10-QPeriod: Q2 FY2026

Marathon Petroleum Corp Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 4, 2026For Securities:MPC

Summary

Marathon Petroleum Corporation (MPC) reported a significant increase in financial performance for the three and six months ended June 30, 2026, compared to the same periods in 2025. Total revenues and other income saw substantial growth, driven primarily by higher sales and operating revenues in the Refining & Marketing segment, which benefited from increased refined product sales prices and volumes, supported by favorable market conditions including higher global crude oil prices due to supply disruptions. Net income attributable to MPC surged, reflecting strong operational execution across its segments, particularly in Refining & Marketing, which experienced a significant expansion in per-barrel margins. The company also highlighted strategic initiatives, including an additional $5.0 billion share repurchase authorization, underscoring a commitment to returning capital to shareholders. The Midstream segment, primarily conducted through MPLX, continued to optimize its assets through acquisition and divestiture activity, positioning it to meet growing energy demand. The Renewable Diesel segment also showed improved performance, driven by higher sales prices and enhanced regulatory credit values. Overall, MPC demonstrated robust financial health and strategic progress during the reporting period.

Key Highlights

  • 1Net income attributable to MPC increased substantially year-over-year for both the three-month and six-month periods ended June 30, 2026, driven by strong performance across segments.
  • 2Revenues and other income saw significant growth, primarily fueled by higher sales and operating revenues in the Refining & Marketing segment, which benefited from increased average refined product sales prices.
  • 3The Refining & Marketing segment reported a dramatic increase in per-barrel margins, reflecting favorable market conditions and crack spreads.
  • 4MPC announced an additional $5.0 billion share repurchase authorization, demonstrating a commitment to capital return to shareholders, with $6.13 billion remaining under existing authorizations as of June 30, 2026.
  • 5The Midstream segment, operated by MPLX, showed increased adjusted EBITDA driven by higher rates and throughputs, supported by recent acquisitions and divestitures.
  • 6The Renewable Diesel segment improved its financial performance, with increased revenues and adjusted EBITDA, largely due to higher sales prices and improved regulatory credit values.
  • 7Consolidated cash and cash equivalents increased significantly to $7.77 billion as of June 30, 2026, up from $3.67 billion at December 31, 2025, indicating strong cash generation.

Frequently Asked Questions

The substantial increase in net income attributable to MPC was primarily driven by a significant rise in revenues, particularly from the Refining & Marketing segment, which benefited from higher average refined product sales prices and volumes. Additionally, improved operational efficiencies and favorable market conditions, including higher crack spreads and increased income from equity method investments, contributed to the strong performance.

Marathon Petroleum Corporation continues to focus on returning capital to shareholders. In addition to ongoing dividends, the company announced an additional $5.0 billion share repurchase authorization on May 5, 2026. As of June 30, 2026, the company had $6.13 billion remaining under its share repurchase authorizations, indicating a strong capacity for future repurchases.

The company views the outlook for its Refining & Marketing segment as constructive. Higher realized refining margins in the second quarter of 2026 were supported by stable demand and increased product prices, driven by global crude oil supply disruptions. Management anticipates that continued global demand growth, outpacing refining capacity additions, will support a favorable environment for U.S. refiners.

The Midstream segment, primarily operated through MPLX, showed improved performance with increased adjusted EBITDA. This growth was driven by higher rates and throughputs, supported by recent acquisitions and divestitures aimed at optimizing assets. The segment is expected to benefit from the growing global demand for U.S. energy through MPLX's 'wellhead-to-water' strategy.