Marathon Petroleum : MPC 3Q 2025 Earnings Presentation

THIRD QUARTER 2025

Earnings Conference Call

November 4, 2025

M P C | 3 Q 2 0 2 5

THIRD QUARTER BUSINESS UPDATE

$2.4 billion of Cash Flow from Operations, excl. Changes in Working Capital(a), demonstrating

Refining & Marketing strength and Midstream growth $2.8 billion of expected annual distributions

from MPLX, more than covering MPC's annual capital needs, a differentiator in the energy industry

Compelling Value Proposition

Strong through-cycle

cash flow

$926 million of capital returned, underpinned

by peer-leading cash flow generation

10% quarterly dividend increase, reflecting confidence in sustainability and growth of earnings power

(a) Non-GAAP metric. See appendix for reconciliation.

Durable midstream growth delivers cash flow uplift

Industry-leading capital allocation

3

M P C | 3 Q 2 0 2 5

THIRD QUARTER HIGHLIGHTS

3Q

3RD QUARTER

2025

$ Millions (unless otherwise noted)
Adjusted Earnings per Share ($/share) (a)(b)	$3.01
Adjusted EBITDA(b)	$3,206
R&M Segment Adj EBITDA per Barrel	$6.37

Cash Flow from Operations,

excl. Changes in Working Capital(b)

$2,387

Total Return of Capital(c) $926

(a) Defined as adjusted diluted income per share, based on 3Q 2025 weighted average diluted shares of 304 MM. (b) Non-GAAP metric. See appendix for reconciliation.

(c) Cash paid in the third quarter of 2025 for dividends and shares repurchased. 4

M P C | 3 Q 2 0 2 5

ADJUSTED EBITDA TO NET INCOME

Adjusted EBITDA

Reconciliation to Net Income

774

3,286

68

-128

-37

17 3,206

-1,267

-770

-573

1,370

2Q 2025	Refining &	Midstream	Renewable	Corporate	3Q 2025	Transaction	Turnaround	Interest	Noncontrolling	3Q 2025
Adj. EBITDA	Marketing		Diesel		Adj. EBITDA	Gains and	and D&A	and Taxes	Interest	Net Income
($MM)					($MM)	Adjustments				Attributable
						(a)				to MPC
										($MM)

(a) Pre-tax adjustments primarily include gains on the sale of assets from the BANGL Acquisition of $484 million and the sale of MPC's interest in an ethanol joint

venture of $254 million. 5

M P C | 3 Q 2 0 2 5

REFINING & MARKETING SEGMENT

HIGHLIGHTS

96% capture

95% utilization

Strong operational

execution

1,890

-121

224

-133 1,762

-60 -37 -1

2Q 2025	USGC	Mid-Con	West Coast	Operating	Distribution	Other	3Q 2025
Segment	Margin	Margin	Margin	Costs	Costs		Segment
Adj. EBITDA				(a)			Adj. EBITDA
($MM)							($MM)

(a) Includes refining operating and maintenance costs. Excludes refining planned turnaround. 6

M P C | 3 Q 2 0 2 5

REFINING & MARKETING MARGIN

100%

96%

5,070

-205

4,865

KEY DRIVERS

Clean product margin

headwinds

Seasonal product builds

Minor capture impact from

RHU(c) downtime, consistent with expectations

3Q25 R&M

Margin Indicator ($MM)

Capture Impact (a)

3Q25 R&M

Margin ($MM)

(b)

(a) Capture reflects the percentage of our R&M Margin Indicator realized in our reported R&M Margin. The calculation of our R&M margin indicator is available on our website at https://www.marathonpetroleum.com/Investors/Investor-Market-Data. (b) Non-GAAP metric. See appendix for reconciliation. (c) Resid hydrocracker unit at

Galveston Bay refinery. 7

M P C | 3 Q 2 0 2 5

MIDSTREAM SEGMENT

1,641

67

1

1,709

HIGHLIGHTS

Executing value chain

growth strategy

5% growth in Segment

Adj. EBITDA year-over-year

Sequential increase driven by:

• Contributions from recent acquisitions

• Higher throughputs

and rates

2Q 2025

Segment Adj. EBITDA ($MM)

MPLX Other

Midstream

3Q 2025

Segment Adj. EBITDA ($MM)

8

M P C | 3 Q 2 0 2 5

RENEWABLE DIESEL SEGMENT

HIGHLIGHTS

86% utilization

Weaker margin

environment

-19

-41 -1

3 2

-56

2Q 2025

Segment Adj. EBITDA ($MM)

(a) Includes income/loss from equity method investments.

Operating Margin

Operating Costs

Distribution Costs

Other (a)

3Q 2025

Segment Adj. EBITDA ($MM)

9

M P C | 3 Q 2 0 2 5

TOTAL CONSOLIDATED CASH FLOW

Includes MPLX acquisitions of

$3.1 billion

222

2,387

3,519

604

-276

-466

Includes ethanol JV divestiture proceeds of

$427 million

2,654

-650

1,673

MPC

287

MPLX

1,386

MPC

889

MPLX

1,765

MPLX 3,759

MPC -240

6/30/2025

Cash + Cash Equivalents ($MM)

Cash Flow from Operations,

excl. Changes in Working Capital (a)

Changes in Working Capital

-4,359

Capital Expenditures, Investments, Acquisitions (b)

Changes in Debt (c)

Return of Capital to Noncontrolling Interests

(d)

Other Dividends Share Repurchases

9/30/2025

Cash + Cash Equivalents ($MM)

(a) Non-GAAP metric. See Appendix for reconciliation. (b) Includes MPLX acquisition of Northwind Midstream for $2.4 billion and additional interest in the BANGL pipeline for $0.7 billion. (c) Includes MPLX issuance of $4.5 billion in aggregate principal amount of unsecured senior notes; includes MPC repayments of

$210 million of commercial paper. (d) $366 million of MPLX distributions paid to public unitholders and $100 million of repurchases of MPLX units held by the

public. 10