Marathon Petroleum

Not to be confused with Marathon Oil.
Marathon Petroleum Corporation
Company typePublic
NYSE: MPC
S&P 500 Component
IndustryPetroleum
PredecessorsMarathon Oil (1984)
Ashland Global
USX Corporation
Marathon Oil
FoundedNovember 9, 2009; 15 years ago (2009-11-09)
Headquarters
Findlay, Ohio
,
U.S.
Number of locations
  • 6,900 independently owned retail outlets
  • 1,100 direct dealer 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
RevenueIncrease US$177.41 billion (Fiscal Year Ended December 31, 2022)[2]
Increase US$19.78 billion (Fiscal Year Ended December 31, 2022)[2]
Increase US$14.51 billion (Fiscal Year Ended December 31, 2022)[2]
Total assetsIncrease US$89.9 billion (Fiscal Year Ended December 31, 2022)[2]
Total equityIncrease US$35.09 billion (Fiscal Year Ended December 31, 2022)[2]
Number of employees
43,800 (December 2017)
ParentMarathon Oil (2009–11)
Websitemarathonpetroleum.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.

  1. ^ "Marathon Petroleum Corp. Announces Leadership Transition Effective August 1, 2024". Marathon Petroleum. Retrieved October 24, 2024.
  2. ^ a b c d e "Marathon Petroleum Corporation 2022 Annual Report" (PDF). marathonpetroleum.com. 31 December 2022.
  3. ^ "Marathon Petroleum Corporation 2017 AnnualReport (Form 10K)". sec.gov. U.S. Securities and Exchange Commission. February 2018.
  4. ^ "An Enduring Relationship with the American Driver". Marathon Petroleum. Retrieved September 6, 2023.
  5. ^ 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.
  6. ^ a b c "Marathon Oil Company | Oil & Gas, Exploration & Production | Britannica". www.britannica.com. 2023-08-25. Retrieved 2023-09-05.
  7. ^ 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.
  8. ^ "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.
  9. ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Archived from the original on 2019-01-15. Retrieved 2018-11-10.
  10. ^ "Forbes Global 2000". Forbes. Retrieved 31 October 2020.
  11. ^ "Marathon Launches New Retail Brand Campaign".