Marathon Petroleum Corporation · NYSE:MPC
Marathon Petroleum — Q4 2025 Earnings Presentation
31 slides from Marathon Petroleum's earnings presentation, Feb 3, 2026
Slide 1: Fourth Quarter 2025 Earnings Conference Call
MPC | 4Q 2025 FOURTH QUARTER 2025 EARNINGS CONFERENCE CALL February 3, 2026 1
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS MPC | 4Q 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: 2025: Execution of Commitments
2025: EXECUTION OF COMMITMENTS MPC | 4Q 2025 94% utilization reflecting operational excellence Strong Through- capture demonstrating strong commercial 105% Cycle Cash Flow execution $5.63/bbl R&M Segment Adj EBITDA per barrel 5% 3-yr Midstream Segment Adj EBITDA CAGR Durable 12.5% increase in MPLX q
Slide 4: 2026: Value Enhancing Investments
2026: VALUE ENHANCING INVESTMENTS MPC | 4Q 2025 2025 2026 $1.5 billion of MPC standalone capital spend, excl. MPLX; ACTUAL OUTLOOK with ~$700 million focused on refining value enhancing opportunities $ Millions Refining & Marketing 1,580 1,410 Refining 865 710 Multi-year investments continue at Galv
Slide 5: Refining Value Enhancing Capital
REFINING VALUE ENHANCING CAPITAL MPC | 4Q 2025 Projects extend competitive position with targeted return of 25% or more NEW Refinery Project Description Target Completion 2026 Capital Outlook Optimizes feedstock slate to enhance Garyville YE27 $110 MM margin Shifts yields to export premium Garyville
Slide 6: MPLX: Platform for Growth
MPLX: PLATFORM FOR GROWTH MPC | 4Q 2025 $2.7 B capital outlook for 2026 2026 SPEND ASSOCIATED ~$2.4 B growth WITH NG & NGL ~$0.3 B maintenance PROJECTS: Southwest: 200 2,700 ▪ $950 MM: Two Gulf Coast fractionation 2,200 facilities and LPG export terminal ▪ $400 MM: Completion of Delaware basin sour
Slide 7: 4Q & FY 2025 Highlights
4Q & FY 2025 HIGHLIGHTS MPC | 4Q 2025 4Q FY 4TH QUARTER FISCAL YEAR 2025 2025 $ Millions (unless otherwise noted) Adjusted Earnings per Share $4.07 $10.70 ($/diluted share)(a) Adjusted EBITDA $3,489 $11,956 R&M Segment Adj EBITDA per Barrel $7.15 $5.63 Cash Flow from Operations, $2,736 $8,738 excl.
Slide 8: Adjusted EBITDA to Net Income
ADJUSTED EBITDA TO NET INCOME MPC | 4Q 2025 Adjusted EBITDA Reconciliation to Net Income 472 1,438 3,489 -27 -21 -21 -1,267 2,120 -715 1,535 -444 4Q 2024 Refining & Midstream Renewable Corporate 4Q 2025 Transaction Turnaround Interest Noncontrolling 4Q 2025 Adj. EBITDA Marketing Diesel Adj. EBITDA G
Slide 9: Refining & Marketing Segment
REFINING & MARKETING SEGMENT MPC | 4Q 2025 302 -144 33 1,997 742 -123 114% capture 628 95% utilization Strong operational and commercial 559 execution 4Q 2024 USGC Mid-Con West Coast Operating Distribution Other 4Q 2025 Segment Margin Margin Margin Costs Costs Segment Adj. EBITDA (a) Adj. EBITDA ($M
Slide 10: Refining & Marketing Margin
REFINING & MARKETING MARGIN MPC | 4Q 2025 5,500 612 5,132 Clean product yield 5,000 optimization 4,520 4,500 Stronger clean product margins 4,000 Headwinds from planned downtime 3,500 100% 114% 3,000 4Q25 R&M Capture 4Q25 R&M Margin Indicator Impact Margin ($MM) (a) ($MM) (a) Capture reflects the pe
Slide 11: Midstream Segment
MIDSTREAM SEGMENT MPC | 4Q 2025 Executing value chain 1,707 1,680 growth strategy -13 -14 5% 3-yr CAGR in full- year Segment Adj. EBITDA Year-over-year 4Q decline driven by: • Asset divestitures • Partially offset by higher rates and volumes 4Q 2024 MPLX Other 4Q 2025 Segment Midstream Segment Adj.
Slide 12: Renewable Diesel Segment
RENEWABLE DIESEL SEGMENT MPC | 4Q 2025 28 -4 94% utilization -3 -4 Weaker margin environment 7 -10 4Q 2024 Operating Operating Distribution Other 4Q 2025 Segment Margin Costs Costs (a) Segment Adj. EBITDA Adj. EBITDA ($MM) ($MM) (a) Includes income/loss from equity method investments. 12
Slide 13: Total Consolidated Cash Flow
TOTAL CONSOLIDATED CASH FLOW MPC | 4Q 2025 333 5,600 2,736 228 980 -300 -1,424 -25 3,672 3,600 -509 -1,001 2,654 MPLX 2,137 MPLX 1,600 1,765 MPC 1,535 MPC 889 -400 9/30/2025 Cash Flow Changes in Capital Changes Return of Proceeds Other Dividends Share 12/31/2025 Cash + from Working Expenditures, in
Slide 14: First Quarter 2026 Outlook
FIRST QUARTER 2026 OUTLOOK MPC | 4Q 2025 Gulf Coast Mid-Con West Coast R&M Total Crude Throughput 1,040 1,010 490 2,540 MBPD Other Charge / Blendstocks 160 80 60 200 MBPD Total Throughput 1,200 1,090 550 2,740 MBPD Utilization 83% 85% 89% 85% Sweet Crude 40% 70% 35% 50% % of Throughput Sour Crude 60
Slide 15: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS MPC | 4Q 2025 Producing a renewable diesel Safety is our top priority - that typically exceeds Dedicated to cultivating a empowering our people with the resources, skills, training and authority 50% lower safe, collaborative work environment while promoting an to make the r
Slide 16: Midstream Differentiation
MIDSTREAM DIFFERENTIATION MPC | 4Q 2025 Sustaining Growth Share Dividend Capital Capital Repurchases Disciplined Return 100% of excess Maintain safety and Secure, competitive, approach to capital capital through share reliability of assets and growing investment repurchases $2.8 billion(a) annualize
Slide 17: Committed to Creating Exceptional Value
COMMITTED TO CREATING MPC | 4Q 2025 EXCEPTIONAL VALUE INVESTMENT RATIONALE Strong through-cycle Optimize portfolio today → future cash flow Leverage value chain advantages Ensure competitive assets STRATEGIC Invest in our best-in-class talent Durable midstream COMMITMENTS growth delivers cash flow u
Slide 18: Appendix
MPC | 4Q 2025 18 APPENDIX
Slide 19: Balance Sheet: Foundation for Strategy Execution
BALANCE SHEET: MPC | 4Q 2025 FOUNDATION FOR STRATEGY EXECUTION MPC SENIOR NOTES MATURITIES (a) MPC MPC MPLX 3 NEXT 10 YEARS Excluding Consolidated Adjustments (c) MPLX As of December 31, 2025 ($ Millions except ratio data) 2 $ Billions Cash (d) $3,672 $2,137 $1,535 1 Total Debt $32,876 $25,653 $7,22
Slide 20: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT MPC | 4Q 2025 ADJUSTED EBITDA 612 5,132 376 86 4,115 -57 Volume + $208 Product + $1,258 Crude - $854 -1,593 54 1,997 -1,596 Blended Sweet Sour Market Other R&M Margin Operating Distribution Other R&M Crack Differential Differential Structure Margin ($MM) Costs Costs Segm
Slide 21: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT MPC | 4Q 2025 ADJUSTED EBITDA 35 70 1,605 29 33 1,997 -67 -144 Volume - $98 -123 Product $250 Crude - $82 559 4Q 2024 Blended Sweet Sour Market Other Operating Distribution Other 4Q 2025 Segment Crack Differential Differential Structure Margin Costs Costs Segment Adjuste
Slide 22: Reconciliation: Payout of Cash from Operations
RECONCILIATION MPC | 4Q 2025 MPC PAYOUT OF CASH FROM OPERATIONS, EXCLUDING CHANGES IN WORKING CAPITAL Year Ended December 31, ($ Millions unless otherwise noted) 2025 Dividends paid 1,140 Common stock repurchased 3,488 Excise taxes on share repurchases (89) Total capital returned to shareholders 4,5
Slide 23: Income Summary for Operations
INCOME SUMMARY FOR OPERATIONS MPC | 4Q 2025 2024 2025 ($ Millions unless otherwise noted) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Refining & Marketing segment income (loss) 895 1,387 401 (38) (371) 1,235 936 1,279 Midstream segment income 1,246 1,275 1,275 1,343 1,369 1,292 1,340 1,299 Renewable Diesel segment inco
Slide 24: Reconciliation: Net Income to Adjusted Net Income
RECONCILIATION MPC | 4Q 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) 4Q Net income attributable to MPC 1,535 (b) Transaction-related costs
Slide 25: Reconciliation: Cash Flow from Operations
RECONCILIATION MPC | 4Q 2025 CASH FLOW FROM OPERATIONS, EXCLUDING CHANGES IN WORKING CAPITAL 2025 ($ Millions) 4Q FY 2025 Cash provided by operating activities 3,069 8,253 Less changes: Current receivables 184 890 Inventories (311) (596) Current liabilities and other current assets 428 (776) Fair va
Slide 26: Reconciliation: Segment Income to Adjusted EBITDA
RECONCILIATION MPC | 4Q 2025 SEGMENT INCOME FROM OPERATIONS TO SEGMENT ADJUSTED EBITDA AND ADJUSTED EBITDA 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Refining & Marketing Segment Segment income (loss) from operations 895 1,387 401 (38) (371) 1,235 936 1,279 Add: Depreciation and amortization 444
Slide 27: Reconciliation: Net Income to Adjusted EBITDA
RECONCILIATION MPC | 4Q 2025 NET INCOME (LOSS) ATTRIBUTABLE TO MPC TO ADJUSTED EBITDA 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Net income (loss) attributable to MPC 937 1,515 622 371 (74) 1,216 1,370 1,535 Net income attributable to noncontrolling interests 375 440 393 414 420 394 573 444 Prov
Slide 28: Reconciliation: R&M Adjusted EBITDA to Margin
RECONCILIATION MPC | 4Q 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 4Q Refining & Marketing segment adjusted EBITDA 1,986 2,022 1,136 559 489 1,890 1,762 1,997 Plus (Less) : Depreci
Slide 29: Reconciliation: Renewable Diesel Adjusted EBITDA to Margin
RECONCILIATION MPC | 4Q 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 4Q Renewable Diesel segment adjusted EBITDA (90) (27) (61) 28 (42) (19) (56) 7 Plus (Less) : Depreciation and amortization (1
Slide 30: Reconciliation: MPC Excl. MPLX Gross Debt-to-Capital
RECONCILIATION MPC | 4Q 2025 MPC EXCL. MPLX GROSS DEBT-TO-CAPITAL Year Ended December 31, ($ Millions unless otherwise noted) 2021 2022 2023 2024 Total Debt MPC Consolidated(a) 25,539 26,700 27,283 27,481 MPLX Adjustments(c) (18,571) (19,796) (20,431) (20,948) MPC Excluding MPLX 6,968 6,904 6,852 6,
Slide 31: Reconciliation: MPC Excl. MPLX Net Debt-to-Capital
RECONCILIATION MPC | 4Q 2025 MPC EXCL. MPLX NET DEBT-TO-CAPITAL Year Ended December 31, ($ Millions unless otherwise noted) 2025 Total Debt MPC Consolidated(a) 32,876 MPLX Adjustments(c) (25,653) MPC Excluding MPLX 7,223 Cash & Cash Equivalents & Short-term Investments MPC Consolidated 3,672 MPLX Ad