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
Marathon Petroleum Corporation generated $135.2 billion in total revenues and other income for fiscal year 2025 while operating the largest independent refining system in the United States with 16 refineries and approximately 3.0 million barrels per day of capacity. The company, founded in 1887 as The Ohio Oil Company in Lima, Ohio, has survived 138 years of industry transformation—from the Standard Oil monopoly to the shale revolution to the energy transition—to become a $74.6 billion enterprise with an integrated business model spanning refining, midstream, and renewable fuels. Under President and CEO Maryann T. Mannen, appointed in 2024, Marathon Petroleum delivered net income attributable to MPC of $4.0 billion, adjusted EBITDA of $12.0 billion, and $8.3 billion in cash from operating activities in 2025. The company returned $4.5 billion to shareholders and maintained its investment-grade credit profile. The Refining & Marketing segment generated adjusted EBITDA of approximately $5.5 billion, while the Midstream segment through MPLX delivered approximately $6.9 billion, demonstrating the value of integration during a refining margin downturn. The company's 99% commercial capture rate in 2024 and 105% capture rate in 2025 reflect best-in-class operational and commercial execution. With the Martinez Renewables facility at full production, MPLX's growing distributions expected to fund the dividend, and multiyear refinery investments underway, Marathon Petroleum is positioned to maintain peer-leading performance through market cycles.
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.