Marathon Petroleum Corporation (MPC) is a major American petroleum refining, marketing, and transportation company. Spun off from Marathon Oil in 2011, MPC operates the largest refining system in the United States, processing crude oil and other feedstocks across 13 refineries with a total capacity of approximately 3 million barrels per day. The company's business is divided into three primary segments: Refining & Marketing, Midstream, and Renewable Diesel. The Refining & Marketing segment is the core revenue driver, accounting for over 93% of total revenues, and involves the production and sale of gasoline, distillates, and heavy fuel oil to wholesale customers and independent Marathon-branded retail outlets. The Midstream segment, operated primarily through its majority-owned master limited partnership MPLX LP, contributes around 3-4% of revenues but provides a stable, fee-based cash flow stream from pipeline transportation, gathering, processing, and logistics infrastructure. Additionally, MPC has a growing Renewable Diesel segment (representing roughly 1-2% of revenues) focused on lower-carbon fuel alternatives, highlighted by the conversion of its Dickinson and Martinez refineries to renewable fuels manufacturing facilities. The company's competitive position is bolstered by its massive scale, high crude capacity utilization, and integrated logistics network.
