Marathon Petroleum stock: $4.2 billion sale redirects capital
Published on 11/12/2026 at 13:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSStrong quarter, portfolio reshaping
- Marathon Petroleum reported sharply higher third-quarter earnings as refining margins and utilization improved.
- The company plans to focus refinery investment on the US Gulf Coast after agreeing to sell two Mid-Continent facilities.
- Fourth-quarter throughput is expected to decline from the third quarter, while turnaround spending remains material.
Marathon Petroleum is reshaping its refining portfolio after a powerful third quarter. In a Nov. 3 release carried by Morningstar, the company reported net income attributable to MPC of $7.4 billion, compared with $1.4 billion a year earlier. Adjusted net income rose to $7.5 billion, or $26.93 per diluted share, from $915 million, or $3.01 per share.
Refining strength drives rebound
Adjusted EBITDA reached $11.7 billion, up from $3.2 billion in the third quarter of 2025. Refining and Marketing contributed $9.9 billion, versus $1.8 billion a year earlier, as higher crack spreads supported earnings. The segment's adjusted EBITDA was $34.15 per barrel, compared with $6.37 per barrel in the prior-year quarter.
Crude capacity utilization reached 100%, up from 95% a year earlier, and net refinery throughput increased to 3.15 million barrels per day from 3.005 million. The refining and marketing margin rose to $45.70 per barrel from $17.60. These figures are adjusted or operating measures and should not be confused with GAAP net income.
Asset sale redirects capital
Marathon Petroleum and its midstream affiliate MPLX agreed to sell the St. Paul Park refinery in Minnesota, the Mandan refinery in North Dakota and associated midstream assets for $4.2 billion. MPC is to receive $3.45 billion, while MPLX is to receive $750 million. The transaction is expected to close at the end of 2026.
MPC said it intends to reinvest its proceeds primarily in the Gulf Coast, provided projects meet its return thresholds. Planned investments include a 90,000-barrel-per-day distillate hydrotreater at Galveston Bay, feedstock optimization at Garyville and additional product-export flexibility. The company expects the listed multi-year projects to enter service by the end of 2027.
Fourth-quarter execution comes next
Management expects fourth-quarter crude throughput of 2.83 million barrels per day and total refinery throughput of 3.08 million barrels per day. Refinery utilization is projected at 95%, while planned turnaround costs are expected to total $230 million. The lower operating outlook and the need to complete the divestiture put execution and capital allocation in focus after the strong third quarter.
Marathon Petroleum stock traded at 342.20 euros on Lang & Schwarz at 14:38 CET on Tuesday, November 10, 2026. The quote is a dated trading indication rather than a statement about the subsequent market reaction to the earnings release or asset sale.
Marathon Petroleum at a glance
- Company: Marathon Petroleum Corporation
- ISIN: US56585A1025
- Ticker: MPC
- Trading venue: Lang & Schwarz
- Quote: 342.20 euros on Nov. 10, 2026 at 14:38 CET
- Third-quarter adjusted EBITDA: $11.7 billion
- Divestiture value: $4.2 billion
- Fourth-quarter total refinery throughput outlook: 3.08 million barrels per day
US equity markets remain the relevant broader market backdrop for Marathon Petroleum, with current S&P 500 coverage providing the wider investor context.
