Slide 1: Second Quarter 2025 Earnings Conference Call
SECOND QUARTER 2025 Earnings Conference Call August 5, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS MPC | 2Q 2025 This presentation contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning its business and operations, financial priorities, strategic plan
Slide 3: Second Quarter Business Update
SECOND QUARTER BUSINESS UPDATE MPC | 2Q 2025 Refining execution, commercial excellence, and midstream strength drove: ▪ $3.3 billion of adjusted EBITDA(a) ▪ $2.6 billion of Cash Flow from Operations, Compelling excl. Changes in Working Capital(a) Value Proposition Strong through-cycle Progressed mid
Slide 4: Enhancing Our Permian Value Chains
ENHANCING OUR PERMIAN VALUE CHAINS MPC | 2Q 2025 NORTHWIND MIDSTREAM Supports MPLX Permian wellhead-to-water strategy and accelerates growth Over 200,000 dedicated acres 200+ miles of gathering pipelines NEW and up to 440 MMcf/d sour gas treating capacity(a) MEXICO Midland FINANCIAL HIGHLIGHTS Orl
Slide 5: Second Quarter Highlights
SECOND QUARTER HIGHLIGHTS MPC | 2Q 2025 2Q 2ND QUARTER 2025 $ Millions (unless otherwise noted) Earnings per Share ($/share) (a) $3.96 Adjusted EBITDA(b) $3,286 R&M Segment Adj EBITDA per Barrel $6.79 Cash Flow from Operations, $2,605 excl. Changes in Working Capital(b) Share Repurchases(c) $692 Div
Slide 6: Adjusted EBITDA to Net Income
ADJUSTED EBITDA TO NET INCOME MPC | 2Q 2025 Adjusted EBITDA Reconciliation to Net Income 1,401 23 3,286 -79 -34 1,975 -1,089 -587 1,216 -394 1Q 2025 Refining & Midstream Renewable Corporate 2Q 2025 Turnaround Interest and Noncontrolling 2Q 2025 Adj. EBITDA Marketing Diesel Adj. EBITDA and D&A Taxes
Slide 7: Refining & Marketing Segment
REFINING & MARKETING SEGMENT MPC | 2Q 2025 KEY DRIVERS 267 9 1,890 -14 580 -59 105% capture 97% utilization 618 Strong operational and commercial performance 489 1Q 2025 USGC Mid-Con West Coast Operating Distribution Other 2Q 2025 Segment Margin Margin Margin Costs Costs Segment Adj. EBITDA (a) Adj.
Slide 8: Refining & Marketing Margins
REFINING & MARKETING MARGINS MPC | 2Q 2025 248 4,895 4,647 KEY DRIVERS 105% Strategic execution to 100% grow product channels Favorable secondary product pricing 2Q25 R&M Capture 2Q25 R&M (b) Margin Indicator Impact Margin ($MM) (a) ($MM) (a) Capture reflects the percentage of our R&M Margin Indicat
Slide 9: Midstream Segment
MIDSTREAM SEGMENT MPC | 2Q 2025 Year-to-date Segment Adj. EBITDA increased 5% year-over-year 153 3,361 -1 3,209 KEY DRIVERS Executing value chain growth strategy Year-over-year increase driven by: ▪ Higher rates and throughputs ▪ Contributions from recent acquisitions 2Q 2024 YTD MPLX Other 2Q 2025
Slide 10: Renewable Diesel Segment
RENEWABLE DIESEL SEGMENT MPC | 2Q 2025 KEY DRIVERS 76% utilization 4 23 -3 -1 -19 Increased recognition of new tax credits (45Z) -42 1Q 2025 Operating Operating Distribution Other 2Q 2025 Segment Margin Costs Costs (a) Segment Adj. EBITDA Adj. EBITDA ($MM) ($MM) (a) Includes income/loss from equity
Slide 11: Total Consolidated Cash Flow
TOTAL CONSOLIDATED CASH FLOW MPC | 2Q 2025 2,605 34 -1,051 Includes MPLX acquisition of $151 3,812 77 MPLX -2,277 2,534 -468 MPLX -1,202 -279 MPC -1,075 1,673 -780 MPLX 1,386 MPC 1,278 MPC 287 3/31/2025 Cash Flow Changes in Capital Changes Return of Other Dividends Share 6/30/2025 Cash + from Operat
Slide 12: Third-Quarter 2025 Outlook
THIRD-QUARTER 2025 OUTLOOK MPC | 2Q 2025 Gulf Coast Mid-Con West Coast R&M Total Crude Throughput 1,135 1,090 505 2,730 MBPD Other Charge / Blendstocks 155 65 40 210 MBPD Total Throughput 1,290 1,155 545 2,940 MBPD Utilization 92% 93% 91% 92% Sweet Crude 50% 80% 40% 60% % of Throughput Sour Crude 50
Slide 13: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS MPC | 2Q 2025 Dedicated to cultivating a Safety is our top priority - Producing a renewable diesel empowering our people with the that typically exceeds safe, collaborative work resources, skills, training and authority 50% lower environment while promoting an to make the r
Slide 14: Midstream Differentiation
MIDSTREAM DIFFERENTIATION MPC | 2Q 2025 SOURCES USES Cash flow uplift differentiates MPC versus peers and supports commitment to return of capital MPLX annual distribution to MPC expected to cover: MPC Standalone ▪ MPC dividends MPC Operating Repurchases ▪ Standalone capital Cash Flow (a) outlook MP
Slide 15: 2025: Committed to Creating Exceptional Value
2025: COMMITTED TO CREATING MPC | 2Q 2025 EXCEPTIONAL VALUE Prioritizing Peer-leading: Safety and reliability Operational excellence Commercial performance Compelling Profitability per barrel Value Proposition Strong through-cycle ← cash flow Durable midstream growth Strategic Commitments: delivers
Slide 16: Appendix
APPENDIX
Slide 17: Balance Sheet: Foundation for Strategy Execution
BALANCE SHEET: MPC | 2Q 2025 FOUNDATION FOR STRATEGY EXECUTION MPC SENIOR NOTES MATURITIES (a) MPC MPC MPLX 3 NEXT 10 YEARS Excluding Consolidated Adjustments (c) MPLX As of June 30, 2025 ($ Millions except ratio data) 2 $ Billions Cash (d) $1,673 $1,386 $287 APPENDIX 1 Total Debt $28,654 $21,225 $7
Slide 18: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT ADJUSTED EBITDA MPC | 2Q 2025 Volume + $269 Product + $906 Crude - $927 248 4,895 261 4,354 110 -78 -1,486 APPENDIX 18 1,890 -1,537 Blended Sweet Sour Market Other R&M Margin Operating Distribution Other R&M Crack Differential Differential Structure Margin ($MM) Costs Co
Slide 19: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT ADJUSTED EBITDA MPC | 2Q 2025 Volume - $50 Product + $244 Crude - $92 1,455 7 102 9 1,890 -14 -91 -8 -59 APPENDIX 489 1Q 2025 Blended Sweet Sour Market Other Operating Distribution Other 2Q 2025 Segment Crack Differential Differential Structure Margin Costs Costs Segment
Slide 20: Income Summary for Operations
INCOME SUMMARY FOR OPERATIONS MPC | 2Q 2025 2024 2025 ($ Millions unless otherwise noted) 1Q 2Q 3Q 4Q 1Q 2Q Refining & Marketing segment income (loss) 895 1,387 401 (38) (371) 1,235 Midstream segment income 1,246 1,275 1,275 1,343 1,369 1,292 Renewable Diesel segment income (loss) (129) (68) (103) 2
Slide 21: Cash Flow From Operations, Excluding Changes in Working Capital
RECONCILIATION MPC | 2Q 2025 CASH FLOW FROM OPERATIONS, EXCLUDING CHANGES IN WORKING CAPITAL 2025 ($ Millions) 2Q Cash used in operating activities 2,639 APPENDIX Less changes: Current receivables 989 Inventories 382 Current liabilities and other current assets (1,303) Fair value of derivative instr
Slide 22: Segment Income From Operations to Segment Adjusted EBITDA
RECONCILIATION MPC | 2Q 2025 SEGMENT INCOME FROM OPERATIONS TO SEGMENT ADJUSTED EBITDA AND ADJUSTED EBITDA 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Refining & Marketing Segment Segment income (loss) from operations 895 1,387 401 (38) (371) 1,235 Add: Depreciation and amortization 444 453 448 422 406
Slide 23: Net Income (Loss) Attributable to MPC to Adjusted EBITDA
RECONCILIATION MPC | 2Q 2025 NET INCOME (LOSS) ATTRIBUTABLE TO MPC TO ADJUSTED EBITDA 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Net income (loss) attributable to MPC 937 1,515 622 371 (74) 1,216 APPENDIX Net income attributable to noncontrolling interests 375 440 393 414 420 394 Provision for income
Slide 24: Refining & Marketing Adjusted EBITDA to Gross Margin
RECONCILIATION MPC | 2Q 2025 REFINING & MARKETING SEGMENT ADJUSTED EBITDA TO REFINING & MARKETING GROSS MARGIN AND REFINING & MARKETING MARGIN 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Refining & Marketing segment adjusted EBITDA 1,986 2,022 1,136 559 489 1,890 Plus (Less) : Depreciation and amortiza
Slide 25: Renewable Diesel Adjusted EBITDA to Gross Margin
RECONCILIATION MPC | 2Q 2025 RENEWABLE DIESEL SEGMENT ADJUSTED EBITDA TO RENEWABLE DIESEL GROSS MARGIN AND RENEWABLE DIESEL MARGIN 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Renewable Diesel segment adjusted EBITDA (90) (27) (61) 28 (42) (19) Plus (Less) : Depreciation and amortization (16) (17) (17)