Marathon Petroleum is one of the largest petroleum refiners in the U.S., operating 12 refineries across the Gulf Coast, Mid-Continent, and West Coast with roughly 3.0 million bpd of crude capacity. MPC converts crude oil and other feedstocks into gasoline, diesel, and jet fuel, selling through branded wholesale channels (nearly 7,900 Marathon-branded outlets and over 1,100 ARCO-branded locations), unbranded wholesale and spot markets, and exports of roughly 400,000 bpd. MPC does not own retail gas stations; independent operators run the branded outlets. Core refining profitability is driven by crack spreads — the margin between refined product prices and crude costs — along with crude sourcing (MPC runs ~50% sour crude, which is cheaper than sweet crude), utilization rates, and commercial capture of available market margin. MPC also owns approximately 64% of MPLX, a large midstream MLP that gathers, transports, and processes crude, natural gas, and NGLs across the Permian, Marcellus, and Utica basins. MPLX earns stable, fee-based cash flows and distributes over $2.5B annually to MPC, which MPC uses to cover standalone capex and dividends — decoupling shareholder returns from refining cyclicality. MPC's growth is concentrated in midstream: MPLX is building fractionation capacity and an LPG export terminal in the Permian and expanding natural gas processing in the Marcellus. MPC also operates a small renewable diesel business through a facility in North Dakota and a JV in California.