MPC · 10-Q · 2026Q3 · Full report

Midstream Segment Performance

Marathon Petroleum Corp · 2026-11-03 · Importance 25 · Surprise 32

Midstream segment adjusted EBITDA increased $173 million in the third quarter of 2026 and $188 million in the first nine months. Quarterly sales and operating revenues increased $365 million, while the nine-month increase was $574 million, primarily from higher rates and throughputs, equity-affiliate income, and acquisitions. Divestitures of non-core gathering and processing assets and higher operating expenses, including incentive compensation, partly offset growth; year-to-date results also reflected $94 million of increased derivative losses and a $37 million prior-year customer-agreement benefit.

Key facts

• Marathon Petroleum Corp used $3.32 billion in cash for Midstream segment acquisitions in the first nine months of 2025. source
• Marathon Petroleum's Midstream segment adjusted EBITDA increased $173 million in the third quarter of 2026, primarily due to $365 million of higher sales and operating revenues driven by increased rates and throughputs, equity affiliate income and acquisitions, partly offset by divestitures and higher operating expenses. source
• Marathon Petroleum's Midstream segment adjusted EBITDA increased $188 million in the first nine months of 2026, primarily due to $574 million of higher sales and operating revenues, with partial offsets including divestitures, higher operating expenses, a $37 million prior-year customer-agreement benefit, and $94 million of increased derivative losses. source
• Marathon Petroleum's Midstream segment adjusted EBITDA was also affected by $94 million of increased derivative losses in the first nine months of 2026. source