Key Highlights

  • Marathon Petroleum reported second-quarter net income of $5,138 million, or $17.73 per diluted share, versus $1,216 million.
  • Non-GAAP adjusted EBITDA was $8,460 million, and the Refining & Marketing margin rose to $36.33 per barrel from $17.58.
  • The company repurchased 10 million shares for $2,525 million in the quarter and reported $6.1 billion of remaining repurchase authorization.
  • Third-quarter guidance calls for crude runs of 2,820 thousand barrels per day and about $290 million of planned turnaround costs.

Marathon Petroleum (NYSE:MPC) shares were trading near their 52-week high at USD 474.07 on October 19, 2026, down 0.84%. Three threads run through the latest filings: a refining margin per barrel that more than doubled in the second quarter, a share count that fell by 10 million in three months, and a third-quarter plan with $290 million of turnaround work. Six large brokerages have also updated ratings and targets since the results.

Six brokerage views since the August results

Six large brokerages have acted since the August 4 results, with mixed ratings. Wells Fargo raised its target to $560 from $400 on October 14 and kept an Overweight rating. Citi moved to $518 from $318 on October 13 at Neutral. Barclays lifted its target to $488 from $321 on October 12, also Overweight. Mizuho went to $457 from $304 on October 8 at Neutral, and Bank of America to $426 from $410 on October 2, also Neutral. Jefferies downgraded the shares to Hold from Buy on September 22 with a $413 target and raised that target to $433 in October. The price sits above three of the six targets and below the other three. These are the firms' own views, not a forecast by this article.

Refining margin more than doubled in the second quarter while throughput eased

Marathon Petroleum reported second-quarter results on August 4. Net income attributable to the company was $5,138 million, or $17.73 per diluted share, against $1,216 million and $3.96 a year earlier. Adjusted EBITDA, a non-GAAP measure, reached $8,460 million versus $3,286 million, and non-GAAP adjusted diluted earnings per share matched the GAAP figure because the quarter carried no adjustments.

The Refining & Marketing margin was $36.33 per barrel versus $17.58, and the segment's adjusted EBITDA was $6,655 million versus $1,890 million. Midstream adjusted EBITDA was $1,778 million versus $1,641 million, and Renewable Diesel earned $258 million after a $19 million loss a year earlier.

Operations ran a little lighter. Crude capacity utilization was 94% versus 97%, crude runs averaged 2,798 thousand barrels per day versus 2,883 thousand, and refining operating costs rose to $5.72 per barrel from $5.34, mainly on planned Mid-Continent downtime. The income tax provision was $1,444 million versus $268 million. The El Paso yield and Robinson product flexibility projects were completed in the quarter.

Cash, repurchases and the MPLX build-out

Cash and equivalents were $7,768 million at June 30, including $1.0 billion at MPLX, against $2,151 million at March 31. Total consolidated debt was $32,816 million, of which $7,176 million was Marathon Petroleum's. No borrowings were outstanding under the $5 billion revolving credit facility.

The company returned more than $2.8 billion to shareholders in the quarter. It repurchased 10 million shares for $2,525 million, declared a dividend of $1.00 per share and had $6.1 billion left under its repurchase authorizations. Shares outstanding fell from 293 million at March 31 to 283 million at June 30.

Marathon Petroleum owned about 64% of MPLX common units at June 30. MPLX raised its 2026 growth capital outlook by $500 million to $2.9 billion, mainly for the accelerated Gulf Coast fractionation project, and the release says its strategy is expected to support 12.5% annual distribution growth in 2026 and 2027. The company's own 2026 capital plan, excluding MPLX, is $1.5 billion.

Third-quarter plan and next report

On August 4 the company outlined third-quarter crude oil runs of 2,820 thousand barrels per day, total throughput of 3,005 thousand barrels per day, refining operating costs of $5.60 per barrel and planned turnaround costs of $290 million. These are the company's own estimates. MPLX's Blackcomb Pipeline began commissioning in July, with full in-service expected in the fourth quarter. A conference call on third-quarter results is scheduled for November 3 at 11:00 a.m. Eastern Time.