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2013 Annual Report Financial Highlights ® Marathon Petroleum Corporation 2013 ANNUAL REPORT FINANCIAL HIGHLIGHTS TABLE OF CONTENTS Chairman’s Letter 1 CEO’s Letter 2 Financial and Operational Highlights 6 Focused and Integrated Operations 8 Marathon Brand and Speedway Locations 9 Meeting Market Needs 10 Board of Directors 15 Corporate Officers 16 ABBREVIATIONS AND ACRONYMS bbl.: barrels bpcd: barrels per calendar day bpd: barrels per day LLS: Light Louisiana Sweet crude oil mbpd: thousand barrels per day MLP: master limited partnership mm: million MPC: Marathon Petroleum Corporation MPLX LP (MPLX): Master limited partnership formed by MPC in October 2012 R&M: Refining & Marketing On the cover: A unit at MPC’s Galveston Bay refinery in Texas City, Texas On this page: A Speedway convenience store in Lebanon, Tenn., and equipment at MPC’s Wood River, Ill., barge dock facility 2 Marathon Petroleum Corporation | 2013 Annual Report Chairman’sFINANCIAL HIG LetterHLIGHTS Fellow shareholders, In 2013, Marathon Petroleum Corporation continued to benefit from its strong asset base and capabilities, while positioning itself to thrive in the shifting energy market. At the same time, your board of directors has maintained a balance between investing in the business and returning capital to shareholders. 110% During 2013, the company returned $3.3 billion to you through share repurchases and dividends, and the price of your shares increased 46 percent. Total shareholder return for AS AN ONGOING the year was 48 percent. EXPRESSION OF As the board looks at MPC’s strategic opportunities in the energy market, we CONFIDENCE IN see trends from which we will derive significant value for shareholders. We are positioned to benefit from shifts in North American energy production and MPC’s strATEGIC transportation, demographic changes in retail markets, and global fuels demand. DIRECTION, We are making investments to ensure that we strengthen the facets of our THE BOARD OF business that allow us to leverage these long-term trends. DIRECTORS The MPC board of directors believes that aggressively growing the company’s business segments that produce more stable cash flows, while continuing to HAS INCREASED enhance refining margins, is a sound strategy upon which to build long-term THE DIVIDEND shareholder value. 110 PERCENT MPLX LP, the midstream master limited partnership we formed in October 2012, benefited MPC shareholders in 2013 through your company’s general partner SINCE THE interest in the partnership. MPLX achieved a strong finish to its first full calendar COMPANY BECAME year as a publicly traded entity, increasing its distributions to unitholders every quarter and providing a total unit return of more than 40 percent. A PUBLICLY TRADED As an ongoing expression of confidence in MPC’s strategic direction, the board ENTITY IN MID-2011. of directors has increased the dividend 110 percent since the company became a publicly traded entity in mid-2011. We also have authorized $6 billion in share repurchases during that time, a significant portion of which has already been completed. Marathon Petroleum Corporation is backed by more than a century of success in an ever-changing industry. The company’s experienced management team, dedicated workforce, excellent assets and strategic direction position us to continue building on this foundation. As chairman of the board of directors, I am pleased to report that your confidence in the long-term value of your company is well founded. Sincerely, Thomas J. Usher Chairman Marathon Petroleum Corporation | 2013 Annual Report 1 CEO’S LETTER Fellow shareholders, Marathon Petroleum Corporation’s resilience and flexibility proved their value in 2013. The powerful combination of our employees, management team and asset base enabled us to continue to prosper in the rapidly changing energy market, while we adhered to our commitment to balance investments in the business with returning capital to you. $3.3 Last year we returned $3.3 billion to shareholders through dividends of $484 million and $2.8 billion in share billion repurchases. At year-end, there was $1.86 billion remaining in the share repurchase authorization approved by your board of directors. Our announced investments in 2013 reflected MPC’s strategic direction: growing LAST YEAR WE our midstream transportation and retail businesses to provide stable cash flow, RETURNED while simultaneously enhancing refining margins. $3.3 BILLION TO REFINING & MARKETING SHAREHOLDERS We made significant investments in 2013 to optimize the capacity of our THROUGH integrated refining system to meet growing global demand for liquid fuels. DIVIDENDS OF The largest of these investments was our purchase of the 451,000 bpcd Galveston Bay refinery in Texas City, Texas, and related assets on Feb. 1, 2013. The Galveston $484 MILLION Bay refinery’s performance since the acquisition has exceeded our expectations. AND $2.8 BILLION The plant’s personnel achieved an excellent safety and environmental record under our management, as well as higher throughputs and lower operating costs IN SHARE relative to our forecasts as we focused on reliability and yield improvements. REPURCHASES. Environmental incidents decreased by approximately 80 percent, while injury rates decreased by approximately 70 percent over the prior year. We also increased the refinery’s processing of price-advantaged crudes, with North American crudes rising to as much as 85 percent of the plant’s slate from 63 percent. Among other assets included in this transaction, MPC acquired retail marketing contract assignments for about 1,200 branded retail locations. At year-end, MPC had secured significant volume commitments to become Marathon brand stations, and many of the locations had undergone rebranding. Securing additional commitments and rebranding will continue as the Marathon brand pursues this opportunity with these jobbers. Another important acquisition included in the Galveston Bay transaction was 50,000 bpd of space on the Colonial Pipeline. This allocation has given us additional logistical flexibility while allowing us to continue distributing refined products in markets served by the Galveston Bay refinery. In 2013, we completed construction of an additional 1 million barrels of gasoline tankage at Garyville, La., to enable more efficient blending and shipment of various gasoline grades, including to export markets. We advanced projects at our plants in Robinson, Ill.; Garyville; and at Galveston Bay that will increase our system’s distillate production capacity as domestic and global demand for diesel 2 Marathon Petroleum Corporation | 2013 Annual Report FINANCIAL HIGHLIGHTS An operator at MPC’s Detroit refinery MPC employees at a pipeline terminal in Garyville, La. continues to rise. We also conducted engineering work on condensate splitters at our Canton, Ohio, and Catlettsburg, Ky., refineries that will enable them to process a combined 60,000 bpd of Utica Shale production. MPC’s refined product exports continued to rise during 2013, reaching an average of 218,000 bpd from a 2012 average of 123,000 bpd. This growth trend was even more pronounced toward the end of 2013, as we saw an average of 297,000 bpd of exports in the fourth quarter, and 345,000 bpd in December. We see this growth continuing in years ahead, and we plan to make low-cost, high- return expansions to our docks at Garyville and Galveston Bay with the objective of an export capacity of at least 475,000 bpd by 2018. MIDSTREAM We continued the targeted development of our transportation and logistics business in 2013 with a focus on assets that could be dropped down to MPLX LP (NYSE: MPLX), the master limited partnership we formed in October 2012. In May 2013, we sold a 5 percent interest in one of our subsidiaries, MPLX Pipe Line Holdings LP, to MPLX, bringing MPLX’s stake in the subsidiary to 56 percent. The drop-down of additional interests in MLP-eligible assets to MPLX is a core element of our strategy to grow MPLX’s annual cash distributions over an extended period of time. MPC committed in November 2013 to fund 37.5 percent of the Sandpiper Pipeline project, which will increase takeaway capacity from the prolific Bakken Shale play in North Dakota. MPC’s agreement with the project sponsor, Enbridge Energy Partners LP, includes our commitment to be an anchor shipper on the line. MPC will have an approximate 27 percent equity interest in the partnership’s North Dakota System when the Sandpiper Pipeline is complete, with the option to increase the interest to 30 percent through additional investments in future system improvements. The Sandpiper Pipeline is scheduled to begin service in early 2016, and will add 225,000 bpd of takeaway capacity to the North Dakota System, giving it a total capacity of 580,000 bpd. Marathon Petroleum Corporation | 2013 Annual Report 3 FINANCIAL HIGHLIGHTS Speedway convenience store in Nashville, Tenn. Marathon brand station in Fort Mill, S.C. Our commitment to the Sandpiper project also gives us the option to increase our ownership interest in Enbridge’s Southern Access Extension Pipeline to 35 percent. This 165-mile, 300,000 bpd pipeline will run from Flanagan, Ill., to the crude oil storage hub at Patoka, Ill., and is expected to be operational in mid-2015. In addition to being potential drop-downs to MPLX, these investments in the Sandpiper and Southern Access Extension pipeline projects provide MPC with additional access to growing crude oil production from the Bakken Shale play and Canada, and direct participation in the transportation of these crudes into our markets. As condensate and light crude oil production from the Utica Shale in eastern Ohio and western Pennsylvania grows, MPC is working to benefit shareholders by further leveraging our Midwest refining and logistics strength. In the fourth quarter, we completed a truck-to-barge logistics project that provides up to 50,000 bpd of Ohio River barge loading capacity at Wellsville, Ohio. Also during the fourth quarter, MPLX announced plans to develop the new Cornerstone Pipeline project, which will connect Utica production facilities to MPC’s Canton refinery, with future potential connections to other MPLX pipelines in the region and to the Wellsville barge loading facility.
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