Marathon Petroleum

Marathon Petroleum Corporation stands as America's largest petroleum refiner and a cornerstone of the nation's energy infrastructure. Following its transformative 2018 acquisition of Andeavor, the company operates 13 refineries with a combined crude oil refining capacity exceeding 3 million barrels per calendar day, processing crude oil into essential transportation fuels, petrochemicals, and other refined products that power the American economy. Headquartered in Findlay, Ohio, Marathon Petroleum employs approximately 18,300 people and generated revenues of $139.34 billion in 2024, cementing its position as a critical player in the downstream energy sector.

The company's history reflects the evolution of the American petroleum industry itself. Marathon Petroleum traces its lineage to 1887 when several small Ohio oil companies formed The Ohio Oil Company in Lima. After spending decades under Standard Oil's control and then regaining independence following the 1911 antitrust breakup, the modern Marathon Petroleum emerged through a series of strategic combinations. The company as it exists today was formed in 2011 when Marathon Oil spun off its downstream operations as an independent publicly traded entity. This separation allowed Marathon Petroleum to focus exclusively on refining, marketing, and midstream operations, unencumbered by upstream exploration and production activities.

Marathon Petroleum's integrated business model spans the entire downstream value chain. Beyond its massive refining footprint, the company owns the general partner and majority limited partner interest in MPLX LP, a publicly traded midstream master limited partnership. MPLX operates extensive gathering, processing, fractionation, and transportation infrastructure that connects production basins to refining centers and end markets. This vertical integration provides Marathon Petroleum with strategic advantages in logistics, supply optimization, and market access. The company's midstream segment delivered 6% adjusted EBITDA growth in 2024 and is expected to provide $2.8 billion in annualized distributions to MPC in 2025.

The company's strategic focus centers on operational excellence, capital discipline, and shareholder returns. Marathon Petroleum returned an impressive $10.2 billion to shareholders through share repurchases and dividends in 2024 alone, demonstrating management's commitment to capital allocation efficiency. With a market capitalization approaching $60 billion and a comprehensive downstream platform spanning refining, marketing, and midstream operations, Marathon Petroleum continues to play an indispensable role in meeting America's energy needs while adapting to evolving market dynamics and energy transition considerations.