Marathon Petroleum Corp
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
MPC$372.74-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0001510295-25-000039
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001510295-25-000054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 239 previous paragraphs and 280 current paragraphs.
173 unchanged; 60 reworded; 37 added; 6 removed; 0 previous and 10 current paragraphs rearranged.
Tables are not compared: 19 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (37)
Current report
Our Midstream segment contributed strong results and continued growth in the second quarter of 2025. As demand increases for natural gas-powered electricity and LNG exports, we believe our Midstream business is well positioned and has significant opportunities to support the development plans of its producer customers.
Current report
Northwind Midstream Acquisition
Current report
MPLX entered into a definitive agreement in July 2025 to acquire Northwind Midstream for $2.375 billion in cash consideration, subject to purchase price adjustments for reimbursement of capital expenses paid by Northwind Midstream from June 1, 2025 through the closing date, in addition to other customary adjustments. Northwind Midstream provides sour gas gathering, treating, and processing services in Lea County, New Mexico. The transaction, which MPLX intends to finance with debt, is expected to close in the third quarter of 2025, subject to the satisfaction or waiver of customary closing conditions, including regulatory approval.
Current report
Sale of Interest in Ethanol Joint Venture
Current report
On July 31, 2025, MPC sold its 49.9 percent interest in The Andersons Marathon Holdings LLC (“TAMH”) to The Andersons Ethanol LLC, in exchange for cash proceeds of $425 million. MPC’s investment in TAMH was accounted for as an equity method investment reported within MPC’s Refining & Marketing segment. Upon disposal, MPC de-recognized its investment in TAMH, resulting in an estimated gain on sale of $245 million to be recognized in the third quarter of 2025.
Current report
(b)Gain from the Whistler Joint Venture Transaction. See Note 4 to the unaudited consolidated financial statements for additional information.
Current report
Net income attributable to MPC was $1.22 billion, or $3.96 per diluted share, for the second quarter of 2025 compared to $1.52 billion, or $4.33 per diluted share, for the second quarter of 2024 and $1.14 billion, or $3.68 per diluted share, in the first six months of 2025 compared to $2.45 billion, or $6.88 per diluted share, in the first six months of 2024.
Current report
Net income attributable to MPC decreased $299 million in the second quarter of 2025 compared to the second quarter of 2024 primarily due to the following:
Current report
Revenues and other income decreased $4.26 billion primarily due to:
Current report
•decreased income from equity method investments of $161 million largely due to the absence of the gain on sale of assets resulting from the Whistler Joint Venture Transaction in the second quarter of 2024.
Current report
Costs and expenses decreased $3.94 billion primarily due to:
Current report
•decreased cost of revenues of $3.92 billion mainly due to lower crude oil costs;
Current report
•decreased depreciation and amortization of $49 million largely due to major refining assets that were fully depreciated at the end of 2024; and
Current report
•increased selling, general and administrative expenses of $44 million primarily due to changes in fair value of equity compensation of $36 million, and increases in salaries and employee related expenses of $26 million and contract services costs of $10 million, partially offset by the absence of $30 million of expense in the second quarter of 2024 related to decommissioning of non-operating assets.
Current report
Net income attributable to MPC decreased $1.31 billion in the first six months of 2025 compared to the first six months of 2024 primarily due to the following:
Current report
Revenues and other income decreased $5.62 billion primarily due to:
Current report
•decreased sales and other operating revenues of $5.30 billion mainly due to a decrease in Refining & Marketing segment average refined product sales prices of $0.27 per gallon, partially offset by increased refined product sales volumes of 168 mbpd;
Current report
•decreased income from equity method investments of $135 million largely due to the absence of the gain on sale of assets resulting from the Whistler Joint Venture Transaction in the first six months of 2024; and
Current report
Costs and expenses decreased $4.20 billion primarily due to:
Current report
•decreased cost of revenues of $4.15 billion mainly due to lower crude oil costs;
Current report
•decreased depreciation and amortization of $83 million largely due to major refining assets that were fully depreciated at the end of 2024; and
Current report
•increased selling, general and administrative expenses of $48 million largely due to increases in salaries and employee related expenses of $49 million, contract services costs of $22 million and office expenses of $22 million, partially offset by the absence of $30 million of expense in the first six months of 2024 related to decommissioning of non-operating assets.
Current report
The following includes key financial and operating data for the second quarter of 2025 compared to the second quarter of 2024 and the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Current report
Refining & Marketing segment adjusted EBITDA decreased $132 million mainly due to increased refining operating and distribution costs, both excluding depreciation and amortization, partially offset by increased per barrel margins. Refining & Marketing segment adjusted EBITDA was $6.79 per barrel for the second quarter of 2025, versus $7.28 per barrel for the second quarter of 2024.
Current report
Refining & Marketing segment revenues decreased $5.89 billion primarily due to a decrease in average refined product sales prices of $0.27 per gallon, partially offset by increased refined product sales volumes of 168 mbpd.
Current report
Distribution costs, excluding depreciation and amortization, increased $106 million for the first six months of 2025, or $0.04 per barrel, and include fees paid to MPLX of $1.99 billion and $1.96 billion for the first six months of 2025 and 2024, respectively.
Current report
The following includes key financial and operating data for the second quarter of 2025 compared to the second quarter of 2024 and the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Current report
In the second quarter of 2025, Midstream segment adjusted EBITDA increased $21 million mainly due to increased sales and operating revenues of $103 million primarily driven by higher rates and throughputs, offset by higher operating expenses.
Current report
The following includes key financial and operating data for the second quarter of 2025 compared to the second quarter of 2024 and the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Current report
In the second quarter of 2025, corporate expenses increased $20 million primarily due to an increase in contract services of approximately $26 million.
Current report
Items not Allocated to Segments
Current report
Gain on sale of assets includes $151 million resulting from the Whistler Joint Venture Transaction in the second quarter of 2024. See Note 4 to the unaudited consolidated financial statements for additional information on this transaction.
Current report
•During first six months of 2025, we had net borrowings of $210 million under our commercial paper program. We had no activity under our commercial paper program during the first six months of 2024.
Current report
On July 3, 2025, MPLX used cash on hand to extinguish approximately $656 million of debt principal outstanding, including interest, related to certain term and revolving loans assumed as part of the BANGL Acquisition. See Note 23 to the unaudited consolidated financial statements for additional information on this transaction.
Current report
MPLX intends to use debt financing to restore liquidity after using cash on hand for the recently completed acquisition of the remaining 55 percent of BANGL pipeline system and related debt repayments, and to fund the announced acquisition of Northwind Midstream.
Current report
(a)2025 excludes $88 million paid in 2025 for excise tax on 2024 share repurchases.
Current report
On August 5, 2025, MPLX announced that its board of directors approved a $1.0 billion common unit repurchase authorization that is in addition to the $1.0 billion common unit repurchase authorization announced on August 2, 2022. The common unit repurchase authorizations have no expiration date.
Removed paragraphs (6)
Previous report
In June 2023, the California legislature adopted and implemented certain provisions of Senate Bill No.2 (such statute, together with any regulations contemplated or issued thereunder, “SB X1-2”), which authorizes the CEC to establish a “maximum gross gasoline refining margin” with respect to refining activities in California, as well as establish penalties for refiners for exceeding the yet to be issued margin cap. The law further expands on existing reporting requirements for refiners to the CEC. In October 2024, California’s governor signed Assembly Bill No.1 (such statute, together with any regulations contemplated or issued thereunder, “AB X2-1”), into law, authorizing the CEC to require that petroleum refiners maintain a minimum inventory of transportation fuels as well as require petroleum refiners to plan for resupply during scheduled maintenance. We will evaluate the impact that SB X1-2 and AB X2-1 and any associated forthcoming CEC regulations may have on our current or anticipated future operations in California and results of operations when SB X1-2 or AB X2-1 are fully implemented.
Previous report
Net loss attributable to MPC was $74 million, or $(0.24) per diluted share, for the first quarter of 2025 compared to net income attributable to MPC of $937 million, or $2.58 per diluted share, for the first quarter of 2024. The decrease was largely due to lower Refining & Marketing margins.
Previous report
Net income attributable to MPC decreased $1.01 billion in the first quarter of 2025 compared to the first quarter of 2024 primarily due to lower Refining & Marketing margins.
Previous report
Revenues and other income decreased $1.36 billion primarily due to:
Previous report
Costs and expenses decreased $264 million primarily due to decreased cost of revenues of $233 million primarily due to decreased finished product purchases and lower contract services and material and supply expenses related to decreased turnaround activity, partially offset by increased purchases from our Martinez Renewables joint venture and increased energy costs.
Previous report
In the first quarter of 2025, corporate expenses decreased $18 million primarily due to a decrease in equity compensation of approximately $37 million, partially offset by increases in office expenses and contract services of $15 million and $13 million, respectively.
Reworded paragraphs (60)
Previous wording
•general economic, political or regulatory developments, including tariffs, inflation, interest rates, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs or renewable diesel and other renewable fuels, or taxation;
Current wording
•general economic, political or regulatory developments, including tariffs, inflation, interest rates, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs or renewable diesel and other renewable fuels, or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act;
Previous wording
•the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto;
Current wording
•the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto, including MPLX’s ability to successfully complete the acquisition of Northwind Delaware Holdings LLC (“Northwind Midstream”);
Previous wording
Our first quarter results versus the first quarter of 2024 reflect a lower refining margin environment. Longer term, global demand growth is expected to outpace the net impact of capacity additions and rationalizations through the end of the decade. We anticipate these fundamentals, as well as the U.S. refining industry’s current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners.
Current wording
Our refining results for the second quarter of 2025 versus the second quarter of 2024 reflect stable demand and comparable realized refining margins despite a weaker margin environment year-over-year. Longer term, global demand growth is expected to outpace the net impact of refining capacity additions and rationalizations through the end of the decade. We anticipate these fundamentals, as well as the U.S. refining industry’s current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners.
Previous wording
MPLX entered into a definitive agreement in February 2025 to acquire the remaining 55 percent interest in BANGL, LLC not already owned by MPLX for $715 million, plus an additional earnout provision of up to $275 million. The earnout provision requires annual calculations and payments based on targeted EBITDA growth from 2026 to 2029 up to the maximum amount of $275 million. The transaction is expected to close in July 2025, and is subject to customary closing conditions.
Current wording
On July 1, 2025, MPLX purchased the remaining 55 percent interest in BANGL, LLC (“BANGL”) that was previously held by MPLX’s joint venture partners for approximately $700 million, plus an earnout provision of up to $275 million (the “BANGL Acquisition”). The earnout provision requires annual payments based on targeted EBITDA growth from 2026 to 2029 up to the maximum amount of $275 million. As a result of this transaction, MPLX now owns 100 percent of BANGL and its results will be reflected in our Midstream segment within our consolidated financial results beginning in the third quarter of 2025. The acquisition will be accounted for as a business combination, resulting in an estimated gain in excess of $400 million, which will be recognized in the third quarter of 2025 upon finalizing the initial accounting and provisional fair value measurements of BANGL’s assets and liabilities.
Previous wording
On March 11, 2025, MPLX acquired gathering businesses from Whiptail Midstream, LLC for $237 million in cash. These San Juan basin assets consist primarily of crude and natural gas gathering systems in the Four Corners region, and enhance MPLX’s strategic relationship with MPC. The preliminary determination of the fair value includes $172 million of property, plant and equipment, $41 million of intangibles and $24 million of net working capital. The preliminary values are subject to revision and may result in adjustments as valuations are finalized.
Current wording
On March 11, 2025, MPLX acquired gathering businesses from Whiptail Midstream, LLC for $237 million in cash. These San Juan basin assets consist primarily of crude and natural gas gathering systems in the Four Corners region. The acquisition was accounted for as a business combination, which requires all the identifiable assets acquired and liabilities assumed to be remeasured to fair value at the date of acquisition. The preliminary determination of the fair value includes $172 million of property, plant and equipment, $41 million of intangibles and $24 million of net working capital. The preliminary values are subject to revision and may result in adjustments as valuations are finalized.
Previous wording
Refer to the Results of Operations section for a discussion of consolidated financial results and Segment Results for the first quarter of 2025 as compared to the first quarter of 2024.
Current wording
Refer to the Results of Operations section for a discussion of consolidated financial results and Segment Results for the second quarter of 2025 as compared to the second quarter of 2024 and the first six months of 2025 compared to the first six months of 2024.
Previous wording
We owned approximately 647 million MPLX common units as of March 31, 2025, with a market value of $34.65 billion based on the March 31, 2025 closing price of $53.52 per common unit. On April 29, 2025, MPLX declared a quarterly cash distribution of $0.9565 per common unit payable on May 16, 2025 to unitholders of record on May 9, 2025. MPC’s portion of this distribution is approximately $619 million.
Current wording
We owned approximately 647 million MPLX common units as of June 30, 2025, with a market value of $33.35 billion based on the June 30, 2025 closing price of $51.51 per common unit. On July 29, 2025, MPLX declared a quarterly cash distribution of $0.9565 per common unit payable on August 15, 2025 to unitholders of record on August 8, 2025. MPC’s portion of this distribution is approximately $620 million.
Previous wording
We received limited partner distributions of $619 million from MPLX in the three months ended March 31, 2025 and $550 million in the three months ended March 31, 2024.
Current wording
We received limited partner distributions of $1.24 billion from MPLX in the six months ended June 30, 2025 and $1.10 billion in the six months ended June 30, 2024.
Previous wording
During the three months ended March 31, 2025, MPLX repurchased approximately 2 million MPLX common units at an average cost per unit of $52.48 and paid $100 million of cash. As of March 31, 2025, approximately $420 million remained available under the authorization for future unit repurchases.
Current wording
During the six months ended June 30, 2025, MPLX repurchased approximately 4 million MPLX common units at an average cost per unit of $51.38 and paid $200 million of cash for the repurchased common units. As of June 30, 2025, approximately $320 million remained available under the authorization for future unit repurchases.
Previous wording
•the potential impact of LIFO charges due to changes in historic inventory levels; and
Current wording
•the potential impact of LIFO adjustments due to changes in historic inventory levels; and
Previous wording
•decreased sales and other operating revenues of $1.19 billion primarily due to decreased Refining & Marketing segment average refined product sales prices of $0.22 per gallon, partially offset by increased refined product sales volumes of 204 mbpd; and
Current wording
•decreased sales and other operating revenues of $4.12 billion mainly due to a decrease in Refining & Marketing segment average refined product sales prices of $0.33 per gallon, partially offset by increased refined product sales volumes of 129 mbpd; and
Previous wording
Net interest and other financial costs increased $125 million largely due to decreased interest income and discount amortization, primarily due to the absence of short-term investments held in 2024.
Current wording
Net interest and other financial costs increased $125 million largely due to decreased interest income and discount amortization, primarily due to the absence of short-term investments held in the second quarter of 2024, and increases in interest expense and non-service pension costs.
Previous wording
We recorded a combined federal, state and foreign income tax provision of $37 million for the three months ended March 31, 2025, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests and discrete state tax benefits. We recorded a combined federal, state and foreign income tax provision of $293 million for the three months ended March 31, 2024, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests partially offset by state taxes.
Current wording
We recorded combined federal, state and foreign income tax provisions of $268 million and $373 million for the three months ended June 30, 2025 and 2024, respectively, which were lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes.
Previous wording
Net income attributable to noncontrolling interests increased $55 million primarily due to an increase in MPLX’s net income in the first quarter of 2025. See further discussion in the Midstream Segment Results section.
Current wording
Net income attributable to noncontrolling interests decreased $41 million mainly due to a decrease in MPLX’s net income in the second quarter of 2025. See further discussion in the Midstream Segment Results section.
Previous wording
•decreased other income of $178 million mainly due to the absence of insurance proceeds received in the first quarter of 2024.
Current wording
•decreased other income of $170 million mainly due to the absence of insurance proceeds in the first six months of 2024.
Previous wording
Our segment adjusted EBITDA for reportable segments was $2.17 billion and $3.49 billion for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Our segment adjusted EBITDA for reportable segments was $5.68 billion and $7.10 billion for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Refining & Marketing segment revenues decreased $1.52 billion primarily due to decreased average refined product sales prices of $0.22 per gallon, partially offset by increased refined product sales volumes of 204 mbpd.
Current wording
Refining & Marketing segment revenues decreased $4.37 billion primarily due to a decrease in average refined product sales prices of $0.33 per gallon, partially offset by increased refined product sales volumes of 129 mbpd.
Previous wording
Refining & Marketing margin was $13.38 per barrel for the first quarter of 2025 compared to $19.35 per barrel for the first quarter of 2024. Refining & Marketing margin is affected by our performance against the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net negative impact of approximately $1.7 billion on Refining & Marketing margin for the first quarter of 2025 compared to the first quarter of 2024, primarily due to lower crack spreads. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, the effect of market structure on our crude oil acquisition prices, the effect of RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net positive effect of approximately $500 million on Refining & Marketing segment adjusted EBITDA in the first quarter of 2025 compared to the first quarter of 2024.
Current wording
Refining & Marketing margin was $17.58 per barrel for the second quarter of 2025 compared to $17.53 per barrel for the second quarter of 2024. Refining & Marketing margin is affected by our performance against the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net negative impact of approximately $500 million on Refining & Marketing margin for the second quarter of 2025 compared to the second quarter of 2024, primarily due to narrower sour and sweet crude oil differentials and lower crack spreads. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, the effect of market structure on our crude oil acquisition prices, the effect of RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net positive effect of approximately $500 million on Refining & Marketing segment adjusted EBITDA in the second quarter of 2025 compared to the second quarter of 2024.
Previous wording
Distribution costs, excluding depreciation and amortization, increased $63 million and include fees paid to MPLX of $990 million and $967 million for the first quarter of 2025 and 2024, respectively. Distribution costs, excluding depreciation and amortization, decreased $0.08 per barrel due to higher throughput.
Current wording
Distribution costs, excluding depreciation and amortization, increased $43 million, or $0.14 per barrel, and include fees paid to MPLX of $1.0 billion and $990 million for the second quarter of 2025 and 2024, respectively.
Previous wording
We purchase RINs to satisfy a portion of our RFS2 compliance. Our expenses associated with purchased RINs were $354 million and $301 million in the first quarter of 2025 and 2024, respectively. The RINs expense is included in Refining & Marketing margin. The increase in the first quarter of 2025 was primarily due to increased obligated volumes, partially offset by higher RINs generated and acquired from our Martinez Renewables joint venture and lower sale activity.
Current wording
We purchase RINs to satisfy a portion of our RFS2 compliance. Our expenses associated with purchased RINs were $314 million and $293 million in the second quarter of 2025 and 2024, respectively. The RINs expense is included in Refining & Marketing margin. The increase in the second quarter of 2025 was mainly due to increased obligated volumes and higher average RIN prices, partially offset by higher RINs generated and acquired from our Martinez Renewables joint venture and lower sale activity.
Previous wording
Net refinery throughput increased 193 mbpd during the first quarter of 2025 largely due to decreased turnaround activity during the quarter.
Current wording
Net refinery throughput increased 101 mbpd in the first six months of 2025 largely due to decreased turnaround activity.
Previous wording
Refining & Marketing segment adjusted EBITDA decreased $1.50 billion primarily due to decreases in per barrel margins. Refining & Marketing segment adjusted EBITDA was $1.91 per barrel for the first quarter of 2025, versus $8.22 per barrel for the first quarter of 2024.
Current wording
Refining & Marketing segment adjusted EBITDA decreased $1.63 billion mainly driven by decreases in per barrel margins. Refining & Marketing segment adjusted EBITDA was $4.45 per barrel for the first six months of 2025, versus $7.72 per barrel for the first six months of 2024.
Previous wording
For the three months ended March 31, 2025, refining operating costs, excluding depreciation and amortization, increased $7 million primarily due to higher energy costs, partially offset by decreased maintenance costs and expenses for projects conducted during turnaround activity. Refining operating costs, excluding depreciation and amortization, decreased $0.32 per barrel due to higher throughput.
Current wording
For the six months ended June 30, 2025, refining operating costs, excluding depreciation and amortization, increased $130 million, or $0.08 per barrel, largely due to higher energy costs, partially offset by decreased maintenance costs and expenses for projects conducted during turnaround activity.
Previous wording
Other income decreased $180 million, or $0.74 per barrel, largely due to the absence of insurance proceeds received in the first quarter of 2024.
Current wording
Other income decreased $174 million, or $0.34 per barrel, largely due to the absence of insurance proceeds received in the first six months of 2024.
Previous wording
Refining planned turnaround costs decreased $0.91 per barrel, or $193 million, due to the scope and timing of turnaround activity.
Current wording
Refining planned turnaround costs decreased $125 million, or $0.28 per barrel, due to the scope and timing of turnaround activity.
Previous wording
In the first quarter of 2025, Midstream segment adjusted EBITDA increased $131 million mainly due to increased sales and operating revenues of $286 million resulting from fee escalations, higher throughputs, contributions from recent acquisitions and a $37 million non-recurring benefit associated with a customer agreement.
Current wording
Midstream segment adjusted EBITDA increased $152 million in the first six months of 2025 primarily due to increased sales and operating revenues of $389 million resulting from fee increases, higher throughputs, contributions from recent acquisitions and a $37 million non-recurring benefit associated with a customer agreement, partially offset by higher operating expenses.
Previous wording
Renewable Diesel segment revenues increased $109 million primarily due to increased sales volume of 386 thousand gallons per day. Renewable Diesel segment adjusted EBITDA increased $48 million largely due to increased Renewable Diesel margin, which was $26 million in the first quarter of 2025 compared to $(5) million in the first quarter of 2024, and increased production in 2025. In 2024, production capacity was reduced due to an event at the Martinez Renewables facility in 2023 that resulted in lower throughput and impacted margins.
Current wording
Renewable Diesel segment revenues increased $134 million primarily due to increased sales volume of 205 thousand gallons per day. Renewable Diesel segment adjusted EBITDA increased $8 million largely due to increased Renewable Diesel margin, which was $49 million for the second quarter of 2025 compared to $37 million for the second quarter of 2024. The margin increase was due to higher environmental credits associated with increased production volume, partially offset by lower product margins. In the second quarter of 2024, production capacity was reduced due to an event at the Martinez Renewables facility in 2023 that resulted in lower throughput and impacted margins.
Previous wording
(a)Corporate costs consist primarily of MPC’s corporate administrative expenses and costs related to certain non-operating assets, except for corporate overhead expenses attributable to MPLX, which are included in the Midstream segment. Corporate costs include depreciation and amortization of $18 million and $24 million for the first quarter of 2025 and 2024, respectively.
Current wording
(a)Corporate costs consist primarily of MPC’s corporate administrative expenses and costs related to certain non-operating assets, except for corporate overhead expenses attributable to MPLX, which are included in the Midstream segment. Corporate costs include depreciation and amortization of $17 million and $23 million for the second quarter of 2025 and 2024, respectively, and $35 million and $47 million for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Our consolidated cash and cash equivalents balance was approximately $3.81 billion at March 31, 2025 compared to $3.21 billion at December 31, 2024. Net cash provided by (used in) operating activities, investing activities and financing activities are presented in the following table.
Current wording
Our consolidated cash and cash equivalents balance was approximately $1.67 billion at June 30, 2025 compared to $3.21 billion at December 31, 2024. Net cash provided by (used in) operating activities, investing activities and financing activities are presented in the following table.
Previous wording
Net cash provided by operating activities decreased $1.60 billion in the first three months of 2025 compared to the first three months of 2024. The change in net cash provided by operating activities was primarily due to a decrease in operating results and an unfavorable change in working capital of $685 million, when comparing the change in working capital in both periods.
Current wording
Net cash provided by operating activities decreased $2.20 billion in the first six months of 2025 compared to the first six months of 2024. The change in net cash provided by operating activities was primarily due to a decrease in operating results and an unfavorable change in working capital of $1.19 billion, when comparing the change in working capital in both periods.
Previous wording
For the first three months of 2025, changes in working capital, excluding changes in short-term debt, were a net $1.07 billion use of cash primarily due to the effects of changes in energy commodity prices and volumes at the end of the period. Current receivables increased primarily due to increases in crude oil volumes. Inventories increased primarily due to increases in refined product and crude oil inventory volumes. Accounts payable increased primarily due to increases in crude oil volumes partially offset by decreases in crude oil prices.
Current wording
For the first six months of 2025, changes in working capital, excluding changes in short-term debt, were a net $1.04 billion use of cash mainly due to the effects of changes in energy commodity prices and volumes at the end of the period. Accounts payable decreased primarily due to decreases in crude oil prices, partially offset by increases in crude oil volumes. Inventories increased largely due to increases in crude oil and refined product inventory volumes. Current receivables decreased primarily due to decreases in crude oil prices, partially offset by increases in crude oil volumes and refined product prices.
Previous wording
For the first three months of 2024, changes in working capital, excluding changes in short-term debt, were a net $389 million use of cash primarily due to the effects of changes in energy commodity prices and volumes at the end of the period. Accounts payable increased primarily due to increases in crude oil prices and volumes. Current receivables increased primarily due to increases in crude oil volumes and prices and refined product prices, partially offset by a decrease in refined product volumes. Inventories increased primarily due to increases in refined product and crude oil inventory volumes. Additionally, working capital was unfavorably impacted by changes in prepaid assets and current liabilities.
Current wording
For the first six months of 2024, changes in working capital, excluding changes in short-term debt, were a net $152 million source of cash mainly due to the effects of changes in energy commodity prices and volumes at the end of the period. Accounts payable increased primarily due to increases in crude oil prices. Current receivables increased largely due to increases in crude oil and refined product prices, partially offset by a decrease in volumes. Inventories increased primarily due to increases in crude oil and refined product inventory volumes. Additionally, working capital was favorably impacted by changes in income tax receivable and unfavorably impacted by changes in prepaid assets and current liabilities.
Previous wording
Investing activities were a net $923 million use of cash in the first three months of 2025 compared to a net $824 million use of cash in the first three months of 2024.
Current wording
Investing activities were a net $1.90 billion use of cash in the first six months of 2025 compared to a net $807 million use of cash in the first six months of 2024.
Previous wording
•In the first three months of 2024, purchases of short-term investments of $1.66 billion were more than offset by maturities and sales of short-term investments of $1.89 billion and $193 million, respectively, for a net source of cash of $417 million.
Current wording
•In the first six months of 2024, purchases of short-term investments of $2.93 billion were more than offset by maturities and sales of short-term investments of $3.52 billion and $195 million, respectively, for a net source of cash of $789 million.
Previous wording
•Additions to property, plant and equipment increased $78 million. See the Capital Requirements section for additional information on our capital investment plan.
Current wording
•Additions to property, plant and equipment increased $286 million. See the Capital Requirements section for additional information on our capital investment plan.
Previous wording
•Cash used for acquisitions of $237 million in the first three months of 2025 was due to an acquisition in our Midstream segment.
Current wording
•Cash used for acquisitions of $237 million and $622 million in the first six months of 2025 and 2024, respectively, were due to acquisitions in our Midstream segment.
Previous wording
•Cash used in net investments was $111 million for the first three months of 2025 compared to $125 million for the first three months of 2024. In 2025, investments mainly included contributions to MPLX equity method investments. In 2024, investments primarily included a $92 million contribution made in March 2024 for the repayment of MPLX’s share of the Dakota Access joint venture’s debt due in 2024.
Current wording
•Cash used in net investments was $428 million for the first six months of 2025 compared to $45 million for the first six months of 2024. In the first six months of 2025, investments mainly included contributions to MPLX equity method investments. In the first six months of 2024, investments primarily included a return of capital of $134 million related to the Whistler Joint Venture Transaction more than offset by Midstream equity method investments, including a $92 million contribution made in March 2024 for the repayment of MPLX’s share of the Dakota Access joint venture’s debt due in 2024.
Previous wording
Financing activities were a net $1.59 billion source of cash in the first three months of 2025 compared to a net $2.98 billion use of cash in the first three months of 2024.
Current wording
Financing activities were a net $2.22 billion use of cash in the first six months of 2025 compared to a net $4.97 billion use of cash in the first six months of 2024.
Previous wording
•Long-term debt borrowings and repayments were a net $3.41 billion source of cash in the first three months of 2025 compared to a net $17 million use of cash in the first three months of 2024. During the first three months of 2025, MPC issued $2.0 billion in aggregate principal amount of senior notes and MPLX issued $2.0 billion aggregate principal amount of senior notes and repaid $500 million aggregate principal amount of senior notes.
Current wording
•Long-term debt borrowings and repayments were a net $919 million source of cash in the first six months of 2025 compared to a net $1.58 billion source of cash in the first six months of 2024. During the first six months of 2025, MPC issued $2.0 billion in aggregate principal amount of senior notes and repaid $1.250 billion in aggregate principal amount of senior notes. During the first six months of 2025, MPLX issued $2.0 billion aggregate principal amount of senior notes and repaid $1.70 billion aggregate principal amount of senior notes. During the first six months of 2024, MPLX issued $1.65 billion aggregate principal amount of senior notes.
Previous wording
•Cash used in common stock repurchases, including fees and expenses, totaled $1.06 billion in the first three months of 2025 compared to $2.22 billion in the first three months of 2024. See the Capital Requirements section for further discussion of our stock repurchases.
Current wording
•Cash used in common stock repurchases, including fees and expenses, totaled $1.84 billion in the first six months of 2025 compared to $5.11 billion in the first six months of 2024. See the Capital Requirements section for further discussion of our stock repurchases.
Showing the first 40 of 60 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
See Note 4 to the unaudited consolidated financial statements for additional information on this transaction.
Current report — wording carried from elsewhere
Net interest and other financial costs increased $250 million largely due to decreased interest income and discount amortization, primarily due to the absence of short-term investments held in the first six months of 2024, and increases in non-service pension costs and interest expense.
Current report — wording carried from elsewhere
We recorded combined federal, state and foreign income tax provisions of $305 million and $666 million for the six months ended June 30, 2025 and 2024, respectively, which were lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes.
Current report — wording carried from elsewhere
For the three months ended June 30, 2025, refining operating costs, excluding depreciation and amortization, increased $123 million, or $0.43 per barrel, largely due to higher energy costs.
Current report — wording carried from elsewhere
Refining planned turnaround costs increased $0.24 per barrel, or $68 million, due to the scope and timing of turnaround activity.
Current report — wording carried from elsewhere
Refining & Marketing margin was $15.57 per barrel for the first six months of 2025 compared to $18.38 per barrel for the first six months of 2024. Refining & Marketing margin is affected by the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net negative impact of approximately $2 billion on Refining & Marketing margin for the first six months of 2025 compared to the first six months of 2024, primarily due to lower crack spreads and narrower sour and sweet crude oil differentials. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, market structure on our crude oil acquisition prices, RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net positive effect of approximately $1 billion on Refining & Marketing segment income in the first six months of 2025 compared to the first six months of 2024.
Current report — wording carried from elsewhere
We purchase RINs to satisfy a portion of our RFS2 compliance. Our expenses associated with purchased RINs were $668 million and $594 million in the first six months of 2025 and 2024, respectively. The RINs expense is included in Refining & Marketing margin. The increase in the first six months of 2025 was mainly due to increased obligated volumes and higher average RIN prices, partially offset by higher RINs generated and acquired from our Martinez Renewables joint venture.
Current report — wording carried from elsewhere
Renewable Diesel segment revenues increased $243 million mainly due to increased sales volume of 295 thousand gallons per day. Renewable Diesel segment adjusted EBITDA increased $56 million primarily due to increased Renewable Diesel margins. Margins increased from $32 million to $75 million in the first six months of 2025 due to higher environmental credits associated with increased production volume, partially offset by lower product margins. In the first six months of 2024, production capacity was reduced due to an event at the Martinez Renewables facility in 2023 that resulted in lower throughput and impacted margins.
Current report — wording carried from elsewhere
See “Non-GAAP Financial Measure” section for reconciliation of Renewable Diesel margin.
Current report — wording carried from elsewhere
(b) We do not intend to have outstanding commercial paper borrowings in excess of available capacity under our bank revolving credit facility.