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Marathon Petroleum (NYSE: MPC) Q2 2026 earnings soar to $5.1B net income

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Marathon Petroleum Corporation reported very strong second-quarter 2026 results, with net income attributable to MPC of $5.1 billion (up from $1.2 billion a year earlier) and diluted earnings per share of $17.73. Sales and other operating revenues were $51.99 billion. Adjusted EBITDA reached $8.5 billion, more than doubling year over year.

Refining & Marketing segment adjusted EBITDA increased to $6.7 billion, driven by higher crack spreads and a Refining & Marketing margin of $36.33 per barrel with 94% crude capacity utilization and 2.9 million barrels per day of throughput. Midstream adjusted EBITDA was $1.8 billion and Renewable Diesel turned positive at $258 million. As of June 30, 2026, cash and cash equivalents totaled $7.8 billion, with no borrowings under the $5 billion revolver. In the quarter, the company returned over $2.8 billion to shareholders and had $6.1 billion remaining under share repurchase authorizations. MPC outlined a 2026 capital spending outlook of $1.5 billion (excluding MPLX), focused mainly on high-return refining projects, while MPLX increased its 2026 growth capital outlook to $2.9 billion and expects 12.5% annual distribution growth in 2026 and 2027.

Positive

  • Q2 2026 profitability surged, with net income attributable to MPC rising to $5.1 billion and adjusted EBITDA to $8.5 billion, more than doubling versus Q2 2025.
  • Strong cash and capital returns, with $7.8 billion in cash and cash equivalents at June 30, 2026 and over $2.8 billion returned to shareholders in the quarter.
  • Refining & Marketing performance strengthened, as segment adjusted EBITDA rose to $6.7 billion and Refining & Marketing margin reached $36.33 per barrel, supported by higher crack spreads in all regions.

Negative

  • None.

Filing Explained

At June 30, MPC reported shares outstanding, while several MPLX projects remained planned.

Form 8-K reports specified material events; this August 4, 2026 filing furnishes MPC’s second-quarter results and operating outlook through Exhibit 99.1. The disclosure is therefore a reported-results update, while listed future projects remain planned rather than completed.

The release identifies the El Paso and Robinson refining investments as placed in service during the second quarter, while several MPLX projects have later expected in-service dates, including August 2026, the fourth quarter of 2026, and 2027 through 2029.

The next Form 10-Q is the named filing that can compare actual third-quarter results with the third-quarter operating outlook disclosed here.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income attributable to MPC (Q2 2026) $5,138 million Quarter ended June 30, 2026; up from $1,216 million in Q2 2025
Diluted EPS (Q2 2026) $17.73 per share Quarter ended June 30, 2026; up from $3.96 in Q2 2025
Adjusted EBITDA (Q2 2026) $8,460 million Quarter ended June 30, 2026; up from $3,286 million in Q2 2025
Sales and other operating revenues (Q2 2026) $51,994 million Quarter ended June 30, 2026; compared with $33,799 million in Q2 2025
Cash and cash equivalents $7,768 million As of June 30, 2026, including $1,000 million at MPLX
Capital returned to shareholders (Q2 2026) over $2.8 billion Capital returned in the second quarter of 2026
Refining & Marketing margin $36.33 per barrel Refining & Marketing margin for Q2 2026, vs $17.58 in Q2 2025
Net refinery throughputs (Q2 2026) 2,944 mbpd Net refinery throughputs for the quarter ended June 30, 2026
adjusted EBITDA financial
"The second quarter of 2026 adjusted EBITDA was $8.5 billion"
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 financial
"Results were driven primarily by higher 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.
Refining & Marketing margin financial
"R&M margin was $36.33 per barrel for the second quarter of 2026"
clean fuel production tax credit financial
"Recognition of 2025 clean fuel production tax credits as a result"
natural gas liquids ("NGLs") financial
"crude oil, natural gas, natural gas liquids ("NGLs"), or renewable diesel"
Net income attributable to MPC (Q2 2026) $5.138 billion up from $1.216 billion in Q2 2025
Diluted EPS (Q2 2026) $17.73 up from $3.96 in Q2 2025
Adjusted EBITDA (Q2 2026) $8.460 billion up from $3.286 billion in Q2 2025
Sales and other operating revenues (Q2 2026) $51.994 billion up from $33.799 billion in Q2 2025
Cash and cash equivalents $7.768 billion at June 30, 2026 up from $2.151 billion at March 31, 2026
Capital returned to shareholders (Q2 2026) over $2.8 billion
Guidance

For Q3 2026, MPC projects refining operating costs of $5.60 per barrel, distribution costs of $1,650 million, refining planned turnaround costs of $290 million, depreciation and amortization of $390 million, total refinery throughputs of 3,005 mbpd, and corporate expenses of $260 million. For full-year 2026, MPC expects $1.5 billion of capital spending excluding MPLX, while MPLX plans $2.9 billion of 2026 growth capital and expects 12.5% annual distribution growth in 2026 and 2027.

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FAQ

How did Marathon Petroleum (MPC) perform financially in Q2 2026?
MPC generated Q2 2026 net income of $5.1 billion, or $17.73 diluted EPS, compared with $1.2 billion and $3.96 a year earlier. Adjusted EBITDA was $8.5 billion, versus $3.3 billion in Q2 2025, on revenues of $52.34 billion.

What were MPC’s key segment results in Q2 2026?
In Q2 2026, Refining & Marketing adjusted EBITDA was $6.7 billion, Midstream delivered $1.8 billion, and Renewable Diesel produced $258 million. Refining & Marketing margin reached $36.33 per barrel with crude capacity utilization of 94% and net refinery throughput of 2,944 mbpd.

What is Marathon Petroleum’s (MPC) liquidity and leverage position as of June 30, 2026?
As of June 30, 2026, MPC held $7.8 billion in cash and cash equivalents, including $1.0 billion at MPLX, and had no borrowings under its $5 billion revolving credit facility. Total consolidated debt was $32.816 billion, with equity of $25.720 billion.

How much capital did MPC return to shareholders in Q2 2026?
During Q2 2026, MPC returned over $2.8 billion of capital to shareholders, reflecting strong cash generation and its capital allocation priorities. As of June 30, 2026, the company still had $6.1 billion remaining under existing share repurchase authorizations.

What are MPC’s 2026 capital spending plans and key refining projects?
For 2026, MPC expects capital spending of $1.5 billion excluding MPLX, with about 65% directed to value-enhancing projects and 35% to sustaining operations. Recently completed projects include El Paso yield improvement and Robinson product flexibility, with additional high-return projects scheduled through 2027.

What growth is MPLX planning according to Marathon Petroleum’s (MPC) update?
MPLX raised its 2026 growth capital outlook by $500 million to $2.9 billion, focused mainly on natural gas and NGL infrastructure in the Permian and Marcellus. MPC stated MPLX’s strategy is expected to support 12.5% annual distribution growth in 2026 and 2027.
0001510295false00015102952026-08-042026-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 8-K
_____________________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 4, 2026
_____________________________________________
Marathon Petroleum Corporation
(Exact name of registrant as specified in its charter)
_____________________________________________
Delaware001-3505427-1284632
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)

539 South Main Street, Findlay, Ohio 45840
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (419) 422-2121
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol(s)		Name of each exchange on which registered
Common Stock, par value $.01MPCNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐




Item 2.02Results of Operations and Financial Condition
On August 4, 2026, Marathon Petroleum Corporation issued a press release announcing its financial results for the quarter ended June 30, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Information in this Item 2.02 and Exhibit 99.1 of Item 9.01 below shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.
Item 9.01Financial Statements and Exhibits
(d) Exhibits.

Exhibit Number
Description
99.1
Press Release issued by Marathon Petroleum Corporation on August 4, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Marathon Petroleum Corporation
Date: August 4, 2026By:/s/ Maria A. Khoury
Name: Maria A. Khoury
Title: Executive Vice President and Chief Financial Officer


Exhibit 99.1
mpcnewsreleaseletterheada05.jpg
Marathon Petroleum Corp. Reports Second-Quarter 2026 Results
•Second-quarter net income attributable to MPC of $5.1 billion, or $17.73 per diluted share
•$8.5 billion of adjusted EBITDA, with strong commercial and operational performance across the system
•Executing value-enhancing capital strategy; El Paso and Robinson yield-enhancing investments online in 2Q26, extending the competitive position of these refining assets

•Advancing MPLX Natural Gas and NGL value chain growth strategy, expected to support 12.5% annual distribution growth in 2026 and 2027

•$2.8 billion of capital returned, reflecting strong cash generation and disciplined execution of our capital allocation priorities


FINDLAY, Ohio, Aug 4, 2026 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $5.1 billion, or $17.73 per diluted share, for the second quarter of 2026. This compares with a net income attributable to MPC of $1.2 billion, or $3.96 per diluted share, for the second quarter of 2025.
The second quarter of 2026 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $8.5 billion, compared with $3.3 billion for the second quarter of 2025.
“Strong planning, commercial, and operational execution enabled safe and reliable operations to meet resilient consumer demand. Our results reflect the differentiated capabilities of our value chains and the execution of our optimization strategies,” said Chairman, President and Chief Executive Officer Maryann Mannen. “The completion of two high-return, yield-enhancing refining investments further position us to deliver incremental value. MPLX’s execution of its Natural Gas and NGL strategy supports durable growth and increasing distributions that differentiate MPC, allowing us to lead in capital return.”

1


Results from Operations
Adjusted EBITDA (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)
2026202520262025
Refining & Marketing segment adjusted EBITDA$6,655 $1,890 $8,032 $2,379 
Midstream segment adjusted EBITDA1,778 1,641 3,376 3,361 
Renewable Diesel segment adjusted EBITDA258 (19)296 (61)
Subtotal8,691 3,512 11,704 5,679 
Corporate(256)(243)(530)(453)
Add: Depreciation and amortization25 17 49 35 
Adjusted EBITDA$8,460 $3,286 $11,223 $5,261 
Refining & Marketing (R&M)
Segment adjusted EBITDA was $6.7 billion in the second quarter of 2026, versus $1.9 billion for the second quarter of 2025. R&M segment adjusted EBITDA was $24.84 per barrel for the second quarter of 2026, versus $6.79 per barrel for the second quarter of 2025. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $275 million in the second quarter of 2026 and $250 million in the second quarter of 2025.
R&M margin was $36.33 per barrel for the second quarter of 2026, versus $17.58 per barrel for the second quarter of 2025. Crude capacity utilization was 94%, resulting in total throughput of 2.9 million barrels per day (bpd) for the second quarter of 2026. Results were driven primarily by higher crack spreads in all regions.
Refining operating costs were $5.72 per barrel for the second quarter of 2026, versus $5.34 per barrel for the second quarter of 2025, primarily driven by decreased utilization due to planned downtime in the Mid-Con, compared to the prior year quarter.
Midstream
Segment adjusted EBITDA was $1.8 billion in the second quarter of 2026, versus $1.6 billion for the second quarter of 2025. The increase was primarily driven by increased rates and throughputs, including growth from equity affiliates and acquisitions, partially offset by the divestiture of non-core gathering and processing assets.
Renewable Diesel
Segment adjusted EBITDA was $258 million in the second quarter of 2026, versus $(19) million for the second quarter of 2025. The results reflect a stronger margin environment, higher throughputs, and improved regulatory credit values.
Corporate and Items Not Allocated
Corporate expenses totaled $256 million in the second quarter of 2026, compared with $243 million in the second quarter of 2025.
Financial Position, Liquidity, and Return of Capital
As of June 30, 2026, MPC had $7.8 billion of cash and cash equivalents, including $1.0 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility.
In the second quarter, the company returned over $2.8 billion of capital to shareholders. As of June 30, 2026, the company had $6.1 billion remaining under its share repurchase authorizations.

2



Strategic Update
MPC Strategic Update
MPC’s 2026 capital spending outlook (excluding MPLX) is $1.5 billion. Approximately 65% of its overall 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 the second quarter of 2026, the El Paso yield improvement and Robinson product flexibility investments were placed in service. The El Paso yield improvement investment enhances the refinery’s ability to produce specialty gasolines for the El Paso, Phoenix, and Mexico markets, reinforcing its geographic advantage and competitive position. The Robinson product flexibility investment enables approximately 10 thousand barrels per day (mbpd) of incremental jet fuel production, supporting growing regional demand. 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 demand1Q26 – Completed
El Paso
Yield Improvement
Upgrades fluid catalytic cracker (FCC) and alkylation units to drive volume expansion2Q26 – Completed
Robinson
Product Flexibility
Increases flexibility to maximize higher value jet fuel production to meet growing demand2Q26 – Completed
Galveston Bay
Distillate Hydrotreater
90 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 Strategic Update
MPLX is increasing its 2026 growth capital spending outlook by $500 million, to $2.9 billion, primarily reflecting the accelerated execution of the Gulf Coast fractionation project to meet global demand for U.S. energy. MPLX plans to invest over 90% of organic growth capital toward opportunities to meet growing natural gas and NGL infrastructure needs. 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

3


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 I200 million cubic feet per day
 (MMcf/d) gas processing plant
in the Delaware Basin
100%Placed in service in April 2026
Harmon Creek III
300 MMcf/d gas processing plant and 40 mbpd de-ethanizer in the Marcellus
100%
Beginning operations in 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, Texas30%
Bay Runner: 3Q26
Bay Runner Twin: 2029
Titan Complex
Increasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d in the Delaware Basin100%
4Q26
BANGL Pipeline
Expanding NGL pipeline from 250 mbpd to 300 mbpd; provides transportation from the Permian Basin to the Texas Gulf Coast100%
4Q26
Blackcomb Pipeline
2.5 Bcf/d pipeline connecting Permian supply to Agua Dulce, Texas34%
4Q26;
Began commissioning July 2026
Traverse Pipeline
2.5 Bcf/d pipeline designed to transport natural gas between Agua Dulce, Texas, and Katy, Texas34%
2H27
Gulf Coast Fractionators
Two 150 mbpd fractionation facilities near MPC’s Galveston Bay refinery100%
Frac I: 2028
Frac II: 2029
Gulf Coast LPG Export Terminal JV
400 mbpd LPG export terminal located in the Port of Texas City, Texas50%
2028
Marcellus Gathering System Expansion
Supports producer activity near MPLX’s Majorsville gas processing complex100%
1H28
Eiger Express Pipeline
3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas22%
Mid-2028
Secretariat II
300 MMcf/d gas processing plant in the Delaware Basin100%
2H28




4


Third-Quarter 2026 Outlook
Refining & Marketing Segment:
Refining operating costs per barrel(a)
$5.60 
Distribution costs (in millions)$1,650 
Refining planned turnaround costs (in millions)$290 
Depreciation and amortization (in millions)$390 
Refinery throughputs (mbpd):
    Crude oil refined2,820 
    Other charge and blendstocks185 
        Total3,005 
Corporate (includes $30 million of D&A)$260 
(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 Manager



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.




5

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 anticipated or ongoing projects or planned transactions, including the recently completed 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;




6

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.




7

Consolidated Statements of Income (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions, except per-share data)
2026202520262025
Revenues and other income:
   Sales and other operating revenues$51,994 $33,799 $86,194 $65,316 
 Income from equity method investments256 212 432 442 
 Net gain (loss) on disposal of assets(2)6 (2)6 
 Other income89 84 281 187 
       Total revenues and other income52,337 34,101 86,905 65,951 
Costs and expenses:
   Cost of revenues (excludes items below)43,064 30,025 74,325 59,385 
   Depreciation and amortization838 789 1,647 1,582 
   Selling, general and administrative expenses894 867 1,761 1,650 
   Other taxes219 223 446 450 
       Total costs and expenses45,015 31,904 78,179 63,067 
Income from operations7,322 2,197 8,726 2,884 
Net interest and other financial costs340 319 710 623 
Income before income taxes6,982 1,878 8,016 2,261 
Provision for income taxes1,444 268 1,627 305 
Net income5,538 1,610 6,389 1,956 
Less net income attributable to:
Noncontrolling interests400 394 740 814 
Net income attributable to MPC$5,138 $1,216 $5,649 $1,142 
Per share data
Basic:
  Net income attributable to MPC per share$17.76 $3.96 $19.34 $3.69 
  Weighted average shares outstanding (in millions)289 307 291 309 
Diluted:
  Net income attributable to MPC per share$17.73 $3.96 $19.30 $3.68 
Weighted average shares outstanding (in millions)290 307 292 310 





8

Capital Expenditures and Investments (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Refining & Marketing$325 $347 $653 $709 
Midstream1,021 691 1,913 1,077 
Renewable Diesel(a)
— 1 — 2 
Corporate(b)
40 26 72 53 
Total$1,386 $1,065 $2,638 $1,841 
Capitalized interest$33 $20 $63 $38 
(a)    The six months ended June 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 ThroughputThree Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Refining & Marketing margin(a)
$36.33 $17.58 $27.24 $15.57 
Less:
Refining operating costs(b)
5.72 5.34 5.97 5.53 
Distribution costs(c)
5.88 5.52 6.02 5.64 
Other income(d)
(0.11)(0.07)(0.06)(0.05)
Refining & Marketing segment adjusted EBITDA$24.84 $6.79 $15.31 $4.45 
Refining planned turnaround costs$1.03 $0.90 $1.53 $1.32 
Depreciation and amortization1.53 1.45 1.52 1.52 
Fees paid to MPLX included in distribution costs above3.90 3.59 3.93 3.72 
(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.






9


Refining & Marketing - Supplemental Operating DataThree Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Refining & Marketing refined product sales volume (mbpd)(a)
3,842 3,835 3,697 3,642 
Crude oil refining capacity (mbpcd)(b)
2,986 2,963 2,986 2,963 
Crude oil capacity utilization (percent)(b)
94 97 91 93 
Refinery throughputs (mbpd):
    Crude oil refined2,798 2,883 2,732 2,754 
    Other charge and blendstocks146 177 166 201 
Net refinery throughputs2,944 3,060 2,898 2,955 
Sour crude oil throughput (percent)48 45 48 45 
Sweet crude oil throughput (percent)52 55 52 55 
Refined product yields (mbpd):
    Gasoline1,439 1,526 1,426 1,506 
    Distillates1,131 1,117 1,077 1,073 
    Propane71 70 67 69 
    NGLs and petrochemicals237 242 210 202 
    Heavy fuel oil29 61 77 67 
    Asphalt81 81 78 77 
        Total2,988 3,097 2,935 2,994 
Inter-region refinery transfers excluded from throughput and yields above (mbpd) 116 76 111 60 
(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.





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Gulf Coast RegionThree Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Refining & Marketing margin (dollar per barrel of net refinery throughput)$36.52 $15.17 $27.57 $13.59 
Less:
Refining operating costs4.30 4.34 4.79 4.76 
Distribution costs5.33 5.27 5.71 5.50 
Other income(0.12)(0.09)(0.11)(0.05)
Refining & Marketing Gulf Coast adjusted EBITDA$27.01 $5.65 $17.18 $3.38 
Refining planned turnaround costs$0.15 $0.19 1.55 1.16 
Depreciation and amortization(a)
1.26 1.04 1.24 1.12 
Refinery throughputs (mbpd):
    Crude oil refined1,253 1,233 1,184 1,124 
    Other charge and blendstocks152 154 159 161 
Gross refinery throughputs1,405 1,387 1,343 1,285 
Sour crude oil throughput (percent)58 55 58 58 
Sweet crude oil throughput (percent)42 45 42 42 
Refined product yields (mbpd):
    Gasoline650 637 594 617 
    Distillates525 511 478 462 
    Propane42 40 38 39 
    NGLs and petrochemicals158 149 144 127 
    Heavy fuel oil50 58 101 52 
    Asphalt18 19 16 15 
        Total1,443 1,414 1,371 1,312 
Inter-region refinery transfers included in throughput and yields above (mbpd)70 51 70 37 
(a)    Includes refining and distribution depreciation and amortization.    





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Mid-Continent RegionThree Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Refining & Marketing margin (dollar per barrel of net refinery throughput)$33.68 $17.86 $23.80 $15.49 
Less:
Refining operating costs6.31 5.04 6.26 4.99 
Distribution costs6.53 5.40 6.45 5.49 
Other income(0.12)(0.03)(0.05)(0.04)
Refining & Marketing Mid-Continent adjusted EBITDA$20.96 $7.45 $11.14 $5.05 
Refining planned turnaround costs$1.93 $1.04 1.74 0.84 
Depreciation and amortization(a)
1.60 1.49 1.57 1.54 
Refinery throughputs (mbpd):
    Crude oil refined1,030 1,165 1,037 1,146 
    Other charge and blendstocks72 55 74 60 
Gross refinery throughputs1,102 1,220 1,111 1,206 
Sour crude oil throughput (percent)27 24 28 24 
Sweet crude oil throughput (percent)73 76 72 76 
Refined product yields (mbpd):
    Gasoline558 633 585 637 
    Distillates396 431 391 432 
    Propane19 22 19 21 
    NGLs and petrochemicals53 62 43 47 
    Heavy fuel oil13 14 14 13 
    Asphalt63 61 63 61 
        Total1,102 1,223 1,115 1,211 
Inter-region refinery transfers included in throughput and yields above (mbpd)22 8 15 7 
(a)    Includes refining and distribution depreciation and amortization.    




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West Coast RegionThree Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Refining & Marketing margin (dollar per barrel of net refinery throughput)$41.28 $23.18 $33.54 $20.60 
Less:
Refining operating costs8.08 8.62 8.21 8.68 
Distribution costs5.94 6.42 5.87 6.31 
Other income— (0.04)(0.02)(0.03)
Refining & Marketing West Coast adjusted EBITDA$27.26 $8.18 $19.48 $5.64 
Refining planned turnaround costs$1.39 $2.39 1.08 2.82 
Depreciation and amortization(a)
2.06 2.43 2.10 2.43 
Refinery throughputs (mbpd):
    Crude oil refined515 485 511 484 
    Other charge and blendstocks38 44 44 40 
Gross refinery throughputs553 529 555 524 
Sour crude oil throughput (percent)63 66 64 66 
Sweet crude oil throughput (percent)37 34 36 34 
Refined product yields (mbpd):
    Gasoline267 271 274 264 
    Distillates215 179 215 181 
    Propane10 8 10 9 
    NGLs and petrochemicals35 35 32 34 
    Heavy fuel oil31 42 29 42 
    Asphalt1 1 — 1 
        Total559 536 560 531 
Inter-region refinery transfers included in throughput and yields above (mbpd)24 17 26 16 
(a)    Includes refining and distribution depreciation and amortization.    

Midstream Operating Statistics (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2026202520262025
Pipeline throughputs (mbpd)(a)
5,993 6,219 5,891 6,121 
Terminal throughputs (mbpd)3,259 3,183 3,118 3,139 
Gathering system throughputs (million cubic feet per day)(b)
6,859 6,562 6,674 6,539 
Natural gas processed (million cubic feet per day)(b)
9,590 9,740 9,498 9,760 
C2 (ethane) + NGLs fractionated (mbpd)(b)
680 634 657 647 
(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.




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Renewable Diesel Financial Data (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Renewable Diesel margin(a)
$321 $49 $454 $75 
Less:
Operating costs(b)
74 66 141 136 
Distribution costs(c)
32 25 60 47 
Other income(d)
(43)(23)(43)(47)
Renewable Diesel segment adjusted EBITDA$258 $(19)$296 $(61)
Planned turnaround costs$1 $25 $2 $36 
JV planned turnaround costs1 2 30 10 
Depreciation and amortization16 18 32 36 
JV depreciation and amortization23 23 45 45 
(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)
June 30, 
2026		March 31, 
2026
(in millions of dollars)
Cash and cash equivalents
$
7,768 
$
2,151 
Total consolidated debt(a)
32,816 32,825 
MPC debt
7,176 7,191 
MPLX debt
25,640 25,634 
Equity
25,720 23,427 
(in millions)
Shares outstanding
283 293 
(a)    Net of unamortized debt issuance costs and unamortized premium/discount, net.




14

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 
June 30,		Six Months Ended 
June 30,
(In millions)
2026202520262025
Net income attributable to MPC$5,138 $1,216 $5,649 $1,142 
Pre-tax adjustments:
Clean fuel production tax credit(a)
— — (32)— 
Tax impact of adjustments(b)
— — 8 — 
Adjusted net income attributable to MPC$5,138 $1,216 $5,625 $1,142 
Diluted income per share$17.73 $3.96 $19.30 $3.68 
Adjusted diluted income per share$17.73 $3.96 $19.22 $3.68 
Weighted average diluted shares outstanding290 307 292 310 
(a)    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.
(b)    Income taxes for the six months ended June 30, 2026 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.





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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 
June 30,		Six Months Ended 
June 30,
(In millions)
2026202520262025
Net income attributable to MPC$5,138 $1,216 $5,649 $1,142 
Net income attributable to noncontrolling interests400 394 740 814 
Provision for income taxes1,444 268 1,627 305 
Net interest and other financial costs
340 319 710 623 
Depreciation and amortization
838 789 1,647 1,582 
Renewable Diesel JV depreciation and amortization23 23 45 45 
Refining & Renewable Diesel planned turnaround costs276 275 807 740 
Renewable Diesel JV planned turnaround costs1 2 30 10 
Clean fuel production tax credit(a)
— — (32)— 
Adjusted EBITDA$8,460 $3,286 $11,223 $5,261 
(a)    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.




16

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 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Refining & Marketing segment adjusted EBITDA$6,655 $1,890 $8,032 $2,379 
Plus (Less):
Depreciation and amortization(410)(405)(797)(811)
Refining planned turnaround costs(275)(250)(805)(704)
Selling, general and administrative expenses686 667 1,336 1,291 
Income from equity method investments(12)(3)(10)(8)
 Other income(29)(51)(130)(119)
Refining & Marketing gross margin6,615 1,848 7,626 2,028 
Plus (Less):
Operating expenses (excluding depreciation and amortization)2,939 2,803 6,187 5,787 
Depreciation and amortization410 405 797 811 
Gross margin excluded from and other income included in Refining & Marketing margin(a)
(173)(98)(217)(168)
Other taxes included in Refining & Marketing margin(56)(63)(108)(133)
Refining & Marketing margin$9,735 $4,895 $14,285 $8,325 
(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.







17

Refining & Marketing Margin by region:
Three Months Ended June 30,
20262025
MarginNet Refinery ThroughputMarginMarginNet Refinery ThroughputMargin
Region(in millions)(mbpd)($/bbl)(in millions)(mbpd)($/bbl)
Gulf Coast$4,437 1,335 $36.52 $1,845 1,336 $15.17 
Mid-Continent3,309 1,080 33.68 1,970 1,212 17.86
West Coast1,989 529 41.28 1,080 512 23.18
Refining & Marketing$9,735 2,944 36.33 $4,895 3,060 17.58
Six Months Ended June 30,
20262025
MarginNet Refinery ThroughputMarginMarginNet Refinery ThroughputMargin
Region(in millions)(mbpd)($/bbl)(in millions)(mbpd)($/bbl)
Gulf Coast$6,350 1,273 $27.57 $3,072 1,248 $13.59 
Mid-Continent4,721 1,096 23.80 3,360 1,199 15.49
West Coast3,214 529 33.54 1,893 508 20.60
Refining & Marketing$14,285 2,898 27.24 $8,325 2,955 15.57
Refining & Marketing Adjusted EBITDA by region:
Three Months Ended June 30,
20262025
Adjusted EBITDANet Refinery ThroughputAdjusted EBITDAAdjusted EBITDANet Refinery ThroughputAdjusted EBITDA
Region(in millions)(mbpd)($/bbl)(in millions)(mbpd)($/bbl)
Gulf Coast$3,282 1,335 $27.01 $6871,336 $5.65
Mid-Continent2,060 1,080 20.96 8221,212 7.45
West Coast1,313 529 27.26 381512 8.18
Refining & Marketing Segment$6,655 2,944 24.84 $1,890 3,060 6.79
Six Months Ended June 30,
20262025
Adjusted EBITDANet Refinery ThroughputAdjusted EBITDAAdjusted EBITDANet Refinery ThroughputAdjusted EBITDA
Region(in millions)(mbpd)($/bbl)(in millions)(mbpd)($/bbl)
Gulf Coast$3,956 1,273 $17.18 $7651,248 $3.38
Mid-Continent2,210 1,096 11.14 10961,199 5.05
West Coast1,866 529 19.48 518508 5.64
Refining & Marketing Segment$8,032 2,898 15.31 $2,379 2,955 4.45




18

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 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Renewable Diesel segment adjusted EBITDA$258 $(19)$296 $(61)
Plus (Less):
Depreciation and amortization(16)(18)(32)(36)
JV depreciation and amortization(23)(23)(45)(45)
Planned turnaround costs(1)(25)(2)(36)
JV planned turnaround costs(1)(2)(30)(10)
Selling, general and administrative expenses8 9 16 18 
Income from equity method investments(39)(18)(10)(34)
Other income(26)(8)(54)(11)
Renewable Diesel gross margin160 (104)139 (215)
Plus (Less):
Operating expenses (excluding depreciation and amortization)123 114 240 212 
Depreciation and amortization16 18 32 36 
Martinez JV depreciation and amortization22 21 43 42 
Renewable Diesel margin$321 $49 $454 $75 





19

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