Marathon Petroleum traces its history to The Ohio Oil Company, formed in 1887 in Lima, Ohio, and bought by Standard Oil in 1889. After the 1911 Standard Oil breakup it became independent, adopted the Marathon brand through the 1930 Transcontinental Oil purchase, and renamed itself Marathon Oil in 1962.
The 2011 spin-off
On July 1, 2011, Marathon Petroleum Corporation became a stand-alone refining, marketing and transportation company headquartered in Findlay, Ohio.
Andeavor and national scale
MPC formed MPLX in 2012, bought BP's Texas City refinery in 2013 and acquired Andeavor (formerly Tesoro) in October 2018 for about $23.3 billion in equity value. The deal added West Coast and Mid-Continent refineries, the ARCO brand and Andeavor Logistics, making MPC the largest US refiner.
The Speedway sale
Under pressure from activist investor Elliott Management, MPC agreed in 2020 to sell Speedway to 7-Eleven for $21 billion and closed the sale in May 2021, using the cash for debt reduction and share repurchases.
MPC today
MPC runs 13 refineries with about 3.0 million barrels per calendar day of capacity and reports Refining & Marketing, Midstream and Renewable Diesel segments. It reported $132.7 billion of FY2025 revenue and $4.0 billion of net income attributable to MPC, then $5.1 billion of net income in Q2 2026 alone as refining margins surged.
