Marathon Petroleum is a leading U.S. refiner and midstream energy company. It operates 13 refineries (∼3.0 million barrels-per-day capacity) in 12 states, integrated by an extensive pipeline and terminal network. Its Midstream segment (primarily the MLP MPLX LP) gathers, transports and stores crude oil, refined products and natural gas: MPLX owns about 40 million barrels of terminal storage and 12.4 Bcf/d of gas processing capacity. Marathon’s refining assets span the Gulf Coast (Garyville, LA; Galveston Bay, TX), Midwest (Detroit, MI; Canton, OH; St. Paul Park, MN), and West Coast (Martinez, CA; Carson, CA) – mirroring key U.S. supply regions.

In recent years Marathon has bolstered its portfolio (e.g. acquiring Andeavor in 2018) and expanded renewable fuels. Still, its core downstream (refining and gasoline marketing) and midstream (pipelines, terminals) businesses face stiff competition. Many global integrated oil majors and independent refiners operate overlapping assets – from Gulf Coast refineries to Permian pipelines – competing for crude supply, processing, and fuel markets. Similarly, large midstream & infrastructure players vie for volumes in natural gas, NGL and product transport. In 2024–25, industry earnings have been driven by volatile refining margins, shifting demand, and strategic investments (e.g. refinery upgrades, renewable diesel plants, pipeline expansions). The following sections profile Marathon’s chief competitors in refining and midstream, summarizing their recent financials, assets and key developments.

Top Competitors of Marathon Petroleum

U.S. Independent Refiners

1. Valero Energy

Website – https://www.valero.com/

Valero Energy (NYSE: VLO) is one of the world’s largest independent refiners, operating 15 refineries (in the U.S., Canada and U.K.) with ~3.2 MMbpd capacity. In Q2 2025 Valero processed ~2.9 MMbpd. Like Marathon, Valero has major Gulf Coast and West Coast facilities. For example, Valero’s Pasadena, TX refinery (310 kbpd) and St. Charles, LA (500 kbpd) compete in Gulf markets.

In 2024 Valero reported flat refining margins compared to 2023; Q4 2024 throughput was ~3.0 MMbpd. Valero is investing in renewable diesel (e.g. Diamond Green Diesel JV expansion) and pipeline access (its Windsor, CA refinery can take Permian heavy crude by rail). It also returned capital to shareholders (share buybacks/dividends) through 2024. Valero’s Gulf Coast projects (e.g. FCC upgrades) and consideration of California asset sales underscore shifting market dynamics.

2. Phillips 66

Website – https://www.phillips66.com/

Phillips 66 (NYSE: PSX) is a diversified downstream company with ~1.5 MMbpd refining capacity. It runs U.S. refineries from Bayway (NJ) and Ponca City (OK) to Borger (TX) and San Francisco (CA). It also owns DCP Midstream and a ~22,000‑mile U.S. pipeline network. In late 2024 Phillips announced closure of its 139 kbpd Wilmington (Los Angeles-area) refinery by 2025 due to weak West Coast margins, paralleling Marathon’s divestment of smaller West Coast plants.

In Q4 2024 PSX’s refining utilization was ~94% with margins ~6.08 $/bbl (down from prior year). Phillips 66 is actively reshaping assets: it plans divestitures (targeting >$3B in sales) and acquired EPIC midstream’s NGL business to boost its Permian/Gulf footprint. Its pipeline throughput is robust (roughly 759 kbpd Y-grade to market), reflecting heavy Permian NGL and crude flows. The company also is building renewable energy projects (renewable natural gas, hydrogen) consistent with industry trends.

3. PBF Energy

Website – https://www.pbfenergy.com/

PBF Energy (NYSE: PBF) is a large private refiner focused on coastal U.S. markets. PBF runs ~1.0 MMbpd across six refineries (e.g. Delaware City DE 180 kbpd, Torrance CA 166 kbpd, Paulsboro NJ 155 kbpd, Chalmette LA 185 kbpd, Toledo OH 180 kbpd, Martinez CA 157 kbpd).

In 2024 PBF’s refining margins deteriorated sharply, swinging from a strong profit in 2023 to a full-year net loss of $292.6M. It declared Q4/2024 operating losses of ~$383M (excluding special items). PBF was managing turnaround work late 2024 and early 2025 (e.g. at Toledo and a fire at Martinez refinery). PBF has focused on cost control and share repurchases (returning ~$1B over time) even while riding out refining cycles.

On the midstream side, PBF Logistics (now separate) owns crude pipelines and water systems in the Permian; but Marathon’s own MPLX competes for Permian crude gathering and transportation contracts. PBF also has a 63 MMgal/yr renewable diesel plant (St. Bernard Renewables) producing ~17,000 bpd.

4. HF Sinclair

Website – https://www.hfsinclair.com

HF Sinclair (NYSE: DINO) – formed from HollyFrontier’s acquisition of Sinclair Oil in 2022 – operates seven refineries with ~678 kbpd capacity. Key sites include Artesia, NM; El Dorado, KS; Tulsa, OK; Woods Cross, UT; Cheyenne and Casper, WY; plus an asphalt plant in Pennsylvania. These are largely Mid-Continent and Rocky Mountain locations. HF Sinclair also owns Holly Energy Partners (pipelines & terminals).

In Q4 2024, HF Sinclair reported a net loss of $214M (reflecting weaker refining margins), after achieving net income $177M for full-year 2024. Its refining throughput averaged ~562 kbpd in Q4 (down from ~614 kbpd a year earlier) as one refinery was down for maintenance. Notably, HF Sinclair’s midstream segments (gathering pipelines, specialty products) posted record earnings in 2024, underscoring diversification.

5. Delek US Holdings

Website – https://delekus.com

Delek US Holdings (NYSE: DK) owns four U.S. refineries (combined ~302 kbpd) in Tyler TX, Big Spring TX, El Dorado AR and Krotz Springs LA. Delek’s refineries have high complexity and sell gasoline/diesel into regional markets (notably the Texarkana area).

Delek has been undertaking a “sum-of-parts” restructuring, spinning off its logistics arm (DKL) and selling non-core assets to improve profitability. Its midstream subsidiary (formerly a part of Delek US) is now largely independent and focuses on Permian pipelines (including the H2O midstream assets acquired in 2024). Delek continues to pay modest dividends and repurchase units, aiming to weather the low-margin refining cycle.

Other independent refiners of note include Par Pacific (owning the 94 kbpd Carson CA and 42 kbpd Kapolei HI refineries) and Delek Energy (Korea-owned refiner in Tyler TX). While smaller, these firms compete regionally (e.g. California wholesale fuels) and also have limited midstream assets.

Global Integrated Oil Majors

1. ExxonMobil

Website – https://corporate.exxonmobil.com/

ExxonMobil (NYSE: XOM) is a supermajor with upstream, refining, chemicals and a worldwide pipeline network (mostly for internal supply/gas). Exxon operates roughly 21 refineries globally (mostly U.S. and Europe/Asia), with capacity around 2.4–2.5 MMbpd. Key U.S. refineries include Baytown, TX (584 kbpd), Baton Rouge, LA (528 kbpd), Joliet, IL (169 kbpd), and a 49% share of Anacortes, WA (424 kbpd).

In 2024 Exxon’s downstream (“Energy Products”) segment reported $4.0B earnings (vs $12.1B in 2023), as refining margins collapsed globally. Exxon’s total 2024 net income was $33.7B (down from $36.0B prior year), underlining the dominance of upstream. Strategic moves: Exxon continues to invest in low-carbon (carbon capture, hydrogen), but also maintains heavy refining exposure (e.g. developing capacity at Baytown for petrochemicals and fuels) to secure markets for its crude. Its global size (sales $366B in 2024) makes it a peer to Marathon in absolute scale, though Marathon’s footprint is more U.S.-focused.

2. Chevron

Website – https://www.chevron.com/

Chevron (NYSE: CVX) – another integrated U.S. major – operates about 10 refineries (8 U.S., 2 internationally) with ~1.7 MMbpd combined output. Chevron’s 2024 consolidated refined products output was 1,154 thousand bpd (excluding equity stakes), roughly half its full equity output.

In Q4 2024 Chevron reported a net income of $3.2B (GAAP) and an adjusted net of $3.6B, driven largely by strong upstream. Its Downstream segment had a $248M operating loss in Q4 (vs $595M profit prior year), reflecting weak refining spreads. Chevron is building LNG export (partnering on a Golden Pass LNG train in Texas) and has major pipeline assets (CalNev Pipeline to California, Midcontinent NGL network).

Recent moves include completing the $53B acquisition of Hess (oil production) in late 2023 and expanding its U.S. midstream via Dakota Access Pipeline infrastructure (via affiliate). Chevron’s extensive Gulf Coast refineries (e.g. 362 kbpd Pascagoula, MS; 325 kbpd El Segundo, CA) overlap Marathon’s markets. Chevron’s global downstream business is smaller than its E&P, but it still commands tens of billions in refining throughput.

3. Shell

Website – https://www.shell.com/

Royal Dutch Shell (NYSE: SHEL) has an integrated portfolio but has been de-emphasizing crude refining. Its downstream includes refineries (e.g. Convent/Norco in Louisiana – now under 100% Shell after Aramco partnership changes – Pernis in the Netherlands, Deer Park TX JV, Singapore’s SIRC) and fuel marketing.

Shell reported 2024 net income ~$23.7B and Q4 $3.7B (adjusted). Its “Products” segment (refining and marketing) saw roughly breakeven in Q4 2024 amid thin fuel spreads.

Notable developments: Shell sold its Motiva JV stake in Port Arthur, TX, back to Aramco (Shell kept Norco/Convent) as it shifts to chemicals and gas. It is investing heavily in LNG (Freeport, Prelude projects) and in low-carbon (wind, hydrogen). Although its refineries are fewer than Marathon’s (5 global, ~1.2 MMbpd capacity), Shell still competes in regional product markets (e.g. California – Shell’s Martinez refinery was sold to Marathon’s predecessor) and in marketing (Shell retail outlets vs. Marathon’s MARATHON/ARCO networks).

4. BP plc

Website – https://www.bp.com/

BP plc (London: BP) operates integrated downstream assets, though it has reduced refining in recent years. It runs refineries like Cherry Point WA, Gelsenkirchen Germany, Grangemouth UK, and a ~40% stake in Tanjung Uban, Indonesia.

In 2024 BP generated $38.0B adjusted EBITDA and $8.9B underlying profit (RC basis). In Q4 2024 BP’s downstream (“Customers & Products”) posted a $2.4B loss due to poor fuel margins. BP is refocusing on renewables (wind, solar), and has pledged to shut certain refining capacity (e.g. closing Coryton refinery in U.K.). BP’s Global LNG holdings (e.g. Texas LNG joint ventures) compete for U.S. gas markets. Marathon and BP both sell transportation fuels in overlapping regions (e.g. BP is a wholesale supplier on the U.S. Gulf Coast, and Marathon sells BP’s lubes and chemicals).

5. TotalEnergies

Website – https://totalenergies.com/

TotalEnergies (NYSE: TTE) is France’s integrated oil & gas giant.

TotalEnergies reported 2024 net income of €25.6B (USD ~$28B) on revenues of €351B. Its refining & chemicals (Downstream) posted €3.5B operating income in 2024 (down 44% from 2023), with Q4 2024 refined product profit ~€0.68B. TotalEnergies runs ~3 MMbpd of refining capacity globally (including refining joint ventures), and operates pipelines primarily in the North Sea and Africa.

In 2024 it agreed to sell its 50% stake in Port Arthur, TX refinery to partner Aramco. TotalEnergies also owns lubricant refineries (Carnet, France). The company’s move into solar, biofuels and electrification means fewer new refining projects, but it still provides gasoline/diesel to many markets where Marathon competes (particularly Europe and Africa).

Asia / Middle East Integrated Refiners

1. Sinopec

Website – https://www.sinopecgroup.com/group/en/

Sinopec (China Petrochemical Corp.) is China’s state refining/petrochem giant and the world’s largest refiner. In 2024 Sinopec’s refineries processed 252.3 million metric tons of crude (~5.05 MMbpd), a slight drop from the prior year due to softer demand. Sinopec’s refining throughput (and product exports) sets market benchmarks for Asia. Its profitability is tied to China’s fuel demand and refining margins (in 2024, low margins squeezed earnings across Chinese refiners). Strategic moves: Sinopec is expanding crude import infrastructure and overseas refining (e.g. 130 kbpd Petronas-Tianjin JV, converting refineries to chemicals).

Its midstream includes extensive pipelines in China, but most are state-owned. Marathon and Sinopec have little direct overlap geographically, but Sinopec is a major buyer of Middle East crude (competing for barrels) and a supplier of refined products (e.g. to Pacific markets) that affects global prices. Sinopec also holds a 40% stake in the Saudi Yanbu refinery (Yanbu Aramco Sinopec Refining) and 5% of Saudi’s S-Oil, linking it indirectly to Middle East crude flows.

2. Reliance Industries

Website – https://www.ril.com/

Reliance Industries (India, BSE: 500325) operates the world’s largest oil refinery complex (Jamnagar, India: 1.24 MMbpd nameplate). Its Oil-to-Chemicals (O2C) business combines refining and petrochemicals.

In FY2024–25, RIL reported a ~11% rise in O2C revenues (to $49.8B) on higher throughput, but an 11.9% drop in O2C EBITDA to $9.7B as product margins weakened. The Jamnagar refinery has ultra-high conversion units and primarily exports fuels and aromatics. Reliance is expanding downstream logistics (pipelines, marketing) through its retail arm, overlapping in distant markets with Marathon’s fuel distribution (e.g. it sells fuels across India).

Reliance also builds global fuel ties: for example, it has signed supply agreements with U.S. refiners and Saudi Aramco. Its strong petrochemical integration insulates some refining swings, but weak fuel margins in 2024 still hurt profits. Overall, Reliance’s strategy focuses on chemicals growth; it will remain a competitor for Middle East and Asian fuel demand and petrochemical feedstocks.

3. Saudi Aramco

Website – https://www.aramco.com/en

Saudi Aramco is the national oil company of Saudi Arabia – a major exporter of crude and an emerging refining/refining power.

In 2024 Aramco earned $106.2B net income. It operates roughly 3.3 MMbpd of refining capacity in Saudi Arabia and about 4.3 MMbpd of capacity abroad. This includes its full stake in the Motiva refinery (607 kbpd in Port Arthur, Texas) and stakes in refineries in Malaysia, South Korea (S-Oil, 669 kbpd), India (HPCL-Mittal, 363 kbpd), and planned projects in China. Domestically Aramco’s kingdom refineries (Ras Tanura, Yanbu, Jubail, Rabigh, etc.) processed ~2.94 MMbpd in March 2025 – near an all-time high.

Aramco’s strategy is to “capture margins” by refining at home rather than exporting all crude. It is investing in refining/petchem capacity under Saudi Vision 2030 (targeting $8–10B incremental cash flow by 2030).

For Marathon, Aramco is notable as Motiva’s owner (full control since 2023) – i.e., the largest U.S. refinery now serves Aramco’s strategy. Aramco also owns the St. Paul Park (MN) refinery via a minority stake, and its global retail network sells lubricants competing with Marathon’s Heavy Products segment. As a crude supplier, Aramco’s production decisions (often now negotiated via OPEC+) directly affect U.S. refining raw material costs.

U.S. Midstream & Infrastructure Operators

1. Enterprise Products Partners

Website – https://www.enterpriseproducts.com/

Enterprise Products Partners (NYSE: EPD) is a leading MLP midstream company.

It reported record 2024 volumes and earnings: net income to common unitholders was $5.9B (up 7%) and distributable cash flow $7.8B. Enterprise’s systems include ~50,000 miles of pipelines and 255 MMBbls storage (petrochemical and NGL terminals). In 2024 it achieved “record natural gas processing” (7.4 Bcf/d) and “total pipeline volumes of 12.9 MMbpd”, driven by Permian NGL and gas expansions. It also closed acquisitions (e.g. $949M Pinon Midstream) to grow its Permian footprint.

Marathon’s midstream MPLX competes directly with Enterprise for Permian volumes – e.g. on NGL pipelines (Enterprise’s Agua Dulce, ET’s RIGS, etc., vs MPLX’s Permian pipeline systems) and LPG exports. Enterprise’s broad footprint (NGL fractionators, USGC terminals, offshore export docks) means it can capture value across Marathon’s value chain.

2. Kinder Morgan

Website – https://www.kindermorgan.com/

Kinder Morgan (NYSE: KMI) is North America’s largest gas pipeline operator.

KMI’s 2024 financials were strong: Q4/2024 net income rose to $667M (vs $594M a year earlier), and full-year Adjusted EBITDA was ~$7.57B (USD) (budgeted $8.3B for 2025). Its natural gas pipelines (Transco, Tennessee, KM Louisiana, etc.) carry ~20 Bcf/d across the U.S., and its products pipelines (Kinder Morgan Products) deliver ~12.9 MMbpd of refined fuels in Gulf Coast and California. Kinder Morgan also owns major terminals (e.g. New York Harbor, Brownsville). In January 2025 Kinder announced a new $1.7B Trident Pipeline (216 miles, 1.5 Bcf/d) from Katy to Port Arthur to feed Gulf Coast demand. It also advanced the $1.6B Mississippi Crossing project (2.1 Bcf/d from Appalachia to Gulf Coast).

Marathon’s midstream (MPLX, MPLP) holds some overlapping assets in the Permian and Mid-Continent, but Kinder’s pipeline backlog shows where infrastructure demand is growing (LNG exports, power, industrial). Kinder pays a $1.15 annual dividend (2% raise over 2023), reflecting its steady cash flows. While Marathon operates mostly crude/product pipelines, Kinder’s scale makes it a peer in “last-mile” product delivery (especially in California, where both companies deliver fuels).

3. Energy Transfer

Website – https://www.energytransfer.com/

Energy Transfer (NYSE: ET) is a large master-limited partnership with ~100,000 miles of pipelines, including intrastate systems (e.g. Oasis, ETC, Gulf Coast Express) and interstate (Transwestern, U.S. Midstream).

In Q2 2025 ET reported net income of $1.16B (compared to $1.31B a year earlier), with $3.87B Q2 EBITDA and $1.96B Q2 distributable cash flow. ET’s volumes continue to rise: in Q2 2025, interstate gas volumes were +11%, crude oil +9% and NGL fractions +5% vs year-ago. ET has added ~130 MBpd of NGL export capacity (Nederland Flexport), and is moving ahead on a 1.5 Bcf/d Transwestern expansion.

Marathon’s midstream overlap: ET’s intrastate Permian gas pipelines (Oasis, Gulf Coast Express) compete for Permian gas flows that can also go into MPLX’s Permian gas plant at Wink or pipelines to the Gulf. ET also plans LNG (Lake Charles export project) and new storage that make it a growing competitor for arming U.S. export infrastructure.

4. Enbridge Inc.

Website – https://www.enbridge.com/

Enbridge Inc. (TSX: ENB) is Canada’s largest pipeline company, also with large U.S. holdings.

For 2024 Enbridge reported CAD 5.05B net income and CAD 16.885B adjusted EBITDA (all segments). Its core liquids pipelines (e.g. Mainline, Sandpiper/Line 3, Seaway JV with MPLX) serve 3.3 MMbpd capacity. Enbridge’s U.S. liquids EBITDA in 2024 was CAD $9.53B. On the gas side, Enbridge owns half of the ANR and Alliance pipelines and a stake in Natural Gas Pipeline Co (NGPL) via Enbridge Gas (Canada).

Marathon’s pipeline overlap is indirect (for instance, MPLX’s joint venture “Corelyte” pipeline once planned alongside Enbridge’s Lakehead assets). Nevertheless, Enbridge is a rival in the NGL fractionation and export business (it owns Aux Sable and recently began shipping NGL from the Gulf Coast). In summary, Enbridge’s integrated pipeline/tankers business rivals MPLX and Enterprise for North American supply flows.

5. Pembina Pipeline

Website – https://www.pembina.com/

Pembina Pipeline (TSX: PPL) – Pembina could be mentioned as a Canadian midstream peer.

In 2024 Pembina reported record EBITDA (over C$4.3B guidance) driven by Tar Sands export and NGL (via Aux Sable joint venture). Its network (Midland pipeline, NGL processing) connects Western Canada to Gulf Coast markets. While Marathon does not have Canadian holdings, Pembina competes for Western Canadian crude and NGL flows that could otherwise go through U.S. pipelines (e.g. it co-owns the Keystone Pipeline portion from Canada).

Overlapping Operations and Markets

Marathon’s refineries and pipelines compete regionally with many of the firms above. For instance, U.S. Gulf Coast refineries are held by Marathon (Garyville, Catlettsburg KY) and by rivals: Valero (Corpus Christi, TX; Port Arthur, TX), Exxon (Baytown, TX; Beaumont, TX), Chevron (Pasadena, TX; El Segundo, CA) and Saudi Aramco (Motiva Port Arthur, TX). Gulf Coast crude feedstock (WTI, Mexican Maya, Canadian heavy) is allocated among these plants – Marathon sources through MPLX’s pipelines (including Permian Midland connections) just as EPD and KMI pipeline networks do. On the West Coast, Marathon’s Martinez and Carson refineries compete with Valero (Benicia CA, resumed operations under PBF) and Phillips 66 (soon-closed LA refinery).

In Mid-Continent and Rocky Mountains, Marathon’s Detroit and St. Paul Park refineries face competition from smaller players (HF Sinclair’s Wood River is for Midwest, and HollyFrontier’s Woods Cross UT for Rockies). For retail fuels, Marathon brands (Marathon, Speedway, ARCO) compete against Chevron/ARCO (US), BP (Amoco in Midwest), and companies like Valero’s Diamond Shamrock chain.

On pipelines, Permian crude gathering pits Marathon’s MPLX (and Marathon Pipe Line LLC) against Enterprise’s Permian Express, ET’s Magellan Pipeline system and Plains All American. NGL transport is similarly contested: MPLX fractionators in the Gulf compete with Enterprise/NGL shipments and ET’s RIGS pipeline to Mont Belvieu. Rail terminals also see competition (MPLX operates Permian rail unloads just as Energy Transfer does).

Overall, Marathon Petroleum’s core businesses – refining and midstream logistics – intersect with the global giants’ operations at many points. The oil price cycle and regulatory shifts in 2024–25 have affected all players: weaker refining margins led most to report reduced earnings or losses in downstream, while midstream companies continued to post robust cash flows by expanding capacity in growth basins (e.g. the Permian) and essential infrastructure. The companies profiled here illustrate the competitive landscape Marathon navigates worldwide: from U.S.-focused refiners like Valero and Phillips 66, to the full integration of ExxonMobil, to giant national oil companies like Saudi Aramco and Sinopec that hold massive refining systems. Marathon must continually adapt (through acquisitions, divestitures and new projects) to maintain its position amid this crowded field.

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