Marathon Petroleum Corporation
Company History
Marathon Petroleum History: Founding, Growth & Key Milestones
Founded 1887 in Lima, Ohio
When was Marathon Petroleum founded?
Marathon Petroleum was founded in 1887 in Lima, Ohio by Henry M. Ernst, making it 139 years old.
- Founded
- 1887
- Founding place
- Lima, Ohio
- Founders
- Henry M. Ernst
- Headquarters today
- Findlay, Ohio, United States
- Milestones documented
- 18 (1887–2026)
- Current CEO
- Maryann T. Mannen
- Acquisitions
- 3
| Year | Event |
|---|---|
| 1887 | Founding of The Ohio Oil Company |
| 1889 | Acquisition by Standard Oil Trust |
| 1906 | First pipeline constructed |
| 1911 | Independence after Standard Oil breakup |
| 1924 | Purchase of Lincoln Oil Refining Company |
| 1930 | Purchase of Transcontinental Oil and Marathon brand adoption |
| 1953 | First metal credit plate introduced |
| 1959 | Purchase of Aurora Gasoline Company and Detroit refinery |
| 1962 | Name changed to Marathon Oil Company |
| 1982 | Acquisition by U.S. Steel Corporation |
| 2001 | Split from USX Corporation |
| 2011 | Spin-off of Marathon Petroleum Corporation |
| 2013 | Acquisition of BP Texas City refinery |
| 2018 | Acquisition of Andeavor |
| 2021 | Sale of Speedway to 7-Eleven |
| 2024 | Maryann Mannen becomes CEO |
| 2025 | FY2025 results: $132.7B revenue, $4.0B net income |
| 2026 | Q2 2026 earnings surge |
- Where was Marathon Petroleum founded?
- Marathon Petroleum was founded in Lima, Ohio in 1887. marathonpetroleum.com
- Who founded Marathon Petroleum?
- Marathon Petroleum was founded by Henry M. Ernst.
- When did Marathon Petroleum start?
- Marathon Petroleum was founded in 1887.
- How old is Marathon Petroleum?
- Marathon Petroleum is 139 years old as of 2026.
Founding Story
The Ohio Oil Company was formed in 1887 to produce oil from the Lima-Indiana field. Standard Oil bought it in 1889, and the company became independent again after the 1911 Supreme Court breakup of Standard Oil. It acquired the Marathon name with Transcontinental Oil in 1930, renamed itself Marathon Oil in 1962, was owned by U.S. Steel/USX from 1982 to 2001, and in 2011 spun off its downstream businesses as Marathon Petroleum Corporation.
Founders
Henry M. Ernst
Henry M. Ernst is credited as a founder of The Ohio Oil Company, organized in 1887 by a group of independent producers in the Lima-Indiana oil field of northwestern Ohio. The company was bought by Standard Oil in 1889, regained independence in 1911, and is the corporate ancestor of both Marathon Oil and Marathon Petroleum. (Exact birth year remains publicly undisclosed).
Key Milestones
Founding of The Ohio Oil Company
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.
Source: marathonpetroleum.comAcquisition by Standard Oil Trust
John D. Rockefeller's Standard Oil purchased The Ohio Oil Company, and its corporate headquarters moved from Lima to Findlay, Ohio, in 1889.
Source: marathonpetroleum.comFirst pipeline constructed
Ohio Oil constructed its first pipeline, running from Martinsville, Illinois, to Preble, Indiana, marking the beginning of the company's integrated transportation infrastructure.
Source: en.wikipedia.orgIndependence after Standard Oil breakup
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.
Source: en.wikipedia.orgPurchase of Lincoln Oil Refining Company
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.
Source: en.wikipedia.orgPurchase of Transcontinental Oil and Marathon brand adoption
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.
Source: en.wikipedia.orgFirst metal credit plate introduced
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.
Source: marathonpetroleum.comPurchase of Aurora Gasoline Company and Detroit refinery
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.
Source: en.wikipedia.orgName changed to Marathon Oil Company
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.
Source: en.wikipedia.orgAcquisition by U.S. Steel Corporation
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.
Source: en.wikipedia.orgSplit from USX Corporation
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.
Source: en.wikipedia.orgSpin-off of Marathon Petroleum Corporation
On July 1, 2011, Marathon Petroleum Corporation became a stand-alone refining, marketing and transportation company headquartered in Findlay, Ohio.
Source: marathonpetroleum.comAcquisition of BP Texas City refinery
In February 2013 Marathon Petroleum acquired BP's Texas City refinery and related assets, later integrating it with its neighboring Texas City plant into the Galveston Bay refinery.
Source: en.wikipedia.orgAcquisition of Andeavor
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.
Source: en.wikipedia.orgSale of Speedway to 7-Eleven
Marathon Petroleum completed the $21 billion sale of its Speedway convenience store business (about 3,800 stores) to 7-Eleven in May 2021, after announcing the deal in August 2020. Proceeds funded debt reduction and large share repurchases.
Source: en.wikipedia.orgMaryann Mannen becomes CEO
Maryann T. Mannen, previously CFO, became President and CEO on August 1, 2024, succeeding Michael J. Hennigan.
Source: ir.marathonpetroleum.comFY2025 results: $132.7B revenue, $4.0B net income
MPC reported $132.7 billion in sales and other operating revenues, $4.0 billion of net income attributable to MPC, about $12.0 billion of adjusted EBITDA and $8.3 billion of operating cash flow, and returned $4.5 billion to shareholders.
Source: ir.marathonpetroleum.comQ2 2026 earnings surge
Net income attributable to MPC reached $5.1 billion ($17.73 per diluted share) in Q2 2026 on $8.5 billion of adjusted EBITDA, as crack spreads rose in all regions; yield projects at El Paso and Robinson came online.
Source: ir.marathonpetroleum.comMajor Acquisitions
Andeavor (formerly Tesoro Corporation)
2018The 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.
BP Texas City Refinery and Related Assets
2013Marathon 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.
Hess Corporation Retail Operations
2014MPC's Speedway subsidiary acquired Hess Corporation's East Coast retail network of about 1,250 convenience stores to expand its retail footprint.
Keep researching Marathon Petroleum
Marathon Petroleum Company History FAQ
What are the major historical milestones of Marathon Petroleum Corporation?
Key milestones: The Ohio Oil Company founded (1887), independence from Standard Oil (1911), renamed Marathon Oil (1962), Garyville refinery start-up (1976), MPC spin-off (2011), MPLX IPO (2012), Andeavor acquisition (2018), Speedway sale (2021) and Martinez renewable diesel start-up (2023).
How did the 2011 spinoff create the modern independent Marathon Petroleum Corporation?
On July 1, 2011, Marathon Petroleum Corporation was spun off from Marathon Oil as an independent public company traded on the NYSE (MPC), establishing pure-play operational focus on refining, logistics, and retail fuels.
How did MPC expand the Galveston Bay refinery into one of the largest in North America?
Through its South Texas Asset Repositioning (STAR) program, MPC integrated its Galveston Bay and former BP Texas City refineries into a single, larger Galveston Bay complex.
How did Marathon Petroleum manage the historic energy market collapse during COVID-19 in 2020?
During the 2020 demand collapse, MPC idled its Martinez and Gallup refineries, cut spending and later converted Martinez into a renewable diesel facility.
What was the significance of the 2021 Speedway sale to 7-Eleven?
Closing in May 2021 for $21 billion in cash, the Speedway sale let MPC reduce debt, fund large share repurchases and sign a long-term fuel supply agreement with 7-Eleven.
How did Marathon Petroleum achieve record refining profitability in 2022 to 2023?
After the pandemic, tight global refining capacity and the 2022 energy crisis pushed crack spreads to records; net income attributable to MPC was $14.5 billion in 2022 and $9.7 billion in 2023.
When did the Martinez Renewable Fuels facility commence commercial operations?
Martinez Renewables, MPC's joint venture with Neste, began renewable diesel production in 2023 and was designed for about 730 million gallons per year.
What is Marathon Petroleum's long-term vision for sustainable energy leadership?
MPC's long-term vision is to lead the downstream energy sector by operating the nation's safest, lowest-cost, and most reliable petroleum refining and midstream system, while expanding commercially disciplined renewable fuels to meet evolving energy needs.
How did Marathon Petroleum start?
The Ohio Oil Company was founded in Lima in 1887 and acquired the Marathon brand in 1930. Marathon Petroleum Corporation became a stand-alone refining, marketing and transportation company on July 1, 2011, following its separation from Marathon Oil.
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