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Marathon Petroleum Corp

For the period ended Mar 31, 2026. Filed May 5, 2026.

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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.

Mar 31, 2026 · Filed May 5, 2026

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)March 31,2026December 31,2025
Assets
Cash and cash equivalents$1,506$2,137
Receivables, less allowance for expected credit loss782746
Inventories178172
Other current assets6251
Equity method investments4,9814,798
Property, plant and equipment, net21,99221,698
Goodwill8,7368,755
Intangibles, net1,3591,397
Right of use assets, net268276
Other noncurrent assets1,1611,126
Liabilities
Accounts payable$1,076$865
Accrued taxes7393
Debt due within one year1,2511,502
Operating lease liabilities5353
Other current liabilities370403
Long-term debt24,38324,151
Deferred income taxes2525
Long-term operating lease liabilities208217
Deferred credits and other liabilities455474
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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.