Marathon Petroleum (MPC) investor relations material

Executive summary

• Q2 2025 net income attributable to shareholders was $1.2 billion ($3.96 per share), down from $1.5 billion year-over-year, with adjusted EBITDA of $3.3 billion, reflecting stable operations despite a weaker margin environment.

• Achieved 97% refinery utilization, 105% margin capture, and record rates at several facilities, supported by strong diesel demand and tight inventories.

• Midstream segment delivered 5% year-over-year adjusted EBITDA growth, driven by higher rates, throughputs, and acquisitions, including the $2.375 billion Northwind Midstream deal.

• Renewable Diesel segment improved adjusted EBITDA to $(19) million, benefiting from higher environmental credits and increased production.

• Returned $1.0 billion to shareholders in Q2, including $692 million in share repurchases and $279 million in dividends.

Financial highlights

• Q2 2025 revenues were $34.1 billion, down from $38.4 billion in Q2 2024; net income attributable to shareholders was $1.2 billion.

• Adjusted EBITDA was $3.3 billion, slightly below $3.4 billion in Q2 2024.

• Operating cash flow (excluding working capital) was $2.6 billion; cash and cash equivalents at quarter-end were $1.7 billion.

• Capital expenditures and acquisitions totaled just over $1.1 billion in Q2 2025.

• Gross debt-to-capital ratio was 55% consolidated and 31% excluding MPLX as of June 30, 2025.

Outlook and guidance

• Q3 2025 throughput expected at 2.94 million barrels/day (92% utilization); refining operating costs projected at $5.70 per barrel; turnaround costs at $400 million.

• Full-year turnaround expenses anticipated at $1.4 billion; continued focus on high-return capital projects, with 70% of 2025 standalone capital plan targeting such investments.

• Midstream segment expanding Permian to Gulf Coast value chain, with several projects expected online between 2025 and 2029.