MPC · Energy

Marathon Petroleum Corp

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-07

• Revenue Performance and MixImportance 69 · Surprise 64
  Second-quarter 2026 revenue reached approximately $52.3 billion, up about 53.8% year over year from higher refined-product prices and volumes. Refining & Marketing, Midstream, and Renewable Diesel all contributed to…
• Middle East Conflict ImpactImportance 59 · Surprise 60
  The U.S.-Israeli war on Iran, attacks on Middle Eastern refineries, and closure of the Strait of Hormuz disrupted global fuel supply during the second quarter of 2026. These events pushed gasoline, diesel, and jet-fuel…

News · 2026-08-05

• Refining Margin TrendsImportance 63 · Surprise 64
  U.S. gasoline, diesel, and jet-fuel refining margins reached multi-year highs as fuel-supply disruptions reduced global refining availability. Marathon Petroleum’s refining margins more than doubled year over year,…
• Capital Return ProgramImportance 58 · Surprise 42
  MPC returned more than $2.8 billion to shareholders in the second quarter of 2026 through share repurchases and dividends. Approximately $2.5 billion was used for buybacks, and the company had about $6.1 billion to…
• Renewable Diesel ProfitabilityImportance 34 · Surprise 42
  MPC’s Renewable Diesel segment returned to profitability in the second quarter of 2026 after prior losses. Improved renewable diesel margins and higher regulatory credit values contributed to the segment’s stronger…
• Manufacturing and CapacityImportance 32 · Surprise 24
  Marathon Petroleum operated its refining system at 94% utilization in the second quarter, with record-low unplanned downtime. Total refinery throughput is expected to be approximately 3 million barrels per day in the…

10-Q · 2026-08-04

• Capital Return ProgramImportance 77 · Surprise 82
  Cash used for common stock repurchases, including fees and expenses, totaled $3.28 billion in the first six months of 2026, compared with $1.84 billion in the first six months of 2025, an increase of approximately 78%.…
• Outstanding IndebtednessImportance 70 · Surprise 82
  Long-term debt borrowings and repayments represented a net $106 million use of cash in the first six months of 2026, compared with a $919 million source of cash in the first six months of 2025. MPLX issued $1.5 billion…
• Revenue Performance and MixImportance 69 · Surprise 64
  Consolidated revenues and other income increased $18.24 billion, or 53%, to $52.34 billion in the second quarter of 2026, while six-month revenue increased $20.95 billion, or 32%, to $86.91 billion. Refining &…
• Refining Margin TrendsImportance 69 · Surprise 64
  Refining & Marketing adjusted EBITDA increased $4.77 billion in the second quarter and $5.65 billion in the first six months of 2026, reaching $24.84 and $15.31 per barrel versus $6.79 and $4.45 per barrel in the…
• Capital ExpendituresImportance 69 · Surprise 64
  Investing activities used $2.44 billion in the first six months of 2026, versus $1.90 billion in the first six months of 2025. Additions to property, plant and equipment increased $741 million year over year. Total…
• Middle East Supply DisruptionsImportance 67 · Surprise 66
  Marathon Petroleum reported that second-quarter 2026 Refining & Marketing results benefited from higher realized refining margins and product prices. The company attributed the pricing environment to global crude oil…
• Renewable Fuel Compliance CostsImportance 63 · Surprise 64
  MPC purchases Renewable Identification Numbers (RINs) to satisfy part of its obligations under the EPA Renewable Fuel Standard (RFS). Purchased RIN expenses included in Refining & Marketing margin increased to $683…
• Liquidity and Cash PositionImportance 63 · Surprise 64
  Consolidated cash and cash equivalents increased to approximately $7.77 billion at June 30, 2026, from $3.67 billion at December 31, 2025. Net cash provided by operating activities was $11.448 billion in the first six…
• Strategic Petroleum Reserve ExchangeImportance 59 · Surprise 60
  The U.S. Department of Energy accepted MPC’s bids to exchange crude oil barrels with the Strategic Petroleum Reserve during the first and second quarters of 2026. Under the arrangements, the SPR will deliver…
• Renewable Diesel MarginImportance 55 · Surprise 64
  Renewable Diesel adjusted EBITDA increased $277 million in the second quarter and $357 million in the first six months of 2026, despite quarterly EBITDA remaining negative at $19 million. Renewable Diesel margin…
• Operating Expense TrendsImportance 52 · Surprise 30
  Consolidated costs and expenses increased $15.11 billion, or 24%, in the first six months of 2026, including a $14.94 billion increase in cost of revenues from higher crude costs and finished-product purchases.…
• End-Market Demand TrendsImportance 49 · Surprise 32
  Refining & Marketing results benefited from stable refined-product demand and higher product prices in the second quarter of 2026. Refined product sales volumes increased 7 mbpd in the quarter and 55 mbpd in the first…
• Operating Cash Flow TrendsImportance 46 · Surprise 56
  Operating cash flow increased $8.87 billion in the first six months of 2026 compared with the first six months of 2025. The improvement primarily reflected stronger operating results and a favorable $4.23 billion…
• Income Tax Rate ChangesImportance 44 · Surprise 46
  The income tax provision increased to $1.44 billion in the second quarter of 2026 from $268 million in the second quarter of 2025, while six-month tax expense increased to $1.63 billion from $305 million. The…
• Manufacturing And CapacityImportance 37 · Surprise 32
  Net refinery throughput declined 116 mbpd year over year in the second quarter and 57 mbpd in the first six months, primarily because of increased planned turnaround activity. The reduction was concentrated primarily…
• Clean Fuel Tax CreditsImportance 34 · Surprise 42
  MPC recognized approximately $75 million of clean-fuel production tax credits during the first six months of 2026, including $32 million related to 2025 activity. The recognition followed proposed regulatory guidance…
• Midstream Throughput GrowthImportance 31 · Surprise 32
  Midstream segment performance in the second quarter reflected higher rates and throughputs, including growth from equity affiliates and acquisitions. The segment gathers, transports, stores and distributes crude oil,…
• Renewable Diesel Demand TrendsImportance 31 · Surprise 32
  Renewable Diesel segment revenues increased $620 million in the second quarter, driven by higher sales prices and a 91 thousand gallons-per-day increase in sales volume. Six-month sales volume declined 44 thousand…
• Supply Chain and Inventory TrendsImportance 12 · Surprise 6
  Inventory levels shifted during the first six months of 2026, with crude oil and material and supplies inventories declining while refined product inventories increased. The changes reflected lower crude oil and…

8-K · 2026-08-04

• Refining Margin TrendsImportance 69 · Surprise 64
  Refining & Marketing segment adjusted EBITDA increased to $6.655 billion from $1.890 billion year over year, while adjusted EBITDA per barrel increased to $24.84 from $6.79. R&M margin increased to $36.33 per barrel…
• Revenue Performance and MixImportance 62 · Surprise 46
  Second-quarter 2026 total revenues and other income increased to $52.337 billion from $34.101 billion in the second quarter of 2025, a 53.5% year-over-year increase. Sales and other operating revenues rose to $51.994…
• Liquidity and Debt PositionImportance 62 · Surprise 46
  MPC had $7.768 billion of cash and cash equivalents as of June 30, 2026, including $1.0 billion held at MPLX. The company had no borrowings outstanding under its $5 billion five-year bank revolving credit facility.…
• Capital Expenditure IncreaseImportance 59 · Surprise 66
  MPLX increased its 2026 growth capital spending outlook by $500 million to $2.9 billion. The increase primarily reflects accelerated execution of the Gulf Coast fractionation project to meet global demand for U.S.…
• Capital Return ProgramImportance 58 · Surprise 42
  MPC returned more than $2.8 billion of capital to shareholders during the second quarter of 2026. The company had $6.1 billion remaining under its share repurchase authorizations as of June 30, 2026. Shares outstanding…
• Net Income and ProfitabilityImportance 56 · Surprise 46
  Second-quarter net income attributable to MPC increased to $5.138 billion, or $17.73 per diluted share, from $1.216 billion, or $3.96 per diluted share, in the prior-year quarter. Adjusted EBITDA increased to $8.460…
• Capital Expenditure ProgramImportance 50 · Surprise 42
  MPC’s 2026 capital spending outlook, excluding MPLX, is $1.5 billion, with approximately 65% directed to value-enhancing investments and 35% to sustaining operations. Second-quarter El Paso yield-improvement and…
• Capital Expenditure PlanImportance 50 · Surprise 42
  MPC’s 2026 capital spending outlook, excluding MPLX, is $1.5 billion, with approximately 65% directed to value-enhancing investments and 35% to sustaining operations. The plan includes projects at the Galveston Bay,…
• Guidance / OutlookImportance 48 · Surprise 24
  For the third quarter of 2026, MPC provided Refining & Marketing guidance for $5.60 per barrel of refining operating costs, $1.65 billion of distribution costs, and $290 million of planned refinery turnaround costs.…
• Renewable Diesel PerformanceImportance 45 · Surprise 64
  Renewable Diesel segment adjusted EBITDA increased to $258 million from a $19 million loss in the second quarter of 2025. Renewable Diesel margin increased to $321 million from $49 million, while operating costs rose…
• Income Tax Rate ChangesImportance 44 · Surprise 46
  Second-quarter income-tax provision increased to $1.444 billion from $268 million, while income before taxes increased to $6.982 billion from $1.878 billion. The implied effective tax rate was approximately 20.7% in…
• Midstream Segment PerformanceImportance 37 · Surprise 32
  Midstream segment adjusted EBITDA increased to $1.778 billion from $1.641 billion in the second quarter of 2025. The increase was driven by higher rates and throughputs, including growth from equity affiliates and…
• MPLX Natural Gas NGL ExpansionImportance 31 · Surprise 42
  MPLX plans to direct more than 90% of organic growth capital toward natural-gas and NGL infrastructure needs in the Permian and Marcellus basins. Secretariat I, a 200 MMcf/d Delaware Basin gas-processing plant, entered…
• Products and TechnologyImportance 31 · Surprise 42
  The El Paso yield-improvement investment upgraded fluid catalytic cracker and alkylation units to expand specialty-gasoline production. The investment supports specialty gasoline markets in El Paso, Phoenix and Mexico.…
• Midstream Infrastructure GrowthImportance 31 · Surprise 42
  MPLX is expanding gas-processing, NGL, fractionation and pipeline infrastructure across the Permian and Marcellus basins. Secretariat I, a 200 MMcf/d Delaware Basin gas-processing plant, entered service in April 2026,…
• Manufacturing and CapacityImportance 18 · Surprise 14
  MPC operated at 94% crude-capacity utilization in the second quarter, processing 2.798 million barrels per day of crude and 2.944 million barrels per day of net refinery throughput. Total crude capacity was 2.986…
• Market Demand TrendsImportance 10 · Surprise 6
  MPC said planning, commercial and operational execution enabled safe and reliable operations to meet resilient consumer demand in the second quarter. Refinery throughput was 2.9 million barrels per day, while refined…

News · 2026-08-04

• MPLX Natural Gas ExpansionImportance 72 · Surprise 58
  Marathon Petroleum is advancing MPLX's natural-gas and NGL value-chain growth strategy. The strategy is expected to support 12.5% annual MPLX distribution growth in both 2026 and 2027. The initiative represents a…
• Revenue Performance and MixImportance 69 · Surprise 64
  Second-quarter 2026 revenue reached approximately $52.3 billion, up about 53.8% year over year from higher refined-product prices and volumes. Refining & Marketing, Midstream, and Renewable Diesel all contributed to…
• Middle East Conflict ImpactImportance 59 · Surprise 60
  The U.S.-Israeli war on Iran, attacks on Middle Eastern refineries, and closure of the Strait of Hormuz disrupted global fuel supply during the second quarter of 2026. These events pushed gasoline, diesel, and jet-fuel…
• Capital Return ProgramImportance 58 · Surprise 42
  MPC returned more than $2.8 billion to shareholders in the second quarter of 2026 through share repurchases and dividends. Approximately $2.5 billion was used for buybacks, and the company had about $6.1 billion to…
• Capital Expenditure ProgramImportance 58 · Surprise 42
  MPC plans approximately $1.5 billion of 2026 capital investment excluding MPLX. MPLX increased its 2026 growth-capital outlook to $2.9 billion to expand its natural-gas and NGL value chain. El Paso and Robinson…
• Capital Expenditure OutlookImportance 58 · Surprise 42
  Marathon Petroleum plans approximately $1.5 billion of 2026 capital investment, excluding MPLX. MPLX increased its 2026 growth-capital outlook to $2.9 billion, primarily to advance its natural-gas and NGL value-chain…
• Refinery Investment ProjectsImportance 34 · Surprise 42
  Yield-enhancing investments at Marathon Petroleum’s El Paso and Robinson refineries became operational in the second quarter of 2026. The projects are intended to improve product yields and extend the competitive…
• Manufacturing and CapacityImportance 32 · Surprise 24
  Marathon Petroleum operated its refining system at 94% utilization in the second quarter, with record-low unplanned downtime. Total refinery throughput is expected to be approximately 3 million barrels per day in the…
• Crude Sourcing OptimizationImportance 17 · Surprise 24
  Marathon Petroleum cited effective crude sourcing as a contributor to its strong refining performance. The company’s results reflected optimization of crude supplies across its refining system amid changing…