Results
Marathon Petroleum Corp. Reports Third-Quarter 2026 Results
Third-quarter net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, adjusted net income of $7.5 billion, or $26.93 per diluted share
$11.7 billion of adjusted EBITDA, demonstrating the earnings power of MPC’s value chains
$3.3 billion of capital returned, reflecting strong cash generation and disciplined execution
2Announced a 10% increase in MPC’s quarterly dividend, consistent with our capital allocation priorities
4MPLX increased its quarterly distribution by 12.5% for the third consecutive year, resulting in $3.1 billion of expected annual distributions to MPC
Advancing strategic priorities through the announced divestiture of Mid-Con assets and intent to reinvest primarily in the Gulf Coast
FINDLAY, Ohio, Nov. 3, 2026 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, for the third quarter of 2026 .
This compares with a net income attributable to MPC of $1.4 billion, or $4.51 per diluted share, for the third quarter of 2025.
Adjusted net income was $7.5 billion, or $26.93 per diluted share, for the third quarter of 2026.
This compares to adjusted net income of $915 million, or $3.01 per diluted share, for the third quarter of 2025.
8The third quarter of 2026 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $11.7 billion, compared with $3.2 billion for the third quarter of 2025.
“Our value chain capabilities remain a defining advantage for us, capturing opportunities to enhance margins across dynamic market conditions,” said Chairman, President and Chief Executive Officer Maryann Mannen.
“Strong planning, commercial, and operational execution generated significant cash flows, supporting high-return investments while delivering substantial returns to shareholders.
MPLX’s durable growth and increasing cash flow to MPC delivers a differentiated value proposition.”
Results from Operations
Adjusted EBITDA (unaudited)
Refining & Marketing (R&M)
7Segment adjusted EBITDA was $9.9 billion in the third quarter of 2026, versus $1.8 billion for the third quarter of 2025.
R&M segment adjusted EBITDA was $34.15 per barrel for the third quarter of 2026, versus $6.37 per barrel for the third quarter of 2025.
Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $294 million in the third quarter of 2026 and $400 million in the third quarter of 2025.
Results were driven primarily by higher market crack spreads in all regions.
R&M margin was $45.70 per barrel for the third quarter of 2026, versus $17.60 per barrel for the third quarter of 2025.
Crude capacity utilization was 100%, resulting in total throughput of 3.2 million barrels per day (bpd) for the third quarter of 2026.
1This compares to crude capacity utilization of 95% for the third quarter of 2025.
Refining operating costs were $5.60 per barrel for the third quarter of 2026, versus $5.59 per barrel for the third quarter of 2025.
Midstream
Segment a djusted E BITDA was $1.9 billion in the third quarter of 2026, versus $1.7 billion for the third quarter of 2025.
The increase was primarily driven by increased rates and throughputs, increased income from equity affiliates, and growth from acquisitions, partially offset by the divestiture of non-core gathering and processing assets as well as higher operating expenses, including incentive compensation.
Renewable Diesel
5Segment adjusted EBITDA was $254 million in the third quarter of 2026, versus $(56) million for the third quarter of 2025 .
The results reflect a stronger margin environment, improved regulatory credit values, and higher throughputs.
Corporate and Items Not Allocated
Corporate expenses totaled $328 million in the third quarter of 2026, compared with $238 million in the third quarter of 2025.
The variance was primarily due to higher expenses related to incentive compensation.
Financial Position, Liquidity, and Return of Capital
As of September 30, 2026, MPC had $13.6 billion of cash, cash equivalents, and short-term investments, including $1.3 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility.
On September 15, 2026, MPC redeemed all of its outstanding $749 million senior notes due December 2026.
In the third quarter, the company returne d $3.3 billion of capital to shareholders.
As of September 30, 2026, the company had $3.1 billion remaining under its share repurchase authorizations.
Additionally, the Board of Directors approved an incremental $5 billion share repurchase authorization.
With the addition of this new authorization, the company would have had $8.1 billion available under its share repurchase authorizations as of September 30, 2026.
The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans.
The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended or discontinued at any time.
Strategic Update
MPC announced the divestiture of the St. Paul Park and Mandan refineries, inclusive of related midstream assets for $4.2 billion.
3MPC will receive $3.45 billion of the proceeds and intends to reinvest this capital prioritizing opportunities that meet the company’s return thresholds and advance its strategic priorities, primarily in the Gulf Coast.
MPLX will receive $750 million of the proceeds, representing a 9x multiple on forecast 2027 adjusted EBITDA of the associated logistics assets.
MPLX expects to redeploy this capital in support of its growth plans, anchored in the Permian and Marcellus basins.
The transaction is expected to close at the end of 2026.
MPC’s 2026 capital spending outlook (excluding MPLX) is $1.5 billion.
Approximately 65% of capital spending is focused on value-enhancing investments and 35% on sustaining operations.
MPC’s outlook includes high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries.
In addition to these multi-year investments, the company is executing shorter-term projects that offer high returns through margin enhancement and cost reduction.
InvestmentDetailsExpected In-Service
Garyville Jet FlexibilityIncreases flexibility to maximize higher value jet fuel production to meet growing demand1Q26 – Completed
El Paso Yield ImprovementUpgrades fluid catalytic cracker (FCC) and alkylation units to drive volume expansion2Q26 – Completed
Robinson Product FlexibilityIncreases flexibility to maximize higher value jet fuel production to meet growing demand2Q26 – Completed
6Galveston Bay Distillate Hydrotreater90 thousand bpd (mbpd) hydrotreater, increasing supply of high-value ULSD to domestic and export marketsYE27
Garyville Feedstock OptimizationFurther optimizes feedstock slate and increases crude throughput by 30 mbpdYE27
Garyville Product Export FlexibilityIncreases yield flexibility to produce an incremental 10 mbpd of export premium gasoline and lowers costsYE27
MPLX is investing $2.9 billion of organic growth capital toward opportunities to meet global demand for U.S. energy, with over 90% allocated to natural gas and NGL infrastructure.
With projects concentrated in the Permian and Marcellus, two of the most prolific and competitive basins in North America, investments in these value chains reflect MPLX's confidence in the long-term fundamentals of the energy market, offer
some of the most compelling investments in the midstream sector, and are expected to generate mid-teens returns.
InvestmentDetailsMPLX OwnershipExpected In-Service
Secretariat I200 million cubic feet per day (MMcf/d) gas processing plant in the Delaware Basin100%Placed in service April 2026
Harmon Creek III300 MMcf/d gas processing plant and 40 mbpd de-ethanizer in the Marcellus100%Placed in service August 2026
Bay Runner and Bay Runner Twin PipelinesUp to 5.3 billion cubic feet per day (Bcf/d) of natural gas transport capacity between Agua Dulce, Texas, and Brownsville, Texas30%Bay Runner: 4Q26 Bay Runner Twin: 2029
BANGL PipelineExpanding NGL pipeline from 250 mbpd to 300 mbpd; provides transportation from the Permian Basin to the Texas Gulf Coast100%4Q26
Titan ComplexIncreasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d in the Delaware Basin100%4Q26
Blackcomb Pipeline2.5 Bcf/d pipeline connecting Permian supply to Agua Dulce, Texas34%4Q26; Began commissioning July 2026
Traverse Pipeline2.5 Bcf/d pipeline designed to transport natural gas between Agua Dulce, Texas, and Katy, Texas34%2H27
Gulf Coast FractionatorsTwo 150 mbpd fractionation facilities near MPC’s Galveston Bay refinery100%Frac I: 2028 Frac II: 2029
Gulf Coast LPG Export Terminal JV400 mbpd LPG export terminal located in the Port of Texas City, Texas50%2028
Marcellus Gathering System ExpansionSupports producer activity near MPLX’s Majorsville gas processing complex100%1H28
Eiger Express Pipeline3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas22%Mid-2028
Secretariat II300 MMcf/d gas processing plant in the Delaware Basin100%2H28
Solitude Pipeline SystemTwo 2.25 Bcf/d pipelines connecting Permian supply to Katy, Texas10%Phase I: 2H29 Phase II: 2030
Fourth-Quarter 2026 Outlook
(a) Excludes refining planned turnaround and depreciation and amortization expense.
Interested parties may listen by visiting MPC’s website at www.marathonpetroleum.com.
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio.
The company operates the nation’s largest refining system.
MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets.
MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.
More information is available at www.marathonpetroleum.com.
Brian Worthington, Vice President, Investor Relations
Alyx Teschel, Director, Investor Relations
Jamal Kheiry, Communications Director
References to Earnings and Defined Terms
References to earnings mean net income attributable to MPC from the statements of income.
Unless otherwise indicated, references to earnings and earnings per share are MPC’s share after excluding amounts attributable to noncontrolling interests.
Market Data
Certain relevant benchmark margin and market data, including pricing, regional and blended crack spreads and sweet and sour crude differentials, along with a hypothetical Refining and Marketing margin indicator based on such margin and market data and operational guidance provided for each quarter, is available on MPC’s Investors website at www.marathonpetroleum.com/Investors/Investor-Market-Data.
MPC intends to update this information each month no later than the close of business on the second business day following the end of each month unless otherwise noted and may also provide additional updates within each month.
Interested parties may register to receive automatic email alerts when the information is updated by clicking on “Sign Up” at https://www.marathonpetroleum.com/Investors/ and following the instructions provided .
Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC).
In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
MPC cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein.
Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.
Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
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