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•	future levels of revenues, refining and marketing gross margins, operating costs, retail gasoline and distillate gross margins, merchandise margins, income from operations, net income or earnings per share;

•	anticipated volumes of feedstock, throughput, sales or shipments of refined products;

•	anticipated levels of regional, national and worldwide prices of crude oil, natural gas, NGLs and refined products;

•	anticipated levels of crude oil and refined product inventories;

•	future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses;

•	the success or timing of completion of ongoing or anticipated capital or maintenance projects;

•	business strategies, growth opportunities and expected investments, including planned equity investments in pipeline projects;

•	expectations regarding the acquisition or divestiture of assets;

•	our share repurchase authorizations, including the timing and amounts of any common stock repurchases;

•	the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan;

•	the effect of restructuring or reorganization of business components;

•	the potential effects of judicial or other proceedings on our business, financial condition, results of operations and cash flows; and

•	the anticipated effects of actions of third parties such as competitors, or federal, foreign, state or local regulatory authorities or plaintiffs in litigation.

•	volatility or degradation in general economic, market, industry or business conditions;

•	the effects of lifting the U.S. crude oil export ban;

•	availability and pricing of domestic and foreign supplies of natural gas, NGLs and crude oil and other feedstocks;

•	the ability of the members of the OPEC to agree on and to influence crude oil price and production controls;

•	availability and pricing of domestic and foreign supplies of refined products such as gasoline, diesel fuel, jet fuel, home heating oil and petrochemicals;

•	foreign imports and exports of crude oil, refined products, natural gas and NGLs;

•	refining industry overcapacity or under capacity;

•	changes in producer customers’ drilling plans or in volumes of throughput of crude oil, natural gas, NGLs, refined products or other hydrocarbon-based products;

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•	changes in the cost or availability of third-party vessels, pipelines, railcars and other means of transportation for crude oil, natural gas, NGLs, feedstocks and refined products;

•	changes to the expected construction costs and timing of pipeline projects;

•	the price, availability and acceptance of alternative fuels and alternative-fuel vehicles and laws mandating such fuels or vehicles;

•	fluctuations in consumer demand for refined products, natural gas and NGLs, including seasonal fluctuations;

•	political and economic conditions in nations that consume refined products, natural gas and NGLs, including the United States, and in crude oil producing regions, including the Middle East, Africa, Canada and South America;

•	actions taken by our competitors, including pricing adjustments, expansion of retail activities, the expansion and retirement of refining capacity and the expansion and retirement of pipeline capacity, processing, fractionation and treating facilities in response to market conditions;

•	completion of pipeline projects within the U.S.;

•	changes in fuel and utility costs for our facilities;

•	failure to realize the benefits projected for capital projects, or cost overruns associated with such projects;

•	modifications to MPLX LP earnings and distribution growth objectives;

•	the ability to successfully implement growth opportunities;

•	the risk that the synergies from the MarkWest Merger (defined below) may not be fully realized or may take longer to realize than expected;

•	risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges;

•	the ability to realize the strategic benefits of joint venture opportunities;

•	accidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, or those of our suppliers or customers;

•	unusual weather conditions and natural disasters, which can unforeseeably affect the price or availability of crude oil and other feedstocks and refined products;

•	acts of war, terrorism or civil unrest that could impair our ability to produce refined products, receive feedstocks or to gather, process, fractionate or transport crude oil, natural gas, NGLs or refined products;

•	state and federal environmental, economic, health and safety, energy and other policies and regulations, including the cost of compliance with the renewable fuel standard program;

•	rulings, judgments or settlements and related expenses in litigation or other legal, tax or regulatory matters, including unexpected environmental remediation costs, in excess of any reserves or insurance coverage;

•	political pressure and influence of environmental groups upon policies and decisions related to the production, gathering, refining, processing, fractionation, transportation and marketing of crude oil or other feedstocks, refined products, natural gas, NGLs or other hydrocarbon-based products;

•	labor and material shortages;

•	the maintenance of satisfactory relationships with labor unions and joint venture partners;

•	the ability and willingness of parties with whom we have material relationships to perform their obligations to us;

•	the market price of our common stock and its impact on our share repurchase authorizations;

•	changes in the credit ratings assigned to our debt securities and trade credit, changes in the availability of unsecured credit and changes affecting the credit markets generally;

•	capital market conditions and our ability to raise adequate capital to execute our business plan; and

•	the other factors described in Item 1A. Risk Factors.

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Refining & Marketing – refines crude oil and other feedstocks at our seven refineries in the Gulf Coast and Midwest regions of the United States, purchases refined products and ethanol for resale and distributes refined products through various means, including barges, terminals and trucks that we own or operate. We sell refined products to wholesale marketing customers domestically and internationally, buyers on the spot market, our Speedway® business segment and to independent entrepreneurs who operate Marathon® retail outlets.

•	Speedway – sells transportation fuels and convenience products in the retail market in the Midwest, East Coast and Southeast.

•

Midstream – includes the operations of MPLX and certain other related operations. Following the MarkWest Merger, we changed the name of this segment from Pipeline Transportation to Midstream to reflect its expanded business activities. There were no changes to the historical financial information reported for this segment. The Midstream segment gathers, processes and transports natural gas; gathers, transports, fractionates, stores and markets natural gas liquids and transports and stores crude oil and refined products.

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*	As of December 31, 2015

•	approximately 5,400 miles of crude oil and products pipelines that MPC owns, leases or which it has an ownership interest;

•	ownership interest in SAX pipeline;

•	19 owned or leased inland towboats and 219 owned or leased inland barges;

•	ownership interest in a blue water joint venture with Crowley Maritime Corporation;

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•	61 owned and operated light product terminals with approximately 20 million barrels of storage capacity and 187 loading lanes;

•	18 owned and operated asphalt terminals with approximately 4 million barrels of storage capacity and 68 loading lanes;

•	one leased and two non-operated, partially-owned light product terminals;

•	2,210 owned or leased railcars;

•	59 million barrels of tank and cavern storage capacity at our refineries;

•	25 rail and 26 truck loading racks at our refineries;

•	seven owned and 11 non-owned docks at our refineries;

•	condensate splitters at our Canton and Catlettsburg refineries; and

•	approximately 20 billion gallons of fuels distribution.

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(a)	Refining throughput can exceed crude oil capacity due to the processing of other charge and blendstocks in addition to crude oil and the timing of planned turnaround and major maintenance activity.

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(a)	Represents ownership through our investment in Crowley Ocean Partners.

(b)	All of our barges are double-hulled.

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(a)	MPLX predecessor volumes reported in MPLX’s filings include our undivided joint interest crude oil pipeline systems for periods prior to MPLX’s initial public offering, which were not contributed to MPLX. The undivided joint interest volumes are not included above.

(b)	Volumes represent 100 percent of the throughput through these pipelines.

(c)	Beginning December 4, 2015, which was the effective date of the MarkWest Merger.

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(a)	Corporate officer.

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•	worldwide and domestic supplies of and demand for crude oil and refined products;

•	the cost of crude oil and other feedstocks to be manufactured into refined products;

•	the prices realized for refined products;

•	utilization rates of refineries;

•	natural gas and electricity supply costs incurred by refineries;

•	the ability of the members of OPEC to agree to and maintain production controls;

•	political instability or armed conflict in oil and natural gas producing regions;

•	local weather conditions;

•	seasonality of demand in our marketing area due to increased highway traffic in the spring and summer months;

•	natural disasters such as hurricanes and tornadoes;

•	the price and availability of alternative and competing forms of energy;

•	domestic and foreign governmental regulations and taxes; and

•	local, regional, national and worldwide economic conditions.

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•	increasing our vulnerability to changing economic, regulatory and industry conditions;

•	limiting our ability to compete and our flexibility in planning for, or reacting to, changes in our business and the industry;

•	limiting our ability to pay dividends to our stockholders;

•	limiting our ability to borrow additional funds; and

•	requiring us to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing funds available for working capital, capital expenditures, acquisitions, share repurchases, dividends and other purposes.

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•	Inaccurate assumptions about future synergies, revenues, capital expenditures and operating costs;

•	An inability to successfully integrate assets or businesses we acquire;

•	A decrease in our liquidity resulting from using a portion of our available cash or borrowing capacity under our revolving credit agreement to finance transactions;

•	A significant increase in our interest expense or financial leverage if we incur additional debt to finance transactions;

•	The assumption of unknown environmental and other liabilities, losses or costs for which we are not indemnified or for which our indemnity is inadequate;

•	The diversion of management’s attention from other business concerns; and

•	The incurrence of other significant charges, such as impairment of goodwill or other intangible assets, asset devaluation or restructuring charges.

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•	the emission or discharge of materials into the environment,

•	solid and hazardous waste management,

•	pollution prevention,

•	greenhouse gas emissions,

•	characteristics and composition of gasoline and diesel fuels,

•	public and employee safety and health, and

•	facility security.

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•	denial of or delay in receiving requisite regulatory approvals and/or permits;

•	unplanned increases in the cost of construction materials or labor;

•	disruptions in transportation of components or construction materials;

•	adverse weather conditions, natural disasters or other events (such as equipment malfunctions, explosions, fires or spills) affecting our facilities, or those of vendors or suppliers;

•	shortages of sufficiently skilled labor, or labor disagreements resulting in unplanned work stoppages;

•	market-related increases in a project’s debt or equity financing costs; and

•	nonperformance by, or disputes with, vendors, suppliers, contractors or subcontractors.

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•	providing that our board of directors fixes the number of members of the board;

•	providing for the division of our board of directors into three classes with staggered terms;

•	providing that only our board of directors may fill board vacancies;

•	limiting who may call special meetings of stockholders;

•	prohibiting stockholder action by written consent, thereby requiring stockholder action to be taken at a meeting of the stockholders;

•	establishing advance notice requirements for nominations of candidates for election to our board of directors or for proposing matters that can be acted on by stockholders at stockholder meetings;

•	establishing supermajority vote requirements for certain amendments to our restated certificate of incorporation and stockholder proposals for amendments to our amended and restated bylaws;

•	providing that our directors may only be removed for cause;

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•	authorizing a large number of shares of common stock that are not yet issued, which would allow our board of directors to issue shares to persons friendly to current management, thereby protecting the continuity of our management, or which could be used to dilute the stock ownership of persons seeking to obtain control of us; and

•	authorizing the issuance of “blank check” preferred stock, which could be issued by our board of directors to increase the number of outstanding shares and thwart a takeover attempt.

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(a)	All capacities reflect 100 percent of the pipeline systems’ and barge dock’s average capacity in thousands of barrels per day and 100 percent of the available storage capacity of our butane cavern and tank farms in thousands of barrels.

(b)	Includes pipelines leased from third parties.

(c)	The Neal, WV butane cavern is 100 percent owned by MPLX.

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(a)	Centrahoma processing capacity of 300 MMcf/d is not included in this table as we own a non-operating interest.

(b)	Natural gas throughput is a weighted average for days in operation. The utilization of design capacity has been calculated using the weighted average design throughput capacity.

(c)	NGL throughput includes volumes from December 4, 2015 to December 31, 2015.

(d)	A portion of the gas processed at the Boldman plant, and all of the gas processed at the Kermit plant, is further processed at the Kenova plant to recover additional NGLs.

(e)	The Kermit processing plant is operated by a third party solely to prevent liquids from condensing in the gathering and transmission pipelines upstream of our Kenova plant. We do not receive Kermit gas volume information but do receive all of the liquids produced at the Kermit Complex. As such, the design capacity has been excluded from the subtotal.

(a)	NGL throughput is a weighted average for days in operation. The utilization of design capacity has been calculated using the weighted average design throughput capacity.

(b)	NGL throughput includes volumes from December 4, 2015 to December 31, 2015.

(c)

The MPLX Houston, Hopedale and Keystone Complexes have above ground NGL storage with a usable capacity of 26 million gallons, large‑scale truck and rail loading. In addition, the Houston Complex has large‑scale truck unloading. MPLX also has access to up to an additional 50 million gallons of propane storage capacity that can be utilized in the Marcellus Shale, Utica Shale and Appalachia region under an agreement with a third party that expires in 2018. Lastly, MPLX has up to nine million gallons of butane storage and eleven million gallons of propane storage with third parties that can be utilized in the Marcellus Shale and Utica Shale.

(d)	Includes 33 mpbd of de-propanization only capacity.

(e)	Our Hopedale Complex is jointly owned by MarkWest Liberty Midstream and MarkWest Utica EMG, respectively. We account for MarkWest Utica EMG as an equity method investment.

(f)	The Ohio Condensate Complex is owned by MarkWest Utica EMG Condensate. We account for Ohio Condensate as an equity method investment.

(g)

Our Siloam Complex has both above ground, pressurized NGL storage facilities, with usable capacity of two million gallons, and underground storage facilities, with usable capacity of ten million gallons. Product can be received by truck, pipeline or rail and can be transported from the facility by truck, rail or barge. This facility has large‑scale truck and rail loading and unloading capabilities, and a river barge facility capable of loading barges up to 840,000 gallons.

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(a)	NGL throughput is a weighted average for days in operation. The utilization of design capacity has been calculated using the weighted average design throughput capacity.

(b)	NGL throughput includes volumes from December 4, 2015 to December 31, 2015.

(a)	Natural gas throughput is a weighted average for days in operation. The utilization of design capacity has been calculated using the weighted average design throughput capacity.

(b)	NGL throughput includes volumes from December 4, 2015 to December 31, 2015.

(c)	The Ohio Gathering System is owned by Ohio Gathering, which we account for as an equity method investment.

(d)	The Jefferson Gas System is owned by Jefferson Dry Gas, which is a joint venture between MarkWest Liberty Midstream and EMG MWE Dry Gas Holdings, LLC. We account for Jefferson Dry Gas as an equity method investment.

(e)	Excludes lateral pipelines where revenue is not based on throughput.

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(a)	NGL throughput includes volumes from December 4, 2015 to December 31, 2015.

(b)	This pipeline is FERC-regulated.

(c)	This is the section of the Mariner West pipeline, which is FERC-regulated, leased to and operated by Sunoco Logistics Partners LP.

(d)	NGLs transported through the Langley to Ranger and Ranger to Kenova pipelines are combined with NGLs recovered at the Kenova facility. The design capacity and volume reported for the Langley to Siloam pipeline represent the combined NGL stream.

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(a)	The pipeline diameter and length for these companies will be determined when these pipeline projects are placed into service.

(b)	We own 38 percent of the Class B units in this entity. Upon completion of the Sandpiper pipeline project, which is to construct a pipeline running from Beaver Lodge, North Dakota to Superior, Wisconsin and targeted for completion in early 2019, our Class B units will be converted to an approximate 27 percent ownership interest in the Class A units of this entity.

(c)	Includes 692 miles of inactive pipeline.

(a)	We own a 65 percent undivided joint interest in the Louisville, KY to Lexington, KY system.

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(a)	The amounts in this column include 3,537, 448 and 247 shares of our common stock delivered by employees to MPC, upon vesting of restricted stock, to satisfy tax withholding requirements in October, November and December, respectively.

(b)

Amounts in this column reflect the weighted average price paid for shares purchased under our share repurchase authorizations and for shares tendered to us in satisfaction of employee tax withholding obligations upon the vesting of restricted stock granted under our stock plans. The weighted average price includes commissions paid to brokers on shares purchased under our share repurchase authorizations.

(c)	On July 30, 2015, we announced that our board of directors had approved an additional $2.0 billion share repurchase authorization through July 31, 2017. This authorization is in addition to the previous $2.0 billion authorization announced July 30, 2014 and expiring on July 31, 2016, which had approximately $760 million remaining as of December 31, 2015.

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(a)	On December 4, 2015, MPLX merged with MarkWest. On September 30, 2014, we acquired Hess’ Retail Operations and Related Assets. On February 1, 2013, we acquired the Galveston Bay Refinery and Related Assets. Data presented subsequent to these acquisitions include amounts for these operations.

(b)	We completed a two-for-one stock split in June 2015. All historical per share data has been retroactively restated on a post-split basis. The number of weighted average shares for 2015, 2014, 2013 and 2012 reflect the impacts of shares of common stock repurchased under our share repurchase plans.

(c)	We adopted the updated FASB debt issuance cost standard as of June 30, 2015 and applied the changes retrospectively to the prior periods presented. We reclassified unamortized debt issuance costs related to term debt from other noncurrent assets to long-term debt.

(d)

Includes amounts due within one year. During 2011, we issued $3.0 billion aggregate principal amount of senior notes, which replaced a portion of the debt payable to Marathon Oil and subsidiaries. During 2014, we issued $1.95 billion aggregate principal amount of senior notes and entered into a $700 million term loan agreement to fund a portion of the Hess’ Retail Operations and Related Assets acquisition. Also during 2014, MPLX entered into a $250 million term loan agreement and drew upon its credit facility to fund a portion of its purchase of additional interest in Pipe Line Holdings from MPC. During 2015, MPLX issued $500 million aggregate principal amount of senior notes and repaid the outstanding amounts under its bank revolving credit facility. In connection with the MarkWest Merger on December 4, 2015, MPLX assumed MarkWest Senior Notes with an aggregate principal amount of $4.1 billion and used its credit facility to repay $850 million of the $943 million of borrowings under MarkWest’s credit facility. Also during 2015, we issued $1.5 billion aggregate principal amount of senior notes and used $763 million of the net proceeds to extinguish our obligation for the $750 million aggregate principal amount of our 3.500% senior notes due in 2016.

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Refining & Marketing – refines crude oil and other feedstocks at our seven refineries in the Gulf Coast and Midwest regions of the United States, purchases refined products and ethanol for resale and distributes refined products through various means, including barges, terminals and trucks that we own or operate. We sell refined products to wholesale marketing customers domestically and internationally, buyers on the spot market, our Speedway business segment and to independent entrepreneurs who operate Marathon® retail outlets.

•	Speedway – sells transportation fuels and convenience products in the retail market in the Midwest, East Coast and Southeast.

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Midstream – includes the operations of MPLX and certain other related operations. Following the MarkWest Merger, we changed the name of this segment from Pipeline Transportation to Midstream to reflect its expanded business activities. There were no changes to the historical financial information reported for this segment. The Midstream segment gathers, processes and transports natural gas; gathers, transports, fractionates, stores and markets natural gas liquids and transports and stores crude oil and refined products.

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(a)	Weighted 40 percent Chicago and 60 percent USGC LLS 6-3-2-1 crack spreads and assumes all other differentials and pricing relationships remain unchanged.

(b)	LLS (prompt) – [delivered cost of sour crude oil: Arab Light, Kuwait, Maya, Western Canadian Select and Mars].

(c)	Assumes 20 percent of crude oil throughput volumes are WTI-based domestic crude oil.

•	the types of crude oil and other charge and blendstocks processed;

•	our refinery yields;

•	the selling prices realized for refined products;

•	the impact of commodity derivative instruments used to hedge price risk;

•	the cost of products purchased for resale; and

•	the potential impact of LCM adjustments to inventories in periods of declining prices.

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•	a decrease in refined product cost of sales of $32.2 billion, primarily due to a decrease in our average crude oil costs of $43.97 per barrel, partially offset by an increase in refined product sales volumes; and

•	decreases in refinery direct operating costs of $726 million, or $1.40 per barrel of total refinery throughput, primarily due to significantly lower turnaround activity in 2015 and decreases in other manufacturing costs.

•	a decrease in refined product cost of sales of $5.01 billion, primarily due to a decrease in our average crude oil costs of $9.30 per barrel, partially offset by an increase in refined product sales volumes;

•	partially offset by a increase in refinery direct operating costs of $913 million, or $1.37 per barrel of total refinery throughput, which included costs associated with significant planned turnaround activity; and

•	an increase in merchandise cost of sales for our Speedway segment of $327 million, primarily attributable to the convenience stores acquired from Hess.

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(a)	Includes intersegment sales and sales destined for export.

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(a)	Excludes cigarettes.

(a)	On owned common-carrier pipelines, excluding equity method investments.

(b)	Beginning December 4, 2015, which was the effective date of the MarkWest Merger.

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(a)	Included in the Midstream segment for 2015, 2014 and 2013 are $20 million, $19 million and $20 million, respectively, of corporate overhead expenses attributable to MPLX. These expenses are not currently allocated to other segments.

(b)	See Item 8. Financial Statements and Supplementary Data – Note 22.

(c)	See Item 8. Financial Statements and Supplementary Data – Note 15.

(a)	All spreads and differentials are measured against prompt LLS.

(b)	Calculation utilizes USGC three percent residual fuel oil price as a proxy for Chicago three percent residual fuel oil price.

(c)	Blended Chicago/USGC crack spread is 38/62 percent in 2015, 38/62 percent in 2014 and 38/62 percent in 2013 based on MPC’s refining capacity by region in each period.

(d)	LLS (prompt) – [delivered cost of sour crude oil: Arab Light, Kuwait, Maya, Western Canadian Select and Mars].

•	The Chicago LLS 6-3-2-1 crack spread increased $1.11 per barrel in 2015 compared to 2014 and increased $1.40 in 2014 compared to 2013, which had positive impacts on segment income of $400 million and $354 million, respectively.

•	The USGC LLS 6-3-2-1 crack spread increased $1.88 per barrel in 2015 compared to 2014 and increased $0.99 per barrel in 2014 compared to 2013 which had positive impacts on segment income of $940 million and $407 million, respectively.

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•	The LLS-WTI crude oil differential narrowed $0.40 per barrel in 2015 compared to 2014. This decrease was offset by an increase in volume resulting in a positive impact on segment income of $6 million. The LLS-WTI crude oil differential narrowed $5.34 per barrel in 2014 compared to 2013, which had negative impacts on segment income of $695 million.

•	The sweet/sour crude oil differential narrowed $0.87 per barrel in 2015 compared to 2014 and $1.56 per barrel in 2014 compared to 2013, which had negative impacts on segment income of $27 million and $489 million, respectively.

(a)	Sales revenue less cost of refinery inputs and purchased products, divided by total refinery throughputs. Excludes the LCM inventory valuation charge.

(b)	Per barrel of total refinery throughputs.

(c)	Includes utilities, labor, routine maintenance and other operating costs.

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(a)	The price paid by consumers less the cost of refined products, including transportation, consumer excise taxes and bankcard processing fees, divided by gasoline and distillate sales volume. Excludes LCM inventory valuation charge.

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•	Accounts payable decreased $1.92 billion from year-end 2014, primarily due to lower crude oil payable prices and volumes.

•	Current receivables decreased $1.13 billion from year-end 2014, primarily due to lower refined product and crude oil receivable prices and lower crude oil receivable volumes.

•	Inventories decreased $417 million from year-end 2014, primarily due to a $370 million LCM inventory valuation charge and lower refined product and crude oil inventory volumes.

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(a)

The 2015 acquisitions include the MarkWest Merger. The 2014 acquisitions include the acquisition of Hess’ Retail Operations and Related Assets. The 2013 acquisitions include the acquisition of the Galveston Bay Refinery and Related Assets. The acquisition numbers above include property, plant and equipment, equity investments, intangibles and goodwill. See Item 8. Financial Statements and Supplementary Data – Note 5 for further details.

(a)	Capital expenditures include changes in capital accruals.

(b)	Includes $13.85 billion in 2015 for the MarkWest Merger, $2.71 billion in 2014 for the acquisition of Hess’ Retail Operations and Related Assets and $1.36 billion in 2013 for the acquisition of the Galveston Bay Refinery and Related Assets. See Item 8. Financial Statements and Supplementary Data – Note 5.

(c)	Includes capitalized interest of $37 million, $27 million and $28 million for 2015, 2014 and 2013, respectively.

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(a)	Shares repurchased in 2013 includes 2 million shares received under the November 2012 ASR program, which were paid for in 2012.

(a)	Excludes MPLX’s $2 billion bank revolving credit facility, which had $877 million of borrowings and $8 million of letters of credit outstanding as of December 31, 2015.

(b)	Availability under our $1.0 billion trade receivables securitization facility is a function of refined product selling prices, which will be lower in a sustained lower price environment. As of January 31, 2016, eligible trade receivables supported borrowings of $507 million.

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(a)	Includes interest payments for our senior notes, term loans and the MPLX credit agreement and commitment and administrative fees for our credit agreement, the MPLX credit agreement and our trade receivables securitization facility.

(b)	Capital lease obligations represent future minimum payments.

(c)	Includes both short- and long-term purchases obligations.

(d)	These contracts include variable price arrangements with estimated prices to be paid primarily based on futures curves.

(e)	Includes $632 million to fund 37.5 percent of the construction of the Sandpiper pipeline project.

(f)	Includes $331 million of contingent consideration associated with the acquisition of the Galveston Bay Refinery and Related Assets. See Item 8. Financial Statements and Supplementary Data – Note 5 for additional information on this acquisition.

(g)	Primarily includes contracts to purchase services such as utilities, supplies and various other maintenance and operating services.

(h)	Primarily includes obligations for pension and other postretirement benefits including medical and life insurance, which we have estimated through 2024. See Item 8. Financial Statements and Supplementary Data – Note 22.

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(a)	Based on the American Petroleum Institute’s definition of environmental expenditures.

(b)	These amounts include spending charged against remediation reserves, where permissible, but exclude non-cash provisions recorded for environmental remediation.

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•	Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

•	Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the measurement date.

•	Level 3 – Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value.

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•	assessment of impairment of long-lived assets;

•	assessment of impairment of intangible assets:

•	assessment of impairment of goodwill;

•	assessment of impairment of equity method investments;

•	recorded values for acquisitions; and

•	recorded values of derivative instruments.

•	Future margins on products produced and sold. Our estimates of future product margins are based on our analysis of various supply and demand factors, which include, among other things, industry-wide capacity, our planned utilization rate, end-user demand, capital expenditures and economic conditions. Such estimates are consistent with those used in our planning and capital investment reviews.

•	Future volumes. Our estimates of future refinery, pipeline throughput and natural gas and NGL processing volumes are based on internal forecasts prepared by our Refining & Marketing and Midstream segments operations personnel.

•	Discount rate commensurate with the risks involved. We apply a discount rate to our cash flows based on a variety of factors, including market and economic conditions, operational risk, regulatory risk and political risk. This discount rate is also compared to recent observable market transactions, if possible. A higher discount rate decreases the net present value of cash flows.

•	Future capital requirements. These are based on authorized spending and internal forecasts.

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•	the discount rate for measuring the present value of future plan obligations;

•	the expected long-term return on plan assets;

•	the rate of future increases in compensation levels;

•	health care cost projections; and

•	the mortality table used in determining future plan obligations.

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(a)	Excludes capital leases.

(b)	Fair value was based on market prices, where available, or current borrowing rates for financings with similar terms and maturities.

(c)	Assumes a 100-basis point decrease in the weighted average yield-to-maturity at December 31, 2015.

(d)	Assumes a 100-basis-point change in interest rates. The change in net income was based on the weighted average balance of debt outstanding for the year ended December 31, 2015.

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1.	Description of the Business and Basis of Presentation

2.	Summary of Principal Accounting Policies

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3.	Accounting Standards

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4.	MPLX LP

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5.	Acquisitions and Investments

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6.	Variable Interest Entities

7.	Related Party Transactions

•	Centennial Pipeline LLC (“Centennial”), in which we have a 50 percent noncontrolling interest. Centennial owns a refined products pipeline and storage facility.

•	Crowley Ocean Partners, in which we have a 50 percent noncontrolling interest. Crowley Ocean Partners operates and charters Jones Act product tankers.

•	Explorer, in which we have a 25 percent interest. Explorer owns and operates a refined products pipeline.

•	Illinois Extension Pipeline, in which we have a 35 percent noncontrolling interest. Illinois Extension Pipeline owns and operates a crude oil pipeline.

•	LOCAP LLC (“LOCAP”), in which we have a 59 percent noncontrolling interest. LOCAP owns and operates a crude oil pipeline.

•	LOOP LLC (“LOOP”), in which we have a 51 percent noncontrolling interest. LOOP owns and operates the only U.S. deepwater oil port.

•	MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C. (“MarkWest EMG Jefferson”), in which we have a 67 percent noncontrolling interest. Jefferson Dry Gas is engaged in dry natural gas gathering in the county of Jefferson, Ohio.

•	MarkWest Utica EMG, in which we have a 60 percent noncontrolling interest. MarkWest Utica EMG owns and operates an NGL pipeline and natural gas gathering system.

•	Ohio Condensate, in which we have a 60 percent noncontrolling interest. Ohio Condensate owns and operates wellhead condensate stabilization and gathering services for certain locations within Ohio.

•	Ohio Gathering, in which we have a 36 percent indirect noncontrolling interest. Ohio Gathering owns, operates and develops midstream gathering infrastructure in southeastern Ohio.

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•	TAAE, in which we have a 43 percent noncontrolling interest, TACE, in which we have a 60 percent noncontrolling interest and TAME, in which we have a 67 percent direct and indirect noncontrolling interest. These companies each own an ethanol production facility.

•	Other equity method investees.

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8.	Income per Common Share

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9.	Equity

(a)	Shares repurchased in 2013 includes 2 million shares received under the November 2012 accelerated share repurchase program, which were paid for in 2012.

10.	Segment Information

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Refining & Marketing – refines crude oil and other feedstocks at our refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale and distributes refined products through various means, including barges, terminals and trucks that we own or operate. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to our Speedway segment and to independent entrepreneurs who operate Marathon® retail outlets.

•	Speedway – sells transportation fuels and convenience merchandise in retail markets in the Midwest, East Coast and Southeast regions of the United States.

•

Midstream – includes the operations of MPLX and certain other related operations. Following the MarkWest Merger, we changed the name of this segment from Pipeline Transportation to Midstream to reflect its expanded business activities. There were no changes to the historical financial information reported for this segment. The Midstream segment gathers, processes and transports natural gas; gathers, transports, fractionates, stores and markets natural gas liquids and transports and stores crude oil and refined products.

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(a)	Management believes intersegment transactions were conducted under terms comparable to those with unaffiliated parties.

(b)	Included in the Midstream segment for 2015, 2014 and 2013 are $20 million, $19 million and $20 million, respectively, of corporate overhead expenses attributable to MPLX. Corporate overhead expenses are not currently allocated to other segments. Also included in the Midstream segment for 2015 are $36 million of transaction costs related to the MarkWest Merger.

(c)	The Refining & Marketing and Speedway segments include inventory lower of cost or market charge of $345 million and $25 million, respectively.

(d)	Differences between segment totals and MPC totals represent amounts related to unallocated items and are included in “Items not allocated to segments” in the reconciliation below.

(e)	Capital expenditures include changes in capital accruals, acquisitions and investments in affiliates.

(f)	The Midstream segment includes $13.85 billion for the MarkWest Merger. See Note 5.

(g)	The Speedway and Refining & Marketing segments include $2.66 billion and $52 million, respectively, for the acquisition of Hess’ Retail Operations and Related Assets. See Note 5.

(h)	The Refining & Marketing and Midstream segments include $1.29 billion and $70 million, respectively, for the acquisition of the Galveston Bay Refinery and Related Assets. See Note 5.

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(a)	Corporate and other unallocated items consists primarily of MPC’s corporate administrative expenses and costs related to certain non-operating assets.

(b)	Corporate overhead expenses attributable to MPLX are included in the Midstream segment. Corporate overhead expenses are not allocated to the Refining & Marketing and Speedway segments.

(c)	See Note 22.

(d)	Related to the cancellation of the ROUX project at our Garyville, LA refinery. See Note 15.

(a)	2015 includes $2.46 billion for the MarkWest Merger. See Note 5.

(b)	Capital expenditures include changes in capital accruals. See Note 20 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows.

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11.	Other Items

(a)	2015 includes $6 million of transaction costs related to the MarkWest Merger.

12.	Income Taxes

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(a)	2015 includes $443 million acquired in the MarkWest Merger. See Note 5 for total net deferred income taxes acquired. 2015 also includes $404 million tax effect related to MPC’s $1.5 billion share of the MPLX equity issued in connection with the MarkWest Merger. See Consolidated Statements of Equity.

(a)	We adopted the updated FASB balance classification of deferred taxes standard and applied the changes prospectively. We reclassified current deferred taxes from current accrued taxes to long-term deferred income taxes. See Note 3.

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13.	Inventories

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14.	Equity Method Investments

(a)	We own a 38 percent interest in the Class B units of this entity. Our Class B units will be converted to an approximate 27 percent ownership interest in the Class A units of this entity upon completion of the Sandpiper pipeline construction project, which is expected to be in early 2019.

(b)	Excludes TAEI’s investment in TAME.

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15.	Property, Plant and Equipment

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16.	Goodwill and Intangibles

(a)	See Note 5 for information on the acquisitions.

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(a)	The Refining & Marketing and Speedway segments include unamortized intangible assets of $3 million and $46 million, respectively, which are primarily trademarks.

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17.	Fair Value Measurements

(a)	Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of December 31, 2015, cash collateral of $23 million was netted with mark-to-market derivative assets. As of December 31, 2014, cash collateral of $78 million was netted with mark-to-market derivative assets.

(b)	We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.

(c)	Includes $5 million at December 31, 2015 classified as current.

(d)	Includes $196 million and $174 million classified as current as of December 31, 2015 and 2014, respectively.

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(a)	On the consolidated statements of cash flows for 2015 and 2014, $175 million and $172 million, respectively, of the contingent earnout payment to BP is included as a financing activity with the remainder included as an operating activity.

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(a)	Excludes capital leases and debt issuance costs, however, includes amount classified as short-term debt.

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18.	Derivatives

(a)	Includes embedded derivatives.

(a )	100 percent of the exchange-traded contracts expire in the first quarter of 2016.

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(a )	100 percent of the exchange-traded contracts expire in the first quarter of 2016.

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19.	Debt

(a)	We adopted the updated FASB debt issuance cost standard as of June 30, 2015 and applied the changes retrospectively to the prior period presented. We reclassified unamortized debt issuance costs from other noncurrent assets to long-term debt.

(b)	2015 includes $465 million discount related to the difference between the fair value and the principal amount of the assumed MarkWest debt.

(c)

In 2012, we terminated our interest rate swap agreements with a notional amount of $500 million that had been entered into as fair value accounting hedges on our 3.50 percent senior notes due in March 2016. The $20 million gain on the termination of our interest rate swap agreements was amortized over the remaining life of the 3.50 percent senior notes. As a result of the December 2015 extinguishment of our obligation for the 3.50 percent senior notes, the remaining unamortized gain was credited to net interest and other financial income (costs).

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20.	Supplemental Cash Flow Information

(a)	See Note 5.

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(a)	Included in All other, net – Operating activities on the consolidated statements of cash flows.

(b)	The 2015 acquisitions include the MarkWest Merger. The 2014 acquisitions include the acquisition of Hess’ Retail Operations and Related Assets. The 2013 acquisitions include the acquisition of the Galveston Bay Refinery and Related Assets. The acquisition numbers above include property, plant and equipment, intangibles and goodwill. See Note 5.

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(a)	These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 22.

(b)	This amount was reclassified out of accumulated other comprehensive loss and is included in selling, general and administrative expenses on the consolidated statements of income.

22.	Defined Benefit Pension and Other Postretirement Plans

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(a)	Includes adjustments related to the MarkWest Merger in 2015 and the acquisition of Hess’ Retail Operations and Related Assets in 2014.

(b)	Amounts exclude those related to LOOP and Explorer, equity method investees with defined benefit pension and postretirement plans for which net losses of $19 million and $2 million were recorded in accumulated other comprehensive loss in 2015, reflecting our ownership share.

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(a)	Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.

(b)	Includes adjustments related to the MarkWest Merger in 2015, plan amendments approved in 2013 and adjustments due to changes made to the defined pension plans and the post-65 medical plan coverage effective January 1, 2013.

(a)	Effective January 1, 2016, the expected long-term rate of return on plan assets is 6.50 percent due to a continuation of a change in our primary plan investment strategy, which began January 1, 2014.

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•	Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

•	If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

•	If we choose to stop participating in the multiemployer plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

(a)	This agreement has a minimum contribution requirement of $291 per week per employee for 2016. A total of 272 employees participated in the plan as of December 31, 2015.

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23.	Stock-Based Compensation Plans

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(a)	Includes an immaterial number of stock appreciation rights.

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24.	Leases

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25.	Commitments and Contingencies

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26.	Subsequent Event

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(a)	We completed a two-for-one stock split in June 2015. All historical per share data has been retroactively restated on a post-split basis.

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(a)	The Refining & Marketing and Speedway segments in 2015 include inventory lower of cost or market charge of $345 million and $25 million, respectively.

(b)	Included in the Midstream segment for 2015, 2014 and 2013 are $20 million, $19 million and $20 million of corporate overhead expenses attributable to MPLX, which were included in items not allocated to segments prior to MPLX’s October 31, 2012 initial public offering. Corporate overhead expenses are not currently allocated to other segments.

(c)	Capital expenditures include changes in capital accruals.

(d)	Includes $13.85 billion in 2015 for the MarkWest Merger, $2.71 billion in 2014 for the acquisition of Hess’ Retail Operations and Related Assets and $1.36 billion in 2013 for the acquisition of the Galveston Bay Refinery and Related Assets. See Note 5.

(e)	Includes capitalized interest of $37 million, $27 million and $28 million for 2015, 2014 and 2013, respectively.

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(a)	Total average daily volumes of refined product sales to wholesale, branded and retail (Speedway segment) customers.

(b)	Includes the results of the Galveston Bay Refinery and Related Assets from the February 1, 2013 acquisition date.

(c)	Includes intersegment sales.

(d)	Sales revenue less cost of refinery inputs and purchased products, divided by total refinery throughputs.

(e)	Excludes the lower of cost or market adjustment.

(f)	Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.

(g)	Excludes inter-refinery volumes of 46 mbpd, 43 mbpd and 36 mbpd for 2015, 2014 and 2013, respectively.

(h)	Per barrel of total refinery throughputs.

(i)	Includes utilities, labor, routine maintenance and other operating costs.

(j)	Includes inter-refinery transfer volumes.

(k)	Includes the impact of Hess’ Retail Operations and Related Assets from the September 30, 2014 acquisition date.

(l)	The price paid by consumers less the cost of refined products, including transportation, consumer excise taxes and bankcard processing fees, divided by gasoline and distillate sales volume.

(m)	Excludes cigarettes. Same store comparison includes only locations owned at least 13 months.

(n)	On owned common-carrier pipelines, excluding equity method investments.

(o)	Includes amounts related to unconsolidated equity method investments. Includes the results of the MarkWest assets beginning on the Dec. 4, 2015 acquisition date.

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1)	8,724,631 stock options granted pursuant to the MPC 2012 Plan and the MPC 2011 Plan and not forfeited, cancelled or expired as of December 31, 2015.

2)	513,220 restricted stock units granted pursuant to the MPC 2012 Plan and the MPC 2011 Plan for shares unissued and not forfeited, cancelled or expired as of December 31, 2015.

3)

237,093 shares as the maximum potential number of shares that could be issued in settlement of performance units outstanding as of December 31, 2015 pursuant to the MPC 2012 Plan, based on the closing price of our common stock on December 31, 2015 of $51.84 per share. The number of shares reported for this award vehicle may overstate dilution. See Note 23 for more information on performance unit awards granted under the MPC 2012 Plan.

(b)	Restricted stock, restricted stock units and performance units are not taken into account in the weighted-average exercise price as such awards have no exercise price.

(c)

Reflects the shares available for issuance pursuant to the MPC 2012 Plan. All granting authority under the MPC 2011 Plan was revoked following the approval of the MPC 2012 Plan by shareholders on April 25, 2012. No more than 17,973,884 of the shares reported in this column may be issued for awards other than stock options or stock appreciation rights. The number of shares reported in this column assumes 237,093 as the maximum potential number of shares that could be issued pursuant to the MPC 2012 Plan in settlement of performance units outstanding as of December 31, 2015, based on the closing price of our common stock on December 31, 2015, of $51.84 per share. The number of shares assumed for this award vehicle may understate the number of shares available for issuance pursuant to the MPC 2012 Plan. See Note 23 for more information on performance unit awards granted pursuant to the MPC 2012 Plan. Shares related to grants made pursuant to the MPC 2012 Plan that are forfeited, cancelled or expire unexercised become immediately available for issuance under the MPC 2012 Plan.

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†	The exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K and will be provided to the Securities and Exchange Commission upon request.

*	Indicates management contract or compensatory plan, contract or arrangement in which one or more directors or executive officers of the Registrant may be participants.

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