FINDLAY, Ohio, Aug. 4, 2026 /PRNewswire/ --
- 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
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."
Results from Operations
Adjusted EBITDA (unaudited)
Three Months Ended Six Months Ended
June 30,
June 30,
(In millions) 2026 2025 2026 2025
---
Refining & Marketing segment adjusted EBITDA $
6,655 $
1,890 $
8,032 $
2,379
Midstream segment adjusted EBITDA 1,778 1,641 3,376 3,361
Renewable Diesel segment adjusted EBITDA 258 (19) 296 (61)
Subtotal 8,691 3,512 11,704 5,679
Corporate (256) (243) (530) (453)
Add: Depreciation and amortization 25 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.
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 Increases flexibility to maximize higher
value 1Q26 - Completed
Jet Flexibility jet fuel production to meet growing demand
El Paso Upgrades fluid catalytic cracker (FCC) and 2Q26 - Completed
Yield Improvement alkylation units to drive volume expansion
Robinson Increases flexibility to maximize higher
value 2Q26 - Completed
Product Flexibility jet fuel production to meet growing demand
Galveston Bay 90 mbpd hydrotreater, increasing supply of
YE27
Distillate Hydrotreater high-value ULSD to domestic and export
markets
Garyville Further optimizes feedstock slate and
YE27
Feedstock Optimization increases crude throughput by 30 mbpd
Garyville Increases yield flexibility to produce an
incremental
YE27
Product Export Flexibility 10 mbpd of export premium gasoline and
lowers costs
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 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 Expected In-Service
Ownership
Secretariat I 200 million cubic feet per day 100 % Placed in service in
(MMcf/d) gas processing plant April 2026
in the Delaware Basin
Harmon Creek III 300 MMcf/d gas processing plant and 100 % Beginning operations
40 mbpd de-ethanizer in the
Marcellus in August 2026
Bay Runner and Bay Up to 5.3 billion cubic feet per day 30 % Bay Runner: 3Q26
Runner Twin Pipelines (Bcf/d) of natural gas transport Bay Runner Twin:
capacity 2029
between Agua Dulce, Texas, and
Brownsville, Texas
Titan Complex Increasing sour gas treating
capacity 100 %
4Q26
from 150 MMcf/d to over 400 MMcf/d
in
the Delaware Basin
BANGL Pipeline Expanding NGL pipeline from 250 100 %
4Q26
mbpd to 300 mbpd; provides
transportation from the Permian
Basin
to the Texas Gulf Coast
Blackcomb Pipeline 2.5 Bcf/d pipeline connecting
Permian 34 %
4Q26;
supply to Agua Dulce, Texas Began commissioning
July 2026
Traverse Pipeline 2.5 Bcf/d pipeline designed to 34 %
2H27
transport natural gas between Agua
Dulce, Texas, and Katy, Texas
Gulf Coast Two 150 mbpd fractionation
facilities 100 % Frac I: 2028
Fractionators near MPC's Galveston Bay refinery Frac II: 2029
Gulf Coast LPG Export 400 mbpd LPG export terminal located 50 % 2028
in the Port of Texas City, Texas
Terminal JV
Marcellus Gathering Supports producer activity near 100 %
1H28
System Expansion MPLX's Majorsville gas processing
complex
Eiger Express Pipeline 3.7 Bcf/d pipeline connecting
Permian 22 %
Mid-2028
supply to Katy, Texas
Secretariat II 300 MMcf/d gas processing plant in 100 %
2H28
the Delaware Basin
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 refined 2,820
Other charge and blendstocks 185
Total 3,005
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.
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; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating within the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
Consolidated Statements of Income (unaudited)
Three Months Ended Six Months Ended
June 30,
June 30,
(In millions, except per-share data) 2026 2025 2026 2025
---
Revenues and other income:
Sales and other operating revenues $
51,994 $
33,799 $
86,194 $
65,316
Income from equity method investments 256 212 432 442
Net gain (loss) on disposal of assets (2) 6 (2) 6
Other income 89 84 281 187
Total revenues and other income 52,337 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 amortization 838 789 1,647 1,582
Selling, general and administrative expenses 894 867 1,761 1,650
Other taxes 219 223 446 450
Total costs and expenses 45,015 31,904 78,179 63,067
Income from operations 7,322 2,197 8,726 2,884
Net interest and other financial costs 340 319 710 623
Income before income taxes 6,982 1,878 8,016 2,261
Provision for income taxes 1,444 268 1,627 305
Net income 5,538 1,610 6,389 1,956
Less net income attributable to:
Noncontrolling interests 400 394 740 814
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
Capital Expenditures and Investments (unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(In millions) 2026 2025 2026 2025
---
Refining & Marketing $
325 $
347 $
653 $
709
Midstream 1,021 691 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 Throughput Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
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 amortization 1.53 1.45 1.52 1.52
Fees paid to MPLX included in distribution costs above 3.90 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.
Refining & Marketing - Supplemental Operating Data Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
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 refined 2,798 2,883 2,732 2,754
Other charge and blendstocks 146 177 166 201
Net refinery throughputs 2,944 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):
Gasoline 1,439 1,526 1,426 1,506
Distillates 1,131 1,117 1,077 1,073
Propane 71 70 67 69
NGLs and petrochemicals 237 242 210 202
Heavy fuel oil 29 61 77 67
Asphalt 81 81 78 77
Total 2,988 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.
Gulf Coast Region Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Refining & Marketing margin (dollar per barrel of net refinery throughput) $
36.52 $
15.17 $
27.57 $
13.59
Less:
Refining operating costs 4.30 4.34 4.79 4.76
Distribution costs 5.33 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 refined 1,253 1,233 1,184 1,124
Other charge and blendstocks 152 154 159 161
Gross refinery throughputs 1,405 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):
Gasoline 650 637 594 617
Distillates 525 511 478 462
Propane 42 40 38 39
NGLs and petrochemicals 158 149 144 127
Heavy fuel oil 50 58 101 52
Asphalt 18 19 16 15
Total 1,443 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.
Mid-Continent Region Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Refining & Marketing margin (dollar per barrel of net refinery throughput) $
33.68 $
17.86 $
23.80 $
15.49
Less:
Refining operating costs 6.31 5.04 6.26 4.99
Distribution costs 6.53 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 refined 1,030 1,165 1,037 1,146
Other charge and blendstocks 72 55 74 60
Gross refinery throughputs 1,102 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):
Gasoline 558 633 585 637
Distillates 396 431 391 432
Propane 19 22 19 21
NGLs and petrochemicals 53 62 43 47
Heavy fuel oil 13 14 14 13
Asphalt 63 61 63 61
Total 1,102 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.
West Coast Region Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Refining & Marketing margin (dollar per barrel of net refinery throughput) $
41.28 $
23.18 $
33.54 $
20.60
Less:
Refining operating costs 8.08 8.62 8.21 8.68
Distribution costs 5.94 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 refined 515 485 511 484
Other charge and blendstocks 38 44 44 40
Gross refinery throughputs 553 529 555 524
Sour crude oil throughput (percent) 63 66 64 66
Sweet crude oil throughput (percent) 37 34 36 34
Refined product yields (mbpd):
Gasoline 267 271 274 264
Distillates 215 179 215 181
Propane 10 8 10 9
NGLs and petrochemicals 35 35 32 34
Heavy fuel oil 31 42 29 42
Asphalt 1 1 1
Total 559 536 560 531
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 Six Months Ended
June 30, June 30,
2026 2025 2026 2025
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.
Renewable Diesel Financial Data (unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(In millions) 2026 2025 2026 2025
---
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 costs 1 2 30 10
Depreciation and amortization 16 18 32 36
JV depreciation and amortization 23 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, March 31,
2026 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.
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 Six Months Ended
June 30, June 30,
(In millions) 2026 2025 2026 2025
---
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 outstanding 290 307 292 310
(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.
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 Six Months Ended
June 30, June 30,
(In millions) 2026 2025 2026 2025
---
Net income attributable to MPC $
5,138 $
1,216 $
5,649 $
1,142
Net income attributable to noncontrolling interests 400 394 740 814
Provision for income taxes 1,444 268 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 amortization 23 23 45 45
Refining & Renewable Diesel planned turnaround costs 276 275 807 740
Renewable Diesel JV planned turnaround costs 1 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.
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 Six Months Ended
June 30, June 30,
(In millions) 2026 2025 2026 2025
---
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 expenses 686 667 1,336 1,291
Income from equity method investments (12) (3) (10) (8)
Other income (29) (51) (130) (119)
Refining & Marketing gross margin 6,615 1,848 7,626 2,028
Plus (Less):
Operating expenses (excluding depreciation and amortization) 2,939 2,803 6,187 5,787
Depreciation and amortization 410 405 797 811
Gross margin excluded from and other income included in Refining & (173) (98) (217) (168)
Marketing margin(a)
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.
Refining & Marketing Margin by region:
Three Months Ended June 30,
2026 2025
Margin Net Margin Margin Net Margin
Refinery Refinery
Throughput Throughput
Region (in (mbpd) ($/bbl) (in
millions) millions) (mbpd) ($/bbl)
Gulf Coast $
4,437 1,335 $
36.52 $
1,845 1,336 $
15.17
Mid-Continent 3,309 1,080 33.68 1,970 1,212 17.86
West Coast 1,989 529 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,
2026 2025
Margin Net Margin Margin Net Margin
Refinery Refinery
Throughput Throughput
Region (in (mbpd) ($/bbl) (in
millions) millions) (mbpd) ($/bbl)
Gulf Coast $
6,350 1,273 $
27.57 $
3,072 1,248 $
13.59
Mid-Continent 4,721 1,096 23.80 3,360 1,199 15.49
West Coast 3,214 529 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,
2026 2025
Adjusted Net Adjusted Adjusted Net Adjusted
EBITDA Refinery EBITDA EBITDA Refinery EBITDA
Throughput Throughput
Region (in (mbpd) ($/bbl) (in
millions) millions) (mbpd) ($/bbl)
Gulf Coast $
3,282 1,335 $
27.01 $
687 1,336 $
5.65
Mid-Continent 2,060 1,080 20.96 822 1,212 7.45
West Coast 1,313 529 27.26 381 512 8.18
Refining & Marketing Segment $
6,655 2,944 24.84 $
1,890 3,060 6.79
Six Months Ended June 30,
2026 2025
Adjusted Net Adjusted Adjusted Net Adjusted
EBITDA Refinery EBITDA EBITDA Refinery EBITDA
Throughput Throughput
Region (in (mbpd) ($/bbl) (in
millions) millions) (mbpd) ($/bbl)
Gulf Coast $
3,956 1,273 $
17.18 $
765 1,248 $
3.38
Mid-Continent 2,210 1,096 11.14 1096 1,199 5.05
West Coast 1,866 529 19.48 518 508 5.64
Refining & Marketing Segment $
8,032 2,898 15.31 $
2,379 2,955 4.45
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 Six Months Ended
June 30, June 30,
(In millions) 2026 2025 2026 2025
---
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 expenses 8 9 16 18
Income from equity method investments (39) (18) (10) (34)
Other income (26) (8) (54) (11)
Renewable Diesel gross margin 160 (104) 139 (215)
Plus (Less):
Operating expenses (excluding depreciation and amortization) 123 114 240 212
Depreciation and amortization 16 18 32 36
Martinez JV depreciation and amortization 22 21 43 42
Renewable Diesel margin $
321 $
49 $
454 $
75
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SOURCE Marathon Petroleum Corporation
