Research-based synthesized Action Plan • Not an official Marathon Petroleum publication
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MARATHON PETROLEUM CORPORATION
Marathon Petroleum Value-Enhancing
Refining, Midstream Growth & Operational
Optimization Action Plan
Strategic Execution Framework • 2026–2028
EXECUTIVE FOUNDATION
Marathon Petroleum Corporation (MPC) is executing a capital-disciplined strategy centered on improving the economics of its existing
refining system while expanding MPLX’s natural-gas and NGL infrastructure. The current operating model emphasizes high-return projects,
reliability, product flexibility, midstream growth and substantial shareholder distributions rather than indiscriminate expansion.
The 2026 portfolio is unusually concrete. MPC’s standalone capital-spending outlook is approximately
$1.5 billion
, with roughly 65%
allocated to value-enhancing investments and 35% to sustaining capital. Projects at Garyville, El Paso, Robinson and Galveston Bay are
designed to improve product yields, feedstock flexibility, export capability and refinery economics.
REFINING VALUE ENGINE
Three projects were completed during 2026: Garyville jet-fuel flexibility in Q1, El Paso yield improvement in Q2, and Robinson product
flexibility in Q2. Additional projects at Galveston Bay and Garyville are scheduled toward year-end 2027, creating a staged pipeline rather
than a single large construction program.
MIDSTREAM GROWTH ENGINE
MPLX is simultaneously expanding natural-gas and NGL infrastructure. Its 2026 growth-capital outlook was raised to approximately
$2.9
billion
, with more than 90% of organic growth capital directed toward natural-gas and NGL infrastructure, primarily in the Permian and
Marcellus.
CAPITAL-RETURN ENGINE
The strategy links operating performance to shareholder returns. MPLX expects 12.5% annual distribution growth in 2026 and 2027, while
MPC continues substantial share repurchases and dividends. This creates a disciplined framework in which growth projects must compete
for capital against direct shareholder returns.
SUSTAINABILITY & OPERATING DISCIPLINE
Sustainability remains a supporting workstream covering greenhouse gases, methane, water, safety, energy efficiency and environmental
stewardship. Renewable fuels, including the Martinez renewable-diesel facility, remain part of MPC’s portfolio, but the latest execution plan
is broader than renewable-fuels expansion alone.
$1.5B
$2.9B
>90%
12.5%
MPC 2026
capital outlook
MPLX 2026
growth capital
of MPLX organic growth capital
to gas/NGL infrastructure
MPLX annual distribution
growth target, 2026–27
STRATEGIC OBJECTIVE
Maximize cash generation from advantaged refining and midstream assets through targeted yield improvements, product flexibility,
gas/NGL infrastructure growth, operational reliability and disciplined capital allocation, while advancing environmental performance.
INTEGRITY NOTE:
This is a research-based synthesized Action Plan. It is not an official Marathon Petroleum publication and does not imply company endorsement.
Research-based synthesized Action Plan • Not an official Marathon Petroleum publication
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1. Strategic Priorities & Current-State Baseline
Value-Enhancing Refining
Direct the majority of MPC’s standalone capital toward projects that increase high-value product yields, improve feedstock flexibility,
expand export options or otherwise enhance refinery economics.
Refinery Reliability & Turnarounds
Coordinate turnaround execution, maintenance and reliability work to protect safe throughput and reduce unplanned downtime while
preserving long-term asset integrity.
MPLX Natural-Gas & NGL Growth
Expand gathering, processing, fractionation and related infrastructure in the Permian, Marcellus and Gulf Coast to capture structural
demand growth.
Product & Feedstock Flexibility
Use targeted refinery modifications to respond to changing crude slates, jet-fuel demand, distillate economics and export-market
opportunities.
Capital Returns
Balance high-return organic investment with dividends and repurchases, using project economics and market conditions as allocation
gates.
Environmental Performance
Continue methane, GHG, water, energy-efficiency and renewable-fuels programs alongside the core operating strategy.
Operational Analytics
Use data, advanced analytics and digital tools where they can improve reliability, planning, safety and asset utilization without presenting
unverified software deployments as formal corporate commitments.
2. Verified Current-State Baseline
Area
Latest verified position
Execution implication
MPC 2026 capital
~$1.5B; ~65% value-enhancing / ~35% sustaining
Concentrate spending on high-return projects while protecting reliability
Garyville
Jet-fuel flexibility completed Q1 2026; additional optimization projects targeted YE2027
Improve product and feedstock flexibility
El Paso
Yield-improvement project completed Q2 2026
Increase higher-value specialty gasoline production
Robinson
Product-flexibility project completed Q2 2026
Adds approximately 10 Mbpd incremental jet-fuel capability
Galveston Bay
Distillate hydrotreater targeted YE2027
Improve distillate production capability
MPLX growth capital
~$2.9B 2026; >90% organic growth capital to gas/NGL infrastructure
Expand advantaged midstream footprint
MPLX projects
Secretariat I and Harmon Creek III entered service in 2026
Increase processing and NGL capability
Capital returns
> $2.8B returned to shareholders in Q2 2026
Maintain allocation discipline alongside growth
Research-based synthesized Action Plan • Not an official Marathon Petroleum publication
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3. Comprehensive Execution Framework
A. Refinery Yield Enhancement
Prioritize projects with measurable product-yield, feedstock-flexibility, export or margin benefits. Use pre-startup economics,
commissioning gates and post-startup performance reviews.
B. Garyville Optimization
Complete the planned feedstock and product-export flexibility projects while using the completed jet-fuel work as a benchmark for project
delivery, reliability and economic realization.
C. El Paso & Robinson Ramp-Up
Stabilize completed projects, verify throughput/yield assumptions and capture operating learning before initiating additional modifications.
D. Galveston Bay Reliability & Distillate
Advance the distillate hydrotreater toward the 2027 target while integrating turnaround, reliability and environmental controls into the
project schedule.
E. MPLX Gas/NGL Expansion
Continue Permian and Marcellus processing, gathering and fractionation projects where contracted or expected volumes support attractive
returns. Maintain disciplined project sequencing.
F. Gulf Coast Connectivity
Coordinate NGL fractionation, storage, transportation and export infrastructure so incremental upstream production can reach markets
efficiently.
G. Turnaround & Reliability Management
Integrate inspection, maintenance, turnaround timing, contractor readiness, spare-parts availability and process-safety requirements into a
single critical-path schedule.
H. Sustainability Integration
Embed methane monitoring, energy efficiency, water management, emissions controls and renewable-fuels optimization into asset-level
operating plans.
I. Capital Allocation
Rank projects by return, strategic fit, execution risk, timing, cash-flow durability and downside resilience. Reallocate capital when market or
project assumptions materially change.
4. Responsible Teams & Decision Rights
Refining Operations
Refinery throughput, yield optimization, reliability, process safety and daily execution.
Project Development & Engineering
Design, construction, commissioning and economic realization of value-enhancing projects.
MPLX Operations & Engineering
Gathering, processing, fractionation, logistics and midstream expansion.
Turnaround & Maintenance
Major maintenance windows, inspection, contractor coordination and asset integrity.
Commercial / Supply & Trading
Crude/feedstock optimization, product placement, export flexibility and market economics.
Sustainability / Environmental
GHG, methane, water, environmental performance and renewable-fuels programs.
Finance / Investor Relations
Capital allocation, project returns, cash flow, distributions and shareholder-return priorities.
Research-based synthesized Action Plan • Not an official Marathon Petroleum publication
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5. Timeline, Milestones & KPI Scorecard
2026 Q1
Refining execution
Garyville jet-fuel flexibility completed; continue planned turnaround and value-enhancing work.
Project completion; safe ramp-up; economic vali
2026 Q2
Yield & product flexibility
El Paso and Robinson projects completed; MPLX Secretariat I operating.
Yield/product performance; new processing capacity
2026 H2
Midstream expansion
Harmon Creek III enters service; advance Gulf Coast and regional gas/NGL infrastructure.
Processing utilization; NGL throughput; project miles
2027
Portfolio maturation
Advance Galveston Bay DHT, Garyville optimization and product-export flexibility; continue MPLX growth projects.
Return realization; reliability; cash-flow growth.
2028
Optimization cycle
Review project portfolio, asset performance, capital returns and environmental metrics; prioritize next wave of high-return investments
Portfolio ROIC; sustaining-capital efficiency; emissio
6. KPI SCORECARD
KPI
Leading measures
Outcome / guardrail
Refining yield
High-value product yield; project ramp; feedstock flexibility
Incremental margin and cash contribution
Reliability
Unplanned downtime; turnaround days; critical equipment health Safe, reliable throughput
MPLX growth
Processing capacity; volumes; utilization; project spend
Cash-flow growth and project returns
Capital efficiency
Value-enhancing CapEx; project economics; completion varianceReturn on invested capital and disciplined growth
Shareholder returns
Dividends, distributions, repurchases, leverage
Sustainable capital returns
Environmental
GHG/methane intensity; water; energy efficiency
Progress against environmental objectives
Safety
Process-safety events; recordable incidents; corrective actions
Safe operations and asset integrity
Research-based synthesized Action Plan • Not an official Marathon Petroleum publication
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7. Risks, Dependencies & Mitigation
Commodity-cycle exposure
Refining and NGL economics can weaken quickly with changes in crude, product and gas/NGL prices.
Stage projects; prioritize advantaged assets; stress-test economics across market
Project execution
Large refinery and midstream projects can experience cost, schedule or commissioning issues.
Use gated project controls, contractor readiness, contingency planning and post-startup v
Turnaround disruption
Major maintenance can reduce throughput and increase execution risk.
Integrate planning, spares, staffing, safety and restart controls on one critical path.
Infrastructure constraints
Pipelines, power, processing and fractionation capacity can limit growth.
Coordinate regional infrastructure early and maintain flexible routing options.
Environmental / regulatory
Changing requirements can affect project economics and operating practices.
Embed environmental review in project design and maintain transparent compliance proc
Safety / process risk
Refining and midstream assets carry inherent process-safety hazards.
Use rigorous management-of-change, inspection, emergency-response and process-safe
Capital competition
Growth projects compete with sustaining needs and shareholder returns.
Use explicit return thresholds and portfolio-level capital ranking.
8. Action
→
Impact Model
Value-enhancing refinery projects
Targeted modifications
→
higher-value yields/flexibility
→
improved refinery economics and cash generation.
MPLX gas/NGL infrastructure
Processing and fractionation capacity
→
more volumes handled
→
durable midstream cash-flow growth.
Turnaround discipline
Better planning and execution
→
shorter disruption and safer restart
→
stronger annual operating availability.
Capital discipline
Return-based project ranking
→
less low-value spending
→
greater cash available for distributions and repurchases.
Sustainability integration
Energy, methane and water controls
→
lower operating/environmental exposure
→
stronger long-term asset resilience.
Portfolio governance
Unified operating and financial scorecard
→
earlier variance detection
→
faster capital reallocation.
9. Progress-Tracking Cadence
Daily/weekly:
safety, reliability, throughput, turnaround and critical project exceptions.
Monthly:
project spend, yields, production, MPLX
volumes, utilization and environmental metrics.
Quarterly:
executive capital-allocation review, project-return validation, operating
performance and shareholder-return capacity.
Annually:
refresh commodity scenarios, project portfolio, sustaining capital requirements
and environmental priorities.
Research-based synthesized Action Plan • Not an official Marathon Petroleum publication
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10. Research Basis & Executive Conclusion
This document synthesizes Marathon Petroleum’s latest 2026 public disclosures into a practical execution framework. Verified company
results and project milestones are distinguished from recommended planning mechanisms; unsupported operational claims have
intentionally been excluded.
Verified evidence used
• MPC’s Q2 2026 results reported net income of approximately $5.1 billion and adjusted EBITDA of approximately $8.5 billion.
• MPC’s 2026 standalone capital outlook is approximately $1.5 billion, with about 65% directed toward value-enhancing investments and
35% toward sustaining capital.
• Garyville jet-fuel flexibility was completed in Q1 2026; El Paso and Robinson value-enhancing projects were completed in Q2 2026.
• MPC expects the Galveston Bay distillate hydrotreater and additional Garyville optimization/product-export projects to be completed
toward year-end 2027.
• MPLX’s 2026 growth-capital outlook is approximately $2.9 billion, with more than 90% of organic growth capital directed to natural-gas
and NGL infrastructure.
• Secretariat I in the Permian and Harmon Creek III in the Marcellus entered service in 2026, adding natural-gas processing and NGL
capabilities.
• MPC returned more than $2.8 billion to shareholders in Q2 2026 and continues a significant repurchase and dividend program.
Source set
Primary sources: Marathon Petroleum Investor Relations — Q1 2026 Results; Marathon Petroleum Investor Relations — Q2 2026 Results; Marathon Petroleum Annual
Report; Marathon Petroleum Sustainability and Climate-related reports; Marathon Petroleum Renewable Fuels and Operations materials.
FINAL EXECUTIVE TAKEAWAY
MPC’s latest real-world execution strategy is best understood as a
portfolio optimization model
: invest selectively in refinery projects that
improve product value and flexibility, expand MPLX infrastructure where demand and returns are attractive, protect reliability through
disciplined maintenance, and return excess cash to shareholders. Sustainability and environmental performance remain integrated
operating priorities, but the central capital-allocation thesis is value enhancement and durable cash generation.
Research-based synthesized Action Plan • Not an official Marathon Petroleum publication • Prepared September 2026
