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Marathon Petroleum MPC Midstream — Equity Method Investments

Other segment segments

Refining And Marketing
$98M-65.2%
Refining & Marketing
$0.50.0%
Renewable Diesel
$0.50.0%

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Other financials

Income statement

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Revenue$52.0B+53.8%
Gross profit$8.9B+137%
Operating income$7.3B+233%
Net income$5.1B+323%
EPS (diluted)$17.73+348%

Balance sheet

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Cash & equivalents$7.8B+364%
Total debt$32.8B+2,276%
Total equity$16.8B+2.2%
Total assets$88.2B+8.0%

Cash flow

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Operating cash flow$1.1B+1,852%
CapEx$913.0M+37.7%
Free cash flow$208.0M+129%

Valuation

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Market cap$92.39B+79.1%
Enterprise value$91.74B+129%
P/E10.8×-13.4×
P/S0.6×+0.2×

Profitability

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Gross margin12.5%+3.9pp
Operating margin9.2%+5.2pp
Net margin5.6%+4.0pp
FCF margin4.2%+1.0pp

Returns & leverage

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Return on equity27.9%+15.6pp
Debt / equity0.1×0.0×
Current ratio1.2×0.0×

Where this comes from

Reported directly by Marathon Petroleum in its filing.

Tagged under the XBRL concept us-gaap:EquityMethodInvestments.

The source filing: Marathon Petroleum’s 10-K, filed February 26, 2026.

Filed
Feb 26, 2026, 1:30 PM EST
Fiscal year
FY2025
Accession
0001510295-26-000009
(In millions of dollars, except ownership percentages)VIEOwnership as of / December 31, 2025Carrying value at / December 31, 2025Carrying value at / December 31, 2024
Gray Oak Pipeline, LLC25%268274
Other(c)X113114
MPC-Retained Total$746$770
Midstream Total$5,544$5,301
Renewable Diesel
Martinez Renewables LLCX50%$1,065$1,184
Other(c)X8890
Renewable Diesel Total$1,153$1,274

Item 8. Financial Statements and Supplementary Data

FAQ

What is Marathon Petroleum's midstream — equity method investments?
Marathon Petroleum (MPC) reported midstream — equity method investments of $5.54B in Q4 2025.
How has Marathon Petroleum's midstream — equity method investments changed year-over-year?
Marathon Petroleum's midstream — equity method investments increased by 4.6% year-over-year, from $5.3B to $5.54B.
What does midstream — equity method investments mean?
The carrying value on the balance sheet of the company's interests in joint ventures or partnerships within the midstream sector. It represents the total investment stake in assets managed alongside other industry players.

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