MPC · 10-Q · 2026Q3 · Full report
Refining Margin Trends
Marathon Petroleum Corp · 2026-11-03 · Importance 63 · Surprise 64 · From source text
Refining & Marketing margin was $45.70 per barrel in the third quarter of 2026, compared with $17.60 per barrel in the third quarter of 2025, primarily reflecting higher crack spreads. The blended 3-2-1 crack spread increased to $48.67 per barrel from $17.66, while West Coast ANS, Mid-Continent WTI, and USGC MEH crack spreads also rose substantially. The company estimated that market indicators and crude throughput contributed a net positive $9 billion to quarterly refining margin year over year; crude mix, market structure, RIN prices, yields, feedstock variances, and direct-dealer fuel margins had an estimated net negative $700 million effect on segment adjusted EBITDA.
Key facts
- Marathon Petroleum Corp's Refining & Marketing margin was $13.244 billion in the third quarter of 2026, compared with $4.865 billion in the third quarter of 2025. source
- Marathon Petroleum's third-quarter 2026 Refining & Marketing margin was $45.70 per barrel, compared with $17.60 per barrel in the third quarter of 2025, primarily due to higher crack spreads. source
- Marathon Petroleum estimated a net positive impact of approximately $9 billion on Refining & Marketing margin in the third quarter of 2026 compared with the third quarter of 2025, based on market indicators and crude oil throughput. source
- Marathon Petroleum's Refining & Marketing margin was $33.81 per barrel in the first nine months of 2026, compared with $16.26 per barrel in the same 2025 period, primarily due to higher crack spreads. source
- Marathon Petroleum estimated a net positive impact of approximately $14.2 billion on Refining & Marketing margin in the first nine months of 2026 compared with the first nine months of 2025, based on market indicators and crude oil throughput. source
- Marathon Petroleum's Refining & Marketing segment adjusted EBITDA was $34.15 per barrel in the third quarter of 2026, versus $6.37 per barrel in the third quarter of 2025. source
- Marathon Petroleum's Refining & Marketing segment adjusted EBITDA was $22.02 per barrel in the first nine months of 2026, versus $5.10 per barrel in the first nine months of 2025. source
- Marathon Petroleum's Refining & Marketing segment adjusted EBITDA increased $8.13 billion in the third quarter of 2026, mainly due to higher per-barrel margins. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +24.6% | Marathon Petroleum's Refining & Marketing segment adjusted EBITDA increased $13.79 billion in the first nine months of 2026, mainly due to… |
| operating_income | positive | realized | +14.5% | Marathon Petroleum's Refining & Marketing segment adjusted EBITDA increased $8.13 billion in the third quarter of 2026, mainly due to… |
| margin | positive | realized | — | Marathon Petroleum Corp's Refining & Marketing margin was $13.244 billion in the third quarter of 2026, compared with $4.865 billion in… |
| margin | positive | realized | — | Marathon Petroleum estimated a net positive impact of approximately $14.2 billion on Refining & Marketing margin in the first nine months… |