MPC — Marathon Petroleum Corporation
Energy · Oil & Gas Refining & Marketing
About Marathon Petroleum Corporation
Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company in the United States. The company operates through three segments: Refining & Marketing; Midstream; and Renewable Diesel. 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; and purchases refined products and ethanol for resale and distributes refined products through transportation, storage, distribution, and marketing services. Its refined products include transportation fuels, such as reformulated gasolines and blend-grade gasolines; heavy fuel oil; and asphalt. This segment also manufactures propane and petrochemicals. The company sells 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 gathers, transports, stores, distributes, and markets crude oil and refined products, including renewable diesel and other hydrocarbon-based products through refining logistics assets, pipelines, terminals, towboats, and barges; gathers, processes, and transports natural gas; and transports, fractionates, stores, and markets natural gas liquids. The Renewable Diesel segment processes renewable feedstocks into renewable diesel, markets, and distributes renewable diesel through its Midstream segment and third parties. It sells renewable diesel to wholesale marketing customers, buyers on the spot market, and through long-term supply contracts to direct dealers under the ARCO brand. Marathon Petroleum Corporation was founded in 1887 and is headquartered in Findlay, Ohio.
The refining & downstream industry
Refiners buy crude oil and sell gasoline, diesel and jet fuel — their profit is the spread between the two (the crack spread), not the oil price itself. That distinction matters: refiners can mint money while crude falls, or struggle while it rallies, depending on how tight fuel markets are. Margins are set by regional capacity, seasonal demand, and how much refining capacity has been shut or converted — closures in recent years have kept US spreads structurally healthier than the pre-2020 norm. These stocks are cyclical, capital-heavy and often cheap for it; the read is product margins and utilization, and it pays to check both before reacting to a move. Marathon Petroleum is the largest US refiner by capacity, paired with cash flow from its MPLX midstream arm.
Key data · delayed ~15 min, as of 1 August 2026
| Ticker | MPC |
| Company | Marathon Petroleum Corporation |
| Price | $316.47 |
| Market cap | $92.4B |
| Sector / industry | Energy / Oil & Gas Refining & Marketing |
| Analyst mean target | $304 (18 analysts, buy) |
Valuation read
What the price implies: the market is pricing in roughly ~-2%/yr earnings growth (discounted), on a reverse-DCF of forward earnings ($27.77). Run your own assumptions in the fair-value calculator.
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