It evaporates, it loses volatiles and forms tar balls that can wash up on beaches (and there, eventually, be broken to tiny pieces), it reacts somewhat with water and dissolved stuff in the water to make other compounds, that break down or evaporate, or sometimes, just stay in the water on molecular or other scales for long periods of time.
Because there are natural oil seeps that have been injecting oil into the oceans for tens of thousands of years, all of the above are natural processes.
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