Fellow Shareholders,

In 2025, Marathon Petroleum Corporation (MPC) demonstrated

disciplined planning, operational rigor, and enhanced commercial

execution, delivering results that underscore the strength and

potential of our business. Foundational to these results, we

realized our strongest overall process safety performance in

the last four years, reflecting our unwavering commitment to

safe, reliable and environmentally sound operations. We also

achieved our lowest OSHA recordable injury rate and strongest

environmental performance this decade. We are proud of

this progress, but we recognize that maintaining and further

improving our performance requires relentless focus. For us,

safety is not just a set of rules, but rather a culture we must

uphold, and this critical work will never be complete.

MPC generated $8.3 billion in net cash from operations that

enabled a peer-leading $4.5 billion in shareholder returns

through share repurchases and dividends. The reliability and

competitiveness of our fully integrated value chains, as well as

the depth of our commercial capabilities, enabled us to achieve

94% refining utilization and 105% margin capture for the full

year. We believe these strengths, along with expected growing

distributions from MPLX, position MPC to lead in capital return

irrespective of the market environment.

Execution of our Midstream strategy saw segment-adjusted

EBITDA grow to a record of nearly $7 billion, reaching a three-

year compound annual growth rate of 5%.

We challenge ourselves to deliver excellence in all aspects of our

business, and the energy efficiency of our operations continues

to be recognized as distinct and peer-leading. Six MPC refineries

earned U.S. Environmental Protection Agency ENERGY STAR®

certifications in 2025, tying our own, previously set industry

record for refinery certifications by a single organization in one

year; and MPLX’s Los Angeles Basin Area pipeline operations

achieved the ENERGY STAR Challenge for Industry, attaining an

energy intensity reduction surpassing the required 10%.

Throughout the year, we took intentional steps to sharpen the

capabilities that position us to deliver leading through-cycle cash

generation. Operational excellence is ingrained in how we run

our business every day, but we are never satisfied. As our 2025

capture results indicate, we have made sustained structural

improvements that drive commercial excellence and deliver

incremental value. And our strategic approach to planning,

commercial and operational execution enables us to focus on

value chain optimization that leverages the scale of our fully

integrated system across all three regions where we operate.

We see more opportunities to improve our competitiveness as

we go forward.

Value Enhancing Investments

We anticipate steady demand for our refined products and

expect demand growth will outpace the net effect of capacity

additions and rationalizations across the global refining system

through the end of the decade. While we hold conviction in this

outlook, our capital investment strategy remains disciplined. We

are reinvesting into our business to enhance competitiveness,

focused on assets with the greatest opportunities to deliver

sustained, long‑term value. At the same time, we are

strengthening the capabilities of our people to meet future

expectations, and advancing our use of technology, including

artificial intelligence, machine learning and advanced analytics, to

increase efficiency and accelerate performance improvements.

With integrated value chains and a geographically diverse asset

base, MPC is well positioned to lead in capital return through all

market cycles.

During 2025, we advanced high-return investments at refineries

in all three regions. This included progressing multi-year

efforts at our Robinson, Illinois, and Galveston Bay, Texas,

facilities, as well as executing shorter-term projects focused on

margin enhancement and cost reduction at multiple facilities.

Additionally, in the fourth quarter of 2025, we successfully

completed the multi-year utility upgrade and integration project

at our Los Angeles, California, refinery to improve reliability,

increase energy efficiency and reduce costs, enhancing the

facility’s competitive advantage and strengthening our West

Coast value chain.

In 2026, we are committed to extending our long-term

competitive position in each of our regions by lowering operating

costs, enhancing system reliability, and improving our ability to

convert lower-value inputs into the high-value products markets

continue to demand.

On the Gulf Coast, we are pursuing two new investments at

our Garyville, Louisiana, refinery. The first seeks to optimize the

refinery’s feedstock slate, improving margins by increasing crude

throughput by 30,000 barrels per day and displacing higher-

cost intermediate purchases. The second will increase product

yield flexibility to produce an additional 10,000 barrels per day

of export-grade premium gasoline, positioning us to meet strong

international demand. We expect to bring both capacities online

by the end of 2027.

In our Mid-Continent region, work is underway at our El Paso,

Texas, refinery to increase the plant’s ability to produce higher-

value specialty gasolines for local markets. We aim to bring this

capability online in the second quarter of 2026.

These capital investments target returns of 25% or more and

underscore the strength of our portfolio, our confidence in

the long-term fundamentals of the refining sector, and our

commitment to delivering durable, high-quality returns for our

shareholders.

Additionally, we plan to further expand the reach and presence

of our branded stations in target markets to support long-term

secured offtake of gasoline and diesel, drive strong value

capture, and enhance the performance of our fully integrated

value chain. This integration, from crude supply through

branded product placement, is a value driver and clear point of

differentiation versus our competitors.

Platform for Growth

The long-term fundamentals for our midstream business remain

strong, and MPLX is strategic to MPC. In the U.S., natural gas

demand is anticipated to continue growing, driven by the rapid

expansion of liquefied natural gas (LNG) export capacity and

rising power needs, particularly from data centers.

Over the past year, MPLX, one of the largest natural gas

processors in the U.S., expanded its Permian Basin to Gulf

Coast integrated value chain, progressed long-haul pipeline

growth to support expected increased producer activity in the

Permian, and invested in processing capacity in the Permian

and Marcellus basins in response to producer demand. At the

same time, MPLX took meaningful steps to optimize its portfolio

through the divestiture of non-core assets, ensuring future capital

deployment is aligned with the strongest return opportunities.

With projects concentrated in the Permian and Marcellus, two of

the most prolific and competitive basins in North America, 90%

of MPLX’s 2026 growth capital is directed toward its Natural Gas

and NGL Services segment. These investments are expected

to generate mid-teens returns when they come into service and

reflect our confidence in MPLX’s ability to continue capturing

value as opportunities unfold, enabling sustained, meaningful

return of capital.

In 2025, MPLX increased its quarterly distribution by 12.5%

for the second consecutive year, driving an expected

annualized cash distribution to MPC of $2.8 billion. In 2026,

we expect distributions from MPLX will fund MPC’s dividends

and standalone capital outlook. MPLX continues to target a

distribution growth rate of 12.5% over the next two years, which

translates into more than $3.5 billion in expected future annual

cash distributions to MPC. This growing distribution underscores

the value of the strategic relationship between MPC and MPLX

and supports our commitment to industry-leading capital

return. Backed by the durability of this cash flow uplift, in the

third quarter of 2025, MPC’s Board of Directors increased our

quarterly dividend 10% for the third consecutive year.

Sustainability Driven

Our approach to sustainability supports our relentless

commitment to strive for exceptional performance and

continuously improve across all aspects of our business.

We believe sustainability means advancing environmental

stewardship, empowering our people in a variety of ways,

engaging stakeholders and communities to create shared value,

and executing our work with the highest degree of integrity. It is

critical to our long-term success.

In 2025, we progressed our efforts toward achieving the

ambitious goals we have set to reduce our use of fresh water,

decrease our methane emissions intensity, and lower our

greenhouse gas (GHG) emissions intensity. We are focused

on reducing our carbon footprint through multiple initiatives,

including energy efficiency improvements that enhance the

performance and resiliency of our assets, the expansion of our

natural gas business, and the optimization of our renewable fuels

production.

Collectively, we have earned more U.S. ENERGY STAR®

recognitions than all other refiners combined, demonstrating the

peer-leading energy efficiency of our operations as well as our

culture of continuous improvement. These ongoing advances in

energy efficiency not only reduce our environmental footprint;

they also reduce our fuel consumption, representing substantial

cost savings. Additionally, we seek to deploy emerging

technologies that reduce environmental impact while enhancing

business performance. Our renewable fuels portfolio provides us

with the opportunity to engage in broadening the diversification

of energy supplies and related technologies. In 2025, we were

one of the largest suppliers of renewable fuels in the U.S.,

delivering approximately 2.8 billion gallons of renewable fuel to

customers.

In all that we do, nothing is more important than doing it safely.

Safe, reliable and environmentally responsible operations are

the foundation of our company, and our commitment to ensuring

an incident-free, reliability-focused and injury-free workplace

is unwavering. We empower our people with resources, skills,

training and authority to make the right, safe choices every day.

Our safety diligence earned industry-wide recognition in 2025.

This included six of our refineries earning safety awards from the

American Fuel & Petrochemical Manufacturers, three of which

earned the Distinguished Safety Award, reflecting performance

at the top of the industry. In addition, MPLX received the

International Liquid Terminals Association Platinum Safety Award,

its highest safety honor, recognizing exemplary safety culture in

the liquid terminal industry.

We also take intentional steps to build and maintain strong

relationships in our communities, seeking opportunities to

create shared value with our many stakeholders. We invest in

our communities through contributions and partnerships with

charitable organizations that reflect local priorities, align with

our Core Values, and support our sustainability goals. Through

our giving and volunteerism programs, we also encourage

employees to support the organizations and community efforts

that are important to them. In 2025, community investment

contributions from the company, our employees and fundraising

partners totaled approximately $34 million, helping to make a

positive, measurable impact for our neighbors.

Looking Ahead

I am encouraged by the momentum our company continues

to build and confident in our ability to make the most of the

opportunities before us, both in the coming year and over the

long term.

Our team is committed to creating exceptional value for our

shareholders. With safety and reliability at our foundation;

operational, commercial and planning excellence embedded

across our competitive, integrated value chains; and the

expected increasing distributions from MPLX, we believe MPC is

positioned to lead in capital return through all market conditions.

We continue to prioritize the delivery of reliable, affordable

energy that supports the infrastructure, services and security that

move society forward. Our disciplined investments in Refining &

Marketing aim to further strengthen our competitiveness in each

region where we operate, while capital deployment in Midstream

is aligned with the most prolific basins in the country, building the

infrastructure that will fuel tomorrow’s energy needs.

Accessible, reliable energy sets the pace of progress in today’s

world. I am honored to lead MPC and its strategic partner, MPLX,

and proud of the work we do. Thank you for your interest in our

company.

Sincerely,

Maryann T. Mannen

Chairman, President and

Chief Executive Officer