Marathon "MPC / MPLX NDR Takeaways" Gupta

Research evidence excerpt

Marathon "MPC / MPLX NDR Takeaways" Gupta

Global Research

22 May 2026ab

Marathon Equities

North AmericaMPC / MPLX NDR Takeaways

Energy

Manav Gupta

Dinner with Senior Management Analyst

Management was constructive on the refining macro, even before the Iran conflict manav.gupta@ubs.com

started. The supply / demand fundamentals would remain favorable even after the +1-212-713 4399

Straight of Hormuz is fully open. Saumya Jain

Associate Analyst

MPC buys less than 10% of its crude from outside of North America. As a result it's saumya.jain@ubs.com

not been impacted, and sourcing crude has not been an issue, unlike international +1-212-882 0089

peers.

Richard DeDios

At this point MPC has not seen any major signs of demand destruction. In past Associate Analyst

when gasoline goes over $5/gal, there could be some temporary changes in richard.dedios@ubs.com

+1-212-713 8018 consumer behavior.

Sumantra Banerjee

In March 2026, MPC brought 30mb/d of incremental jet production capacity Associate Analyst

online at Garyville. Robinson Jet flexibility investment comes online in 3Q 2026, sumantra.banerjee@ubs.com

adding 10mb/d of incremental jet fuel production. The timing on these two +1-212-713 5104

projects could not be better as global markets are most short jet fuel.

Ivan Scotto

It's important to note that this jet fuel capacity is flex in nature. In the event the Associate Analyst

ivan.scotto@ubs.com future demand for diesel is higher than jet fuel, MPC can go back to making more

+1-212-713 3137

distillate at the expense of Jet Fuel.

Company also has flexibility as it relates to gasoline production, if in the summer

driving season, gasoline cracks I stronger than diesel, they could make more

gasoline at the expense of diesel. Currently the company is running in max