MPC · 8-K · 20261103PR000069

Refining Margin Trends

Marathon Petroleum Corp · 2026-11-03 · Importance 69 · Surprise 64 · In source text

Refining & Marketing segment adjusted EBITDA rose to $9.895 billion in the third quarter of 2026 from $1.762 billion in the third quarter of 2025, primarily because market crack spreads were higher in all regions. R&M margin increased to $45.70 per barrel from $17.60, while throughput reached 3.150 million barrels per day versus 3.005 million. Crude capacity utilization was 100%, compared with 95% a year earlier; refining operating costs were nearly flat at $5.60 per barrel versus $5.59. Regional R&M adjusted EBITDA per barrel was $32.77 on the Gulf Coast, $36.00 in the Mid-Continent, and $33.30 on the West Coast, compared with $4.50, $8.93, and $5.08, respectively, a year earlier.

Key facts

• MPC’s Refining & Marketing segment adjusted EBITDA was $9.9 billion in Q3 2026, versus $1.8 billion in Q3 2025. source
• Refining & Marketing segment adjusted EBITDA was $34.15 per barrel in Q3 2026, versus $6.37 per barrel in Q3 2025. source
• Refining & Marketing margin was $45.70 per barrel in Q3 2026, versus $17.60 per barrel in Q3 2025. source
• MPC attributed Refining & Marketing results primarily to higher market crack spreads in all regions. source

Impact estimates