MPC · 10-Q · 2026Q2 · Full report

Supply Chain and Inventory Trends

Marathon Petroleum Corp · 2026-08-04 · Importance 12 · Surprise 6

Inventory levels shifted during the first six months of 2026, with crude oil and material and supplies inventories declining while refined product inventories increased. The changes reflected lower crude oil and material and supplies inventory volumes, partly offset by higher refined product inventory volumes. Accounts payable and receivables also increased primarily because of higher crude oil prices and volumes, along with higher refined product prices.

Key facts

• Favorable change in working capital of $4.23 billion was a primary driver of the change in net cash provided by operating activities. source
• For the first six months of 2026, changes in working capital, excluding changes in short-term debt, were a net $3.19 billion source of cash. source
• For the first six months of 2025, changes in working capital, excluding changes in short-term debt, were a net $1.04 billion use of cash. source
• In the first six months of 2025, current receivables decreased primarily due to decreases in crude oil prices, partially offset by increases in crude oil volumes and refined product prices. source
• In the first six months of 2026, accounts payable increased primarily due to increases in crude oil prices and volumes. source
• In the first six months of 2026, current receivables increased primarily due to increases in crude oil prices and volumes in addition to an increase in refined product prices. source
• In the first six months of 2026, inventories decreased largely due to decreases in crude oil and material and supplies inventory volumes, partially offset by an increase in refined product inventory volumes. source
• In the first six months of 2025, accounts payable decreased primarily due to decreases in crude oil prices, partially offset by increases in crude oil volumes. source