FINDLAY, Ohio, Nov. 3, 2026 /PRNewswire/ —
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Third-quarter net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, adjusted net income of $7.5 billion, or $26.93 per diluted share
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$11.7 billion of adjusted EBITDA, demonstrating the earnings power of MPC’s value chains
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$3.3 billion of capital returned, reflecting strong cash generation and disciplined execution
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Announced a 10% increase in MPC’s quarterly dividend, consistent with our capital allocation priorities
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MPLX increased its quarterly distribution by 12.5% for the third consecutive year, resulting in $3.1 billion of expected annual distributions to MPC
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Advancing strategic priorities through the announced divestiture of Mid-Con assets and intent to reinvest primarily in the Gulf Coast
Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, for the third quarter of 2026. This compares with a net income attributable to MPC of $1.4 billion, or $4.51 per diluted share, for the third quarter of 2025.
Adjusted net income was $7.5 billion, or $26.93 per diluted share, for the third quarter of 2026. This compares to adjusted net income of $915 million, or $3.01 per diluted share, for the third quarter of 2025.
The third quarter of 2026 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $11.7 billion, compared with $3.2 billion for the third quarter of 2025.
“Our value chain capabilities remain a defining advantage for us, capturing opportunities to enhance margins across dynamic market conditions,” said Chairman, President and Chief Executive Officer Maryann Mannen. “Strong planning, commercial, and operational execution generated significant cash flows, supporting high-return investments while delivering substantial returns to shareholders. MPLX’s durable growth and increasing cash flow to MPC delivers a differentiated value proposition.”
Results from Operations
Adjusted EBITDA (unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)
2026
2025
2026
2025
Refining & Marketing segment adjusted EBITDA
$
9,895
$
1,762
$
17,927
$
4,141
Midstream segment adjusted EBITDA
1,882
1,709
5,258
5,070
Renewable Diesel segment adjusted EBITDA
254
(56)
550
(117)
Subtotal
12,031
3,415
23,735
9,094
Corporate
(328)
(238)
(858)
(691)
Add: Depreciation and amortization
26
29
75
64
Adjusted EBITDA
$
11,729
$
3,206
$
22,952
$
8,467
Refining & Marketing (R&M)
Segment adjusted EBITDA was $9.9 billion in the third quarter of 2026, versus $1.8 billion for the third quarter of 2025. R&M segment adjusted EBITDA was $34.15 per barrel for the third quarter of 2026, versus $6.37 per barrel for the third quarter of 2025. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $294 million in the third quarter of 2026 and $400 million in the third quarter of 2025. Results were driven primarily by higher market crack spreads in all regions.
R&M margin was $45.70 per barrel for the third quarter of 2026, versus $17.60 per barrel for the third quarter of 2025. Crude capacity utilization was 100%, resulting in total throughput of 3.2 million barrels per day (bpd) for the third quarter of 2026. This compares to crude capacity utilization of 95% for the third quarter of 2025.
Refining operating costs were $5.60 per barrel for the third quarter of 2026, versus $5.59 per barrel for the third quarter of 2025.
Midstream
Segment adjusted EBITDA was $1.9 billion in the third quarter of 2026, versus $1.7 billion for the third quarter of 2025. The increase was primarily driven by increased rates and throughputs, increased income from equity affiliates, and growth from acquisitions, partially offset by the divestiture of non-core gathering and processing assets as well as higher operating expenses, including incentive compensation.
Renewable Diesel
Segment adjusted EBITDA was $254 million in the third quarter of 2026, versus $(56) million for the third quarter of 2025. The results reflect a stronger margin environment, improved regulatory credit values, and higher throughputs.
Corporate and Items Not Allocated
Corporate expenses totaled $328 million in the third quarter of 2026, compared with $238 million in the third quarter of 2025. The variance was primarily due to higher expenses related to incentive compensation.
Financial Position, Liquidity, and Return of Capital
As of September 30, 2026, MPC had $13.6 billion of cash, cash equivalents, and short-term investments, including $1.3 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility.
On September 15, 2026, MPC redeemed all of its outstanding $749 million senior notes due December 2026.
In the third quarter, the company returned $3.3 billion of capital to shareholders. As of September 30, 2026, the company had $3.1 billion remaining under its share repurchase authorizations.
Additionally, the Board of Directors approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company would have had $8.1 billion available under its share repurchase authorizations as of September 30, 2026. The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended or discontinued at any time.
Strategic Update
MPC announced the divestiture of the St. Paul Park and Mandan refineries, inclusive of related midstream assets for $4.2 billion. MPC will receive $3.45 billion of the proceeds and intends to reinvest this capital prioritizing opportunities that meet the company’s return thresholds and advance its strategic priorities, primarily in the Gulf Coast. MPLX will receive $750 million of the proceeds, representing a 9x multiple on forecast 2027 adjusted EBITDA of the associated logistics assets. MPLX expects to redeploy this capital in support of its growth plans, anchored in the Permian and Marcellus basins. The transaction is expected to close at the end of 2026.
MPC’s 2026 capital spending outlook (excluding MPLX) is $1.5 billion. Approximately 65% of capital spending is focused on value-enhancing investments and 35% on sustaining operations. MPC’s outlook includes high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries. In addition to these multi-year investments, the company is executing shorter-term projects that offer high returns through margin enhancement and cost reduction.
Investment
Details
Expected In-Service
G
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