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MPC 2Q 2026 M MARATHON SECOND QUARTER 2026 MARATHON EARNINGS CONFERENCE CALL August 4 , 2026
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M P C| 2 Q 2 0 2 6 FORWARD -LOOKING STATEMENTS 2 This presentation contains forward-looking statements regarding 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,” “confidence,” “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 rising interest rates or government shutdowns; the regional, national and worldwide demand for refined products and renewable diesel and other renewable fuels and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, NGLs and other feedstocks and related pricing differentials, including increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto; 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 acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; 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 act ivities; the financing and distribution decisions of joint ventures we do not control; our ability to successfully 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 plans 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 retaliator y actions from foreign governments; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; 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, 2025, 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 EBITDA, cash flow 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 | 2 Q 2 0 2 6 3 SECOND QUARTER BUSINESS UPDATE Strong Through-Cycle Cash Flow $8.5 billion of adjusted EBITDA, with strong commercial and operational performance across the system Durable Midstream Growth Executing Natural Gas and NGL value chain growth strategy Harmon Creek III processing plant beginning operations in August; progressing expansion of Permian sour gas treating capacity Industry-Leading Capital Return $2.8 billion of capital returned, reflecting strong cash generation and disciplined execution of our capital allocation priorities DELIVERING A COMPELLING VALUE PROPOSITION
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M P C | 2 Q 2 0 2 6 SECOND QUARTER HIGHLIGHTS 4 2ND QUARTER 2026 $ Millions (unless otherwise noted) Earnings per Share ($/diluted share) $17.73 Adjusted EBITDA $8,460 R&M Segment Adj EBITDA per Barrel $24.84 Cash Flow from Operations, excl. Changes in Working Capital $6,564 Total Return of Capital(a) $2,790 2Q (a) Cash paid in 2Q 2026 for dividends and shares repurchased. Excludes $33 million of cash paid during the quarter for excise taxes on 2025 share repurchases.
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M P C | 2 Q 2 0 2 6 Adjusted EBITDA Reconciliation to Net Income ADJUSTED EBITDA TO NET INCOME 5 3,286 4,765 137 277 -5 8,460 -1,138 -1,784 -400 5,138 2Q 2025 Adj. EBITDA ($MM) Refining & Marketing Midstream Renewable Diesel Corporate 2Q 2026 Adj. EBITDA ($MM) Turnaround and D&A Interest and Taxes Noncontrolling Interest 2Q 2026 Net Income Attributable to MPC ($MM)
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M P C | 2 Q 2 0 2 6 112% capture 94% utilization Strong planning, commercial, and operational execution REFINING & MARKETING SEGMENT 6 1,890 2,595 1,238 932 6,655 2Q 2025 Segment Adj. EBITDA ($MM) Gulf Coast Region Mid-Con Region West Coast Region 2Q 2026 Segment Adj. EBITDA ($MM)
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M P C | 2 Q 2 0 2 6 REFINING & MARKETING MARGIN 7 100% 112% 8,699 1,036 9,735 2Q26 R&M Margin Indicator ($MM) Capture Impact (a) 2Q26 R&M Margin ($MM) Strong planning, commercial, and operational execution Crude optimization Clean product margin strength Secondary products headwind (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.
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M P C | 2 Q 2 0 2 6 MIDSTREAM SEGMENT Positioned to deliver mid-single digit adjusted EBITDA growth Secretariat I online and Harmon Creek III beginning operations Year-over-year 2Q increase primarily driven by increased rates and throughputs 8 1,641 126 11 1,778 2Q 2025 Segment Adj. EBITDA ($MM) MPLX Other Midstream 2Q 2026 Segment Adj. EBITDA ($MM)
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M P C | 2 Q 2 0 2 6 RENEWABLE DIESEL SEGMENT 95% utilization Stronger margin environment Improved regulatory credit values 9 -19 272 -8 -7 20 258 2Q 2025 Segment Adj. EBITDA ($MM) Operating Margin Operating Costs Distribution Costs Other (a) 2Q 2026 Segment Adj. EBITDA ($MM) (a) Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.
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M P C | 2 Q 2 0 2 6 2,151 6,564 3,763 -1,391 -42 -456 2 -290 -2,533 7,768 -400 1,600 3,600 5,600 7,600 9,600 11,600 13,600 3/31/2026 Cash + Cash Equivalents ($MM) Cash Flow from Operations, excl. Changes in Working Capital Changes in Working Capital Capital Expenditures, Investments, Acquisitions Changes in Debt Return of Capital to Noncontrolling Interests (a) Other Dividends Share Repurchases (b) 6/30/2026 Cash + Cash Equivalents ($MM) MPLX 1,031 MPC 6,737 TOTAL CONSOLIDATED CASH FLOW 10 MPLX 1,506 MPC 645 (a) $406 million of MPLX distributions paid to public unitholders and $50 million of repurchases of MPLX units held by the public.(b) Includes $33 million of cash paid during the quarter for excise taxes on 2025 share repurchases.
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M P C | 2 Q 2 0 2 6 THIRD QUARTER 2026 OUTLOOK 11 ▪ Distribution Costs: $1,650 MM ▪ Corporate: $260 MM (incl. ~$30 MM D&A) Gulf Coast Mid-Con West Coast R&M Total Crude Throughput MBPD 1,180 1,135 505 2,820 Other Charge / Blendstocks, net MBPD 110 60 15 185 Total Throughput, net MBPD 1,290 1,195 520 3,005 Utilization 95% 96% 91% 94% Sweet Crude % of Throughput 45% 75% 50% 60% Sour Crude % of Throughput 55% 25% 50% 40% Operating Cost $/BBL of Total Throughput $4.70 $5.55 $7.90 $5.60 Turnaround Costs $ MM $170 $100 $20 $290 Depreciation & Amortization $ MM $115 $140 $65 $390 Note: Throughput data excludes inter-refinery 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.
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M P C | 2 Q 2 0 2 6 SUSTAINABILITY HIGHLIGHTS 12See 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 Detroit refinery for the second consecutive year Six refineries earned 2025 U.S. EPA ENERGY STAR® Certifications Published latest Perspectives on Climate-Related Scenarios and Sustainability Reports MPLX Methane Emissions Intensity Target: 75% reduction by 2030 from 2016 levels 75% 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 38% Scope 1 & 2 GHG Emissions Intensity Target: 38% reduction by 2035 from 2014 levels ✓ Achieved 2030 target of 30% reduction in 2025 Freshwater Withdrawal Intensity 20% ✓ Achieved 2030 target of 20% reduction from 2016 levels in 2025
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M P C | 2 Q 2 0 2 6 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) $2.8 billion annualized distribution based on MPLX’s fourth quarter 2025 distribution rate. 13
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M P C | 2 Q 2 0 2 6 14 Strong through-cycle cash flow Durable midstream growth delivers cash flow uplift Industry-leading capital return I N V E S T M E N T R A T I O N A L E Safety and reliability Operational excellence Commercial performance Profitability per barrel Optimize portfolio today → future Leverage value chain advantages Ensure competitive assets Invest in our best-in-class talent STRATEGIC COMMITMENTS PRIORITIZING LEADING COMMITTED TO CREATING EXCEPTIONAL VALUE
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M P C | 2 Q 2 0 2 6 APPENDIX 15
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M P C | 2 Q 2 0 2 6 BALANCE SHEET: FOUNDATION FOR STRATEGY EXECUTION 16 21% 20% 22% 27% 25% 43% 43% 46% 53% 55% 0% 25% 50% 75% 2021 2022 2023 2024 2025 DEBT-TO-CAPITAL (b) MPC Excl. MPLX MPC Consolidated Gross Debt-to-Capital Net Debt- to-Capital MPC Consolidated MPLX Adjustments (c) MPC Excluding MPLX As of June 30, 2026 ($ Millions except ratio data) Cash (d) $7,768 $1,031 $6,737 Total Debt $32,816 $25,640 $7,176 Total Equity $25,720 $6,643 $19,077 Net Debt-to- Capital Ratio (b) 49% - 2% 0 1 2 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 $ Billions MPC SENIOR NOTES MATURITIES (a) NEXT 10 YEARS (a) Senior Notes Maturities for MPC (excluding MPLX) as of June 30, 2026. (b) As of year-end for each of the years shown. 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 | 2 Q 2 0 2 6 2ND QUARTER 2026 2ND QUARTER 2025 Dollar per barrel of net refinery throughput Gulf Coast Region $27.01 $5.65 Mid-Continent Region $20.96 $7.45 West Coast Region $27.26 $8.18 Refining & Marketing Segment $24.84 $6.79 REFINING & MARKETING SEGMENT ADJUSTED EBITDA PER BARREL 17
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M P C | 2 Q 2 0 2 6 REFINING & MARKETING SEGMENT ADJUSTED EBITDA 18 8,986 -52 364 -599 1,036 9,735 -1,531 -1,575 26 6,655 Blended Crack Spread (a) ($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 + $506 Product + $613 Crude - $83 (a) Based on market indicators using actual volumes. (b) Includes refining major maintenance and operating costs. Excludes refining planned turnaround and D&A expense. (c) Excludes D&A expense.
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M P C | 2 Q 2 0 2 6 REFINING & MARKETING SEGMENT ADJUSTED EBITDA 19 1,890 4,634 -162 103 -521 788 -45 -40 8 6,655 2Q 2025 Segment Adjusted EBITDA ($MM) Blended Crack Spread (a) Sweet Differential (a) Sour Differential (a) Market Structure Other Margin Operating Costs (b) Distribution Costs (c) Other 2Q 2026 Segment Adjusted EBITDA ($MM) Volume + $236 Product - $292 Crude + $844 (a) Based on market indicators using actual volumes. (b) Includes refining major maintenance and operating costs. Excludes refining planned turnaround and D&A expense. (c) Excludes D&A expense.
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M P C | 2 Q 2 0 2 6 I N C O M E S U M M A R Y F O R O P E R A T I O N S 20 2025 2026 ($ Millions unless otherwise noted) 1Q 2Q 3Q 4Q 1Q 2Q Refining & Marketing segment income (loss) (371) 1,235 936 1,279 460 5,970 Midstream segment income 1,369 1,292 1,340 1,299 1,216 1,391 Renewable Diesel segment income (loss) (101) (87) (99) (48) (30) 217 Corporate (210) (243) (238) (236) (274) (256) Income from operations before items not allocated to segments 687 2,197 1,939 2,294 1,372 7,322 Items not allocated to segments: Gain on sale of assets - - 738 159 - - SRE(a) - - 57 - - - Transaction-related costs(b) - - (21) (12) - - Legal Settlements - - - 253 - - Clean fuel production tax credit(c) - - - - 32 - Income from operations 687 2,197 2,713 2,694 1,404 7,322 Net interest and other financing costs 304 319 310 343 370 340 Income before income taxes 383 1,878 2,403 2,351 1,034 6,982 Provision for income taxes 37 268 460 372 183 1,444 Net income 346 1,610 1,943 1,979 851 5,538 Less net income attributable to: Noncontrolling interests 420 394 573 444 340 400 Net income (loss) attributable to MPC (74) 1,216 1,370 1,535 511 5,138 Effective tax rate on operations 10% 14% 19% 16% 18% 21% (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) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.
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M P C | 2 Q 2 0 2 6 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 21 2026 ($ Millions) 2Q Cash provided by operating activities 10,327 Less changes: Current receivables (1,092) Inventories 791 Current liabilities and other current assets 2,875 Derivative assets and liabilities 1,194 Right of use assets and operating lease liabilities, net (5) Total changes in working capital 3,763 Cash flow from operations, excluding changes in working capital 6,564
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M P C | 2 Q 2 0 2 6 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 22 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Refining & Marketing Segment Segment income (loss) from operations (371) 1,235 936 1,279 460 5,970 Add: Depreciation and amortization 406 405 426 390 387 410 Refining planned turnaround costs 454 250 400 410 530 275 LIFO inventory adjustment - - - (82) - - Refining & Marketing segment adjusted EBITDA 489 1,890 1,762 1,997 1,377 6,655 Midstream Segment Segment income from operations 1,369 1,292 1,340 1,299 1,216 1,391 Add: Depreciation and amortization 351 349 369 381 382 387 Midstream segment adjusted EBITDA 1,720 1,641 1,709 1,680 1,598 1,778 Renewable Diesel Segment Segment income (loss) from operations (101) (87) (99) (48) (30) 217 Add: Depreciation and amortization 18 18 17 16 16 16 JV Depreciation and amortization 22 23 22 22 22 23 Planned turnaround costs 11 25 1 2 1 1 JV Planned turnaround costs 8 2 3 5 29 1 LIFO inventory adjustment - - - 10 - - Renewable Diesel segment adjusted EBITDA (42) (19) (56) 7 38 258 Subtotal 2,167 3,512 3,415 3,684 3,013 8,691 Corporate (210) (243) (238) (236) (274) (256) Add: Depreciation and amortization 18 17 29 41 24 25 Adjusted EBITDA 1,975 3,286 3,206 3,489 2,763 8,460
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M P C | 2 Q 2 0 2 6 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 23 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Net income (loss) attributable to MPC (74) 1,216 1,370 1,535 511 5,138 Net income attributable to noncontrolling interests 420 394 573 444 340 400 Provision for income taxes 37 268 460 372 183 1,444 Net interest and other financial costs 304 319 310 343 370 340 Depreciation and amortization 793 789 841 828 809 838 Renewable Diesel JV depreciation and amortization 22 23 22 22 22 23 Refining & Renewable Diesel planned turnaround costs 465 275 401 412 531 276 Renewable Diesel JV planned turnaround costs 8 2 3 5 29 1 LIFO inventory adjustment - - - (72) - - Gain on sale of assets - - (738) (159) - - SRE(a) - - (57) - - - Transaction-related costs(b) - - 21 12 - - Legal settlements - - - (253) - - Clean fuel production tax credit(c) - - - - (32) - Adjusted EBITDA 1,975 3,286 3,206 3,489 2,763 8,460 (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) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.
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M P C | 2 Q 2 0 2 6 24 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Refining & Marketing segment adjusted EBITDA 489 1,890 1,762 1,997 1,377 6,655 Plus (Less) : Depreciation and amortization (406) (405) (426) (390) (387) (410) Refining planned turnaround costs (454) (250) (400) (410) (530) (275) LIFO inventory adjustment - - - 82 - - Selling, general and administrative expenses 624 667 677 664 650 686 Income (loss) from equity method investments (5) (3) (3) 2 2 (12) Net (gain) loss on disposal of assets - - 2 - - - Other income (68) (51) (36) (192) (101) (29) Refining & Marketing gross margin 180 1,848 1,576 1,753 1,011 6,615 Plus (Less) : Operating expenses (excluding depreciation and amortization) 2,984 2,803 3,032 3,151 3,248 2,939 Depreciation and amortization 406 405 426 390 387 410 Gross margin excluded from and other income included in Refining & Marketing margin(a) (70) (98) (95) (26) (44) (173) Other taxes included in Refining & Marketing margin (70) (63) (74) (54) (52) (56) Refining & Marketing margin 3,430 4,895 4,865 5,214 4,550 9,735 Refining & Marketing margin by region:(b) Gulf Coast 1,227 1,845 1,724 2,111 1,913 4,437 Mid-Continent 1,390 1,970 2,194 1,949 1,412 3,309 West Coast 813 1,080 947 1,072 1,225 1,989 Refining & Marketing margin 3,430 4,895 4,865 5,132 4,550 9,735 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 (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.
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M P C | 2 Q 2 0 2 6 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 25 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Renewable Diesel segment adjusted EBITDA (42) (19) (56) 7 38 258 Plus (Less) : Depreciation and amortization (18) (18) (17) (16) (16) (16) JV depreciation and amortization (22) (23) (22) (22) (22) (23) Planned turnaround costs (11) (25) (1) (2) (1) (1) JV planned turnaround costs (8) (2) (3) (5) (29) (1) LIFO inventory adjustment - - - (10) - - Selling, general and administrative expenses 9 9 8 9 8 8 Income (loss) from equity method investments (16) (18) (22) (26) 29 (39) Other income (3) (8) (10) (12) (28) (26) Renewable Diesel gross margin (111) (104) (123) (77) (21) 160 Plus (Less) : Operating expenses (excluding depreciation & amortization) 98 114 92 108 117 123 Depreciation and amortization 18 18 17 16 16 16 Martinez JV depreciation and amortization 21 21 22 21 21 22 Renewable Diesel margin 26 49 8 68 133 321
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M P C | 2 Q 2 0 2 6 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 26 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 (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 (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 is net of unamortized debt issuance costs, unamortized discount/premium, and long-term debt due within one year. (b) Gross debt-to-capital ratio calculated as Total Debt divided by the sum of Total Debt plus Total Equity.
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M P C | 2 Q 2 0 2 6 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 27 Year Ended December 31, Quarter Ended June 30, ($ Millions unless otherwise noted) 2025 2026 Total Debt MPC Consolidated(a) 32,876 32,816 MPLX Adjustments (25,653) (25,640) MPC Excluding MPLX 7,223 7,176 Cash & Cash Equivalents & Short-term Investments MPC Consolidated 3,672 7,768 MPLX Adjustments (2,137) (1,031) MPC Excluding MPLX 1,535 6,737 Net Debt MPC Consolidated 29,204 25,048 MPC Excluding MPLX 5,688 439 Total Equity MPC Consolidated 24,086 25,720 MPLX Adjustments (6,772) (6,643) MPC Excluding MPLX 17,314 19,077 Net Debt-to-Capital Ratio(b) MPC Consolidated 55% 49% MPC Excluding MPLX 25% 2% (a) Consolidated total debt is net of unamortized debt issuance costs, unamortized discount/premium, and long-term debt due within one year. (b) Net debt-to-capital ratio calculated as Net Debt divided by the sum of Net Debt plus Total Equity.