MPC · 10-Q · 2026Q2 · Full report

Refining Margin Trends

Marathon Petroleum Corp · 2026-08-04 · Importance 69 · Surprise 64 · Contradicted

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 comparable periods. Refining & Marketing margin increased to $36.33 per barrel from $17.58 per barrel in the quarter and to $27.24 from $15.57 year to date, primarily because of higher crack spreads. Market indicators produced estimated net positive impacts of approximately $4 billion on quarterly margin and $5.5 billion on year-to-date margin, while crude mix, market structure, RIN prices, yields and feedstock variances added approximately $800 million and $400 million to segment EBITDA or income, respectively. Purchased RIN expense increased to $683 million from $314 million in the quarter and to $1.28 billion from $668 million year to date, mainly because of higher RIN costs and blending requirements.

Key facts

• Based on market indicators and crude throughput, Marathon estimates a net positive impact of approximately $4 billion on Refining & Marketing margin for Q2 2026 compared to Q2 2025 and approximately $5.5 billion for the first six months of 2026 compared to the first six months of 2025. source
• Refining & Marketing margin was $36.33 per barrel for the second quarter of 2026 and $17.58 per barrel for the second quarter of 2025. source
• Refining & Marketing segment adjusted EBITDA per barrel was $24.84 for the second quarter of 2026 versus $6.79 for the second quarter of 2025. source
• Blended 3-2-1 crack spread was $33.54 per barrel for the three months ended June 30, 2026 and $15.63 per barrel for the three months ended June 30, 2025. source
• WTI benchmark price was $92.70 per barrel for the three months ended June 30, 2026 and $63.68 per barrel for the three months ended June 30, 2025. source

Impact estimates