Marathon Petroleum Corporation · NYSE:MPC
Marathon Petroleum — Investor Presentation (April 2026)
36 slides from Marathon Petroleum's investor presentation, April 2026
Slide 1: Investor Update April 2026
MPC | 2026 INVESTOR UPDATE INVESTOR UPDATE APRIL 2026 LEADING IN ALL ENVIRONMENTS, CREATING ENDURING VALUE 1
Slide 2: Forward-Looking Statements
MPC | 2026 INVESTOR UPDATE FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements regarding Marathon Petroleum Corporation (MPC) and MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning
Slide 3: Differentiated Businesses, Enhanced Value Creation Opportunities
MPC | 2026 INVESTOR UPDATE DIFFERENTIATED BUSINESSES, ENHANCED VALUE CREATION OPPORTUNITIES Committed to peer-leading operational Targeting mid-single digit Adj EBITDA growth excellence and commercial performance Leveraging value chain advantages to Increasing third party cash flows through ensure c
Slide 4: Delivering Industry-Leading Performance
MPC | 2026 INVESTOR UPDATE DELIVERING INDUSTRY-LEADING PERFORMANCE A D J . F R E E C A S H F L O W / S H A R E (a) Leading in through-cycle cash $30 flow enabled by integrated value $15 $- chains and midstream growth $(15) 2021 2022 2023 2024 2025 5-Yr Avg D I V I D E N D / S H A R E I N D E X E D T
Slide 5: Distinct Capital Allocation Advantage
MPC | 2026 INVESTOR UPDATE DISTINCT CAPITAL ALLOCATION ADVANTAGE 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
Slide 6: Global Refining: Backdrop Supports Enhanced Mid-Cycle
MPC | 2026 INVESTOR UPDATE GLOBAL REFINING: BACKDROP SUPPORTS ENHANCED MID-CYCLE GLOBAL DEMAND GROWTH EXPECTED TO EXCEED NET CAPACITY ADDITIONS Anticipated (2026-2030) closures expected to nearly offset 3,000 announced capacity additions globally 2,000 mmbpd Conviction in long-term 1,000 fundamental
Slide 7: U.S. Refining: Structurally Advantaged Versus Rest of World
MPC | 2026 INVESTOR UPDATE U.S. REFINING: STRUCTURALLY ADVANTAGED VERSUS REST OF WORLD Relative Cost of Producing Transportation Fuels(a) (averages indexed to world average = 100) AVAILABILITY $ of low-cost natural gas provides 100 lower operating cost ACCESSIBILITY 90 U.S. Non-U.S. to North America
Slide 8: Integrated Refining System: Driving Optimal Value
MPC | 2026 INVESTOR UPDATE INTEGRATED REFINING SYSTEM: DRIVING OPTIMAL VALUE Proven track record of operational excellence as MPC consistently exceeds average U.S. refining utilization Strong profitability per barrel underscores planning, commercial, and operational execution REFINING & MARKETING SE
Slide 9: Gulf Coast: Structural, Competitive Advantages
MPC | 2026 INVESTOR UPDATE GULF COAST: STRUCTURAL, COMPETITIVE ADVANTAGES 42% of MPC’s refining capacity MPC’s largest refining capacity Garyville: located in a global energy hub one of newest & lowest cost refineries in U.S. Galveston Bay: high value upgrading units 2 of the strongest cash flow gen
Slide 10: Mid-Con: Premier Connectivity and Flexibility
MPC | 2026 INVESTOR UPDATE MID-CON: PREMIER CONNECTIVITY AND FLEXIBILITY 40% of MPC’s refining capacity Integrated logistics system drives competitive advantage Salt Lake City, El Paso & Mandan: niche markets St. Paul Park, Detroit & Canton: Dickinson 12 mbpd advantaged logistics for Canadian crude
Slide 11: West Coast: Fully Integrated, Best in the West
MPC | 2026 INVESTOR UPDATE WEST COAST: FULLY INTEGRATED, “BEST IN THE WEST” 18% of MPC’s refining capacity Competitively positioned near Los Angeles: Los Angeles demand hub largest & most competitive refinery on the West Coast Anacortes & Kenai: Anacortes positioned to support California demand 119
Slide 12: MPLX: A Key Growth Driver for MPC
MPC | 2026 INVESTOR UPDATE MPLX: A KEY GROWTH DRIVER FOR MPC Provides essential Midstream services for over 10% of U.S. natural gas production(a) U.S. natural gas supply expected to grow ~15% by 2030(b) Well positioned in key growth regions: Northeast and Permian NORTHEAST PERMIAN ~10% projected nat
Slide 13: Growing Natural Gas Demand Poised for Expansion
MPC | 2026 INVESTOR UPDATE GROWING NATURAL GAS DEMAND POISED FOR EXPANSION GLOBAL DEMAND GROWTH (Indexed to 2023) Global natural gas demand expected to rise 35% 32% by 2050(a) 30% 25% U.S. is world’s 20% largest LNG exporter, with 15% 50% of global 10% LNG export capacity under 5% construction(a) 0%
Slide 14: MPLX: Unrivaled Northeast Footprint
MPC | 2026 INVESTOR UPDATE MPLX: UNRIVALED NORTHEAST FOOTPRINT MPLX operates approximately two-thirds of all n a t u r a l g a s p r o c e s s i n g c a p a c i t y i n t h e N o r t h e a s t (a) OHIO PENNSYLVANIA 8.1 Bcf/d of processing capacity(b) Bluestone Harmon Creek 800 mbpd of fractionation
Slide 15: MPLX: Enhancing Our Permian NGL Value Chain
MPC | 2026 INVESTOR UPDATE MPLX: ENHANCING OUR PERMIAN NGL VALUE CHAIN MPC Refinery Clear line-of-sight to volumes In-Service Pipeline FID/Under Construction supporting our integrated system Gas Processing & Treating 400+ NGL Fractionation Sour gas treating LPG Export Terminal JV MMcf/d(a) Gathering
Slide 16: MPLX: Permian Natural Gas Growth Platform
MPC | 2026 INVESTOR UPDATE MPLX: PERMIAN NATURAL GAS GROWTH PLATFORM MPC Refinery In-Service Pipeline FID/Under Construction International Exports Gathering System Executing wellhead-to-water strategy enhances access to premium markets Over 11 Bcf/d of long-haul Permian egress(a) Katy 2.5 Bcf/d of b
Slide 17: MPLX: Growth & Differentiation
MPC | 2026 INVESTOR UPDATE MPLX: GROWTH & DIFFERENTIATION MPLX targeting 12.5% distribution growth for two more years underpinned by mid-single digit EBITDA growth Adjusted Distributable Quarterly EBITDA(a) Cash Flow(b) Distribution Growth(c) +6.7% CAGR +6.1% CAGR +11.6% CAGR $ Billion $ Billion $/u
Slide 18: Committed to Creating Exceptional Value
MPC | 2026 INVESTOR UPDATE COMMITTED TO CREATING EXCEPTIONAL VALUE INVESTMENT RATIONALE Safety and reliability Strong through-cycle Operational excellence cash flow Commercial performance PRIORITIZING Profitability per barrel Durable midstream LEADING growth delivers cash Optimize portfolio today →
Slide 19: Appendix
MPC | 2026 INVESTOR UPDATE 19 APPENDIX
Slide 20: Strong Foundation for Strategy Execution
MPC | 2026 INVESTOR UPDATE STRONG FOUNDATION FOR STRATEGY EXECUTION STABLE CAPITAL STRUCTURE FINANCIAL FLEXIBILITY Supports strategy execution To deliver strategic initiatives MPLX distribution provides stability To support growth opportunities MPC Excl. MPLX MPLX Debt to LTM EBITDA(a) Net Debt- Gro
Slide 21: Sustainability Highlights
MPC | 2026 INVESTOR UPDATE SUSTAINABILITY HIGHLIGHTS Dedicated to cultivating a Safety is our top priority - Producing a renewable diesel empowering our people with the that typically exceeds safe, collaborative work resources, skills, training and authority 50% lower environment while promoting an
Slide 22: 2026 Refining & Marketing Segment Sensitivities
MPC | 2026 INVESTOR UPDATE 2026 REFINING & MARKETING SEGMENT SENSITIVITIES The following table provides sensitivities showing an estimated change in annual Refining & Marketing segment adjusted EBITDA due to potential changes in market conditions. (Millions of dollars) Annual EBITDA Blended crack sp
Slide 23: R&M Segment Operating Data
MPC | 2026 INVESTOR UPDATE R&M SEGMENT OPERATING DATA 2023 2024 2025 ($ Millions unless otherwise noted) FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Refinery throughput (mbpd) Crude oil refined 2,677 2,427 2,867 2,776 2,783 2,714 2,623 2,883 2,822 2,817 2,787 Other charge & blendstocks 226 229 184 204 214 208
Slide 24: Gulf Coast Operating Data
MPC | 2026 INVESTOR UPDATE GULF COAST OPERATING DATA 2023 2024 2025 ($ Millions unless otherwise noted) FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Refinery throughput (mbpd) Crude oil refined 1,085 983 1,192 1,108 1,190 1,119 1,013 1,233 1,153 1,218 1,155 Other charge & blendstocks 182 180 162 194 186 181 170
Slide 25: Mid-Continent Operating Data
MPC | 2026 INVESTOR UPDATE MID-CONTINENT OPERATING DATA 2023 2024 2025 ($ Millions unless otherwise noted) FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Refinery throughput (mbpd) Crude oil refined 1,108 1,031 1,157 1,129 1,095 1,103 1,127 1,165 1,147 1,097 1,134 Other charge & blendstocks 67 70 67 63 79 70 65 5
Slide 26: West Coast Operating Data
MPC | 2026 INVESTOR UPDATE WEST COAST OPERATING DATA 2023 2024 2025 ($ Millions unless otherwise noted) FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY Refinery throughput (mbpd) Crude oil refined 484 413 518 539 498 492 483 485 522 502 498 Other charge & blendstocks 38 52 45 34 45 44 35 44 35 55 42 Gross refinery
Slide 27: Notes
MPC | 2026 INVESTOR UPDATE NOTES Slide 4 – Adj. Free Cash Flow/Share Adjusted free cash flow is defined as consolidated net cash provided by operating activities excluding changes in working capital less additions to property, plant, and equipment and investments associated with joint ventures. In 2
Slide 28: Notes
MPC | 2026 INVESTOR UPDATE NOTES Slide 7 – Refining Flexibility Data Source: Oil and Gas Journal, 2025 Worldwide Refinery Survey and Complexity Analysis. The average refinery complexity ratings for U.S. refineries and non-U.S. refineries are based on the Nelson Complexity Index, which is a measure o
Slide 29: Notes
MPC | 2026 INVESTOR UPDATE NOTES Slide 20 – MPC Gross Debt-to-Capital Ratio Gross Debt-to-Capital Ratio calculated as Total Debt divided by the sum of Total Debt plus Total Equity. Adjustments made to exclude MPLX debt (all non-recourse), and MPC’s noncontrolling interest attributable to MPLX. Ratio
Slide 30: Reconciliations/Calculations
MPC | 2026 INVESTOR UPDATE RECONCILIATIONS/CALCULATIONS Slide 4 – MPC Adjusted Free Cash Flow/Share Year Ended December 31, ($ Millions unless otherwise noted) 2021 2022 2023 2024 2025 Net cash provided by operating activities $4,360 $16,361 $14,117 $8,665 $8,253 Less: Additions to property, plant a
Slide 31: Reconciliations/Calculations
MPC | 2026 INVESTOR UPDATE RECONCILIATIONS/CALCULATIONS Slide 4 – MPC Dividend/Share Indexed to 2019 Year Ended December 31, 2019 2020 2021 2022 2023 2024 2025 Annual dividend per share ($/share) $2.12 $2.32 $2.32 $2.49 $3.08 $3.39 $3.73 Dividend growth since 2019 - 9% 9% 17% 45% 60% 76% MPC dividen
Slide 32: Reconciliations/Calculations
MPC | 2026 INVESTOR UPDATE RECONCILIATIONS/CALCULATIONS Slide 8 – Refining & Marketing Segment Income to Segment Adjusted EBITDA Year Ended December 31, ($ Millions unless otherwise noted) 2021 2022 2023 2024 2025 Refining & Marketing Segment Income (loss) from $1,016 $16,506 $10,545 $2,645 $3,079 O
Slide 33: Reconciliations/Calculations
MPC | 2026 INVESTOR UPDATE RECONCILIATIONS/CALCULATIONS Slide 18 – MPLX Adjusted EBITDA and MPLX Distributable Cash Flow from Net Income Year Ended December 31, $ Millions 2021 2022 2023 2024 2025 Net income 3,112 3,978 3,966 4,357 4,952 Provision for income taxes 1 8 11 10 8 Net interest and other
Slide 34: Reconciliations/Calculations
MPC | 2026 INVESTOR UPDATE RECONCILIATIONS/CALCULATIONS Slide 20 – MPC Consolidated Gross Debt-to-Capital Ratio to MPC Excluding 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
Slide 35: Reconciliations/Calculations
MPC | 2026 INVESTOR UPDATE RECONCILIATIONS/CALCULATIONS Slide 20 – MPC Consolidated Net Debt-to-Capital Ratio to MPC Excluding MPLX Net Debt-to-Capital Ratio Year Ended December 31, ($ Millions unless otherwise noted) 2025 Total Debt MPC Consolidated(a) 32,876 MPLX Adjustments (25,653) MPC Excluding
Slide 36: Reconciliations/Calculations
MPC | 2026 INVESTOR UPDATE RECONCILIATIONS/CALCULATIONS Slide 20 – MPLX LTM Net Income to MPLX LTM Adjusted EBITDA Year Ended December 31, $ Millions 2021 2022 2023 2024 2025 Net income 3,112 3,978 3,966 4,357 4,952 Provision for income taxes 1 8 11 10 8 Net interest and other financial costs 879 92
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