MPCMarathon Petroleum

Energy · Oil Refining · NYSE

MPC has nearly 140 years of history in the energy business, and is a leading, integrated, downstream and midstream energy company. 10-K, Item 1

Employees: 18,500
Headquarters: Findlay, OH
CEO: Maryann T. Mannen
Next results: around Feb 2, 2027

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What the 10-K filed 2026-02-26 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-27.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

Pending cases, settlements and what the company has set aside for them.

“Governmental and other entities in various states have filed climate-related lawsuits against a number of energy companies, including MPC.”
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“Plaintiffs are seeking unspecified damages and abatement under various tort theories, as well as breaches of consumer protection and unfair trade statutes.”
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“In April 2021, THPP filed a lawsuit in the District of North Dakota against the United States of America, the U.S.”
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Guarantees and indemnities

1 new

Promises to pay someone else's debts or losses if they cannot.

“As part of the transaction, MPC assumed Blue Water Holdings’ United States Maritime Administration guaranteed obligations (the “MARAD Debt”) with an aggregate outstanding principal amount and accrued interest value of $175 million as of October 1, 2024.”
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New “We have entered into other guarantees with maximum potential undiscounted payments totaling $186 million as of December 31, 2025, which primarily consist of a commitment to indemnify a joint venture member for our pro rata share of any payments made under a performance guarantee for construction of a pipeline by an equity method investee, a commitment to contribute cash to an equity method investee for certain catastrophic events in lieu of procuring insurance coverage, a commitment to pay a”
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“We are typically not able to calculate the maximum potential amount of future payments that could be made under such contractual provisions because of the variability inherent in the guarantees and indemnities.”
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“Most often, the nature of the guarantees and indemnities is such that there is no appropriate method for quantifying the exposure because the underlying triggering event has little or no past experience upon which a reasonable prediction of the outcome can be based.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“MPC’s bank revolving credit facility and trade receivables facility contain representations and warranties, affirmative and negative covenants and restrictions, including financial covenants, and events of default that we consider usual and customary for agreements of a similar type and nature.”
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“As of December 31, 2025, we were in compliance with such covenants and restrictions.”
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“MPLX’s bank revolving credit facility contains representations and warranties, covenants and restrictions, including financial covenants, and events of default that we consider usual and customary for agreements of a similar type and nature.”
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“The MPC Credit Agreement contains certain representations and warranties, affirmative and restrictive covenants and events of default that we consider to be usual and customary for arrangements of this type, including a financial covenant that requires us to maintain a ratio of Consolidated Net Debt to Total Capitalization, each as defined in the MPC Credit Agreement, of no greater than 0.65 to 1.00 as of the last day of each fiscal quarter.”
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“The MPLX Credit Agreement contains certain representations and warranties, affirmative and restrictive covenants and events of default that we consider to be usual and customary for an agreement of this type, including a financial covenant that requires MPLX to maintain a ratio of Consolidated Total Debt as of the end of each fiscal quarter to Consolidated EBITDA, both as defined in the MPLX Credit Agreement, for the prior four fiscal quarters of no greater than 5.0 to 1.0 (or 5.5 to 1.0 for up to two fiscal quarters following certain acquisitions).”
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Commitments off the balance sheet

2 new

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

New “As of December 31, 2025, we had purchase obligations for crude oil, NGLs and renewable feedstocks of $12.04 billion, with $10.15 billion payable within 12 months, and crude oil transportation obligations of $8.87 billion, with $875 million payable within 12 months.”
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New “The fair value calculation for the embedded derivative liability at December 31, 2025 used significant unobservable inputs including: (1) NGL prices interpolated and extrapolated due to inactive markets ranging from $0.60 to $1.19 per gallon with a weighted average of $0.72 per gallon and (2) a 100 percent probability of renewable for the five-year term of the natural gas purchase commitment and related keep-whole processing agreement.”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on MPC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MPC/export.csv") into a cell.