Marathon Petroleum Corp. Reports Third-Quarter 2026 Results

MPLX's 12.5% quarterly distribution increase results in $3.1 billion of expected annual distributions to MPC.

Rhea-AI Summary

Marathon Petroleum (NYSE: MPC) reported third-quarter 2026 net income of $7.4 billion, sharply above the same period a year earlier. Diluted earnings rose to $26.59 from $4.51, while adjusted EBITDA increased to $11.729 billion from $3.206 billion. Refining margins rose to $45.70 per barrel from $17.60, and crude capacity utilization reached 100%.

MPC returned $3.3 billion to shareholders, announced a 10% quarterly dividend increase and approved an additional $5 billion buyback authorization. Cash, cash equivalents and short-term investments totaled $13.6 billion at September 30. The announced $4.2 billion sale of the St. Paul Park and Mandan refineries and related midstream assets is expected to close at year-end 2026. MPC will receive $3.45 billion and intends to reinvest primarily in the Gulf Coast; MPLX will receive $750 million. MPC's 2026 capital spending outlook, excluding MPLX, is $1.5 billion.

50 points · 2 major

PositiveiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointThird-quarter net income attributable to MPC rose to $7.447 billion from $1.370 billion in 2025.
• Major pointThird-quarter adjusted EBITDA increased to $11.729 billion from $3.206 billion a year earlier.
• Moderate pointThird-quarter sales and operating revenues increased to $56.032 billion from $34.809 billion a year earlier.
• Moderate pointNine-month sales and operating revenues increased to $142.226 billion from $100.125 billion a year earlier.
• Moderate pointThird-quarter refining margin increased to $45.70 per barrel from $17.60 a year earlier.
• Moderate pointShareholder capital returns totaled $3.3 billion in the third quarter. 2.7% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Quarterly dividend increased 10%.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Additional $5 billion buyback authorization would bring available authorization to $8.1 billion as of September 30. 4.1% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.MPLX's 12.5% quarterly distribution increase results in $3.1 billion of expected annual distributions to MPC.
• Moderate pointAnnounced $4.2 billion asset sale allocates $3.45 billion to MPC and $750 million to MPLX. 3.5% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.MPLX's $2.9 billion organic growth investment allocates over 90% to natural gas and natural gas liquids infrastructure.

39 minor points

• Minor pointThird-quarter diluted earnings increased to $26.59 per share from $4.51 a year earlier.
• Minor pointThird-quarter adjusted net income rose to $7.5 billion, or $26.93 per diluted share, from $915 million, or $3.01.
• Minor pointNine-month net income attributable to MPC rose to $13.096 billion from $2.512 billion in 2025.
• Minor pointNine-month diluted earnings increased to $45.40 per share from $8.15 a year earlier.
• Minor pointNine-month adjusted EBITDA increased to $22.952 billion from $8.467 billion a year earlier.
• Minor pointRefining & Marketing third-quarter adjusted EBITDA rose to $9.895 billion from $1.762 billion a year earlier.
• Minor pointRefining & Marketing adjusted EBITDA per barrel increased to $34.15 from $6.37 in third-quarter 2025.
• Minor pointCrude capacity utilization reached 100% versus 95% in third-quarter 2025, with throughput of 3.2 million barrels daily.
• Minor pointThird-quarter planned refining turnaround costs fell to $294 million from $400 million a year earlier.
• Minor pointMidstream third-quarter adjusted EBITDA increased to $1.882 billion from $1.709 billion a year earlier.
• Minor pointRenewable Diesel third-quarter adjusted EBITDA improved to $254 million from a $56 million loss a year earlier.
• Minor pointNine-month Refining & Marketing adjusted EBITDA rose to $17.927 billion from $4.141 billion a year earlier.
• Minor pointNine-month Midstream adjusted EBITDA increased to $5.258 billion from $5.070 billion a year earlier.
• Minor pointNine-month Renewable Diesel adjusted EBITDA improved to $550 million from a $117 million loss a year earlier.
• Minor point$749 million of senior notes due December 2026 were fully redeemed on September 15, 2026.
• Minor point$13.6 billion in cash, equivalents and short-term investments accompanied an undrawn $5 billion revolving credit facility.
• Minor point. Forward-looking: it has not happened yet and may not happen.MPC's planned reinvestment prioritizes qualifying opportunities primarily in the Gulf Coast.
• Minor point. Forward-looking: it has not happened yet and may not happen.MPLX's planned proceeds redeployment supports growth anchored in the Permian and Marcellus basins.
• Minor point. Forward-looking: it has not happened yet and may not happen.$1.5 billion 2026 capital spending outlook, excluding MPLX, allocates approximately 65% to value-enhancing investments.
• Minor pointGaryville Jet Flexibility was completed in first-quarter 2026.
• Minor pointEl Paso Yield Improvement and its volume-expansion upgrades were completed in second-quarter 2026.
• Minor pointRobinson Product Flexibility was completed in second-quarter 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Galveston Bay's 90 thousand-barrel-per-day hydrotreater is expected in service at year-end 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Garyville Feedstock Optimization targets 30 thousand barrels daily of additional crude throughput, with expected service at year-end 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Garyville Product Export Flexibility targets incremental premium gasoline production of 10 thousand barrels daily; expected service is year-end 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.MPLX's growth investments are expected by the company to generate mid-teens returns.
• Minor pointSecretariat I gas processing plant entered service in April 2026.
• Minor pointHarmon Creek III gas processing and de-ethanizer facilities entered service in August 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Bay Runner and Bay Runner Twin pipelines have expected service dates of fourth-quarter 2026 and 2029, respectively.
• Minor point. Forward-looking: it has not happened yet and may not happen.BANGL pipeline expansion from 250 to 300 thousand barrels daily is expected in service in fourth-quarter 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Titan Complex expansion to over 400 million cubic feet daily is expected in service in fourth-quarter 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Blackcomb Pipeline began commissioning in July 2026; expected service is fourth-quarter 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Traverse Pipeline is expected in service in the second half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Gulf Coast Fractionators have expected service dates of 2028 for Frac I and 2029 for Frac II.
• Minor point. Forward-looking: it has not happened yet and may not happen.Gulf Coast LPG Export Terminal joint venture is expected in service in 2028.
• Minor point. Forward-looking: it has not happened yet and may not happen.Marcellus Gathering System Expansion is expected in service in the first half of 2028.
• Minor point. Forward-looking: it has not happened yet and may not happen.Eiger Express Pipeline is expected in service in mid-2028.
• Minor point. Forward-looking: it has not happened yet and may not happen.Secretariat II gas processing plant is expected in service in the second half of 2028.
• Minor point. Forward-looking: it has not happened yet and may not happen.Solitude Pipeline System has expected service dates of second-half 2029 for Phase I and 2030 for Phase II.

Negative

• Moderate pointAsset sale remains pending, with closing expected at the end of 2026.
• Moderate pointThird-quarter income from equity-method investments declined to $359 million from $976 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter total refinery throughput outlook is 3.080 million barrels daily, versus 3.2 million in the third quarter.
• Minor pointThird-quarter refining operating costs rose to $5.60 per barrel from $5.59 a year earlier.
• Minor pointThird-quarter corporate expenses increased to $328 million from $238 million, primarily reflecting higher incentive compensation.

8 minor points

• Minor pointNine-month corporate expenses increased to $858 million from $691 million a year earlier.
• Minor pointThird-quarter selling, general and administrative expenses increased to $1.100 billion from $863 million a year earlier.
• Minor pointMidstream operating expenses increased, including incentive compensation, partly offsetting third-quarter earnings growth.
• Minor pointMidstream asset divestitures partly offset third-quarter segment earnings growth.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter distribution costs are projected at $1.725 billion.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter planned refining turnaround costs are projected at $230 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter refining depreciation and amortization is projected at $390 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter corporate expenses are projected at $300 million, including $60 million of depreciation and amortization.

News Explained

MPC's additional $5 billion buyback is an authorization, not a stated purchase commitment; at September 30, 2026, $3.1 billion remained under prior authorizations, bringing the stated total available to $8.1 billion if added, while timing depends on market and business conditions and repurchases may be stopped.

Key Figures

Net income attributable to MPC: $7.4 billion Adjusted net income: $7.5 billion Adjusted EBITDA: $11.7 billion +5 more

Net income attributable to MPC

$7.4 billion

Third quarter of 2026

Adjusted net income

$7.5 billion

Third quarter of 2026

Adjusted EBITDA

$11.7 billion

Third quarter of 2026

Capital returned to shareholders

$3.3 billion

Third quarter of 2026

Quarterly dividend increase

10%

MPC quarterly dividend

Incremental share repurchase authorization

$5 billion

Approved by the board

Divestiture consideration

$4.2 billion

St. Paul Park and Mandan refineries and related midstream assets

Divestiture proceeds allocation

$3.45 billion to MPC; $750 million to MPLX

Proceeds from the announced divestiture

Historical Context

1 past event · Latest: Aug 04

1 event

1. Aug 04

   Earnings report

   24h Move

   +1.8%

   Q2 report showed higher year-over-year net income and adjusted EBITDA, with stronger refining margins.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, crack spreads, fluid catalytic cracker, rule 10b5-1 plans

4 terms

adjusted ebitda financial

"adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA)"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

crack spreads technical

"higher market crack spreads in all regions"

Crack spreads measure the difference between the cost of buying crude oil and the revenue from selling the refined products made from it, like gasoline and diesel. Think of a baker who buys flour and sells loaves: the crack spread is the baker’s profit margin between input and finished goods, and investors watch it because wider spreads usually signal higher refining profits and can affect fuel prices, company earnings, and commodity hedging strategies.

fluid catalytic cracker technical

"Upgrades fluid catalytic cracker (FCC) and alkylation units"

A fluid catalytic cracker is a key processing unit in an oil refinery that breaks large, heavy crude molecules into lighter, more valuable products like gasoline and diesel using heat and a reusable powdered catalyst; picture shaking a clump of thick honey until it splatters into thinner drops. It matters to investors because its efficiency and output mix directly affect fuel supply, product prices and refining profit margins, so uptime and performance influence earnings and commodity exposure.

rule 10b5-1 plans regulatory

"some of which may be effected through Rule 10b5-1 plans"

A Rule 10b5-1 plan is a prearranged schedule that lets company insiders buy or sell stock at set times or prices, set up when they do not possess confidential information. It acts like an automatic thermostat for trades, reducing the risk that otherwise-timed transactions could be accused of insider trading. Investors care because such plans increase transparency about insider activity and signal when insider trades are routine rather than reactive to private news.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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. 

Investment	Details	Expected In-Service
Garyville 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.

Investment	Details	MPLX Ownership	Expected In-Service
Secretariat I	200 million cubic feet per day (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 to the Texas Gulf Coast	100 %	4Q26
Titan Complex	Increasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d in the Delaware Basin	100 %	4Q26
Blackcomb Pipeline	2.5 Bcf/d pipeline connecting Permian 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 complex	100 %	1H28
Eiger Express Pipeline	3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas	22 %	Mid-2028
Secretariat II	300 MMcf/d gas processing plant in 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 at www.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 at www.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.

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.

Consolidated Statements of Income (unaudited)
		Three Months Ended  September 30,						Nine Months Ended  September 30,
(In millions, except per-share data)		2026			2025			2026			2025
Revenues and other income:
Sales and other operating revenues	$	56,032		$	34,809		$	142,226		$	100,125
Income from equity method investments		359			976			791			1,418
Net gain (loss) on disposal of assets		—			(2)			(2)			4
Other income		96			66			377			253
Total revenues and other income		56,487			35,849			143,392			101,800
Costs and expenses:
Cost of revenues (excludes items below)		43,795			31,200			118,120			90,585
Depreciation and amortization		836			841			2,483			2,423
Selling, general and administrative expenses		1,100			863			2,861			2,513
Other taxes		306			232			752			682
Total costs and expenses		46,037			33,136			124,216			96,203
Income from operations		10,450			2,713			19,176			5,597
Net interest and other financial costs		287			310			997			933
Income before income taxes		10,163			2,403			18,179			4,664
Provision for income taxes		2,285			460			3,912			765
Net income		7,878			1,943			14,267			3,899
Less net income attributable to:
Noncontrolling interests		431			573			1,171			1,387
Net income attributable to MPC	$	7,447		$	1,370		$	13,096		$	2,512
Per share data
Basic:
Net income attributable to MPC per share	$	26.66		$	4.51		$	45.51		$	8.16
Weighted average shares outstanding (in millions)		279			303			287			307
Diluted:
Net income attributable to MPC per share	$	26.59		$	4.51		$	45.40		$	8.15
Weighted average shares outstanding (in millions)		280			304			288			308

 

Capital Expenditures and Investments (unaudited)
		Three Months Ended  September 30,						Nine Months Ended  September 30,
(In millions)		2026			2025			2026			2025
Refining & Marketing	$	284		$	423		$	937		$	1,132
Midstream		1,119			919			3,032			1,996
Renewable Diesel(a)		—			16			—			18
Corporate(b)		41			32			113			85
Total	$	1,444		$	1,390		$	4,082		$	3,231
Capitalized interest	$	34		$	26		$	97		$	64

(a)	The nine months ended September 30, 2026 excludes $62 million of funding to the Martinez Renewables JV due to turnaround costs in the first quarter of 2026 expected to be recovered through subsequent distributions from the JV during 2026.
(b)	Includes capitalized interest.

 

Refining & Marketing Operating Statistics (unaudited)
Dollar per Barrel of Net Refinery Throughput		Three Months Ended  September 30,						Nine Months Ended  September 30,
		2026			2025			2026			2025
Refining & Marketing margin(a)	$	45.70		$	17.60		$	33.81		$	16.26
Less:
Refining operating costs(b)		5.60			5.59			5.84			5.55
Distribution costs(c)		5.98			5.69			6.01			5.66
Other income(d)		(0.03)			(0.05)			(0.06)			(0.05)
Refining & Marketing segment adjusted EBITDA	$	34.15		$	6.37		$	22.02		$	5.10
Refining planned turnaround costs	$	1.02		$	1.45		$	1.35		$	1.36
Depreciation and amortization		1.37			1.54			1.47			1.52
Fees paid to MPLX included in distribution costs above		3.72			3.67			3.86			3.70

(a)	Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.
(b)	Excludes refining planned turnaround and depreciation and amortization expense.
(c)	Excludes depreciation and amortization expense.
(d)	Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.

 

Refining & Marketing - Supplemental Operating Data		Three Months Ended  September 30,						Nine Months Ended  September 30,
		2026			2025			2026			2025
Refining & Marketing refined product sales volume (mbpd)(a)		4,030			3,783			3,809			3,689
Crude oil refining capacity (mbpcd)(b)		2,986			2,963			2,986			2,963
Crude oil capacity utilization (percent)(b)		100			95			94			94
Refinery throughputs (mbpd):
Crude oil refined		2,973			2,822			2,813			2,777
Other charge and blendstocks		177			183			170			195
Net refinery throughputs		3,150			3,005			2,983			2,972
Sour crude oil throughput (percent)		45			42			47			44
Sweet crude oil throughput (percent)		55			58			53			56
Refined product yields (mbpd):
Gasoline		1,519			1,464			1,458			1,492
Distillates		1,210			1,103			1,122			1,083
Propane		71			62			68			66
NGLs and petrochemicals		218			222			212			209
Heavy fuel oil		78			102			77			79
Asphalt		94			83			84			79
Total		3,190			3,036			3,021			3,008
Inter-region refinery transfers excluded from throughput and yields above (mbpd)		65			66			95			62

(a)	Includes intersegment sales.
(b)	Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.

Refining & Marketing - Supplemental Operating Data by Region (unaudited)

The per barrel data for the regions, as shown in the tables below, is calculated based on the net refinery throughput (excludes inter-refinery transfer volumes).

Refining operating costs exclude refining planned turnaround costs and refining depreciation and amortization expense. Distribution costs exclude depreciation and amortization.

Gulf Coast Region		Three Months Ended  September 30,						Nine Months Ended  September 30,
		2026			2025			2026			2025
Refining & Marketing margin (dollar per barrel of net refinery throughput)	$	43.46		$	14.77		$	33.13		$	13.99
Less:
Refining operating costs		4.70			4.83			4.76			4.79
Distribution costs		6.03			5.56			5.82			5.52
Other income		(0.04)			(0.12)			(0.07)			(0.08)
Refining & Marketing Gulf Coast adjusted EBITDA	$	32.77		$	4.50		$	22.62		$	3.76
Refining planned turnaround costs	$	1.49		$	0.60			1.53			0.97
Depreciation and amortization(a)		1.08			1.13			1.18			1.13
Refinery throughputs (mbpd):
Crude oil refined		1,238			1,153			1,202			1,134
Other charge and blendstocks		145			152			154			158
Gross refinery throughputs		1,383			1,305			1,356			1,292
Sour crude oil throughput (percent)		61			54			59			56
Sweet crude oil throughput (percent)		39			46			41			44
Refined product yields (mbpd):
Gasoline		640			607			610			614
Distillates		519			460			492			461
Propane		41			34			39			37
NGLs and petrochemicals		138			145			142			133
Heavy fuel oil		60			65			87			56
Asphalt		17			19			16			17
Total		1,415			1,330			1,386			1,318
Inter-region refinery transfers included in throughput and yields above (mbpd)		38			36			59			37

(a)	Includes refining and distribution depreciation and amortization.

 

Mid-Continent Region		Three Months Ended  September 30,						Nine Months Ended  September 30,
		2026			2025			2026			2025
Refining & Marketing margin (dollar per barrel of net refinery throughput)	$	47.33		$	19.88		$	32.46		$	16.97
Less:
Refining operating costs		5.39			5.32			5.94			5.10
Distribution costs		5.97			5.65			6.27			5.55
Other income		(0.03)			(0.02)			(0.04)			(0.04)
Refining & Marketing Mid-Continent adjusted EBITDA	$	36.00		$	8.93		$	20.29		$	6.36
Refining planned turnaround costs	$	0.82		$	1.86			1.40			1.19
Depreciation and amortization(a)		1.38			1.57			1.50			1.55
Refinery throughputs (mbpd):
Crude oil refined		1,196			1,147			1,091			1,146
Other charge and blendstocks		65			62			71			61
Gross refinery throughputs		1,261			1,209			1,162			1,207
Sour crude oil throughput (percent)		24			23			26			24
Sweet crude oil throughput (percent)		76			77			74			76
Refined product yields (mbpd):
Gasoline		622			615			598			630
Distillates		470			442			418			436
Propane		21			19			19			20
NGLs and petrochemicals		56			56			47			50
Heavy fuel oil		19			18			15			14
Asphalt		76			63			68			62
Total		1,264			1,213			1,165			1,212
Inter-region refinery transfers included in throughput and yields above (mbpd)		6			10			12			8

(a)	Includes refining and distribution depreciation and amortization.

 

West Coast Region		Three Months Ended  September 30,						Nine Months Ended  September 30,
		2026			2025			2026			2025
Refining & Marketing margin (dollar per barrel of net refinery throughput)	$	47.46		$	19.17		$	38.35		$	20.10
Less:
Refining operating costs		8.30			8.01			8.24			8.45
Distribution costs		5.90			6.10			5.88			6.23
Other income		(0.04)			(0.02)			(0.02)			(0.03)
Refining & Marketing West Coast adjusted EBITDA	$	33.30		$	5.08		$	24.25		$	5.45
Refining planned turnaround costs	$	0.30		$	2.54			0.81			2.72
Depreciation and amortization(a)		2.05			2.43			2.08			2.43
Refinery throughputs (mbpd):
Crude oil refined		539			522			520			497
Other charge and blendstocks		32			35			40			38
Gross refinery throughputs		571			557			560			535
Sour crude oil throughput (percent)		53			59			60			63
Sweet crude oil throughput (percent)		47			41			40			37
Refined product yields (mbpd):
Gasoline		276			267			274			265
Distillates		227			202			219			188
Propane		9			9			10			9
NGLs and petrochemicals		31			27			31			32
Heavy fuel oil		32			53			30			46
Asphalt		1			1			1			—
Total		576			559			565			540
Inter-region refinery transfers included in throughput and yields above (mbpd)		21			20			24			17

(a)	Includes refining and distribution depreciation and amortization.

 

Midstream Operating Statistics (unaudited)
		Three Months Ended  September 30,						Nine Months Ended  September 30,
		2026			2025			2026			2025
Pipeline throughputs (mbpd)(a)		6,053			6,024			5,946			6,088
Terminal throughputs (mbpd)		3,375			3,173			3,205			3,151
Gathering system throughputs (million cubic feet per day)(b)		7,216			6,906			6,857			6,663
Natural gas processed (million cubic feet per day)(b)		9,941			10,075			9,648			9,866
C2 (ethane) + NGLs fractionated (mbpd)(b)		696			677			670			657

(a)	Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.
(b)	Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

 

Renewable Diesel Financial Data (unaudited)
		Three Months Ended  September 30,						Nine Months Ended  September 30,
(In millions)		2026			2025			2026			2025
Renewable Diesel margin(a)	$	304		$	8		$	758		$	83
Less:
Operating costs(b)		75			67			216			203
Distribution costs(c)		29			22			89			69
Other income(d)		(54)			(25)			(97)			(72)
Renewable Diesel segment adjusted EBITDA	$	254		$	(56)		$	550		$	(117)
Planned turnaround costs	$	1		$	1		$	3		$	37
JV planned turnaround costs		2			3			32			13
Depreciation and amortization		16			17			48			53
JV depreciation and amortization		23			22			68			67

(a)	Sales revenue less cost of renewable inputs and purchased products.
(b)	Excludes planned turnaround and depreciation and amortization expense.
(c)	Excludes depreciation and amortization expense.
(d)	Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.

 

Select Financial Data (unaudited)
		September 30,  2026			June 30,  2026
(in millions of dollars)
Cash and cash equivalents	$	12,805		$	7,768
Short-term investments		804			—
Total consolidated debt(a)		33,022			32,816
MPC debt		6,414			7,176
MPLX debt		26,608			25,640
Equity		29,852			25,720
(in millions)
Shares outstanding		275			283

(a)	Net of unamortized debt issuance costs and unamortized premium/discount, net.

Non-GAAP Financial Measures

Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. The non-GAAP financial measures we use are as follows:

Adjusted Net Income Attributable to MPC and Adjusted Diluted Income Per Share

Adjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance. Adjusted diluted income per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.

We believe the use of adjusted net income attributable to MPC and adjusted diluted income per share provides us and our investors with important measures of our ongoing financial performance to better assess our underlying business results and trends. Adjusted net income attributable to MPC or adjusted diluted income per share should not be considered as a substitute for, or superior to, net income attributable to MPC, diluted net income per share or any other measure of financial performance presented in accordance with GAAP. Adjusted net income attributable to MPC and adjusted diluted income per share may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Net Income Attributable to MPC to Adjusted Net Income Attributable to MPC (unaudited)
		Three Months Ended  September 30,						Nine Months Ended  September 30,
(In millions)		2026			2025			2026			2025
Net income attributable to MPC	$	7,447		$	1,370		$	13,096		$	2,512
Pre-tax adjustments:
Tax and legal settlements(a)		123			—			123			—
Clean fuel production tax credit(b)		—			—			(32)			—
Gain on sale of assets		—			(738)			—			(738)
SRE(c)		—			(57)			—			(57)
Transaction-related costs(d)		—			21			—			21
Tax impact of adjustments(e)		(29)			151			(21)			151
Non-controlling interest impact of adjustments		—			168			—			168
Adjusted net income attributable to MPC	$	7,541		$	915		$	13,166		$	2,057
Diluted income per share	$	26.59		$	4.51		$	45.40		$	8.15
Adjusted diluted income per share	$	26.93		$	3.01		$	45.64		$	6.67
Weighted average diluted shares outstanding		280			304			288			308

(a)	Includes adjustments for a tax matter dispute with the City of Carson relating to municipal taxes covering multiple prior year periods as well as legal settlements arising from a single event in a prior year.
(b)	Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.
(c)	Small Refinery Exemption ("SRE") credit under the Renewable Fuel Standard program.
(d)	Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.
(e)	Income taxes were calculated by applying a federal statutory rate and a blended state tax rate to the pre-tax adjustments. The corresponding adjustments to reported income taxes are shown in the table above.

Adjusted EBITDA

Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.

Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. Adjusted EBITDA should not be considered as a substitute for, or superior to, income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA (unaudited)
		Three Months Ended  September 30,						Nine Months Ended  September 30,
(In millions)		2026			2025			2026			2025
Net income attributable to MPC	$	7,447		$	1,370		$	13,096		$	2,512
Net income attributable to noncontrolling interests		431			573			1,171			1,387
Provision for income taxes		2,285			460			3,912			765
Net interest and other financial costs		287			310			997			933
Depreciation and amortization		836			841			2,483			2,423
Renewable Diesel JV depreciation and amortization		23			22			68			67
Refining & Renewable Diesel planned turnaround costs		295			401			1,102			1,141
Renewable Diesel JV planned turnaround costs		2			3			32			13
Tax and legal settlements(a)		123			—			123			—
Clean fuel production tax credit(b)		—			—			(32)			—
Gain on sale of assets		—			(738)			—			(738)
SRE(c)		—			(57)			—			(57)
Transaction-related costs(d)		—			21			—			21
Adjusted EBITDA	$	11,729		$	3,206		$	22,952		$	8,467

(a)	Includes adjustments for a tax matter dispute with the City of Carson relating to municipal taxes covering multiple prior year periods as well as legal settlements arising from a single event in a prior year.
(b)	Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.
(c)	Small Refinery Exemption ("SRE") credit under the Renewable Fuel Standard program
(d)	Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.

Refining & Marketing Margin

Refining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products, which includes impacts from derivative activity. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Refining & Marketing Segment Adjusted EBITDA to Refining & Marketing Gross Margin and Refining & Marketing Margin (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
Plus (Less):
Depreciation and amortization		(397)			(426)			(1,194)			(1,237)
Refining planned turnaround costs		(294)			(400)			(1,099)			(1,104)
Selling, general and administrative expenses		754			677			2,090			1,968
Income from equity method investments		(2)			(3)			(12)			(11)
Net (gain) loss on disposal of assets		—			2			—			2
Other income		(48)			(36)			(178)			(155)
Refining & Marketing gross margin		9,908			1,576			17,534			3,604
Plus (Less):
Operating expenses (excluding depreciation and amortization)		3,136			3,032			9,323			8,819
Depreciation and amortization		397			426			1,194			1,237
Gross margin excluded from and other income included in Refining & Marketing margin(a)		(145)			(95)			(362)			(263)
Other taxes included in Refining & Marketing margin		(52)			(74)			(160)			(207)
Refining & Marketing margin	$	13,244		$	4,865		$	27,529		$	13,190

(a)	Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income.

 

Refining & Marketing Margin by region:
			Three Months Ended September 30,
			2026								2025
			Margin		Net Refinery Throughput			Margin			Margin		Net Refinery Throughput			Margin
Region			(in millions)		(mbpd)			($/bbl)			(in millions)		(mbpd)			($/bbl)
Gulf Coast		$	5,376		1,344		$	43.46		$	1,724		1,269		$	14.77
Mid-Continent			5,468		1,256			47.33			2,194		1,199			19.88
West Coast			2,400		550			47.46			947		537			19.17
Refining & Marketing		$	13,244		3,150			45.70		$	4,865		3,005			17.60

			Nine Months Ended September 30,
			2026								2025
			Margin		Net Refinery Throughput			Margin			Margin		Net Refinery Throughput			Margin
Region			(in millions)		(mbpd)			($/bbl)			(in millions)		(mbpd)			($/bbl)
Gulf Coast		$	11,726		1,297		$	33.13		$	4,796		1,255		$	13.99
Mid-Continent			10,189		1,150			32.46			5,554		1,199			16.97
West Coast			5,614		536			38.35			2,840		518			20.10
Refining & Marketing		$	27,529		2,983			33.81		$	13,190		2,972			16.26

 

Refining & Marketing Adjusted EBITDA by region:
			Three Months Ended September 30,
			2026								2025
			Adjusted EBITDA		Net Refinery Throughput			Adjusted EBITDA			Adjusted EBITDA		Net Refinery Throughput			Adjusted EBITDA
Region			(in millions)		(mbpd)			($/bbl)			(in millions)		(mbpd)			($/bbl)
Gulf Coast		$	4,052		1,344		$	32.77		$	525		1,269		$	4.50
Mid-Continent			4,159		1,256			36.00			986		1,199			8.93
West Coast			1,684		550			33.30			251		537			5.08
Refining & Marketing Segment		$	9,895		3,150			34.15		$	1,762		3,005			6.37

			Nine Months Ended September 30,
			2026								2025
			Adjusted EBITDA		Net Refinery Throughput			Adjusted EBITDA			Adjusted EBITDA		Net Refinery Throughput			Adjusted EBITDA
Region			(in millions)		(mbpd)			($/bbl)			(in millions)		(mbpd)			($/bbl)
Gulf Coast		$	8,008		1,297		$	22.62		$	1290		1,255		$	3.76
Mid-Continent			6,369		1,150			20.29			2082		1,199			6.36
West Coast			3,550		536			24.25			769		518			5.45
Refining & Marketing Segment		$	17,927		2,983			22.02		$	4,141		2,972			5.10

Renewable Diesel Margin

Renewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and costs for purchased product, including from our Martinez Renewables JV. We use, and believe our investors use, this non-GAAP financial measure to evaluate our Renewable Diesel segment's operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Renewable Diesel Segment Adjusted EBITDA to Renewable Diesel Gross Margin and Renewable Diesel Margin (unaudited)
		Three Months Ended  September 30,						Nine Months Ended  September 30,
(In millions)		2026			2025			2026			2025
Renewable Diesel segment adjusted EBITDA	$	254		$	(56)		$	550		$	(117)
Plus (Less):
Depreciation and amortization		(16)			(17)			(48)			(53)
JV depreciation and amortization		(23)			(22)			(68)			(67)
Planned turnaround costs		(1)			(1)			(3)			(37)
JV planned turnaround costs		(2)			(3)			(32)			(13)
Selling, general and administrative expenses		11			8			27			26
Income from equity method investments		(52)			(22)			(62)			(56)
Other income		(17)			(10)			(71)			(21)
Renewable Diesel gross margin		154			(123)			293			(338)
Plus (Less):
Operating expenses (excluding depreciation and amortization)		113			92			353			304
Depreciation and amortization		16			17			48			53
Martinez JV depreciation and amortization		21			22			64			64
Renewable Diesel margin	$	304		$	8		$	758		$	83

View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-reports-third-quarter-2026-results-302927643.html

SOURCE Marathon Petroleum Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Marathon Petroleum's third-quarter 2026 earnings?

Marathon Petroleum reported $7.4 billion in net income attributable to MPC, or $26.59 per diluted share, compared with $1.4 billion, or $4.51 per diluted share, a year earlier. Adjusted net income was $7.5 billion, or $26.93 per diluted share.

How much is Marathon Petroleum receiving from the St. Paul Park and Mandan refinery sale?

MPC will receive $3.45 billion from the announced $4.2 billion divestiture of the St. Paul Park and Mandan refineries and related midstream assets. MPLX will receive $750 million. Closing is expected at the end of 2026.

What valuation does MPLX receive for the logistics assets in Marathon Petroleum's refinery sale?

MPLX's $750 million of proceeds represents a 9x multiple of forecast 2027 adjusted EBITDA for the associated logistics assets. MPLX expects to redeploy the capital in support of growth plans anchored in the Permian and Marcellus basins.

What is Marathon Petroleum's fourth-quarter 2026 refining cost outlook?

MPC projects $5.60 per barrel in fourth-quarter refining operating costs, excluding planned turnaround costs and depreciation and amortization. The outlook separately includes $230 million of planned refining turnaround costs, $390 million of refining depreciation and amortization, and $1.725 billion of distribution costs.