Marathon Petroleum

Findlay, OH-based Marathon Petroleum Corporation is a leading independent refiner, transporter and marketer of petroleum products. The company, in its current form, came into existence following the 2011 spin-off of Houston, TX-based Marathon Oil Corporation’s refining/sales business into a separate, independent and publicly-traded entity. In October 2018, Marathon Oil completed the acquisition of its rival Andeavor in a $23.3 billion deal, thereby becoming the nationwide largest refining company by market capitalization. The deal also made the company the largest U.S. refiner and the fifth largest in the world by capacity.

Marathon Petroleum operates in two segments: Refining and Marketing and Pipeline Transportation.

Refining and Marketing: The unit’s operations include 16 refineries, located in the West Coast, Gulf Coast and the Mid-Continent regions of the United States, having a combined crude processing capacity of more than 3 million barrels per day. Additionally, Marathon Petroleum – through its marketing organization – sells transportation fuels, asphalt and specialty products throughout the country to support commercial, industrial and retail operations. In 2021, the Refining & Marketing segment recorded a profit of $1 billion.

Midstream: This unit mainly reflects Marathon Petroleum’s general partner and majority limited partner interests in MPLX LP and Andeavor Logistics LP - publicly-traded master limited partnerships that own and operate gathering and processing assets along with crude transportation and logistics infrastructure. Marathon Petroleum owns 63.6% each of MPLX’s and ANDX’s common units. The 'Midstream' segment reported total earnings of $4.1 billion in 2021.

Last year, Marathon Petroleum sold its Speedway business to Japanese retail group Seven & i Holdings – owner of the 7-Eleven convenience store chain – for $21 billion.

As of Dec 31, the company had cash and cash equivalents of $5.3 billion and a total debt, including that of MPLX, of $25.5 billion.

In 2020 Marathon Petroleum had approximately 12,000 retail and marketing locations in North America, before selling Speedway to 7-Eleven in May 2021, which represented approx. 3,800 locations.