second quarter of 2026
Filed Aug 4, 2026Marathon Petroleum Corp. Reports Second-Quarter 2026 Results
Net income attributable to MPC, adjusted EBITDA, Refining & Marketing adjusted EBITDA, Midstream adjusted EBITDA, and Renewable Diesel adjusted EBITDA were all higher than the second quarter of 2025, supported by higher crack spreads, resilient consumer demand, and stronger renewable diesel market conditions.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income attributable to MPCGAAP | $5.1 billion | – | – |
| Diluted earnings per shareGAAP | $17.73 per diluted share | – | – |
| Adjusted EBITDAnon-GAAP | $8,460 million | – | – |
| Refining & Marketing segment adjusted EBITDAnon-GAAP | $6,655 million | – | – |
| Midstream segment adjusted EBITDAnon-GAAP | $1,778 million | – | – |
| Renewable Diesel segment adjusted EBITDAnon-GAAP | $258 million | – | – |
| Subtotal adjusted EBITDAnon-GAAP | $8,691 million | – | – |
| Corporate adjusted EBITDAnon-GAAP | $(256) million | – | – |
| Depreciation and amortization added to adjusted EBITDAnon-GAAP | $25 million | – | – |
| Six-month adjusted EBITDAnon-GAAP | $11,223 million | – | – |
| Six-month Refining & Marketing segment adjusted EBITDAnon-GAAP | $8,032 million | – | – |
| Six-month Midstream segment adjusted EBITDAnon-GAAP | $3,376 million | – | – |
| Six-month Renewable Diesel segment adjusted EBITDAnon-GAAP | $296 million | – | – |
| Six-month subtotal adjusted EBITDAnon-GAAP | $11,704 million | – | – |
| Six-month Corporate adjusted EBITDAnon-GAAP | $(530) million | – | – |
| Six-month depreciation and amortization added to adjusted EBITDAnon-GAAP | $49 million | – | – |
| Refining & Marketing segment adjusted EBITDA per barrelnon-GAAP | $24.84 per barrel | – | – |
| Refining planned turnaround costsother | $275 million | – | – |
| Refining & Marketing marginother | $36.33 per barrel | – | – |
| Crude capacity utilizationother | 94% | – | – |
| Total throughputother | 2.9 million barrels per day (bpd) | – | – |
| Refining operating costsother | $5.72 per barrel | – | – |
| Corporate expensesother | $256 million | – | – |
Third-Quarter 2026 Outlook outlook
- NoteRefining operating costs per barrel: $ 5.60
- NoteDistribution costs (in millions): $ 1,650
- NoteRefining planned turnaround costs (in millions): $ 290
- NoteDepreciation and amortization (in millions): $ 390
- NoteCrude oil refined: 2,820 mbpd
- NoteOther charge and blendstocks: 185 mbpd
- NoteTotal refinery throughputs: 3,005 mbpd
- NoteCorporate (includes $30 million of D&A): $ 260
- NoteMPC’s 2026 capital spending outlook (excluding MPLX): $1.5 billion
- NoteApproximately 65% of its overall capital spending is focused on value-enhancing investments and 35% on sustaining operations.
- NoteMPLX is increasing its 2026 growth capital spending outlook by $500 million, to $2.9 billion.
- NoteMPLX plans to invest over 90% of organic growth capital toward opportunities to meet growing natural gas and NGL infrastructure needs.
- NoteMPLX Natural Gas and NGL value chain growth strategy is expected to support 12.5% annual distribution growth in 2026 and 2027.
Capital returns
- $2.8 billion of capital returned
- As of June 30, 2026, the company had $6.1 billion remaining under its share repurchase authorizations.
What drove it
- Results were driven primarily by higher crack spreads in all regions.
- Midstream adjusted EBITDA increased primarily because of increased rates and throughputs, including growth from equity affiliates and acquisitions.
- Renewable Diesel results reflected a stronger margin environment, higher throughputs, and improved regulatory credit values.
- The El Paso yield improvement and Robinson product flexibility investments were placed in service in the second quarter of 2026.
- The Robinson product flexibility investment enables approximately 10 thousand barrels per day (mbpd) of incremental jet fuel production.
- MPLX increased its 2026 growth capital spending outlook primarily reflecting accelerated execution of the Gulf Coast fractionation project to meet global demand for U.S. energy.
Concerns
- Refining operating costs were $5.72 per barrel versus $5.34 per barrel for the second quarter of 2025, primarily driven by decreased utilization due to planned downtime in the Mid-Con.
- Refining planned turnaround costs totaled $275 million in the second quarter of 2026.
- Midstream growth was partially offset by the divestiture of non-core gathering and processing assets.
- Third-quarter refining planned turnaround costs are forecast at $290 million.
What to watch
- Third-quarter refinery throughputs outlook of 3,005 mbpd, including 2,820 mbpd of crude oil refined.
- Third-quarter Refining & Marketing operating-cost outlook of $5.60 per barrel.
- Execution of the Galveston Bay Distillate Hydrotreater, Garyville Feedstock Optimization, and Garyville Product Export Flexibility projects, each with expected in-service timing stated as YE27.
- Execution of MPLX growth projects, including Harmon Creek III beginning operations in August 2026, Bay Runner expected in 3Q26, and several projects expected in 4Q26.
- MPLX’s stated expectation of 12.5% annual distribution growth in 2026 and 2027.
Balance sheet and cash flow
- As of June 30, 2026, MPC had $7.8 billion of cash and cash equivalents, including $1.0 billion of cash at MPLX.
- No borrowings outstanding under its $5 billion five-year bank revolving credit facility.
Analysis
MPC reported second-quarter net income attributable to MPC of $5.1 billion, or $17.73 per diluted share, compared with $1.2 billion, or $3.96 per diluted share, in the second quarter of 2025. Adjusted EBITDA was $8.5 billion in the release narrative, compared with $3.3 billion in the prior-year quarter. The reported period was supported by strong planning, commercial, and operational execution and resilient consumer demand, according to management.
Refining & Marketing was the principal earnings contributor. Segment adjusted EBITDA was $6.7 billion versus $1.9 billion, while adjusted EBITDA per barrel was $24.84 per barrel versus $6.79 per barrel. R&M margin was $36.33 per barrel versus $17.58 per barrel, and MPC identified higher crack spreads in all regions as the primary driver. Crude capacity utilization was 94%, with total throughput of 2.9 million barrels per day.
Midstream adjusted EBITDA increased to $1.8 billion from $1.6 billion, driven by increased rates and throughputs, growth from equity affiliates, and acquisitions, partly offset by asset divestitures. Renewable Diesel adjusted EBITDA improved to $258 million from $(19) million as margins, throughputs, and regulatory credit values strengthened. Refining operating costs increased to $5.72 per barrel from $5.34 per barrel, primarily due to decreased utilization from planned Mid-Con downtime, while refining planned turnaround costs were $275 million.
Capital allocation included $2.8 billion of capital returned and $6.1 billion remaining under share repurchase authorizations as of June 30, 2026. MPC reported $7.8 billion of cash and cash equivalents and no revolving-credit borrowings. The company maintained a $1.5 billion 2026 capital spending outlook excluding MPLX, while MPLX raised its 2026 growth capital spending outlook by $500 million to $2.9 billion. The third-quarter operating outlook calls for $5.60 per barrel in refining operating costs, $290 million of turnaround costs, and total refinery throughput of 3,005 mbpd.
Management, verbatim
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. 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.
Maryann Mannen, Chairman, President and Chief Executive Officer
Not in the filing
stated, not guessed- Total revenue
- Prior-year total revenue
- Prior-quarter total revenue
- Revenue growth rates
- Segment revenue for Refining & Marketing, Midstream, and Renewable Diesel
- Gross profit and gross margin
- Operating income
- Prior-year and prior-quarter operating income
- Non-GAAP earnings per share
- Operating cash flow
- Free cash flow
- Dividend amount
- Share repurchase amount
- Total debt
- Net debt
- Interest expense
- Income tax rate
- Forward revenue guidance
- Forward gross margin guidance
- Forward tax-rate guidance
- Previous-period outlook for comparison
- Prior-quarter comparisons for reported quarterly metrics
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.