Slide 1: Third Quarter 2025 Earnings Conference Call
THIRD QUARTER 2025 Earnings Conference Call November 4, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS MPC | 3Q 2025 This presentation contains forward-looking statements regarding Marathon Petroleum Corporation (MPC). These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning its business and operations, fin
Slide 3: Third Quarter Business Update
THIRD QUARTER BUSINESS UPDATE MPC | 3Q 2025 $2.4 billion of Cash Flow from Operations, excl. Changes in Working Capital(a), demonstrating Refining & Marketing strength and Midstream growth $2.8 billion of expected annual distributions Compelling from MPLX, more than covering MPC’s annual Value Propo
Slide 4: Third Quarter Highlights
THIRD QUARTER HIGHLIGHTS MPC | 3Q 2025 3Q 3RD QUARTER 2025 $ Millions (unless otherwise noted) Adjusted Earnings per Share ($/share) (a)(b) $3.01 Adjusted EBITDA(b) $3,206 R&M Segment Adj EBITDA per Barrel $6.37 Cash Flow from Operations, $2,387 excl. Changes in Working Capital(b) Total Return of Ca
Slide 5: Adjusted EBITDA to Net Income
ADJUSTED EBITDA TO NET INCOME MPC | 3Q 2025 Adjusted EBITDA Reconciliation to Net Income 774 3,286 68 17 3,206 -128 -37 -1,267 -770 1,370 -573 2Q 2025 Refining & Midstream Renewable Corporate 3Q 2025 Transaction Turnaround Interest Noncontrolling 3Q 2025 Adj. EBITDA Marketing Diesel Adj. EBITDA Gain
Slide 6: Refining & Marketing Segment Highlights
REFINING & MARKETING SEGMENT MPC | 3Q 2025 HIGHLIGHTS 224 1,890 1,762 -133 96% capture -121 -60 -37 -1 95% utilization Strong operational execution 2Q 2025 USGC Mid-Con West Coast Operating Distribution Other 3Q 2025 Segment Margin Margin Margin Costs Costs Segment Adj. EBITDA (a) Adj. EBITDA ($MM)
Slide 7: Refining & Marketing Margin
REFINING & MARKETING MARGIN MPC | 3Q 2025 5,500 5,070 KEY DRIVERS 5,000 4,865 -205 100% 96% Clean product margin 4,500 headwinds 4,000 Seasonal product builds 3,500 Minor capture impact from RHU(c) downtime, consistent with expectations 3,000 3Q25 R&M Capture 3Q25 R&M Margin Indicator Impact Margin
Slide 8: Midstream Segment Highlights
MIDSTREAM SEGMENT MPC | 3Q 2025 HIGHLIGHTS 67 1 1,709 1,641 Executing value chain growth strategy 5% growth in Segment Adj. EBITDA year-over-year Sequential increase driven by: ▪ Contributions from recent acquisitions ▪ Higher throughputs and rates 2Q 2025 MPLX Other 3Q 2025 Segment Midstream Segmen
Slide 9: Renewable Diesel Segment Highlights
RENEWABLE DIESEL SEGMENT MPC | 3Q 2025 HIGHLIGHTS -19 86% utilization Weaker margin environment 2 3 -56 -41 -1 2Q 2025 Operating Operating Distribution Other 3Q 2025 Segment Margin Costs Costs (a) Segment Adj. EBITDA Adj. EBITDA ($MM) ($MM) (a) Includes income/loss from equity method investments. 9
Slide 10: Total Consolidated Cash Flow
TOTAL CONSOLIDATED CASH FLOW MPC | 3Q 2025 Includes MPLX acquisitions of 222 $3.1 billion 2,387 MPLX 3,759 MPC -240 604 3,600 3,519 -276 -466 2,654 Includes ethanol JV divestiture -650 proceeds of $427 million MPLX 1,765 1,673 1,600 MPLX 1,386 MPC 889 MPC 287 -4,359 -400 6/30/2025 Cash Flow Changes
Slide 11: Fourth Quarter 2025 Outlook
FOURTH QUARTER 2025 OUTLOOK MPC | 3Q 2025 Gulf Coast Mid-Con West Coast R&M Total Crude Throughput 1,165 1,055 455 2,675 MBPD Other Charge / Blendstocks 155 85 65 230 MBPD Total Throughput 1,320 1,140 520 2,905 MBPD Utilization 94% 90% 82% 90% Sweet Crude 50% 80% 40% 60% % of Throughput Sour Crude 5
Slide 12: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS MPC | 3Q 2025 Dedicated to cultivating a Safety is our top priority - Producing a renewable diesel empowering our people with the that typically exceeds safe, collaborative work resources, skills, training and authority 50% lower environment while promoting an to make the r
Slide 13: Midstream Differentiation
MIDSTREAM DIFFERENTIATION MPC | 3Q 2025 Sustaining Share Dividend Growth Capital Capital Repurchases Disciplined Return all excess Maintain safety and Secure, competitive, approach to capital capital through share reliability of assets and growing investment repurchases $2.8 billion(a) annualized di
Slide 14: 2025: Committed to Creating Exceptional Value
2025: COMMITTED TO CREATING MPC | 3Q 2025 EXCEPTIONAL VALUE Prioritizing Peer-leading: Safety and reliability Operational excellence Commercial performance Compelling Profitability per barrel Value Proposition Strong through-cycle ← cash flow Durable midstream growth Strategic Commitments: delivers
Slide 15: Appendix
APPENDIX
Slide 16: Balance Sheet: Foundation for Strategy Execution
BALANCE SHEET: MPC | 3Q 2025 FOUNDATION FOR STRATEGY EXECUTION MPC SENIOR NOTES MATURITIES (a) MPC MPC MPLX 3 NEXT 10 YEARS Excluding Consolidated Adjustments (c) MPLX As of September 30, 2025 ($ Millions except ratio data) 2 $ Billions Cash (d) $2,654 $1,765 $889 APPENDIX 1 Total Debt $32,844 $25,6
Slide 17: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT ADJUSTED EBITDA MPC | 3Q 2025 Volume + $236 Product + $509 259 Crude - $950 92 4,884 4,865 -165 -205 APPENDIX -1,546 17 1,762 -1,574 Blended Sweet Sour Market Other R&M Margin Operating Distribution Other R&M Crack Differential Differential Structure Margin ($MM) Costs C
Slide 18: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT ADJUSTED EBITDA MPC | 3Q 2025 530 -18 -2 -87 1,890 1,762 -453 -60 -37 -1 Volume - $33 Product - $397 APPENDIX Crude - $23 2Q 2025 Blended Sweet Sour Market Other Operating Distribution Other 3Q 2025 Segment Crack Differential Differential Structure Margin Costs Costs Seg
Slide 19: Income Summary for Operations
INCOME SUMMARY FOR OPERATIONS MPC | 3Q 2025 2024 2025 ($ Millions unless otherwise noted) 1Q 2Q 3Q 4Q 1Q 2Q 3Q Refining & Marketing segment income (loss) 895 1,387 401 (38) (371) 1,235 936 Midstream segment income 1,246 1,275 1,275 1,343 1,369 1,292 1,340 Renewable Diesel segment income (loss) (129)
Slide 20: Net Income to Adjusted Net Income Reconciliation
RECONCILIATION MPC | 3Q 2025 NET INCOME ATTRIBUTABLE TO MPC TO ADJUSTED NET INCOME ATTRIBUTABLE TO MPC (a) Small Refinery Exemption (“SRE”) 2025 credit under the Renewable Fuel Standard program ($ Millions unless otherwise noted) 3Q Net income attributable to MPC 1,370 (b) Income taxes for the three
Slide 21: Cash Flow From Operations, Excluding Changes in Working Capital
RECONCILIATION MPC | 3Q 2025 CASH FLOW FROM OPERATIONS, EXCLUDING CHANGES IN WORKING CAPITAL 2025 2025 ($ Millions) 3Q 3Q YTD Cash provided by operating activities 2,609 5,184 APPENDIX Less changes: Current receivables 645 706 Inventories 253 (285) Current liabilities and other current assets (689)
Slide 22: Segment Income From Operations to Adjusted EBITDA
RECONCILIATION MPC | 3Q 2025 SEGMENT INCOME FROM OPERATIONS TO SEGMENT ADJUSTED EBITDA AND ADJUSTED EBITDA 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q Refining & Marketing Segment Segment income (loss) from operations 895 1,387 401 (38) (371) 1,235 936 Add: Depreciation and amortization 444 453 448
Slide 23: Net Income to Adjusted EBITDA
RECONCILIATION MPC | 3Q 2025 NET INCOME (LOSS) ATTRIBUTABLE TO MPC TO ADJUSTED EBITDA 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q Net income (loss) attributable to MPC 937 1,515 622 371 (74) 1,216 1,370 APPENDIX Net income attributable to noncontrolling interests 375 440 393 414 420 394 573 Provisio
Slide 24: Refining & Marketing Adjusted EBITDA Reconciliation
RECONCILIATION MPC | 3Q 2025 REFINING & MARKETING SEGMENT ADJUSTED EBITDA TO REFINING & MARKETING GROSS MARGIN AND REFINING & MARKETING MARGIN 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q Refining & Marketing segment adjusted EBITDA 1,986 2,022 1,136 559 489 1,890 1,762 Plus (Less) : Depreciation and
Slide 25: Renewable Diesel Segment Adjusted EBITDA Reconciliation
RECONCILIATION MPC | 3Q 2025 RENEWABLE DIESEL SEGMENT ADJUSTED EBITDA TO RENEWABLE DIESEL GROSS MARGIN AND RENEWABLE DIESEL MARGIN 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q Renewable Diesel segment adjusted EBITDA (90) (27) (61) 28 (42) (19) (56) Plus (Less) : Depreciation and amortization (16) (1