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EARNINGS CONFERENCE CALL February 3, 2026 FOURTH QUARTER 2025 M P C| 4 Q 2 0 2 5 1
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M P C | 4 Q 2 0 2 5 FORWARD -LOOKING STATEMENTS 2 This presentation contains forward-looking statements regarding Marathon Petroleum Corporation (MPC). These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance (“ESG”) plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as “advance,” “anticipate,” “believe,” “commitment,” “continue,” “could,” “design,” “drive,” “endeavor,” “estimate,” “expect,” “focus,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,” “progress,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “strive,” “support,” “target,” “trends,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC’s actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids (“NGLs”), or renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation or rising interest rates; the regional, national and worldwide demand for refined products and renewables and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, renewable diesel and other renewable fuels, NGLs and other feedstocks and related pricing differentials; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the ability to obtain the necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisition of Northwind Delaware Holdings LLC (“Northwind Midstream”); the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our ability to successf ully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plan s and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating within the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading “Risk Factors” and “Disclosures Regarding Forward-Looking Statements” in MPC’s and MPLX’s Annual Reports on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Non-GAAP Financial Measures Adjusted Net Income Attributable to MPC, Adjusted Diluted Income Per Share, Adjusted EBITDA, cash flow from operations excluding changes in working capital, payout of cash from operations excluding changes in working capital, Refining & Marketing margin, Renewable Diesel margin, MPC Excluding MPLX Gross Debt-to-Capital Ratio and MPC Excluding MPLX Net Debt-to-Capital are non-GAAP financial measures provided in this presentation. Reconciliations to the nearest GAAP financial measures are included in the Appendix to this presentation. These non-GAAP financial measures are not defined by GAAP and should not be considered in isolation or as an alternative to net income attributable to MPC, net cash provided by (used in) operating, investing and financing activities, or other financial measures prepared in accordance with GAAP. This presentation may contain certain EBITDA forecasts that were determined on an EBITDA-only basis. Accordingly, information related to the elements of net income, including tax and interest, are not available and, therefore, reconciliations of these forward-looking non-GAAP financial measures to the nearest GAAP financial measures have not been provided.
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M P C | 4 Q 2 0 2 5 3(a) $2.8 billion annualized distribution based on MPLX’s third quarter 2025 distribution rate. (b) Excludes $89 million of cash paid in April 2025 for excise taxes on share repurchases in 2024. 2025: EXECUTION OF COMMITMENTS Strong Through- Cycle Cash Flow 94% utilization reflecting operational excellence 105% capture demonstrating strong commercial execution $5.63/bbl R&M Segment Adj EBITDA per barrel Durable Midstream Growth 5% 3-yr Midstream Segment Adj EBITDA CAGR 12.5% increase in MPLX quarterly distribution $2.8 B annualized distribution from MPLX(a) Industry-Leading Capital Allocation 10% increase to quarterly dividend $4.5 B of total capital returned(b) 52% payout of cash from operations excl changes in working capital DELIVERING A COMPELLING VALUE PROPOSITION
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M P C | 4 Q 2 0 2 5 2026: VALUE ENHANCING INVESTMENTS 4(a) Corporate/Other does not include capitalized interest. (b) MPC Standalone excludes MPLX capital of $2,950 million in 2025 and $2.7 billion of 2026 capital outlook. ACTUAL OUTLOOK $ Millions Refining & Marketing 1,580 1,410 Refining 865 710 Marketing 285 250 Maintenance 430 450 Renewable Diesel 19 – Midstream, excl. MPLX 25 40 Corporate/Other(a) 25 50 MPC Standalone(b) 1,649 1,500 2025 2026 $ 1 . 5 b i l l i o n o f M P C standalone capital spend, excl. MPLX; with ~$700 million focused on refining value enhancing opportunities M u l t i- y e a r i n v e s t m e n t s continue at Galveston Bay, Garyville, Robinson, and El Paso refineries S m a l l e r s c a l e projects focused on margin improvement and cost reduction
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M P C | 4 Q 2 0 2 5 Refinery Project Description Target Completion 2026 Capital Outlook Robinson Advances product yield optimization to create incremental value 3Q26 $50 MM Galveston Bay Increases ability to supply high-value ULSD to domestic and export markets YE27 $350 MM Refinery Project Description Target Completion 2026 Capital Outlook Garyville Optimizes feedstock slate to enhance margin YE27 $110 MM Garyville Shifts yields to export premium gasoline production and lowers costs YE27 $50 MM El Paso Upgrades FCC and alkylation units to drive volume expansion 2Q26 $35 MM REFINING VALUE ENHANCING CAPITAL N E W Projects extend competitive position with targeted return of 25% or more ONGOING 5
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M P C | 4 Q 2 0 2 5 MPLX: PLATFORM FOR GROWTH 6Note: Outlook does not contemplate capital for any acquisitions. $2.7 B capital outlook for 2026 ~$2.4 B growth ~$0.3 B maintenance 300 2,200 200 2,700 Maintenance Natural Gas and NGL Services Crude Oil and Products Logistics Total 2 0 2 6 S P E N D A S S O C I A T E D W I T H N G & N G L P R O J E C T S : S o u t h w e s t : ▪ $950 MM: Two Gulf Coast fractionation facilities and LPG export terminal ▪ $400 MM: Completion of Delaware basin sour gas treating facility ▪ $190 MM: Secretariat II processing plant ▪ $100 MM: Integration of Delaware basin treating and processing plants N o r t h e a s t : ▪ $160 MM: Marcellus gathering system expansion ▪ $125 MM: Harmon Creek III processing plant
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M P C | 4 Q 2 0 2 5 4Q & FY 2025 HIGHLIGHTS 7 (a) Defined as diluted adjusted income per share, based on weighted average diluted shares. (b) Cash paid in 2025 for dividends and shares repurchased. Excludes $89 million of cash paid in April 2025 for excise taxes on share repurchases in 2024. 4TH QUARTER 2025 FISCAL YEAR 2025 $ Millions (unless otherwise noted) Adjusted Earnings per Share ($/diluted share)(a) $4.07 $10.70 Adjusted EBITDA $3,489 $11,956 R&M Segment Adj EBITDA per Barrel $7.15 $5.63 Cash Flow from Operations, excl. Changes in Working Capital $2,736 $8,738 Total Return of Capital(b) $1,301 $4,539 4Q FY
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M P C | 4 Q 2 0 2 5 2,120 1,438 -27 -21 -21 3,489 472 -1,267 -715 -444 1,535 4Q 2024 Adj. EBITDA ($MM) Refining & Marketing Midstream Renewable Diesel Corporate 4Q 2025 Adj. EBITDA ($MM) Transaction Gains and Adjustments (a) Turnaround and D&A Interest and Taxes Noncontrolling Interest 4Q 2025 Net Income Attributable to MPC ($MM) ADJUSTED EBITDA TO NET INCOME 8(a) Pre-tax adjustments primarily include gains on the sale of Rockies G&P assets of $159million and legal settlements of $253 million. Adjusted EBITDA Reconciliation to Net Income
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M P C | 4 Q 2 0 2 5 REFINING & MARKETING SEGMENT 9(a) Includes refining operating and maintenance costs. Excludes refining planned turnaround. 114% capture 95% utilization Strong operational and commercial execution 559 628 742 302 -144 -123 33 1,997 4Q 2024 Segment Adj. EBITDA ($MM) USGC Margin Mid-Con Margin West Coast Margin Operating Costs (a) Distribution Costs Other 4Q 2025 Segment Adj. EBITDA ($MM)
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M P C | 4 Q 2 0 2 5 REFINING & MARKETING MARGIN 10 (a) Capture reflects the percentage of our R&M Margin Indicator realized in our reported R&M Margin. The calculation of our R&M margin indicator is available on our website at www.marathonpetroleum.com/Investors/Investor-Market-Data. Clean product yield optimization Stronger clean product margins Headwinds from planned downtime 100% 114% 4,520 612 5,132 3,000 3,500 4,000 4,500 5,000 5,500 4Q25 R&M Margin Indicator ($MM) Capture Impact (a) 4Q25 R&M Margin ($MM)
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M P C | 4 Q 2 0 2 5 MIDSTREAM SEGMENT 11 Executing value chain growth strategy 5% 3-yr CAGR in full- year Segment Adj. EBITDA Year-over-year 4Q decline driven by: • Asset divestitures • Partially offset by higher rates and volumes 1,707 -13 -14 1,680 4Q 2024 Segment Adj. EBITDA ($MM) MPLX Other Midstream 4Q 2025 Segment Adj. EBITDA ($MM)
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M P C | 4 Q 2 0 2 5 RENEWABLE DIESEL SEGMENT 12(a) Includes income/loss from equity method investments. 94% utilization Weaker margin environment 28 -4 -3 -4 -10 7 4Q 2024 Segment Adj. EBITDA ($MM) Operating Margin Operating Costs Distribution Costs Other (a) 4Q 2025 Segment Adj. EBITDA ($MM)
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M P C | 4 Q 2 0 2 5 2,654 2,736 333 -1,424 -25 -509 980 228 -300 -1,001 3,672 -400 1,600 3,600 5,600 9/30/2025 Cash + Cash Equivalents ($MM) Cash Flow from Operations, excl. Changes in Working Capital Changes in Working Capital Capital Expenditures, Investments, Acquisitions Changes in Debt Return of Capital to Noncontrolling Interests (a) Proceeds from MPLX Rockies Divestiture Other Dividends Share Repurchases 12/31/2025 Cash + Cash Equivalents ($MM) MPLX 1,765 MPC 889 MPLX 2,137 MPC 1,535 TOTAL CONSOLIDATED CASH FLOW 13(a) $409 million of MPLX distributions paid to public unitholders and $100 million of repurchases of MPLX units held by the public.
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M P C | 4 Q 2 0 2 5 FIRST QUARTER 2026 OUTLOOK 14 Note: Regional throughput data includes inter-refinery transfers, but MPC totals exclude transfers. Operating costs includes refining major maintenance and operating costs; excludes refining planned turnaround and D&A expense. Distribution cost excludes D&A expense. Depreciation & Amortization includes D&A expense associated with distribution costs. ▪ Distribution Costs: $1,625 MM ▪ Corporate: $240 MM (incl. ~$30 MM D&A) Gulf Coast Mid-Con West Coast R&M Total Crude Throughput MBPD 1,040 1,010 490 2,540 Other Charge / Blendstocks MBPD 160 80 60 200 Total Throughput MBPD 1,200 1,090 550 2,740 Utilization 83% 85% 89% 85% Sweet Crude % of Throughput 40% 70% 35% 50% Sour Crude % of Throughput 60% 30% 65% 50% Operating Cost $/BBL of Total Throughput $4.80 $5.60 $7.55 $5.85 Turnaround Costs $ MM $300 $135 $30 $465 Depreciation & Amortization $ MM $115 $140 $60 $385
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M P C | 4 Q 2 0 2 5 SUSTAINABILITY HIGHLIGHTS 15See our most recent Perspectives on Climate-Related Scenarios report on our website for additional information on how we calculate GHG intensity and CO2e reductions. American Fuel & Petrochemical Manufacturers Distinguished Safety Award presented to three refineries Six Refineries received 2025 U.S. EPA ENERGY STAR Certifications Published latest Perspectives on Climate-Related Scenarios and Sustainability Reports 30% Scope 1 & 2 GHG Emissions Intensity Target: 30% reduction by 2030 and 38% reduction by 2035 from 2014 levels MPLX Methane Emissions Intensity Target: 75% reduction by 2030 from 2016 levels 75% Freshwater Withdrawal Intensity Target: 20% reduction by 2030 from 2016 levels 20% Committed to building relationships in our communities, consistently pursuing opportunities to create shared value with our stakeholders Producing a renewable diesel that typically exceeds 50% lower carbon intensity Dickinson, North Dakota Renewable Diesel Facility Processing diversified feedstock slate Martinez, California Renewable Fuels Facility Among the largest renewable diesel facilities in the world Dedicated to cultivating a safe, collaborative work environment while promoting an inclusive culture Safety is our top priority - empowering our people with the resources, skills, training and authority to make the right, safe choices 184 million gallons/year capacity 730 million gallons/year capacity
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M P C | 4 Q 2 0 2 5 16 Maintain safety and reliability of assets Secure, competitive, and growing Disciplined approach to capital investment Return 100% of excess capital through share repurchases $2.8 billion(a) annualized distribution from MPLX expected to more than fund MPC’s standalone capital and dividend Maintenance Capital Distribution Growth Capital Incremental Return of Capital Sustaining Capital Dividend Growth Capital Share Repurchases MIDSTREAM DIFFERENTIATION (a) $2.8 billion annualized distribution based on MPLX’s third quarter 2025 distribution rate.
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M P C | 4 Q 2 0 2 5 Safety and reliability Operational excellence Commercial performance Profitability per barrel Optimize portfolio today → future Leverage value chain advantages Ensure competitive assets Invest in our best-in-class talent Strong through-cycle cash flow Durable midstream growth delivers cash flow uplift Industry-leading capital return STRATEGIC COMMITMENTS PRIORITIZING LEADING COMMITTED TO CREATING EXCEPTIONAL VALUE I N V E S T M E N T R A T I O N A L E 17
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M P C | 4 Q 2 0 2 5 APPENDIX 18
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M P C | 4 Q 2 0 2 5 BALANCE SHEET: FOUNDATION FOR STRATEGY EXECUTION 19 0 1 2 3 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 $ Billions MPC SENIOR NOTES MATURITIES (a) NEXT 10 YEARS 21% 20% 22% 27% 25% 43% 43% 46% 53% 55% 0% 25% 50% 75% 2021 2022 2023 2024 2025 DEBT-TO-CAPITAL (b) MPC Excl. MPLX MPC Consolidated Gross Debt-to-Capital Net Debt- to-Capital MPC Consolidated MPLX Adjustments (c) MPC Excluding MPLX As of December 31, 2025 ($ Millions except ratio data) Cash (d) $3,672 $2,137 $1,535 Total Debt $32,876 $25,653 $7,223 Total Equity $24,086 $6,772 $17,314 Net Debt-to- Capital Ratio (b) 55% - 25% (a) Senior Notes Maturities for MPC (excluding MPLX) as of December 31, 2025. (b) Starting in 2025, Net Debt-to-Capital Ratio is used; prior periods reflect Gross Debt-to-Capital Ratio. Gross Debt-to-Capital = Total Debt ÷ (Total Debt + Total Equity). Net Debt-to-Capital = (Total Debt – Cash & Cash Equivalents & Short-term Investments) ÷ [(Total Debt – Cash & Cash Equivalents & Short-term Investments) + Total Equity] (c) Adjustments made to exclude MPLX debt (all non-recourse), and MPC’s noncontrolling interest attributable to MPLX. (d) Cash includes cash and cash equivalents.
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M P C | 4 Q 2 0 2 5 REFINING & MARKETING SEGMENT ADJUSTED EBITDA 20 (a) Based on market indicators using actual volumes. (b) Includes refining major maintenance and operating costs. Excludes refining planned turnaround and D&A expense. (c) Excludes D&A expense. 4,115 86 376 -57 612 5,132 -1,593 -1,596 54 1,997 Blended Crack Spread (a) ($MM) Sweet Differential (a) Sour Differential (a) Market Structure Other Margin R&M Margin ($MM) Operating Costs (b) Distribution Costs (c) Other R&M Segment Adjusted EBITDA ($MM) Volume + $208 Product + $1,258 Crude - $854
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M P C | 4 Q 2 0 2 5 REFINING & MARKETING SEGMENT ADJUSTED EBITDA 21 (a) Based on market indicators using actual volumes. (b) Includes refining major maintenance and operating costs. Excludes refining planned turnaround and D&A expense. (c) Excludes D&A expense. 559 1,605 35 -67 29 70 -144 -123 33 1,997 4Q 2024 Segment Adjusted EBITDA ($MM) Blended Crack Spread (a) Sweet Differential (a) Sour Differential (a) Market Structure Other Margin Operating Costs (b) Distribution Costs (c) Other 4Q 2025 Segment Adjusted EBITDA ($MM) Volume - $98 Product $250 Crude - $82
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M P C | 4 Q 2 0 2 5 R E C O N C I L I A T I O N M P C P A Y O U T O F C A S H F R O M O P E R A T I O N S , E X C L U D I N G C H A N G E S I N W O R K I N G C A P I T A L 22 Year Ended December 31, ($ Millions unless otherwise noted) 2025 Dividends paid 1,140 Common stock repurchased 3,488 Excise taxes on share repurchases (89) Total capital returned to shareholders 4,539 Net cash provided by operating activities 8,253 Total changes in working capital 485 Cash flow from operations, excluding changes in working capital 8,738 MPC payout of cash from operations 55% MPC payout of cash from operations, excluding changes in working capital 52%
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M P C | 4 Q 2 0 2 5 I N C O M E S U M M A R Y F O R O P E R A T I O N S 23 2024 2025 ($ Millions unless otherwise noted) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Refining & Marketing segment income (loss) 895 1,387 401 (38) (371) 1,235 936 1,279 Midstream segment income 1,246 1,275 1,275 1,343 1,369 1,292 1,340 1,299 Renewable Diesel segment income (loss) (129) (68) (103) 25 (101) (87) (99) (48) Corporate (228) (223) (224) (189) (210) (243) (238) (236) Income from operations before items not allocated to segments 1,784 2,371 1,349 1,141 687 2,197 1,939 2,294 Items not allocated to segments: Gain on sale of assets - 151 - - - - 738 159 SRE(a) - - - - - - 57 - Transaction-related costs(b) - - - - - - (21) (12) Legal Settlements - - - - - - - 253 Income from operations 1,784 2,522 1,349 1,141 687 2,197 2,713 2,694 Net interest and other financing costs 179 194 221 245 304 319 310 343 Income before income taxes 1,605 2,328 1,128 896 383 1,878 2,403 2,351 Provision for income taxes 293 373 113 111 37 268 460 372 Net income 1,312 1,955 1,015 785 346 1,610 1,943 1,979 Less net income attributable to: Redeemable noncontrolling interest 10 5 6 6 - - - - Noncontrolling interests 365 435 387 408 420 394 573 444 Net income (loss) attributable to MPC 937 1,515 622 371 (74) 1,216 1,370 1,535 Effective tax rate on operations 18% 16% 10% 12% 10% 14% 19% 16% (a) Small Refinery Exemption (“SRE”) credit under the Renewable Fuel Standard program. (b) Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.
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M P C | 4 Q 2 0 2 5 R E C O N C I L I A T I O N N E T I N C O M E A T T R I B U T A B L E T O M P C T O A D J U S T E D N E T I N C O M E A T T R I B U T A B L E T O M P C 24 (a) Small Refinery Exemption (“SRE”) credit under the Renewable Fuel Standard program (b) Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations. (c) Income taxes for the three months ended December 31, 2025 were calculated by applying a federal statutory rate and a blended state tax rate to the pre-tax adjustments after non-controlling interest. The corresponding adjustments to reported income taxes are shown in the table. 2025 ($ Millions unless otherwise noted) 4Q Net income attributable to MPC 1,535 Pre-tax adjustments: Gain on sale of assets (159) SRE(a) - Transaction-related costs(b) 12 Legal settlements (253) LIFO inventory adjustment (72) Tax impact of adjustments(c) 103 NCI impact of adjustments 54 Adjusted net income attributable to MPC 1,220 Diluted income per share $5.12 Adjusted diluted income per share $4.07 Weighted average diluted shares outstanding 300
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M P C | 4 Q 2 0 2 5 R E C O N C I L I A T I O N C A S H F L O W F R O M O P E R A T I O N S , E X C L U D I N G C H A N G E S I N W O R K I N G C A P I T A L 25 2025 ($ Millions) 4Q FY 2025 Cash provided by operating activities 3,069 8,253 Less changes: Current receivables 184 890 Inventories (311) (596) Current liabilities and other current assets 428 (776) Fair value of derivative instruments 29 (16) Right of use assets and operating lease liabilities, net 3 13 Total changes in working capital 333 (485) Cash flow from operations, excluding changes in working capital 2,736 8,738
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M P C | 4 Q 2 0 2 5 R E C O N C I L I A T I O N S E G M E N T I N C O M E F R O M O P E R A T I O N S T O S E G M E N T A D J U S T E D E B I T D A A N D A D J U S T E D E B I T D A 26 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Refining & Marketing Segment Segment income (loss) from operations 895 1,387 401 (38) (371) 1,235 936 1,279 Add: Depreciation and amortization 444 453 448 422 406 405 426 390 Refining planned turnaround costs 647 182 287 281 454 250 400 410 LIFO inventory adjustment - - - (106) - - - (82) Refining & Marketing segment adjusted EBITDA 1,986 2,022 1,136 559 489 1,890 1,762 1,997 Midstream Segment Segment income from operations 1,246 1,275 1,275 1,343 1,369 1,292 1,340 1,299 Add: Depreciation and amortization 343 345 353 364 351 349 369 381 Midstream segment adjusted EBITDA 1,589 1,620 1,628 1,707 1,720 1,641 1,709 1,680 Renewable Diesel Segment Segment income (loss) from operations (129) (68) (103) 25 (101) (87) (99) (48) Add: Depreciation and amortization 16 17 17 25 18 18 17 16 JV Depreciation and amortization 22 23 22 22 22 23 22 22 Planned turnaround costs 1 1 3 2 11 25 1 2 JV Planned turnaround costs - - - 9 8 2 3 5 LIFO inventory adjustment - - - (55) - - - 10 Renewable Diesel segment adjusted EBITDA (90) (27) (61) 28 (42) (19) (56) 7 Subtotal 3,485 3,615 2,703 2,294 2,167 3,512 3,415 3,684 Corporate (228) (223) (224) (189) (210) (243) (238) (236) Add: Depreciation and amortization 24 23 28 15 18 17 29 41 Adjusted EBITDA 3,281 3,415 2,507 2,120 1,975 3,286 3,206 3,489
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M P C | 4 Q 2 0 2 5 R E C O N C I L I A T I O N N E T I N C O M E ( L O S S ) A T T R I B U T A B L E T O M P C T O A D J U S T E D E B I T D A 27 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Net income (loss) attributable to MPC 937 1,515 622 371 (74) 1,216 1,370 1,535 Net income attributable to noncontrolling interests 375 440 393 414 420 394 573 444 Provision for income taxes 293 373 113 111 37 268 460 372 Net interest and other financial costs 179 194 221 245 304 319 310 343 Depreciation and amortization 827 838 846 826 793 789 841 828 Renewable Diesel JV depreciation and amortization 22 23 22 22 22 23 22 22 Refining & Renewable Diesel planned turnaround costs 648 183 290 283 465 275 401 412 Renewable Diesel JV planned turnaround costs - - - 9 8 2 3 5 LIFO inventory adjustment - - - (161) - - - (72) Gain on sale of assets - (151) - - - - (738) (159) SRE(a) - - - - - - (57) - Transaction-related costs(b) - - - - - - 21 12 Legal settlements - - - - - - - (253) Adjusted EBITDA 3,281 3,415 2,507 2,120 1,975 3,286 3,206 3,489 (a) Small Refinery Exemption (“SRE”) credit under the Renewable Fuel Standard program. (b) Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.
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M P C | 4 Q 2 0 2 5 28 (a) Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income. (b) Excludes the effect of the LIFO inventory adjustment. 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Refining & Marketing segment adjusted EBITDA 1,986 2,022 1,136 559 489 1,890 1,762 1,997 Plus (Less) : Depreciation and amortization (444) (453) (448) (422) (406) (405) (426) (390) Refining planned turnaround costs (647) (182) (287) (281) (454) (250) (400) (410) LIFO inventory adjustment - - - 106 - - - 82 Selling, general and administrative expenses 615 656 639 562 624 667 677 664 Income from equity method investments (10) (7) (29) (11) (5) (3) (3) 2 Net (gain) loss on disposal of assets - - 1 (2) - - 2 - Other income (244) (49) (16) (33) (68) (51) (36) (192) Refining & Marketing gross margin 1,256 1,987 996 478 180 1,848 1,576 1,753 Plus (Less) : Operating expenses (excluding depreciation and amortization) 3,109 2,606 2,783 2,823 2,984 2,803 3,032 2,998 Depreciation and amortization 444 453 448 422 406 405 426 390 Gross margin excluded from and other income included in Refining & Marketing margin(a) (73) (106) (143) (103) (70) (98) (95) 127 Other taxes included in Refining & Marketing margin (59) (73) (73) (54) (70) (63) (74) (54) Refining & Marketing margin 4,677 4,867 4,011 3,566 3,430 4,895 4,865 5,214 Refining & Marketing margin by region:(b) Gulf Coast 1,920 1,882 1,554 1,483 1,227 1,845 1,724 2,111 Mid-Continent 1,856 1,928 1,714 1,207 1,390 1,970 2,194 1,949 West Coast 901 1,057 743 770 813 1,080 947 1,072 Refining & Marketing margin 4,677 4,867 4,011 3,460 3,430 4,895 4,865 5,132 R E C O N C I L I A T I O N R E F I N I N G & M A R K E T I N G S E G M E N T A D J U S T E D E B I T D A T O R E F I N I N G & M A R K E T I N G G R O S S M A R G I N A N D R E F I N I N G & M A R K E T I N G M A R G I N
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M P C | 4 Q 2 0 2 5 R E C O N C I L I A T I O N R E N E W A B L E D I E S E L S E G M E N T A D J U S T E D E B I T D A T O R E N E W A B L E D I E S E L G R O S S M A R G I N A N D R E N E W A B L E D I E S E L M A R G I N 29 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Renewable Diesel segment adjusted EBITDA (90) (27) (61) 28 (42) (19) (56) 7 Plus (Less) : Depreciation and amortization (16) (17) (17) (25) (18) (18) (17) (16) JV depreciation and amortization (22) (23) (22) (22) (22) (23) (22) (22) Planned turnaround costs (1) (1) (3) (2) (11) (25) (1) (2) JV planned turnaround costs - - - (9) (8) (2) (3) (5) LIFO inventory adjustment - - - 55 - - - (10) Selling, general and administrative expenses 14 14 12 19 9 9 8 9 Income from equity method investments (13) (12) (14) (31) (16) (18) (22) (26) Other income - - - - (3) (8) (10) (12) Renewable Diesel gross margin (128) (66) (105) 13 (111) (104) (123) (77) Plus (Less) : Operating expenses (excluding depreciation & amortization) 86 64 84 78 98 114 92 108 Depreciation and amortization 16 17 17 25 18 18 17 16 Martinez JV depreciation and amortization 21 22 21 21 21 21 22 21 Renewable Diesel margin (5) 37 17 137 26 49 8 68
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M P C | 4 Q 2 0 2 5 R E C O N C I L I A T I O N M P C E X C L . M P L X G R O S S D E B T- TO - C A P I T A L 30 Year Ended December 31, ($ Millions unless otherwise noted) 2021 2022 2023 2024 Total Debt MPC Consolidated(a) 25,539 26,700 27,283 27,481 MPLX Adjustments(c) (18,571) (19,796) (20,431) (20,948) MPC Excluding MPLX 6,968 6,904 6,852 6,533 Total Equity MPC Consolidated 33,581 35,087 31,399 24,506 MPLX Adjustments(c) (7,375) (7,372) (6,995) (6,761) MPC Excluding MPLX 26,206 27,715 24,404 17,745 Gross Debt-to-Capital Ratio(b) MPC Consolidated 43% 43% 46% 53% MPC Excluding MPLX 21% 20% 22% 27% (a) Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC. (b) Gross debt-to-capital ratio calculated as Total Debt divided by the sum of Total Debt plus Total Equity. (c) Adjustments made to exclude MPLX debt (all non-recourse), and MPC’s noncontrolling interest attributable to MPLX.
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M P C | 4 Q 2 0 2 5 R E C O N C I L I A T I O N M P C E X C L . M P L X N E T D E B T- TO - C A P I T A L 31 Year Ended December 31, ($ Millions unless otherwise noted) 2025 Total Debt MPC Consolidated(a) 32,876 MPLX Adjustments(c) (25,653) MPC Excluding MPLX 7,223 Cash & Cash Equivalents & Short-term Investments MPC Consolidated 3,672 MPLX Adjustments(c) 2,137 MPC Excluding MPLX 1,535 Net Debt MPC Consolidated 29,204 MPC Excluding MPLX 5,688 Total Equity MPC Consolidated 24,086 MPLX Adjustments(c) (6,772) MPC Excluding MPLX 17,314 Net Debt-to-Capital Ratio(b) MPC Consolidated 55% MPC Excluding MPLX 25% (a) Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC. (b) Net debt-to-capital ratio calculated as Net Debt divided by the sum of Net Debt plus Total Equity. (c) Adjustments made to exclude MPLX debt (all non-recourse), and MPC’s noncontrolling interest attributable to MPLX.