Marathon Petroleum
39 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Marathon brand jobbers
earns from · 7,882 brand jobber outletsnamed as a riskAs of December 31, 2025, there were 7,882 brand jobber outlets in 40 states, the District of Columbia and Mexico where independent entrepreneurs primarily maintain Marathon-branded outlets.Business (Item 1)
Oil and natural gas producers in MPLX areas
earns fromnamed as a riskA significant portion of MPLX’s operations is dependent on the continued availability of natural gas and crude oil production.Risk factors (Item 1A)
Suppliers
Third-party pipelines and railroads
depends onnamed as a riskIn particular, pipelines or railroads provide a nearly exclusive form of transportation of crude oil to, or refined products from, some of our refineries.Risk factors (Item 1A)
Partners and platforms
Neste Corporation
depends on · 50/50 joint venturenamed as a riskThe Martinez renewable diesel joint venture (the “Martinez Renewables joint venture”) is a partnership structured as a 50/50 joint venture with Neste Corporation to refine renewable feedstocks into renewable diesel.Business (Item 1)
Archer-Daniels-Midland Company (ADM)
depends on · MPC owning 25 percentWe formed the Green Bison Soy Processing, LLC (“Green Bison Soy Processing”) joint venture with Archer-Daniels-Midland Company (“ADM”) with ADM owning 75 percent of the joint venture and MPC owning 25 percent.Business (Item 1)
Also named by INGR
ARCO brand
Our Marathon and ARCO trademarks are material to the conduct of our refining and marketing operations.Business (Item 1)
Other companies
MPLX LP
approximately 64 percent of the outstanding MPLX common unitsnamed as a riskAs of December 31, 2025, we owned the general partner of MPLX and approximately 64 percent of the outstanding MPLX common units.Business (Item 1)
Dakota Access Pipeline
named as a riskFor example, the Dakota Access Pipeline, in which MPLX has a minority interest, is subject to, and may in the future be subject to, litigation seeking a permanent shutdown of the pipeline.Risk factors (Item 1A)
Tesoro High Plains Pipeline
operates innamed as a riskFor example, we are subject to ongoing litigation regarding trespass claims relating to a portion of the Tesoro High Plains Pipeline in North Dakota.Risk factors (Item 1A)
Also named by MPLX
Northwind Midstream Acquisition and BANGL Acquisition
named as a riskSignificant acquisitions, including the Northwind Midstream Acquisition and the BANGL Acquisition, involving the addition of new assets or businesses will present risks, which may include, among others:Risk factors (Item 1A)
Also named by MPLX
Places
Canada
depends on · 599 mbpdThe crude oil sourced outside of North America was acquired from various foreign national oil companies, production companies and trading companies.Business (Item 1)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Southern California
earns from · 1,162 direct dealer locationsWe also have long-term supply contracts for 1,162 direct dealer locations primarily in Southern California, largely under the ARCO® brand.Business (Item 1)
Galveston Bay refinery, Texas City, Texas
operates in · 631 mbpcdFollowing the completion of the South Texas Asset Repositioning (“STAR”) project in 2023, which added 40 mbpcd of capacity, it is now our largest refinery.Business (Item 1)
Garyville, Louisiana refinery
operates in · 617 mbpcdOur Garyville refinery is located along the Mississippi River in southeastern Louisiana between New Orleans, Louisiana and Baton Rouge, Louisiana.Business (Item 1)
Los Angeles refinery, California
operates in · 365 mbpcdThe Los Angeles refinery is the largest refinery on the West Coast and is a major producer of cleaner burning CARB fuels.Business (Item 1)
Gulf Coast region
concentrated in · 1,248 mbpcdWe currently own and operate refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States with an aggregate crude oil refining capacity of 2,986 mbpcd.Business (Item 1)
Hazards
Commodities and inputs
Crude oil
exposed to its pricenamed as a riskOur margins from the sale of refined products are influenced by a number of conditions, including the price of crude oil and other feedstocks.Risk factors (Item 1A)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Renewable Identification Numbers (RINs)
exposed to its pricenamed as a riskWe are exposed to the volatility in the market price of RINs, LCFS credits, and other credits for low carbon fuels and we cannot predict the future prices of RINs, LCFS, or other credits.Risk factors (Item 1A)
Soybean oil
exposed to its pricenamed as a riskWe are subject to price volatility mainly in agricultural commodities markets in relation to renewable feedstock used in the production of renewable diesel.Market risk (Item 7A)
Natural gas and NGLs
exposed to its pricenamed as a riskA portion of MPLX’s profitability is directly affected by prevailing commodity prices primarily as a result of purchasing and selling NGLs and natural gas at index-related prices.Market risk (Item 7A)
Regulators
California Energy Commission
subject tonamed as a riskOur results of operations, financial performance and safety and maintenance efforts could also be adversely impacted to the extent that restrictions on turnaround and maintenance activities are imposed by the CEC.Risk factors (Item 1A)
Bureau of Indian Affairs
subject tonamed as a riskVarious federal agencies within the U.S. Department of the Interior, particularly the Bureau of Indian Affairs, along with each Native American tribe, regulate natural gas and oil operations on Native American tribal lands.Risk factors (Item 1A)
Federal Energy Regulatory Commission (FERC)
subject toSome of our existing pipelines are considered interstate common carrier pipelines subject to regulation by the Federal Energy Regulatory Commission (“FERC”) under the Interstate Commerce Act (the “ICA”), Energy Policy Act of 1992 (“EPAct 1992”) and the rules and regulations promulgated under those laws.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Laws and programs
Merchant Marine Act of 1920 (Jones Act)
subject to · at least 75 percent by U.S. citizensnamed as a riskIf we fail to maintain compliance with the Maritime Laws, we would be prohibited from operating vessels in the U.S. inland waters or otherwise in U.S. coastwise trade.Risk factors (Item 1A)
Renewable Fuel Standard (RFS)
subject tonamed as a riskAs a producer of petroleum-based motor fuels, we are obligated to blend renewable fuels into the products we produce at a rate that is at least commensurate to the EPA’s quota and, to the extent we do not, we must purchase RINs in the open market to satisfy our obligation under the RFS program.Risk factors (Item 1A)
Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more
California Low Carbon Fuel Standard
subject tonamed as a riskWe incur costs to comply with these state low carbon fuel standard programs, and these costs may increase if the cost of credits increases.Business (Item 1)
Also named by CRC, CVX, DINO, DTE, GPRE, PBF, SEB, UGI and 2 more
Oil Pollution Act of 1990 (OPA-90)
subject tonamed as a riskOPA-90 also requires the responsible company to pay resulting removal costs and damages and provides for civil penalties and criminal sanctions for violations of its provisions.Business (Item 1)
New York and Vermont climate superfund laws
subject tonamed as a riskNew York and Vermont have enacted, and other states are considering, laws that would allow the state to seek climate change-related damages from fossil fuel companies allocated based on each company’s share of past GHG emissions.Risk factors (Item 1A)
Also named by COP
California SB X1-2
subject tonamed as a riskWe cannot reasonably predict the impact that full implementation of SB X1-2 or AB X2-1 will have on our California operations nor can we predict the impact from similarly focused legislation or actions in other jurisdictions in which we operate.Risk factors (Item 1A)
California Cap-and-Invest program
subject tonamed as a riskWe are unable to estimate the impact of these programs but requirements to drastically reduce GHG emissions in California could increase our operating costs, require additional capital expenditures, reduce the competitiveness of our California refinery and renewable fuel facility and our Washington refinery and affect their long term outlook.Risk factors (Item 1A)
SCAQMD Rule 1109.1
subject tonamed as a riskThe rule has resulted, and will result, in increased costs to operate and maintain our Los Angeles Refinery.Business (Item 1)
EPA Risk Management Program (hydrofluoric acid alkylation)
subject tonamed as a riskThe revisions include a requirement that refineries with hydrofluoric acid alkylation units perform a safer technologies and alternatives analysis as part of the process hazard analysis and to document the feasibility of inherent safety measures.Business (Item 1)
Washington low carbon fuel standard
subject tonamed as a riskFor example, California and Washington have enacted low carbon fuel standards.Risk factors (Item 1A)
California electric vehicle mandates (Advanced Clean Cars II)
subject tonamed as a riskCalifornia, in particular, has passed several regulations mandating electric vehicles.Risk factors (Item 1A)
European Union Emissions Trading System
subject tonamed as a riskThese laws could result in increased costs to distribute our products to foreign jurisdictions.Business (Item 1)
45Z clean fuel production tax credit
earns fromThe produced renewable diesel generates federal RINs, 45Z tax credits and LCFS credits when sold in California or similar markets.Business (Item 1)