Want to see MPC full AI Analyst Report?
Adjusted EBITDA by Segment
Highlights profitability across different business areas, indicating which segments drive earnings and where operational efficiencies or challenges exist.Refining & Marketing remains the swing engine—after a deep trough it has staged a meaningful recovery into 2025 driven by higher capture rates, strong throughput and targeted, high‑return projects; however, its earnings stay cyclical and sensitive to feedstock/differential volatility and labor risk. Midstream shows steady, predictable upside, delivering record cash generation and funding capacity (MPLX growth capex and distributions) that management now leans on to support dividends and return excess cash, smoothing consolidated volatility going forward.
Date | Refining and Marketing | Midstream |
|---|---|---|
Mar 31, 2026 | $1.38B | $1.60B |
Dec 31, 2025 | $2.00B | $1.68B |
Sep 30, 2025 | $1.76B | $1.71B |
Jun 30, 2025 | $1.89B | $1.64B |
Mar 31, 2025 | $489.00M | $1.72B |
Dec 31, 2024 | $559.00M | $1.71B |
Sep 30, 2024 | $1.05B | $1.63B |
Jun 30, 2024 | $1.97B | $1.62B |
Mar 31, 2024 | $1.87B | $1.59B |
Dec 31, 2023 | $2.16B | $1.57B |