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Adjusted EBITDA by Segment
Highlights profitability across different business areas, indicating which segments drive earnings and where operational efficiencies or challenges exist.Refining & Marketing is the engine of MPC’s EBITDA volatility — big cyclical swings earlier gave way to a clear rebound in 2025–Q1 2026 driven by higher utilization, SPR runs and yield projects (Garyville/Robinson) plus derivative timing that should unwind into Q2; however, refinery turnaround costs and market backwardation keep upside lumpy. Midstream, by contrast, delivers steady, mid-single‑digit growth that cushions cash flow and funds buybacks/dividends, though recent YoY midstream headwinds (derivative losses/divestitures) remind investors it’s not fully immune to commodity swings.
Date | Refining and Marketing | Midstream |
|---|---|---|
Jun 30, 2026 | $6.66B | $1.78B |
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 |