Exhibit 99.1

Marathon Petroleum Reports Third Quarter Results

FINDLAY, Ohio, Nov. 1, 2011 – Marathon Petroleum Corporation (NYSE:MPC) today reported third quarter net income of $1.13 billion, or $3.16 per diluted share, compared with net income of $277 million, or $0.77 per diluted share, in the third quarter of 2010.

MPC President and Chief Executive Officer Gary R. Heminger said the company’s third quarter profitability can be attributed to relatively strong crack spreads leveraged across the company’s entire crude slate, as well as the company’s balance in terms of its geographic location, business integration, and crude oil sourcing. “During the third quarter, we executed on our ability to process crude oil produced in the U.S. mid-continent, Canada, and from virtually anywhere else in the world,” Heminger said. “We continued to capture price advantages from processing heavy and sour crudes, which comprised approximately 50 percent of the feedstocks we processed in the quarter. In addition, we increased our throughput of Canadian Heavy and crude priced off of WTI, bringing these to a combined total of approximately 38 percent of our crude slate during the quarter, compared to 28 percent during the third quarter of 2010.”

Heminger said that MPC’s operational performance and flexibility also contributed to the company’s third quarter profitability. “Even as we continued to leverage price-advantaged crudes, we also have been very successful at operating safely and efficiently,” he said. “Through the third quarter, our crude units utilization rate was approximately 100 percent, confirming that disciplined investment in our assets and operational excellence position us to deliver positive financial results in a variety of market conditions.”

MPC’s financial performance and confidence in its business model were key drivers behind the company’s decision to increase its quarterly dividend by 25 percent. Heminger said that the increase, announced Oct. 26, reflects the balanced approach the company intends to pursue between investing in the business and returning capital to shareholders.

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Looking to the future, Heminger noted that MPC’s ability to leverage price-advantaged heavy and sour feedstocks will be further enhanced with the completion of the Detroit Heavy Oil Upgrade Project (DHOUP) during the second half of 2012. “With the $2.2 billion DHOUP on budget and on schedule, we are positioned to process an incremental 80,000 barrels per day of heavy crude once DHOUP comes on stream,” he said. Heminger added that MPC’s successful project execution extends beyond DHOUP and includes a number of other initiatives to further enhance shareholder value. “Whether it’s additional de-bottlenecking within our refining system, expansion of our retail presence, enhancing our logistical flexibility, or continuing to focus on overall operational excellence, we have an ambitious agenda going forward.”

Segment Results

Total segment income from operations was $1.85 billion in the third quarter of 2011, compared with $496 million in the third quarter of 2010.

Refining & Marketing

Refining & Marketing segment income from operations was $1.71 billion in the third quarter of 2011, compared with $352 million in the third quarter of 2010. The increase was primarily the result of a higher refining and marketing gross margin, which increased to $13.18 per barrel in the third quarter of 2011 from $3.75 per barrel in the third quarter of 2010.

The main factors contributing to the increase in the gross margin for the third quarter of 2011 were favorable crude oil acquisition costs and higher crack spreads. The favorable crude oil acquisition costs resulted primarily from relatively wider differentials between West Texas Intermediate and other light sweet crudes, such as Light Louisiana Sweet (LLS), and between sweet and sour crudes. In addition, the Chicago and U.S. Gulf Coast (USGC) LLS 6-3-2-1 crack spreads increased in the third quarter of 2011 compared with the third quarter of 2010.

As of Sept. 30, the Detroit Heavy Oil Upgrade Project was 73 percent complete, and remains on budget and on schedule for an expected completion in the second half of 2012.

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Speedway

Speedway’s third quarter 2011 segment income from operations was $85 million, down $20 million compared to income from operations of $105 million in the third quarter of 2010. The decrease is primarily attributable to the sale of 166 convenience stores and 67 franchise convenience stores that were part of the December 2010 sale of the company’s Minnesota refinery and related assets.

Speedway’s gasoline and distillate gross margin per gallon averaged 12.57 cents in the third quarter of 2011, compared to 13.73 cents in the third quarter of 2010. In addition to this lower gross margin, lower sales volumes related to the Minnesota asset disposition also impacted results. Merchandise gross margin of $200 million was 7 percent lower in the third quarter of 2011 compared to the third quarter of 2010, also reflecting the effects of the Minnesota asset disposition.

Same-store gasoline sales volume at Speedway in the third quarter of 2011 decreased 2 percent, compared to an increase of 6 percent in the third quarter of 2010. The primary factor affecting same-store gasoline sales volume in the third quarter of 2011 was the higher average retail price of gasoline.

Speedway’s same-store merchandise sales increased 2 percent in the third quarter of 2011, compared with an increase of 3 percent for the third quarter of 2010.

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Pipeline Transportation

Pipeline transportation segment income from operations of $56 million was $17 million higher than third quarter 2010 segment income. The increase primarily reflects the absence of non-routine maintenance and impairment expenses incurred in 2010, partially offset by a reduction in pipeline equity affiliate earnings.

Corporate Items

Corporate and other unallocated expenses increased $40 million in the third quarter of 2011 compared with the third quarter of 2010. Approximately $33 million of the increase relates to costs associated with being a stand-alone company, including higher information technology, employee benefits, and other administrative and transition expenses. The remaining balance is due to higher incentive compensation accruals related to 2011 performance.

Strengthened Financial Position and Liquidity to Fund Operations and Pursue Strategic Priorities

At Sept. 30, the company had $2.96 billion of cash, an unused $2 billion revolving credit facility, and an approximately $1 billion unused trade receivables securitization facility. The company’s credit facilities and cash position should provide the company with significant flexibility to meet its day-to-day operational needs and pursue its strategic priorities, including value-enhancing bottom line growth opportunities and returning capital to shareholders over time. As of Sept. 30, the company’s strong financial position was reflected in a cash-adjusted debt to capital ratio of 3 percent.

Conference Call

At 10 a.m. EDT today, MPC will hold a webcast and conference call to discuss the earnings release and provide an update on company operations. Interested parties may listen to the conference call on MPC’s website at http://www.marathonpetroleum.com by clicking on the “2011 Third Quarter Financial Results” link. Replays of the conference call will be available on the company’s website through Tuesday, Nov. 15. Financial information, including the earnings release and other investor-related material, will also be available online at http://ir.marathonpetroleum.com by clicking on “Quarterly Investor Packet.”

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About Marathon Petroleum Corporation

MPC is the nation’s fifth-largest refiner with a crude capacity in excess of 1.1 million barrels per day in its six-refinery system. Marathon brand gasoline is sold through approximately 5,100 independently owned locations across 18 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation’s fourth largest convenience store chain, with approximately 1,375 locations

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in seven states. MPC also owns, operates, leases or has ownership interest in approximately 9,600 miles of pipeline. MPC’s fully integrated system provides operational flexibility to move crude oil, feedstocks and petroleum-related products efficiently through the company’s distribution network in the Midwest, Southeast and Gulf Coast regions. For additional information about the company, please visit our website at http://www.marathonpetroleum.com.

Investor Relations Contacts:

Pamela Beall (419) 429-5640

Beth Hunter (419) 421-2559

Media Contacts:

Angelia Graves (419) 421- 2703

Jamal Kheiry (419) 421- 3312

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, MPC’s current expectations, estimates and projections concerning MPC business and operations. You can identify forward-looking statements by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “project,” “could,” “may,” “should,” or “would” or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the company’s control and are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include: the availability and pricing of crude oil and other feedstocks; slower growth in domestic and Canadian crude supply; completion of pipeline capacity to areas outside the U.S. Midwest; consumer demand for refined products; changes in governmental regulations; transportation logistics; the availability of materials and labor, delays in obtaining necessary third-party approvals, and other risks customary to construction projects; the reliability of processing units and other equipment; our ability to successfully implement growth opportunities; other risk factors inherent to our industry; and the factors set forth under the heading “Risk Factors” in MPC’s Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”). In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed here or in MPC’s Form 10 could also have material adverse effects on forward-looking statements. Copies of MPC’s Form 10 are available on the SEC website, at http://www.marathonpetroleum.com or by contacting MPC’s Investor Relations Office.

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Consolidated Statements of Income (Unaudited)

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Supplemental Statistics (Unaudited)

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Supplemental Statistics (Unaudited) (continued)

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Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) by Segment

Select Balance Sheet Data (Unaudited)

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