Marathon Petroleum Corp

Company facts

Industry

Petroleum Refining

Headquarters

Findlay, Ohio

Most recent report

10-Q, filed Aug 4, 2026

Incorporated

Delaware

Filings on record

1,006+ filings

On EDGAR

CIK 1510295

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 5 of 11 sections worth reading, with 3 positive, 8 notable, and 1 negative flags.

• Financial Statements (Item 1)

  Full financial statements and notes showing tripled net income; essential for understanding results.
  Positive

  • Board approved an additional $5.0 billion share repurchase authorization on May 5, 2026.
  Notable

  • MPC owns about 64% of MPLX and consolidates it as a VIE; creditors have no recourse to MPC.
  • SPR exchange created a $973M derivative liability as of June 30, 2026 for returning 14.7M barrels.

• Management's Discussion (Item 2)

  Critical Q2 results: EPS $17.73, EBITDA $8.69B, new buyback, SPR deal, capex hike.
  Positive

  • New $5B buyback authorization; $6.13B total remaining at June 30, 2026.
  • Operating cash flow surged to $11.45B in H1 2026 from $2.58B in H1 2025.
  Notable

  • SPR exchange: 22M barrels received in 2026, 27M barrels to be returned 2027-2029.
  • MPLX raises 2026 growth capex outlook by $500M to $2.9B, accelerating Gulf Coast export expansion.

• Market Risk (Item 3)

  Large derivative losses and flip in hedging position need attention.
  Notable

  • No derivatives are designated as hedges, so all P&L changes hit reported income directly.
  • Fixed-rate debt of $31.1B has a $2.5B fair value sensitivity to a 100bps rate decline.

• Legal Proceedings (Item 1)

  New EPA penalty demand at Galveston Bay Refinery, potential $1M+ cost.
  Negative

  • EPA assessed penalties at Galveston Bay Refinery in Q2 2026, potential cost $1M+ but company says not material.

• Other Information (Item 5)

  Insider trading plan adoption and board reclassification with specific details.
  Notable

  • Board reclassified director Jeffrey Campbell from Class II to Class I to restore balance after a director's death.
  • Chief Legal Officer adopted a 10b5-1 plan to sell 17,196 shares, representing potential insider selling.

What changed: Jun 2026 vs. Mar 2026

About 9% of MPC's Jun 2026 10-Q is new information. 44 paragraphs were added, 178 changed, and 31 removed. Below are the most important lines SECSift identified.

• Item 2 97
• Item 1 49
• Item 6 11
• Item 3 9
• Item 5 4
• Item 4 2