Marathon Petroleum stock gets profit boost from refining margins

Marathon Petroleum reported a sharp improvement in third-quarter results on Tuesday, November 3, as stronger refining margins lifted earnings across its main business. The company said in a release carried by Nasdaq that net income attributable to MPC rose to USD 7.4 billion from USD 1.4 billion in the third quarter of 2025. Adjusted net income reached USD 7.5 billion, or USD 26.93 per diluted share, versus USD 915 million, or USD 3.01 per share, a year earlier.

Adjusted EBITDA increased to USD 11.7 billion from USD 3.2 billion. Refining and Marketing accounted for USD 9.9 billion of segment adjusted EBITDA, up from USD 1.8 billion in the prior-year quarter. The company attributed the improvement primarily to higher market crack spreads across all regions.

Refining margins drive earnings

Marathon Petroleum's Refining and Marketing margin rose to USD 45.70 per barrel from USD 17.60. Refinery crude capacity utilization reached 100 percent, compared with 95 percent a year earlier, while net refinery throughput increased to 3.15 million barrels per day from 3.005 million barrels per day.

The segment generated USD 34.15 of adjusted EBITDA per barrel, compared with USD 6.37. Planned turnaround costs were USD 294 million, down from USD 400 million in the same quarter of 2025. Renewable Diesel also improved, producing USD 254 million of segment adjusted EBITDA after a loss of USD 56 million a year earlier.

Management said strong planning, commercial execution and operations generated the cash needed for investment and shareholder distributions. MPC returned USD 3.3 billion to shareholders during the quarter. Its board also approved a 10 percent increase in the quarterly dividend, while MPLX raised its quarterly distribution by 12.5 percent for the third consecutive year.

Portfolio sale reshapes capital allocation

MPC announced the sale of the St. Paul Park and Mandan refineries and related midstream assets for USD 4.2 billion. MPC expects to receive USD 3.45 billion and plans to direct the proceeds primarily toward Gulf Coast opportunities. The transaction is expected to close at the end of 2026.

The company also approved an additional USD 5 billion share repurchase authorization. Including the remaining authorization at the end of September, MPC would have had USD 8.1 billion available for buybacks, although the timing depends on market and business conditions.

Fourth-quarter throughput outlook

For the fourth quarter, Marathon Petroleum expects total refinery throughput of 3.08 million barrels per day, including 2.83 million barrels per day of crude oil. Planned turnaround costs are projected at USD 230 million. The maintenance work is expected to limit the ability to upgrade certain products and could weigh on margin capture in the period.

Marathon Petroleum stock traded at 376.15 euros on Lang & Schwarz at 13:11 CET on Wednesday, November 4, 2026, 1.90 percent below the Xetra close of Tuesday, November 3, 2026.

The real-time quote of Marathon Petroleum stock gives investors a current view of the euro-denominated trading indication.

US energy shares remain sensitive to changes in crude prices, refined-product demand and the broader S&P 500 market environment.

More news and analyses on Marathon Petroleum stock will track the refinery sale, capital returns and the next earnings update.