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Marathon Petroleum 8-K Report, Financial Results (Aug 4, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 4, 2026
Period End
August 4, 2026
Security
MPC
In the record · 2016–202610-K1110-Q338-K156

MPC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 156 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jul ’16Jul ’16
  2. Material agreement8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed August 4, 2026. Cited figures are marked; the original filing is the authoritative source.

Marathon Petroleum reported second-quarter 2026 net income attributable to MPC of $5.14 billiona, or $17.73 per diluted share, compared with $1.22 billion, or $3.96 per diluted share, in the second quarter of 2025.

Adjusted EBITDA was $8.46 billionb versus $3.29 billion a year earlier. The gain was driven mainly by Refining & Marketing, where segment adjusted EBITDA rose to $6.66 billion ($24.84 per barrel) from $1.89 billion ($6.79 per barrel), reflecting higher crack spreads in all regions. Midstream adjusted EBITDA increased to $1.78 billion, and Renewable Diesel swung to $258 million from a $19 million loss.

Crude utilization was 94% on throughput of 2.9 million barrels per day. Balance sheet and capital returns were strong. Cash and equivalents reached $7.8 billionc at June 30, 2026, up from $2.2 billion at March 31, with no borrowings under the $5 billion revolver.

MPC returned more than $2.8 billiond to shareholders in the quarter, and $6.1 billion remained under repurchase authorizations. Shares outstanding fell to 283 million from 293 million in the first quarter. MPC's 2026 capital spending outlook (excluding MPLX) is $1.5 billion, about 65% of it value-enhancing.

Two refinery projects, El Paso yield improvement and Robinson product flexibility, were placed in service in the quarter. MPLX raised its 2026 growth capital outlook by $500 million to $2.9 billion, mainly to accelerate the Gulf Coast fractionation project, and it expects 12.5% annual distribution growth in 2026 and 2027.

For third-quarter 2026, management guided to total refinery throughput of 3,005 mbpd, refining operating costs of $5.60 per barrel, and planned turnaround costs of $290 million. Investors should note that the quarter's results reflect unusually strong refining margins, which may not persist, and that the filing is a press release furnished under Item 2.02 rather than a standalone financial statement filing.

02—Key points

Key Highlights

  1. Net income attributable to MPC was $5.14 billion ($17.73 diluted EPS) in Q2 2026, up from $1.22 billion ($3.96) in Q2 2025.
  2. Adjusted EBITDA of $8.46 billion more than doubled year over year from $3.29 billion, led by Refining & Marketing segment adjusted EBITDA of $6.66 billion versus $1.89 billion.
  3. R&M margin rose to $36.33 per barrel from $17.58, with segment adjusted EBITDA of $24.84 per barrel versus $6.79, driven by higher crack spreads in all regions.
  4. Cash and equivalents of $7.8 billion at June 30, 2026, with no revolver borrowings, and more than $2.8 billion returned to shareholders in the quarter.
  5. Share count fell to 283 million from 293 million in the first quarter, with $6.1 billion of repurchase authorization remaining.
  6. MPLX raised its 2026 growth capex to $2.9 billion (up $500 million), with over 90% directed to natural gas and NGL infrastructure and expected mid-teens returns, supporting 12.5% annual distribution growth in 2026 and 2027.
  7. Q3 2026 guidance calls for total throughput of 3,005 mbpd, refining operating costs of $5.60 per barrel, and planned turnaround costs of $290 million.

03—Questions

Frequently Asked Questions

  1. What drove the large year-over-year earnings increase?

    The increase was driven mainly by Refining & Marketing. Segment adjusted EBITDA rose to $6.66 billion from $1.89 billion as R&M margin nearly doubled to $36.33 per barrel from $17.58, reflecting higher crack spreads in all regions. Midstream and Renewable Diesel also improved, and Renewable Diesel benefited from a stronger margin environment and higher regulatory credit values.

  2. Is the Q2 2026 performance likely to be repeatable?

    Not necessarily. The quarter reflects a strong margin environment for refiners, and refining margins are cyclical and sensitive to crude prices, product demand, and geopolitical developments. The company's guidance for Q3 2026 points to refining operating costs of $5.60 per barrel and planned turnaround costs of $290 million, but it does not provide a margin forecast. Investors should look at the Market Data disclosures and the Q3 margin trajectory to judge sustainability.

  3. How is MPC allocating capital and returning cash to shareholders?

    MPC's 2026 capital spending outlook excluding MPLX is $1.5 billion, with about 65% for value-enhancing projects and 35% for sustaining operations. The company returned more than $2.8 billion in the quarter, and it had $6.1 billion remaining under share repurchase authorizations. Shares outstanding declined by about 10 million in the quarter, and the company holds $7.8 billion of cash with no revolver borrowings.

  4. What is the outlook for MPLX and its natural gas and NGL projects?

    MPLX increased its 2026 growth capex outlook by $500 million to $2.9 billion, mainly to accelerate the Gulf Coast fractionation project. Major projects include the Blackcomb pipeline (commissioning began July 2026), Bay Runner (3Q26), Harmon Creek III (August 2026), and Gulf Coast Fractionators (Frac I in 2028). Management expects these investments to generate mid-teens returns and to support 12.5% annual distribution growth in 2026 and 2027.

04—Continue

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