| Metric | Details |
|---|---|
| Parent Company | Marathon Petroleum Corporation |
| S&P / Moody’s Rating | BBB / Baa2 |
| Investment Grade Status | LOWER MEDIUM GRADE (Investment Grade) |
| Sector | Energy / Refining & Fuel Distribution |
| Speedway Note | ⚠ Speedway sold to 7-Eleven in May 2021 — no longer Marathon-owned |
| Marathon-branded US Sites | ~4,700 (dealer-operated Marathon brand) |
| Cap Rate Range | 5.5–6.5% (Marathon corporate; dealer sites vary) |
| Typical Lease Term | 10–20 years (NNN / Ground Lease) |
| Guarantee Type | Corporate (Marathon Petroleum Company LP) or Dealer |
| Stock Ticker | MPC (NYSE) |
| Annual Revenue | ~$147B (FY2024 est.) |
| Typical Price Range | $2,000,000–$6,000,000 |
Marathon Petroleum / Speedway Business Overview & NNN Investment Profile
Marathon Petroleum Corporation is the largest US oil refiner by crude throughput capacity, operating 13 refineries with capacity of approximately 3.0 million barrels per day. The company also operates the MPLX LP midstream partnership and markets fuel under the Marathon brand through approximately 4,700 dealer-operated retail sites. S&P affirmed Marathon’s BBB rating with stable outlook in January 2025, and Moody’s carries Baa2 with stable outlook, confirming solid lower-medium investment grade credit quality.
Marathon Petroleum Credit Rating Analysis
Marathon Petroleum’s BBB/Baa2 investment grade ratings reflect its position as the dominant US independent refiner. The company’s large refining scale, Gulf Coast concentration that provides advantaged crude access, and midstream integration through MPLX create a diversified earnings base that supports stable credit metrics across commodity cycles. S&P’s January 2025 affirmation at BBB stable followed Marathon’s continued debt reduction and strong refining margins in 2024.
Marathon’s financial profile is distinguished by its aggressive shareholder return program, which has returned over $30 billion to shareholders since 2021 through dividends and buybacks, funded primarily by refining cash flows and the Speedway sale proceeds. Despite this significant capital return, the company has maintained investment-grade leverage metrics, reflecting management’s commitment to the BBB credit floor.
Investors evaluating Marathon-branded NNN properties should confirm the specific guarantee structure, as the majority of Marathon retail sites are dealer-operated and do not carry direct Marathon Petroleum Company LP corporate guarantees. Investment-grade BBB/Baa2 ratings indicate adequate capacity to honor financial commitments, applicable where the corporate guarantee is confirmed.
Marathon NNN Lease Structure
Marathon Petroleum corporate sale-leaseback NNN leases typically carry 10 to 20 year initial terms structured as NNN or absolute NNN with annual rent escalations of 1.5% to 2.0%. Most Marathon-branded retail sites are dealer-operated, meaning the lease guarantee comes from the individual dealer rather than Marathon Petroleum Company LP. Corporate-guaranteed Marathon NNN leases are less common than dealer-operated sites and command tighter cap rates when available.
Environmental compliance on Marathon fuel properties is handled by the tenant under standard NNN fuel lease structures. Investors should conduct standard Phase I environmental assessment as part of due diligence on any fuel retail property, confirming no known contamination from underground storage tanks or prior fuel operations.
Marathon NNN Cap Rate & Pricing Trends
Marathon Petroleum corporate-guaranteed NNN properties trade at cap rates between 5.5% and 6.5% as of Q1 2026, reflecting the solid BBB/Baa2 credit profile. This range places Marathon-backed fuel properties slightly wider than Chevron and ExxonMobil, which carry higher AA‑/Aa2 ratings and command tighter spreads. Dealer-operated Marathon-branded sites trade at higher cap rates (6.5–8.0%+) reflecting dealer credit rather than Marathon corporate.
Typical prices range from $2,000,000 to $6,000,000 for freestanding gas station and c-store formats. Marathon’s Gulf Coast and Midwest geographic concentration means most available properties are in those regions, which offer investors exposure to high-vehicle-traffic, lower-cost markets.
Speedway Under 7-Eleven: What NNN Investors Need to Know
The 2021 Speedway acquisition by 7-Eleven converted approximately 3,900 Speedway-branded convenience stores from Marathon Petroleum guarantee to 7-Eleven guarantee. This transition is material for NNN investors: leases that previously showed Marathon Petroleum as guarantor now carry Seven & i Holdings Co. / 7-Eleven, Inc. guarantee. Given 7-Eleven’s A/Baa2 rating — considerably stronger than Marathon’s BBB/Baa2 — the guarantee assignment was generally a credit improvement for landlords. Investors evaluating any Speedway-branded NNN property should review current lease documents to confirm the active guarantor entity.
Marathon Petroleum NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| BBB/Baa2 investment grade — solid lower-medium grade credit | Most Marathon sites are dealer-operated, not corporate guarantee |
| Largest US refiner by capacity — durable business position | Speedway sold to 7-Eleven — key brand no longer Marathon-backed |
| Strong shareholder return program signals financial confidence | Dealer-operated sites require independent dealer credit evaluation |
| Gulf Coast refining concentration provides structural cost advantage | Standard fuel property environmental due diligence required |
Comparable NNN Tenants
| Comparable Tenant | Rating | Cap Rate Range |
|---|---|---|
| Chevron | AA‑ / Aa2 | 5.0–6.0% |
| BP / AMOCO | A‑ / A2 | 5.0–6.5% |
| 7-Eleven (Speedway) | A / Baa2 | 5.0–6.0% |
What is Marathon Petroleum’s credit rating?
Marathon Petroleum Corporation carries a BBB rating from S&P (affirmed January 2025, stable outlook) and Baa2 from Moody’s (stable outlook). These ratings represent solid lower-medium investment grade quality and reflect the company’s position as the largest US independent refiner.
Who owns Speedway gas stations now?
Speedway was sold to 7-Eleven, Inc. in May 2021 for approximately $21 billion. Speedway-branded locations are now operated by 7-Eleven and guaranteed by 7-Eleven, Inc. / Seven & i Holdings Co. The Speedway brand is no longer affiliated with Marathon Petroleum for guarantee purposes.
What cap rates are Marathon NNN properties trading at?
Marathon Petroleum corporate-guaranteed NNN properties trade between 5.5% and 6.5% as of Q1 2026. Dealer-operated Marathon-branded sites trade at wider spreads (6.5–8.0%+) reflecting dealer credit rather than Marathon corporate guarantee.
Is Marathon Petroleum a good NNN tenant?
Marathon Petroleum offers solid BBB/Baa2 investment grade credit backed by its position as the dominant US independent refiner. The primary due diligence step is confirming whether the specific property carries a direct Marathon Petroleum Company LP corporate guarantee versus a dealer guarantee, as most Marathon-branded sites are dealer-operated.
Convenience store and fuel station properties carry significant accelerated depreciation potential. Under IRS rules, qualifying gas station and c-store buildings can be classified as 15-year property rather than 39-year, making the entire structure eligible for 100% bonus depreciation in Year 1. Underground storage tanks, fuel dispensing systems, canopy structures, and refrigeration equipment add further reclassification value. See our full analysis: Gas Station and C-Store NNN Bonus Depreciation Guide.
The Only Marathon / Speedway NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker pays the cooperating commission. That means you get a dedicated advisor handling sourcing, underwriting, financing, and closing — and on the majority of transactions, there is no separate fee to you as the buyer.
Find It — Corporate-guaranteed Marathon NNN leases sourced and verified, with Speedway guarantee correctly identified as 7-Eleven before you proceed.
Fund It — 150+ lender relationships. BBB-rated energy credit gets strong institutional lender attention. Best terms, not first approval.
Exit It — Selling a Marathon or Speedway asset through a 1031? Our Capital Markets desk connects you with the right buyers.
Not committed to Marathon? Tell us your criteria — the tenant is a variable. Your criteria is the constant.
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Related NNN Tenants
Own a Marathon / Speedway Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.
Evaluating a 1031 exchange or disposition? We represent both sides of Marathon / Speedway NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.
Need a current valuation? We maintain live comps on Marathon / Speedway NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.
Own multiple Marathon / Speedway properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Marathon / Speedway portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Marathon / Speedway buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
