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Marathon Petroleum (MPC) Q3 2026 Earnings Report

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MX:MPC Q3 2026 EPS Results

Actual EPS
MXN 500.98
Consensus EPS
MXN 471.97
Beat/Miss
Beat by +MXN 29.00
One Year Ago EPS
MXN 55.99

MX:MPC Q3 2026 Revenue Results

Actual Revenue
MXN 1.05T
Expected Revenue
MXN 866.99B
Beat/Miss
Beat by +MXN 180.75B
YoY Revenue Growth
+62.58%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/03/2026
Time
Before Open
Conference Call
Tuesday, November 3, 2026
MX:MPC Upcoming Earnings

Marathon Petroleum's next earnings date is estimated for February 2, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

MX:MPC Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 03, 2026|% Change Since:-9.99%|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by record third-quarter utilization, substantial earnings and cash-flow growth, strong performance across all refining regions, improved renewable diesel results, midstream growth, significant capital returns, and a constructive outlook for refining and midstream markets. The main challenges were secondary-product pressure on capture, seasonal gasoline and jet-margin headwinds, planned fourth-quarter turnarounds, and lower projected fourth-quarter refining utilization.

Company Guidance

Management expects to remain in an enhanced mid cycle environment through the end of the decade with elevated margins through at least mid-2027; fourth-quarter Refining and Marketing crude throughput is projected at 2.8 million barrels per day, representing utilization of 95%, with turnaround expenses of $230 million, while 2026 turnaround expenses remain in line with the 2026 outlook of $1.35 billion; Renewable Diesel utilization is projected at 85% with planned turnaround cost of $65 million, driven primarily by turnaround activity at Dickinson; investments in the Gulf Coast region are expected to enter service by year-end 2027, MPC now expects to receive $3.1 billion of annual distributions from MPLX, the fourth quarter should actually be stronger than the third quarter for MPLX, 2027 EBITDA growth is expected to be stronger than in 2026, and turnaround for 2027 is expected to be a lighter year in 2027 than it was in 2026.

  • Record Third-Quarter Utilization and Strong EarningsMPC achieved record third-quarter utilization of 100% while executing planned turnaround and maintenance activity. Third-quarter earnings per share were $26.93, adjusted EBITDA was $11.7 billion, and adjusted EBITDA increased $8.5 billion year-over-year.
  • Record Refining and Marketing PerformanceRefining and Marketing adjusted EBITDA was $9.9 billion, with every region contributing to the year-over-year improvement, primarily driven by a stronger margin environment. Total throughput was nearly 3.2 million barrels per day at 100% utilization.
  • Strong Regional Refining ResultsThe Gulf Coast operated at 99% utilization and delivered nearly $33 of adjusted EBITDA per barrel. MidCon achieved record utilization of 101% and delivered $36 of adjusted EBITDA per barrel. The West Coast operated at a regional record of 98% utilization and delivered over $33 of adjusted EBITDA per barrel.
  • Peer-Leading Cash Generation and Capital ReturnsCash flow from operations excluding working capital changes was $8.5 billion, and MPC returned $3.3 billion of capital to shareholders during the quarter. MPC also announced a 10% increase in its quarterly dividend, redeemed all $749 million of senior notes due December 2026, and ended the quarter with roughly $13.6 billion of consolidated cash and short-term investments, including nearly $1.3 billion at MPLX.
  • Strategic Sale of Mid-Continent AssetsMPC agreed to sell the Saint Paul Park and Mandan refineries, while MPLX agreed to sell the associated midstream assets to CVR Energy for $4.2 billion. MPC is expected to receive $3.4 billion and MPLX $750 million. MPC intends to reinvest proceeds in opportunities, primarily in the Gulf Coast, that meet its return thresholds, while MPLX expects to redeploy its proceeds toward growth plans anchored in the Permian and Marcellus basins.
  • Constructive Refining Market OutlookManagement said the refining macro environment remains constructive and expects an enhanced mid-cycle environment through the end of the decade, with elevated margins through at least mid-2027. Globally, 10 million barrels per day of planned and unplanned refining capacity is offline, approximately 3 million barrels per day above historical norms. U.S. diesel inventories were below the five-year range and gasoline inventories were near the bottom of the five-year range.
  • Resilient Product DemandManagement said demand remained resilient across gasoline, diesel, and jet, both domestically and internationally, and reported no meaningful demand destruction across MPC's system. The company ran at 100% utilization in the third quarter and met consumer demand.
  • Gulf Coast Reliability and Capacity InvestmentsMPC is investing in value-enhancing opportunities focused on lowering operating costs, improving system reliability, and converting lower-value inputs into higher-value products. Projects expected to enter service by year-end 2027 include a 90,000-barrel-per-day distillate treater at Galveston Bay, a 30,000-barrel-per-day crude-throughput increase at Garyville, and flexibility to produce an incremental 10,000 barrels per day of export premium gasoline while lowering cost.
  • Midstream Growth and Project ExecutionMPLX's adjusted EBITDA increased $173 million year-over-year, driven primarily by higher rates and throughputs, increased income from equity affiliates, and growth from acquisitions. Harmon Creek III began operations with 300 million cubic feet per day of gas-processing capacity and 40,000 barrels per day of deethanization capacity, increasing Northeast processing capacity to 8.1 billion cubic feet per day and fractionation capacity to 800,000 barrels per day.
  • Expansion of Permian and Sour-Gas InfrastructureMPLX and its joint venture partners announced final investment decision on the Solitude Pipeline System, which is expected to provide an additional 4.5 billion cubic feet per day of natural-gas egress from the Permian Basin when completed. MPLX is also progressing Titan Complex sour-gas treating expansion to more than 400 million cubic feet per day, expected by year-end.
  • MPLX Distribution Growth and Cash ContributionMPLX increased its quarterly distribution by 12.5% for the third consecutive year. MPC now expects to receive $3.1 billion of annual distributions from MPLX, which management said more than covers MPC's annual dividend and capital expenditures. MPLX is positioned for durable mid-single-digit adjusted EBITDA growth, and management expects 2027 EBITDA growth to be stronger than in 2026.
  • Renewable Diesel ImprovementRenewable Diesel segment adjusted EBITDA increased $310 million year-over-year, supported by a more constructive margin environment, improved regulatory credit values, and higher throughputs. Management said renewable diesel plants have been running well and expects more of the same in the fourth quarter.
  • Advantaged Crude Sourcing and WCS PositioningApproximately 90% of MPC's crude sourcing is from the U.S. and Canada, and management said the company is leaning into the Western Canadian Select opportunity as differentials widen. MPC expects to set records in the fourth quarter for the amount of heavy Canadian crude processed, while benefiting from limited crude freight exposure and attractive time-charter rates.
  • LPG and Product-Yield FlexibilityMPC built butane inventories in the second quarter and early third quarter and is now benefiting from that position. The company also reported significant economic margins from propane exports due to overseas demand and said it can historically shift roughly 4% of product yield between gasoline and diesel while quickly re-optimizing production and product placement.
  • Operational Reliability and Cost DisciplineManagement attributed strong utilization to reliability investments, attention to daily operations, training, optimization, and integrated planning and commercial execution. Reliability was described as among the best experienced in a decade. Management said 2027 is expected to be a lighter turnaround year than 2026, while maintaining a focus on cost discipline rather than cost cutting.
  • West Coast and MidCon Commercial AdvantagesMPC has more than doubled the California grades it runs at Los Angeles following recent closures, is moving inland crude to Anacortes to gain an advantage over more expensive Alaska North Slope crude, and has locked in time-charter rates below current high-market levels. Laurel shipments east are expected to ramp through the winter, supporting MPC's Canton and Catlettsburg refineries and its ability to clear product across PADD II.
  • Board AppointmentDavid Constable will join the Marathon Petroleum board effective March 1, 2027. Management highlighted his four decades of global experience in energy, chemicals, engineering, and construction.

MX:MPC Earnings History

MX:MPC earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 02, 20272026 (Q4)414.21-75.71――
Nov 03, 20262026 (Q3)471.97500.9855.99794.68% (+444.98)
Aug 04, 20262026 (Q2)265.45329.8373.67347.73% (+256.16)
May 05, 20262026 (Q1)13.7530.69-2.271452.46% (+32.96)
Feb 03, 20262025 (Q4)50.6475.7114.32428.57% (+61.39)
Nov 04, 20252025 (Q3)58.5155.9934.7960.96% (+21.21)
Aug 05, 20252025 (Q2)60.2573.6776.64-3.88% (-2.98)
May 06, 20252025 (Q1)-10.08-2.2748-104.73% (-50.27)
Feb 04, 20252024 (Q4)―14.3274.04-80.65% (-59.72)
Nov 05, 20242024 (Q3)18.3434.79151.43-77.03% (-116.64)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed