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ANNUAL REPORT 539 South Main St MARATHON PETROLEUM CORPORATION MARATHON PETROLEUM CORPORATION 2018 | ANNUAL REPORT 539 South Main St. Findlay, OH 45840 | 2018 | ANNUAL REPORT Disclosures Regarding Forward-Looking Statements This summary annual report wrap includes forward-looking statements. You can identify our forward-looking statements by words such as “anticipate,” “believe,” “design,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “imply,” “intend,” “objective,” “opportunity,” “outlook,” “plan,” “position,” “pursue,” “prospective,” “predict,” “project,” “potential,” “seek,” “strategy,” “target,” “could,” “may,” “should,” “would,” “will” or other similar expressions that convey the uncertainty of future events or outcomes. We have based our forward-looking statements on our current expectations, estimates and projections about our industry and our company. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. In accordance with “safe harbor” provisions of the Private C Securities Litigation Reform Act of 1995, we have included in our attached Form 10-K for the year ended Dec. 31, 2018, cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. 6165CvrC2.indd 1 3/2/19 1:04 AM TABLE OF CONTENTS CORPORATE INFORMATION Corporate Headquarters Dividend Reinvestment and Direct Stock Purchase Plan 539 South Main St. The Dividend Reinvestment and Direct Stock Purchase Plan provides Findlay, OH 45840 stockholders with a convenient way to purchase additional shares of Marathon Petroleum Corporation common stock through investment FINANCIAL Marathon Petroleum Corporation Website of cash dividends or through optional cash payments. Stockholders of LETTER TO OUR www.marathonpetroleum.com record can request a copy of the Plan Prospectus and an authorization 1 SHAREHOLDERS 14 HIGHLIGHTS form from Computershare. Beneficial holders should contact their Investor Relations Office brokers. 539 South Main St. Findlay, OH 45840 Book-entry Form of Stock Ownership [email protected] Marathon Petroleum Corporation exclusively maintains book-entry form of stockholder ownership. Account statements issued by stock OUR BOARD OF DIRECTORS & Kristina Kazarian transfer agent, Computershare, shall serve as stockholders’ record of 2 BUSINESS 16 CORPORATE OFFICERS Vice President, Investor Relations ownership. Questions regarding stock ownership should be directed to (419) 421-2071 Computershare. Notice of Annual Meeting Taxpayer Identification Number The 2019 Annual Meeting of Shareholders Federal law requires that each stockholder provide a certified taxpayer will be held in Findlay, Ohio, on April 24, 2019. identification number (TIN) for his/her stockholder account. For OUR individual stockholders, your TIN is your Social Security number. If 4 STRATEGY Independent Accountants you do not provide a certified TIN, Computershare may be required to PricewaterhouseCoopers LLP withhold 24 percent for federal income taxes from your dividends. 406 Washington Street, Suite 200 Toledo, OH 43604 Address Change It is important that you notify Computershare immediately, by phone, in Front cover: Garyville refi nery in Louisiana Stock Exchange Listing writing or by fax, when you change your address. Seasonal addresses New York Stock Exchange can be entered for your account. Inside cover: Kenai refi nery in Alaska Common Stock Symbol Stock Return Performance Graph MPC The following performance graph compares the cumulative total return, assuming the reinvestment of dividends, of a $100 investment in our Principal Stock Transfer Agent common stock from Dec. 31, 2013, to Dec. 31, 2018, compared to the Computershare cumulative total return of a $100 investment in the S&P 500 Index Shareholder correspondence should be mailed to: and an index of peer companies (selected by us) for the same period. P.O. Box 505000 Our peer group consists of the following companies that engage in Louisville, KY 40233-5000 domestic refining operations: BP plc, Chevron Corporation, ExxonMobil Overnight correspondence should be mailed to: Corporation, HollyFrontier Corporation, PBF Energy Inc., Phillips 66 and 462 South 4th Street, Suite 1600 Valero Energy Corporation. The peer group for 2018 was changed, by Louisville, KY 40202 removing Royal Dutch Shell plc and adding PBF Energy Inc., to align (866) 820-7494 (toll free – U.S., Canada, with peer groups used for certain incentive compensation programs. In Puerto Rico) addition, Andeavor is no longer in our peer group due to its merger with (781) 575-2176 (other non-U.S. jurisdictions) and into an MPC subsidiary effective Oct. 1, 2018. [email protected] The following performance graph is not “soliciting material” and will not be deemed to be Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) or incorporated by reference into any of MPC’s filings with the SEC, except to the extent that we specifically incorporate it by Additional copies of the Marathon Petroleum Corporation reference into any such filings. 2018 Annual Report may be obtained by contacting: Public Affairs Comparison of 5 Year Cumulative Total Return* 539 South Main St. Among Marathon Petroleum Corporation, The S&P 500 Index, Findlay, OH 45840 2017 Peer Group and 2018 Peer Group (419) 421-3577 $180 Dividends $160 Dividends on common stock, as may be declared by the board of directors, are typically paid mid-month in $140 March, June, September and December. $120 $100 Dividend Checks Not Received / Electronic Deposit $80 If you do not receive your dividend check on the appropriate payment date, we suggest that you wait $60 at least 10 days after the payment date to allow for $40 any delay in mail delivery. After that time, advise $20 Computershare by phone or in writing to issue a $0 replacement check. You may contact Computershare to 12/13 12/14 12/15 12/16 12/17 12/18 authorize electronic deposit of your dividends into your Marathon Petroleum Corporation S&P 500 2017 Peer Group 2018 Peer Group bank account. * $100 invested on Dec. 31, 2013 in stock or index, including reinvestment of dividends. Fiscal year ending Dec. 31. 6165CvrC2.indd 2 3/2/19 1:04 AM MARATHON PETROLEUM CORPORATION I 2018 ANNUAL REPORT I 1 FROM THE CHAIRMAN AND CEO Fellow shareholders, 2018 was a transformative year for Marathon Petroleum Corporation. Through our strategic combination with Andeavor, we took another step in our journey building a company that provides energy solutions and enhances life’s possibilities. This strategic combination has strengthened your company by expanding the opportunities for profitable growth. Our coast-to-coast refining, midstream and retail footprint has reached an unprecedented scale in our 130-year history. The integration of these assets into a single system creates tremendous competitive advantages, as our broader market presence gives us additional access to price-advantaged feedstocks, creates new product-placement options and increases our speed to market. As we continue unlocking this tremendous potential, the extraordinary work ethic of our 60,000 employees and a deep commitment to our values of health and safety, environmental stewardship, integrity, corporate citizenship and an inclusive culture, will underpin our success. We invest in energy-efficiency technologies that not only reduce our greenhouse gas emissions, they also result in hundreds of millions of dollars in cost savings. We invest in safety not only because we want every employee to finish each workday as safe as they started it, but also because we know that process safety and personal safety are essential to maximizing asset reliability. We are confident that our fourth-quarter 2018 performance – our first full quarter after combining with Andeavor – points to the potential ahead. We have seen strong earnings and returned billions of dollars in capital to you, our shareholders, through share repurchases and steadily increasing dividends. At the same time, we expect our strategic and disciplined investments will provide superior returns and further enhance our long-term profitability. This annual report provides more about our strategic vision for your company and the compelling, long-term value creation we see for our shareholders. Thank you for your investment in our future, and we look forward to sharing our continued success. Sincerely, Gary R. Heminger Chairman and Chief Executive Officer 6165Txt.indd 1 2/27/19 11:59 AM 2 I MARATHON PETROLEUM CORPORATION I 2018 ANNUAL REPORT CREATING A LEADING ENERGY COMPANY On October 1, 2018, we completed the Andeavor acquisition, combining two strong, complementary companies to create a leading, nationwide U.S. downstream energy company. The transaction expanded our footprint across key markets
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