MPC · 10-Q · 2026Q2 · Full report

Midstream Throughput Growth

Marathon Petroleum Corp · 2026-08-04 · Importance 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, refined products, renewable diesel and other hydrocarbon-based products, principally for Refining & Marketing. Crude-oil transportation volumes depend on producer supply, refinery demand, alternative transportation availability and maintenance levels. Refined-product movements depend on production levels and user demand in the markets served by the pipelines and marine operations.

Key facts

• Midstream segment adjusted EBITDA was $1,778 million for the three months ended June 30, 2026 and $1,641 million for the three months ended June 30, 2025, an increase of $137 million primarily due to increased sales and operating revenues of $295 million driven by increased rates and throughputs, including growth from equity affiliates and acquisitions. source
• Cash used for acquisitions of $237 million in the first six months of 2025 was due to an acquisition in our Midstream segment. source
• Midstream segment adjusted EBITDA increased $15 million in the first six months of 2026 primarily due to increased sales and operating revenues of $209 million, partially offset by the divestiture of non-core assets and a $37 million non-recurring benefit in Q1 2025; increased derivative losses of $53 million also impacted results. source