Marathon Petroleum Corporation
Petroleum Refining & MarketingFounded 1887- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Marathon Petroleum Corporation
Company History
Founded 1887 in Findlay, Ohio, United States
Last reviewed: 2025-07-15 · By Swet Parvadiya
Several small Ohio oil producers banded together in 1887 to form the Ohio Oil Company — a collective response to the chaos of the post-Civil War oil patch. Two years later, in 1889, John D. Rockefeller's Standard Oil Trust acquired the company. It remained part of Standard Oil until the Supreme Court's landmark 1911 antitrust ruling broke the trust apart, returning the Ohio Oil Company to independent operation.
The company built its first pipeline in 1906, while still inside the Standard Oil structure. That physical infrastructure — connecting Ohio crude production to downstream markets — established the midstream logic that still shapes how Marathon Petroleum thinks about integration. After independence, the company grew steadily through the first half of the twentieth century, acquiring the Lincoln Oil Refining Company in 1924 and continuing to build out its Midwest refining footprint.
The modern Marathon Petroleum took shape gradually through a series of acquisitions: BP's Texas City refinery and related assets in 2012, Hess Corporation's retail operations in 2014. Then in 2018 came Andeavor — the largest acquisition in the company's history at $23.3 billion — which doubled the company's refining capacity and pushed it firmly into West Coast markets through the ARCO brand and former Tesoro assets.
CEO Maryann T. Mannen leads a company that has been shaped by the Standard Oil breakup, two world wars, the OPEC oil shocks, and multiple refining margin cycles. The 2020 Speedway sale completed the transformation from an integrated refiner-retailer to a pure-play refiner with a massive, captive midstream arm in MPLX LP.
The Ohio Oil Company was formed in 1887 in Lima, Ohio, through the combination of several small, independent oil producers operating in the region. The company was founded during the early days of the American petroleum industry, when oil production was dominated by small operators and regional markets. In 1889, just two years after its founding, the company was purchased by John D. Rockefeller's Standard Oil Trust, which recognized the strategic value of the Lima-Indiana oil field. The company operated as a Standard Oil subsidiary until the Supreme Court-ordered breakup of the Standard Oil monopoly in 1911, when it became independent again. Over the subsequent decades, the company evolved from a regional oil producer into a national integrated petroleum company, adopting the Marathon brand in 1930 and changing its name to Marathon Oil Company in 1962.
Several small oil companies banded together to form The Ohio Oil Company in Lima, Ohio, at the dawn of the American petroleum industry. The company was founded to exploit the Lima-Indiana oil field, one of the nation's first major oil discoveries.
John D. Rockefeller's Standard Oil Trust purchased The Ohio Oil Company, bringing it under the control of the dominant force in American industry. Corporate headquarters were moved to Findlay, Ohio, in 1905.
Ohio Oil constructed its first pipeline, running from Martinsville, Illinois, to Preble, Indiana, marking the beginning of the company's integrated transportation infrastructure.
The U.S. Supreme Court broke up the Standard Oil monopoly under the Sherman Antitrust Act. The Ohio Oil Company became independent again, free to pursue its own strategy but stripped of the protective umbrella of the world's largest corporation.
Ohio Oil purchased Lincoln Oil Refining Company, which included the Robinson refinery in Illinois and 17 Linco brand service stations in Robinson and Terre Haute, Indiana, expanding into refining and retail.
Ohio Oil purchased Transcontinental Oil Company, acquiring oil and natural gas wells, three refineries, bulk storage plants, and filling stations. The deal included the Marathon product name, the Pheidippides Greek runner trademark, and the 'Best in the Long Run' slogan. Ohio Oil stock was first publicly traded on the NYSE.
The Ohio Oil Company was the first to introduce the metal credit plate, the precursor to the modern credit card, to build customer loyalty at Marathon service stations.
The company purchased Aurora Gasoline Company, acquiring 680 service stations featuring the Speedway 79 Stratofuel brand, and purchased the Detroit refinery from philanthropist Max Fisher.
The company officially changed its name from The Ohio Oil Company to Marathon Oil Company, reflecting the dominance of the Marathon brand and the company's evolution into a national integrated petroleum enterprise.
Marathon Oil was acquired by U.S. Steel Corporation (later USX Corporation) in a $6.5 billion deal, becoming part of a diversified industrial conglomerate that combined steel and energy operations.
USX Corporation split into two independent companies: United States Steel Corporation and Marathon Oil Corporation. The newly independent Marathon Oil focused on exploration and production, with headquarters in Houston, Texas.
On June 30, 2011, Marathon Petroleum Corporation was spun off from Marathon Oil, with Marathon Oil stockholders receiving one share of MPC common stock for every two shares of Marathon Oil common stock. The newly independent downstream company was headquartered in Findlay, Ohio.
Marathon Petroleum acquired BP's Texas City refinery and related assets, adding significant Gulf Coast refining capacity and strengthening the company's position in one of the most important refining markets in the United States.
On October 1, 2018, Marathon Petroleum completed the acquisition of Andeavor for $23.3 billion in equity and $35.6 billion in enterprise value. The transaction created the largest independent refiner in the United States, adding 10 refineries, more than 3,300 retail stations under brands including ARCO, and Andeavor Logistics.
Marathon Petroleum sold its Speedway retail convenience store business to 7-Eleven for $21 billion. The sale included approximately 3,900 stores and the proceeds were used to reduce debt, strengthen the balance sheet, and return capital to shareholders.
Maryann T. Mannen was appointed President and CEO in 2024. The company established a Renewable Diesel segment as a separate reportable business, and the Martinez Renewables joint venture with Neste reached full production capacity of 730 million gallons per year.
Marathon Petroleum achieved full-year refining utilization of 94% and margin capture of 105% in 2025. The company generated $8.3 billion in cash from operations, delivered adjusted EBITDA of $12.0 billion, and returned $4.5 billion to shareholders.
The acquisition of Andeavor was designed to create the largest independent refiner in the United States by combining Marathon Petroleum's strength east of the Mississippi with Andeavor's strong presence in the Western US and Mid-Continent. The transaction added 10 refineries, more than 3,300 retail stations under brands including ARCO, and Andeavor Logistics.
Marathon Petroleum acquired BP's Texas City refinery and related assets to add significant Gulf Coast refining capacity and strengthen the company's position in one of the most important refining markets in the United States.
Marathon Petroleum acquired Hess Corporation's retail operations to expand its East Coast marketing footprint and add retail locations under the Marathon brand.
Marathon Petroleum Corporation was formed July 2011 through spinoff from Marathon Oil Corporation — establishing substantial American downstream refining operations that subsequently became one of largest US refining operators with approximately $140 billion annual revenue. The 2011 spinoff context: substantial Marathon Oil Corporation strategic decision to separate substantial upstream oil and gas exploration and production operations from substantial downstream refining operations supporting various continued considerations, comprehensive substantial substantial July 2011 Marathon Petroleum Corporation spinoff from Marathon Oil Corporation creating substantial substantial separate publicly-traded downstream refining and marketing operations, comprehensive substantial various continued strategic developments. The substantial 2010s expansion: comprehensive substantial substantial 2018 substantial Andeavor (formerly Tesoro) acquisition for approximately $23 billion creating substantial largest US refining operator combining substantial Marathon Petroleum and Andeavor refining operations and substantial Andeavor Speedway retail operations and Andeavor Logistics MLP operations, comprehensive substantial substantial various other strategic developments. The substantial 2020s strategic transformation: comprehensive substantial substantial 2020 substantial Speedway sale to 7-Eleven (Seven & i Holdings) for $21 billion supporting substantial strategic refocus on refining operations, comprehensive substantial substantial 2020 COVID-19 pandemic substantial substantial demand decline supporting various continued operational considerations affecting substantial refining operations, comprehensive substantial substantial 2021-2023 substantial substantial refining recovery supporting substantial substantial financial performance recovery, comprehensive substantial substantial 2024 substantial various continued operational considerations affecting various continued operations particularly substantial substantial refining margin normalization following peak periods. The continued operations generate approximately $140 billion annual revenue across substantial 13 refineries with approximately 3.0 million barrels per day refining capacity supporting substantial largest US refining operator position.
Marathon Petroleum Corporation's October 2018 acquisition of Andeavor (formerly Tesoro Corporation) for approximately $23 billion transformed Marathon Petroleum operations creating substantial largest US refining operator through substantial substantial scale expansion. The 2018 Andeavor acquisition context: substantial substantial Marathon Petroleum strategic interest in substantial substantial US refining consolidation supporting various continued considerations, comprehensive substantial substantial Andeavor substantial established US refining operations including substantial 10 refineries with approximately 1.2 million barrels per day refining capacity, substantial Speedway retail operations, and substantial Andeavor Logistics master limited partnership (MLP) operations, comprehensive substantial substantial expected synergies through combined operations supporting various continued financial considerations including substantial $1+ billion expected annual synergies. The deal structure: substantial substantial $23 billion all-stock transaction creating substantial Marathon Petroleum combined entity with substantial substantial increased refining capacity to approximately 3.0 million barrels per day across substantial 16 refineries (subsequently reduced to 13 following various continued divestitures), comprehensive substantial substantial combined Speedway operations with approximately 4,000 stores creating substantial largest US convenience store operator, comprehensive substantial substantial various continued strategic considerations. The post-acquisition integration: comprehensive substantial substantial Andeavor operations integration with broader Marathon Petroleum operations supporting various continued operations, comprehensive substantial substantial substantial 2020 Speedway sale to 7-Eleven for $21 billion supporting subsequent substantial strategic refocus on refining operations, comprehensive substantial substantial various continued strategic positioning. The strategic outcome: substantial Marathon Petroleum substantial largest US refining operator establishment following 2018 Andeavor acquisition supporting various continued operations. The continued strategic execution supports continued institutional positioning across substantial US refining industry.
Marathon Petroleum Corporation's August 2020 sale of Speedway operations (substantial convenience store and retail fuel operator) to 7-Eleven (Seven & i Holdings) for approximately $21 billion supported substantial strategic refocus on core refining operations. The 2020 Speedway sale context: substantial substantial 2019 substantial Marathon Petroleum strategic review evaluating substantial Speedway divestiture supporting substantial activist investor pressure including substantial Elliott Investment Management substantial activist campaign, comprehensive substantial substantial August 2020 substantial $21 billion Speedway sale to 7-Eleven (substantial Seven & i Holdings subsidiary) supporting strategic refocus on refining operations, comprehensive substantial substantial May 2021 substantial Speedway sale completion creating substantial substantial 7-Eleven combined convenience store operations. The Speedway operations sold: substantial approximately 4,000 Speedway convenience store and retail fuel locations supporting various continued considerations within 7-Eleven ownership, comprehensive substantial substantial established Speedway customer relationships supporting various continued considerations. The 7-Eleven (Seven & i Holdings) acquirer: substantial substantial Japanese conglomerate Seven & i Holdings substantial 7-Eleven US operations supporting substantial substantial subsequent 7-Eleven combined US convenience store operations supporting various continued considerations across approximately 13,000+ 7-Eleven US convenience store operations. The strategic implications: substantial substantial Marathon Petroleum strategic refocus on substantial refining operations and substantial midstream operations through MPLX MLP supporting various continued strategic considerations, comprehensive substantial substantial substantial Marathon Petroleum substantial $21 billion sale proceeds supporting substantial substantial subsequent share repurchase programs and various continued capital allocation considerations, comprehensive substantial substantial various continued strategic positioning. The continued strategic execution supports continued institutional positioning.
Marathon Petroleum Corporation has substantially positioned through 2024+ refining considerations following substantial 2022-2023 peak refining margins and subsequent substantial 2024 refining margin normalization. The 2024+ refining context: substantial substantial 2022-2023 substantial peak refining margins supporting substantial substantial Marathon Petroleum substantial peak financial performance reflecting substantial substantial post-COVID-19 pandemic refining recovery and substantial various continued considerations including substantial Russia-Ukraine war considerations affecting various continued refined product demand and various supply considerations, comprehensive substantial substantial 2024 substantial refining margin normalization affecting various continued considerations, comprehensive substantial substantial various continued operational considerations. The Marathon Petroleum 2024 operational considerations: substantial substantial 2024 substantial Maryann Mannen substantial CEO appointment August 2024 succeeding Michael Hennigan supporting various continued considerations, comprehensive substantial substantial 2024 substantial various continued operational considerations including substantial refining margin normalization affecting various continued financial performance, comprehensive substantial substantial various continued strategic considerations. The continued strategic execution: comprehensive substantial substantial established US refining operations supporting various continued considerations as substantial largest US refining operator, comprehensive substantial substantial MPLX MLP substantial midstream operations supporting various continued considerations, comprehensive substantial substantial renewable diesel operations supporting various continued considerations including substantial Martinez Renewables joint venture with Neste, comprehensive substantial substantial substantial various continued strategic considerations. The continued strategic execution requires sustained operational performance through volatile US refining industry dynamics; the comprehensive established US refining operations and continued strategic execution support continued institutional positioning despite various near-term operational considerations affecting US refining industry.