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Revenue by Segment
Breaks down sales across various business units, showing which segments are contributing most to growth and where the company might face opportunities or risks.Refining & Marketing remains the revenue engine—off 2022 peaks but recovering with improving refinery utilization and new jet/yield capacity that should boost margins as Q2 derivative timing unwinds. Midstream revenue is lumpy—spikes and drops reflect timing, divestitures and derivative impacts rather than fundamental decline—yet MPLX is being heavily reinvested to drive distribution and EBITDA growth. Increasing intersegment eliminations compress consolidated top-line but mask robust cash generation; monitor derivative losses, working‑capital swings and elevated turnaround costs as key near‑term margin risks.
Date | Intersegment Eliminations | Midstream | Refining and Marketing |
|---|---|---|---|
Jun 30, 2026 | -$1.67B | $3.11B | $49.31B |
Mar 31, 2026 | -$1.54B | $2.82B | $32.34B |
Dec 31, 2025 | -$1.50B | $4.36B | $30.33B |
Sep 30, 2025 | -$1.49B | $1.45B | $32.65B |
Jun 30, 2025 | -$1.48B | $2.81B | $31.83B |
Mar 31, 2025 | -$1.52B | $2.91B | $29.50B |
Dec 31, 2024 | -$1.57B | $2.86B | $29.74B |
Sep 30, 2024 | -$1.50B | $2.80B | $33.81B |
Jun 30, 2024 | -$1.48B | $2.71B | $36.69B |
Mar 31, 2024 | -$1.44B | $2.62B | $31.52B |