Marathon Petroleum (MPC) Investor presentation summary

Strategic positioning and value creation

• Focused on operational excellence and commercial performance, targeting mid-single digit adjusted EBITDA growth and leveraging value chain advantages for competitiveness.

• Increasing third-party cash flows through natural gas and NGL growth, supporting strong cash generation across cycles.

• Positioned for industry-leading capital return and enhancing commercial value through logistics integration.

• Cash flows expected to support 12.5% distribution increases for the next two years.

Financial performance and capital allocation

• Achieved leading through-cycle cash flow, with strong profitability per barrel and high refining utilization rates.

• Maintains a secure, competitive, and growing dividend, with capital return as a high percentage of market capitalization.

• Distinct capital allocation strategy prioritizes safety, reliability, and disciplined investment, with 100% of excess capital returned via share repurchases.

• MPLX distributions are expected to more than fund standalone capital and dividends.

Market environment and operational advantages

• Global refining sector fundamentals remain strong, with demand growth expected to exceed net capacity additions through 2030.

• U.S. refining benefits from low-cost natural gas, advantaged crude oil access, and high system flexibility, resulting in lower operating costs and higher margins.

• Integrated refining system consistently exceeds U.S. industry utilization and delivers strong adjusted EBITDA per barrel.