Marathon Petroleum Corp. Reports Third-Quarter 2026 Results

2026-11-03

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Petrochemicals · Gold · Sulfur · Aluminium · United States · Corporate Finance

PR Newswire

FINDLAY, Ohio, Nov. 3, 2026/PRNewswire/ --

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 Announced a 10% increase in MPC's quarterly dividend, consistent with our capital allocation priorities MPLX 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

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.

The 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)

| | | Three Months Ended

September 30, | | | Nine Months Ended

September 30, | | | | | | | | (In millions) | | 2026 | | | 2025 | | | 2026 | | | 2025 | | Refining & Marketing segment adjusted EBITDA | $ | 9,895 | | $ | 1,762 | | $ | 17,927 | | $ | 4,141 | | Midstream segment adjusted EBITDA | | 1,882 | | | 1,709 | | | 5,258 | | | 5,070 | | Renewable Diesel segment adjusted EBITDA | | 254 | | | (56) | | | 550 | | | (117) | | Subtotal | | 12,031 | | | 3,415 | | | 23,735 | | | 9,094 | | Corporate | | (328) | | | (238) | | | (858) | | | (691) | | Add: Depreciation and amortization | | 26 | | | 29 | | | 75 | | | 64 | | Adjusted EBITDA | $ | 11,729 | | $ | 3,206 | | $ | 22,952 | | $ | 8,467 | | | | | | | | | | | | | |

Refining & Marketing (R&M)

Segment 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. This 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 adjusted EBITDA 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

Segment 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 returned $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. MPC 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.

Jet Flexibility | Increases flexibility to maximize higher value

jet fuel production to meet growing demand | 1Q26 – Completed | | El Paso

Yield Improvement | Upgrades fluid catalytic cracker (FCC) and

alkylation units to drive volume expansion | 2Q26 – Completed | | Robinson

Product Flexibility | Increases flexibility to maximize higher value

jet fuel production to meet growing demand | 2Q26 – Completed | | Galveston Bay

Distillate Hydrotreater | 90 thousand bpd (mbpd) hydrotreater,

increasing supply of

high-value ULSD to domestic and export markets | YE27 | | Garyville

Feedstock Optimization | Further optimizes feedstock slate and

increases crude throughput by 30 mbpd | YE27 | | Garyville

Product Export Flexibility | Increases yield flexibility to produce an

incremental 10 mbpd of export premium

gasoline and lowers costs | YE27 |

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.

(MMcf/d) gas processing plant

in the Delaware Basin | 100 % | Placed in service

April 2026 | | Harmon Creek III | 300 MMcf/d gas processing plant

and 40 mbpd de-ethanizer in the Marcellus | 100 % | Placed in service

August 2026 | | Bay Runner and Bay

Runner Twin Pipelines | Up to 5.3 billion cubic feet per day

(Bcf/d) of natural gas transport capacity

between Agua Dulce, Texas, and

Brownsville, Texas | 30 % | Bay Runner:

4Q26

Bay Runner Twin:

2029 | | BANGL Pipeline | Expanding NGL pipeline from 250

mbpd to 300 mbpd; provides

transportation from the Permian Basin

from 150 MMcf/d to over 400 MMcf/d in

supply to Agua Dulce, Texas | 34 % | 4Q26;

Began commissioning

July 2026 | | Traverse Pipeline | 2.5 Bcf/d pipeline designed to

transport natural gas between Agua

Dulce, Texas, and Katy, Texas | 34 % | 2H27 | | Gulf Coast

Fractionators | Two 150 mbpd fractionation facilities

near MPC's Galveston Bay refinery | 100 % | Frac I: 2028

Frac II: 2029 | | Gulf Coast LPG Export

Terminal JV | 400 mbpd LPG export terminal located

in the Port of Texas City, Texas | 50 % | 2028 | | Marcellus Gathering

System Expansion | Supports producer activity near

MPLX's Majorsville gas processing

the Delaware Basin | 100 % | 2H28 | | Solitude Pipeline

System | Two 2.25 Bcf/d pipelines connecting

Permian supply to Katy, Texas | 10 % | Phase I: 2H29

Phase II: 2030 |

Fourth-Quarter 2026 Outlook

| Refining & Marketing Segment: | | | | Refining operating costs per barrel(a) | $ | 5.60 | | Distribution costs (in millions) | $ | 1,725 | | Refining planned turnaround costs (in millions) | $ | 230 | | Depreciation and amortization (in millions) | $ | 390 | | | | | | Refinery throughputs (mbpd): | | | | Crude oil refined | | 2,830 | | Other charge and blendstocks | | 250 | | Total | | 3,080 | | | | | | Corporate (includes $60 million of D&A) | $ | 300 | | | | |

| (a) Excludes refining planned turnaround and depreciation and amortization expense. |

Conference Call

At 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website atwww.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast atwww.marathonpetroleum.com.

About Marathon Petroleum Corporation

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.

Investor Relations Contacts: (419) 421-2071 Brian Worthington, Vice President, Investor Relations Alyx Teschel, Director, Investor Relations

Media Contact: (419) 421-3577 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 Statements This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, inclusion and ESG reporting. 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. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "confidence," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. 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. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs"), or renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation, rising interest rates or government shutdowns; the regional, national and worldwide demand for refined products and renewable diesel and other renewable fuels and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, NGLs and other feedstocks and related pricing differentials, including increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the ability to obtain the necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on planned, anticipated, ongoing, or completed projects or transactions, including the recently announced divestiture of the St. Paul Park and Mandan refineries and related midstream assets and the acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating within the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law._

Earlier from Marathon Petroleum Corp.

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