MPC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-04

• Net income attributable to MPC was $5.14 billion, or $17.73 per diluted share, for the second quarter of 2026 compared to $1.22 billion, or $3.96 per diluted share, for the second quarter of 2025 and $5.65 billion, or $19.30 per diluted share, in the first six months of 2026 compared to $1.14 billio…

• Refining & Marketing margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined, including the costs to transport these inputs to our refineries and the costs of products purchased for resale. The crack spread is a measure…

• Costs and expenses increased $13.11 billion primarily due to increased cost of revenues of $13.04 billion mainly due to increased crude costs and finished product purchases.

• 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 i…

• Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• In April 2026, the DOE accepted a second bid from MPC for the exchange of crude oil barrels with the SPR. Under the arrangement, the SPR agreed to deliver 2 million barrels to MPC in the second quarter of 2026 and MPC agreed to return approximately 2.4 million barrels over an estimated period of tim…

• Net income (loss) attributable to MPC per diluted share$1.73 $(0.24)

• Net income (loss) attributable to MPC was $511 million, or $1.73 per diluted share, for the first quarter of 2026 compared to $(74) million, or $(0.24) per diluted share, for the first quarter of 2025.

• Refining & Marketing margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined, including the costs to transport these inputs to our refineries and the costs of products purchased for resale. The crack spread is a measure…

• commonly used by the industry as a proxy for the refining margin. Crack spreads can fluctuate significantly, particularly when prices of refined products do not move in the same relationship as the cost of crude oil. As a performance benchmark and a comparison with other industry participants, we ca…

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• insensitive to changes in interest rates due to the short-term maturity of the instruments. Accordingly, these instruments are excluded from the table.

Text added vs the prior filing · source: 10-Q · 2026-08-04

• MPC’s Galveston Bay Refinery is subject to a consent decree with the EPA covering various environmental regulatory programs at the refinery. Following a review of the refinery’s compliance with the consent decree, EPA assessed stipulated penalties in the second quarter of 2026 for alleged violations…

Text added vs the prior filing · source: 10-Q · 2026-08-04

• As previously disclosed on June 29, 2026, Abdulaziz F. Alkhayyal, former director on the Marathon Petroleum Corporation (the "Company") Board of Directors (the “Board”), passed away in late June. The death of Mr. Alkhayyal resulted in an imbalance among the director classes of the Board under the Co…

• equal apportionment of membership among the Board’s three director classes, the Board approved the reclassification of existing director, Jeffrey C. Campbell, from Class II to Class I. In order to effect this reclassification, Mr. Campbell resigned from his position as a Class II Director (with a te…

• On May 15, 2026, Molly R. Benson, Chief Legal Officer and Corporate Secretary of the Company, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act providing for the potential sale of 17,196 shares of our common stock between August 17…

• No other director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of MPC adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K), during the quarter ended June 30, 2026.

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• During the quarter ended March 31, 2026, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of MPC adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).

• On April 30, 2026, MPC Trade Receivables Company I LLC, a wholly owned, bankruptcy remote, special purpose subsidiary of MPC (“MPC Trade Receivables Company”), entered into an Amended and Restated Loan and Security Agreement (the “Loan and Security Agreement”), by and among MPC Trade Receivables Com…

• a wholly owned subsidiary of MPC (“MPC LP”), as the initial servicer, The Toronto-Dominion Bank, as the administrative agent (the “Agent”) and a lender (“TD Bank”), Mizuho Bank, Ltd., as a co-syndication agent and a lender (“Mizuho”), and the other lenders, group agents, LC banks and LC participants…

• Pursuant to the Loan and Security Agreement, MPC Trade Receivables Company has $100.0 million of committed borrowing and letter of credit issuance capacity (and additional uncommitted borrowing and letter of credit issuance capacity of up to $1.90 billion that can be extended at the discretion of th…

• In connection with the Loan and Security Agreement, MPC LP and certain other of MPC’s wholly owned subsidiaries (“Originators”) sell or contribute on an on-going basis substantially all of the trade receivables generated by them (the “Pool Receivables”), together with all related security and intere…