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Updated Aug 4, 2026
Marathon Petroleum Q2 2026: Refining Margin Surge Drives $8.5B Adjusted EBITDA, 158% Above Prior Year Quarter
Marathon Petroleum delivered a transformational Q2 2026, with R&M segment adjusted EBITDA of $6.7 billion — more than 3.5x the prior year quarter — driven by crack spread expansion across all three regions, with blended R&M margin reaching $36.33 per barrel versus $17.58 in Q2 2025. MPLX accelerated its midstream capital program by $500 million to $2.9 billion for 2026, concentrating investment in Permian and Marcellus natural gas and NGL infrastructure with projected mid-teens returns. The company returned $2.8 billion to shareholders in the quarter and holds $6.1 billion in remaining repurchase authorization, signaling continued capital return leadership.
Tone: bullishRevenue
$132.7B
MPC 10-K · FY 2025
Employees
18,500
Revenue FY2024
$138.9B
Headquarters
Findlay, OH
Profile
MPC 10-K Item 1 · Feb 26, 2026Marathon Petroleum Corporation is a leading integrated downstream and midstream energy company operating one of the largest U.S. refining systems at approximately 3.0 million barrels per day of crude oil refining capacity. The company distributes refined products through an extensive terminal network and inland barge fleet, while its Midstream segment — primarily conducted through MPLX LP — links major natural gas and NGL supply basins to domestic and international markets. MPC is also one of the largest producers of renewable diesel in the United States.
Read filing description ↓ Collapse description ↑
MPC has nearly 140 years of history in the energy business, and is a leading, integrated, downstream and midstream energy company. We operate one of the nation's largest refining systems with approximately 3.0 million barrels per day of crude oil refining capacity and believe we are one of the largest wholesale suppliers of gasoline and distillates to resellers in the United States. We distribute our refined products through one of the largest terminal operations in the United States and one of the largest private domestic fleets of inland petroleum product barges. Our integrated midstream energy asset network links producers of natural gas and NGLs from some of the largest supply basins in the United States to domestic and international markets. In addition, we are one of the largest producers and marketers of renewable diesel in the United States. Our operations consist of three reportable operating segments: Refining & Marketing, Midstream and Renewable Diesel. The Refining & Marketing segment refines crude oil and other feedstocks at refineries in the Gulf Coast, Mid-Continent and West Coast regions, distributing refined products through transportation, storage, distribution and marketing services. The Midstream segment, primarily reflecting the results of MPLX — a large-cap MLP formed in 2012 — gathers, treats, processes and transports natural gas; transports, fractionates, stores and markets NGLs; and provides fuels distribution services. The Renewable Diesel segment processes renewable feedstocks into renewable diesel, marketed domestically and internationally.
Primary products
- Gasoline
- Distillates (including No. 1 and No. 2 fuel oils, jet fuel, kerosene and diesel)
- Propane
- NGLs and petrochemicals
- Heavy fuel oil
- Asphalt (asphalt cements, polymer-modified asphalt, emulsified asphalt, industrial asphalts and roofing flux)
Business segments
End markets
Geographies
Named customers
“We believe we are one of the largest wholesale suppliers of gasoline and distillates to resellers and consumers within our market area.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales and other operating revenues declined from $138.9 billion in 2024 to $132.7 billion in 2025, reflecting lower refined product price realizations year-over-year.
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