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Marathon Petroleum Corp

For the period ended Sep 30, 2025. Filed Nov 4, 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.

Sep 30, 2025 · Filed Nov 4, 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)September 30,2025December 31,2024
Assets
Cash and cash equivalents$1,765$1,519
Receivables, less allowance for expected credit loss741731
Inventories175180
Other current assets3829
Assets held for sale1,034—
Equity method investments4,7924,531
Property, plant and equipment, net21,34819,154
Goodwill8,7327,645
Intangibles, net1,443518
Right of use assets, net276273
Other noncurrent assets1,060995
Liabilities
Accounts payable$859$719
Accrued taxes11282
Debt due within one year1,5011,693
Operating lease liabilities4945
Other current liabilities426370
Liabilities held for sale230—
Long-term debt24,14519,255
Deferred income taxes2018
Long-term operating lease liabilities220217
Deferred credits and other liabilities479445
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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.