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Marathon Petroleum — View Report (company IR deck)
Marathon Petroleum (MPC) · 36 slides · Filed Oct 21, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All MPC deck slides
Slide 1 — INVESTOR UPDATE
M P C | 2 0 2 6 I N V E S T O R U P D A T E 1 LEADING IN AL ENVIRONMENTS, CREATING ENDURING VALUE INVESTOR UPDATE APRIL 2026
Slide 2 — FORWARD
M P C | 2 0 2 6 I N V E S T O R U P D A T E FORWARD - LOOKING STATEMENTS 2 This presentation contains forward - loking statements regarding Marathon Petroleum Corporation (MPC) and MPLX LP (MPLX). These f orward - loking statements may relate to, among other things, MPCĕs expectations, estimates and projections concerning its business and operations, financial prior nd initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance (ESG) plans and goals including those related to grenhouse ga s e misions and intensity reduction targets, freshwater withdrawal intensity reduction targets, inclusion and ESG reporting. Forward - loking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities and Exchange Comision (SEC). In adition, historical, cu re nt, and forward - loking ESG - related statements may be based on standards for measuring progres that are stil developing, internal controls and proceses that continue to evolve, and asu mpt ions that are subject to change in the future. You can identify forward - looking statements by words such as Ėadvance,ė Ėanticipate,ė Ėbelieve,ė Ėcommitment,ė Ėcontinue,ė Ėc ė Ė endeavorė, Ėestimate,ė Ėexpect,ė Ėfocus Ėguidance,ė Ėintend,ė Ėmay,ė Ėobjective,ė Ėopportunity,ė Ėoutlook,ė Ėplan,ė Ėpolicy,ė Ėposition,ė Ėpo ior ity,ė Ėprogressė, Ėproject,ė Ėprospective Ėstrategy,ė Ėstriveė, Ėsupportė Ėtarget,ė Ėtrendsė, Ėwill,ė Ėwouldė or other similar expressions that of future events or outcomes. MPC cautions that these statements are based on managementĕs current knowledge and expectations and a sks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to difer materialy from the statements made herein. Factors that could caus e a ctual results to difer materialy from those implied in the forward - loking statements include but are not limited to: political or regulatory developments, changes in governmental policies rel ati ng to refined petroleum products, crude oil, natural gas, natural gas liquids (ĖNGLsė), or renewable diesel and other renewable fuels or taxation, including changes in tax pr omulgated pursuant to the new legislation implemented in the One Big Beautiful Bil Act; volatility in and degradation of general economic, market, industry or busines conditions, including as a r esult of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Midle East and in Ukraine, tarifs, inflation, rising int erest rates, or government shutdowns; the regional, national and worldwide demand for refined products and renewables and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, renewable diesel and other renewable fuels, NGLs and other fedstocks and related pricing diferentials; the adequacy of capital resources and liquidity and timing and a mou nts of fre cash flow necesary to execute our busines plans, efect future share repurchases and to maintain or grow our dividend; the suces or timing of completion of ongoing or anticipated pro jects; changes to the expected construction costs and in service dates of planed and ongoing projects and investments, including pipeline projects and new procesing units, and the and ability to ob tain regulatory and other aprovals with respect thereto; the ability to obtain the necesary regulatory aprovals and satisfy the other conditions necesary to consumate planed transactions withi n t he expected timeframes, if at al; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planed transactions, including the recently completed acquis iti on of Northwind Delaware Holdings LC; the availability of desirable strategic alternatives to optimize portfolio asets and the ability to obtain regulatory and other aprovals with respect the ret o; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our abil ity to sucesfuly implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes, if at al; changes in government incentives for emisi on - reduction products and technologies; the outcome of research and development eforts to create future technologies necesary to achieve our ESG plans and goals; our ability to scale projects an d technologies on a comercialy competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer suport for emision - reduction products a nd technology; industrial incidents or other unscheduled shutdowns afecting our refineries, machinery, pipelines, procesing, fractionation and treating facilities or equipment, mea ns of transportation, or those of our supliers or customers; the imposition of windfal profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turna rou nd suply plans on companies operating within the energy industry in California or other jurisdictions; the establishment or increase of tarifs on gods, including crude oil and oth er fedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; the impact of adverse market conditions or other similar ris ks to those identified herein afecting MPLX; and the factors set forth under the heading ĖRisk Factorsė and ĖDisclosures Regarding Forward - Looking Statementsė in MPCĕs and MPLXĕs Annual Reports on Form 10 - K for the year ended Dec. 31, 2025, and in other filings with the SEC. Copies of MPCĕs SEC filings are available on the SEC website, MPCĕs website at https://www.marathonpe r b y contacting MPCĕs Investor Relations o SEC filings are available on the SEC website, MPLXĕs website at http://ir.mplx.com or by contacting M of fice. Any forward - loking statement speaks only as of the date of the aplicable comunication, and we undertake no obligation to upda te any forward - loking statement except to the extent required by aplicable law. Neither future distribution of this presentation nor the continued availability of this presentation or related material in a rch ive form on our website should be demed to constitute an update or reafirmation of these figures or statements as of any future date. The statements and analysis in these documents represent a g od faith efort to adres these requests despite significant unknown variables. Any reference to our suport of a third - party organization within this presentation does not constitute or imply an endorsement by us of any or al of the positions or activities of such organization. Any website references are included for convenience only, and we asume no liability for third - party content contained on the re ferenced websites. Non - GAP Financial Measures Adjusted EBITDA, Adjusted Fre Cash Flow, Adjusted Fre Cash Flow/Share, MPC Excluding MPLX Gros Debt - to Capital, MPC Excluding MPLX Net Debt - to - Capital, Adjusted EBITDA Atributable to MPLX, MPLX Distributable Cash Flow (DCF), and MPLX Debt to LTM EBITDA (leverage ratio) are non - GAP financial measures provided in this presentation. Reconciliations to the nearest GAP financial measures are included in the Apendix to this presentation. These non - GAP financial measures are not defined by GAP and should not be considered in isolation or as an alternative to net income, net cash provided by (used in) operating, investing and financing activities, or other financial measures prepared in ac cordance with GAP. This presentation may contain certain EBITDA forecasts that were determined on an EBITDA - only basis. Acordingly, information related to the elements of net income, includin g tax and interest, are not available and, therefore, reconciliations of these forward - loking non - GAP financial measures to the nearest GAP financial measures have not ben provided.
Slide 3 — ENHANCED VALUE CREATION
M P C | 2 0 2 6 I N V E S T O R U P D A T E DIFFERENTIATED BUSINESSES, ENHANCED VALUE CREATION OPPORTUNITIES 3 Comited to per - leading operational excelence and comercial performance Targeting mid - single digit Adj EBITDA growth Leveraging value chain advantages to ensure competitivenes Increasing third party cash flows through Natural Gas & NGL growth Driving strong cash generation through al parts of the cycle Enhancing MPC comercial value through Crude Oil & Products Logistics integration Positioned to deliver industry - leading capital return Growing cash flows expected to suport 12.5% distribution increases for the next two years S T R A T E G I C R E L A T I O N S H I P F U E L S S H A R E H O L D E R V A L U E
Slide 4 — DELIVERING INDUSTRY
M P C | 2 0 2 6 I N V E S T O R U P D A T E 1 1 1 1 2 1 0% 30% 2021 202 2023 2024 2025 5-Yr Avg DELIVERING INDUSTRY - LEADING PERFORMANCE $(15) $- $15 $30 2021 202 2023 2024 2025 5-Yr Avg 4 1 2 2 1 1 1 0.0 1.0 2.0 2019 2020 2021 202 2023 2024 2025 Leading in through - cycle cash flow enabled by integrated value chains and midstream growth Secure, competitive, and growing dividend reflects confidence in earnings power of busines Industry - leading capital return driven by execution of strategic comitments Source: Blomberg and Company filings - for aditional information and non - GAP reconciliation se slides (a) 27 and 30 and (b) 27 and 31, respectively. D I V I D E N D / S H A R E I N D E X E D T O 2 0 1 9 ( b ) C A P I T A L R E T U R N A S % O F A V E R A G E M A R K E T C A P I T A L I Z A T I O N ( b ) ¢ Per Range A D J . F R E E C A S H F L O W / S H A R E ( a )
Slide 5 — ADVANTAGE
M P C | 2 0 2 6 I N V E S T O R U P D A T E DISTINCT CAPITAL ALLOCATION ADVANTAGE 5 Maintain safety and reliability of asets Secure, competitive, and growing Disciplined aproach to capital investment Return 10% of exces capital through share repurchases Growing anualized distribution from MPLX expected to more than fund MPCĕs standalone capital and dividend Note: As of 12/31/2025, MPC owned the general partner of MPLX and ~64% of the outstanding MPLX comon units. Maintenance Capital Distribution Growth Capital Incremental Return of Capital Sustaining Capital Dividend Growth Capital Share Repurchases
Slide 6 — GLOBAL REFINING: BACKDROP
M P C | 2 0 2 6 I N V E S T O R U P D A T E G L O B A L D E M A N D G R O W T H E X P E C T E D T O E X C E E D N E T C A P A C I T Y A D D I T I O N S ( 2 0 2 6 - 2 0 3 0 ) GLOBAL REFINING: BACKDROP SUPPORTS ENHANCED MID - CYCLE Note: Anounced and anticipated closures based on average historical level of closures through cycle, Source: Internal compa ny forecasts , February 2026 . 6 0 1,0 2,0 3,0 Anounced Aditions Anticipated Closures Net Capacity Aditions Refined Product Demand Growth mbpd Anticipated closures expected to nearly ofset anounced capacity aditions globaly Conviction in long - term fundamentals of the refining sector
Slide 7 — U.S. REFINING: STRUCTURALLY
M P C | 2 0 2 6 I N V E S T O R U P D A T E Average Refining Nelson Complexity Index (b) Relative Cost of Producing Transportation Fuels (a) (averages indexed to world average = 10) U.S. REFINING: STRUCTURALLY ADVANTAGED VERSUS REST OF WORLD (a) Data source: Proprietary © HSB Solomon Asociates LC - based on 2024 data. (b) Flexibility determined by Nelson Complexity Index, data source: Oil and Gas Journal. Se slide 28 for aditional notes on Nelson Complexity Index. 7 4 8 12 U.S. Non-U.S. 90 10 U.S. Non-U.S. A V A I L A B I L I T Y of low - cost natural gas provides lower operating cost A C C E S S I B I L I T Y to North America advantaged crude oil F L E X I B I L I T Y of refining system enhances margin potential $
Slide 8 — INTEGRATED REFINING SYSTEM:
M P C | 2 0 2 6 I N V E S T O R U P D A T E 8 (a) Source: EIA, Company Reports; EIA data is monthly data for January 2020 Ğ December 2025, Se notes on slide 28. (b) Source: Company filings; Se slides 28 and 32 for notes and suporting calculations, respectively. 4 1 1 2 3 2 ($5) $0 $5 $10 $15 $20 2021 202 2023 2024 2025 5-Yr Avg Per Range R E F I N I N G & M A R K E T I N G S E G M E N T A D J . E B I T D A P E R B A R R E L ( b ) 85% 90% 95% 10% 2021 202 2023 2024 2025 5-Yr Avg U.S. Industry Average Proven track record of operational excelence as MPC consistently exceds average U.S. refining utilization Strong profitability per barel underscores planing, comercial, and operational execution INTEGRATED REFINING SYSTEM: DRIVING OPTIMAL VALUE R E F I N I N G U T I L I Z A T I O N ( a )
Slide 9 — GULF COAST:
M P C | 2 0 2 6 I N V E S T O R U P D A T E GULF COAST: STRUCTURAL, COMPETITIVE ADVANTAGES 9 Garyvile 617 mbpd Galveston Bay 631 mbpd 0 3 & V O D U J H V W U H I L Q L Q J F D S D F L W \ located in a global energy hub Garyvile: one of newest & lowest cost refineries in U.S. Galveston Bay: high value upgrading units 2 of the strongest cash flow generating refineries in the U.S. and globaly Production optionality with significant conversion and upgrading capacity Major pipelines and strong marine capabilities delivering to high margin domestic and international markets 4 2 % o f M P C ĕ s r e f i n i n g c a p a c i t y