of December 31, 2024$(235)$122 $(1)$(114)
Other comprehensive income before reclassifications, net of tax of $2
5 3 — 8 
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(2)(6)— (8)
 Amortization of actuarial loss(a)
4 — — 4 
Tax effect— 1 — 1 
Other comprehensive income (loss)7 (2)— 5 
Balance as of March 31, 2025$(228)$120 $(1)$(109)
(a)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 21.
v3.25.1
Pension and Other Postretirement Benefits
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Plans Pension and Other Postretirement Benefits
The following summarizes the components of net periodic benefit costs:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Pension Benefits
Service cost$55 $54 
Interest cost37 30 
Expected return on plan assets(37)(37)
Amortization of prior service credit(2)(8)
Amortization of actuarial loss4 1 
Net periodic pension benefit cost$57 $40 
Other Benefits
Service cost$5 $5 
Interest cost9 8 
Amortization of prior service credit(6)(5)
Net periodic other benefit cost$8 $8 
The components of net periodic benefit cost, other than the service cost component, are included in net interest and other financial costs on the consolidated statements of income.
During the three months ended March 31, 2025, we made contributions of $36 million to our funded pension plans. Benefit payments related to unfunded pension and other postretirement benefit plans were $3 million and $12 million, respectively, during the three months ended March 31, 2025.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024, accrued liabilities for remediation totaled $357 million and $364 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 $4 million and $6 million at March 31, 2025 and December 31, 2024, 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.
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 March 31, 2025.
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 March 31, 2025, our maximum potential undiscounted payments under the Contingent Equity Contribution Agreement were approximately $78 million.
Other guarantees
We have entered into other guarantees with maximum potential undiscounted payments totaling $232 million as of March 31, 2025, which primarily consist of a commitment to indemnify a joint venture member for our pro rata share of any payments made under a performance guarantee for construction of a pipeline by an equity method investee, a commitment to contribute cash to an equity method investee for certain catastrophic events in lieu of procuring insurance coverage, a payment guaranty of an unsecured bank term loan for which BANGL, LLC is the borrower and obligor, a commitment to pay a termination fee on a supply agreement if terminated during the initial term, a commitment to fund a share of the bonds issued by a government entity for construction of public utilities in the event that other industrial users of the facility default on their utility payments and leases of assets containing general lease indemnities and guaranteed residual values.
Contractual Commitments and Contingencies
Certain natural gas processing and gathering arrangements require us to construct natural gas processing plants, natural gas gathering pipelines and NGL pipelines and contain certain fees and charges if specified construction milestones are not achieved for reasons other than force majeure. In certain cases, certain producer customers may have the right to cancel the processing arrangements if there are significant delays that are not due to force majeure.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) attributable to MPC $ (74) $ 937
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
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
v3.25.1
Description of the Business and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation
These consolidated financial statements include the accounts of our majority-owned, controlled subsidiaries, including MPLX. All significant intercompany transactions and accounts have been eliminated. Due to our ownership of the general partner interest of MPLX, we have determined that we control MPLX and therefore we consolidate MPLX and record a noncontrolling interest for the interest owned by the public. Changes in ownership interest in consolidated subsidiaries that do not result in a change in control are recorded as equity transactions. Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. This includes entities in which we hold majority ownership but the minority shareholders have substantive participating rights.
Inventories Inventories are carried at the lower of cost or market value. Costs of crude oil and other feedstocks and refined products are aggregated on a consolidated basis for purposes of assessing whether the LIFO cost basis of these inventories may have to be written down to market values.
Derivative instruments
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 and (7) the purchase of soybean oil.
v3.25.1
Master Limited Partnership (Tables)
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Line Items]  
Unit Repurchases
Total share repurchases were as follows for the respective periods:
Three Months Ended 
March 31,
(In millions, except per share data)20252024
Number of shares repurchased7 13 
Cash paid for shares repurchased$1,057 $2,218 
Average cost per share(a)
$147.87 $168.05 
(a)    The average cost per share includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but the excise tax does not reduce the remaining share repurchase authorization.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
As a result of equity transactions of MPLX, we are required to adjust non-controlling interest and additional paid-in capital. Changes in MPC’s additional paid-in capital resulting from changes in its ownership interests in MPLX were as follows:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Increase due to change in ownership$39 $108 
Tax impact(14)(36)
Increase in MPC's additional paid-in capital, net of tax$25 $72 
MPLX LP  
Noncontrolling Interest [Line Items]  
Unit Repurchases
Total unit repurchases were as follows for the respective periods:
Three Months Ended 
March 31,
(In millions, except per unit data)20252024
Number of common units repurchased2 2 
Cash paid for common units repurchased$100 $75 
Average cost per unit$52.48 $40.04 
v3.25.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets.
(Millions of dollars)March 31,
2025		December 31,
2024
Assets
Cash and cash equivalents$2,534 $1,519 
Receivables, less allowance for doubtful accounts930 731 
Inventories186 180 
Other current assets33 29 
Equity method investments4,751 4,531 
Property, plant and equipment, net19,147 19,154 
Goodwill7,645 7,645 
Right of use assets286 273 
Other noncurrent assets1,527 1,513 
Liabilities
Accounts payable$700 $719 
Accrued taxes76 82 
Debt due within one year2,697 1,693 
Operating lease liabilities47 45 
Other current liabilities323 370 
Long-term debt19,721 19,255 
Deferred income taxes18 18 
Long-term operating lease liabilities227 217 
Deferred credits and other liabilities448 445 
v3.25.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions
Transactions with related parties were as follows:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Sales to related parties$320 $271 
Purchases from related parties705 580 
Sales to related parties, which are included in sales and other operating revenues, consist primarily of refined product sales and renewable feedstock sales to certain of our equity affiliates.
Purchases from related parties are included in cost of revenues. We obtain utilities, transportation services and purchase ethanol and renewable diesel from certain of our equity affiliates.
v3.25.1
Earnings (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Summary of Earnings (Loss) Per Common Share
We compute basic earnings per share by dividing net income attributable to MPC less income allocated to participating securities by the weighted average number of shares of common stock outstanding. Since MPC grants certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities, we have calculated our earnings per share using the two-class method. Diluted income per share assumes exercise of certain share-based compensation awards, provided the effect is not anti-dilutive.
Three Months Ended 
March 31,
(In millions, except per share data)20252024
Basic earnings (loss) per share:
Allocation of earnings
Net income (loss) attributable to MPC$(74)$937 
Income allocated to participating securities— (1)
Income (loss) available to common stockholders - basic$(74)$936 
Weighted average common shares outstanding313 361 
Basic earnings (loss) per share$(0.24)$2.59 
Diluted earnings (loss) per share:
Allocation of earnings
Net income (loss) attributable to MPC$(74)$937 
Income allocated to participating securities— (1)
Income (loss) available to common stockholders - diluted$(74)$936 
Weighted average common shares outstanding313 361 
Effect of dilutive securities— 1 
Weighted average common shares, including dilutive effect313 362 
Diluted earnings (loss) per share$(0.24)$2.58 
Potential common shares that were anti-dilutive and, therefore, omitted from the diluted share calculation, were immaterial for all periods.
v3.25.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Share Repurchases
Total share repurchases were as follows for the respective periods:
Three Months Ended 
March 31,
(In millions, except per share data)20252024
Number of shares repurchased7 13 
Cash paid for shares repurchased$1,057 $2,218 
Average cost per share(a)
$147.87 $168.05 
(a)    The average cost per share includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but the excise tax does not reduce the remaining share repurchase authorization.
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Adjusted EBITDA
Three Months Ended 
March 31,
(Millions of dollars)20252024
Segment adjusted EBITDA for reportable segments
Refining & Marketing$489 $1,986 
Midstream1,720 1,589 
Renewable Diesel(42)(90)
Total reportable segments$2,167 $3,485 
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes
Total reportable segments$2,167 $3,485 
Corporate(192)(204)
Refining & Renewable Diesel planned turnaround costs(465)(648)
Renewable Diesel JV planned turnaround costs(a)
(8)— 
Depreciation and amortization(793)(827)
Renewable Diesel JV depreciation and amortization(a)
(22)(22)
Net interest and other financial costs(304)(179)
Income before income taxes$383 $1,605 
(a)    Represents MPC’s pro-rata share of expenses from joint ventures included in the Renewable Diesel segment.
Reconciliation of Revenue from Segments to Consolidated
Three Months Ended 
March 31,
(Millions of dollars)20252024
Sales and other operating revenues
Refining & Marketing
Revenues from external customers(a)
$29,457 $30,974 
Intersegment revenues40 47 
Refining & Marketing segment revenues29,497 31,021 
Midstream
Revenues from external customers(a)
1,441 1,221 
Intersegment revenues1,469 1,403 
Midstream segment revenues2,910 2,624 
Renewable Diesel
Revenues from external customers(a)
619 511 
Intersegment revenues7 6 
Renewable Diesel segment revenues626 517 
Total segment revenues33,033 34,162 
Less: intersegment revenues1,516 1,456 
Consolidated sales and other operating revenues(a)
$31,517 $32,706 
(a)    Includes sales to related parties. See Note 6 for additional information. See Note 17 for the disaggregation of our revenue from external customers by segment and product line.
Other Significant Reconciling Items from Segments to Consolidated
Three Months Ended 
March 31,
(Millions of dollars)20252024
Income from equity method investments
Refining & Marketing$5 $10 
Midstream209 181 
Renewable Diesel16 13 
Total segment income from equity method investments230 204 
Corporate— — 
Consolidated income from equity method investments$230 $204 
Three Months Ended 
March 31,
(Millions of dollars)20252024
Segment expenses
Refining & Marketing
Cost of purchases$25,658 $25,925 
Refining operating costs1,472 1,465 
Distribution costs1,478 1,415 
Other segment items(a)
405 240 
Refining & Marketing segment expenses$29,013 $29,045 
Midstream
Other segment items(b)
1,399 1,216 
Midstream segment expenses$1,399 $1,216 
Renewable Diesel
Operating costs70 67 
Distribution costs22 32 
Other segment items(c)
592 521 
Renewable Diesel segment expenses$684 $620 
(a)    Other segment items for the Refining & Marketing segment include costs that are reimbursed by customers through commercial arrangements, as well as LIFO inventory adjustments.
(b)    Other segment items for the Midstream segment include operating expenses and purchased product costs. For purposes of managing the Midstream segment of MPC, the CODM is only provided consolidated Midstream expense information.
(c)    Other segment items for the Renewable Diesel segment include purchased product costs.

Three Months Ended 
March 31,
(Millions of dollars)20252024
Depreciation and amortization
Refining & Marketing406 444 
Midstream351 343 
Renewable Diesel(a)
18 16 
Total segment depreciation and amortization775 803 
Corporate18 24 
Consolidated depreciation and amortization$793 $827 
(a)    Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $22 million in both the three months ended March 31, 2025 and 2024.
Three Months Ended 
March 31,
(Millions of dollars)20252024
Capital expenditures
Refining & Marketing$362 $290 
Midstream386 327 
Renewable Diesel1 1 
Total segment capital expenditures and investments749 618 
Less investments in equity method investees132 125 
Plus:
Corporate9 6 
Capitalized interest18 12 
Consolidated capital expenditures(a)
$644 $511 
(a)Includes changes in capital expenditure accruals. See Note 18 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the three months ended March 31, 2025 and 2024 as reported in the consolidated statements of cash flows.
v3.25.1
Net Interest and Other Financial Costs (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Net Interest And Other Financial Income (Costs)
Net interest and other financial costs were as follows:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Interest income$(46)$(101)
Interest expense352 341 
Interest capitalized(18)(12)
Pension and other postretirement non-service costs(a)
5 (11)
Investments - net premium (discount) amortization— (39)
Other financial costs11 1 
Net interest and other financial costs$304 $179 
(a)See Note 21.
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Summary Of Inventories
(Millions of dollars)March 31,
2025		December 31,
2024
Crude oil and other feedstocks$3,613 $3,185 
Refined products5,661 5,137 
Materials and supplies1,214 1,246 
Total$10,488 $9,568 
v3.25.1
Property, Plant and Equipment (PP&E) (Tables)
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Summary Of Property, Plant And Equipment
March 31, 2025December 31, 2024
(Millions of dollars)Gross
PP&E		Accumulated DepreciationNet
PP&E		Gross
PP&E		Accumulated DepreciationNet
PP&E
Refining & Marketing$33,269 $19,384 $13,885 $32,965 $19,015 $13,950 
Midstream30,991 11,099 19,892 30,697 10,798 19,899 
Renewable Diesel968 347 621 976 338 638 
Corporate1,699 1,154 545 1,679 1,138 541 
Total$66,927 $31,984 $34,943 $66,317 $31,289 $35,028 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables.
March 31, 2025
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$190 $— $— $(186)$4 $39 
Liabilities:
Commodity contracts$205 $— $— $(205)$— $— 
Embedded derivatives in commodity contracts— — 62 — 62 — 
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 — 
(a)Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of March 31, 2025, cash collateral of $19 million was netted with mark-to-market derivative liabilities. As of December 31, 2024, cash collateral of $12 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.
Three Months Ended 
March 31,
(Millions of dollars)20252024
Beginning balance$58 $61 
Unrealized and realized loss included in net income(a)
7 12 
Settlements of derivative instruments(3)(4)
Ending balance$62 $69 
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 $11 
(a)    The loss is included in cost of revenues on the consolidated statements of income.
v3.25.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral
The following table presents the fair value of derivative instruments as of March 31, 2025 and December 31, 2024 and the line items in the consolidated balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.

(Millions of dollars)March 31, 2025December 31, 2024
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$190 $205 $139 $144 
Other current liabilities(a)
— 9 — 10 
Deferred credits and other liabilities(a)
— 53 — 48 
(a)     Includes embedded derivatives.
Open Commodity Derivative Contracts
The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of March 31, 2025.
Percentage of contracts
that expire next quarter		Position
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil70.8%54,644 60,286 
Refined products85.9%29,388 35,639 
Blending products74.5%7,422 5,786 
Soybean oil86.8%1,055 1,220 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 15,537 long and 15,402 short and Refined products - 600 long and 495 short. There are no spread contracts for blending products or soybean oil.
Effect of Commodity Derivative Instruments in Statements of Income
The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
Gain (Loss)
(Millions of dollars)Three Months Ended 
March 31,
Income Statement Location20252024
Cost of revenues$(67)$(74)
Other income2 — 
Total$(65)$(74)
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Outstanding Borrowings
Our outstanding borrowings at March 31, 2025 and December 31, 2024 consisted of the following:
(Millions of dollars)March 31,
2025		December 31,
2024
MPC:
Senior notes$7,699 $5,699 
MARAD debt168 174 
Finance lease obligations704 718 
Total8,571 6,591 
MPLX:
Senior notes22,700 21,200 
Finance lease obligations8 6 
Total22,708 21,206 
Total debt31,279 27,797 
Unamortized debt issuance costs(175)(142)
Unamortized discount, net of unamortized premium(194)(174)
Amounts due within one year(4,065)(3,049)
Total long-term debt due after one year$26,845 $24,432 
Schedule of Line of Credit Facilities
Available Capacity under our Credit Facilities as of March 31, 2025
(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.
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from External Customers by Products and Services
The following table presents our revenues from external customers disaggregated by segment and product line:

Three Months Ended 
March 31,
(Millions of dollars)20252024
Refining & Marketing
Refined products$27,427 $28,737 
Crude oil1,565 1,788 
Services and other465 449 
Total revenues from external customers29,457 30,974 
Midstream
Refined products530 373 
Services and other911 848 
Total revenues from external customers1,441 1,221 
Renewable Diesel
Refined products615 510 
Services and other4 1 
Total revenues from external customers619 511 
Sales and other operating revenues$31,517 $32,706 
v3.25.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Summary of Supplemental Cash Flow Information
Three Months Ended 
March 31,
(Millions of dollars)20252024
Net cash provided by operating activities included:
Interest paid (net of amounts capitalized)$344 $359 
Net income taxes paid to (received from) taxing authorities(a)
85 (22)
Non-cash investing and financing activities:
Contribution of assets(b)
115 — 
(a)    2025 includes $111 million paid to third parties for transferable tax credits.
(b)    Represents the book value of assets contributed by MPLX to a joint venture.
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:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Additions to property, plant and equipment per the consolidated statements of cash flows$663 $585 
Decrease in capital accruals(19)(74)
Total capital expenditures$644 $511 
v3.25.1
Other Current Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities
The following summarizes the components of other current liabilities:
(Millions of dollars)March 31,
2025		December 31,
2024
Environmental credits liability$437 $422 
Accrued interest payable289 314 
Other current liabilities356 419 
Total other current liabilities$1,082 $1,155 
v3.25.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Loss by Component
The following table shows the changes in accumulated other comprehensive income (loss) by component. Amounts in parentheses indicate debits.
(Millions of dollars)Pension BenefitsOther BenefitsOtherTotal
Balance as of December 31, 2023$(261)$129 $1 $(131)
Other comprehensive income (loss) before reclassifications, net of tax of $(1)
2 (1)(3)(2)
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(8)(5)— (13)
 Amortization of actuarial loss(a)
1 — — 1 
Tax effect1 1 — 2 
Other comprehensive loss(4)(5)(3)(12)
Balance as of March 31, 2024$(265)$124 $(2)$(143)

(Millions of dollars)Pension BenefitsOther BenefitsOtherTotal
Balance as of December 31, 2024$(235)$122 $(1)$(114)
Other comprehensive income before reclassifications, net of tax of $2
5 3 — 8 
Amounts reclassified from accumulated other comprehensive loss:
Amortization of prior service credit(a)
(2)(6)— (8)
 Amortization of actuarial loss(a)
4 — — 4 
Tax effect— 1 — 1 
Other comprehensive income (loss)7 (2)— 5 
Balance as of March 31, 2025$(228)$120 $(1)$(109)
(a)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 21.
v3.25.1
Pension and Other Postretirement Benefits (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Costs
The following summarizes the components of net periodic benefit costs:
Three Months Ended 
March 31,
(Millions of dollars)20252024
Pension Benefits
Service cost$55 $54 
Interest cost37 30 
Expected return on plan assets(37)(37)
Amortization of prior service credit(2)(8)
Amortization of actuarial loss4 1 
Net periodic pension benefit cost$57 $40 
Other Benefits
Service cost$5 $5 
Interest cost9 8 
Amortization of prior service credit(6)(5)
Net periodic other benefit cost$8 $8 
v3.25.1
Master Limited Partnership (Details)
Mar. 31, 2025
Dec. 31, 2024
MPLX | Marathon Petroleum Corporation    
MPC's partnership interest in MLP (in percentage) 63.00% 64.00%
v3.25.1
Master Limited Partnership (Unit Repurchase Program) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Aug. 02, 2022
Units acquired, average cost per unit [1] $ 147.87 $ 168.05  
Stock repurchase program, remaining authorized repurchase amount $ 6,720    
MPLX LP      
Units repurchased, units 2 2  
Units repurchased, value $ 100 $ 75  
Units acquired, average cost per unit $ 52.48 $ 40.04  
Stock repurchase program, remaining authorized repurchase amount $ 420    
MPLX LP | Share Repurchase Authorization August 2022      
Stock repurchase program, authorized amount     $ 1,000
[1] 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.
v3.25.1
Master Limited Partnership (Preferred Units Outstanding) (Details)
shares in Millions
Dec. 31, 2024
shares
MPLX: | Series A Preferred Stock  
Noncontrolling Interest [Line Items]  
Temporary Equity, Shares Outstanding 6
v3.25.1
Master Limited Partnership (Noncontrolling Interest) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity transactions of MPLX $ 83 $ 210
Additional Paid-in Capital    
Increase due to change in ownership 39 108
Tax impact (14) (36)
Equity transactions of MPLX $ 25 $ 72
v3.25.1
Acquisitions and Other Transactions (Whiptail Midstream Acquisition) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 11, 2025
Mar. 31, 2025
Mar. 31, 2024
Business Acquisition [Line Items]      
Payments to acquire businesses, net of cash acquired   $ 237 $ 622
Whiptail Midstream Acquisition      
Business Acquisition [Line Items]      
Payments to acquire businesses, net of cash acquired $ 237    
Recognized identifiable assets acquired and liabilities assumed, property, plant, and equipment 172    
Recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill 41    
Recognized identifiable assets acquired and liabilities assumed, net working capital $ 24    
v3.25.1
Acquisitions and Other Transactions - Utica Midstream Acquisition (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 22, 2024
Mar. 31, 2025
Mar. 31, 2024
Mar. 21, 2024
Schedule of Equity Method Investments [Line Items]        
Net gain on disposal of assets   $ 0 $ 20  
Midstream Acquisition        
Schedule of Equity Method Investments [Line Items]        
Payments to acquire businesses and interest in affiliates $ 625      
Recognized identifiable assets acquired and liabilities assumed, net 625      
Recognized identifiable assets acquired and liabilities assumed, equity method investments $ 507      
Ohio Gathering Company | Midstream Acquisition        
Schedule of Equity Method Investments [Line Items]        
Ownership percentage 73.00%      
Basis difference $ 75      
Ohio Condensate Company        
Schedule of Equity Method Investments [Line Items]        
Ownership percentage       62.00%
Ohio Condensate Company | Midstream Acquisition        
Schedule of Equity Method Investments [Line Items]        
Ownership percentage 100.00%      
Net gain on disposal of assets $ 20      
v3.25.1
Variable Interest Entities (Consolidated VIE) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 3,812 $ 3,210
Receivables, less allowance for doubtful accounts 12,114 11,145
Inventories 10,488 9,568
Other current assets 726 524
Equity method investments 7,095 6,857
Property, plant and equipment, net 34,943 35,028
Goodwill 8,244 8,244
Right of use assets 1,249 1,300
Other noncurrent assets 2,962 2,982
Liabilities    
Accounts payable 14,748 13,906
Accrued taxes 1,265 1,204
Debt due within one year 4,065 3,049
Operating lease liabilities 410 417
Other current liabilities 1,082 1,155
Long-term debt 26,845 24,432
Deferred income taxes 5,759 5,771
Long-term operating lease liabilities 817 860
Deferred credits and other liabilities 1,246 1,305
Variable Interest Entity, Primary Beneficiary | MPLX    
Assets    
Cash and cash equivalents 2,534 1,519
Receivables, less allowance for doubtful accounts 930 731
Inventories 186 180
Other current assets 33 29
Equity method investments 4,751 4,531
Property, plant and equipment, net 19,147 19,154
Goodwill 7,645 7,645
Right of use assets 286 273
Other noncurrent assets 1,527 1,513
Liabilities    
Accounts payable 700 719
Accrued taxes 76 82
Debt due within one year 2,697 1,693
Operating lease liabilities 47 45
Other current liabilities 323 370
Long-term debt 19,721 19,255
Deferred income taxes 18 18
Long-term operating lease liabilities 227 217
Deferred credits and other liabilities $ 448 $ 445
v3.25.1
Related Party Transactions (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Related Party Transaction [Line Items]    
Sales and other operating revenues [1] $ 31,517 $ 32,706
Purchases from related parties 705 580
Related Party    
Related Party Transaction [Line Items]    
Sales and other operating revenues $ 320 $ 271
[1] Includes sales to related parties. See Note 6 for additional information. See Note 17 for the disaggregation of our revenue from external customers by segment and product line.
v3.25.1
Earnings (Loss) Per Share (Summary of Earnings (Loss) Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Basic earnings (loss) per share:    
Net income (loss) attributable to MPC $ (74) $ 937
Income allocated to participating securities, basic 0 (1)
Income (loss) available to common stockholders - basic $ (74) $ 936
Weighted average common shares outstanding - basic (in shares) 313 361
Basic earnings (loss) per share $ (0.24) $ 2.59
Diluted earnings (loss) per share:    
Net income (loss) attributable to MPC $ (74) $ 937
Income allocated to participating securities, diluted 0 (1)
Income (loss) available to common stockholders - diluted $ (74) $ 936
Weighted average common shares outstanding - basic (in shares) 313 361
Effect of dilutive securities (in shares) 0 1
Weighted average shares outstanding - diluted (in shares) 313 362
Diluted earnings (loss) per share $ (0.24) $ 2.58
v3.25.1
Equity (Share Repurchase Authorizations) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Nov. 05, 2024
Apr. 30, 2024
Equity, Class of Treasury Stock [Line Items]      
Stock repurchase program, remaining authorized repurchase amount $ 6,720    
Share Repurchase Authorization April 2024      
Equity, Class of Treasury Stock [Line Items]      
Stock repurchase program, authorized amount     $ 5,000
Share Repurchase Authorization November 2024      
Equity, Class of Treasury Stock [Line Items]      
Stock repurchase program, authorized amount   $ 5,000  
v3.25.1
Equity (Share Repurchases) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity [Abstract]    
Number of shares repurchased 7 13
Cash paid for shares repurchased $ 1,057 $ 2,218
Average cost per share [1] $ 147.87 $ 168.05
[1] 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.
v3.25.1
Segment Information (Additional Information) (Details)
 3 Months Ended
Mar. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.1
Segment Information (Segment Adjusted EBITDA to Income (Loss) from Operations before Income Taxes) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Refining & Renewable Diesel planned turnaround costs $ (465) $ (648)
Renewable Diesel JV planned turnaround costs [1] (8) 0
Depreciation and amortization (793) (827)
Renewable Diesel JV depreciation and amortization [1] (22) (22)
Net interest and other financial costs (304) (179)
Income before income taxes 383 1,605
Renewable Diesel    
Segment Reporting Information [Line Items]    
Renewable Diesel JV depreciation and amortization (22) (22)
Operating Segments    
Segment Reporting Information [Line Items]    
Adjusted EBITDA 2,167 3,485
Depreciation and amortization (775) (803)
Operating Segments | Refining & Marketing    
Segment Reporting Information [Line Items]    
Adjusted EBITDA 489 1,986
Depreciation and amortization (406) (444)
Operating Segments | Midstream    
Segment Reporting Information [Line Items]    
Adjusted EBITDA 1,720 1,589
Depreciation and amortization (351) (343)
Operating Segments | Renewable Diesel    
Segment Reporting Information [Line Items]    
Adjusted EBITDA (42) (90)
Depreciation and amortization [2] (18) (16)
Corporate    
Segment Reporting Information [Line Items]    
Costs and expenses, excluding depreciation (192) (204)
Depreciation and amortization $ (18) $ (24)
[1] Represents MPC’s pro-rata share of expenses from joint ventures included in the Renewable Diesel segment.
[2] Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $22 million in both the three months ended March 31, 2025 and 2024.
v3.25.1
Segment Information (Reconciliation of Segment Revenues To Sales and Other Operating Revenues) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Sales and other operating revenues [1] $ 31,517 $ 32,706
Refining & Marketing    
Segment Reporting Information [Line Items]    
Sales and other operating revenues [1] 29,457 30,974
Midstream    
Segment Reporting Information [Line Items]    
Sales and other operating revenues [1] 1,441 1,221
Renewable Diesel    
Segment Reporting Information [Line Items]    
Sales and other operating revenues 619 511
Operating Segments    
Segment Reporting Information [Line Items]    
Sales and other operating revenues 33,033 34,162
Operating Segments | Refining & Marketing    
Segment Reporting Information [Line Items]    
Sales and other operating revenues 29,497 31,021
Operating Segments | Midstream    
Segment Reporting Information [Line Items]    
Sales and other operating revenues 2,910 2,624
Operating Segments | Renewable Diesel    
Segment Reporting Information [Line Items]    
Sales and other operating revenues 626 517
Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Sales and other operating revenues 1,516 1,456
Intersegment Eliminations | Refining & Marketing    
Segment Reporting Information [Line Items]    
Sales and other operating revenues 40 47
Intersegment Eliminations | Midstream    
Segment Reporting Information [Line Items]    
Sales and other operating revenues 1,469 1,403
Intersegment Eliminations | Renewable Diesel    
Segment Reporting Information [Line Items]    
Sales and other operating revenues $ 7 $ 6
[1] Includes sales to related parties. See Note 6 for additional information. See Note 17 for the disaggregation of our revenue from external customers by segment and product line.
v3.25.1
Segment Information (Income from Equity Method Investments) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Income from equity method investments $ 230 $ 204
Operating Segments    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Income from equity method investments 230 204
Operating Segments | Refining & Marketing    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Income from equity method investments 5 10
Operating Segments | Midstream    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Income from equity method investments 209 181
Operating Segments | Renewable Diesel    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Income from equity method investments 16 13
Corporate    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Income from equity method investments $ 0 $ 0
v3.25.1
Segment Information (Segment Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Costs and expenses $ 31,163 $ 31,427
Operating Segments | Refining & Marketing    
Segment Reporting Information [Line Items]    
Cost of purchases 25,658 25,925
Operating costs 1,472 1,465
Distribution costs 1,478 1,415
Other segment items [1] 405 240
Costs and expenses 29,013 29,045
Operating Segments | Midstream    
Segment Reporting Information [Line Items]    
Other segment items [2] 1,399 1,216
Costs and expenses 1,399 1,216
Operating Segments | Renewable Diesel    
Segment Reporting Information [Line Items]    
Operating costs 70 67
Distribution costs 22 32
Other segment items [3] 592 521
Costs and expenses $ 684 $ 620
[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 the Midstream segment of MPC, the CODM is only provided consolidated Midstream expense information.
[3] Other segment items for the Renewable Diesel segment include purchased product costs.
v3.25.1
Segment Information (Depreciation and Amortization) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation and amortization $ 793 $ 827
Renewable Diesel JV depreciation and amortization [1] 22 22
Renewable Diesel    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Renewable Diesel JV depreciation and amortization 22 22
Operating Segments    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation and amortization 775 803
Operating Segments | Refining & Marketing    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation and amortization 406 444
Operating Segments | Midstream    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation and amortization 351 343
Operating Segments | Renewable Diesel    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation and amortization [2] 18 16
Corporate    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Depreciation and amortization $ 18 $ 24
[1] Represents MPC’s pro-rata share of expenses from joint ventures included in the Renewable Diesel segment.
[2] Excludes our pro-rata share of Renewable Diesel JV depreciation and amortization of $22 million in both the three months ended March 31, 2025 and 2024.
v3.25.1
Segment Information (Capital Expenditures) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Plus:    
Capital expenditures [1] $ 644 $ 511
Operating Segments    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Capital expenditures and investments 749 618
Less investments in equity method investees 132 125
Operating Segments | Refining & Marketing    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Capital expenditures and investments 362 290
Operating Segments | Midstream    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Capital expenditures and investments 386 327
Operating Segments | Renewable Diesel    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]    
Capital expenditures and investments 1 1
Corporate    
Plus:    
Corporate 9 6
Capitalized interest $ 18 $ 12
[1] Includes changes in capital expenditure accruals. See Note 18 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the three months ended March 31, 2025 and 2024 as reported in the consolidated statements of cash flows.
v3.25.1
Net Interest and Other Financial Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Interest income $ (46) $ (101)
Interest expense 352 341
Interest capitalized (18) (12)
Pension and other postretirement non-service costs [1] 5 (11)
Investments - net premium (discount) amortization 0 (39)
Other financial costs 11 1
Net interest and other financial costs $ 304 $ 179
[1] See Note 21.
v3.25.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Provision for income taxes $ 37 $ 293
v3.25.1
Inventories (Summary of Inventories) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Crude oil and other feedstocks $ 3,613 $ 3,185
Refined products 5,661 5,137
Materials and supplies 1,214 1,246
Total $ 10,488 $ 9,568
v3.25.1
Property, Plant and Equipment (PP&E) (Summary of Property, Plant And Equipment) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Gross PP&E $ 66,927 $ 66,317
Accumulated Depreciation 31,984 31,289
Net PP&E 34,943 35,028
Operating Segments | Refining & Marketing    
Property, Plant and Equipment [Line Items]    
Gross PP&E 33,269 32,965
Accumulated Depreciation 19,384 19,015
Net PP&E 13,885 13,950
Operating Segments | Midstream    
Property, Plant and Equipment [Line Items]    
Gross PP&E 30,991 30,697
Accumulated Depreciation 11,099 10,798
Net PP&E 19,892 19,899
Operating Segments | Renewable Diesel    
Property, Plant and Equipment [Line Items]    
Gross PP&E 968 976
Accumulated Depreciation 347 338
Net PP&E 621 638
Corporate    
Property, Plant and Equipment [Line Items]    
Gross PP&E 1,699 1,679
Accumulated Depreciation 1,154 1,138
Net PP&E $ 545 $ 541
v3.25.1
Fair Value Measurements (Assets and Liabilities Accounted for at Fair Value on Recurring Basis) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash collateral netted with derivative liabilities $ 19 $ 12
Fair Value, Recurring | Commodity derivatives    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, assets - netting and collateral (186) (132)
Derivative asset, net carrying value on balance sheet 4 7
Commodity derivative instruments, assets - collateral pledged not offset 39 16
Commodity derivative instruments, liabilities - netting and collateral (205) (144)
Derivative liability, net carrying value on balance sheet 0 0
Commodity derivative instruments, liabilities - collateral pledged not offset 0 0
Fair Value, Recurring | Embedded derivatives in commodity contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, liabilities - netting and collateral 0 0
Derivative liability, net carrying value on balance sheet 62 58
Commodity derivative instruments, liabilities - collateral pledged not offset 0 0
Fair Value, Recurring | Level 1 | Commodity derivatives    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, assets - gross 190 139
Commodity derivative instruments, liabilities - gross 205 144
Fair Value, Recurring | Level 1 | Embedded derivatives in commodity contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, liabilities - gross 0 0
Fair Value, Recurring | Level 2 | Commodity derivatives    
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, Recurring | Level 2 | Embedded derivatives in commodity contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, liabilities - gross 0 0
Fair Value, Recurring | Level 3 | Commodity derivatives    
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, Recurring | Level 3 | Embedded derivatives in commodity contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commodity derivative instruments, liabilities - gross $ 62 $ 58
v3.25.1
Fair Value Measurements (Level 3) (Details)
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / gal
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Term of contract 5 years
Level 3  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Average forward price | $ / gal 0.86
Probability of renewal second term 100.00%
Level 3 | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Forward commodity price 0.71
Level 3 | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Forward commodity price 1.53
v3.25.1
Fair Value Measurements (Reconciliation of Net Beginning and Ending Balances Recorded for Net Assets and Liabilities Classified as Level 3) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 58 $ 61
Unrealized and realized loss included in net income [1] 7 12
Settlements of derivative instruments (3) (4)
Ending balance $ 62 $ 69
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of revenues (excludes items below) Cost of revenues (excludes items below)
[1] The loss is included in cost of revenues on the consolidated statements of income.
v3.25.1
Fair Value Measurements (Gain/Loss Included in Earnings Relating to Assets Still Held at End of Period) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
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 $ 11
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of revenues (excludes items below) Cost of revenues (excludes items below)
[1] The loss is included in cost of revenues on the consolidated statements of income.
v3.25.1
Fair Value Measurements (Fair Values - Reported) (Detail) - USD ($)
$ in Billions
Mar. 31, 2025
Dec. 31, 2024
Reported Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 30.4 $ 26.9
Estimate of Fair Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 28.5 $ 25.0
v3.25.1
Derivatives (Classification of Gross Fair Values of Derivative Instruments, Excluding Cash Collateral) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Commodity derivatives | Other current assets    
Derivative [Line Items]    
Asset $ 190 $ 139
Liability 205 144
Embedded derivatives in commodity contracts | Other current liabilities    
Derivative [Line Items]    
Asset 0 0
Liability 9 10
Embedded derivatives in commodity contracts | Deferred credits and other liabilities    
Derivative [Line Items]    
Asset 0 0
Liability $ 53 $ 48
v3.25.1
Derivatives (Open Commodity Derivative Contracts) (Details) - Exchange Traded
bbl in Thousands
 3 Months Ended
Mar. 31, 2025
bbl
Crude oil  
Derivative [Line Items]  
Percentage of derivative contracts expiring in the next quarter 70.80%
Crude oil | Long  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 54,644
Crude oil | Long | Spread Contracts  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 15,537
Crude oil | Short  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 60,286
Crude oil | Short | Spread Contracts  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 15,402
Refined products  
Derivative [Line Items]  
Percentage of derivative contracts expiring in the next quarter 85.90%
Refined products | Long  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 29,388
Refined products | Long | Spread Contracts  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 600
Refined products | Short  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 35,639
Refined products | Short | Spread Contracts  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 495
Blending products  
Derivative [Line Items]  
Percentage of derivative contracts expiring in the next quarter 74.50%
Blending products | Long  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 7,422
Blending products | Short  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 5,786
Soybean oil  
Derivative [Line Items]  
Percentage of derivative contracts expiring in the next quarter 86.80%
Soybean oil | Long  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 1,055
Soybean oil | Short  
Derivative [Line Items]  
Notional contracts (in thousands of total barrels) 1,220
v3.25.1
Derivatives (Effect of Commodity Derivative Instruments in Statements of Income) (Detail) - Commodity derivatives - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) $ (65) $ (74)
Cost of revenues    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) (67) (74)
Other income    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) $ 2 $ 0
v3.25.1
Debt (Outstanding Borrowings) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Total debt $ 31,279 $ 27,797
Unamortized debt issuance costs (175) (142)
Unamortized discount, net of unamortized premium (194) (174)
Amounts due within one year (4,065) (3,049)
Long-term debt 26,845 24,432
MPC:    
Finance lease obligations 704 718
Total debt 8,571 6,591
MPC: | Senior notes    
Long-term debt, gross 7,699 5,699
MPC: | Bonds    
Other long-term debt 168 174
MPLX:    
Finance lease obligations 8 6
Total debt 22,708 21,206
MPLX: | Senior notes    
Long-term debt, gross $ 22,700 $ 21,200
v3.25.1
Debt (MPC Senior Notes) (Details) - MPC: - Senior notes - USD ($)
$ in Millions
May 01, 2025
Sep. 16, 2024
Feb. 10, 2025
Debt Instrument [Line Items]      
Debt instrument, face amount     $ 2,000
Senior notes, 5.150% due March 2030      
Debt Instrument [Line Items]      
Debt instrument, face amount     1,100
Senior notes, 5.700% due March 2035      
Debt Instrument [Line Items]      
Debt instrument, face amount     $ 900
Senior notes, 3.625% due September 2024      
Debt Instrument [Line Items]      
Repayments of debt   $ 750  
Senior notes, 4.700% due May 2025 | Subsequent Event      
Debt Instrument [Line Items]      
Repayments of debt $ 1,250    
v3.25.1
Debt (MPLX Senior Notes) (Details) - MPLX: - Senior notes - USD ($)
$ in Millions
Apr. 09, 2025
Feb. 18, 2025
Mar. 10, 2025
Debt Instrument [Line Items]      
Debt instrument, face amount     $ 2,000
Senior notes, 4.000% due February 2025      
Debt Instrument [Line Items]      
Repayments of debt   $ 500  
Senior notes, 5.400% due April 2035      
Debt Instrument [Line Items]      
Debt instrument, face amount     1,000
Senior notes, 5.950% due April 2055      
Debt Instrument [Line Items]      
Debt instrument, face amount     $ 1,000
Senior notes, 4.875% due June 2025 | Subsequent Event      
Debt Instrument [Line Items]      
Repayments of debt $ 1,189    
Senior notes, 4.875% due June 2025 | MarkWest | Subsequent Event      
Debt Instrument [Line Items]      
Repayments of debt $ 11    
v3.25.1
Debt (Available Capacity under our Facilities) (Details)
$ in Millions
Mar. 31, 2025
USD ($)
MPC bank revolving credit facility due July 2027  
Debt Instrument [Line Items]  
Total Capacity $ 5,000
Outstanding Borrowings 0
Outstanding Letters of Credit 1
Available Capacity $ 4,999
Weighted Average Interest Rate 0.00%
MPC trade receivables securitization facility due September 2027  
Debt Instrument [Line Items]  
Total Capacity $ 100 [1]
Outstanding Borrowings 0
Outstanding Letters of Credit 0
Available Capacity $ 100
Weighted Average Interest Rate 0.00%
Maximum borrowing capacity $ 100
MPLX LP | MPLX bank revolving credit facility due July 2027  
Debt Instrument [Line Items]  
Total Capacity 2,000
Outstanding Borrowings 0
Outstanding Letters of Credit 0
Available Capacity $ 2,000
Weighted Average Interest Rate 0.00%
[1] The committed borrowing and letter of credit issuance capacity under the trade receivables securitization facility is $100 million. In addition, the facility allows for the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks.
v3.25.1
Revenue (Disaggregated by Product Line) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Sales and other operating revenues [1] $ 31,517 $ 32,706
Refining & Marketing    
Sales and other operating revenues [1] 29,457 30,974
Refining & Marketing | Refined products    
Sales and other operating revenues 27,427 28,737
Refining & Marketing | Crude oil    
Sales and other operating revenues 1,565 1,788
Refining & Marketing | Services and other    
Sales and other operating revenues 465 449
Midstream    
Sales and other operating revenues [1] 1,441 1,221
Midstream | Refined products    
Sales and other operating revenues 530 373
Midstream | Services and other    
Sales and other operating revenues 911 848
Renewable Diesel    
Sales and other operating revenues 619 511
Renewable Diesel | Refined products    
Sales and other operating revenues 615 510
Renewable Diesel | Services and other    
Sales and other operating revenues $ 4 $ 1
[1] Includes sales to related parties. See Note 6 for additional information. See Note 17 for the disaggregation of our revenue from external customers by segment and product line.
v3.25.1
Revenue (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Matching buy/sell receivables $ 5,180
v3.25.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net cash provided by operating activities included:    
Interest paid (net of amounts capitalized) $ 344 $ 359
Net income taxes paid to (received from) taxing authorities 85 [1] (22)
Non-cash investing and financing activities:    
Contribution of assets 115 [2] $ 0
Income tax credits and adjustments $ 111  
[1] 2025 includes $111 million paid to third parties for transferable tax credits.
[2] Represents the book value of assets contributed by MPLX to a joint venture.
v3.25.1
Supplemental Cash Flow Information (Reconciliation of Additions to Property, Plant and Equipment to Total Capital Expenditures) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]    
Additions to property, plant and equipment per the consolidated statements of cash flows $ 663 $ 585
Decrease in capital accruals (19) (74)
Capital expenditures [1] $ 644 $ 511
[1] Includes changes in capital expenditure accruals. See Note 18 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the three months ended March 31, 2025 and 2024 as reported in the consolidated statements of cash flows.
v3.25.1
Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Environmental credits liability $ 437 $ 422
Accrued interest payable 289 314
Other current liabilities 356 419
Total other current liabilities $ 1,082 $ 1,155
v3.25.1
Accumulated Other Comprehensive Income (Loss) (Changes in Accumulated Other Comprehensive Loss by Component) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Accumulated other comprehensive (income) loss, other, after tax, beginning balance $ (1) $ 1
Accumulated other comprehensive loss, beginning balance (114) (131)
Other comprehensive income (loss), before reclassifications, net of tax 8 (2)
Amounts reclassified from accumulated other comprehensive loss:    
Amortization of prior service credit (8) (13)
Amortization of actuarial (gain) loss 4 1
Tax effect 1 2
Other comprehensive loss 5 (12)
Accumulated other comprehensive (income) loss, other, after tax, ending balance (1) (2)
Accumulated other comprehensive loss, ending balance (109) (143)
Other comprehensive income (loss) before reclassifications, tax 2 (1)
Pension Benefits    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Accumulated other comprehensive (income) loss, defined benefit plan, after tax, beginning balance (235) (261)
Amounts reclassified from accumulated other comprehensive loss:    
Accumulated other comprehensive (income) loss, defined benefit plan, after tax, ending balance (228) (265)
Other Benefits    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Accumulated other comprehensive (income) loss, defined benefit plan, after tax, beginning balance 122 129
Amounts reclassified from accumulated other comprehensive loss:    
Accumulated other comprehensive (income) loss, defined benefit plan, after tax, ending balance 120 124
Accumulated Defined Benefit Plans Adjustment | Pension Benefits    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other comprehensive income (loss), before reclassifications, net of tax 5 2
Amounts reclassified from accumulated other comprehensive loss:    
Amortization of prior service credit [1] (2) (8)
Amortization of actuarial (gain) loss [1] 4 1
Tax effect 0 1
Other comprehensive loss 7 (4)
Accumulated Defined Benefit Plans Adjustment | Other Benefits    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other comprehensive income (loss), before reclassifications, net of tax 3 (1)
Amounts reclassified from accumulated other comprehensive loss:    
Amortization of prior service credit [1] (6) (5)
Amortization of actuarial (gain) loss [1] 0 0
Tax effect 1 1
Other comprehensive loss (2) (5)
Other    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other comprehensive income (loss), before reclassifications, net of tax 0 (3)
Amounts reclassified from accumulated other comprehensive loss:    
Tax effect 0 0
Other comprehensive loss $ 0 $ (3)
[1] These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 21.
v3.25.1
Pension and Other Postretirement Benefits (Components of Net Periodic Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pension Benefits    
Components of net periodic benefit cost:    
Service cost $ 55 $ 54
Interest cost 37 30
Expected return on plan assets (37) (37)
Amortization of prior service credit (2) (8)
Amortization of actuarial loss 4 1
Net periodic benefit cost 57 40
Other Benefits    
Components of net periodic benefit cost:    
Service cost 5 5
Interest cost 9 8
Amortization of prior service credit (6) (5)
Net periodic benefit cost $ 8 $ 8
v3.25.1
Pension and Other Postretirement Benefits (Additional Information) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Employer contributions $ 36
Other Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Benefits paid 3
Other Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Benefits paid $ 12
v3.25.1
Commitments and Contingencies (Environmental Matters) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Accrued liabilities for remediation $ 357 $ 364
Receivables for recoverable costs $ 4 $ 6
v3.25.1
Commitments and Contingencies (Other Legal Proceedings) (Details) - USD ($)
$ in Millions
 1 Months Ended
Dec. 15, 2020
Jul. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Loss contingency, damages sought, value   $ 187
Loss contingency, damages paid, value $ 4  
v3.25.1
Commitments and Contingencies (Guarantees) (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Other Guarantees  
Loss Contingencies [Line Items]  
Maximum potential undiscounted payments $ 232
LOOP and LOCAP LLC | Guarantee of Indebtedness of Others | Financial Guarantee  
Loss Contingencies [Line Items]  
Maximum potential undiscounted payments $ 212
Bakken Pipeline System | Indirect  
Loss Contingencies [Line Items]  
Ownership percentage 9.19%
Bakken Pipeline System | Guarantee of Indebtedness of Others | Financial Guarantee  
Loss Contingencies [Line Items]  
Maximum potential undiscounted payments $ 78