Marathon Petroleum Corp (MPC) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Marathon Petroleum Corp surfaced in its latest filing.

• The EPA has finalized a rule reducing vehicle standards by eliminating regulation of GHG emissions; the new standards have been challenged in court.
• California and several states adopted Advanced Clean Cars I, ACC II, and Advanced Clean Trucks regulations requiring increased electric vehicle sales; ACC II and Advanced Clean Trucks are not enforceable absent federal waivers; California filed litigation to reinstate the waivers.
• In 2021, several automobile manufacturers jointly announced a shared goal for 40-50% of new vehicle sales to be electric by 2030; other manufacturers have similar or more aggressive electrification goals.2021
• New York and Vermont enacted laws allowing the state to seek climate change-related damages from fossil fuel companies based on past GHG emissions; these laws are being challenged in court.
• California Senate Bill No. 2 (SB X1-2) authorizes a maximum gross gasoline refining margin and financial penalty, and authorizes the CEC to regulate refinery turnaround and maintenance; in August 2025, the CEC adopted resolutions indicating no further action on the margin and penalty for at least five years, and providing a potential exemption before 2035.August 2025
• California Assembly Bill No. 1 (AB X2-1) authorizes the CEC to require petroleum refiners to maintain minimum inventory of transportation fuels; in August 2025, the CEC adopted an order requiring an informational proceeding on minimum inventory requirements and refinery maintenance resupply planning.August 2025
• Approximately 700 hourly represented employees in California are covered by collective bargaining agreements that were set to expire on January 31, 2026; they are now continued subject to a 24-hour termination notice while successor agreements are negotiated.January 31, 2026
• The Dakota Access Pipeline, in which MPLX has a minority interest, is subject to litigation seeking a permanent shutdown.
• The Tesoro High Plains Pipeline in North Dakota remains shut down due to delays in renewing a right-of-way, and is subject to ongoing litigation regarding trespass claims.
• Total debt obligations were $33.31 billion at December 31, 2025, including $26.01 billion of obligations of MPLX and its subsidiaries.December 31, 2025
• As of December 31, 2025, the balance sheet reflected $9.4 billion of goodwill and $2.7 billion of other intangible assets.December 31, 2025
• In 2025, the U.S. presidential administration announced wide-ranging policy changes and issued numerous executive actions; the EPA and other federal agencies began proposing regulations consistent with these changes.2025