Marathon Petroleum Group Trust

Investment oversight falls under Marathon Petroleum's corporate treasury and finance organization. The trust does not maintain a separate investment office with publicly named portfolio managers. The board of directors of Marathon Petroleum Corporation carries fiduciary responsibility for the plan (per Marathon Petroleum 10-K, 2024), with day-to-day management executed by internal treasury staff who report to the chief financial officer.

At year-end 2024, Marathon Petroleum disclosed a pension funded status of 72%, up from 65% at year-end 2023 (per Marathon Petroleum 10-K, February 2025). The improvement was driven by strong equity market returns during 2024 and approximately $200 million in discretionary employer contributions. The plan had previously seen its funded ratio drop from 84% to 58% during the 2022 market downturn (per Pensions & Investments, 2023).

Yes. The trust holds direct limited-partnership interests in land investment vehicles including Avanti Strategic Land Investors II and III, which acquire undeveloped and transitional land across the Southern and Western United States. It also holds direct interests in individual properties such as the Toledo Rossford Perrysburg mixed-use development in Ohio and the Archstone Marina Bay residential nomination in Delaware. These direct positions sit alongside traditional commingled fund allocations.

Marathon Petroleum Group Trust emerged from the 2011 corporate separation that split Marathon Oil into an upstream exploration-and-production company and a downstream refining-and-marketing company. The trust now serves Marathon Petroleum Corporation exclusively. Marathon Oil continues to sponsor its own separate pension plan for its workforce. Before 2011, both workforces were covered under a single Marathon Oil pension umbrella.

The trust employs a hybrid approach — it maintains allocations to external commingled fund managers across traditional asset classes and also participates directly in co-investment-style real asset partnerships. The Avanti Strategic Land partnerships, for example, are third-party-managed vehicles in which the trust is a passive limited partner. This blend of fund commitments and direct holdings is typical for a corporate plan of its size that maintains internal treasury capability.

Despite its industrial-parent connection to petroleum refining, the trust does not appear to make direct investments in energy-sector operating assets or oil-and-gas private equity. Its known alternative-asset allocations lean toward land, real estate, and timber — asset classes that provide inflation sensitivity and long-duration cash flows. This land-heavy tilt may reflect a deliberate diversification away from the energy exposure already embedded in the sponsor's operating business.

Yes. It is a single-employer defined-benefit plan covering substantially all Marathon Petroleum Corporation employees. The plan is not part of any multi-employer or industry-wide pension arrangement. As of year-end 2024, the trust held $2.49 billion in assets against $3.47 billion in projected benefit obligations (per Marathon Petroleum 10-K, February 2025).