Marathon Petroleum stock: Q3 rebound meets refinery sale

Marathon Petroleum reported a sharp improvement in third-quarter 2026 earnings on November 3 as stronger refining margins lifted its core business. The company also agreed to sell two refineries and related midstream assets to CVR Energy, according to the AD HOC NEWS report.

Margins drive the earnings rebound

Adjusted net income rose to USD 7.5 billion from USD 915 million in the prior-year quarter. Adjusted diluted earnings per share reached USD 26.93, compared with USD 3.01 a year earlier.

Refining and Marketing adjusted EBITDA climbed to USD 9.9 billion from USD 1.8 billion. The segment margin more than doubled to USD 45.70 per barrel from USD 17.60, while crude capacity utilization reached 100 percent versus 95 percent a year earlier.

Midstream adjusted EBITDA increased to USD 1.9 billion. Renewable Diesel returned to positive adjusted EBITDA of USD 254 million after a USD 56 million loss in the prior-year quarter.

Asset sale shifts capital priorities

Marathon Petroleum agreed to sell its St. Paul Park refinery in Minnesota, its Mandan refinery in North Dakota and related midstream assets to CVR Energy. Marathon Petroleum expects USD 3.45 billion of the proceeds, while MPLX is due to receive USD 750 million.

The transaction is expected to close by year-end, subject to customary conditions. Chief Executive Officer Maryann Mannen said the proceeds will be directed toward projects meeting the company's return thresholds, with the US Gulf Coast as the main priority. A planned 90,000-barrel-per-day distillate hydrotreater at Galveston Bay is part of that investment focus.

Lower throughput is the next test

Management expects fourth-quarter refinery throughput of 3.08 million barrels per day, including 2.83 million barrels per day of crude oil. The outlook assumes 95 percent utilization, USD 5.60 per barrel in refining operating costs and USD 230 million in planned turnaround costs.

Marathon Petroleum stock traded at 333.50 euros on Lang & Schwarz at 16:36 CET on Friday, November 6, 2026. The quote was 5.74 percent below the 353.80-euro Lang & Schwarz quote at 14:17 CET on Thursday, November 5, 2026, in the latest own report.

For investors, the real-time quote of Marathon Petroleum stock provides the latest trading reference while the earnings outlook points to a strong margin base but lower near-term throughput.

The S&P 500 market backdrop remains relevant for US-listed energy shares as investors weigh refining cash generation against commodity and geopolitical volatility.

More news and analyses on Marathon Petroleum stock will focus on the refinery transaction, fourth-quarter execution and capital allocation.