Marathon Petroleum

Marathon Petroleum is a leading energy company that specializes in transportation, refining and retail operations

Categories

Energy and Utilities  

#326

Rank

$51.16B

MarketCap US

US United States

Country

Summary

Marathon Petroleum Corporation is an integrated downstream energy company operating in the United States through its subsidiaries. The company operates in two segments: Refining & Marketing and Midstream. 

The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States. It also purchases refined products and ethanol for resale, including transportation fuels such as reformulated and blend-grade gasoline, heavy fuel oil, and asphalt. The segment also produces aromatics, propane, propylene, and sulfur. Marathon Petroleum Corporation sells its refined products to wholesale marketing customers in the United States and internationally, buyers on the spot market, and independent entrepreneurs who operate primarily Marathon branded outlets, as well as through long-term fuel supply contracts to direct dealer locations primarily under the ARCO brand. 

The Midstream segment transports, stores, distributes and markets crude oil and refined products through refining logistics assets, pipelines, terminals, towboats, and barges. It also gathers, processes, and transports natural gas, as well as gathers, transports, fractionates, stores, and markets natural gas liquids. 

The company operates 7,159 brand jobber outlets in 37 states, the District of Columbia, and Mexico through independent entrepreneurs as of December 31, 2021. 

Marathon Petroleum Corporation was founded in 1887 and is headquartered in Findlay, Ohio.


History

Since its founding in 1887, Marathon Petroleum has gone through numerous changes and reorganizations to become the integrated downstream energy company that it is today. Originally known as the Ohio Oil Company, the company was founded by John D. Rockefeller, who helped establish it as a major player in the oil industry in the United States.

In 1930, the company changed its name to Marathon Oil Company, named after the famous long-distance race in Ancient Greece. Over the years, the company underwent a series of mergers and acquisitions, including the purchase of Transcontinental Oil Company in 1962 and the merger with Pure Oil Company in 1968.

In 1982, Marathon Oil Corporation was created after U.S. Steel sold its holdings in the company. The new Marathon Oil Corporation focused on upstream operations, including exploration and production, while also diversifying into other energy-related businesses.

In 2011, Marathon Petroleum Corporation was formed as a spin-off of the refining, marketing, and transportation operations of Marathon Oil Corporation. Today, Marathon Petroleum operates the largest refining system in the United States and is the fourth-largest oil refiner in the country. The company is also involved in the transportation, storage, and distribution of crude oil and natural gas, as well as the marketing and wholesaling of refined products. Marathon Petroleum has continued to grow and expand through acquisitions, partnerships, and investments in new technology and infrastructure.


Mission

Marathon Petroleum's mission statement emphasizes the company's commitment to creating value for its stakeholders through ethical and responsible development of energy resources. This mission guides the company's actions as it seeks to provide reliable and efficient transportation fuels and other products that meet the needs of its customers.

As an integrated downstream energy company, Marathon Petroleum aims to drive innovation and efficiency throughout its operations, while also maintaining a strong focus on safety and environmental responsibility. The company strives to operate in a way that balances economic growth, environmental protection, and social responsibility.

Marathon Petroleum's commitment to sustainability is reflected in its corporate values, which include safety, integrity, respect, inclusion, and responsibility. The company works to minimize its environmental impact by implementing technologies and practices that reduce emissions, conserve resources, and promote energy efficiency. Marathon Petroleum also engages with its communities and stakeholders to promote economic development and social progress.


Vision

Marathon Petroleum's vision is to be recognized as the premier energy company, with a commitment to leading performance in three key areas: safety, operational excellence, and corporate responsibility. The company aims to achieve this vision by continuously improving its operational and safety processes to ensure the health and well-being of its employees, customers, and the communities in which it operates. 

Marathon Petroleum also recognizes the importance of corporate responsibility, including environmental stewardship, social responsibility, and sound governance practices. The company strives to conduct its business in a manner that is ethical, transparent, and responsible, and to be a good corporate citizen in all of the communities it serves. 

Through its commitment to safety, operational excellence, and corporate responsibility, Marathon Petroleum seeks to create long-term value for its stakeholders, including its investors, customers, and employees.


Key Team

Charles E. Bunch (Board Member)

John Michael Stice (Board Member)

Maryann T. Mannen (EVP, CFO)

Steven A. Davis (Board Member)

Edward G. Galante (Board Member)

Fiona C. Laird (Chief Human Resources Officer & SVP-Communications)

Frank M. Semple (Board Member)

Jonathan Z. Cohen (Board Member)

Kim K. W. Rucker (Board Member)


Recognition and Awards
Marathon Petroleum rewards its employees with competitive pay, tuition assistance, flexible schedules, and other benefits.

Products and Services

Marathon Petroleum provides a wide range of products and services in the energy industry. The company's Refining and Marketing segment refines crude oil and other feedstocks at its refineries located in the Gulf Coast, Mid-Continent, and West Coast regions of the United States. These refineries produce a variety of products including transportation fuels, such as gasoline, diesel, and aviation fuel, as well as asphalt, propane, propylene, and sulfur.

Marathon Petroleum also purchases refined products and ethanol for resale, and sells refined products to wholesale marketing customers in the United States and internationally. These products are sold to buyers on the spot market, and independent entrepreneurs who operate primarily Marathon branded outlets, as well as through long-term fuel supply contracts to direct dealer locations primarily under the ARCO brand.

In addition to its refining and marketing operations, Marathon Petroleum's Midstream segment transports, stores, distributes, and markets crude oil and refined products through refining logistics assets, pipelines, terminals, towboats, and barges. The company also gathers, processes, and transports natural gas, as well as fractionates, stores, and markets natural gas liquids.


References
Marathon Petroleum
Leadership team

Raymond L. Brooks (Executive Vice President-Refining)

John P. Surma (Board Member)

Industries

Energy and Utilities

Products/ Services
Petroleum, Petrochemicals, Gasoline
Number of Employees
20,000 - 50,000
Headquarters
Findlay, Ohio, U.S
Established
2009
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0001510295
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
MPC
Social Media

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Wed Feb 28 2024
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