Marathon Petroleum

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Marathon Petroleum Corporation
Traded asNYSEMPC
S&P 500 Component
IndustryOil and gas
PredecessorsMarathon Oil (1984)
Ashland Inc.
USX Corporation
Marathon Oil
FoundedSeptember 1, 1998; 21 years ago (1998-09-01)
Number of locations
  • 5,600 independent Marathon Brand stations
  • 2,740 Speedway locations
Area served
Key people
Gary R. Heminger
(Chairman and CEO)
Gregory J. Goff
(Executive Vice Chairman)
Production output
1,900,000 barrels per day of refined crude oil (2017)
RevenueIncrease US$96.504 billion (2018)
Increase US$3.969 billion (2017)
Increase US$3.432 billion (2017)
Total assetsIncrease US$49.047 billion (2017)
Total equityIncrease US$14.033 billion (2017)
Number of employees
~43,800 (December 2017)
DivisionsSpeedway LLC
Catlettsburg Refining
Footnotes / references

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.

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 day of refining capacity.[2] Marathon Petroleum ranked No. 41 on the 2018 Fortune 500 list of the largest United States corporations by total revenue.[3]

Marathon Gas Station in Long Grove, IL


The company owns:

  • 16 refineries[4] with a total crude oil throughput of 3,040,700 barrels per day (483,430 m3/d):
# Name Location Throughput
1 Anacortes Refinery Anacortes, Washington 120,000 barrels per day (19,000 m3/d)
2 Canton Refinery Canton, Ohio 93,000 barrels per day (14,800 m3/d)
3 Catlettsburg Refinery Catlettsburg, Kentucky 277,000 barrels per day (44,000 m3/d)
4 Detroit Refinery Detroit, Michigan 139,000 barrels per day (22,100 m3/d)
5 Dickinson Refinery Dickinson, North Dakota 20,000 barrels per day (3,200 m3/d)
6 El Paso Refinery El Paso, Texas 135,000 barrels per day (21,500 m3/d)
7 Gallup Refinery Gallup, New Mexico 26,000 barrels per day (4,100 m3/d)
8 Galveston Bay Refinery Texas City, Texas 571,000 barrels per day (90,800 m3/d)
9 Garyville Refinery Garyville, Louisiana 556,000 barrels per day (88,400 m3/d)
10 Kenai Refinery Kenai, Alaska 72,000 barrels per day (11,400 m3/d)
11 Los Angeles Refinery Wilmington, California 380,000 barrels per day (60,000 m3/d)
12 Mandan Refinery Mandan, North Dakota 74,000 barrels per day (11,800 m3/d)
13 Martinez Refinery Martinez, California 166,000 barrels per day (26,400 m3/d)
14 Robinson Refinery Robinson, Illinois 245,000 barrels (33,705 m^3) per day
15 Salt Lake City Refinery Salt Lake City, Utah 63,000 barrels per day (10,000 m3/d)
16 St. Paul Refinery St. Paul Park, Minnesota 103,700 barrels per day (16,490 m3/d)
  • The Speedway LLC retail chain, which includes approximately 4,000 retail outlets, is the second largest chain of company-owned and operated retail gasoline and convenience stores in the United States[5].
  • Leasehold or ownership interests in approximately 8,400 miles (13,500 km) of petroleum pipelines and 5,000 miles (8,050 km) of natural gas and natural gas liquids pipelines as well as related transportation and distribution assets such as railcars, barges, and processing terminals.
  • A 20.4% interest, including a controlling 2% general partner interest, in MPLX, a public master limited partnership that owns pipelines and other midstream assets related to the transportation and storage of crude oil. NYSEMPLX [6]


The Marathon Petroleum Headquarters in Findlay, Ohio

Marathon Petroleum Corporation was formed on November 9, 1998 as a subsidiary of Marathon Oil.

Former parent company[edit]

Marathon Oil, the company's former parent, dates back to 1887 when several small oil companies in Ohio banded together to form The Ohio Oil Company.[7] In 1889, it was purchased by John D. Rockefeller's Standard Oil. It remained a part of Standard Oil until the Standard Oil Trust was broken in 1911. In 1930, The Ohio Oil Company bought the Transcontinental Oil Company and established the "Marathon" brand name. In 1962, the company changed its name to "Marathon Oil Company". From 1982 until 2002, Marathon Oil was a subsidiary of U.S. Steel.

In 2011, Marathon Oil announced the spin-off of its Downstream, refining and marketing assets to a separate company called Marathon Petroleum Corporation.

Predecessor company[edit]

The predecessor company of Marathon Petroleum Corporation, Marathon Petroleum Company LLC, formerly known as Marathon Ashland Petroleum LLC, was formed by the merger of the refining operations of Marathon Oil and Ashland Inc. in 1998. In 2005, the company became a 100% owned subsidiary of Marathon Oil.[8]

In 2006, Marathon began using STP-branded additives in its gasoline.[9]

In 2009, the company completed a $3.9 billion expansion of its refinery in Garyville, Louisiana that increased the plant’s capacity by 180,000 barrels per day.[8]

In 2010, the company sold its 74,000 barrel-per-day refinery in St. Paul Park, Minnesota along with associated terminals, pipelines, and inventory as well as 166 SuperAmerica convenience stores to Northern Tier Energy for $900 million.[10]

Post-corporate spin-off from Marathon Oil[edit]

The Marathon Petroleum campus.

On June 30, 2011, Marathon Oil distributed all of its shares in the company to its shareholders via a corporate spin-off.[6]

In June 2012, Wheeling, West Virginia-based Tri-State Petroleum signed a contract to switch 50 stations in Ohio, Pennsylvania, and West Virginia to the Marathon brand. Most of Tri-State's stations before the deal were ExxonMobil-branded stations, the majority Exxon as well as a few scattered Mobil stations in the immediate Wheeling area. Included in the deal were 18 Exxon stations in the Pittsburgh metropolitan area, significantly boosting Marathon's presence in the Pittsburgh market, where former parent company U.S. Steel is based. (Exxon would offset its Pittsburgh losses by taking over the retail contracts of several Shell stations in the area, leaving Shell with a significantly reduced presence, while the Mobil brand was withdrawn from the Northern Panhandle of West Virginia altogether.) Before the deal, Marathon had a much smaller presence in Western Pennsylvania, while having a somewhat larger presence in West Virginia and an almost ubiquitous presence in Southern Ohio.[11]

In 2013, Marathon purchased numerous assets from BP including a 451,000 barrel per day refinery in Texas City, Texas, four light product distribution terminals, and retail marketing contracts for 1,200 retail stations throughout the southeastern United States.[12]

In 2014, Speedway LLC, a subsidiary of the company, purchased the retail operations of Hess Corporation for $2.82 billion.[13]

Refinery fire[edit]

In 2016, a fire at the Galveston Bay refinery in Texas City, Texas injured three contract workers, resulting in a lawsuit seeking $1 million in damages.[14] Multiple lawsuits were filed resulting in Marathon paying $86 million to settle.[15]

2018 acquisition of Andeavor[edit]

On April 30, 2018, Marathon agreed to buy Andeavor, an independent refinery and oil company based in the Western United States, for $23 billion. Marathon will acquire all of Andeavor's outstanding shares.[16][17] On October 1, the merger was completed. This merger brings the SuperAmerica convenience stores back to Speedway.[18]


Financial data in $ millions[19]
Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Revenue 65,258 45,530 62,487 78,638 82,243 100,160 97,817 72,051 63,339 74,733
Net Income 1,215 449 622 2,385 3,383 2,108 2,524 2,852 1,174 3,432
Assets 23,232 25,745 27,223 28,385 30,425 43,115 44,413 49,047
Employees 29,865 45,340 45,440 44,460 43,800


  1. ^ "Marathon Petroleum Corporation 2017 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 2018.
  2. ^ Marathon Petroleum Corp. Announces Successful Completion Of Andeavor Combination, Creating The Leading US Refining, Midstream And Marketing Company
  3. ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved 2018-11-10.
  4. ^ Marathon Petroleum: Refining & Marketing
  5. ^
  6. ^ a b Marathon Petroleum 2015 Form 10-K Annual Report
  7. ^ "Marathon Petroleum's 125-Year Journey". Retrieved Sep 25, 2015.
  8. ^ a b Marathon Petroleum: History
  9. ^ "Marathon Gasoline with STP Additives". Retrieved 27 February 2013.
  10. ^ "Marathon Signs Definitive Agreements With ACON Investments and TPG Capital For Sale Of Minnesota Downstream Assets". October 6, 2010.
  11. ^ "Gas station operator converting 18 to Marathon brand". TribLIVE. Retrieved April 20, 2013.
  12. ^ "Purchase of BP's Texas City Refinery and Related Assets Closes". February 1, 2013.
  13. ^ "Purchase of Hess' Retail Operations and Related Assets Closes". October 1, 2014.
  14. ^ "Marathon Petroleum sued in Texas court over Jan. 11 refinery fire: lawyers". January 19, 2016.
  15. ^ "Marathon Petroleum to pay 86 million to settle Texas fire lawsuits". August 3, 2017.
  16. ^ "Marathon Petroleum Corporation - Investor Relations - News Release". Retrieved 30 April 2018.
  17. ^ DiChristopher, Tom (2018-05-01). "Marathon-Andeavor merger checks the boxes where it counts: Texas, Mexico and the high seas". CNBC. Retrieved 2018-05-04.
  18. ^
  19. ^ "Marathon Petroleum Revenue 2010-2018 | MPC". Retrieved 2018-11-06.

External links[edit]