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| Industry | Oil & Gas |
|---|---|
| Products | Petroleum • Petrochemical • Fuel • Pipeline transport • Oil refining • Marketing |
 | |
 | |
| Company type | Public |
|---|---|
| NYSE: MPC S&P 500 Component | |
| Industry | Petroleum |
| Predecessors | Marathon Oil (1984) Ashland Global USX Corporation Marathon Oil |
| Founded | November 9, 2009 |
| Headquarters | , U.S. |
Number of locations |
|
Area served | Worldwide |
Key people | Michael J. Hennigan (chairman) Maryann Mannen (president & CEO) [1] John P. Surma (Lead Independent Director) |
| Products | |
Production output | Total rated crude oil refining capacity: 3,067,000 BPCD (2020) |
| Services | |
| Revenue |  US$177.41 billion (Fiscal Year Ended December 31, 2022)[2] |
| US$19.78 billion (Fiscal Year Ended December 31, 2022)[2] | |
| US$14.51 billion (Fiscal Year Ended December 31, 2022)[2] | |
| Total assets | US$89.9 billion (Fiscal Year Ended December 31, 2022)[2] |
| Total equity | US$35.09 billion (Fiscal Year Ended December 31, 2022)[2] |
Number of employees | 43,800 (December 2017) |
| Parent | Marathon Oil (2009–11) |
| Website | marathonpetroleum.com |
| Footnotes / references [3] | |
Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
Marathon Petroleum traces its origin from a number of small oil companies in Ohio that banded together in 1887.[4] These formed The Ohio Oil Company established in Lima, Ohio. It became the largest oil producer in the state.[5] By 1889, the company was acquired by the Standard Oil Trust and six years later its headquarters was moved to Findlay.[6] In 1906, the company built its first oil pipeline, which connected its facilities in Martinsville, Illinois and Preble, Indiana.[7]
After the U.S. Supreme Court ordered its parent company to break up as a result of the Sherman Anti-Trust Act in 1911, Ohio Oil again became independent.[5][6] It expanded its operations by purchasing oil fields outside of Ohio.[6] The company also started oil refining. In 1924, the company discovered oil in Texas.[5] In the same year, it acquired Lincoln Oil Refining Company. This purchase included a refinery and 17 brand service stations in Indiana. Several years later, Ohio Oil acquired Transcontinental Oil, which – in addition to refineries, storage facilities, and filling stations – the Marathon product name.[7]
Following its acquisition of Andeavor on October 1, 2018, Marathon Petroleum became the largest petroleum refinery operator in the United States, with 16 refineries and over 3 million barrels per calendar day of refining capacity.[8] Marathon Petroleum ranked No. 41 on the 2018 Fortune 500 list of the largest United States corporations by total revenue.[9] In the 2020 Forbes Global 2000, Marathon Petroleum was ranked as the 197th-largest public company in the world.[10]
Marathon Petroleum's marketing system includes branded locations across the United States, including Marathon and ARCO branded outlets.[11] MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company which owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.
- ^ "Marathon Petroleum Corp. Announces Leadership Transition Effective August 1, 2024". Marathon Petroleum. Retrieved October 24, 2024.
- ^ a b c d e "Marathon Petroleum Corporation 2022 Annual Report" (PDF). marathonpetroleum.com. 31 December 2022.
- ^ "Marathon Petroleum Corporation 2017 AnnualReport (Form 10K)". sec.gov. U.S. Securities and Exchange Commission. February 2018.
- ^ "An Enduring Relationship with the American Driver". Marathon Petroleum. Retrieved September 6, 2023.
- ^ a b c Turner, Tyya N. (2005). Vault Guide to the Top Energy Industry Employers. New York: Vault Inc. p. 139. ISBN 1-58131-318-7.
- ^ a b c "Marathon Oil Company | Oil & Gas, Exploration & Production | Britannica". www.britannica.com. 2023-08-25. Retrieved 2023-09-05.
- ^ a b Holloway, Milton L. (2021). Innovation Dynamics and Policy in the Energy Sector: Building Global Energy Markets, Institutions, Public Policy, Technology and Culture on the Texan Innovation Example. London: Academic Press. p. 91. ISBN 978-0-12-823813-4.
- ^ "Marathon Petroleum Corp. Announces Successful Completion Of Andeavor Combination, Creating The Leading US Refining, Midstream And Marketing Company". Archived from the original on 2019-04-10. Retrieved 2018-10-02.
- ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Archived from the original on 2019-01-15. Retrieved 2018-11-10.
- ^ "Forbes Global 2000". Forbes. Retrieved 31 October 2020.
- ^ "Marathon Launches New Retail Brand Campaign".
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