Marathon Petroleum Corp
XETRA:MPN
Marathon Petroleum Corp
Marathon Petroleum Corp., a powerhouse in the integrated downstream energy sector, orchestrates a symphony of refining, marketing, and transportation that fuels the nation's economic engine. Emerging from a lineage of over a century in the oil business, the company has carved a niche for itself as a leading independent refiner in the United States. With a sprawling network of refineries strategically located across the nation, Marathon is adept at transforming crude oil into a plethora of refined products, including gasoline, diesel, and jet fuel. These products find their way to consumers through an extensive distribution system, which includes pipelines, terminals, and an extensive retail presence under the Speedway brand.
Marathon Petroleum's ability to generate revenue relies on its vast infrastructure and market penetration. The refining and marketing segment serves as the cornerstone of its operations, maximizing efficiency and output through state-of-the-art facilities that ensure optimal yield. Meanwhile, the midstream segment, represented by MPLX LP—a logistics and infrastructure company formed by Marathon—plays a critical role by transporting, storing, and marketing petroleum products. Together, these segments create a robust framework that not only supports Marathon's financial performance but also positions it to capitalize on fluctuations in oil prices and regional demand dynamics. Thus, Marathon Petroleum navigates the complexities of the energy landscape, deftly balancing operational excellence with strategic investments to sustain its market leadership and drive shareholder value.
Marathon Petroleum Corp., a powerhouse in the integrated downstream energy sector, orchestrates a symphony of refining, marketing, and transportation that fuels the nation's economic engine. Emerging from a lineage of over a century in the oil business, the company has carved a niche for itself as a leading independent refiner in the United States. With a sprawling network of refineries strategically located across the nation, Marathon is adept at transforming crude oil into a plethora of refined products, including gasoline, diesel, and jet fuel. These products find their way to consumers through an extensive distribution system, which includes pipelines, terminals, and an extensive retail presence under the Speedway brand.
Marathon Petroleum's ability to generate revenue relies on its vast infrastructure and market penetration. The refining and marketing segment serves as the cornerstone of its operations, maximizing efficiency and output through state-of-the-art facilities that ensure optimal yield. Meanwhile, the midstream segment, represented by MPLX LP—a logistics and infrastructure company formed by Marathon—plays a critical role by transporting, storing, and marketing petroleum products. Together, these segments create a robust framework that not only supports Marathon's financial performance but also positions it to capitalize on fluctuations in oil prices and regional demand dynamics. Thus, Marathon Petroleum navigates the complexities of the energy landscape, deftly balancing operational excellence with strategic investments to sustain its market leadership and drive shareholder value.
EPS Beat: Adjusted earnings per share came in at $4.07 for the fourth quarter, well above analyst expectations.
Strong Capture Rate: Refining margin capture rate reached 114% in Q4 and 105% for the year, reflecting sustained operational and commercial execution.
Cash Returns: Returned $4.5 billion to shareholders in 2025 via buybacks and dividends, reducing shares outstanding by 6.5%. Management expects similar levels of cash returns in 2026.
Refining Utilization: Refineries ran at 95% utilization in Q4, with throughput just over 3 million barrels per day and record rates at Garyville and Robinson.
Reduced CapEx: 2026 refining capital spend will be lowered by nearly 20% versus 2025, with further reductions expected in 2027 and 2028.
Midstream Growth: MPLX will invest $2.4 billion in growth capital, mostly targeting natural gas and NGL services, and targets a 12.5% distribution growth rate over two years.
Refined Product Demand: Management expects global refined product demand growth to continue into 2026 and beyond, with supply additions lagging demand.
Operational Excellence: Achieved the lowest OSHA recordable injury rate in four years and fewest environmental incidents of the decade.
Management
Michael J. Hennigan is a prominent executive known for his leadership role at Marathon Petroleum Corporation, a leading integrated downstream energy company in the United States. He has played a significant part in shaping the strategic direction of the company. Hennigan assumed the position of President and Chief Executive Officer in March 2020. Before becoming CEO, Hennigan held several key executive positions within the energy sector, enhancing his experience and expertise in refining and logistics. He joined MPLX LP, a master limited partnership formed by Marathon Petroleum, in 2017 as President and CEO. His leadership in managing MPLX's extensive logistics and storage assets was pivotal in its growth and success. Hennigan's career spans more than three decades in the energy industry, where he has developed extensive knowledge and experience in various areas, including refining, pipelines, and terminal operations. His approach often emphasizes operational excellence, safety, and a commitment to sustainability and innovation within the energy sector. Under his leadership, Marathon Petroleum has embarked on crucial initiatives to optimize its asset portfolio, advance its strategic goals, and respond to the evolving energy market, including efforts towards cleaner and more sustainable energy sources. His contributions continue to influence both Marathon Petroleum’s trajectory and the broader energy industry's dynamics.
Before becoming CEO, Hennigan held several key executive positions within the energy sector, enhancing his experience and expertise in refining and logistics. He joined MPLX LP, a master limited partnership formed by Marathon Petroleum, in 2017 as President and CEO. His leadership in managing MPLX's extensive logistics and storage assets was pivotal in its growth and success.
Hennigan's career spans more than three decades in the energy industry, where he has developed extensive knowledge and experience in various areas, including refining, pipelines, and terminal operations. His approach often emphasizes operational excellence, safety, and a commitment to sustainability and innovation within the energy sector.
Under his leadership, Marathon Petroleum has embarked on crucial initiatives to optimize its asset portfolio, advance its strategic goals, and respond to the evolving energy market, including efforts towards cleaner and more sustainable energy sources. His contributions continue to influence both Marathon Petroleum’s trajectory and the broader energy industry's dynamics.
Maryann T. Mannen is an accomplished executive known for her expertise in finance and corporate leadership. She serves as the Executive Vice President and Chief Financial Officer (CFO) of Marathon Petroleum Corporation, a leading integrated downstream energy company in the United States. Mannen joined Marathon Petroleum in 2021, bringing with her a wealth of experience in financial management and strategic planning. Prior to this role, she was the Executive Vice President and Chief Financial Officer of TechnipFMC, a global leader in oil and gas projects, technologies, systems, and services. At TechnipFMC, Mannen was instrumental in overseeing the company's financial operations and played a key role in significant corporate transactions and integrations. She began her career at ConocoPhillips, where she held various positions of increasing responsibility over her 19-year tenure. Her background includes a deep understanding of the energy sector's complexities, informed by years of hands-on experience. Mannen holds a Bachelor of Business Administration in Finance from Rider University. Her leadership style is characterized by a focus on operational excellence and creating value through financial discipline, strategic initiatives, and fostering a culture of accountability. Under her guidance, Marathon Petroleum continues to focus on financial strength and shareholder returns, navigating the dynamic energy landscape with agility and foresight.
Mannen joined Marathon Petroleum in 2021, bringing with her a wealth of experience in financial management and strategic planning. Prior to this role, she was the Executive Vice President and Chief Financial Officer of TechnipFMC, a global leader in oil and gas projects, technologies, systems, and services. At TechnipFMC, Mannen was instrumental in overseeing the company's financial operations and played a key role in significant corporate transactions and integrations.
She began her career at ConocoPhillips, where she held various positions of increasing responsibility over her 19-year tenure. Her background includes a deep understanding of the energy sector's complexities, informed by years of hands-on experience.
Mannen holds a Bachelor of Business Administration in Finance from Rider University. Her leadership style is characterized by a focus on operational excellence and creating value through financial discipline, strategic initiatives, and fostering a culture of accountability. Under her guidance, Marathon Petroleum continues to focus on financial strength and shareholder returns, navigating the dynamic energy landscape with agility and foresight.
Timothy J. Aydt is a recognized figure in the energy sector, specifically with Marathon Petroleum Corporation, where he has built a distinguished career. Within Marathon Petroleum, Aydt has held various leadership roles, contributing significantly to the company's operations and strategic direction. His expertise spans refining, operations management, and strategic planning, areas in which he has driven efficiencies and innovations. Aydt has been instrumental in overseeing major projects and initiatives at Marathon Petroleum, leveraging his extensive industry knowledge and experience. His contributions have been critical in optimizing operational performance and ensuring the company remains competitive in the dynamic energy market. Through his leadership, Aydt has fostered a culture of safety, environmental stewardship, and community engagement, aligning with the company's broader objectives and values. His commitment to excellence and continuous improvement reflects in the successful execution of Marathon Petroleum's strategic initiatives. Aydt's impact extends beyond operational achievements; he is also involved in mentoring and developing future industry leaders, underlining his dedication to the long-term success and sustainability of Marathon Petroleum Corporation.
Aydt has been instrumental in overseeing major projects and initiatives at Marathon Petroleum, leveraging his extensive industry knowledge and experience. His contributions have been critical in optimizing operational performance and ensuring the company remains competitive in the dynamic energy market.
Through his leadership, Aydt has fostered a culture of safety, environmental stewardship, and community engagement, aligning with the company's broader objectives and values. His commitment to excellence and continuous improvement reflects in the successful execution of Marathon Petroleum's strategic initiatives.
Aydt's impact extends beyond operational achievements; he is also involved in mentoring and developing future industry leaders, underlining his dedication to the long-term success and sustainability of Marathon Petroleum Corporation.
Gregory Scott Floerke is a notable executive in the petroleum industry, known for his role at Marathon Petroleum Corporation (MPC). As the Executive Vice President and Chief Operating Officer, he plays a critical role in overseeing the company's operations. Floerke has a rich background in the energy sector, bringing extensive experience and leadership to MPC. His career includes various leadership positions where he has demonstrated expertise in strategic operations and management. Floerke’s contributions are integral to Marathon Petroleum's success in navigating the complex energy market and meeting its business goals. His leadership style and operational strategies have been instrumental in enhancing the company's performance and ensuring its competitive edge in the industry.
John J. Quaid serves as an executive at Marathon Petroleum Corporation, a leading, integrated, downstream energy company. As Executive Vice President and Chief Financial Officer since 2021, Quaid plays a crucial role in shaping the company's financial strategies. He is responsible for managing the financial aspects of the company, including financial planning and analysis, accounting, investor relations, and treasury. Before becoming CFO, he held other significant positions within the company, which provided him with extensive experience and a deep understanding of the financial operations of the energy sector. Quaid's leadership in financial management has been instrumental in guiding Marathon Petroleum through various economic challenges and opportunities, leveraging his expertise to support the company's long-term growth and stability.
Kristina Anna Kazarian is a recognized executive at Marathon Petroleum Corporation, where she serves as the Vice President of Investor Relations. In this role, she is responsible for managing the company's communications and relationships with shareholders, investors, and financial analysts. With a robust background in finance and a deep understanding of the energy sector, Kazarian plays a key role in articulating Marathon Petroleum's strategic objectives and financial performance to the investment community. Before joining Marathon Petroleum, Kazarian built a strong foundation in equity research, having worked as an equity analyst covering the oil and gas sector. Her experience in this area provided her with valuable insights into the dynamics of the energy industry, complementing her current responsibilities at Marathon. Kristina Kazarian holds a degree in finance, which has further equipped her with the skills necessary to effectively engage with stakeholders and contribute to the company's strategic initiatives. She is known for her analytical acumen and strategic thinking, which have been instrumental in strengthening Marathon Petroleum's investor relations program.
Before joining Marathon Petroleum, Kazarian built a strong foundation in equity research, having worked as an equity analyst covering the oil and gas sector. Her experience in this area provided her with valuable insights into the dynamics of the energy industry, complementing her current responsibilities at Marathon.
Kristina Kazarian holds a degree in finance, which has further equipped her with the skills necessary to effectively engage with stakeholders and contribute to the company's strategic initiatives. She is known for her analytical acumen and strategic thinking, which have been instrumental in strengthening Marathon Petroleum's investor relations program.
Molly R. Benson is an accomplished executive at Marathon Petroleum Corporation, holding the position of Executive Vice President, Chief Legal Officer, and Secretary. Her expertise spans legal affairs, corporate governance, and corporate compliance matters. Bensonanswer Benson:M
Fiona C. Laird serves as the Executive Vice President and Chief Human Resources Officer at Marathon Petroleum Corporation. With an extensive career in human resources and corporate leadership, she brings a wealth of experience to the company, focusing on fostering a culture of inclusivity and organizational excellence. At Marathon Petroleum, she is responsible for overseeing human resources strategies that support the company's goals and objectives. She has played a crucial role in implementing initiatives aimed at enhancing employee engagement, leadership development, and talent management across the organization. Laird's leadership is integral in aligning the workforce with the company's vision, ensuring optimal performance and a strong organizational culture. Additionally, her experience in multinational organizations contributes to Marathon Petroleum's efforts to maintain a competitive edge in the global energy sector.
Brian K. Partee serves as a senior executive at Marathon Petroleum Corporation, a leading, integrated, downstream energy company. In his various roles at Marathon, he has been instrumental in overseeing and advancing the company’s commercial operations. Throughout his career at Marathon Petroleum, Partee has held several leadership positions, which have equipped him with extensive knowledge and experience in the energy sector. His contributions have often centered on strategic development, fostering important business relationships, and ensuring operational excellence within the company's extensive refining and marketing network. Partee's leadership is recognized for guiding key initiatives that have helped to align Marathon Petroleum’s commercial objectives with broader market trends and economic factors. His expertise plays a crucial role in navigating the complexities of the energy market, reinforcing the company's position as a major player in the industry.
Throughout his career at Marathon Petroleum, Partee has held several leadership positions, which have equipped him with extensive knowledge and experience in the energy sector. His contributions have often centered on strategic development, fostering important business relationships, and ensuring operational excellence within the company's extensive refining and marketing network.
Partee's leadership is recognized for guiding key initiatives that have helped to align Marathon Petroleum’s commercial objectives with broader market trends and economic factors. His expertise plays a crucial role in navigating the complexities of the energy market, reinforcing the company's position as a major player in the industry.
James R. Wilkins is an executive at Marathon Petroleum Corporation, serving as Vice President and Chief Procurement Officer. In this role, he is responsible for overseeing the company's supply chain management, procurement strategies, and the optimization of purchasing processes. His leadership supports the organization in achieving efficiency, cost-effectiveness, and reliable sourcing, which are crucial components of Marathon Petroleum's operational success. With a background in procurement and supply chain management, Wilkins brings significant experience and expertise to his position, contributing to the company's strategic initiatives in these areas.
