MPC · 10-Q · 2026Q3 · Full report

Supply Chain and Inventory Trends

Marathon Petroleum Corp · 2026-11-03 · Importance 10 · Surprise 6 · In source text

In the first nine months of 2026, inventories increased largely because of higher refined product inventory volumes, partly offset by lower crude oil and materials and supplies inventory volumes. Accounts payable increased primarily with higher crude oil prices and volumes, while current receivables increased with crude oil prices and volumes and higher refined product prices. In the comparable 2025 period, inventories also increased, driven mainly by refined products and materials and supplies, partly offset by lower crude oil inventory volumes.

Key facts

• Marathon Petroleum Corp's operating cash flow benefited from a favorable $6.27 billion change in working capital when comparing the first nine months of 2026 with the same period of 2025. source
• Marathon Petroleum Corp's working capital, excluding changes in short-term debt, was a net $5.45 billion source of cash in the first nine months of 2026, mainly reflecting energy commodity price and volume changes, including derivatives. source
• Marathon Petroleum's Refining & Marketing segment has long-term, fee-based agreements with MPLX that include minimum quarterly throughput and distribution volumes, minimum storage volumes, and payment commitments for 100% of available capacity on certain marine transportation and refining logistics assets. source
• Marathon Petroleum Corp's working capital, excluding changes in short-term debt, was a net $818 million use of cash in the first nine months of 2025, mainly due to energy commodity volume and price changes at period-end. source
• Marathon Petroleum stated that crude oil transport volumes are directly affected by crude supply and refiner demand in markets served by its crude pipelines, terminals and marine operations. source
• Marathon Petroleum stated that refined product transport, storage, distribution and marketing volumes are directly affected by production and user demand in markets served by its refined product pipelines and marine operations. source
• Marathon Petroleum identified changes in the cost or availability of third-party vessels, pipelines, railcars and other transportation as a risk to moving crude oil, natural gas, NGLs, feedstocks, refined products and renewable fuels. source
• Marathon Petroleum identified labor and material shortages as a risk to its business. source

Impact estimates