Marathon Petroleum Corp
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout 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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | ||
|---|---|---|
| PART I - FINANCIAL INFORMATION | ||
| Item 1. · Financial Statements: | ||
| Consolidated Statements of Income (Unaudited) | 3 | |
| Consolidated Statements of Comprehensive Income (Unaudited) | 4 | |
| Consolidated Balance Sheets (Unaudited) | 5 | |
| Consolidated Statements of Cash Flows (Unaudited) | 6 | |
| Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Unaudited) | 8 | |
| Notes to Consolidated Financial Statements (Unaudited) | 10 | |
| 1. Description of Business and Basis of Presentation | 10 | |
| 2. Accounting Standards | 10 | |
| 3. Master Limited Partnership | 11 | |
| 4. Acquisitions and Other Transactions | 12 | |
| 5. Variable Interest Entities | 15 | |
| 6. Related Party Transactions | 16 | |
| 7. Earnings Per Share | 17 | |
| 8. Equity | 17 | |
| 9. Segment Information | 18 | |
| 10. Net Interest and Other Financial Costs | 21 | |
| 11. Income Taxes | 21 | |
| 12. Inventories | 22 | |
| 13. Property, Plant and Equipment (PP&E) | 22 | |
| 14. Fair Value Measurements | 22 | |
| 15. Derivatives | 24 | |
| 16. Debt | 25 | |
| 17. Revenue | 26 | |
| 18. Supplemental Cash Flow Information | 27 | |
| 19. Other Current Liabilities | 27 | |
| 20. Accumulated Other Comprehensive Income (Loss) | 28 | |
| 21. Pension and Other Postretirement Benefits | 28 | |
| 22. Commitments and Contingencies | 29 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 31 |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 54 |
| Item 4. | Controls and Procedures | 55 |
| PART II - OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 56 |
| Item 1A. | Risk Factors | 56 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 56 |
| Item 5. | Other Information | 56 |
| Item 6. | Exhibits | 57 |
| Signatures | 58 | |
Unless otherwise stated or the context otherwise indicates, all references in this Form 10-Q to “MPC,” “us,” “our,” “we” or “the Company” mean Marathon Petroleum Corporation and its consolidated subsidiaries.
Glossary of Terms
Throughout this report, the following company or industry specific terms and abbreviations are used:
| ANS | Alaska North Slope crude oil, an oil index benchmark price |
|---|---|
| ASU | Accounting Standards Update |
| barrel | One stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to crude oil or other liquid hydrocarbons |
| CARB | California Air Resources Board |
| CARBOB | California Reformulated Gasoline Blendstock for Oxygenate Blending |
| CBOB | Conventional Gasoline Blendstock for Oxygenate Blending |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortization (a non-GAAP financial measure) |
| EPA | U.S. Environmental Protection Agency |
| FASB | Financial Accounting Standards Board |
| GAAP | Accounting principles generally accepted in the United States |
| JV | Joint Venture |
| LIFO | Last in, first out, an inventory costing method |
| mbpd | Thousand barrels per day |
| MEH | Magellan East Houston crude oil, an oil index benchmark price |
| MMBtu | One million British thermal units |
| MMcf/d | One million cubic feet per day |
| MPLX | MPLX LP and its consolidated subsidiaries |
| NGL | Natural gas liquids, such as ethane, propane, butanes and natural gasoline |
| NYMEX | New York Mercantile Exchange |
| RFS | Renewable Fuel Standard program, as required by the Energy Independence and Security Act of 2007 |
| RIN | Renewable Identification Number |
| SEC | U.S. Securities and Exchange Commission |
| SRE | Small Refinery Exemption credit under the Renewable Fuel Standard program |
| ULSD | Ultra-low sulfur diesel |
| USGC | U.S. Gulf Coast |
| VIE | Variable interest entity |
| WTI | West Texas Intermediate crude oil, an oil index benchmark price |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.