Marathon Petroleum Corp. Reports Third-Quarter 2026 Results
Third-quarter net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, adjusted net income of $7.5 billion, or $26.93 per diluted share
$11.7 billion of adjusted EBITDA, demonstrating the earnings power of MPC’s value chains
$3.3 billion of capital returned, reflecting strong cash generation and disciplined execution
• 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
FINDLAY, Ohio, Nov. 3, 2026 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, for the third quarter of 2026 . This compares with a net income attributable to MPC of $1.4 billion, or $4.51 per diluted share, for the third quarter of 2025.
Adjusted net income was $7.5 billion, or $26.93 per diluted share, for the third quarter of 2026. This compares to adjusted net income of $915 million, or $3.01 per diluted share, for the third quarter of 2025.
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.” 1
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.
Segment a djusted E BITDA was $1.9 billion in the third quarter of 2026, versus $1.7 billion for the third quarter of 2025. The increase was primarily driven by increased rates and throughputs, increased income from equity affiliates, and growth from acquisitions, partially offset by the divestiture of non-core gathering and processing assets as well as higher operating expenses, including incentive compensation.
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 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.
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. 2 On September 15, 2026, MPC redeemed all of its outstanding $749 million senior notes due December 2026.
In the third quarter, the company returne d $3.3 billion of capital to shareholders. As of September 30, 2026, the company had $3.1 billion remaining under its share repurchase authorizations.
Additionally, the Board of Directors approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company would have had $8.1 billion available under its share repurchase authorizations as of September 30, 2026. The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended or discontinued at any time.
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 Increases flexibility to Jet Flexibility maximize higher value jet 1Q26 – Completed fuel production to meet growing demand Upgrades fluid catalytic El Paso cracker (FCC) and 2Q26 – Completed Yield Improvement alkylation units to drive volume expansion Increases flexibility to Robinson maximize higher value jet 2Q26 – Completed Product Flexibility fuel production to meet growing demand Galveston Bay high-value ULSD to Distillate Hydrotreater domestic and export YE27 markets Further optimizes Garyville feedstock slate and YE27 Feedstock Optimization increases crude throughput by 30 mbpd Increases yield Garyville flexibility to produce an Product Export incremental 10 mbpd of YE27 Flexibility export premium gasoline and lowers costs
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 3 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 (MMcf/d) gas Secretariat I processing plant 100% Placed in service in the Delaware April 2026 Basin and 40 mbpd Placed in service Harmon Creek III de-ethanizer in 100% August 2026 the Marcellus Up to 5.3 billion cubic feet per day (Bcf/d) of Bay Runner and natural gas Bay Runner: Bay Runner Twin transport 30% 4Q26 Pipelines capacity between Bay Runner Twin: Agua Dulce, 2029 Texas, and Brownsville, Texas Expanding NGL pipeline from 250 mbpd to 300 mbpd; BANGL Pipeline provides 100% 4Q26 transportation from the Permian Basin to the Texas Gulf Coast Increasing sour gas treating Titan Complex capacity from 150 100% 4Q26 MMcf/d to over 400 MMcf/d in the Delaware Basin 2.5 Bcf/d 4Q26; Blackcomb pipeline Began Pipeline connecting 34% commissioning Permian supply to July 2026 Agua Dulce, Texas 2.5 Bcf/d pipeline designed Traverse to transport Pipeline natural gas 34% 2H27 between Agua Dulce, Texas, and Katy, Texas Two 150 mbpd Gulf Coast fractionation Frac I: 2028 Fractionators facilities near 100% Frac II: 2029 MPC’s Galveston Bay refinery 400 mbpd LPG Gulf Coast LPG export terminal Export Terminal located in the 50% 2028 JV Port of Texas City, Texas Supports producer Marcellus activity near Gathering System MPLX’s 100% 1H28 Expansion Majorsville gas processing complex 3.7 Bcf/d Eiger Express pipeline Pipeline connecting 22% Mid-2028 Permian supply to Katy, Texas 300 MMcf/d gas Secretariat II processing plant 100% 2H28 in the Delaware Basin Two 2.25 Bcf/d Solitude pipelines Phase I: 2H29 Pipeline System connecting 10% Phase II: 2030 Permian supply to Katy, Texas
Refining & Marketing Segment: ─────────────────────────────────────────────────────── Refining operating costs per barrel(a) $ 5.60 Distribution costs (in millions) $ 1,725 Refining planned turnaround costs (in $ 230 millions) Depreciation and amortization (in $ 390 millions) 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.
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. ###
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.
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 .
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 6 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. 7
(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.
(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.
(d) Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss. 9
(b) Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.
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. 10
(a) Includes common-carrier pipelines and private pipelines contributed to MPLX.
(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. 13
(d) Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.
(a) Net of unamortized debt issuance costs and unamortized premium/discount, net. 14
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 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)
(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. 15
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.
(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. 16
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)
(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:
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)
Full text with the tables
Exhibit 99.1
Marathon Petroleum Corp. Reports Third-Quarter 2026 Results
•
Third-quarter net income attributable to MPC of $7.4 billion, or $26.59 per
diluted share, adjusted net income of $7.5 billion, or $26.93 per diluted share
•
$11.7 billion of adjusted EBITDA, demonstrating the earnings power of MPC’s
value chains
•
$3.3 billion of capital returned, reflecting strong cash generation and
disciplined execution
• 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
FINDLAY, Ohio, Nov. 3, 2026 – Marathon Petroleum Corp. (NYSE: MPC) today
reported net income attributable to MPC of $7.4 billion, or $26.59 per diluted
share, for the third quarter of 2026 . This compares with a net income
attributable to MPC of $1.4 billion, or $4.51 per diluted share, for the third
quarter of 2025.
Adjusted net income was $7.5 billion, or $26.93 per diluted share, for the third
quarter of 2026. This compares to adjusted net income of $915 million, or $3.01
per diluted share, for the third quarter of 2025.
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.”
1
Results from Operations
Adjusted EBITDA (unaudited)
Thr… Ni…
Mon… Mo…
End… En…
(In Sep… Se…
mi… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Re…
&
Ma… $ 9,8… $ 1,… $ 17… $ 4,…
se…
ad…
EB…
Mi…
se… 1,8… 1,… 5,… 5,…
ad…
EB…
Re…
Di…
se… 254 -56 550 -1…
ad…
EB…
Su… 12,… 3,… 23… 9,…
Co… -328 -2… -8… -6…
Ad…
De… 26 29 75 64
and
am…
Ad… $ 11,… $ 3,… $ 22… $ 8,…
EB…
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 a djusted E BITDA was $1.9 billion in the third quarter of 2026, versus
$1.7 billion for the third quarter of 2025. The increase was primarily driven by
increased rates and throughputs, increased income from equity affiliates, and
growth from acquisitions, partially offset by the divestiture of non-core
gathering and processing assets as well as higher operating expenses, including
incentive compensation.
Renewable Diesel
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.
2
On September 15, 2026, MPC redeemed all of its outstanding $749 million senior
notes due December 2026.
In the third quarter, the company returne d $3.3 billion of capital to
shareholders. As of September 30, 2026, the company had $3.1 billion remaining
under its share repurchase authorizations.
Additionally, the Board of Directors approved an incremental $5 billion share
repurchase authorization. With the addition of this new authorization, the
company would have had $8.1 billion available under its share repurchase
authorizations as of September 30, 2026. The company may utilize various methods
to effect the repurchases, which could include open market repurchases,
negotiated block transactions, accelerated share repurchases, tender offers or
open market solicitations for shares, some of which may be effected through Rule
10b5-1 plans. The timing of repurchases will depend upon several factors,
including market and business conditions, and repurchases may be suspended or
discontinued at any time.
Strategic Update
MPC announced the divestiture of the St. Paul Park and Mandan refineries,
inclusive of related midstream assets for $4.2 billion. 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
Increases flexibility to
Jet Flexibility maximize higher value jet 1Q26 – Completed
fuel production to meet
growing demand
Upgrades fluid catalytic
El Paso cracker (FCC) and 2Q26 – Completed
Yield Improvement alkylation units to drive
volume expansion
Increases flexibility to
Robinson maximize higher value jet 2Q26 – Completed
Product Flexibility fuel production to meet
growing demand
Galveston Bay high-value ULSD to
Distillate Hydrotreater domestic and export YE27
markets
Further optimizes
Garyville feedstock slate and YE27
Feedstock Optimization increases crude
throughput by 30 mbpd
Increases yield
Garyville flexibility to produce an
Product Export incremental 10 mbpd of YE27
Flexibility export premium gasoline
and lowers costs
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
3
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
(MMcf/d) gas
Secretariat I processing plant 100% Placed in service
in the Delaware April 2026
Basin
and 40 mbpd Placed in service
Harmon Creek III de-ethanizer in 100% August 2026
the Marcellus
Up to 5.3 billion
cubic feet per
day (Bcf/d) of
Bay Runner and natural gas Bay Runner:
Bay Runner Twin transport 30% 4Q26
Pipelines capacity between Bay Runner Twin:
Agua Dulce, 2029
Texas, and
Brownsville,
Texas
Expanding NGL
pipeline from 250
mbpd to 300 mbpd;
BANGL Pipeline provides 100% 4Q26
transportation
from the Permian
Basin to the
Texas Gulf Coast
Increasing sour
gas treating
Titan Complex capacity from 150 100% 4Q26
MMcf/d to over
400 MMcf/d in the
Delaware Basin
2.5 Bcf/d 4Q26;
Blackcomb pipeline Began
Pipeline connecting 34% commissioning
Permian supply to July 2026
Agua Dulce, Texas
2.5 Bcf/d
pipeline designed
Traverse to transport
Pipeline natural gas 34% 2H27
between Agua
Dulce, Texas, and
Katy, Texas
Two 150 mbpd
Gulf Coast fractionation Frac I: 2028
Fractionators facilities near 100% Frac II: 2029
MPC’s Galveston
Bay refinery
400 mbpd LPG
Gulf Coast LPG export terminal
Export Terminal located in the 50% 2028
JV Port of Texas
City, Texas
Supports producer
Marcellus activity near
Gathering System MPLX’s 100% 1H28
Expansion Majorsville gas
processing
complex
3.7 Bcf/d
Eiger Express pipeline
Pipeline connecting 22% Mid-2028
Permian supply to
Katy, Texas
300 MMcf/d gas
Secretariat II processing plant 100% 2H28
in the Delaware
Basin
Two 2.25 Bcf/d
Solitude pipelines Phase I: 2H29
Pipeline System connecting 10% Phase II: 2030
Permian supply to
Katy, Texas
4
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 $ 230
millions)
Depreciation and amortization (in $ 390
millions)
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.
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 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
6
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.
7
Consolidated Statements of Income (unaudited)
(In
mi…
ex…
pe… Thr… Nine
da… Mon… Mon…
Re… End… End…
and Sep… Sep…
ot… 30, 30,
in… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Sa…
and
ot… $ 56,… $ 34… $ 14… $ 10…
op…
re…
In…
fr…
eq… 359 976 791 1,…
me…
in…
Net
ga…
(l…
on — -2 -2 4
di…
of
as…
Ot… 96 66 377 253
in…
To…
re…
and 56,… 35… 14… 10…
ot…
in…
Co…
and
ex…
Co…
of
re… 43,… 31… 11… 90…
(e…
it…
be…
De…
and 836 841 2,… 2,…
am…
Se…
ge…
and 1,1… 863 2,… 2,…
ad…
ex…
Ot… 306 232 752 682
ta…
To…
co… 46,… 33… 12… 96…
and
ex…
In…
fr… 10,… 2,… 19… 5,…
op…
Net
in…
and 287 310 997 933
ot…
fi…
co…
In…
be… 10,… 2,… 18… 4,…
in…
ta…
Pr…
for 2,2… 460 3,… 765
in…
ta…
Net 7,8… 1,… 14… 3,…
in…
Le…
net
in…
at…
to:
No… 431 573 1,… 1,…
in…
Net
in…
at… $ 7,4… $ 1,… $ 13… $ 2,…
to
MPC
Per
sh…
da…
Ba…
Net
in…
at…
to $ 26.… $ 4.… $ 45… $ 8.…
MPC
per
sh…
We…
av…
sh… 279 303 287 307
ou…
(in
mi…
Di…
Net
in…
at…
to $ 26.… $ 4.… $ 45… $ 8.…
MPC
per
sh…
We…
av…
sh… 280 304 288 308
ou…
(in
mi…
8
Capital Expenditures and Investments (unaudited)
Thr… Ni…
Mon… Mo…
End… En…
(In Sep… Se…
mi… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Re…
& $ 284 $ 423 $ 937 $ 1,…
Ma…
Mi… 1,1… 919 3,… 1,…
Re… — 16 — 18
Di…
Co… 41 32 113 85
To… $ 1,4… $ 1,… $ 4,… $ 3,…
Ca… $ 34 $ 26 $ 97 $ 64
in…
(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)
Do…
per
Ba… Th… Ni…
of Mo… Mo…
Net En… En…
Re… Se… Se…
Th… 20… 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
R…
& $ 45… $ 17… $ 33… $ 16…
M…
m…
L…
R…
o… 5.… 5.… 5.… 5.…
c…
D… 5.… 5.… 6.… 5.…
c…
O… -0… -0… -0… -0…
i…
R…
&
M… $ 34… $ 6.… $ 22… $ 5.…
s…
a…
E…
R…
p… $ 1.… $ 1.… $ 1.… $ 1.…
t…
c…
D…
a… 1.… 1.… 1.… 1.…
a…
F…
p…
to
M…
i… 3.… 3.… 3.… 3.…
in
d…
c…
a…
(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
Refini…
& Three Nine
Market… Months Months
- Ended Ended
Supple… September Septemb…
Operat… 30, 30,
Data
2026 2025 2026 2025
Refini…
&
Market…
refined 4,030 3,783 3,809 3,689
product
sales
volume
(mbpd)…
Crude
oil
refini… 2,986 2,963 2,986 2,963
capaci…
(mbpcd…
Crude
oil
capaci… 100 95 94 94
utiliz…
(perce…
Refine…
throug…
(mbpd):
Crude
oil 2,973 2,822 2,813 2,777
refined
Other
charge 177 183 170 195
and
blends…
Net
refine… 3,150 3,005 2,983 2,972
throug…
Sour
crude
oil 45 42 47 44
throug…
(perce…
Sweet
crude
oil 55 58 53 56
throug…
(perce…
Refined
product
yields
(mbpd):
Gasoli… 1,519 1,464 1,458 1,492
Distil… 1,210 1,103 1,122 1,083
Propane 71 62 68 66
NGLs
and 218 222 212 209
petroc…
Heavy
fuel 78 102 77 79
oil
Asphalt 94 83 84 79
Total 3,190 3,036 3,021 3,008
Inter-…
refine…
transf…
exclud…
from 65 66 95 62
throug…
and
yields
above
(mbpd)
(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.
10
Th… Ni…
Mo… Mo…
Gu… En… En…
Co… Se… Se…
Re… 20… 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
R…
&
M…
m…
(…
p… $ 43… $ 14… $ 33… $ 13…
b…
of
n…
r…
t…
L…
R…
o… 4.… 4.… 4.… 4.…
c…
D… 6.… 5.… 5.… 5.…
c…
O… -0… -0… -0… -0…
i…
R…
&
M…
G… $ 32… $ 4.… $ 22… $ 3.…
C…
a…
E…
R…
p… $ 1.… $ 0.… 1.… 0.…
t…
c…
D…
a… 1.… 1.… 1.… 1.…
a…
R…
t…
(…
C…
o… 1,… 1,… 1,… 1,…
r…
O…
c… 145 152 154 158
a…
b…
G…
r… 1,… 1,… 1,… 1,…
t…
S…
c…
o… 61 54 59 56
t…
(…
S…
c…
o… 39 46 41 44
t…
(…
R…
p…
y…
(…
G… 640 607 610 614
D… 519 460 492 461
P… 41 34 39 37
N…
a… 138 145 142 133
p…
H…
f… 60 65 87 56
o…
A… 17 19 16 17
T… 1,… 1,… 1,… 1,…
I…
r…
t…
i…
in 38 36 59 37
t…
a…
y…
a…
(…
(a) Includes refining and distribution depreciation and amortization.
11
Th… Ni…
Mo… Mo…
En… En…
Mi… Se… Se…
Re… 20… 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
R…
&
M…
m…
(…
p… $ 47… $ 19… $ 32… $ 16…
b…
of
n…
r…
t…
L…
R…
o… 5.… 5.… 5.… 5.…
c…
D… 5.… 5.… 6.… 5.…
c…
O… -0… -0… -0… -0…
i…
R…
&
M… $ 36… $ 8.… $ 20… $ 6.…
M…
a…
E…
R…
p… $ 0.… $ 1.… 1.… 1.…
t…
c…
D…
a… 1.… 1.… 1.… 1.…
a…
R…
t…
(…
C…
o… 1,… 1,… 1,… 1,…
r…
O…
c… 65 62 71 61
a…
b…
G…
r… 1,… 1,… 1,… 1,…
t…
S…
c…
o… 24 23 26 24
t…
(…
S…
c…
o… 76 77 74 76
t…
(…
R…
p…
y…
(…
G… 622 615 598 630
D… 470 442 418 436
P… 21 19 19 20
N…
a… 56 56 47 50
p…
H…
f… 19 18 15 14
o…
A… 76 63 68 62
T… 1,… 1,… 1,… 1,…
I…
r…
t…
i…
in 6 10 12 8
t…
a…
y…
a…
(…
(a) Includes refining and distribution depreciation and amortization.
12
Th… Ni…
Mo… Mo…
We… En… En…
Co… Se… Se…
Re… 20… 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
R…
&
M…
m…
(…
p… $ 47… $ 19… $ 38… $ 20…
b…
of
n…
r…
t…
L…
R…
o… 8.… 8.… 8.… 8.…
c…
D… 5.… 6.… 5.… 6.…
c…
O… -0… -0… -0… -0…
i…
R…
&
M…
W… $ 33… $ 5.… $ 24… $ 5.…
C…
a…
E…
R…
p… $ 0.… $ 2.… 0.… 2.…
t…
c…
D…
a… 2.… 2.… 2.… 2.…
a…
R…
t…
(…
C…
o… 539 522 520 497
r…
O…
c… 32 35 40 38
a…
b…
G…
r… 571 557 560 535
t…
S…
c…
o… 53 59 60 63
t…
(…
S…
c…
o… 47 41 40 37
t…
(…
R…
p…
y…
(…
G… 276 267 274 265
D… 227 202 219 188
P… 9 9 10 9
N…
a… 31 27 31 32
p…
H…
f… 32 53 30 46
o…
A… 1 1 1 —
T… 576 559 565 540
I…
r…
t…
i…
in 21 20 24 17
t…
a…
y…
a…
(…
(a) Includes refining and distribution depreciation and amortization.
Midstream Operating Statistics (unaudited)
Three Nine
Months Months
Ended Ended
Septemb… Septemb…
30, 30,
2026 2025 2026 2025
Pipeli…
throug… 6,053 6,024 5,946 6,088
(mbpd)…
Termin…
throug… 3,375 3,173 3,205 3,151
(mbpd)
Gather…
system
throug…
(milli… 7,216 6,906 6,857 6,663
cubic
feet
per
day)(b)
Natural
gas
proces…
(milli… 9,941 10,075 9,648 9,866
cubic
feet
per
day)(b)
C2
(ethan…
+ NGLs 696 677 670 657
fracti…
(mbpd)…
(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.
13
Renewable Diesel Financial Data (unaudited)
Three Nine
Months Months
Ended Ended
(In Septe… Septe…
mill… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Rene…
Dies… $ 304 $ 8 $ 758 $ 83
marg…
Less:
Oper… 75 67 216 203
cost…
Dist… 29 22 89 69
cost…
Other -54 -25 -97 -72
inco…
Rene…
Dies…
segm… $ 254 $ -56 $ 550 $ -117
adju…
EBIT…
Plan…
turn… $ 1 $ 1 $ 3 $ 37
costs
JV
plan… 2 3 32 13
turn…
costs
Depr…
and 16 17 48 53
amor…
JV
depr… 23 22 68 67
and
amor…
(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, June 30,
2026 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.
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)
Thr… Ni…
Mon… Mo…
End… En…
(In Sep… Se…
mi… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
in…
at… $ 7,4… $ 1,… $ 13… $ 2,…
to
MPC
Pr…
ad…
Tax
and 123 — 123 —
le…
se…
Cl…
fu…
pr… — — -32 —
tax
cr…
Ga…
on
sa… — -7… — -7…
of
as…
SR… — -57 — -57
Tr… — 21 — 21
co…
Tax
im… -29 151 -21 151
of
ad…
No…
in…
im… — 168 — 168
of
ad…
Ad…
net
in… $ 7,5… $ 915 $ 13… $ 2,…
at…
to
MPC
Di…
in… $ 26.… $ 4.… $ 45… $ 8.…
per
sh…
Ad…
di…
in… $ 26.… $ 3.… $ 45… $ 6.…
per
sh…
We…
av…
di… 280 304 288 308
sh…
ou…
(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.
15
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)
Thr… Ni…
Mon… Mo…
End… En…
(In Sep… Se…
mi… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
in…
at… $ 7,4… $ 1,… $ 13… $ 2,…
to
MPC
Net
in…
at… 431 573 1,… 1,…
to
no…
in…
Pr…
for 2,2… 460 3,… 765
in…
ta…
Net
in…
and 287 310 997 933
ot…
fi…
co…
De…
and 836 841 2,… 2,…
am…
Re…
Di…
JV 23 22 68 67
de…
and
am…
Re…
&
Re…
Di… 295 401 1,… 1,…
pl…
tu…
co…
Re…
Di…
JV 2 3 32 13
pl…
tu…
co…
Tax
and 123 — 123 —
le…
se…
Cl…
fu…
pr… — — -32 —
tax
cr…
Ga…
on
sa… — -7… — -7…
of
as…
SR… — -57 — -57
Tr… — 21 — 21
co…
Ad… $ 11,… $ 3,… $ 22… $ 8,…
EB…
(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.
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)
Thr… Ni…
Mon… Mo…
End… En…
(In Sep… Se…
mi… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Re…
&
Ma… $ 9,8… $ 1,… $ 17… $ 4,…
se…
ad…
EB…
Pl…
(L…
De…
and -397 -4… -1… -1…
am…
Re…
pl… -294 -4… -1… -1…
tu…
co…
Se…
ge…
and 754 677 2,… 1,…
ad…
ex…
In…
fr…
eq… -2 -3 -12 -11
me…
in…
Net
(g…
lo…
on — 2 — 2
di…
of
as…
Ot… -48 -36 -1… -1…
in…
Re…
&
Ma… 9,9… 1,… 17… 3,…
gr…
ma…
Pl…
(L…
Op…
ex…
(e… 3,1… 3,… 9,… 8,…
de…
and
am…
De…
and 397 426 1,… 1,…
am…
Gr…
ma…
ex…
fr…
and
ot…
in… -145 -95 -3… -2…
in…
in
Re…
&
Ma…
ma…
Ot…
ta…
in…
in -52 -74 -1… -2…
Re…
&
Ma…
ma…
Re…
& $ 13,… $ 4,… $ 27… $ 13…
Ma…
ma…
(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:
…
…
…
…
…
… … 2… N…
… … M… R…
… … M… (… T… M…
… … (… m… (… (…
──────────────────────────────────────────────────────────────────────────────
$ … … $ … $ … … $ …
… … … … … 1…
… … … … … 1…
$ … … … $ … … 1…
…
…
…
…
…
… … 2… N…
… … M… R…
… … M… (… T… M…
… … (… m… (… (…
──────────────────────────────────────────────────────────────────────────────
$ … … $ … $ … … $ …
… … … … … 1…
… … … … … 2…
$ … … … $ … … 1…
Refining & Marketing Adjusted EBITDA by region:
…
…
…
…
…
… …
… … … …
… … … … … …
… … … … … …
… … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … … $ … $ 5… 1… $ 4…
… … … 9… 1… 8…
… … … 2… 5… 5…
$ … … … $ … 3… 6…
…
…
…
…
…
… …
… … … N…
… … … … R… A…
… … … … T… E…
… … … … (… (…
──────────────────────────────────────────────────────────────────────────────
$ … … $ … $ … … $ …
… … … … … …
… … … … … …
$ … … … $ 4… … …
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)
Thr… Ni…
Mon… Mo…
End… En…
(In Sep… Se…
mi… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Re…
Di…
se… $ 254 $ -56 $ 550 $ -1…
ad…
EB…
Pl…
(L…
De…
and -16 -17 -48 -53
am…
JV
de… -23 -22 -68 -67
and
am…
Pl…
tu… -1 -1 -3 -37
co…
JV
pl… -2 -3 -32 -13
tu…
co…
Se…
ge…
and 11 8 27 26
ad…
ex…
In…
fr…
eq… -52 -22 -62 -56
me…
in…
Ot… -17 -10 -71 -21
in…
Re…
Di… 154 -1… 293 -3…
gr…
ma…
Pl…
(L…
Op…
ex…
(e… 113 92 353 304
de…
and
am…
De…
and 16 17 48 53
am…
Ma…
JV
de… 21 22 64 64
and
am…
Re…
Di… $ 304 $ 8 $ 758 $ 83
ma…
19