MPC · CIK 0001510295
What Marathon Petroleum Corporation told the SEC could break it.
Marathon Petroleum's disclosures here are dominated by the cost of environmental regulation on a refiner. It spends heavily on compliance — about $2.14 billion in 2025 across capital, operating and maintenance, and remediation — costs that pressure results if not reflected in product prices. On top of that, it must buy RINs to meet the EPA's renewable volume obligations under the Renewable Fuel Standard, a material and volatile expense not captured in benchmark crack spreads, and it remains under a 2012 EPA consent decree on flare operation at six refineries, where the agency may seek stipulated penalties of $1 million or more as a condition of termination.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- environmental compliance and remediation expenditures (~$2.1B/yr)medium
Marathon incurs substantial environmental expenditures — $2.14B total in 2025 ($706M capital + $1.38B O&M + $49M remediation) — and operating results suffer if these costs are not reflected in product prices.
“Our environmental expenditures, including non-regulatory expenditures, for each of the last three years were: (Millions of dollars) 2025 2024 2023 Capital $ 706 $ 543 $ 236 Compliance: (a) Operating and maintenance 1,381 1,390 1,191 Remediation (b) 49 56 49 Total $ 2,136 $ 1,989 $ 1,476”
SEC filing →As of 2026 - Renewable Fuel Standard / RINs renewable volume obligationsmedium
Marathon must purchase RINs to meet EPA renewable volume obligations under the Renewable Fuel Standard; these compliance costs are not captured in benchmark crack spreads and add material, volatile expense to its refining margins.
“The benchmark crack spreads below do not reflect the market cost of RINs necessary to meet the EPA renewable volume obligations for attributable products under the Renewable Fuel Standard.”
Litigation
- EPA flares consent decree — stipulated penalties (six refineries)low
MPC's 2012 EPA consent decree on flare operation at six refineries; in seeking termination, the EPA may demand stipulated penalties of $1 million or more, though MPC believes them immaterial.
“The EPA may seek payment of stipulated penalties for violations of the consent decree as a condition of termination. Based on negotiations with the EPA in the third quarter of 2024, we believe resolution of the stipulated penalty demands may result in the payment of $1 million or more, but do not believe any stipulated penalties will have a material impact on our consolidated results of operations, financial position or cash flows.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“For the year ended December 31, 2025, sales to Phillips 66 Company and Marathon Petroleum Supply & Trading LLC accounted for approximately 21 % and 12 %, respectively, of the Company's total product sales.”
Cited →Energy Services of America Corp.
“Energy Services' customers include many of the leading companies in the industries it serves, including: TransCanada Corporation NiSource, Inc. Marathon Petroleum Mountaineer Gas Nucor Steel West Virginia American Electric Power Toyota Motor Manufacturing Bayer Chemical”
Cited →
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