Marathon Petroleum Corp

Previous wording

Our Refining & Marketing segment results for the first quarter of 2026 versus the first quarter of 2025 reflect higher realized refining margins supported by stable demand and higher global product prices, partially offset by derivative losses related to our economic hedging program. Longer term, global demand growth is expected to outpace the net impact of refining capacity additions and rationalizations through the end of the decade. We anticipate these fundamentals, as well as the U.S. refining industry’s current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners.

Current wording

Our Refining & Marketing segment results for the second quarter of 2026 versus the second quarter of 2025 reflect higher realized refining margins supported by stable demand and higher product prices driven by global crude oil supply disruptions as a result of increasing regional conflicts, particularly in the Middle East. Longer term, global demand growth is expected to outpace the net impact of refining capacity additions and rationalizations through the end of the decade. We anticipate these fundamentals, as well as the U.S. refining industry’s current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners.

Previous wording

Our Midstream segment results for the first quarter of 2026 versus the first quarter of 2025 were impacted by derivative losses resulting from increased market volatility as well as previously announced acquisition and divestiture activity as we continue to optimize our assets and execute on progressing our growth strategies in the Permian and Northeast. We believe our Midstream business is well positioned and has significant opportunities to support the development plans of its producer customers.

Current wording

Our Midstream segment results for the second quarter of 2026 versus the second quarter of 2025 reflect previously announced acquisition and divestiture activity as we continue to optimize our assets and execute on progressing our strategic initiatives. We believe our Midstream business is well positioned to meet growing global demand for U.S. energy through the advancement of MPLX’s wellhead-to-water strategy and support the development plans of its producer customers.

Previous wording

In March 2026, the U.S Department of Energy (“DOE”) accepted MPC’s bid to exchange crude oil barrels with the Strategic Petroleum Reserve (“SPR”). Under the arrangement, the SPR agreed to deliver 7.7 million barrels to MPC in the second quarter of 2026 and MPC agreed to return approximately 9.4 million barrels over an estimated period of time in 2028.

Current wording

In the first and second quarters of 2026, the U.S. Department of Energy (“DOE”) accepted MPC’s bids to exchange crude oil barrels with the Strategic Petroleum Reserve (“SPR”). Under the arrangements, the SPR agreed to deliver approximately 22 million barrels to MPC throughout 2026 and MPC agreed to return approximately 27 million barrels beginning in April of 2027 through July of 2029.

Previous wording

On May 5, 2026, we announced that our board of directors approved an additional $5.0 billion share repurchase authorization. The share repurchase authorization has no expiration date. Future repurchases under the authorization will depend on the macro environment, cash available after opportunities for capital investment and growth of the business and market conditions. As of March 31, 2026, MPC had $3.63 billion remaining under its share repurchase authorization, which does not include the additional $5.0 billion authorization described above.

Current wording

On May 5, 2026, we announced that our board of directors approved an additional $5.0 billion share repurchase authorization. The share repurchase authorization has no expiration date. Future repurchases under the authorization will depend on the macro environment, cash available after opportunities for capital investment and growth of the business, and market conditions. As of June 30, 2026, we had $6.13 billion remaining under the share repurchase authorizations.

Previous wording

Refer to the Results of Operations section for a discussion of consolidated financial results and Segment Results for the first quarter of 2026 as compared to the first quarter of 2025.

Current wording

Refer to the Results of Operations section for a discussion of consolidated financial results and Segment Results for the second quarter of 2026 as compared to the second quarter of 2025 and the first six months of 2026 compared to the first six months of 2025.

Previous wording

We owned approximately 647 million MPLX common units as of March 31, 2026, with a market value of $36.95 billion based on the March 31, 2026 closing price of $57.07 per common unit. On April 28, 2026, MPLX declared a quarterly cash distribution of $1.0765 per common unit, payable on May 15, 2026 to unitholders of record on May 8, 2026. MPC’s portion of this distribution is approximately $697 million.

Current wording

We owned approximately 647 million MPLX common units as of June 30, 2026, with a market value of $36.47 billion based on the June 30, 2026 closing price of $56.33 per common unit. On July 28, 2026, MPLX declared a quarterly cash distribution of $1.0765 per common unit, payable on August 14, 2026 to unitholders of record on August 7, 2026. MPC’s portion of this distribution is approximately $697 million.

Previous wording

We received limited partner distributions from MPLX of $697 million in the three months ended March 31, 2026 and $619 million in the three months ended March 31, 2025.

Current wording

We received limited partner distributions from MPLX of $1.39 billion in the six months ended June 30, 2026 and $1.24 billion in the six months ended June 30, 2025.

Previous wording

During the three months ended March 31, 2026, MPLX repurchased approximately 1 million MPLX common units at an average cost per unit of $56.63 and paid $50 million of cash for the repurchased common units. As of March 31, 2026, approximately $1.07 billion remained available under authorizations for future unit repurchases.

Current wording

During the six months ended June 30, 2026, MPLX repurchased approximately 2 million MPLX common units at an average cost per unit of $56.32 and paid $100 million of cash for the repurchased common units. As of June 30, 2026, MPLX had $1.02 billion remaining under the unit repurchase authorizations.

Previous wording

Our Midstream segment gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products, principally for our Refining & Marketing segment. Additionally, the segment markets refined products. The profitability of our pipeline transportation operations primarily depends on tariff rates and the volumes shipped through the pipelines. The profitability of our marine operations primarily depends on the quantity and availability of our vessels and barges. The profitability of our light product terminal operations primarily depends on the throughput volumes at these terminals. The profitability of our fuels distribution services primarily depends on the sales volumes of certain refined products. The profitability of our refining logistics operations depends on the quantity and availability of our refining logistics assets. A majority of the crude oil and refined product shipments on our pipelines and marine vessels and the refined product throughput at our terminals serve our Refining & Marketing segment and our refining logistics assets and fuels distribution services are used solely by our Refining & Marketing segment. As discussed above in the Refining & Marketing section, MPLX, which is reported in our Midstream segment, has various long-term, fee-based commercial agreements related to services provided to our Refining & Marketing segment. Under these agreements, MPLX has received various commitments of minimum throughput, storage and distribution volumes as well as commitments to pay for all available capacity of certain assets. The volume of crude oil that we transport is directly affected by the supply of, and refiner demand for, crude oil in the markets served directly by our crude oil pipelines, terminals and marine operations. Key factors in this supply and demand balance are the production levels of crude oil by producers in various regions or fields, the availability and cost of alternative modes of transportation, the volumes of crude oil processed at refineries and refinery and transportation system maintenance levels. The volume of refined products that we transport, store, distribute and market is directly affected by the production levels of, and user demand for, refined products in the markets served by our refined product pipelines and marine operations. In most of our markets, demand for gasoline and distillate peaks during the summer driving season, which extends from May through September of each year, and declines during the fall and winter months. As with crude oil, other transportation alternatives and system maintenance levels influence refined product movements.

Current wording

Our Midstream segment gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products, principally for our Refining & Marketing segment. Additionally, the segment markets refined products. The profitability of our pipeline transportation operations primarily depends on tariff rates and the volumes shipped through the pipelines. The profitability of our marine operations primarily depends on the quantity and availability of our vessels and barges. The profitability of our light product terminal operations primarily depends on the throughput volumes at these terminals. The profitability of our fuels distribution services primarily depends on the sales volumes of certain refined products. The profitability of our refining logistics operations depends on the quantity and availability of our refining logistics assets. A majority of the crude oil and refined product shipments on our pipelines and marine vessels and the refined product throughput at our terminals serve our Refining & Marketing segment while our refining logistics assets and fuels distribution services are used solely by our Refining & Marketing segment. As discussed above in the Refining & Marketing section, MPLX, which is reported in our Midstream segment, has various long-term, fee-based commercial agreements related to services provided to our Refining & Marketing segment. Under these agreements, MPLX has received various commitments of minimum throughput, storage and distribution volumes as well as commitments to pay for all available capacity of certain assets. The volume of crude oil that we transport is directly affected by the supply of, and refiner demand for, crude oil in the markets served directly by our crude oil pipelines, terminals and marine operations. Key factors in this supply and demand balance are the production levels of crude oil by producers in various regions or fields, the availability and cost of alternative modes of transportation, the volumes of crude oil processed at refineries and refinery and transportation system maintenance levels. The volume of refined products that we transport, store, distribute and market is directly affected by the production levels of, and user demand for, refined products in the markets served by our refined product pipelines and marine operations. In most of our markets, demand for gasoline and distillate peaks during the summer driving season, which extends from May through September of each year, and declines during the fall and winter months. As with crude oil, other transportation alternatives and system maintenance levels influence refined product movements.

Previous wording

Net income attributable to MPC increased $585 million in the first quarter of 2026 compared to the first quarter of 2025 primarily due to the following:

Current wording

Net income attributable to MPC increased $3.92 billion in the second quarter of 2026 compared to the second quarter of 2025 primarily due to the following:

Previous wording

Revenues and other income increased $2.72 billion primarily due to:

Current wording

Revenues and other income increased $18.24 billion primarily due to:

Previous wording

•increased sales and other operating revenues of $2.68 billion mainly due to an increase in Refining & Marketing segment average refined product sales prices of $0.15 per gallon and increased refined product sales volumes of 105 mbpd;

Current wording

•increased sales and other operating revenues of $18.2 billion mainly due to an increase in Refining & Marketing segment average refined product sales prices of $1.12 per gallon and increased refined product sales volumes of 7 mbpd; and

Previous wording

•decreased income from equity method investments of $54 million largely due to decreased income from our Martinez Renewables JV of $46 million as a result of planned turnaround activity; and

Current wording

•increased income from equity method investments of $44 million largely due to increased income from our Martinez Renewables JV of $21 million and Midstream equity method investments of $14 million.

Previous wording

We recorded a combined federal, state and foreign income tax provision of $183 million for the three months ended March 31, 2026 and $37 million for the three months ended March 31, 2025. The rate for the three months ended March 31, 2026 was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes while the rate for the three months ended March 31, 2025 was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests and discrete state tax benefits.

Current wording

We recorded a combined federal, state and foreign income tax provision of $1.44 billion for the three months ended June 30, 2026, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests and cross-border tax impacts, partially offset by state taxes. We recorded a combined federal, state and foreign income tax provision of $268 million for the three months ended June 30, 2025, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes.

Previous wording

•increased other income of $89 million primarily due to approximately $58 million of clean fuel production tax credits, of which $32 million related to 2025 activity, and increased RIN sales of $28 million.

Current wording

•increased other income of $94 million primarily due to approximately $75 million of clean fuel production tax credits, of which $32 million related to 2025 activity.

Previous wording

Costs and expenses increased $2.0 billion primarily due to:

Current wording

Costs and expenses increased $15.11 billion primarily due to:

Previous wording

•increased cost of revenues of $1.90 billion mainly due to increased finished product purchases and unrealized derivative losses related to our economic hedging program; and

Current wording

•increased cost of revenues of $14.94 billion mainly due to increased crude costs and finished product purchases; and

Previous wording

•increased selling, general and administrative expenses of $84 million primarily due to quarterly fair-value remeasurement of outstanding performance-based stock compensation of $42 million and increased employee related costs of $34 million.

Current wording

•increased selling, general and administrative expenses of $111 million primarily due to increased employee related costs of $56 million and fair-value remeasurement of outstanding performance-based stock compensation of $45 million.

Previous wording

Net interest and other financial costs increased $66 million largely due to increased interest expense, primarily due to higher MPLX borrowings, and decreased interest income.

Current wording

Net interest and other financial costs increased $87 million largely due to increased interest expense, primarily due to higher MPLX borrowings, partially offset by increased interest income and capitalized interest.

Previous wording

Net income attributable to noncontrolling interests decreased $80 million mainly due to a decrease in MPLX’s net income in the first quarter of 2026. See further discussion in the Segment Results-Midstream section.

Current wording

Net income attributable to noncontrolling interests decreased $74 million mainly due to a decrease in MPLX’s net income in the first six months of 2026. See further discussion in the Midstream Segment Results section.

Previous wording

Our segment adjusted EBITDA for reportable segments was $3.01 billion and $2.17 billion for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Our segment adjusted EBITDA for reportable segments was $11.70 billion and $5.68 billion for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Refining & Marketing segment revenues increased $2.84 billion primarily due to an increase in average refined product sales prices of $0.15 per gallon and increased refined product sales volumes of 105 mbpd.

Current wording

Refining & Marketing segment revenues increased $17.47 billion primarily due to an increase in average refined product sales prices of $1.12 per gallon and increased refined product sales volumes of 7 mbpd.

Previous wording

Refining & Marketing segment adjusted EBITDA increased $888 million mainly due to increased per barrel margins, partially offset by increased refining operating and distribution costs, both excluding depreciation and amortization. Refining & Marketing segment adjusted EBITDA was $5.37 per barrel for the first quarter of 2026, versus $1.91 per barrel for the first quarter of 2025.

Current wording

Refining & Marketing segment adjusted EBITDA increased $4.77 billion mainly due to increased per barrel margins. Refining & Marketing segment adjusted EBITDA was $24.84 per barrel for the second quarter of 2026, versus $6.79 per barrel for the second quarter of 2025.

Previous wording

Refining & Marketing margin was $17.74 per barrel for the first quarter of 2026 compared to $13.38 per barrel for the first quarter of 2025. Results benefited from higher crack spreads, partially offset by unrealized derivative losses related to our economic hedging program. Refining & Marketing margin is affected by our performance against the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net positive impact of approximately $1.3 billion on Refining & Marketing margin for the first quarter of 2026 compared to the first quarter of 2025. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, the effect of market structure on our crude oil acquisition prices, the effect of RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net negative effect of approximately $200 million on Refining & Marketing segment adjusted EBITDA in the first quarter of 2026 compared to the first quarter of 2025.

Current wording

Refining & Marketing margin was $36.33 per barrel for the second quarter of 2026 compared to $17.58 per barrel for the second quarter of 2025, primarily due to higher crack spreads. Refining & Marketing margin is affected by our performance against the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net positive impact of approximately $4 billion on Refining & Marketing margin for the second quarter of 2026 compared to the second quarter of 2025. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, the effect of market structure on our crude oil acquisition prices, the effect of RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net positive effect of approximately $800 million on Refining & Marketing segment adjusted EBITDA in the second quarter of 2026 compared to the second quarter of 2025.

Previous wording

We purchase RINs to satisfy a portion of our RFS compliance. Our expenses associated with purchased RINs and included in Refining & Marketing margin were $593 million and $354 million in the first quarter of 2026 and 2025, respectively. The increase in the first quarter of 2026 was mainly due to increased RIN obligations, lower RINs generated and acquired from our Martinez Renewables JV due to turnaround activity and higher RIN costs.

Current wording

We purchase RINs to satisfy a portion of our RFS compliance. Our expenses associated with purchased RINs and included in Refining & Marketing margin were $683 million and $314 million in the second quarter of 2026 and 2025, respectively. The increase in the second quarter of 2026 was mainly due to higher RIN costs and blending requirements, partially offset by lower RIN sales and obligated volume in addition to increased RINs generated.

Previous wording

For the three months ended March 31, 2026, refining operating costs, excluding depreciation and amortization, increased $127 million, or $0.49 per barrel, largely due to increased project related expense associated with increased turnaround activity during the quarter.

Current wording

For the three months ended June 30, 2026, refining operating costs, excluding depreciation and amortization, increased $45 million, or $0.38 per barrel, largely due to increased major maintenance and engineered projects conducted during turnaround activity, partially offset by lower energy costs.

Previous wording

Refining planned turnaround costs increased $0.30 per barrel, or $76 million, due to the scope and timing of turnaround activity.

Current wording

Refining planned turnaround costs increased $0.13 per barrel, or $25 million, due to the scope and timing of turnaround activity.

Previous wording

Distribution costs, excluding depreciation and amortization, increased $103 million, or $0.39 per barrel, and include fees paid to MPLX. The change in the first quarter of 2026 primarily reflects rate increases and increased third party marine costs.

Current wording

Distribution costs, excluding depreciation and amortization, increased $141 million for the first six months of 2026, or $0.38 per barrel, and include fees paid to MPLX. The increase primarily reflects rate increases and increased third party marine costs.

Previous wording

In the first quarter of 2026, Midstream segment adjusted EBITDA decreased $122 million mainly due to decreased sales and operating revenues of $86 million. These decreases were primarily driven by derivative losses of $77 million in the first quarter of 2026 and a $37 million non-recurring benefit associated with a customer agreement in the first quarter of 2025, with acquisition and divestiture activity also having an impact.

Current wording

Midstream segment adjusted EBITDA increased $15 million in the first six months of 2026 primarily due to increased sales and operating revenues of $209 million. These increases were primarily driven by increased rates and throughputs, including growth from equity affiliates and acquisitions, partially offset by the divestiture of non-core gathering and processing assets and a $37 million non-recurring benefit associated with a customer agreement in the first quarter of 2025. Midstream segment adjusted EBITDA was also impacted by increased derivative losses of $53 million.

Previous wording

Renewable Diesel segment revenues decreased $47 million, primarily due to decreased sales volume of 180 thousand gallons per day, due to decreased utilization from planned turnaround activity at our Martinez Renewables JV in the first quarter of 2026, partially offset by higher sales prices. Renewable Diesel segment adjusted EBITDA increased $80 million, primarily due to an increase in Renewable Diesel margin, which was $133 million for the first quarter of 2026 compared to $26 million for the first quarter of 2025, in addition torecognition of clean fuel production tax credits due to clarity on 45Z regulation. This was partially offset by decreased utilization due to planned downtime at our Martinez Renewables JV.

Current wording

Renewable Diesel segment revenues increased $573 million, mainly due to higher sales prices partially offset by decreased renewable diesel sales volume of 44 thousand gallons per day largely due to planned turnaround activity at our Martinez Renewables JV in the first quarter of 2026. Renewable Diesel segment adjusted EBITDA increased $357 million primarily due to an increase in Renewable Diesel margin from $454 million in the first six months of 2026 compared to $75 million in the first six months of 2025, driven by improved regulatory credit values. This was partially offset by decreased utilization due to planned downtime at our Martinez Renewables JV.

Previous wording

See “Non-GAAP Financial Measures” section for reconciliation of Renewable Diesel margin.

Current wording

See “Non-GAAP Financial Measures” section for a reconciliation of Renewable Diesel margin.

Previous wording

(a)Corporate costs consist primarily of MPC’s corporate administrative expenses and costs related to certain non-operating assets, except for corporate overhead expenses attributable to MPLX, which are included in the Midstream segment. Corporate costs include depreciation and amortization of $24 million and $18 million for the first quarter of 2026 and 2025, respectively.

Current wording

(a)Corporate costs consist primarily of MPC’s corporate administrative expenses and costs related to certain non-operating assets, except for corporate overhead expenses attributable to MPLX, which are included in the Midstream segment. Corporate costs include depreciation and amortization of $25 million and $17 million for the second quarter of 2026 and 2025, respectively, and $49 million and $35 million for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

In the first quarter of 2026, corporate expenses increased $64 million primarily due to the fair-value remeasurement of outstanding performance-based stock compensation of $23 million driven by recent stock performance as well as environmental remediation expense related to historical operations at the Martinez refinery of $21 million.

Current wording

Corporate expenses increased $77 million in the first six months of 2026 primarily due to the fair-value remeasurement of outstanding performance-based stock compensation of $25 million driven by recent stock performance, environmental remediation expense related to historical operations at the Martinez refinery of $23 million and increased employee related costs of $18 million.

Previous wording

Items not allocated to segments of $32 million in the first quarter of 2026 are the recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February 2026, which clarified the qualification criteria for 45Z credits.

Current wording

Items not allocated to segments in the first six months of 2026 are the recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February 2026, which clarified the qualification criteria for 45Z credits.

Previous wording

Refining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies.

Current wording

Refining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products, which includes impacts from derivative activity. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies.

Previous wording

Renewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and purchased product costs. We use, and believe our investors use, this non-GAAP financial measure to evaluate our Renewable Diesel segment’s operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.

Current wording

Renewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and costs for purchased product, including from our Martinez Renewables JV. We use, and believe our investors use, this non-GAAP financial measure to evaluate our Renewable Diesel segment’s operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.

Previous wording

Our consolidated cash and cash equivalents balance was approximately $2.15 billion at March 31, 2026 compared to $3.67 billion at December 31, 2025. Net cash provided by (used in) operating activities, investing activities and financing activities are presented in the following table.

Current wording

Our consolidated cash and cash equivalents balance was approximately $7.77 billion at June 30, 2026 compared to $3.67 billion at December 31, 2025. Net cash provided by (used in) operating activities, investing activities and financing activities are presented in the following table.

Previous wording

Net cash provided by operating activities increased $1.19 billion in the first three months of 2026 compared to the first three months of 2025. The change in net cash provided by operating activities was primarily due to an increase in operating results and a favorable change in working capital of $501 million, when comparing the change in working capital in both periods.

Current wording

Net cash provided by operating activities increased $8.87 billion in the first six months of 2026 compared to the first six months of 2025. The change in net cash provided by operating activities was primarily due to an increase in operating results and a favorable change in working capital of $4.23 billion, when comparing the change in working capital in both periods.

Previous wording

For the first three months of 2026, changes in working capital, excluding changes in short-term debt, were a net $573 million use of cash mainly due to the effects of changes in energy commodity prices and volumes, including derivatives, at the end of the period. Accounts payable increased primarily due to increases in crude oil prices. Current receivables increased primarily due to increases in crude oil prices and volumes in addition to an increase in refined product prices, partially offset by refined product volumes. Inventories increased largely due to increases in refined product and crude oil inventory volumes, partially offset by a decrease in materials and supplies inventory volumes.

Current wording

For the first six months of 2026, changes in working capital, excluding changes in short-term debt, were a net $3.19 billion source of cash mainly due to the effects of changes in energy commodity prices and volumes, including derivatives. Accounts payable increased primarily due to increases in crude oil prices and volumes. Current receivables increased primarily due to increases in crude oil prices and volumes in addition to an increase in refined product prices. Inventories decreased largely due to decreases in crude oil and material and supplies inventory volumes, partially offset by an increase in refined product inventory volumes.

Previous wording

For the first three months of 2025, changes in working capital, excluding changes in short-term debt, were a net $1.07 billion use of cash primarily due to the effects of changes in energy commodity prices and volumes at the end of the period. Current receivables increased primarily due to increases in crude oil volumes. Inventories increased primarily due to increases in refined product and crude oil inventory volumes. Accounts payable increased primarily due to increases in crude oil volumes partially offset by decreases in crude oil prices.

Current wording

For the first six months of 2025, changes in working capital, excluding changes in short-term debt, were a net $1.04 billion use of cash mainly due to the effects of changes in energy commodity prices and volumes at the end of the period. Accounts payable decreased primarily due to decreases in crude oil prices, partially offset by increases in crude oil volumes. Inventories increased largely due to increases in crude oil and refined product inventory volumes. Current receivables decreased primarily due to decreases in crude oil prices, partially offset by increases in crude oil volumes and refined product prices.