Marathon Petroleum Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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14. Equity Method Investments
- Equity Method Investments
| Ownership as of · Carrying value at | ||||
|---|---|---|---|---|
| December 31, · December 31, | ||||
| (In millions of dollars, except ownership percentages) | VIE | 2025 | 2025 | 2024 |
| Refining & Marketing | ||||
| TAMH(a) | —% | $— | $190 | |
| LF Bioenergy Holdings LLC | 50% | 98 | 92 | |
| Refining & Marketing Total | $98 | $282 | ||
| Midstream | ||||
| MPLX | ||||
| BANGL(b) | $— | $281 | ||
| Illinois Extension Pipeline Company, L.L.C. | 35% | 208 | 218 | |
| LOOP LLC | 41% | 313 | 310 | |
| MarEn Bakken Company LLC | 25% | 502 | 526 | |
| MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C. | X | 67% | 407 | 329 |
| MarkWest Utica EMG, L.L.C. | X | 61% | 890 | 742 |
| Ohio Gathering Co, LLC | X | 32% | 444 | 470 |
| Sherwood Midstream LLC | X | 50% | 475 | 488 |
| Texas City Logistics LLC | X | 50% | 163 | — |
| WPC Parent, LLC | 30% | 273 | 208 | |
| Other(c) | X | 1,123 | 959 | |
| MPLX Total | $4,798 | $4,531 | ||
| MPC-Retained | ||||
| Capline Pipeline Company LLC | 33% | $365 | $382 | |
| Gray Oak Pipeline, LLC | 25% | 268 | 274 | |
| Other(c) | X | 113 | 114 | |
| MPC-Retained Total | $746 | $770 | ||
| Midstream Total | $5,544 | $5,301 | ||
| Renewable Diesel | ||||
| Martinez Renewables LLC | X | 50% | $1,065 | $1,184 |
| Other(c) | X | 88 | 90 | |
| Renewable Diesel Total | $1,153 | $1,274 | ||
| Total | $6,795 | $6,857 | ||
(a)In July 2025, we sold our interest in TAMH, as discussed in Note 5.
(b)In July 2025, MPLX purchased the remaining interest in BANGL, increasing MPLX’s ownership to 100 percent. See Note 5 for additional information.
(c)Some investments included within “Other” have been deemed to be VIEs.
Summarized financial information for all equity method investments in affiliated companies, combined, was as follows:
| (Millions of dollars) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Income statement data: | |||
| Revenues and other income | $10,223 | $9,259 | $6,544 |
| Income from operations | 2,713 | 2,698 | 2,428 |
| Net income | 2,368 | 2,211 | 2,089 |
| Balance sheet data – December 31: | |||
| Current assets | $2,246 | $2,687 | |
| Noncurrent assets | 26,310 | 24,656 | |
| Current liabilities | 2,176 | 1,927 | |
| Noncurrent liabilities | 8,050 | 7,837 | |
As of December 31, 2025, the carrying value of our equity method investments was $432 million higher than our share of the underlying net assets of investees. This basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets, except for $174 million of excess related to goodwill and other non-depreciable assets.
Dividends and partnership distributions received from equity method investees (excluding distributions that represented a return of capital previously contributed) were $1.255 billion, $1.215 billion and $941 million in 2025, 2024 and 2023, respectively.
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