Marathon Petroleum Corp Annual Report, Year Ended Dec 31, 2019

Marathon Petroleum Corporation (MPC) reported relatively flat income from operations in 2019 compared to 2018, primarily driven by increased performance in the Retail and Midstream segments, which was offset by higher impairments and increased net interest and other financial costs. The company is undertaking significant strategic actions, including plans to separate its retail transportation fuel and convenience store business (Speedway) into an independent publicly traded company, targeted for completion in late 2020. Additionally, MPC's Board of Directors has formed a special committee to evaluate strategic alternatives for its Midstream business, primarily conducted through MPLX. Financially, MPC has a strong liquidity position, with significant availability under its credit facilities. The company continued its commitment to returning capital to shareholders through share repurchases and dividends. The Andeavor acquisition, completed in late 2018, significantly increased the scale and geographic diversification of MPC's assets, though it also contributed to increased debt and integration-related costs. The company's business is organized into three segments: Refining & Marketing, Retail, and Midstream. Refining & Marketing remains the largest segment by revenue, operating the nation's largest refining system. The Retail segment benefits from the Speedway brand and loyalty program, while the Midstream segment, largely through MPLX, provides integrated logistics and infrastructure services. MPC is also investing in renewable diesel production, converting its Dickinson refinery by the end of 2020.