FINDLAY, Ohio, Nov. 3, 2026 /PRNewswire/ --
- Third-quarter net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, adjusted net income of $7.5 billion, or $26.93 per diluted share
- $11.7 billion of adjusted EBITDA, demonstrating the earnings power of MPC's value chains
- $3.3 billion of capital returned, reflecting strong cash generation and disciplined execution
- Announced a 10% increase in MPC's quarterly dividend, consistent with our capital allocation priorities
- MPLX increased its quarterly distribution by 12.5% for the third consecutive year, resulting in $3.1 billion of expected annual distributions to MPC
- Advancing strategic priorities through the announced divestiture of Mid-Con assets and intent to reinvest primarily in the Gulf Coast
Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, for the third quarter of 2026. This compares with a net income attributable to MPC of $1.4 billion, or $4.51 per diluted share, for the third quarter of 2025.
Adjusted net income was $7.5 billion, or $26.93 per diluted share, for the third quarter of 2026. This compares to adjusted net income of $915 million, or $3.01 per diluted share, for the third quarter of 2025.
The third quarter of 2026 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $11.7 billion, compared with $3.2 billion for the third quarter of 2025.
"Our value chain capabilities remain a defining advantage for us, capturing opportunities to enhance margins across dynamic market conditions," said Chairman, President and Chief Executive Officer Maryann Mannen. "Strong planning, commercial, and operational execution generated significant cash flows, supporting high-return investments while delivering substantial returns to shareholders. MPLX's durable growth and increasing cash flow to MPC delivers a differentiated value proposition."
Results from Operations
Adjusted EBITDA (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2026 2025 2026 2025
---
Refining & Marketing segment adjusted EBITDA $
9,895 $
1,762 $
17,927 $
4,141
Midstream segment adjusted EBITDA 1,882 1,709 5,258 5,070
Renewable Diesel segment adjusted EBITDA 254 (56) 550 (117)
Subtotal 12,031 3,415 23,735 9,094
Corporate (328) (238) (858) (691)
Add: Depreciation and amortization 26 29 75 64
Adjusted EBITDA $
11,729 $
3,206 $
22,952 $
8,467
Refining & Marketing (R&M)
Segment adjusted EBITDA was $9.9 billion in the third quarter of 2026, versus $1.8 billion for the third quarter of 2025. R&M segment adjusted EBITDA was $34.15 per barrel for the third quarter of 2026, versus $6.37 per barrel for the third quarter of 2025. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $294 million in the third quarter of 2026 and $400 million in the third quarter of 2025. Results were driven primarily by higher market crack spreads in all regions.
R&M margin was $45.70 per barrel for the third quarter of 2026, versus $17.60 per barrel for the third quarter of 2025. Crude capacity utilization was 100%, resulting in total throughput of 3.2 million barrels per day (bpd) for the third quarter of 2026. This compares to crude capacity utilization of 95% for the third quarter of 2025.
Refining operating costs were $5.60 per barrel for the third quarter of 2026, versus $5.59 per barrel for the third quarter of 2025.
Midstream
Segment adjusted EBITDA was $1.9 billion in the third quarter of 2026, versus $1.7 billion for the third quarter of 2025. The increase was primarily driven by increased rates and throughputs, increased income from equity affiliates, and growth from acquisitions, partially offset by the divestiture of non-core gathering and processing assets as well as higher operating expenses, including incentive compensation.
Renewable Diesel
Segment adjusted EBITDA was $254 million in the third quarter of 2026, versus $(56) million for the third quarter of 2025. The results reflect a stronger margin environment, improved regulatory credit values, and higher throughputs.
Corporate and Items Not Allocated
Corporate expenses totaled $328 million in the third quarter of 2026, compared with $238 million in the third quarter of 2025. The variance was primarily due to higher expenses related to incentive compensation.
Financial Position, Liquidity, and Return of Capital
As of September 30, 2026, MPC had $13.6 billion of cash, cash equivalents, and short-term investments, including $1.3 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility.
On September 15, 2026, MPC redeemed all of its outstanding $749 million senior notes due December 2026.
In the third quarter, the company returned $3.3 billion of capital to shareholders. As of September 30, 2026, the company had $3.1 billion remaining under its share repurchase authorizations.
Additionally, the Board of Directors approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company would have had $8.1 billion available under its share repurchase authorizations as of September 30, 2026. The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended or discontinued at any time.
Strategic Update
MPC announced the divestiture of the St. Paul Park and Mandan refineries, inclusive of related midstream assets for $4.2 billion. MPC will receive $3.45 billion of the proceeds and intends to reinvest this capital prioritizing opportunities that meet the company's return thresholds and advance its strategic priorities, primarily in the Gulf Coast. MPLX will receive $750 million of the proceeds, representing a 9x multiple on forecast 2027 adjusted EBITDA of the associated logistics assets. MPLX expects to redeploy this capital in support of its growth plans, anchored in the Permian and Marcellus basins. The transaction is expected to close at the end of 2026.
MPC's 2026 capital spending outlook (excluding MPLX) is $1.5 billion. Approximately 65% of capital spending is focused on value-enhancing investments and 35% on sustaining operations. MPC's outlook includes high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries. In addition to these multi-year investments, the company is executing shorter-term projects that offer high returns through margin enhancement and cost reduction.
Investment
Details Expected In-
Service
Garyville 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 thousand bpd (mbpd) hydrotreater,
YE27
Distillate Hydrotreater
increasing supply of
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
YE27
Product Export Flexibility incremental 10 mbpd of 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 some of the most compelling investments in the midstream sector, and are expected to generate mid-teens returns.
Investment
Details MPLX Ownership Expected In-
Service
Secretariat I 200 million cubic feet per day 100 % Placed in service
(MMcf/d) gas processing plant April 2026
in the Delaware Basin
Harmon Creek III 300 MMcf/d gas processing plant 100 % Placed in service
and 40 mbpd de-ethanizer in the
Marcellus August 2026
Bay Runner and Bay Up to 5.3 billion cubic feet per
day 30 % Bay Runner:
Runner Twin Pipelines (Bcf/d) of natural gas transport
capacity
4Q26
between Agua Dulce, Texas, and
Brownsville, Texas Bay Runner Twin:
2029
BANGL Pipeline Expanding NGL pipeline from 250 100 %
4Q26
mbpd to 300 mbpd; provides
transportation from the Permian
Basin
to the Texas Gulf Coast
Titan Complex Increasing sour gas treating
capacity 100 %
4Q26
from 150 MMcf/d to over 400 MMcf/
d in
the Delaware Basin
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
Terminal JV in the Port of Texas City, Texas
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
Solitude Pipeline Two 2.25 Bcf/d pipelines
connecting 10 % Phase I: 2H29
System Permian supply to Katy, Texas Phase II: 2030
Fourth-Quarter 2026 Outlook
Refining & Marketing Segment:
Refining operating costs per barrel(a) $
5.60
Distribution costs (in millions) $
1,725
Refining planned turnaround costs (in millions) $
230
Depreciation and amortization (in millions) $
390
Refinery throughputs (mbpd):
Crude oil refined 2,830
Other charge and blendstocks 250
Total 3,080
Corporate (includes $60 million of D&A) $
300
(a) Excludes refining planned turnaround and depreciation and amortization expense.
Conference Call
At 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Investor Relations Contacts: (419) 421-2071
Brian Worthington, Vice President, Investor Relations
Alyx Teschel, Director, Investor Relations
Media Contact: (419) 421-3577
Jamal Kheiry, Communications Director
References to Earnings and Defined Terms
References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC's share after excluding amounts attributable to noncontrolling interests.
Market Data
Certain relevant benchmark margin and market data, including pricing, regional and blended crack spreads and sweet and sour crude differentials, along with a hypothetical Refining and Marketing margin indicator based on such margin and market data and operational guidance provided for each quarter, is available on MPC's Investors website at www.marathonpetroleum.com/Investors/Investor-Market-Data. MPC intends to update this information each month no later than the close of business on the second business day following the end of each month unless otherwise noted and may also provide additional updates within each month. Interested parties may register to receive automatic email alerts when the information is updated by clicking on "Sign Up" at https://www.marathonpetroleum.com/Investors/and following the instructions provided.
Forward-Looking Statements
This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "confidence," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs"), or renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation, rising interest rates or government shutdowns; the regional, national and worldwide demand for refined products and renewable diesel and other renewable fuels and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, NGLs and other feedstocks and related pricing differentials, including increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the ability to obtain the necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on planned, anticipated, ongoing, or completed projects or transactions, including the recently announced divestiture of the St. Paul Park and Mandan refineries and related midstream assets and the acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating within the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
Consolidated Statements of Income (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions, except per-share data) 2026 2025 2026 2025
---
Revenues and other income:
Sales and other operating revenues $
56,032 $
34,809 $
142,226 $
100,125
Income from equity method investments 359 976 791 1,418
Net gain (loss) on disposal of assets (2) (2) 4
Other income 96 66 377 253
Total revenues and other income 56,487 35,849 143,392 101,800
Costs and expenses:
Cost of revenues (excludes items below) 43,795 31,200 118,120 90,585
Depreciation and amortization 836 841 2,483 2,423
Selling, general and administrative expenses 1,100 863 2,861 2,513
Other taxes 306 232 752 682
Total costs and expenses 46,037 33,136 124,216 96,203
Income from operations 10,450 2,713 19,176 5,597
Net interest and other financial costs 287 310 997 933
Income before income taxes 10,163 2,403 18,179 4,664
Provision for income taxes 2,285 460 3,912 765
Net income 7,878 1,943 14,267 3,899
Less net income attributable to:
Noncontrolling interests 431 573 1,171 1,387
Net income attributable to MPC $
7,447 $
1,370 $
13,096 $
2,512
Per share data
Basic:
Net income attributable to MPC per share $
26.66 $
4.51 $
45.51 $
8.16
Weighted average shares outstanding (in millions) 279 303 287 307
Diluted:
Net income attributable to MPC per share $
26.59 $
4.51 $
45.40 $
8.15
Weighted average shares outstanding (in millions) 280 304 288 308
Capital Expenditures and Investments (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2026 2025 2026 2025
---
Refining & Marketing $
284 $
423 $
937 $
1,132
Midstream 1,119 919 3,032 1,996
Renewable Diesel(a) 16 18
Corporate(b) 41 32 113 85
Total $
1,444 $
1,390 $
4,082 $
3,231
Capitalized interest $
34 $
26 $
97 $
64
(a) The nine months ended September 30, 2026 excludes $62 million of funding to the Martinez Renewables JV due to turnaround costs
in the first quarter of 2026 expected to be recovered through subsequent distributions from the JV during 2026.
(b)
Includes capitalized interest.
Refining & Marketing Operating Statistics (unaudited)
Dollar per Barrel of Net Refinery Throughput Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
Refining & Marketing margin(a) $
45.70 $
17.60 $
33.81 $
16.26
Less:
Refining operating costs(b) 5.60 5.59 5.84 5.55
Distribution costs(c) 5.98 5.69 6.01 5.66
Other income(d) (0.03) (0.05) (0.06) (0.05)
Refining & Marketing segment adjusted EBITDA $
34.15 $
6.37 $
22.02 $
5.10
Refining planned turnaround costs $
1.02 $
1.45 $
1.35 $
1.36
Depreciation and amortization 1.37 1.54 1.47 1.52
Fees paid to MPLX included in distribution costs above 3.72 3.67 3.86 3.70
(a) Sales revenue less cost of refinery inputs and purchased products, divided by net refinery
throughput.
(b)
Excludes refining planned turnaround and depreciation and amortization expense.
(c)
Excludes depreciation and amortization expense.
(d) Includes income or loss from equity method investments, net gain or loss on disposal of assets
and other income or loss.
Refining & Marketing - Supplemental Operating Data Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
Refining & Marketing refined product sales volume (mbpd)(a) 4,030 3,783 3,809 3,689
Crude oil refining capacity (mbpcd)(b) 2,986 2,963 2,986 2,963
Crude oil capacity utilization (percent)(b) 100 95 94 94
Refinery throughputs (mbpd):
Crude oil refined 2,973 2,822 2,813 2,777
Other charge and blendstocks 177 183 170 195
Net refinery throughputs 3,150 3,005 2,983 2,972
Sour crude oil throughput (percent) 45 42 47 44
Sweet crude oil throughput (percent) 55 58 53 56
Refined product yields (mbpd):
Gasoline 1,519 1,464 1,458 1,492
Distillates 1,210 1,103 1,122 1,083
Propane 71 62 68 66
NGLs and petrochemicals 218 222 212 209
Heavy fuel oil 78 102 77 79
Asphalt 94 83 84 79
Total 3,190 3,036 3,021 3,008
Inter-region refinery transfers excluded from throughput and yields above (mbpd) 65 66 95 62
(a)
Includes intersegment sales.
(b) Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other
normal operating activities.
Refining & Marketing - Supplemental Operating Data by Region (unaudited)
The per barrel data for the regions, as shown in the tables below, is calculated based on the net refinery throughput (excludes inter-refinery transfer volumes).
Refining operating costs exclude refining planned turnaround costs and refining depreciation and amortization expense. Distribution costs exclude depreciation and amortization.
Gulf Coast Region Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
Refining & Marketing margin (dollar per barrel of net refinery throughput) $
43.46 $
14.77 $
33.13 $
13.99
Less:
Refining operating costs 4.70 4.83 4.76 4.79
Distribution costs 6.03 5.56 5.82 5.52
Other income (0.04) (0.12) (0.07) (0.08)
Refining & Marketing Gulf Coast adjusted EBITDA $
32.77 $
4.50 $
22.62 $
3.76
Refining planned turnaround costs $
1.49 $
0.60 1.53 0.97
Depreciation and amortization(a) 1.08 1.13 1.18 1.13
Refinery throughputs (mbpd):
Crude oil refined 1,238 1,153 1,202 1,134
Other charge and blendstocks 145 152 154 158
Gross refinery throughputs 1,383 1,305 1,356 1,292
Sour crude oil throughput (percent) 61 54 59 56
Sweet crude oil throughput (percent) 39 46 41 44
Refined product yields (mbpd):
Gasoline 640 607 610 614
Distillates 519 460 492 461
Propane 41 34 39 37
NGLs and petrochemicals 138 145 142 133
Heavy fuel oil 60 65 87 56
Asphalt 17 19 16 17
Total 1,415 1,330 1,386 1,318
Inter-region refinery transfers included in throughput and yields above (mbpd) 38 36 59 37
(a) Includes refining and distribution depreciation and
amortization.
Mid-Continent Region Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
Refining & Marketing margin (dollar per barrel of net refinery throughput) $
47.33 $
19.88 $
32.46 $
16.97
Less:
Refining operating costs 5.39 5.32 5.94 5.10
Distribution costs 5.97 5.65 6.27 5.55
Other income (0.03) (0.02) (0.04) (0.04)
Refining & Marketing Mid-Continent adjusted EBITDA $
36.00 $
8.93 $
20.29 $
6.36
Refining planned turnaround costs $
0.82 $
1.86 1.40 1.19
Depreciation and amortization(a) 1.38 1.57 1.50 1.55
Refinery throughputs (mbpd):
Crude oil refined 1,196 1,147 1,091 1,146
Other charge and blendstocks 65 62 71 61
Gross refinery throughputs 1,261 1,209 1,162 1,207
Sour crude oil throughput (percent) 24 23 26 24
Sweet crude oil throughput (percent) 76 77 74 76
Refined product yields (mbpd):
Gasoline 622 615 598 630
Distillates 470 442 418 436
Propane 21 19 19 20
NGLs and petrochemicals 56 56 47 50
Heavy fuel oil 19 18 15 14
Asphalt 76 63 68 62
Total 1,264 1,213 1,165 1,212
Inter-region refinery transfers included in throughput and yields above (mbpd) 6 10 12 8
(a) Includes refining and distribution depreciation and
amortization.
West Coast Region Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
Refining & Marketing margin (dollar per barrel of net refinery throughput) $
47.46 $
19.17 $
38.35 $
20.10
Less:
Refining operating costs 8.30 8.01 8.24 8.45
Distribution costs 5.90 6.10 5.88 6.23
Other income (0.04) (0.02) (0.02) (0.03)
Refining & Marketing West Coast adjusted EBITDA $
33.30 $
5.08 $
24.25 $
5.45
Refining planned turnaround costs $
0.30 $
2.54 0.81 2.72
Depreciation and amortization(a) 2.05 2.43 2.08 2.43
Refinery throughputs (mbpd):
Crude oil refined 539 522 520 497
Other charge and blendstocks 32 35 40 38
Gross refinery throughputs 571 557 560 535
Sour crude oil throughput (percent) 53 59 60 63
Sweet crude oil throughput (percent) 47 41 40 37
Refined product yields (mbpd):
Gasoline 276 267 274 265
Distillates 227 202 219 188
Propane 9 9 10 9
NGLs and petrochemicals 31 27 31 32
Heavy fuel oil 32 53 30 46
Asphalt 1 1 1
Total 576 559 565 540
Inter-region refinery transfers included in throughput and yields above (mbpd) 21 20 24 17
(a) Includes refining and distribution depreciation and
amortization.
Midstream Operating Statistics (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
Pipeline throughputs (mbpd)(a) 6,053 6,024 5,946 6,088
Terminal throughputs (mbpd) 3,375 3,173 3,205 3,151
Gathering system throughputs (million cubic feet per day)(b) 7,216 6,906 6,857 6,663
Natural gas processed (million cubic feet per day)(b) 9,941 10,075 9,648 9,866
C2 (ethane) + NGLs fractionated (mbpd)(b) 696 677 670 657
(a) Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.
(b) Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data
for partnership-operated equity method investments.
Renewable Diesel Financial Data (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2026 2025 2026 2025
---
Renewable Diesel margin(a) $
304 $
8 $
758 $
83
Less:
Operating costs(b) 75 67 216 203
Distribution costs(c) 29 22 89 69
Other income(d) (54) (25) (97) (72)
Renewable Diesel segment adjusted EBITDA $
254 $
(56) $
550 $
(117)
Planned turnaround costs $
1 $
1 $
3 $
37
JV planned turnaround costs 2 3 32 13
Depreciation and amortization 16 17 48 53
JV depreciation and amortization 23 22 68 67
(a)
Sales revenue less cost of renewable inputs and purchased products.
(b)
Excludes planned turnaround and depreciation and amortization expense.
(c)
Excludes depreciation and amortization expense.
(d) Includes income or loss from equity method investments, net gain or loss on disposal of assets
and other income or loss.
Select Financial Data (unaudited)
September 30, 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.
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 Nine Months Ended
September 30, September 30,
(In millions) 2026 2025 2026 2025
---
Net income attributable to MPC $
7,447 $
1,370 $
13,096 $
2,512
Pre-tax adjustments:
Tax and legal settlements(a) 123 123
Clean fuel production tax credit(b) (32)
Gain on sale of assets (738) (738)
SRE(c) (57) (57)
Transaction-related costs(d) 21 21
Tax impact of adjustments(e) (29) 151 (21) 151
Non-controlling interest impact of adjustments 168 168
Adjusted net income attributable to MPC $
7,541 $
915 $
13,166 $
2,057
Diluted income per share $
26.59 $
4.51 $
45.40 $
8.15
Adjusted diluted income per share $
26.93 $
3.01 $
45.64 $
6.67
Weighted average diluted shares outstanding 280 304 288 308
(a) Includes adjustments for a tax matter dispute with the City of Carson relating to municipal taxes covering multiple prior year
periods as well as legal settlements arising from a single event in a prior year.
(b) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026
which clarified the qualification criteria for 45Z credits.
(c)
Small Refinery Exemption ("SRE") credit under the Renewable Fuel Standard program.
(d) Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining
interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.
(e) Income taxes were calculated by applying a federal statutory rate and a blended state tax rate to the pre-tax adjustments. The
corresponding adjustments to reported income taxes are shown in the table above.
Adjusted EBITDA
Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.
Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. Adjusted EBITDA should not be considered as a substitute for, or superior to, income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2026 2025 2026 2025
---
Net income attributable to MPC $
7,447 $
1,370 $
13,096 $
2,512
Net income attributable to noncontrolling interests 431 573 1,171 1,387
Provision for income taxes 2,285 460 3,912 765
Net interest and other financial costs 287 310 997 933
Depreciation and amortization 836 841 2,483 2,423
Renewable Diesel JV depreciation and amortization 23 22 68 67
Refining & Renewable Diesel planned turnaround costs 295 401 1,102 1,141
Renewable Diesel JV planned turnaround costs 2 3 32 13
Tax and legal settlements(a) 123 123
Clean fuel production tax credit(b) (32)
Gain on sale of assets (738) (738)
SRE(c) (57) (57)
Transaction-related costs(d) 21 21
Adjusted EBITDA $
11,729 $
3,206 $
22,952 $
8,467
(a) Includes adjustments for a tax matter dispute with the City of Carson relating to municipal taxes covering multiple prior year
periods as well as legal settlements arising from a single event in a prior year.
(b) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026
which clarified the qualification criteria for 45Z credits.
(c)
Small Refinery Exemption ("SRE") credit under the Renewable Fuel Standard program
(d) Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining
interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.
Refining & Marketing Margin
Refining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products, which includes impacts from derivative activity. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.
Reconciliation of Refining & Marketing Segment Adjusted EBITDA to Refining & Marketing Gross Margin
and Refining & Marketing Margin (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2026 2025 2026 2025
---
Refining & Marketing segment adjusted EBITDA $
9,895 $
1,762 $
17,927 $
4,141
Plus (Less):
Depreciation and amortization (397) (426) (1,194) (1,237)
Refining planned turnaround costs (294) (400) (1,099) (1,104)
Selling, general and administrative expenses 754 677 2,090 1,968
Income from equity method investments (2) (3) (12) (11)
Net (gain) loss on disposal of assets 2 2
Other income (48) (36) (178) (155)
Refining & Marketing gross margin 9,908 1,576 17,534 3,604
Plus (Less):
Operating expenses (excluding depreciation and amortization) 3,136 3,032 9,323 8,819
Depreciation and amortization 397 426 1,194 1,237
Gross margin excluded from and other income included (145) (95) (362) (263)
in Refining & Marketing margin(a)
Other taxes included in Refining & Marketing margin (52) (74) (160) (207)
Refining & Marketing margin $
13,244 $
4,865 $
27,529 $
13,190
(a) Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining &
Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other
income.
Refining & Marketing Margin by region:
Three Months Ended September 30,
2026 2025
Margin Net Margin Margin Net Margin
Refinery Refinery
Throughput Throughput
Region (in (mbpd) ($/bbl) (in
millions) millions) (mbpd) ($/bbl)
Gulf Coast $
5,376 1,344 $
43.46 $
1,724 1,269 $
14.77
Mid-Continent 5,468 1,256 47.33 2,194 1,199 19.88
West Coast 2,400 550 47.46 947 537 19.17
Refining & Marketing $
13,244 3,150 45.70 $
4,865 3,005 17.60
Nine Months Ended September 30,
2026 2025
Margin Net Margin Margin Net Margin
Refinery Refinery
Throughput Throughput
Region (in (mbpd) ($/bbl) (in
millions) millions) (mbpd) ($/bbl)
Gulf Coast $
11,726 1,297 $
33.13 $
4,796 1,255 $
13.99
Mid-Continent 10,189 1,150 32.46 5,554 1,199 16.97
West Coast 5,614 536 38.35 2,840 518 20.10
Refining & Marketing $
27,529 2,983 33.81 $
13,190 2,972 16.26
Refining & Marketing Adjusted EBITDA by region:
Three Months Ended September 30,
2026 2025
Adjusted Net Adjusted Adjusted Net Adjusted
EBITDA Refinery EBITDA EBITDA Refinery EBITDA
Throughput Throughput
Region (in (mbpd) ($/bbl) (in
millions) millions) (mbpd) ($/bbl)
Gulf Coast $
4,052 1,344 $
32.77 $
525 1,269 $
4.50
Mid-Continent 4,159 1,256 36.00 986 1,199 8.93
West Coast 1,684 550 33.30 251 537 5.08
Refining & Marketing Segment $
9,895 3,150 34.15 $
1,762 3,005 6.37
Nine Months Ended September 30,
2026 2025
Adjusted Net Adjusted Adjusted Net Adjusted
EBITDA Refinery EBITDA EBITDA Refinery EBITDA
Throughput Throughput
Region (in (mbpd) ($/bbl) (in
millions) millions) (mbpd) ($/bbl)
Gulf Coast $
8,008 1,297 $
22.62 $
1290 1,255 $
3.76
Mid-Continent 6,369 1,150 20.29 2082 1,199 6.36
West Coast 3,550 536 24.25 769 518 5.45
Refining & Marketing Segment $
17,927 2,983 22.02 $
4,141 2,972 5.10
Renewable Diesel Margin
Renewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and costs for purchased product, including from our Martinez Renewables JV. We use, and believe our investors use, this non-GAAP financial measure to evaluate our Renewable Diesel segment's operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.
Reconciliation of Renewable Diesel Segment Adjusted EBITDA to Renewable Diesel Gross Margin and
Renewable Diesel Margin (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2026 2025 2026 2025
---
Renewable Diesel segment adjusted EBITDA $
254 $
(56) $
550 $
(117)
Plus (Less):
Depreciation and amortization (16) (17) (48) (53)
JV depreciation and amortization (23) (22) (68) (67)
Planned turnaround costs (1) (1) (3) (37)
JV planned turnaround costs (2) (3) (32) (13)
Selling, general and administrative expenses 11 8 27 26
Income from equity method investments (52) (22) (62) (56)
Other income (17) (10) (71) (21)
Renewable Diesel gross margin 154 (123) 293 (338)
Plus (Less):
Operating expenses (excluding depreciation and amortization) 113 92 353 304
Depreciation and amortization 16 17 48 53
Martinez JV depreciation and amortization 21 22 64 64
Renewable Diesel margin $
304 $
8 $
758 $
83
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SOURCE Marathon Petroleum Corporation
