Marathon Petroleum : Market Data as of May 2025 - Download PDF

Published: 2025-06-02 16:40:59 ET MPC

Published on 06/02/2025 at 16:40

(1) + (10)

(11) - (8)

(1) + (13)

(14) - (8)

WTI

Prompt Price (a)

MEH

Prompt Price (a)

ANS

Prompt Price (a)

Mid-Con WTI 3-2-1 Crack

(ex-RIN) (b)

USGC

MEH 3-2-1 Crack (ex-RIN) (b)

ANS 3-2-1 Crack (ex-RIN) (b)

Blended Crack (c)

Blended Prompt

Crude Price (d)

RVO

Cost in Crack

Sweet Delivered

Differential (e)

Sweet Delivered

Cost (f)

Prompt Sweet

Differential

Sour Delivered

Diff. (e)

Sour Delivered

Cost (f)

Prompt Sour

Differential

Market Structure

(g)

Apr-25

62.96

64.32

68.64

15.32

12.63

22.85

15.54

64.56

6.03

0.62

63.58

(0.98)

(0.88)

62.08

(2.47)

0.49

May-25

60.94

61.85

66.63

16.86

14.05

25.15

17.17

62.34

6.34

0.65

61.59

(0.76)

(0.88)

60.06

(2.29)

0.76

Jun-25

2Q25

61.95

63.08

67.64

16.09

13.34

24.00

16.36

63.45

6.18

0.63

62.58

(0.87)

(0.88)

61.07

(2.38)

0.62

Hypothetical R&M Margin Indicator Calculation

Provided Outlook

(A)

(B)

(C)

(D)

(E)

(F)

(G)

(H)

(I) (J)

(K)

(L)

Crude

Non-Crude

Total

Blended

Sweet

Sour

Market

R&M Margin

Crude Other Charge/

Sweet Crude

Sour Crude

Throughput

Crack Spread

Differential

Structure

Indicator

Throughput Feedstocks

Throughput

(mmbbls)

($MM)

(MBD) (MBD)

Percentage

(I) x Days in Qtr.

(J) x Days in Qtr.

(A) + (B)

(A) x Col 12 x (K)

(A) x Col 15 x (L)

(A) x Col 16 x %

Sum of (D) thru (G)

2nd Quarter

253

268

4,384

121

270

(79)

4,696

2,775 170

55%

45%

Prompt Price represents calendar workday average of prices quoted that month for crude delivered in immediately following month(s). All prices and differentials listed are in Dollars per Barrel unless otherwise noted

Crack Spread Calculation: Mid-Con = ((Chicago CBOB Gasoline x 2 + Chicago Ultra Low Sulfur Distillate)/3) - WTI Prompt Price Data Sources: NYMEX, Argus, and MPC Estimate USGC = ((U.S. Gulf Coast (USGC) CBOB Gasoline x 2 + USGC Ultra Low Sulfur Distillate) /3) - MEH Prompt Price

West Coast = ((LA California Reformulated Gasoline Blendstock for Oxygenate Blending (CARBOB) x 2+ LA California Air Resources Board (CARB) Diesel)/3) - ANS Prompt Price

Blended Mid-Con/USGC/West Coast crack spread is weighted 40%/42%/18% based on MPC's refining capacity by PADD.

Blended WTI/MEH/ANS prompt crude price is weighted 40%/42%/18% based on blended crack spread.

Delivered differentials (versus Prompt WTI) for the trade month period beginning with the 26th calendar day two months prior to the prompt month through the 25th day one month prior to the prompt month. The exception is the Maya delivered differential which is calculated on a prompt calendar month basis.

MPC's typical sweet crude oil basket could consist of the following crudes: Bakken, Brent, MEH, WTI-Cushing, WTI-Midland MPC's typical sour crude oil basket could consist of the following crudes: ANS, ASCI, Maya, Western Canadian Select.

Delivered cost is based on WTI prompt price plus each respective grade's delivered differential and does not include market structure or other expenses such as transportation, demurrage, etc. Market structure effects are calculated as a separate adjustment (see column 16 and (G) above).

Delivered month market structure (roll). Negative values represent contango and positive values represent backwardation. Approximately 50% of MPC's crude oil acquisition volume uses market structure in its acquisition price formula.

(1) + (10)

(11) - (8)

(1) + (13)

(14) - (8)

2024

WTI

Prompt Price (a)

MEH

Prompt Price (a)

ANS

Prompt Price (a)

Mid-Con

WTI 3-2-1 Crack (ex-RIN) (b)

USGC

MEH 3-2-1 Crack (ex-RIN) (b)

ANS 3-2-1 Crack (ex-RIN) (b)

Blended Crack (c)

Blended

Prompt Crude Price (d)

RVO

Cost in Crack

Sweet

Delivered Differential (e)

Sweet

Delivered Cost (f)

Prompt

Sweet Differential

Sour

Delivered Diff. (e)

Sour

Delivered Cost (f)

Prompt

Sour Differential

Market Structure (g)

Jan-24

73.86

75.86

79.04

4.93

13.09

14.72

10.15

75.70

4.42

0.36

74.22

(1.48)

(3.79)

70.07

(5.63)

(0.24)

Feb-24

76.61

78.68

80.94

19.21

18.32

27.75

20.56

78.31

3.17

0.39

77.00

(1.31)

(3.86)

72.75

(5.55)

0.05

Mar-24

80.41

82.16

84.41

22.76

18.25

30.67

22.54

81.91

3.45

0.36

80.77

(1.14)

(4.33)

76.07

(5.83)

0.48

1Q24

76.91

78.85

81.43

15.46

16.49

24.22

17.62

78.59

3.69

0.37

77.28

(1.31)

(3.99)

72.92

(5.67)

0.09

Apr-24

84.39

86.32

89.60

19.66

14.53

33.50

20.00

86.14

3.28

0.55

84.94

(1.20)

(3.10)

81.29

(4.85)

0.81

May-24

78.62

80.21

85.48

16.13

13.03

20.13

15.55

80.52

3.31

0.45

79.07

(1.45)

(2.14)

76.48

(4.04)

1.11

Jun-24

78.70

80.18

84.09

13.66

10.63

15.10

12.65

80.29

3.57

(0.18)

78.52

(1.78)

(1.98)

76.72

(3.57)

0.76

2Q24

80.66

82.33

86.50

16.62

12.83

23.28

16.23

82.41

3.38

0.29

80.95

(1.46)

(2.43)

78.23

(4.18)

0.90

Jul-24

80.48

81.61

83.62

18.20

11.89

12.18

14.46

81.52

4.06

(0.20)

80.28

(1.24)

(2.08)

78.41

(3.11)

0.74

Aug-24

75.43

76.81

79.45

15.75

11.04

15.63

13.75

76.73

3.71

0.02

75.45

(1.28)

(2.89)

72.54

(4.19)

1.54

Sep-24

69.37

70.87

73.66

13.03

7.32

18.27

11.58

70.77

3.91

0.20

69.57

(1.20)

(3.24)

66.13

(4.64)

1.33

3Q24

75.27

76.52

79.00

15.62

10.14

15.32

13.27

76.47

3.89

0.00

75.28

(1.19)

(2.73)

72.55

(3.92)

1.21

Oct-24

71.56

72.91

75.68

9.82

7.86

15.33

9.99

72.87

4.35

1.16

72.72

(0.15)

(3.03)

68.53

(4.34)

1.15

Nov-24

69.54

71.13

73.78

9.34

7.69

13.95

9.48

70.97

4.15

1.08

70.62

(0.35)

(2.55)

66.99

(3.98)

0.70

Dec-24

69.70

70.96

73.40

6.61

7.52

10.94

7.77

70.89

3.63

0.65

70.35

(0.54)

(2.52)

67.17

(3.72)

0.45

4Q24

70.32

71.72

74.35

8.62

7.70

13.45

9.10

71.63

4.05

0.97

71.28

(0.35)

(2.72)

67.60

(4.03)

0.78

2024

75.76

77.35

80.31

14.09

11.75

19.03

14.03

77.26

3.75

0.41

76.17

(1.09)

(2.95)

72.81

(4.45)

0.75

2025

WTI

Prompt Price (a)

MEH

Prompt Price (a)

ANS

Prompt Price (a)

Mid-Con WTI 3-2-1 Crack

(ex-RIN) (b)

USGC

MEH 3-2-1 Crack (ex-RIN) (b)

ANS 3-2-1 Crack (ex-RIN) (b)

Blended Crack (c)

Blended Prompt

Crude Price (d)

RVO

Cost in Crack

Sweet

Delivered Differential (e)

Sweet

Delivered Cost (f)

Prompt

Sweet Differential

Sour

Delivered Diff. (e)

Sour

Delivered Cost (f)

Prompt

Sour Differential

Market Structure (g)

Jan-25 Feb-25

Mar-25

75.10

71.21

67.94

76.29

72.75

69.38

77.48

77.00

73.49

6.41

9.47

12.34

8.08

10.40

11.62

14.77

22.25

19.04

8.61

12.16

13.24

76.03

72.90

69.54

4.43

5.09

4.76

0.46

0.55

0.78

75.55

71.76

68.72

(0.48)

(1.14)

(0.83)

(1.98)

(2.08)

(1.52)

73.11

69.13

66.42

(2.92)

(3.77)

(3.13)

0.57

0.96

0.52

1Q25

71.42

72.81

75.96

9.40

10.02

18.57

11.31

72.82

4.75

0.59

72.02

(0.80)

(1.86)

69.57

(3.25)

0.68

Apr-25 May-25

Jun-25

62.96

60.94

64.32

61.85

68.64

66.63

15.32

16.86

12.63

14.05

22.85

25.15

15.54

17.17

64.56

62.34

6.03

6.34

0.62

0.65

63.58

61.59

(0.98)

(0.76)

(0.88)

62.08

60.06

(2.47)

(2.29)

0.49

0.76

2Q25

61.95

63.08

67.64

16.09

13.34

24.00

16.36

63.45

6.18

0.63

62.58

(0.87)

(0.88)

61.07

(2.38)

0.62

Jul-25 Aug-25

Sep-25

3Q25

Oct-25 Nov-25

Dec-25

4Q25

2025 YTD

67.56

68.84

72.56

12.13

11.37

20.78

13.37

69.00

5.33

0.61

68.17

(0.83)

(1.46)

66.10

(2.90)

0.66

R&M Margin Indicator Calculation Based on Actuals (h)

Actuals (h)

(A) (B)

(C)

(D)

(E)

(F)

(G)

(H)

(I)

(J)

(K) (L)

(M)

(N)

Crude Non-Crude

Total

Blended

Sweet

Sour

Market

R&M Margin

Reported

Reported vs.

Crude Other Charge/

Sweet Crude

Sour Crude

Throughput Throughput

Throughput

Crack Spread

Differential

Structure

Indicator

R&M Margin

Indicator

Throughput Feedstocks

Throughput

(mmbbls) (mmbbls)

(mmbbls)

($MM)

R&M Margin

(MBD) (MBD)

Percentage

(K) x Days in Qtr. (L) x Days in Qtr.

(A) + (B)

(A) x Col 12 x (M)

(A) x Col 15 x (N)

(A) x Col 16 x %

Sum of (D) thru (G)

($MM) (I) - (H)

(Detail Below)

1Q19

258 19

278

2,580

412

418

3,446

3,165

(281)

2,869 215

48%

52%

2Q19

267 18

285

4,680

375

254

5,331

4,539

(792)

2,937 198

53%

47%

3Q19

273 17

290

4,031

188

305

4,535

4,388

(147)

2,969 187

53%

48%

4Q19

260 22

282

3,275

314

596

(12)

4,173

4,619

446

2,831 238

55%

45%

1Q20

253 19

272

2,265

606

(7)

2,954

3,231

277

2,784 210

51%

49%

2Q20

197 10

207

958

159

392

336

1,845

1,583

(262)

2,165 111

47%

53%

3Q20

220 13

233

1,299

246

1,645

1,931

286

2,390 146

51%

49%

4Q20

215 18

233

959

155

284

1,443

1,726

283

2,335 193

53%

47%

1Q21

214 17

231

1,829

114

321

2,263

2,346

2,381 184

52%

48%

2Q21

247 13

260

2,802

368

(16)

3,189

3,233

2,713 141

52%

48%

3Q21

247 14

261

3,291

518

(72)

3,803

3,785

(17)

2,684 152

55%

45%

4Q21

248 22

270

3,097

654

(99)

3,691

4,288

597

2,700 236

52%

48%

1Q22

236 19

255

4,216

(13)

541

(108)

4,636

3,904

(732)

2,624 209

53%

47%

2Q22

264 16

279

10,699

(49)

632

(326)

10,956

10,482

(474)

2,896 173

52%

48%

3Q22

260 17

277

7,933

1,056

(329)

8,678

8,386

(291)

2,823 184

52%

48%

4Q22

248 18

266

6,077

(87)

989

(111)

6,868

7,499

631

2,700 195

54%

46%

1Q23

231 23

254

5,941

(38)

876

6,794

6,650

(142)

2,566 259

59%

41%

2Q23

246 20

265

5,340

651

(7)

6,029

5,869

(160)

2,698 218

54%

46%

3Q23

255 16

271

7,075

462

(28)

7,601

7,063

(539)

2,773 173

54%

46%

4Q23

245 23

269

3,286

168

702

(109)

4,047

4,947

899

2,668 253

55%

45%

1Q24

221 21

242

4,260

157

575

(8)

4,984

4,677

(307)

2,427 229

54%

46%

2Q24

261 17

278

4,506

210

490

(98)

5,108

4,868

(240)

2,867 184

55%

45%

3Q24

255 19

274

3,636

175

426

(133)

4,104

4,011

(94)

2,776 204

58%

42%

4Q24

256 20

276

2,509

443

(86)

2,917

3,460

543

2,783 214

57%

43%

1Q25

236 20

256

2,899

103

352

(70)

3,284

3,430

146

2,623 226

54%

46%

Reported vs. Indicator Variance Explanation | Other Margin ($MM) (h)

Reported vs.

Crude

Product

Volumetric

Indicator

Gains

1Q19

(281)

(702)

115

306

2Q19

(792)

(695)

(355)

258

3Q19

(147)

(658)

238

273

4Q19

446

(736)

867

315

1Q20

277

(979)

1,041

215

2Q20

(262)

(956)

571

123

3Q20

286

(375)

473

188

4Q20

283

(695)

785

193

1Q21

(666)

474

274

2Q21

(786)

525

306

3Q21

(17)

(1,002)

697

288

4Q21

597

(639)

920

316

1Q22

(732)

(1,140)

102

306

2Q22

(474)

(819)

(104)

449

3Q22

(291)

(1,208)

518

399

4Q22

631

(945)

1,316

260

1Q23

(142)

(934)

478

314

2Q23

(160)

(697)

153

384

3Q23

(539)

(591)

(365)

417

4Q23

899

(629)

1,166

361

1Q24

(307)

(576)

260

2Q24

(240)

(875)

293

342

3Q24

(94)

(946)

516

336

4Q24

543

(772)

1,008

306

1Q25

146

(835)

662

319

Prompt Price represents calendar workday average of prices quoted that month for crude delivered in immediately following month(s). Switched from LLS to MEH for USGC beginning 1Q21 All prices and differentials listed are in Dollars per Barrel unless otherwise noted

Crack Spread Calculation: Mid-Con = ((Chicago CBOB Gasoline x 2 + Chicago Ultra Low Sulfur Distillate)/3) - WTI Prompt Price

USGC = ((U.S. Gulf Coast (USGC) CBOB Gasoline x 2 + USGC Ultra Low Sulfur Distillate) /3) - MEH Prompt Price (note: switched from LLS to MEH for USGC beginning 1Q21)

West Coast = ((LA California Reformulated Gasoline Blendstock for Oxygenate Blending (CARBOB) x 2+ LA California Air Resources Board (CARB) Diesel)/3) - ANS Prompt Price

Blended Mid-Con/USGC/West Coast crack spread is weighted beginning 2Q24 40%/42%/18% based on MPC's refining capacity by PADD, with prior periods weighted 40%/40%/20%.

Blended WTI/MEH/ANS prompt crude price is weighted beginning 2Q24 40%/42%/18% based on blended crack spread, with prior periods weighted 40%/40%/20%.

Data Sources: NYMEX, Argus, and MPC Estimate

MPC's typical sour crude oil basket could consist of the following crudes: ANS, ASCI, Maya, Western Canadian Select.

In the fourth quarter of 2024, MPC established a Renewable Diesel segment, which includes renewable diesel activities historically reported in the Refining & Marketing segment. Quarterly data in this Market Data file for 2023 and 2024 have been recast for comparability. Quarterly data for 2022 has not been recast, although full year 2022 recast results are available in the 4Q24 Investor Relations Packet posted on the company's website.

Disclaimer

Marathon Petroleum Corporation published this content on June 02, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 02, 2025 at 20:39 UTC.