Marathon Petroleum stock: Q3 profit surges as refinery sale advances

Marathon Petroleum reported a sharp improvement in third-quarter 2026 earnings on November 3, driven by stronger refining margins and full system utilization. The company also agreed to sell two refineries and related midstream assets to CVR Energy, redirecting capital toward its Gulf Coast portfolio.

The company release said net income attributable to Marathon Petroleum rose to USD 7.4 billion from USD 1.4 billion a year earlier. Adjusted net income increased to USD 7.5 billion, or USD 26.93 per diluted share, from USD 915 million, or USD 3.01 per share, in the prior-year quarter.

Refining Drives Earnings Surge

Refining and Marketing segment adjusted EBITDA climbed to USD 9.9 billion from USD 1.8 billion. The segment margin more than doubled to USD 45.70 per barrel from USD 17.60, while adjusted EBITDA per barrel reached USD 34.15 compared with USD 6.37 in the third quarter of 2025. The company attributed the improvement primarily to higher market crack spreads across all regions.

Crude capacity utilization reached 100%, versus 95% a year earlier. Total refinery throughput was 3.2 million barrels per day, compared with 3.0 million barrels per day in the prior-year period. Planned turnaround costs remained material at USD 294 million, and the company excludes those costs from segment adjusted EBITDA.

Midstream adjusted EBITDA increased to USD 1.9 billion from USD 1.7 billion. Renewable Diesel also moved into positive territory, producing USD 254 million of adjusted EBITDA after a USD 56 million loss a year earlier, helped by better margins, regulatory credit values and higher throughput.

Asset Sale Targets Gulf Coast Growth

Marathon Petroleum agreed to sell its St. Paul Park refinery in Minnesota and its Mandan refinery in North Dakota, together with related midstream assets, to CVR Energy for USD 4.2 billion. Marathon Petroleum expects USD 3.45 billion of the proceeds, while its midstream affiliate MPLX is to receive USD 750 million. The transaction is expected to close at the end of 2026, subject to customary conditions.

Chief Executive Officer Maryann Mannen said the proceeds will be directed toward opportunities that meet the company return thresholds, with the US Gulf Coast as the main priority. Planned projects include a 90,000-barrel-per-day distillate hydrotreater at the Galveston Bay refinery, designed to increase production of ultra-low-sulfur diesel.

The company also returned USD 3.3 billion to shareholders during the quarter. Its board raised the quarterly dividend by 10%, and a new USD 5 billion authorization lifted available share repurchase capacity to USD 8.1 billion as of September 30. Marathon Petroleum maintained its 2026 capital spending outlook, excluding MPLX, at USD 1.5 billion.

Lower Fourth-Quarter Throughput Outlook

Management expects fourth-quarter refinery throughput of 3.08 million barrels per day, including 2.83 million barrels per day of crude oil. The outlook assumes 95% utilization, refining operating costs of USD 5.60 per barrel, distribution costs of USD 1.725 billion and planned turnaround costs of USD 230 million.

The real-time quote of Marathon Petroleum stock showed the stock trading at EUR 353.80 on Lang & Schwarz at 14:17 CET on Thursday, November 5, 2026, 0.93 percent above the Xetra close of EUR 350.55 on Wednesday, November 4.

Marathon Petroleum Corporation

• ISIN: US56585A1025
• Ticker: MPC
• Home exchange: New York Stock Exchange
• Lang & Schwarz quote: EUR 353.80 at 14:17 CET on November 5, 2026
• Xetra close: EUR 350.55 on November 4, 2026
• Third-quarter adjusted EPS: USD 26.93
• Fourth-quarter throughput outlook: 3.08 million barrels per day

The S&P 500 market backdrop remains relevant for US-listed energy shares as investors weigh strong refining cash generation against commodity and geopolitical volatility.

More news and analyses on Marathon Petroleum stock will focus on the refinery transaction, fourth-quarter execution and the company capital allocation plans.