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Marathon Petroleum Corp

For the period ended Jun 30, 2025. Filed Aug 5, 2025.

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About this filing

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$389.88+4.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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5. Variable Interest Entities

  1. Variable Interest Entities

Consolidated VIE

We control MPLX through our ownership of its general partner. MPLX is a VIE because the limited partners do not have substantive kick-out or participating rights over the general partner. We are the primary beneficiary of MPLX because in addition to our significant economic interest, we also have the ability, through our ownership of the general partner, to control the decisions that most significantly impact MPLX. We therefore consolidate MPLX and record a noncontrolling interest for the interest owned by the public.

The creditors of MPLX do not have recourse to MPC’s general credit or assets through guarantees or other financial arrangements, except as otherwise noted. MPC has effectively guaranteed certain indebtedness of LOOP LLC (“LOOP”) and LOCAP LLC (“LOCAP”), in which MPLX holds an interest. See Note 22 for more information. The assets of MPLX can only be used to settle its own obligations and any rights of MPC’s creditors to participate in the assets of MPLX are subject to prior claims of MPLX’s creditors.

The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets.

(Millions of dollars)June 30,2025December 31,2024
Assets
Cash and cash equivalents$1,386$1,519
Receivables, less allowance for expected credit loss754731
Inventories192180
Other current assets3329
Equity method investments5,0244,531
Property, plant and equipment, net19,19119,154
Goodwill7,6457,645
Right of use assets275273
Other noncurrent assets1,5121,513
Liabilities
Accounts payable$745$719
Accrued taxes9282
Debt due within one year1,5001,693
Operating lease liabilities4745
Other current liabilities368370
Long-term debt19,72519,255
Deferred income taxes1818
Long-term operating lease liabilities218217
Deferred credits and other liabilities434445
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.