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Annual Report Marathon Petroleum Corporation | 2016 Annual Report 162016 | ANNUAL REPORT MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT DELIVERING SIGNIFICANT RETURNS FOR OUR SHAREHOLDERS Since becoming an independent company July 1, 2011, to year-end 2016 MPC Has Returned More Than $10 BILLION 16 To Shareholders CONTENTS 1 CHAIRMAN, PRESIDENT AND CEO LETTER 3 REFINING AND MARKETING 6 SPEEDWAY 9 MIDSTREAM 12 GROWTH AND ENHANCING SHAREHOLDER VALUE 15 FINANCIAL AND OPERATIONAL HIGHLIGHTS 16 BOARD OF DIRECTORS On cover: MPC’s refinery in Canton, Ohio 17 CORPORATE OFFICERS On this page: MPC’s refinery in Catlettsburg, Kentucky MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT From the Chairman, President and CEO Fellow shareholders, Marathon Petroleum Corporation delivered strong operational and financial performance for our shareholders in 2016, a $13.1 28% year that marked our fifth year as a stand-alone company COMPOUND ANNUAL and our first year incorporating the MarkWest business in our BILLION GROWTH RATE operations. We also announced plans for strategic actions to IN BASE DIVIDEND CUMULATIVE NET INCOME SINCE SPINOFF enhance shareholder value in 2017. ATTRIBUTABLE TO MPC SINCE SPINOFF Our earnings in 2016 were $1.17 billion, or $2.21 per diluted share, a solid result despite a challenging commodity price and margin environment. In the first full year following the strategic combination of our midstream master limited partnership, MPLX LP, with MarkWest, we are encouraged by the robust portfolio of growth opportunities that will continue to contribute to long- term value for our investors. Speedway continues to excel, turning in another exceptional year, setting multiple records while maintaining tight control on expenses. We expect to continue driving marketing- enhancement opportunities across the network as we build new stores, remodel stores and rebuild existing locations in the retail segment’s core markets. Throughout our Refining and Marketing system, we continue to execute projects that focus on technical excellence and improving our performance, including the implementation of high-return staged investments in the South Texas Asset Repositioning (STAR) program through 2021. The program is designed to enhance profitability and reliability while creating the second-largest refining complex in the United States through the integration of our Galveston Bay and Texas City refineries. Additionally, we have announced strategic actions to enhance our shareholders’ value. MPC is significantly accelerating plans to dropdown to MPLX assets with approximately $1.4 billion of annual earnings before interest, taxes, depreciation and amortization (EBITDA) expected in 2017, including $250 million in the first quarter. In conjunction with the completion of the dropdowns, we intend to exchange MPC’s economic interests in the MPLX general partner, including incentive distribution rights, for newly issued MPLX common (LP) units. These transactions are subject to requisite approvals, market and other conditions, including tax and other regulatory clearances. Additionally, a special committee of the Board has been formed and has selected an independent financial advisor to (Continued on Page 2) 1 MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT TOTAL SHAREHOLDER RETURN SINCE SPINOFF Since becoming an independent company July 1, 2011, to year-end 2016 179% 159% 113% 91% MPC Peer Rening S&P Group(1) Peers(2) 500 (1) Peer Group represents average TSR of BP, Chevron, ExxonMobil, HollyFrontier, Phillips 66, Royal Dutch Shell, Tesoro and Valero (2) Refining Peers represents average TSR of HollyFrontier, PBF Energy, Phillips 66, Tesoro and Valero assist in the full and thorough review of Speedway to ensure optimum value is delivered to shareholders over the long term. We expect to provide an update on the review by mid-2017. Cash proceeds from the dropdowns and ongoing LP distributions are expected to fund the substantial ongoing return of capital to MPC shareholders in a manner consistent with maintaining an investment-grade credit profile. Our experienced board and knowledgeable leadership team are executing this strategic plan to unlock the tremendous value in our best-in-class midstream platform for the benefit of all investors. MPC has a track record of success and continues to deliver strong returns for our investors. With strengthening commodity prices, recovering refinery spreads and our aggressive plans to enhance investor value, we remain well-positioned across the business to create and deliver long-term value for our shareholders. We thank you for investing in MPC, for sharing in our vision, and for contributing to our success. Sincerely, Gary R. Heminger Chairman, President and Chief Executive Officer A MarkWest Energy Partners, L.P. 22 facility in Houston, Pennsylvania MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT REFINING AND MARKETING We remain focused on enhancing margins at our refineries, and in 2016 we made significant progress capitalizing on strategic opportunities with our combination of well-positioned Midwest refineries and large Gulf Coast refineries to further our competitive advantages, including expanding optimization potential and increasing export access. 75of the Environmental% Protection Agency’s ENERGY STAR recognitions awarded to refineries. That’s despite owning and operating just10% of total U.S. refining capacity. Top: MPC’s Robinson, Illinois, refinery Employees at MPC’s refinery in Catlettsburg, Kentucky 3 MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT INCREASING EXPORT CAPACITY Thousand Barrels Per Day 510* 395 365 345 320 150 Export dock at MPC’s Garyville, Louisiana, refinery 2012 2013 2014 2015 2016 2019 *Estimated We executed on our refinery turnaround activity per day, increasing our total export capacity in 2016, completing significant projects at our from Galveston Bay and Garyville to nearly Robinson, Illinois; Garyville, Louisiana; and 400,000 barrels per day, and further expanding Galveston Bay, Texas, refineries. Our Garyville our product placement flexibility and optionality. refinery successfully completed its largest We also completed the first phase of our turnaround in history, allowing us to increase multi-year STAR program at the Galveston Bay production of high-value products such as refinery in Texas City, improving profitability of alkylate and light products. the refinery by increasing the conversion of In Robinson, we completed a project to increase residual oil to lighter products by 20,000 barrels light crude processing and overall crude capacity, per day. improving the refinery’s flexibility to optimize its Looking ahead, we plan to continue margin- crude slate and product yields in a variety of enhancing investments such as the Garyville market conditions. distillate projects, Galveston Bay export We completed an expansion of our export capacity expansion and continuation of the capacity at Galveston Bay, increasing the STAR program. refinery’s export capacity by 30,000 barrels 4 MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT MPC’s Catlettsburg, Kentucky, refinery TOTAL REFINERY MECHANICAL THROUGHPUTS AVAILABILITY* Million Barrels Per Day Percentage of Combined 1.89 Unit Capacity 1.81 1.85 93.5 95.5 94.9 2014 2015 2016 2014 2015 2016 * Rated capacity of all MPC operations, less lost capacity due to planned and unplanned outages, divided by rated capacity Employees at MPC’s Galveston Bay refinery in Texas City, Texas 5 MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT SPEEDWAY In 2016, Speedway, the second-largest merchandise gross margins across the chain of company-owned and operated network making significant progress retail gasoline and convenience stores in toward our goal of generating two-thirds the United States, continued to exceed our of gross margins from merchandise sales expectations, delivering record contributions and one-third from fuel sales. With the to the company’s financial results by driving conversions completed ahead of schedule marketing-enhancement opportunities and and under budget, we are realizing greater continuing to realize acquisition synergies synergies than expected and realizing across the network. Speedway set segment them at a faster pace. Speedway achieved records in income from operations, light approximately $150 million in synergies in product gallons sold, merchandise sales, 2015 and approximately $180 million in and merchandise gross margin on a synergies in 2016. We anticipate synergies percentage and absolute dollar basis. of approximately $225 million in 2017 as we continue to focus on marketing- During 2016, we completed the final enhancement opportunities. store conversions of the 1,230 locations Speedway acquired in 2014. We improved 2,733 convenience stores in 21 states 5.7 MILLION ACTIVE MEMBERS OF THE SPEEDY REWARDS® PROGRAM IN 2016* 6 *12-month rolling average MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT MARATHON PETROLEUM CORPORATION | 2016 ANNUAL REPORT Speedway continues to build new stores SPEEDWAY SPEEDWAY MERCHANDISE while rebuilding and remodeling existing MERCHANDISE SALES GROSS MARGIN stores in core markets. We opened 18 new $ Billion $ Million 1,435 stores and six rebuilds in 2016 and completed 1,368* nearly 350 remodel projects, with more of 4.88* 5.01 these high-return investments planned for 975* 2017. The accelerated pace of remodels 3.61* continues to provide a strong foundation for
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