8-K - MPC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

FORM 8-K

_____________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 2, 2020

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Marathon Petroleum Corporation

(Exact name of registrant as specified in its charter)

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Delaware	001-35054	27-1284632
(State or other jurisdiction<br><br>of incorporation)	(Commission File Number)	(IRS Employer<br><br>Identification No.)

539 South Main Street, Findlay, Ohio 45840

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (419) 422-2121

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class	Trading<br><br>symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01	MPC	New York Stock Exchange	Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02	Results of Operations and Financial Condition.

Financial Results Press Release

On November 2, 2020, Marathon Petroleum Corporation (“MPC” or the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2020. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Discontinued Operations and Segment Reporting Presentations

As previously announced, on August 2, 2020, the Company entered into a purchase and sale agreement with certain of its subsidiaries set forth therein (collectively, “Sellers”) and 7-Eleven, Inc. (“Purchaser”), pursuant to which the Sellers have agreed to transfer the assets and liabilities constituting the Company’s convenience store business, including the sale of retail transportation fuel and convenience store offerings (the “Speedway Business”) to Purchaser for a purchase price of $21 billion, subject to certain adjustments based on the levels of cash, debt (as defined in the agreement) and working capital at closing and certain other items (the “Transaction”). The Transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory approvals. The Company will retain its direct dealer business.

Due to the Transaction, the Company is required to apply held for sale accounting and present the Speedway Business as discontinued operations beginning in the quarter ended September 30, 2020 in accordance with ASC 360-10-45-9, Initial Criteria for Classification as Held for Sale, and ASC 205-20, Discontinued Operations. In conjunction with the Transaction, the Company reassessed its organizational structure and management of segments. As a result, the Company no longer presents a Retail segment, which had included the Speedway Business and the Company’s direct dealer business. The Company’s direct dealer business is now reported as part of MPC’s Refining & Marketing segment. Comparable prior period information in the Marathon Petroleum Corporation Third Quarter 2020 Investor Relations Packet (the “Investor Relations Packet”) has been recast to reflect the discontinued operations presentation of the Speedway Business and the Company’s new reportable segments. The recast presentation of discontinued operations and our retrospectively adjusted Refining & Marketing segment results within our historical financial information is preliminary financial data that has been prepared by, and is the responsibility of, our management. PricewaterhouseCoopers LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto. The Investor Relations Packet is being furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The Investor Relations Packet can be found on the Investors page of the MPC website at https://www.marathonpetroleum.com.

Information in this Item 2.02 and Exhibits 99.1 and 99.2 of Item 9.01 below shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act except as otherwise expressly stated in such a filing.

Item 7.01	Regulation FD Disclosure.

MPC plans to update the format in which it provides certain financial and statistical market data information, to be available under the “Investor & Market Data” tab on the Investors page of the MPC website at https://www.marathonpetroleum.com. The new format will reflect the change to the presentation of the Speedway Business as discontinued operations and the corresponding change to the Company’s reportable operating segments, and a reweighting of certain margin indicators.

MPC intends to provide this information, and provide updates to such information, on its Investors website no later than the close of business on the second business day following the end of each month, and may also provide one to two additional updates within each month. Interested parties may register to receive automatic email alerts when the information is updated by clicking on “Sign Up” at https://www.marathonpetroleum.com/Investors/ and following the instructions provided.

Information in this Item 7.01 shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise incorporated by reference into any filing pursuant to the Securities Act or the Exchange Act except as otherwise expressly stated in such a filing.

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press Release issued by Marathon Petroleum Corporation on November 2, 2020
99.2	Marathon Petroleum Corporation Third Quarter 2020 Investor Relations Packet
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Marathon Petroleum Corporation
Date: November 2, 2020	By:	/s/ John J. Quaid
		Name: John J. Quaid
		Title: Senior Vice President and Controller

		Exhibit

Marathon Petroleum Corp. Reports Third-Quarter 2020 Results

•	Reported third-quarter loss of $1.0 billion, or $(1.57) per diluted share, including net pre-tax charges of $525 million; adjusted loss of $649 million, or $(1.00) per diluted share
•	On-track to exceed targeted reductions of $1.4 billion of capital spending and $950 million of operating expense; implemented workforce reduction plan
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•	Progressing $21 billion Speedway sale; continue to target first-quarter 2021 close
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•	Starting up Dickinson, N.D. renewable fuels facility
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•	Continuing strategic repositioning of Martinez refinery to renewable diesel facility
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•	Available liquidity exceeds $7 billion
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FINDLAY, Ohio, Nov. 2, 2020 – Marathon Petroleum Corp. (NYSE: MPC) today reported a net loss of $1.0 billion, or $(1.57) per diluted share, for the third quarter of 2020, compared with net income of $1.1 billion, or $1.66 per diluted share, for the third quarter of 2019.

Third-quarter 2020 results include net pre-tax charges of $525 million as shown in the accompanying release tables. Adjusted net loss was $649 million, or $(1.00) per diluted share, for the third quarter of 2020, compared with adjusted net income of $1.1 billion, or $1.63 per diluted share, for the third quarter of 2019.

“The challenges created by COVID continued through the third quarter,” said President and Chief Executive Officer Michael J. Hennigan. “Despite some recovery, global demand for our products and services remains significantly below historical levels, which continues to pressure profitability for both our company and the industry.

“As we navigate these challenges, we remain focused on the aspects of our business within our control. First, we strengthened the competitive position of our assets by advancing our investments in renewables. Our Dickinson renewable fuels facility is starting up. With respect to the conversion of our Martinez refinery into a renewable diesel facility, we filed for permits, progressed feedstock supplier discussions, and began detailed engineering activities. Second, we continued working toward a first-quarter 2021 closing for the Speedway sale and remain committed to using the proceeds to strengthen our balance sheet and return capital to shareholders. And third, we took incremental steps to reduce our cost structure, including the implementation of a workforce reduction plan. The difficult decision to reduce our workforce was not made lightly, and we are committed to treating our employees with integrity and respect as we take these necessary steps to position the company for through-cycle resiliency.”

Results from Operations

On Aug. 2, 2020, MPC entered into a definitive agreement to sell Speedway to 7-Eleven, Inc. for $21 billion in cash. Due to the announced sale, MPC has made the following changes to its third-quarter 2020 and historical results:

•	Speedway’s results are required to be presented separately as discontinued operations.
•	The retained direct dealer business results are reported within the Refining & Marketing segment.
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•	As a result of the above, MPC no longer presents a separate Retail segment, which had included these two businesses.
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Speedway’s results are presented differently under discontinued operations accounting as compared to their previous presentation. The major changes include:

•	MPC ceased recording depreciation and amortization (D&A) for Speedway at the time of signing the sale agreement, and therefore, third quarter results reflect only one month of D&A for Speedway’s assets. D&A was $36 million for the month of July 2020.
•	Corporate costs are no longer allocable to Speedway under discontinued operations accounting. Results for all periods presented have been recast to exclude any allocation of corporate costs to Speedway. These costs have averaged approximately $7 million per quarter in 2020.
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	Three Months Ended <br>September 30,
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(In millions)		2020			2019
Income (loss) from continuing operations by segment
Refining & Marketing^(a)^	$	(1,569	)	$	989
Midstream		960			919
Corporate^(b)^		(197	)		(206	)
Income (loss) from continuing operations before items not allocated to segments		(806	)		1,702
Items not allocated to segments:
Transaction-related costs		—			(22	)
Impairments		(433	)		—
Restructuring expenses		(348	)		—
LCM inventory valuation adjustment		530			—
Income (loss) from continuing operations	$	(1,057	)	$	1,680		Income from discontinued operations
---	---	---	---	---	---
Speedway	$	456		$	344
Transaction-related costs		(18	)		—
Income from discontinued operations	$	438		$	344
Income (loss) from continuing and discontinued operations	$	(619	)	$	2,024
^(a)^	Recast to reflect direct dealer income from operations of $103 million and $106 million for the third quarters of 2020 and 2019, respectively. Includes a last-in, first-out (LIFO) liquidation charge of $256 million in the third quarter of 2020.
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^(b)^	Recast to reflect corporate costs of $7 million and $8 million for the third quarters of 2020 and 2019, respectively, that are no longer allocable to Speedway under discontinued operations accounting.
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Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $1.0 billion in the third quarter of 2020, compared with $3.1 billion for the third quarter of 2019. As detailed in the table below, adjusted EBITDA is shown for both continuing and discontinued operations. Adjusted EBITDA from continuing operations excludes refining planned turnaround costs.

Reconciliation of Income (Loss) From Operations to Adjusted EBITDA

	Three Months Ended <br>September 30,
(In millions)		2020			2019
Refining & Marketing Segment
Segment income (loss) from operations	$	(1,569	)	$	989
Add: Depreciation and amortization		456			416
Refining planned turnaround costs		234			164
LIFO liquidation charge		256			—
Segment Adjusted EBITDA	$	(623	)	$	1,569
Midstream Segment
Segment income from operations	$	960		$	919
Add: Depreciation and amortization		335			300
Segment EBITDA	$	1,295		$	1,219
Segment Adjusted EBITDA	$	672		$	2,788
Corporate		(197	)		(206	)
Add: Depreciation and amortization		39			45
Adjusted EBITDA from continuing operations	$	514		$	2,627
Speedway
Speedway	$	456		$	344
Add: Depreciation and amortization^(a)^		36			94
Adjusted EBITDA from discontinued operations	$	492		$	438
Adjusted EBITDA from continuing and discontinued operations	$	1,006		$	3,065
^(a)^	As of August 2, 2020, MPC ceased recording depreciation and amortization for Speedway.
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Refining & Marketing (R&M)

As discussed above, R&M segment results now include the results of the direct dealer business. Prior periods have been recast to reflect this change in segment presentation.

R&M segment loss from operations was $1.6 billion in the third quarter of 2020, compared with income of $989 million for the third quarter of 2019. Third quarter 2020 and third quarter 2019 R&M segment results include direct dealer income from operations of $103 million and $106 million, respectively. Segment results also include a LIFO liquidation charge of $256 million in the third quarter of 2020.

Segment adjusted EBITDA was $(623) million in the third quarter of 2020, versus $1.6 billion for the third quarter of 2019. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $234 million in the third quarter of 2020 and $164 million in the third quarter of 2019. It also excludes a non-cash LIFO liquidation charge of $256 million in the third quarter of 2020. The decrease in R&M earnings was primarily due to reduced throughput, lower crack spreads, and weaker crude differentials.

R&M margin, excluding the LIFO liquidation charge, was $8.28 per barrel for the third quarter of 2020, versus $15.11 for the third quarter of 2019. Crude capacity utilization was 84% (excluding idled facilities) resulting in total throughput of 2.5 million barrels per day. Clean product yield was 85%.

Midstream

There have been no changes to the presentation of midstream segment results.

Midstream segment income from operations, which primarily reflects the results of MPLX LP (NYSE: MPLX), was $960 million in the third quarter of 2020, compared with $919 million for the third quarter of 2019.

Segment EBITDA was $1.3 billion in the third quarter of 2020, versus $1.2 billion for the third quarter of 2019. Strong performance in the midstream segment in the current business environment was driven by stable, fee-based earnings, contributions from organic growth projects, and reduced operating expenses.

Corporate and Items Not Allocated

As discussed above, corporate costs are no longer allocable to Speedway under discontinued operations accounting. Prior periods have been recast to exclude any allocation of corporate costs to Speedway. These costs averaged approximately $7 million per quarter in 2020.

Corporate expenses totaled $197 million in the third quarter of 2020, compared with $206 million in the third quarter of 2019. Third quarter 2020 and third quarter 2019 corporate expenses include expenses of $7 million and $8 million, respectively, which are no longer allocable to Speedway.

Items not allocated to continuing operations included net charges of $251 million in the third quarter of 2020, compared with charges of $22 million in the third quarter of 2019. Third-quarter 2020 results include a $530 million lower of cost or market (LCM) inventory benefit, $433 million of impairment expense related to long-lived assets primarily related to the repositioning of the Martinez refinery, and $348 million of restructuring expenses related to the idling of the Martinez and Gallup refineries and costs related to our announced workforce reduction. Discontinued operations included $18 million of costs related to the Speedway separation in the third quarter of 2020.

Speedway

As discussed above, the results of Speedway are required to be reported separately as discontinued operations. MPC ceased recording D&A for Speedway in August 2020. Therefore, third-quarter 2020 results reflect $36 million for only one month of D&A, as compared to $94 million for three months of D&A in third-quarter 2019. Results for all periods presented exclude any allocation of corporate costs to Speedway. These costs have averaged approximately $7 million per quarter in 2020.

Speedway income from operations was $456 million in the third quarter of 2020, compared with $344 million for the third quarter of 2019. Speedway EBITDA was $492 million in the third quarter of 2020, versus $438 million for the third quarter of 2019. Quarterly results reflect higher fuel margin and merchandise sales partially offset by lower fuel volumes.

Speedway fuel margin was 30.25 cents per gallon in the third quarter of 2020, versus 26.04 cents per gallon in the third quarter of 2019. Same-store merchandise sales increased by 0.8% year-over-year and Speedway same-store gasoline sales volume decreased by 16.6% year-over-year.

Financial Position and Liquidity

As of Sept. 30, 2020, the company had $688 million in cash and cash equivalents (excluding MPLX’s cash and cash equivalents of $28 million), $5 billion available under a five-year bank revolving credit facility, $2 billion available under its two 364-day bank revolving credit facilities and $750 million available under its trade receivables securitization facility. The company also renewed its $1 billion 364-day bank revolving credit facility that was to expire in September.

In October, the company redeemed all of the $475 million outstanding aggregate principal amount of its senior notes due Oct. 1, 2022, using available revolver capacity. As of Oct. 31, 2020, the company had total credit facility availability, excluding MPLX facilities, in excess of $7 billion.

Strategic and Operations Update

The company continues to progress activities related to the $21 billion sale of Speedway to 7-Eleven, targeting a close of the transaction in the first quarter of 2021. The company expects to use proceeds from the sale to strengthen the balance sheet and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons of fuel per year and the opportunity to supply additional 7-Eleven locations.

The Dickinson, North Dakota renewable fuels facility is starting up. At full capacity, the facility is expected to produce 12,000 barrels per day of renewable diesel from corn and soybean oil. MPC intends to sell the renewable diesel into the California market to comply with the California Low Carbon Fuel Standard.

The company also progressed activities associated with the conversion of the Martinez refinery to a renewable diesel facility, including applying for permits, advancing discussions with feedstock suppliers, and beginning detailed engineering activities. As envisioned, the Martinez facility would be expected to start producing renewable diesel in 2022, with a potential to build to full capacity of 48,000 barrels per day in 2023.

Consistent with MPC's midstream strategy of developing long-haul pipelines and other logistics solutions, the company advanced several projects during the quarter, including the Wink to Webster crude oil pipeline, the Whistler natural gas pipeline, and the reversal of the Capline crude pipeline. Each of these projects is backed by minimum volume commitments.

Fourth Quarter 2020 Outlook	Refining & Marketing Segment:
Refining operating costs per barrel^(a)^	$	5.50
Distribution costs (in millions)	$	1,320
Refining planned turnaround costs (in millions)	$	100
Depreciation and amortization (in millions)	$	465
Refinery throughputs (mbpd):
Crude oil refined		2,265
Other charge and blendstocks		215
Total		2,480
^(a)^	Excludes refining planned turnaround and depreciation and amortization expense.
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Speedway	Range
Fuel sales (millions of gallons)		1,450		1,650
Merchandise sales (in millions)	$	1,550	$	1,650
Corporate and unallocated items (in millions)	$	185
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Conference Call

At 9:30 a.m. EST today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC’s website at www.marathonpetroleum.com. A replay of the webcast will be available on the company’s website for two weeks. Financial information, including the earnings release and other investor-related material, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.

About Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation’s largest refining system. MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets. Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

Investor Relations Contacts: (419) 421-2071

Kristina Kazarian, Vice President, Investor Relations

Brian Worthington, Manager, Investor Relations

Media Contact: (419) 421-3312

Jamal Kheiry, Manager, Communications

References to Earnings and Defined Terms

References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC’s share after excluding amounts attributable to noncontrolling interests.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws regarding Marathon Petroleum Corporation (MPC). These forward-looking statements relate to, among other things, expectations, estimates and projections concerning the business and operations, strategy and value creation plans of MPC. In accordance with “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. You can identify forward-looking statements by words such as “anticipate,” “believe,” “commitment,” “could,” “design,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “imply,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,“ “policy,” “position,” “potential,” “predict,” “priority,” “project,” “proposition,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “target,” “would,” “will” or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the company’s control and are difficult to predict. Factors that could cause MPC’s actual results to differ materially from those implied in the forward-looking statements include but are not limited to: the effects of the recent outbreak of COVID-19, including any related government policies and actions, and the adverse impact thereof on our business, financial condition, results of operations and cash flows, including, but not limited to, our growth, operating costs, labor availability, logistical capabilities, customer demand for our products and industry demand generally, margins, inventory value, cash position, taxes, the price of our securities and trading markets with respect thereto, our ability to access capital markets, and the global economy and financial markets generally; the effects of the recent outbreak of COVID-19, and the current economic environment generally, on our working capital, cash flows and liquidity, which can be significantly affected by decreases in commodity prices; our ability to reduce capital and operating expenses; with respect to the proposed sale of Speedway, the ability to successfully complete the sale within the expected timeframe, on the expected terms, or at all, based on numerous factors, including the failure to satisfy any of the conditions to the consummation of the proposed transaction (including obtaining certain governmental or regulatory approvals on the proposed terms and schedule), the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; MPC’s ability to utilize the proceeds as anticipated; the risk that the dissynergy costs, costs of restructuring transactions and other costs incurred in connection with the proposed transaction will exceed our estimates; and our ability to capture value and realize the other expected benefits from the associated ongoing supply relationship following consummation of the proposed sale; the risk that the cost savings and any other synergies from our acquisition of Andeavor and the acquisition of Andeavor Logistics LP (ANDX) by MPLX LP (MPLX) may not be fully realized or may take longer to realize than expected, including whether the ANDX transaction will be accretive within the expected timeframe or at all; disruption from the Andeavor or ANDX transactions making it more difficult to maintain relationships with customers, employees or suppliers; risks relating to any unforeseen liabilities of Andeavor or ANDX, respectively; the risk of further impairments; the ability to complete any divestitures on commercially reasonable terms and/or within the expected timeframe, and the effects of any such divestitures on the business, financial condition, results of operations and cash flows; future levels of revenues, refining and marketing margins, operating costs, gasoline and distillate margins, merchandise margins, income from operations, net income and earnings per share; the regional, national and worldwide availability and pricing of refined products, crude oil, natural gas, NGLs and other feedstocks; consumer demand for refined products; the ability to manage disruptions in credit markets or changes to credit ratings; future levels of capital, environmental and maintenance expenditures; general and administrative and other expenses; the success or timing of completion of ongoing or anticipated capital or maintenance projects, including the potential conversion of

the Martinez Refinery to a renewable diesel facility; the receipt of relevant third party and/or regulatory approvals; the reliability of processing units and other equipment; the successful realization of business strategies, growth opportunities and expected investment; share repurchase authorizations, including the timing and amounts of such repurchases; the adequacy of capital resources and liquidity, including availability, timing and amounts of free cash flow necessary to execute business plans, complete announced capital projects and to effect any share repurchases or to maintain or increase the dividend; the effect of restructuring or reorganization of business components, including those undertaken in connection with the Speedway sale and workforce reduction; the potential effects of judicial or other proceedings, including remedial actions involving removal and reclamation obligations under environmental regulations, on the business, financial condition, results of operations and cash flows; continued or further volatility in and/or degradation of general economic, market, industry or business conditions as a result of the COVID-19 pandemic (including any related government policies and actions), other infectious disease outbreaks, natural hazards, extreme weather events or otherwise; general economic, political or regulatory developments, including changes in governmental policies relating to refined petroleum products, crude oil, natural gas or NGLs, regulation or taxation and other economic and political developments (including those caused by public health issues and outbreaks); non-payment or non-performance by our producer and other customers; compliance with federal and state environmental, economic, health and safety, energy and other policies, permitting and regulations, including the cost of compliance with the Renewable Fuel Standard, and/or enforcement actions initiated thereunder; the effects of actions of third parties such as competitors, activist investors or federal, foreign, state or local regulatory authorities or plaintiffs in litigation; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading “Risk Factors” in MPC’s Annual Report on Form 10-K for the year ended Dec. 31, 2019, and in Forms 10-Q and other filings, filed with the SEC. Copies of MPC's Form 10-K, Forms 10-Q and other SEC filings are available on the SEC’s website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K for the year ended December 31, 2019, Forms 10-Q and other SEC filings are available on the SEC’s website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.

We have based our forward-looking statements on our current expectations, estimates and projections about our business and industry. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. Any forward-looking statements speak only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statements except to the extent required by applicable law.

Consolidated Statements of Income (Unaudited)		Three Months Ended <br>September 30,					Nine Months Ended <br>September 30,
(In millions, except per-share data)		2020			2019		2020			2019
Revenues and other income:
Sales and other operating revenues^(a)^	$	17,408		$	27,552	$	51,807		$	83,140
Income (loss) from equity method investments^(b)^		117			104		(1,037	)		272
Net gain on disposal of assets		1			2		6			220
Other income		22			30		69			93
Total revenues and other income		17,548			27,688		50,845			83,725
Costs and expenses:
Cost of revenues (excludes items below)^(a)^		16,673			24,345		48,517			74,626
LCM inventory valuation adjustment		(530	)		—		1,185			—
Impairment expense		433			—		8,280			—
Depreciation and amortization		830			761		2,526			2,375
Selling, general and administrative expenses		673			761		2,080			2,413
Restructuring expenses		348			—		348			—
Other taxes		178			141		546			407
Total costs and expenses		18,605			26,008		63,482			79,821
Income (loss) from continuing operations		(1,057	)		1,680		(12,637	)		3,904
Net interest and other financial costs		359			312		1,032			932
Income (loss) from continuing operations before income taxes		(1,416	)		1,368		(13,669	)		2,972
Provision (benefit) for income taxes on continuing operations		(304	)		255		(2,105	)		600
Income (loss) from continuing operations, net of tax		(1,112	)		1,113		(11,564	)		2,372
Income from discontinued operations, net of tax		371			254		881			621
Net income (loss)		(741	)		1,367		(10,683	)		2,993
Less net income (loss) attributable to:
Redeemable noncontrolling interest		20			20		61			61
Noncontrolling interests		257			252		(501	)		738
Net income (loss) attributable to MPC	$	(1,018	)	$	1,095	$	(10,243	)	$	2,194
Per share data
Basic:
Continuing operations	$	(2.14	)	$	1.28	$	(17.13	)	$	2.37
Discontinued operations		0.57			0.39		1.35			0.94
Net income per share	$	(1.57	)	$	1.67	$	(15.78	)	$	3.31
Weighted average shares outstanding (in millions)		650			656		649			663
Diluted:
Continuing operations	$	(2.14	)	$	1.27	$	(17.13	)	$	2.35
Discontinued operations		0.57			0.39		1.35			0.93
Net income per share	$	(1.57	)	$	1.66	$	(15.78	)	$	3.28
Weighted average shares outstanding (in millions)		650			660		649			668
^(a)^	In accordance with discontinued operations accounting, Speedway sales to retail customers and net results are reflected in income from discontinued operations, net of tax and Refining & Marketing intercompany sales to Speedway are presented as third-party sales.
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^(b)^	The 2020 YTD period includes $1,315 million of impairment expense.
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Income Summary for Continuing Operations (Unaudited)		Three Months Ended <br>September 30,						Nine Months Ended <br>September 30,
(In millions)		2020			2019			2020			2019
Income (loss) from continuing operations by segment
Refining & Marketing^(a)^	$	(1,569	)	$	989		$	(3,610	)	$	1,750
Midstream		960			919			2,734			2,705
Corporate^(b)^		(197	)		(206	)		(625	)		(589	)
Income (loss) from continuing operations before items not allocated to segments		(806	)		1,702			(1,501	)		3,866
Items not allocated to segments:
Equity method investment restructuring gains^(c)^		—			—			—			207
Transaction-related costs^(d)^		—			(22	)		(8	)		(147	)
Litigation		—			—			—			(22	)
Impairments^(e)^		(433	)		—			(9,595	)		—
Restructuring expenses^(f)^		(348	)		—			(348	)		—
LCM inventory valuation adjustment		530			—			(1,185	)		—
Income (loss) from continuing operations		(1,057	)		1,680			(12,637	)		3,904
Net interest and other financial costs		359			312			1,032			932
Income (loss) from continuing operations before income taxes		(1,416	)		1,368			(13,669	)		2,972
Provision (benefit) for income taxes on continuing operations		(304	)		255			(2,105	)		600
Income (loss) from continuing operations, net of tax	$	(1,112	)	$	1,113		$	(11,564	)	$	2,372
^(a)^	Recast to reflect direct dealer income from operations of $103 million, $106 million, $303 million and $295 million for the third quarter 2020, third quarter 2019, first nine months of 2020 and first nine months of 2019, respectively. Includes a LIFO liquidation charge of $256 million in the third quarter of 2020.
---	---
^(b)^	Recast to reflect corporate costs of $7 million, $8 million, $20 million and $21 million for the third quarter 2020, third quarter 2019, first nine months of 2020 and first nine months of 2019, respectively, that are no longer allocated to Speedway under discontinued operations accounting.
---	---
^(c)^	Represents gain related to the formation of a new joint venture: Capline LLC in the 2019 YTD period.
---	---
^(d)^	2020 includes costs incurred in connection with the Midstream strategic review. 2019 includes employee severance, retention and other costs related to the acquisition of Andeavor.
---	---
^(e)^	Includes $7.4 billion goodwill impairment, $1.3 billion impairment of equity method investments and $886 million impairment of long-lived assets in 2020 YTD period.
---	---
^(f)^	Restructuring expenses include $189 million of exit and disposal costs related to indefinite idling of the Martinez and Gallup refineries and $159 million of employee separation costs.
---	---

Income Summary for Discontinued Operations (Unaudited)		Three Months Ended <br>September 30,					Nine Months Ended <br>September 30,
(In millions)		2020			2019		2020			2019
Income from discontinued operations
Speedway	$	456		$	344	$	1,282		$	831
Transaction-related costs^(a)^		(18	)		—		(75	)		—
LCM inventory valuation adjustment		—			—		(25	)		—
Income from discontinued operations		438			344		1,182			831
Net interest and other financial costs		5			5		15			13
Income from discontinued operations before income taxes		433			339		1,167			818
Provision for income taxes on discontinued operations		62			85		286			197
Income from discontinued operations, net of tax	$	371		$	254	$	881		$	621
^(a)^	Costs related to the Speedway separation.
---	---

Capital Expenditures and Investments (Unaudited)

	Three Months Ended <br>September 30,				Nine Months Ended <br>September 30,
(In millions)		2020		2019		2020		2019
Refining & Marketing^(a)^	$	254	$	569	$	995	$	1,411
Midstream		300		783		1,199		2,420
Corporate^(b)^		45		62		146		141
Speedway		69		169		200		344
Total	$	668	$	1,583	$	2,540	$	4,316
^(a)^	Recast to reflect direct dealer capital expenditures of $6 million, $8 million, $25 million and $26 million for the third quarter 2020, third quarter 2019, first nine months of 2020 and first nine months of 2019, respectively.
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^(b)^	Includes capitalized interest of $29 million, $32 million, $85 million and $97 million for the third quarter 2020, third quarter 2019, first nine months of 2020 and first nine months of 2019, respectively.
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Refining & Marketing Operating Statistics (Unaudited)

The retained direct dealer business is now reported within the Refining & Marketing segment. The historical results have been recast.		Three Months Ended <br>September 30,					Nine Months Ended <br>September 30,
		2020			2019		2020			2019
Dollar per barrel of net refinery throughput:
Refining & Marketing margin, excluding LIFO liquidation charge^(a)(b)^	$	8.28		$	15.11	$	9.46		$	14.17
LIFO liquidation charge		(1.10	)		—		(0.36	)		—
Refining & Marketing margin^(a)(b)^		7.18			15.11		9.10			14.17
Less:
Refining operating costs		5.41			5.44		5.85			5.45
Distribution costs^(a)(d)^		5.61			4.32		5.35			4.49
Refining planned turnaround costs		1.01			0.56		1.02			0.69
Depreciation and amortization^(a)^		1.96			1.55		1.95			1.56
Plus (Less):
Purchase accounting - depreciation and amortization^(a)^		—			0.12		—			0.01
Other^(a)(e)^		0.08			0.05		0.01			0.06
Refining & Marketing income (loss) from operations^(a)^	$	(6.73	)	$	3.41	$	(5.06	)	$	2.05
Refining & Marketing refined product sales volume (mbpd)^(f)^		3,201			3,706		3,222			3,730
Crude oil refining capacity (mbpcd)^(g)^		2,860			3,021		2,997			3,021
Crude oil capacity utilization (percent)^(g)^		84			98		82			97
Refinery throughputs (mbpd):^(h)^
Crude oil refined		2,390			2,969		2,446			2,925
Other charge and blendstocks		146			187		155			200
Net refinery throughput		2,536			3,156		2,601			3,125
Sour crude oil throughput (percent)		49			47		50			49
Sweet crude oil throughput (percent)		51			53		50			51
Refined product yields (mbpd):^(h)^
Gasoline		1,311			1,553		1,305			1,538
Distillates		872			1,103		908			1,091
Propane		50			56		51			55
Feedstocks and special products		230			334		266			345
Heavy fuel oil		21			44		28			47
Asphalt		92			106		83			90
Total		2,576			3,196		2,641			3,166
^(a)^	Recast to reflect direct dealer results in the Refining & Marketing segment.
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^(b)^	Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.
---	---
^(c)^	Excludes refining planned turnaround and depreciation and amortization expense.
---	---
^(d)^	Includes fees paid to MPLX, on a per barrel throughput basis, of $3.81, $2.74, $3.63 and $2.79, for the third quarter 2020, third quarter 2019, first nine months of 2020 and first nine months of 2019, respectively. Excludes depreciation and amortization expense.
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^(e)^	Includes income (loss) from equity method investments, net gain (loss) on disposal of assets and other income.
---	---
^(f)^	Includes intersegment sales.
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^(g)^	Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities. Third-quarter and the first nine months of 2020 crude oil refining capacity excludes idled Martinez, Gallup and Dickinson facilities for the third quarter of 2020.
^(h)^	Excludes inter-refinery volumes of 55 mbpd,116 mbpd, 68 mbpd and 98 mbpd for the third quarter 2020, third quarter 2019, first nine months of 2020 and first nine months of 2019, respectively.
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Refining & Marketing Operating Statistics by Region (Unaudited)		Three Months Ended <br>September 30,				Nine Months Ended <br>September 30,
		2020		2019		2020		2019
Gulf Coast
Dollar per barrel of refinery throughput:^(a)^
Refining & Marketing margin^(b)^	$	6.59	$	11.26	$	6.96	$	9.46
Refining operating costs^(c)^		3.83		4.23		4.36		4.05
Refining planned turnaround costs		0.35		0.15		0.90		0.18
Refining depreciation and amortization		1.49		1.08		1.45		1.08
Refinery throughputs (mbpd):^(d)^
Crude oil refined		962		1,115		984		1,146
Other charge and blendstocks		122		203		134		183
Gross refinery throughput		1,084		1,318		1,118		1,329
Sour crude oil throughput (percent)		65		62		65		61
Sweet crude oil throughput (percent)		35		38		35		39
Refined product yields (mbpd):^(d)^
Gasoline		502		559		485		565
Distillates		388		429		383		438
Propane		25		27		26		27
Feedstocks and special products		182		297		228		295
Heavy fuel oil		4		14		8		15
Asphalt		16		20		18		21
Total		1,117		1,346		1,148		1,361
Mid-Continent
Dollar per barrel of refinery throughput:^(a)^
Refining & Marketing margin^(b)^	$	9.18	$	17.42	$	10.66	$	17.69
Refining operating costs^(c)^		4.79		4.88		5.24		5.08
Refining planned turnaround costs		0.68		1.26		0.87		0.75
Refining depreciation and amortization		1.65		1.43		1.77		1.54
Refinery throughputs (mbpd):^(e)^
Crude oil refined		1,024		1,197		1,007		1,137
Other charge and blendstocks		42		48		45		51
Gross refinery throughput		1,066		1,245		1,052		1,188
Sour crude oil throughput (percent)		26		27		26		27
Sweet crude oil throughput (percent)		74		73		74		73
Refined product yields (mbpd):^(e)^
Gasoline		559		628		546		618
Distillates		343		415		358		405
Propane		19		19		18		19
Feedstocks and special products		66		86		59		65
Heavy fuel oil		9		14		12		15
Asphalt		75		84		64		68
Total		1,071		1,246		1,057		1,190

	Three Months Ended <br>September 30,				Nine Months Ended <br>September 30,
		2020		2019		2020		2019
West Coast
Dollar per barrel of refinery throughput:^(a)^
Refining & Marketing margin^(b)(g)^	$	10.15	$	17.93	$	12.42	$	16.96
Refining operating costs^(c)^		10.15		7.74		9.66		7.98
Refining planned turnaround costs		3.28		0.02		1.47		1.45
Refining depreciation and amortization		1.69		1.08		1.54		1.06
Refinery throughputs (mbpd):^(f)^
Crude oil refined		404		657		455		642
Other charge and blendstocks		37		52		44		64
Gross refinery throughput		441		709		499		706
Sour crude oil throughput (percent)		70		59		70		63
Sweet crude oil throughput (percent)		30		41		30		37
Refined product yields (mbpd):^(f)^
Gasoline		250		366		274		355
Distillates		141		259		167		248
Propane		6		10		7		9
Feedstocks and special products		30		60		37		76
Heavy fuel oil		15		23		18		24
Asphalt		1		2		1		1
Total		443		720		504		713
^(a)^	The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the remaining items is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes).
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^(b)^	Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput. Excludes LIFO liquidation charge of $256 million in the 2020 periods.
---	---
^(c)^	Excludes refining planned turnaround and depreciation and amortization expense.
---	---
^(d)^	Includes inter-refinery transfer volumes of 34 mbpd, 79 mbpd, 44 mbpd and 54 mbpd for the third quarter 2020, third quarter 2019, first nine months of 2020 and first nine months of 2019, respectively.
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^(e)^	Includes inter-refinery transfer volumes of 8 mbpd, 11 mbpd, 9 mbpd and 11 mbpd for the third quarter 2020, third quarter 2019, first nine months of 2020 and first nine months of 2019, respectively.
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^(f)^	Includes inter-refinery transfer volumes of 13 mbpd, 26 mbpd, 15 mbpd and 33 mbpd for the third quarter 2020, third quarter 2019, first nine months of 2020 and first nine months of 2019, respectively.
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^(g)^	Recast to reflect direct dealer results in the Refining & Marketing segment.
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Midstream Operating Statistics (Unaudited)		Three Months Ended <br>September 30,		Nine Months Ended <br>September 30,
		2020	2019	2020	2019
Pipeline throughputs (mbpd)^(a)^		4,783	5,319	4,794	5,250
Terminal throughput (mbpd)		2,701	3,292	2,696	3,267
Gathering system throughput (million cubic feet per day)^(b)^		5,396	6,281	5,546	6,061
Natural gas processed (million cubic feet per day)^(b)^		8,512	8,804	8,592	8,629
C2 (ethane) + NGLs fractionated (mbpd)^(b)^		567	547	555	527
^(a)^	Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.
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^(b)^	Includes amounts related to unconsolidated equity method investments on a 100% basis.
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Speedway Operating Statistics (Unaudited)		Three Months Ended <br>September 30,						Nine Months Ended <br>September 30,
		2020			2019			2020			2019
Speedway fuel sales (millions of gallons)		1,583			1,992			4,416			5,820
Speedway fuel margin (dollars per gallon)^(a)^	$	0.3025		$	0.2604		$	0.3640		$	0.2379
Merchandise sales (in millions)	$	1,733		$	1,703		$	4,797		$	4,736
Merchandise margin (in millions)	$	510		$	498		$	1,376		$	1,376
Merchandise margin percent		29.4	%		29.2	%		28.7	%		29.1	%
Same store gasoline sales volume (period over period)^(b)^		(16.6	)%		(2.8	)%		(20.6	)%		(2.8	)%
Same store merchandise sales (period over period)^(b)(c)^		0.8	%		5.2	%		(0.9	)%		5.6	%
Total convenience stores at period-end		3,854			3,931
^(a)^	Includes bankcard processing fees (as applicable).
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^(b)^	Same store comparison includes only locations owned at least 13 months.
---	---
^(c)^	Excludes cigarettes.
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Select Financial Data (Unaudited)	(In millions)	September 30 <br>2020		June 30 <br>2020
Cash and cash equivalents^(a)^	$	716	$	1,091
MPC debt^(b)^		11,648		11,607
MPLX debt		20,349		20,559
Total consolidated debt^(b)^		31,997		32,166
Redeemable noncontrolling interest		968		968
Equity		29,414		30,849
Shares outstanding		651		650
^(a)^	Includes Speedway’s cash and cash equivalents of $98 million and $126 million, respectively, which is classified as assets held for sale on MPC’s consolidated balance sheets.
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^(b)^	Includes Speedway’s debt of $120 million and $112 million, respectively, which is classified as liabilities held for sale on MPC’s consolidated balance sheets.
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Non-GAAP Financial Measures

Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because, when reconciled to their most comparable GAAP financial measures, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. The non-GAAP financial measures we use are as follows:

Adjusted Net Income Attributable to MPC

Adjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. For the three and nine months ended Sept. 30, 2020, we applied a combined federal and state statutory tax rate of 24% to the adjusted pre-tax loss for those periods. We have excluded these items because we believe that they are not indicative of our core operating performance and that their exclusion results in an important measure of our ongoing financial performance to better assess our underlying business results and trends.

Adjusted Diluted Earnings Per Share

Adjusted diluted earnings per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.

Reconciliation of Net Income (Loss) Attributable to MPC to Adjusted Net Income (Loss) Attributable to MPC		Three Months Ended <br>September 30,						Nine Months Ended <br>September 30,
(In millions)		2020			2019			2020			2019
Net income (loss) attributable to MPC	$	(1,018	)	$	1,095		$	(10,243	)	$	2,194
Pre-tax adjustments:
Equity method investment restructuring gains		—			—			—			(207	)
Transaction-related costs		18			22			83			147
Litigation		—			—			—			22
Impairments		433			—			9,595			—
Restructuring expenses		348			—			348			—
LIFO liquidation charge		256			—			256			—
LCM inventory valuation adjustment		(530	)		—			1,210			—
Purchase accounting - depreciation and amortization		—			(57	)		—			(17	)
Out of period tax adjustment		—			—			—			36
Tax impact of adjustments^(a)^		(132	)		7			(1,577	)		13
Non-controlling interest impact of adjustments		(24	)		6			(1,295	)		2
Adjusted net income (loss) attributable to MPC	$	(649	)	$	1,073		$	(1,623	)	$	2,190
Diluted income (loss) per share	$	(1.57	)	$	1.66		$	(15.78	)	$	3.28
Adjusted diluted income (loss) per share^(b)^	$	(1.00	)	$	1.63		$	(2.50	)	$	3.27
^(a)^	For the three and nine months ended Sept. 30, 2020, income taxes for adjusted earnings was calculated by applying a combined federal and state statutory tax rate of 24% to the adjusted pre-tax loss for these periods. The corresponding adjustments to reported income taxes is shown in the table above.
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^(b)^	Weighted-average diluted shares outstanding and income allocated to participating securities, if applicable, in the adjusted earnings per share calculation are the same as those used in the GAAP diluted earnings per share calculation.
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Adjusted EBITDA & Segment Adjusted EBITDA

Adjusted EBITDA and Segment Adjusted EBITDA represent earnings before net interest and other financial costs, income taxes, depreciation and amortization expense as well as adjustments to exclude refining turnaround costs, items not allocated to segment results and other items shown in the table below. We believe these non-GAAP financial measures are useful to investors and analysts to analyze and compare our operating performance between periods by excluding items that do not reflect the core operating results of our business or in the case of turnarounds, which provide benefits over multiple years. We also believe that excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds. Adjusted EBITDA and Segment Adjusted EBITDA should not be considered as a substitute for, or superior to segment income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA and Segment Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Net Income (Loss) Attributable to MPC to Adjusted EBITDA from Continuing Operations		Three Months Ended <br>September 30,						Nine Months Ended <br>September 30,
(In millions)		2020			2019			2020			2019
Net income (loss) attributable to MPC	$	(1,018	)	$	1,095		$	(10,243	)	$	2,194
Plus (Less):
Income from discontinued operations, net of tax		(371	)		(254	)		(881	)		(621	)
Net interest and other financial costs		359			312			1,032			932
Net income (loss) attributable to noncontrolling interests		277			272			(440	)		799
Provision (benefit) for income taxes		(304	)		255			(2,105	)		600
Depreciation and amortization		830			761			2,526			2,375
Refining planned turnaround costs		234			164			725			587
Equity method investment restructuring gains		—			—			—			(207	)
Transaction-related costs		—			22			8			147
Litigation		—			—			—			22
Impairments		433			—			9,595			—
Restructuring expenses		348			—			348			—
LIFO liquidation charge		256			—			256			—
LCM inventory valuation adjustment		(530	)		—			1,185			—
Adjusted EBITDA from continuing operations	$	514		$	2,627		$	2,006		$	6,828

Reconciliation of Income from Discontinued Operations, Net of Tax to EBITDA from Discontinued Operations (Unaudited)

	Three Months Ended <br>September 30,				Nine Months Ended <br>September 30,
(In millions)		2020		2019		2020		2019
Income from discontinued operations, net of tax	$	371	$	254	$	881	$	621
Plus:
Net interest and other financial costs		5		5		15		13
Provision for income taxes		62		85		286		197
Depreciation and amortization^(a)^		36		94		237		285
Transaction-related costs		18		—		75		—
LCM inventory valuation adjustment		—		—		25		—
Adjusted EBITDA from discontinued operations	$	492	$	438	$	1,519	$	1,116
^(a)^	As of August 2, 2020, Speedway ceased recording depreciation and amortization.
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Refining & Marketing Margin

Refining margin is defined as sales revenue less the cost of refinery inputs and purchased products.

Reconciliation of Refining & Marketing Income (Loss) from Operations to Refining & Marketing Gross Margin and Refining & Marketing Margin

Effective in the third quarter of 2020, Refining & Marketing historical results have been recast and now include the results of the retained direct dealer business.		Three Months Ended <br>September 30,						Nine Months Ended <br>September 30,
(In millions)		2020			2019			2020			2019
Refining & Marketing income (loss) from operations^(a)^	$	(1,569	)	$	989		$	(3,610	)	$	1,750
Plus (Less):
Selling, general and administrative expenses		518			536			1,576			1,662
LCM inventory valuation adjustment		530			—			(1,185	)		—
(Income) loss from equity method investments		(16	)		(6	)		6			(10	)
Net (gain) loss on disposal of assets		(1	)		—			—			(8	)
Other income		(1	)		(8	)		(9	)		(30	)
Refining & Marketing gross margin		(539	)		1,511			(3,222	)		3,364
Plus (Less):
Operating expenses (excluding depreciation and amortization)		2,408			2,643			7,481			7,881
LCM inventory valuation adjustment		(530	)		—			1,185			—
Depreciation and amortization		456			416			1,392			1,319
Gross margin excluded from Refining & Marketing margin^(b)^		(101	)		(179	)		(285	)		(464	)
Other taxes included in Refining & Marketing margin		(19	)		(3	)		(62	)		(8	)
Refining & Marketing margin^(a)^		1,675			4,388			6,489			12,092
LIFO liquidation charge		256			—			256			—
Refining & Marketing margin, excluding LIFO liquidation charge	$	1,931		$	4,388		$	6,745		$	12,092
Refining & Marketing margin by region:
Gulf Coast	$	637		$	1,285		$	2,051		$	3,292
Mid-Continent		894			1,977			3,048			5,687
West Coast		400			1,126			1,646			3,113
Refining & Marketing margin, excluding LIFO liquidation charge	$	1,931		$	4,388		$	6,745		$	12,092
^(a)^	LCM inventory valuation adjustments are excluded from Refining & Marketing income from operations and Refining & Marketing margin.
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^(b)^	The gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment such as biodiesel facilities, ethanol ventures, cogeneration power facilities and processing of credit card transactions on behalf of certain of our marketing customers.
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Speedway Fuel Margin

Speedway fuel margin is defined as the price paid by consumers less the cost of refined products, including transportation, consumer excise taxes and bankcard processing fees (where applicable).

Speedway Merchandise Margin

Speedway merchandise margin is defined as the price paid by consumers less the cost of merchandise.

Reconciliation of Income from Discontinued Operations to Speedway Gross Margin and Speedway Margin		Three Months Ended <br>September 30,						Nine Months Ended <br>September 30,
(in millions)		2020			2019			2020			2019
Income from discontinued operations^(a)^	$	438		$	344		$	1,182		$	831
Plus (Less):
Operating, selling, general and administrative expenses		584			618			1,779			1,754
Income from equity method investments		(21	)		(20	)		(70	)		(58	)
Net gain on disposal of assets		1			(2	)		—			(2	)
Other income		(34	)		(3	)		(127	)		(9	)
Speedway gross margin		968			937			2,764			2,516
Plus (Less):
LCM inventory valuation adjustment		—			—			25			—
Depreciation and amortization		36			94			237			285
Speedway margin^(a)^	$	1,004		$	1,031		$	3,026		$	2,801
Speedway margin:
Fuel margin	$	478		$	519		$	1,607		$	1,385
Merchandise margin		510			498			1,376			1,376
Other margin		16			14			43			40
Speedway margin	$	1,004		$	1,031		$	3,026		$	2,801
^(a)^	LCM inventory valuation adjustments are excluded from income from discontinued operations and Speedway margin.
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mpcq32020irpkt

Third Quarter 2020 Table of Contents: Historical and Recast Operating Results and Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 . . . .Investor . . . . . . . . Relations Income Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 539 South Main Street Consolidated Statements of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Findlay, OH 45840-3229 Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 investorrelations@marathonpetroleum.com Consolidated Statements of Cash Flows (YTD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 419/421-2071 Refining & Marketing Segment - Supplemental Financial and Operating Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Refining & Marketing Segment - Supplemental Operating Data - Gulf Coast Region . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Refining & Marketing Segment - Supplemental Operating Data - Mid-Continent Region . . . . . . . . . . . . . . . . . . . . . . . 9 Refining & Marketing Segment - Supplemental Operating Data - West Coast Region . . . . . . . . . . . . . . . . . . . . . . . . . 10 Midstream Segment - Supplemental Financial and Operating Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Speedway Discontinued Operations - Supplemental Financial and Operating Data . . . . . . . . . . . . . . . . . . . . . . . . . .12 . . . . . . . . . . . . . . . . . . . . . . . Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Reconciliation of Refining & Marketing Margin to Segment Results*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. . . Reconciliation of Refining & Marketing Margin to Gross Margin & Segment Results*. . . . . . . . . . . . . . . . . . . . . . . . . . .15 . . . . . . . . . . . . . . . . Reconciliation of Speedway Margin to Gross Margin & Discontinued Operations*. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. . . . . . . Due to the announced agreement to sell Speedway, the historical results of the Speedway business have been presented as discontinued operations in our consolidated financial statements. The company is no longer reporting a Retail segment and the retained direct dealer business is now reported within the Refining & Marketing segment. Speedway results are presented differently under accounting guidance for discontinued operations as compared to their previous presentation as a part of the Retail segment. In accordance with accounting guidance for discontinued operations, corporate costs which had historically been allocated to Speedway are now reported in corporate expenses for all periods presented. The recast presentation of discontinued operations and our retrospectively adjusted Refining & Marketing segment results within our historical financial information is preliminary financial data that has been prepared by, and is the responsibility of, our management. PricewaterhouseCoopers LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto. Additional information regarding Investor Relations, Financial Highlights, and News Releases can be reviewed on our website at: www.marathonpetroleum.com November 2, 2020 * Non-GAAP Measures Adjusted EBITDA & Segment Adjusted EBITDA represents earnings before net interest and other financial costs, income taxes, depreciation and amortization expense as well as adjustments to exclude turnaround costs, items not allocated to segment results and certain other items non indicative of recurring performance trends. We believe these non-GAAP financial measures are useful to investors and analysts to analyze and compare our operating performance between periods by excluding items that do not reflect the core operating results of our business. We also believe that excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds. Adjusted EBITDA and Segment Adjustment EBITDA should not be considered as a substitute for, or superior to segment income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA and Segment Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Refining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products, excluding any LCM inventory market adjustment and a biodiesel tax credit attributable to volumes blended in prior periods. Fuel margin includes bankcard processing fees (as applicable). Merchandise margin is defined as the price paid by consumers less the cost of merchandise. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because, when reconciled to the most comparable GAAP measures, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies.

HISTORICAL AND RECAST OPERATING RESULTS AND ADJUSTED EBITDA MARATHON PETROLEUM CORPORATION (Includes the results of Andeavor from the October 1, 2018 acquisition date forward.) As a result of the agreement to sell the Speedway business, its results are reported separately as discontined operations for all periods presented. Corporate costs are no longer allocable to Speedway under discontinued operations accounting and those expenses have been recast to reflect this change in presentation. Prior to presentation of Speedway as discontinued operations, Speedway and our retained direct dealer business were the two reporting units within our Retail segment. Beginning with the third quarter of 2020, the direct dealer business is managed as part of the Refining & Marketing segment and its results have been recast to include the results of the direct dealer business for all periods presented. HISTORICAL REPORTING BASIS Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (In millions of dollars) 2018 2019 2019 2019 2019 2019 2020 2020 2020 Refining & Marketing Segment 1 Segment income (loss) from operations 2,481 (334) 906 883 912 2,367 (622) (1,619) (1,672) 2 Depreciation and amortization 1,174 427 411 397 430 1,665 447 433 426 3 Refining planned turnaround costs 664 186 237 164 153 740 329 162 234 4 LIFO liquidation charge - - - - - - - - 256 5 Purchase accounting inventory effect, net of LIFO 759 - - - - - - - - 6 Segment Adjusted EBITDA 5,078 279 1,554 1,444 1,495 4,772 154 (1,024) (756) Retail Segment 8 Segment income from operations 1,028 170 493 442 477 1,582 519 494 552 9 Depreciation and amortization 353 126 130 113 159 528 125 132 66 10 Segment EBITDA 1,381 296 623 555 636 2,110 644 626 618 Midstream Segment 11 Segment income from operations 2,752 908 878 919 889 3,594 905 869 960 12 Depreciation and amortization 885 307 318 300 342 1,267 345 330 335 13 Segment EBITDA 3,637 1,215 1,196 1,219 1,231 4,861 1,250 1,199 1,295 14 Segment Adjusted EBITDA 10,096 1,790 3,373 3,218 3,362 11,743 2,048 801 1,157 15 Corporate (502) (191) (179) (198) (237) (805) (227) (188) (190) 16 Depreciation and amortization 78 59 27 45 47 178 45 40 39 17 Adjusted EBITDA 9,672 1,658 3,221 3,065 3,172 11,116 1,866 653 1,006 RECASTED FOR NEW REPORTING BASIS Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (In millions of dollars) 2018 2019 2019 2019 2019 2019 2020 2020 2020 Refining & Marketing Segment 18 Segment income (loss) from operations 2,654 (303) 1,064 989 1,106 2,856 (497) (1,544) (1,569) 19 Depreciation and amortization 1,207 460 443 416 461 1,780 473 463 456 20 Refining planned turnaround costs 664 186 237 164 153 740 329 162 234 21 LIFO liquidation charge - - - - - - - - 256 22 Purchase accounting inventory effect, net of LIFO 759 - - - - - - - - 23 Segment Adjusted EBITDA 5,284 343 1,744 1,569 1,720 5,376 305 (919) (623) Midstream Segment 24 Segment income from operations 2,752 908 878 919 889 3,594 905 869 960 25 Depreciation and amortization 885 307 318 300 342 1,267 345 330 335 26 Segment EBITDA 3,637 1,215 1,196 1,219 1,231 4,861 1,250 1,199 1,295 27 Segment Adjusted EBITDA 8,921 1,558 2,940 2,788 2,951 10,237 1,555 280 672 28 Corporate (528) (195) (188) (206) (244) (833) (233) (195) (197) 29 Depreciation and amortization 78 59 27 45 47 178 45 40 39 30 Adjusted EBITDA from continuing operations 8,471 1,422 2,779 2,627 2,754 9,582 1,367 125 514 Speedway 31 Speedway 881 143 344 344 290 1,121 400 426 456 32 Depreciation and amortization 320 93 98 94 128 413 99 102 36 33 Adjusted EBITDA from discontinued operations 1,201 236 442 438 418 1,534 499 528 492 34 Adjusted EBITDA from continuing and discontinued operations 9,672 1,658 3,221 3,065 3,172 11,116 1,866 653 1,006 2

INCOME SUMMARY MARATHON PETROLEUM CORPORATION (Includes the results of Andeavor from the October 1, 2018 acquisition date forward.) As a result of the agreement to sell the Speedway business, its results are reported separately as discontined operations for all periods presented. Corporate costs are no longer allocable to Speedway under discontinued operations accounting and those expenses have been recast to reflect this change in presentation. Prior to presentation of Speedway as discontinued operations, Speedway and our retained direct dealer business were the two reporting units within our Retail segment. Beginning with the third quarter of 2020, the direct dealer business is managed as part of the Refining & Marketing segment and its results have been recast to include the results of the direct dealer business for all periods presented. Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (In millions of dollars) Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 Income (loss) from operations by segment: 1 Refining & Marketing a,b,c 2,654 (303) 1,064 989 1,106 2,856 (497) (1,544) (1,569) 2 Midstream a 2,752 908 878 919 889 3,594 905 869 960 3 Corporate (528) (195) (188) (206) (244) (833) (233) (195) (197) 4 Income (loss) from continuing operations before items not allocated to segments 4,878 410 1,754 1,702 1,751 5,617 175 (870) (806) Items not allocated to segments: 5 Equity method investment restructuring gains d - 207 - - 52 259 - - - 6 Transaction-related costs e (197) (91) (34) (22) (6) (153) (8) - - 7 Litigation - - (22) - - (22) - - - 8 Impairments f 9 - - - (1,239) (1,239) (9,137) (25) (433) 9 Restructuring expenses g - - - - - - - - (348) 10 LCM inventory valuation adjustment h - - - - - - (3,185) 1,470 530 11 Income (loss) from continuing operations 4,690 526 1,698 1,680 558 4,462 (12,155) 575 (1,057) 12 Net interest and other financial costs i 993 302 318 312 297 1,229 332 341 359 13 Income (loss) from continuing operations before income taxes 3,697 224 1,380 1,368 261 3,233 (12,487) 234 (1,416) 14 Income tax provision (benefit) j 764 74 271 255 184 784 (1,951) 150 (304) 15 Income (loss) from continuing operations, net of tax 2,933 150 1,109 1,113 77 2,449 (10,536) 84 (1,112) 16 Income from discontinued operations, net of tax 673 109 258 254 185 806 318 192 371 17 Net income (loss) 3,606 259 1,367 1,367 262 3,255 (10,218) 276 (741) Less net income (loss) attributable to: 18 Redeemable noncontrolling interest 75 20 21 20 20 81 20 21 20 19 Noncontrolling interests 751 246 240 252 (201) 537 (1,004) 246 257 20 Net income (loss) attributable to MPC 2,780 (7) 1,106 1,095 443 2,637 (9,234) 9 (1,018) 21 Effective tax rate (percent) on continuing operations k 21 % 33 % 20 % 19 % 70 % 24 % 16 % 64 % 21 % Certain prior period amounts have been reclassified to conform to current period presentation. a On February 1, 2018, we contributed certain refining assets and fuels distribution services to MPLX. The results of these new businesses are reported in the Midstream segment prospectively from February 1, 2018, resulting in a net reduction to Refining & Marketing segment results and a net increase to Midstream segment results of $874 million for 2018. No effect was given to prior periods as these entities were not considered businesses prior to February 1, 2018. b Full year 2018 R&M segment results include estimated costs of $759 million due to purchase accounting related inventory effects. Fourth quarter and full year 2019 R&M segment results include a benefit of $153 million and $93 million, respectively, for the biodiesel tax credit attributable to volumes blended in prior periods. The benefit was recognized in the fourth quarter because the legislation authorizing the credit was enacted in December 2019. c Includes a LIFO liquidation charge of $256 million in the third quarter of 2020. d Non-cash benefits related to restructurings of our investments in Capline LLC and The Andersons Marathon Holdings LLC in the first and fourth quarters of 2019, respectively. e The first quarter of 2020 and fourth quarter of 2019 include costs incurred in connection with the Midstream strategic review and other related efforts. The year 2018 and the first three quarters of 2019 include employee severance, retention and other costs related to the acquisition of Andeavor. Effective October 1, 2019, we discontinued reporting Andeavor transaction-related costs separately as one year has passed since the acquisition and any remaining costs are not material. f Reflects MPC's share of gains from the sale of impaired assets owned by an equity affiliate in 2018 and a MPLX goodwill impairment charge and equity method investments impairments in 2019. The first quarter of 2020 includes $7.3 billion impairment of goodwill, $1.3 billion impairment of equity method investments and $492 million impairment of long-lived assets. The second quarter of 2020 includes a $25 million impairment of long-lived assets.The third quarter of 2020 includes $64 million impairment of goodwill and $369 million of long-lived assets. g Restructing expenses include $189 million of exit and disposal costs related to indefinite idling of the Martinez and Gallup refineries and $159 million of employee separation costs. h In the first quarter of 2020, market values for our crude oil and refined product inventories decreased to levels below their LIFO carrying costs on an aggregate basis. As a result, we recorded a lower of cost or market charge. In the second and third quarter of 2020, we reversed a portion of the LCM inventory valuation charge recorded in the first quarter of 2020 reflecting partial recovery in refined product prices. i Full year 2018 includes $60 million of expense related to the write-off of unamortized debt issuance costs. j First quarter 2019 includes $36 million of state deferred tax expense recorded as an out of period adjustment related to the Andeavor acquisition. 3

CONSOLIDATED STATEMENTS OF INCOME MARATHON PETROLEUM CORPORATION (Includes the results of Andeavor from the October 1, 2018 acquisition date forward.) As a result of the agreement to sell the Speedway business, its results are reported separately as discontined operations for all periods presented. Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (In millions of dollars, except per-share data) Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 1 Revenues and other income a,b,c 86,590 25,679 30,358 27,688 28,140 111,865 20,997 12,300 17,548 Costs and expenses: 2 Cost of revenues a,b 77,048 23,372 26,909 24,345 24,602 99,228 20,342 11,502 16,673 3 LCM inventory valuation adjustment - - - - - - 3,185 (1,470) (530) 4 Impairment expense d - - - - 1,197 1,197 7,822 25 433 5 Depreciation and amortization 2,170 826 788 761 850 3,225 863 833 830 6 Selling, general and administrative expenses 2,276 817 835 761 779 3,192 742 665 673 7 Restructuring expenses e - - - - - - - - 348 8 Other taxes 406 138 128 141 154 561 198 170 178 9 Total costs and expenses 81,900 25,153 28,660 26,008 27,582 107,403 33,152 11,725 18,605 10 Income (loss) from continuing operations 4,690 526 1,698 1,680 558 4,462 (12,155) 575 (1,057) 11 Net interest and other financial costs f 993 302 318 312 297 1,229 332 341 359 12 Income (loss) from continuing operations before income taxes 3,697 224 1,380 1,368 261 3,233 (12,487) 234 (1,416) Income tax provision (benefit) 13 Current 717 (53) 38 (157) (67) (23) (1,260) (12) (70) 14 Deferred g 15 127 233 412 251 807 (691) 162 (234) 15 Total provision (benefit) for income taxes on continuing operations 764 74 271 255 184 784 (1,951) 150 (304) 16 Income (loss) from continuing operations, net of tax 2,933 150 1,109 1,113 77 2,449 (10,536) 84 (1,112) 17 Income from discontinued operations, net of tax 673 109 258 254 185 806 318 192 371 18 Net income (loss) 3,606 259 1,367 1,367 262 3,255 (10,218) 276 (741) Less net income (loss) attributable to: 19 Redeemable noncontrolling interest 75 20 21 20 20 81 20 21 20 20 Noncontrolling interests 751 246 240 252 (201) 537 (1,004) 246 257 21 Net income (loss) attributable to MPC 2,780 (7) 1,106 1,095 443 2,637 (9,234) 9 (1,018) Per common share data: Basic: 22 Number of shares (millions) 518 673 662 656 648 659 648 650 650 23 Continuing operations $ 4.06 $ (0.17) $ 1.28 $ 1.28 $ 0.40 $ 2.78 $ (14.74) $ (0.28) $ (2.14) 24 Discontinued operations 1.30 0.16 0.39 0.39 0.28 1.22 0.49 0.30 0.57 25 Net income (loss) per share $ 5.36 $ (0.01) $ 1.67 $ 1.67 $ 0.68 $ 4.00 $ (14.25) $ 0.01 $ (1.57) Diluted: 26 Number of shares (millions) 526 673 666 660 653 664 648 653 650 27 Continuing operations $ 4.00 $ (0.17) $ 1.27 $ 1.27 $ 0.40 $ 2.76 $ (14.74) $ (0.28) $ (2.14) 28 Discontinued operations 1.28 0.16 0.39 0.39 0.28 1.21 0.49 0.29 0.57 29 Net income (loss) per share $ 5.28 $ (0.01) $ 1.66 $ 1.66 $ 0.68 $ 3.97 $ (14.25) $ 0.01 $ (1.57) 30 Dividends paid per common share $ 1.84 $ 0.53 $ 0.53 $ 0.53 $ 0.53 $ 2.12 $ 0.58 $ 0.58 $ 0.58 Certain prior period amounts have been reclassified to conform to current period presentation. a In accordance with discontinued operations accounting rules, Speedway sales to retail customers and net results are reflected in income from discontinued operations, net of tax and Refining & Marketing intercompany sales to Speedway are now presented as third party sales. b We adopted Accountings Standards Update 2014-09, Revenue - Revenue from contracts with customers, as of January 1, 2018, and elected to report certain taxes on a net basis. We applied the standard using the modified retrospective method and, therefore, comparative information continues to reflect certain taxes on a gross basis. c The first quarter of 2020 includes $1.3 billion impairment of equity method investments. d Reflects MPLX goodwill impairment in 2019. The first quarter of 2020 includes $7.3 billion impairment of goodwill and $492 million impairment of long-lived assets. The second quarter of 2020 includes a $25 million impairment of long- lived assets. The third quarter of 2020 includes $64 million impairment of goodwill and $369 million of long-lived assets. e Restructing expenses include $189 million of exit and disposal costs related to indefinite idling of the Martinez and Gallup refineries and $159 million of employee separation costs. f Full year 2018 includes $60 million of expense related to the write-off of unamortized debt issuance costs. g First quarter 2019 includes $36 million of state deferred tax expense recorded as an out of period adjustment related to the Andeavor acquisition. 4

CONSOLIDATED BALANCE SHEETS MARATHON PETROLEUM CORPORATION As a result of the agreement to sell the Speedway business, its assets and liabilities have been reclassified in our consolidated balance sheets to assets and liabilities held for sale for all periods presented. Dec. 31 Mar. 31 Jun. 30 Sep. 30 (In millions of dollars) Note 2019 2020 2020 2020 Assets Current assets: 1 Cash and cash equivalents 1,393 1,601 965 618 2 Receivables, less allowance for doubtful accounts a 7,233 5,380 4,137 4,911 Inventories: 3 Crude oil 3,472 3,717 3,163 2,481 4 Refined products 5,359 5,509 5,224 5,198 5 Materials and supplies 973 975 1,002 909 6 Merchandise - - - - 7 Inventories before lower of cost or market inventory valuation reserve 9,804 10,201 9,389 8,588 8 Lower of cost or market reserve - (3,185) (1,715) (1,185) 9 Total inventories 9,804 7,016 7,674 7,403 10 Other current assets 893 940 1070 2067 11 Assets held for sale 11,135 11,083 11,061 11,069 12 Total current assets 30,458 26,020 24,907 26,068 13 Equity method investments 6,568 5,331 5,416 5,462 14 Property, plant and equipment, net 40,870 40,617 40,353 39,757 15 Goodwill 15,650 8,320 8,320 8,256 16 Right of use assets 1,806 1,829 1,734 1,640 17 Other noncurrent assets 3,204 4,200 3,863 2,705 18 Total assets 98,556 86,317 84,593 83,888 Liabilities Current liabilities: 19 Accounts payable b 11,222 7,814 5,808 6,701 20 Payroll and benefits payable 987 969 686 878 21 Accrued taxes 1,015 947 1,113 1,023 22 Debt due within one year 704 1,703 1,709 2,500 23 Other lease liabilities 514 535 531 531 24 Other current liabilities 758 778 820 900 Liabilities held for sale 1,748 1,697 1,697 1,713 25 Total current liabilities 16,948 14,443 12,364 14,246 26 Long-term debt 28,020 29,793 30,345 29,377 27 Deferred income taxes 6,392 5,772 5,914 5,703 28 Defined benefit postretirement plan obligations 1,617 1,675 1,746 1,816 29 Long-term operating lease liabilities 1,300 1,296 1,211 1,116 30 Deferred credits and other liabilities 1,172 1,142 1,196 1,248 31 Total liabilities 55,449 54,121 52,776 53,506 32 Redeemable noncontrolling interest 968 968 968 968 Equity 33 MPC stockholders' equity 33,694 24,088 23,741 22,321 34 Noncontrolling interests 8,445 7,140 7,108 7,093 35 Total equity 42,139 31,228 30,849 29,414 36 Total liabilities, redeemable noncontrolling interest and equity 98,556 86,317 84,593 83,888 37 Net shares outstanding at Balance Sheet date (in millions) 649 650 650 651 Certain prior period amounts have been reclassified to conform to current period presentation. a Includes related party receivables. b Includes related party payables. 5

CONSOLIDATED STATEMENTS OF CASH FLOWS MARATHON PETROLEUM CORPORATION As a result of the agreement to sell the Speedway business, we separately disclosed the operating and investing cash flows of the Speedway business as discontinued operations within our consolidated statements of cash flow for alll periods presented. YEAR YTD YTD YTD YEAR YTD YTD YTD Mar. 31 Jun. 30 Sep. 30 Mar. 31 Jun. 30 Sep. 30 (In millions of dollars) Note 2018 2019 2019 2019 2019 2020 2020 2020 Operating Activities: 1 Net income 3,606 259 1,626 2,993 3,255 (10,218) (9,942) (10,683) Adjustments to reconcile net income to net cash provided by operating activities: 2 Amortization of deferred financing costs and debt discount 70 - 9 19 33 14 30 49 3 Impairment expense - - - - 1,197 7,822 7,847 8,280 4 Depreciation and amortization 2,170 825 1,614 2,375 3,224 863 1,696 2,526 5 LCM inventory valuation adjustment - - - - - 3,185 1,715 1,185 6 Pension and other postretirement benefits, net 93 52 86 (110) (68) 55 102 172 7 Deferred income taxes 15 109 329 603 807 (691) (529) (763) 8 Net gain on disposal of assets (6) (214) (218) (220) (278) (3) (5) (6) 9 (Income) loss from equity method investments a (298) (82) (168) (272) (312) 1,233 1,154 1,037 10 Distributions from equity method investments 458 122 265 402 569 147 275 428 11 (Income) loss from discontinued operations (673) (109) (367) (621) (806) (319) (510) (881) 12 Changes in income tax receivable 238 (19) (106) (251) (358) (1,335) (1,150) (1,040) 13 Changes in the fair value of derivative instruments (62) 29 (27) (34) (8) (47) 23 37 Changes in operating assets and liabilities, net of effects of businesses acquired: 14 Current receivables 1,277 (901) (1,543) (1,360) (1,717) 1,856 3,095 2,328 15 Inventories 965 (20) 713 178 (362) (397) 415 1,165 16 Current accounts payable and accrued liabilities (2,802) 1,525 1,311 1,903 2,453 (3,375) (5,188) (4,018) 17 Right of use assets and operating lease liabilities - 2 2 - (8) (6) - (2) 18 All other - net 48 (21) 253 351 355 - (48) 45 19 Cash provided by (used in) operating activities - continuing operations 5,099 1,557 3,779 5,956 7,976 (1,216) (1,020) (141) 20 Cash provided by (used in) operating activities - discontinued operations 1,059 66 466 1,076 1,465 448 790 1,232 21 Net cash provided by (used in) operating activities 6,158 1,623 3,779 5,956 9,441 (768) (230) 1,091 Investing Activities: 22 Additions to property, plant and equipment (3,179) (1,139) (2,196) (3,461) (4,810) (951) (1,696) (2,330) 23 Acquisitions, net of cash acquired (3,822) - - (129) (129) - - - 24 Disposal of assets 22 19 23 30 47 48 58 73 25 Investments and other - net (324) (303) (494) (667) (885) (82) (246) (295) 26 Cash provided by (used in) investing activities - continuing operations (7,303) (1,423) (2,667) (4,227) (5,777) (985) (1,884) (2,552) 27 Cash provided by (used in) investing activities - discontinued operations (367) (97) (213) (348) (484) (103) (193) (272) 28 Net cash provided by (used in) investing activities (7,670) (1,520) (2,880) (4,575) (6,261) (1,088) (2,077) (2,824) Financing Activities: 29 Debt - net 5,358 573 848 1,198 1,179 2,729 3,260 3,020 30 Issuance of common stock 24 2 3 6 10 4 6 6 31 Common stock repurchased (3,287) (885) (1,385) (1,885) (1,950) - - - 32 Dividends paid (954) (354) (706) (1,054) (1,398) (377) (755) (1,133) 33 Issuance of MPLX LP common units - - - - - - - - 34 Issuance of MPLX LP redeemable preferred units - - - - - - - - 35 Distributions to noncontrolling interests (903) (325) (640) (950) (1,245) (320) (620) (941) 36 Contributions from noncontrolling interests 12 95 95 95 97 - - - 37 Contingent consideration payments - - - - - - - - 38 All other - net (28) (26) (56) (64) (69) (15) (20) (30) 39 Net cash provided by (used in) financing activities 222 (920) (1,841) (2,654) (3,376) 2,021 1,871 922 40 Net increase (decrease) in cash, cash equivalents and restricted cash (1,290) (817) (476) (197) (196) 165 (436) (811) 41 Cash, cash equivalents and restricted cash continuing operation - beginning of period 2,849 1,521 1,521 1,521 1,521 1,395 1,395 1,395 42 Cash, cash equivalents and restricted cash discontinued operation - beginning of period 166 204 204 204 204 134 134 134 43 Cash, cash equivalents and restricted cash discontinued operation - end of period (204) (211) (183) (180) (134) (89) (126) (98) 44 Cash, cash equivalents and restricted cash continued operations - end of period 1,521 697 1,066 1,348 1,395 1,605 967 620 45 Cash Flow from Operations, excluding changes in working capital b 5,721 988 3,789 6,345 9,083 1,201 1,425 1,581 Certain prior period amounts have been reclassified to conform to current period presentation. a The 2020 periods include a $1.3 billion impairment of equity method investments. b Changes in working capital are included in lines 13 to 17 above. 6

REFINING & MARKETING SEGMENT - SUPPLEMENTAL FINANCIAL AND OPERATING DATA MARATHON PETROLEUM CORPORATION (Includes the results of Andeavor from the October 1, 2018 acquisition date forward.) Prior to presentation of Speedway as discontinued operations, Speedway and our retained direct dealer business were the two reporting units within our Retail segment. Beginning with the third quarter of 2020, the direct dealer business is managed as part of the Refining & Marketing segment and its results have been recast to include the results of the direct dealer business for all periods presented. Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 1 Income (Loss) from Operations ($MM) a 2,654 (303) 1,064 989 1,106 2,856 (497) (1,544) (1,569) 2 Depreciation & Amortization ($MM) b 1,207 460 443 416 461 1,780 473 463 456 3 Segment Adjusted EBITDA 5,284 343 1,744 1,569 1,720 5,376 305 (919) (623) 4 Capital Expenditures and Investments ($MM) 1,077 404 438 569 634 2,045 470 271 254 Refining & Marketing Operating Statistics Dollar per barrel of net refinery throughput: 5 Refining & Marketing margin, excluding LIFO liquidation charge ($/bbl) c 14.50 11.40 15.91 15.11 16.35 14.77 11.86 7.64 8.28 6 LIFO liquidation charge - - - - - - - - (1.10) 7 Refining & Marketing margin ($/bbl) c 14.50 11.40 15.91 15.11 16.35 14.77 11.86 7.64 7.18 Less: 8 Refining operating costs ($/bbl) d 4.99 5.58 5.35 5.44 6.25 5.66 6.00 6.13 5.41 9 Distribution costs ($/bbl) e 4.24 4.66 4.48 4.32 4.61 4.52 4.74 5.87 5.61 10 Refining planned turnaround costs ($/bbl) 0.80 0.68 0.83 0.56 0.54 0.65 1.21 0.78 1.01 11 Depreciation and amortization ($/bbl) 1.45 1.66 1.55 1.55 1.63 1.58 1.74 2.24 1.96 Plus (Less): 12 Purchase accounting - depreciation and amortization ($/bbl) f - - - 0.12 - 0.01 - - - 13 Biodiesel tax credit ($/bbl) g - - - - 0.55 0.08 - - - 14 Other ($/bbl) h 0.18 0.09 0.03 0.05 0.05 0.07 0.01 (0.07) 0.08 15 Refining & Marketing segment income (loss) ($/bbl) 3.20 (1.09) 3.73 3.41 3.92 2.52 (1.82) (7.45) (6.73) 16 Fees paid to MPLX included in distribution costs above ($/bbl) 2.74 2.83 2.80 2.74 2.99 2.84 3.15 4.06 3.81 17 R&M segment refined product sales volume (mbpd) i 2,703 3,669 3,814 3,706 3,750 3,735 3,588 2,878 3,201 18 Crude oil refining capacity (mbpcd) j 2,173 3,021 3,021 3,021 3,021 3,021 3,067 3,067 2,860 19 Crude oil capacity utilization (percent) 96 95 97 98 94 96 91 71 84 Refinery throughputs (mbpd): k 20 Crude oil refined 2,081 2,869 2,937 2,969 2,831 2,902 2,784 2,165 2,390 21 Other charge & blendstocks 193 215 198 187 238 210 210 111 146 22 Net refinery throughput 2,274 3,084 3,135 3,156 3,069 3,112 2,994 2,276 2,536 23 Sour crude oil throughput percentage 52 52 47 47 45 48 49 53 49 24 Sweet crude oil throughput percentage 48 48 53 53 55 52 51 47 51 Refined product yields (mbpd) k 25 Gasoline 1107 1,533 1,528 1,553 1,623 1,560 1,488 1,114 1,311 26 Distillates 773 1,091 1,080 1,103 1,074 1,087 1,020 834 872 27 Propane 41 53 57 56 56 55 58 45 50 28 Feedstocks & special products 288 330 370 334 228 315 352 217 230 29 Heavy fuel oil 38 45 51 44 54 49 37 27 21 30 Asphalt 69 80 83 106 81 87 80 76 92 31 Total 2,316 3,132 3,169 3,196 3,116 3,153 3,035 2,313 2,576 32 Inter-refinery transfers (mbpd) 61 76 102 116 148 110 78 70 55 Certain prior period amounts have been reclassified to conform to current period presentation. a On February 1, 2018, we contributed certain refining assets and fuels distribution services to MPLX. The results of these new businesses are reported in the Midstream segment prospectively from February 1, 2018, resulting in a net reduction to Refining & Marketing segment results and a net increase to Midstream segment results of $874 million for 2018. No effect was given to prior periods as these entities were not considered businesses prior to February 1, 2018. b Q3 2019 includes the cumulative effects related to measurement period adjustments arising from the finalization of purchase accounting. c Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput. Excludes biodiesel tax credit of $153 million in the fourth quarter of 2019 and $93 million in the full year 2019. Margin excludes lower of cost or market effects related to crude oil and refined product inventories. d Excludes refining planned turnaround and depreciation and amortization expense. e Includes fees paid to MPLX. Excludes depreciation and amortization expense. f Reflects the cumulative effects related to a measurement period adjustment arising from the finalization of purchases accounting. g Reflects a benefit of $153 million and $93 million in the fourth quarter and full year 2019, respectively, for the biodiesel tax credit attributable to volumes blended in prior periods. h Includes income (loss) from equity method investments, net gain (loss) on disposal of assets and other income. i Includes intersegment sales. j Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activites. Third-quarter 2020 crude oil refining capacity excludes idled Martinez and Gallup facilities. k Excludes inter-refinery transfer volumes. 7

REFINING & MARKETING SEGMENT - SUPPLEMENTAL OPERATING DATA - GULF COAST REGION MARATHON PETROLEUM CORPORATION Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 Gulf Coast Region: a Dollar per barrel of refinery throughput: b 1 Refining & Marketing margin ($/bbl) c - 7.83 9.32 11.26 11.49 9.94 8.56 5.22 6.59 2 Refining operating costs ($/bbl) d 4.09 3.88 4.03 4.23 5.00 4.27 4.31 5.03 3.83 3 Refining planned turnaround costs ($/bbl) 0.44 0.16 0.23 0.15 0.65 0.30 1.04 1.31 0.35 4 Refining depreciation and amortization ($/bbl) e 1.03 1.13 1.03 1.08 1.16 1.10 1.22 1.69 1.49 Refinery throughputs (mbpd): f 5 Crude oil refined 1,135 1,171 1,154 1,115 1,022 1,115 1,137 854 962 6 Other charge & blendstocks 190 168 177 203 257 202 164 116 122 7 Gross refinery throughput 1,325 1,339 1,331 1,318 1,279 1,317 1,301 970 1,084 8 Sour crude oil throughput percentage 62 63 59 62 58 61 58 74 65 9 Sweet crude oil throughput percentage 38 37 41 38 42 39 42 26 35 Refined product yields (mbpd) f 10 Gasoline 574 573 564 559 569 566 549 404 502 11 Distillates 432 445 440 429 400 428 416 346 388 12 Propane 25 28 29 27 29 28 30 22 25 13 Feedstocks & special products 291 294 293 297 280 291 302 201 182 14 Heavy fuel oil 18 13 15 14 17 15 10 11 4 15 Asphalt 19 22 21 20 15 20 20 18 16 16 Total 1,359 1,375 1,362 1,346 1,310 1,348 1,327 1,002 1,117 17 Inter-refinery transfers (mbpd) - 36 47 79 113 69 46 51 34 a Gulf Coast Region includes Galveston Bay and Garyville refineries. b The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the remaining items is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes). c Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput. Excludes the third quarter 2020 LIFO liquidation charge. See Reconciliations of Non-GAAP Financial Measures. d Excludes refining planned turnaround and depreciation and amortization expense. e Q3 2019 purchase accounting measurement period adjustments related to prior periods are not allocated to regional depreciation and amortization. f Includes inter-refinery transfer volumes. 8

REFINING & MARKETING SEGMENT - SUPPLEMENTAL OPERATING DATA - MID-CONTINENT REGION MARATHON PETROLEUM CORPORATION Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 Mid-Continent Region: a Dollar per barrel of refinery throughput: b 1 Refining & Marketing margin ($/bbl) c - 15.26 20.21 17.42 17.30 17.70 13.05 9.49 9.18 2 Refining operating costs ($/bbl) d,e 5.21 5.64 4.82 4.88 5.36 5.16 5.86 5.02 4.79 3 Refining planned turnaround costs ($/bbl) 1.10 0.68 0.27 1.26 0.42 0.66 1.51 0.32 0.68 4 Refining depreciation and amortization ($/bbl) e 1.67 1.65 1.46 1.43 1.45 1.51 1.77 1.91 1.65 Refinery throughputs (mbpd): f 5 Crude oil refined 792 1,057 1,155 1,197 1,189 1,150 1,074 923 1,024 6 Other charge & blendstocks 47 57 48 48 64 54 59 34 42 7 Gross refinery throughput 839 1,114 1,203 1,245 1,253 1,204 1,133 957 1,066 8 Sour crude oil throughput percentage 33 26 28 27 26 27 26 28 26 9 Sweet crude oil throughput percentage 67 74 72 73 74 73 74 72 74 Refined product yields (mbpd) f 10 Gasoline 444 599 626 628 674 632 603 476 559 11 Distillates 279 388 412 415 434 413 391 340 343 12 Propane 14 17 20 19 17 18 19 17 19 13 Feedstocks & special products 43 39 71 86 44 60 50 59 66 14 Heavy fuel oil 14 16 16 14 20 16 15 11 9 15 Asphalt 50 58 61 84 66 67 60 57 75 16 Total 844 1,117 1,206 1,246 1,255 1,206 1,138 960 1,071 17 Inter-refinery transfers (mbpd) - 10 10 11 12 10 9 9 8 a Mid-Continent Region includes Canton, Catlettsburg, Detroit and Robinson refineries through third quarter 2018. Starting in fourth quarter 2018, also includes Dickinson, El Paso, Gallup, Mandan, Salt Lake City and St. Paul refineries. b The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the remaining items is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes). c Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput. Excludes the third quarter 2020 LIFO liquidation charge. See Reconciliations of Non-GAAP Financial Measures. d Excludes refining planned turnaround and depreciation and amortization expense. e Q3 2019 purchase accounting measurement period adjustments related to prior periods are not allocated to regional depreciation and amortization. f Includes inter-refinery transfer volumes. 9

REFINING & MARKETING SEGMENT - SUPPLEMENTAL OPERATING DATA - WEST COAST REGION MARATHON PETROLEUM CORPORATION Prior to presentation of Speedway as discontinued operations, Speedway and our retained direct dealer business were the two reporting units within our Retail segment. Beginning with the third quarter of 2020, the direct dealer business is managed as part of the Refining & Marketing segment and its results have been recast to include the results of the direct dealer business for all periods presented. Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 West Coast Region: a Dollar per barrel of refinery throughput: b 1 Refining & Marketing margin ($/bbl) c - 12.01 20.96 17.93 23.15 18.54 16.40 8.82 10.15 2 Refining operating costs ($/bbl) d 9.00 8.19 8.01 7.74 8.84 8.19 8.96 10.19 10.15 3 Refining planned turnaround costs ($/bbl) 1.86 1.55 2.80 0.02 0.46 1.20 0.86 0.45 3.28 4 Refining depreciation and amortization ($/bbl) e 1.26 1.34 1.29 1.08 1.26 1.11 1.26 1.81 1.69 Refinery throughputs (mbpd): f 5 Crude oil refined 154 641 628 657 620 637 573 388 404 6 Other charge & blendstocks 17 66 75 52 65 64 65 31 37 7 Gross refinery throughput 171 707 703 709 685 701 638 419 441 8 Sour crude oil throughput percentage 72 73 58 59 61 63 74 64 70 9 Sweet crude oil throughput percentage 28 27 42 41 39 37 26 36 30 Refined product yields (mbpd) f 10 Gasoline 89 361 338 366 380 362 336 234 250 11 Distillates 62 258 228 259 240 246 213 148 141 12 Propane 2 8 8 10 10 9 9 6 6 13 Feedstocks & special products 14 64 104 60 45 68 64 17 30 14 Heavy fuel oil 7 25 24 23 24 24 26 15 15 15 Asphalt - - 1 2 - - - 1 1 16 Total 174 716 703 720 699 709 648 421 443 17 Inter-refinery transfers (mbpd) - 30 45 26 23 31 23 10 13 a West Coast Region includes Anacortes, Kenai, Los Angeles and Martinez refineries b The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the remaining items is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes). c Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput. Excludes the third quarter 2020 LIFO liquidation charge. See Reconciliations of Non-GAAP Financial Measures. d Excludes refining planned turnaround and depreciation and amortization expense. e Q3 2019 purchase accounting measurement period adjustments related to prior periods are not allocated to regional depreciation and amortization. f Includes inter-refinery transfer volumes. 10

MIDSTREAM SUMMARY - SUPPLEMENTAL FINANCIAL AND OPERATING DATA MARATHON PETROLEUM CORPORATION (Includes the results of Andeavor from the October 1, 2018 acquisition date forward) Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 1 Income from Operations ($MM) a 2,752 908 878 919 889 3,594 905 869 960 2 Depreciation & Amortization ($MM) b 885 307 318 300 342 1,267 345 330 335 3 Segment EBITDA 3,637 1,215 1,196 1,219 1,231 4,861 1,250 1,199 1,295 4 Capital Expenditures and Investments ($MM) 2,630 823 814 783 870 3,290 474 425 300 Pipeline Throughput (mbpd) c 5 Crude oil pipelines 2,812 3,320 3,268 3,419 3,267 3,319 3,262 2,776 3,138 6 Refined product pipelines 1,365 1,928 1,910 1,900 1,964 1,926 1,958 1,604 1,645 7 Total 4,177 5,248 5,178 5,319 5,231 5,245 5,220 4,380 4,783 8 Terminal throughput (mbpd) 1,901 3,220 3,287 3,292 3,313 3,279 2,966 2,420 2,701 9 Gathering system throughput (million cubic feet per day) d 4,779 5,951 5,948 6,281 6,192 6,094 5,752 5,490 5,396 10 Natural gas processed (million cubic feet per day) d 7,199 8,522 8,535 8,804 8,759 8,661 8,787 8,476 8,512 11 C2 + NGLs fractionated (mbpd) d 464 514 520 547 557 534 553 543 567 a On February 1, 2018, we contributed certain refining assets and fuels distribution services to MPLX. The results of these new businesses are reported in the Midstream segment prospectively from February 1, 2018, resulting in a net reduction to Refining & Marketing segment results and a net increase to Midstream segment results of $874 million for 2018. No effect was given to prior periods as these entities were not considered businesses prior to February 1, 2018. b Q3 2019 includes the cumulative effects related to measurement period adjustments arising from the finalization of purchase accounting. c Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes. d Includes amounts related to unconsolidated equity method investments on a 100 percent basis. 11

SPEEDWAY DISCONTINUED OPERATIONS - SUPPLEMENTAL FINANCIAL AND OPERATING DATA MARATHON PETROLEUM CORPORATION (Includes the results of Andeavor from the October 1, 2018 acquisition date forward.) As a result of the agreement to sell the Speedway business, its results are reported separately as discontinued operations for all periods presented. We ceased recording depreciation and amortization for Speedway at the time of signing the sale agreement, and therefore, third quarter results reflect only one month of depreciation and amortization for Speedway's assets. Corporate costs are also no longer allocable to Speedway under discontinued operations accounting. Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 1 Income from Discontinued Operations ($MM) 881 143 344 344 283 1,114 338 406 438 2 Depreciation & Amortization ($MM) a 320 93 98 94 128 413 99 102 36 3 Adjusted EBITDA from Discontinued Operations 1,201 236 442 438 418 1,534 499 528 492 4 Capital Expenditures and Investments ($MM) 440 63 112 169 217 561 65 66 69 5 Speedway fuel sales (MMgal) b 6,293 1,871 1,957 1,992 1,838 7,658 1,636 1,197 1,583 6 Speedway fuel margin ($/gal) b,c 0.2122 0.1943 0.2566 0.2604 0.2611 0.2434 0.3540 0.4590 0.3025 7 Merchandise sales ($MM) b 5,232 1,413 1,620 1,703 1,569 6,305 1,461 1,603 1,733 8 Merchandise margin ($MM) b,d 1,486 407 471 498 451 1,827 414 452 510 9 Merchandise margin percent b 28.4 % 28.8 % 29.1 % 29.2 % 28.7 % 29.0 % 28.3 % 28.2 % 29.4 % 10 Convenience stores at period end b 3,923 3,918 3,913 3,931 3,898 3,898 3,881 3,873 3,854 11 Same store gasoline sales volume (period over period) e (1.5)% (3.2)% (2.4)% (2.8)% (4.2)% (3.3)% (8.3)% (36.6)% (16.6)% 12 Same store merchandise sales (period over period) e,f 4.2 % 5.4 % 6.3 % 5.2 % 4.7 % 5.4 % 0.7 % (4.0)% 0.8 % Certain prior period amounts have been reclassified to conform to current period presentation. a Q3 2019 includes the cumulative effects related to measurement period adjustments arising from the finalization of purchase accounting. b In the fourth quarter of 2019, Speedway and Pilot Travel Centers LLC ("PTC") entered into an agreement whereby PTC will supply, price and sell diesel fuel at certain Speedway and PTC locations with both companies sharing in the diesel fuel margins. From the effective date of this change forward, the operating statistics exclude fuel sales from these locations. c Includes bankcard processing fees (as applicable). See Reconciliation for Non-GAAP Financial Measures. d The price paid by consumers less the cost of merchandise. See Reconciliation for Non-GAAP Financial Measures. e Same store comparison includes only locations owned at least 13 months. f Excludes cigarettes. 12

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO MPC TO ADJUSTED EBITDA MARATHON PETROLEUM CORPORATION Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (In millions of dollars) Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 1 Net income (loss) attributable to MPC 2,780 (7) 1,106 1,095 443 2,637 (9,234) 9 (1,018) Plus (Less): 2 Income from discontinued operations, net of tax (673) (109) (258) (254) (185) (806) (318) (192) (371) 3 Net interest and other financial costs 993 302 318 312 297 1,229 332 341 359 4 Net income (loss) attributable to noncontrolling interest 826 266 261 272 (181) 618 (984) 267 277 5 Provision (benefit) for income taxes 764 74 271 255 184 784 (1,951) 150 (304) 6 Depreciation and amortization 2,170 826 788 761 850 3,225 863 833 830 7 Refining planned turnaround costs 664 186 237 164 153 740 329 162 234 8 Equity method investment restructuring gains - (207) - - (52) (259) - - - 9 Purchase accounting related inventory effects 759 - - - - - - - - 10 Transaction-related costs 197 91 34 22 6 153 8 - - 11 Litigation - - 22 - - 22 - - - 12 Impairments (9) - - - 1,239 1,239 9,137 25 433 13 Restructuring expenses - - - - - - - - 348 14 LIFO liquidation charge - - - - - - - - 256 15 LCM inventory valuation adjustment - - - - - - 3,185 (1,470) (530) 16 Adjusted EBITDA from continuing operations 8,471 1,422 2,779 2,627 2,754 9,582 1,367 125 514 17 Income from discontinued operations, net of tax 673 109 258 254 185 806 318 192 371 Plus: 18 Net interest and other financial costs 10 4 4 5 5 18 6 4 5 19 Provision (benefit) for income taxes 198 30 82 85 93 290 14 210 62 20 Income from discontinued operations 881 143 344 344 283 1,114 338 406 438 21 Depreciation and amortization a 320 93 98 94 128 413 99 102 36 22 Transaction-related costs b - - - - 7 7 27 30 18 23 LCM inventory valuation adjustment b - - - - - - 35 (10) - 24 Adjusted EBITDA from discontinued operations 1,201 236 442 438 418 1,534 499 528 492 25 Adjusted EBITDA from continuing and discontinued operations 9,672 1,658 3,221 3,065 3,172 11,116 1,866 653 1,006 a As of August 2, 2020, we ceased recording depreciation and amortization for Speedway. b Under GAAP, Speedway transaction-related costs and LCM inventory valuation adjustment are included in discontinued operations, net of tax. 13

RECONCILIATION OF REFINING & MARKETING INCOME FROM OPERATIONS TO REFINING & MARKETING MARGIN MARATHON PETROLEUM CORPORATION Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (In millions of dollars) 2018 2019 2019 2019 2019 2019 2020 2020 2020 1 Refining & Marketing income (loss) from operations 2,654 (303) 1,064 989 1,106 2,856 (497) (1,544) (1,569) Plus (Less): 2 Refining operating costs 4,137 1,552 1,527 1,577 1,765 6,421 1,636 1,270 1,263 3 Refining depreciation and amortization 1,089 387 368 328 382 1,465 401 384 380 4 Refining planned turnaround costs 664 186 237 164 153 740 329 162 234 5 Distribution costs 3,517 1,293 1,279 1,256 1,301 5,129 1,291 1,216 1,309 6 Distribution depreciation and amortization 118 73 75 88 79 315 72 79 76 7 (Income) loss from equity method investments (15) (1) (3) (6) (1) (11) 3 19 (16) 8 Net (gain) loss on disposal of assets (4) (8) - - - (8) - 1 (1) 9 Other income (125) (14) (8) (8) (13) (43) (4) (4) (1) 10 Biodiesel tax credit - - - - (153) (93) - - - 11 Refining & Marketing margin 12,035 3,165 4,539 4,388 4,619 16,771 3,231 1,583 1,675 12 LIFO liquidation charge - - - - - - - - 256 13 Refining & Marketing margin, excluding LIFO liquidation charge 12,035 3,165 4,539 4,388 4,619 16,771 3,231 1,583 1,931 14 Fees paid to MPLX included in distribution costs above 2,278 786 798 794 845 3,223 858 841 889 Refining & Marketing margin by region: 15 Gulf Coast - 917 1,090 1,285 1,233 4,525 977 437 637 16 Mid-Continent - 1,517 2,193 1,977 1,975 7,712 1,335 819 894 17 West Coast - 731 1,256 1,126 1,411 4,534 919 327 400 18 Refining & Marketing margin, excluding LIFO liquidation charge - 3,165 4,539 4,388 4,619 16,771 3,231 1,583 1,931 14

RECONCILIATION OF REFINING & MARKETING INCOME FROM OPERATIONS TO REFINING & MARKETING GROSS MARGIN AND REFINING & MARKETING MARGIN MARATHON PETROLEUM CORPORATION 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (In millions of dollars) Note 2019 2019 2019 2019 2019 2020 2020 2020 1 Refining & Marketing income (loss) from operations a (303) 1,064 989 1,106 2,856 (497) (1,544) (1,569) Plus (Less): 2 Selling, general and administrative expenses 548 578 536 549 2,211 556 502 518 3 LCM inventory valuation adjustment - - - - - (3,185) 1,470 530 4 (Income) loss from equity method investments (1) (3) (6) (1) (11) 3 19 (16) 5 Net (gain) loss on disposal of assets (8) - - - (8) - 1 (1) 6 Other income (14) (8) (8) (13) (43) (4) (4) (1) 7 Refining & Marketing gross margin 222 1,631 1,511 1,641 5,005 (3,127) 444 (539) Plus (Less): 8 Operating expenses (excluding depreciation & amortization) 2,615 2,623 2,643 2,829 10,710 2,833 2,240 2,408 9 LCM inventory valuation adjustment - - - - - 3,185 (1,470) (530) 10 Depreciation and amortization 460 443 416 461 1,780 473 463 456 11 Gross margin excluded from Refining & Marketing margin b (128) (157) (179) (156) (620) (109) (75) (101) 12 Other taxes included in Refining & Marketing margin (4) (1) (3) (3) (11) (24) (19) (19) 13 Biodiesel tax credit c - - - (153) (93) - - - 14 Refining & Marketing margin a 3,165 4,539 4,388 4,619 16,771 3,231 1,583 1,675 15 LIFO liquidation charge - - - - - - - 256 16 Refining & Marketing margin, excluding LIFO liquidation charge 3,165 4,539 4,388 4,619 16,771 3,231 1,583 1,931 Refining & Marketing margin by region: 17 Gulf Coast 917 1,090 1,285 1,233 4,525 977 437 637 18 Mid-Continent 1,517 2,193 1,977 1,975 7,712 1,335 819 894 19 West Coast 731 1,256 1,126 1,411 4,534 919 327 400 20 Refining & Marketing margin, excluding LIFO liquidation charge 3,165 4,539 4,388 4,619 16,771 3,231 1,583 1,931 a LCM inventory valuation adjustments are excluded from Refining & Marketing income from operations and Refining & Marketing margin. b The gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment such as biodiesel facilities, ethanol ventures, cogen power facilities and processing of credit card transactions on behalf of out marketing customers. c Reflects a benefit for the biodiesel tax credit attributable to volumes blended in 2018. 15

RECONCILIATION OF INCOME FROM DISCONTINUED OPERATIONS TO SPEEDWAY GROSS MARGIN AND SPEEDWAY MARGIN MARATHON PETROLEUM CORPORATION Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr (In millions of dollars) Note 2018 2019 2019 2019 2019 2019 2020 2020 2020 1 Income from discontinued operations a 881 143 344 344 283 1,114 338 406 438 Plus (Less): 2 Operating, selling, general and administrative expenses 1,753 565 571 618 617 2,371 606 589 584 3 Income from equity method investments (74) (17) (21) (20) (24) (82) (22) (27) (21) 4 Net gain on disposal of assets (17) - - (2) (27) (29) (1) - 1 5 Other income (7) (3) (3) (3) (35) (44) (49) (44) (34) 6 Speedway gross margin 2,536 688 891 937 814 3,330 872 924 968 Plus (Less): 7 LCM inventory valuation adjustment - - - - - - 35 (10) - 8 Depreciation and amortization 320 93 98 94 128 413 99 102 36 9 Speedway margin a 2,856 781 989 1,031 942 3,743 1,006 1,016 1,004 Speedway margin: 10 Fuel margin 1,336 363 503 519 479 1,864 579 550 478 11 Merchandise margin 1,486 407 471 498 451 1,827 414 452 510 12 Other margin 34 11 15 14 12 52 13 14 16 13 Speedway margin 2,856 781 989 1,031 942 3,743 1,006 1,016 1,004 a LCM inventory valuation adjustments are excluded from income from discontinued operations and Speedway margin. 16