Marathon Petroleum Corp 8-K, filed Nov 3, 2026
Marathon Petroleum Corp (MPC)
8-K
2026-11-03
For: 2026-11-03
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November 03, 2026
About this 8-K
Marathon Petroleum Corp filed this 8-K on November 3, 2026.
Marathon Petroleum Corp reported third-quarter 2026 net income of $7.4 billion and adjusted EBITDA of $11.7 billion. It returned $3.3 billion of capital, announced a 10% dividend increase, and will divest the St. Paul Park and Mandan refineries for $4.2 billion. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 3, 2026
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(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (419 ) 422-2121
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||
Emerging growth company ☐
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ||
☐
| Item 2.02 | Results of Operations and Financial Condition | ||||
On November 3, 2026, Marathon Petroleum Corporation issued a press release announcing its financial results for the quarter ended September 30, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Information in this Item 2.02 and Exhibit 99.1 of Item 9.01 below shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits.
Exhibit Number | Description | |||||||
| Press Release issued by Marathon Petroleum Corporation on November 3, 2026 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Marathon Petroleum Corporation | |||||||||||
| Date: November 3, 2026 | By: | /s/ Maria A. Khoury | |||||||||
| Name: Maria A. Khoury | |||||||||||
| Title: Executive Vice President and Chief Financial Officer | |||||||||||
Exhibit 99.1
Marathon Petroleum Corp. Reports Third-Quarter 2026 Results
•Third-quarter net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, adjusted net income of $7.5 billion, or $26.93 per diluted share
•$11.7 billion of adjusted EBITDA, demonstrating the earnings power of MPC’s value chains
•$3.3 billion of capital returned, reflecting strong cash generation and disciplined execution
•Announced a 10% increase in MPC’s quarterly dividend, consistent with our capital allocation priorities
•MPLX increased its quarterly distribution by 12.5% for the third consecutive year, resulting in $3.1 billion of expected annual distributions to MPC
•Advancing strategic priorities through the announced divestiture of Mid-Con assets and intent to reinvest primarily in the Gulf Coast
FINDLAY, Ohio, Nov. 3, 2026 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $7.4 billion, or $26.59 per diluted share, for the third quarter of 2026. This compares with a net income attributable to MPC of $1.4 billion, or $4.51 per diluted share, for the third quarter of 2025.
Adjusted net income was $7.5 billion, or $26.93 per diluted share, for the third quarter of 2026. This compares to adjusted net income of $915 million, or $3.01 per diluted share, for the third quarter of 2025.
The third quarter of 2026 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $11.7 billion, compared with $3.2 billion for the third quarter of 2025.
“Our value chain capabilities remain a defining advantage for us, capturing opportunities to enhance margins across dynamic market conditions,” said Chairman, President and Chief Executive Officer Maryann Mannen. “Strong planning, commercial, and operational execution generated significant cash flows, supporting high-return investments while delivering substantial returns to shareholders. MPLX’s durable growth and increasing cash flow to MPC delivers a differentiated value proposition.”
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Results from Operations
Adjusted EBITDA (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Refining & Marketing segment adjusted EBITDA | $ | 9,895 | $ | 1,762 | $ | 17,927 | $ | 4,141 | |||||||||||||||||||||||||||
| Midstream segment adjusted EBITDA | 1,882 | 1,709 | 5,258 | 5,070 | |||||||||||||||||||||||||||||||
| Renewable Diesel segment adjusted EBITDA | 254 | (56) | 550 | (117) | |||||||||||||||||||||||||||||||
| Subtotal | 12,031 | 3,415 | 23,735 | 9,094 | |||||||||||||||||||||||||||||||
| Corporate | (328) | (238) | (858) | (691) | |||||||||||||||||||||||||||||||
| Add: Depreciation and amortization | 26 | 29 | 75 | 64 | |||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 11,729 | $ | 3,206 | $ | 22,952 | $ | 8,467 | |||||||||||||||||||||||||||
Refining & Marketing (R&M)
Segment adjusted EBITDA was $9.9 billion in the third quarter of 2026, versus $1.8 billion for the third quarter of 2025. R&M segment adjusted EBITDA was $34.15 per barrel for the third quarter of 2026, versus $6.37 per barrel for the third quarter of 2025. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $294 million in the third quarter of 2026 and $400 million in the third quarter of 2025. Results were driven primarily by higher market crack spreads in all regions.
R&M margin was $45.70 per barrel for the third quarter of 2026, versus $17.60 per barrel for the third quarter of 2025. Crude capacity utilization was 100%, resulting in total throughput of 3.2 million barrels per day (bpd) for the third quarter of 2026. This compares to crude capacity utilization of 95% for the third quarter of 2025.
Refining operating costs were $5.60 per barrel for the third quarter of 2026, versus $5.59 per barrel for the third quarter of 2025.
Midstream
Segment adjusted EBITDA was $1.9 billion in the third quarter of 2026, versus $1.7 billion for the third quarter of 2025. The increase was primarily driven by increased rates and throughputs, increased income from equity affiliates, and growth from acquisitions, partially offset by the divestiture of non-core gathering and processing assets as well as higher operating expenses, including incentive compensation.
Renewable Diesel
Segment adjusted EBITDA was $254 million in the third quarter of 2026, versus $(56) million for the third quarter of 2025. The results reflect a stronger margin environment, improved regulatory credit values, and higher throughputs.
Corporate and Items Not Allocated
Corporate expenses totaled $328 million in the third quarter of 2026, compared with $238 million in the third quarter of 2025. The variance was primarily due to higher expenses related to incentive compensation.
Financial Position, Liquidity, and Return of Capital
As of September 30, 2026, MPC had $13.6 billion of cash, cash equivalents, and short-term investments, including $1.3 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility.
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On September 15, 2026, MPC redeemed all of its outstanding $749 million senior notes due December 2026.
In the third quarter, the company returned $3.3 billion of capital to shareholders. As of September 30, 2026, the company had $3.1 billion remaining under its share repurchase authorizations.
Additionally, the Board of Directors approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company would have had $8.1 billion available under its share repurchase authorizations as of September 30, 2026. The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended or discontinued at any time.
Strategic Update
MPC announced the divestiture of the St. Paul Park and Mandan refineries, inclusive of related midstream assets for $4.2 billion. MPC will receive $3.45 billion of the proceeds and intends to reinvest this capital prioritizing opportunities that meet the company’s return thresholds and advance its strategic priorities, primarily in the Gulf Coast. MPLX will receive $750 million of the proceeds, representing a 9x multiple on forecast 2027 adjusted EBITDA of the associated logistics assets. MPLX expects to redeploy this capital in support of its growth plans, anchored in the Permian and Marcellus basins. The transaction is expected to close at the end of 2026.
MPC’s 2026 capital spending outlook (excluding MPLX) is $1.5 billion. Approximately 65% of capital spending is focused on value-enhancing investments and 35% on sustaining operations. MPC’s outlook includes high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries. In addition to these multi-year investments, the company is executing shorter-term projects that offer high returns through margin enhancement and cost reduction.
Investment | Details | Expected In-Service | ||||||
| Garyville Jet Flexibility | Increases flexibility to maximize higher value jet fuel production to meet growing demand | 1Q26 – Completed | ||||||
El Paso Yield Improvement | Upgrades fluid catalytic cracker (FCC) and alkylation units to drive volume expansion | 2Q26 – Completed | ||||||
Robinson Product Flexibility | Increases flexibility to maximize higher value jet fuel production to meet growing demand | 2Q26 – Completed | ||||||
Galveston Bay Distillate Hydrotreater | 90 thousand bpd (mbpd) hydrotreater, increasing supply of high-value ULSD to domestic and export markets | YE27 | ||||||
Garyville Feedstock Optimization | Further optimizes feedstock slate and increases crude throughput by 30 mbpd | YE27 | ||||||
Garyville Product Export Flexibility | Increases yield flexibility to produce an incremental 10 mbpd of export premium gasoline and lowers costs | YE27 | ||||||
MPLX is investing $2.9 billion of organic growth capital toward opportunities to meet global demand for U.S. energy, with over 90% allocated to natural gas and NGL infrastructure. With projects concentrated in the Permian and Marcellus, two of the most prolific and competitive basins in North America, investments in these value chains reflect MPLX's confidence in the long-term fundamentals of the energy market, offer
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some of the most compelling investments in the midstream sector, and are expected to generate mid-teens returns.
Investment | Details | MPLX Ownership | Expected In-Service | ||||||||
| Secretariat I | 200 million cubic feet per day (MMcf/d) gas processing plant in the Delaware Basin | 100% | Placed in service April 2026 | ||||||||
| Harmon Creek III | 300 MMcf/d gas processing plant and 40 mbpd de-ethanizer in the Marcellus | 100% | Placed in service August 2026 | ||||||||
| Bay Runner and Bay Runner Twin Pipelines | Up to 5.3 billion cubic feet per day (Bcf/d) of natural gas transport capacity between Agua Dulce, Texas, and Brownsville, Texas | 30% | Bay Runner: 4Q26 Bay Runner Twin: 2029 | ||||||||
| BANGL Pipeline | Expanding NGL pipeline from 250 mbpd to 300 mbpd; provides transportation from the Permian Basin to the Texas Gulf Coast | 100% | 4Q26 | ||||||||
| Titan Complex | Increasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d in the Delaware Basin | 100% | 4Q26 | ||||||||
| Blackcomb Pipeline | 2.5 Bcf/d pipeline connecting Permian supply to Agua Dulce, Texas | 34% | 4Q26; Began commissioning July 2026 | ||||||||
| Traverse Pipeline | 2.5 Bcf/d pipeline designed to transport natural gas between Agua Dulce, Texas, and Katy, Texas | 34% | 2H27 | ||||||||
| Gulf Coast Fractionators | Two 150 mbpd fractionation facilities near MPC’s Galveston Bay refinery | 100% | Frac I: 2028 Frac II: 2029 | ||||||||
| Gulf Coast LPG Export Terminal JV | 400 mbpd LPG export terminal located in the Port of Texas City, Texas | 50% | 2028 | ||||||||
| Marcellus Gathering System Expansion | Supports producer activity near MPLX’s Majorsville gas processing complex | 100% | 1H28 | ||||||||
| Eiger Express Pipeline | 3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas | 22% | Mid-2028 | ||||||||
| Secretariat II | 300 MMcf/d gas processing plant in the Delaware Basin | 100% | 2H28 | ||||||||
| Solitude Pipeline System | Two 2.25 Bcf/d pipelines connecting Permian supply to Katy, Texas | 10% | Phase I: 2H29 Phase II: 2030 | ||||||||
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Fourth-Quarter 2026 Outlook
| Refining & Marketing Segment: | ||||||||
Refining operating costs per barrel(a) | $ | 5.60 | ||||||
| Distribution costs (in millions) | $ | 1,725 | ||||||
| Refining planned turnaround costs (in millions) | $ | 230 | ||||||
| Depreciation and amortization (in millions) | $ | 390 | ||||||
| Refinery throughputs (mbpd): | ||||||||
| Crude oil refined | 2,830 | |||||||
| Other charge and blendstocks | 250 | |||||||
| Total | 3,080 | |||||||
| Corporate (includes $60 million of D&A) | $ | 300 | ||||||
(a)Excludes refining planned turnaround and depreciation and amortization expense.
Conference Call
At 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC’s website at www.marathonpetroleum.com. A replay of the webcast will be available on the company’s website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.
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About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation’s largest refining system. MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Investor Relations Contacts: (419) 421-2071
Brian Worthington, Vice President, Investor Relations
Alyx Teschel, Director, Investor Relations
Media Contact: (419) 421-3577
Jamal Kheiry, Communications Director
References to Earnings and Defined Terms
References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC’s share after excluding amounts attributable to noncontrolling interests.
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Market Data
Certain relevant benchmark margin and market data, including pricing, regional and blended crack spreads and sweet and sour crude differentials, along with a hypothetical Refining and Marketing margin indicator based on such margin and market data and operational guidance provided for each quarter, is available on MPC’s Investors website at www.marathonpetroleum.com/Investors/Investor-Market-Data. MPC intends to update this information each month no later than the close of business on the second business day following the end of each month unless otherwise noted and may also provide additional updates within each month. Interested parties may register to receive automatic email alerts when the information is updated by clicking on “Sign Up” at https://www.marathonpetroleum.com/Investors/ and following the instructions provided.
Forward-Looking Statements
This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance (“ESG”) plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as “advance,” “anticipate,” “believe,” “commitment,” “confidence,” “continue,” “could,” “design,” “drive,” “endeavor,” “estimate,” “expect,” “focus,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,” “progress,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “strive,” “support,” “target,” “trends,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC’s actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids (“NGLs”), or renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation, rising interest rates or government shutdowns; the regional, national and worldwide demand for refined products and renewable diesel and other renewable fuels and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, NGLs and other feedstocks and related pricing differentials, including increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the ability to obtain the necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on planned, anticipated, ongoing, or completed projects or transactions, including the recently announced divestiture of the St. Paul Park and Mandan refineries and related midstream assets and the acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our ability to successfully implement our sustainable energy
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strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating within the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; and the factors set forth under the heading “Risk Factors” and “Disclosures Regarding Forward-Looking Statements” in MPC’s and MPLX’s Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
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Consolidated Statements of Income (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions, except per-share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Revenues and other income: | |||||||||||||||||||||||||||||||||||
| Sales and other operating revenues | $ | 56,032 | $ | 34,809 | $ | 142,226 | $ | 100,125 | |||||||||||||||||||||||||||
| Income from equity method investments | 359 | 976 | 791 | 1,418 | |||||||||||||||||||||||||||||||
| Net gain (loss) on disposal of assets | — | (2) | (2) | 4 | |||||||||||||||||||||||||||||||
| Other income | 96 | 66 | 377 | 253 | |||||||||||||||||||||||||||||||
| Total revenues and other income | 56,487 | 35,849 | 143,392 | 101,800 | |||||||||||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||||||||
| Cost of revenues (excludes items below) | 43,795 | 31,200 | 118,120 | 90,585 | |||||||||||||||||||||||||||||||
| Depreciation and amortization | 836 | 841 | 2,483 | 2,423 | |||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1,100 | 863 | 2,861 | 2,513 | |||||||||||||||||||||||||||||||
| Other taxes | 306 | 232 | 752 | 682 | |||||||||||||||||||||||||||||||
| Total costs and expenses | 46,037 | 33,136 | 124,216 | 96,203 | |||||||||||||||||||||||||||||||
| Income from operations | 10,450 | 2,713 | 19,176 | 5,597 | |||||||||||||||||||||||||||||||
| Net interest and other financial costs | 287 | 310 | 997 | 933 | |||||||||||||||||||||||||||||||
| Income before income taxes | 10,163 | 2,403 | 18,179 | 4,664 | |||||||||||||||||||||||||||||||
| Provision for income taxes | 2,285 | 460 | 3,912 | 765 | |||||||||||||||||||||||||||||||
| Net income | 7,878 | 1,943 | 14,267 | 3,899 | |||||||||||||||||||||||||||||||
| Less net income attributable to: | |||||||||||||||||||||||||||||||||||
| Noncontrolling interests | 431 | 573 | 1,171 | 1,387 | |||||||||||||||||||||||||||||||
| Net income attributable to MPC | $ | 7,447 | $ | 1,370 | $ | 13,096 | $ | 2,512 | |||||||||||||||||||||||||||
| Per share data | |||||||||||||||||||||||||||||||||||
| Basic: | |||||||||||||||||||||||||||||||||||
| Net income attributable to MPC per share | $ | 26.66 | $ | 4.51 | $ | 45.51 | $ | 8.16 | |||||||||||||||||||||||||||
| Weighted average shares outstanding (in millions) | 279 | 303 | 287 | 307 | |||||||||||||||||||||||||||||||
| Diluted: | |||||||||||||||||||||||||||||||||||
| Net income attributable to MPC per share | $ | 26.59 | $ | 4.51 | $ | 45.40 | $ | 8.15 | |||||||||||||||||||||||||||
| Weighted average shares outstanding (in millions) | 280 | 304 | 288 | 308 | |||||||||||||||||||||||||||||||
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Capital Expenditures and Investments (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Refining & Marketing | $ | 284 | $ | 423 | $ | 937 | $ | 1,132 | |||||||||||||||||||||||||||
| Midstream | 1,119 | 919 | 3,032 | 1,996 | |||||||||||||||||||||||||||||||
Renewable Diesel(a) | — | 16 | — | 18 | |||||||||||||||||||||||||||||||
Corporate(b) | 41 | 32 | 113 | 85 | |||||||||||||||||||||||||||||||
| Total | $ | 1,444 | $ | 1,390 | $ | 4,082 | $ | 3,231 | |||||||||||||||||||||||||||
| Capitalized interest | $ | 34 | $ | 26 | $ | 97 | $ | 64 | |||||||||||||||||||||||||||
(a) The nine months ended September 30, 2026 excludes $62 million of funding to the Martinez Renewables JV due to turnaround costs in the first quarter of 2026 expected to be recovered through subsequent distributions from the JV during 2026.
(b) Includes capitalized interest.
Refining & Marketing Operating Statistics (unaudited)
| Dollar per Barrel of Net Refinery Throughput | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
Refining & Marketing margin(a) | $ | 45.70 | $ | 17.60 | $ | 33.81 | $ | 16.26 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Refining operating costs(b) | 5.60 | 5.59 | 5.84 | 5.55 | |||||||||||||||||||||||||||||||
Distribution costs(c) | 5.98 | 5.69 | 6.01 | 5.66 | |||||||||||||||||||||||||||||||
Other income(d) | (0.03) | (0.05) | (0.06) | (0.05) | |||||||||||||||||||||||||||||||
| Refining & Marketing segment adjusted EBITDA | $ | 34.15 | $ | 6.37 | $ | 22.02 | $ | 5.10 | |||||||||||||||||||||||||||
| Refining planned turnaround costs | $ | 1.02 | $ | 1.45 | $ | 1.35 | $ | 1.36 | |||||||||||||||||||||||||||
| Depreciation and amortization | 1.37 | 1.54 | 1.47 | 1.52 | |||||||||||||||||||||||||||||||
| Fees paid to MPLX included in distribution costs above | 3.72 | 3.67 | 3.86 | 3.70 | |||||||||||||||||||||||||||||||
(a)Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.
(b)Excludes refining planned turnaround and depreciation and amortization expense.
(c)Excludes depreciation and amortization expense.
(d)Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.
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| Refining & Marketing - Supplemental Operating Data | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
Refining & Marketing refined product sales volume (mbpd)(a) | 4,030 | 3,783 | 3,809 | 3,689 | |||||||||||||||||||||||||||||||
Crude oil refining capacity (mbpcd)(b) | 2,986 | 2,963 | 2,986 | 2,963 | |||||||||||||||||||||||||||||||
Crude oil capacity utilization (percent)(b) | 100 | 95 | 94 | 94 | |||||||||||||||||||||||||||||||
| Refinery throughputs (mbpd): | |||||||||||||||||||||||||||||||||||
| Crude oil refined | 2,973 | 2,822 | 2,813 | 2,777 | |||||||||||||||||||||||||||||||
| Other charge and blendstocks | 177 | 183 | 170 | 195 | |||||||||||||||||||||||||||||||
| Net refinery throughputs | 3,150 | 3,005 | 2,983 | 2,972 | |||||||||||||||||||||||||||||||
| Sour crude oil throughput (percent) | 45 | 42 | 47 | 44 | |||||||||||||||||||||||||||||||
| Sweet crude oil throughput (percent) | 55 | 58 | 53 | 56 | |||||||||||||||||||||||||||||||
| Refined product yields (mbpd): | |||||||||||||||||||||||||||||||||||
| Gasoline | 1,519 | 1,464 | 1,458 | 1,492 | |||||||||||||||||||||||||||||||
| Distillates | 1,210 | 1,103 | 1,122 | 1,083 | |||||||||||||||||||||||||||||||
| Propane | 71 | 62 | 68 | 66 | |||||||||||||||||||||||||||||||
| NGLs and petrochemicals | 218 | 222 | 212 | 209 | |||||||||||||||||||||||||||||||
| Heavy fuel oil | 78 | 102 | 77 | 79 | |||||||||||||||||||||||||||||||
| Asphalt | 94 | 83 | 84 | 79 | |||||||||||||||||||||||||||||||
| Total | 3,190 | 3,036 | 3,021 | 3,008 | |||||||||||||||||||||||||||||||
| Inter-region refinery transfers excluded from throughput and yields above (mbpd) | 65 | 66 | 95 | 62 | |||||||||||||||||||||||||||||||
(a)Includes intersegment sales.
(b)Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.
Refining & Marketing - Supplemental Operating Data by Region (unaudited)
The per barrel data for the regions, as shown in the tables below, is calculated based on the net refinery throughput (excludes inter-refinery transfer volumes).
Refining operating costs exclude refining planned turnaround costs and refining depreciation and amortization expense. Distribution costs exclude depreciation and amortization.
10
| Gulf Coast Region | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Refining & Marketing margin (dollar per barrel of net refinery throughput) | $ | 43.46 | $ | 14.77 | $ | 33.13 | $ | 13.99 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Refining operating costs | 4.70 | 4.83 | 4.76 | 4.79 | |||||||||||||||||||||||||||||||
| Distribution costs | 6.03 | 5.56 | 5.82 | 5.52 | |||||||||||||||||||||||||||||||
| Other income | (0.04) | (0.12) | (0.07) | (0.08) | |||||||||||||||||||||||||||||||
| Refining & Marketing Gulf Coast adjusted EBITDA | $ | 32.77 | $ | 4.50 | $ | 22.62 | $ | 3.76 | |||||||||||||||||||||||||||
| Refining planned turnaround costs | $ | 1.49 | $ | 0.60 | 1.53 | 0.97 | |||||||||||||||||||||||||||||
Depreciation and amortization(a) | 1.08 | 1.13 | 1.18 | 1.13 | |||||||||||||||||||||||||||||||
| Refinery throughputs (mbpd): | |||||||||||||||||||||||||||||||||||
| Crude oil refined | 1,238 | 1,153 | 1,202 | 1,134 | |||||||||||||||||||||||||||||||
| Other charge and blendstocks | 145 | 152 | 154 | 158 | |||||||||||||||||||||||||||||||
| Gross refinery throughputs | 1,383 | 1,305 | 1,356 | 1,292 | |||||||||||||||||||||||||||||||
| Sour crude oil throughput (percent) | 61 | 54 | 59 | 56 | |||||||||||||||||||||||||||||||
| Sweet crude oil throughput (percent) | 39 | 46 | 41 | 44 | |||||||||||||||||||||||||||||||
| Refined product yields (mbpd): | |||||||||||||||||||||||||||||||||||
| Gasoline | 640 | 607 | 610 | 614 | |||||||||||||||||||||||||||||||
| Distillates | 519 | 460 | 492 | 461 | |||||||||||||||||||||||||||||||
| Propane | 41 | 34 | 39 | 37 | |||||||||||||||||||||||||||||||
| NGLs and petrochemicals | 138 | 145 | 142 | 133 | |||||||||||||||||||||||||||||||
| Heavy fuel oil | 60 | 65 | 87 | 56 | |||||||||||||||||||||||||||||||
| Asphalt | 17 | 19 | 16 | 17 | |||||||||||||||||||||||||||||||
| Total | 1,415 | 1,330 | 1,386 | 1,318 | |||||||||||||||||||||||||||||||
| Inter-region refinery transfers included in throughput and yields above (mbpd) | 38 | 36 | 59 | 37 | |||||||||||||||||||||||||||||||
(a) Includes refining and distribution depreciation and amortization.
11
| Mid-Continent Region | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Refining & Marketing margin (dollar per barrel of net refinery throughput) | $ | 47.33 | $ | 19.88 | $ | 32.46 | $ | 16.97 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Refining operating costs | 5.39 | 5.32 | 5.94 | 5.10 | |||||||||||||||||||||||||||||||
| Distribution costs | 5.97 | 5.65 | 6.27 | 5.55 | |||||||||||||||||||||||||||||||
| Other income | (0.03) | (0.02) | (0.04) | (0.04) | |||||||||||||||||||||||||||||||
| Refining & Marketing Mid-Continent adjusted EBITDA | $ | 36.00 | $ | 8.93 | $ | 20.29 | $ | 6.36 | |||||||||||||||||||||||||||
| Refining planned turnaround costs | $ | 0.82 | $ | 1.86 | 1.40 | 1.19 | |||||||||||||||||||||||||||||
Depreciation and amortization(a) | 1.38 | 1.57 | 1.50 | 1.55 | |||||||||||||||||||||||||||||||
| Refinery throughputs (mbpd): | |||||||||||||||||||||||||||||||||||
| Crude oil refined | 1,196 | 1,147 | 1,091 | 1,146 | |||||||||||||||||||||||||||||||
| Other charge and blendstocks | 65 | 62 | 71 | 61 | |||||||||||||||||||||||||||||||
| Gross refinery throughputs | 1,261 | 1,209 | 1,162 | 1,207 | |||||||||||||||||||||||||||||||
| Sour crude oil throughput (percent) | 24 | 23 | 26 | 24 | |||||||||||||||||||||||||||||||
| Sweet crude oil throughput (percent) | 76 | 77 | 74 | 76 | |||||||||||||||||||||||||||||||
| Refined product yields (mbpd): | |||||||||||||||||||||||||||||||||||
| Gasoline | 622 | 615 | 598 | 630 | |||||||||||||||||||||||||||||||
| Distillates | 470 | 442 | 418 | 436 | |||||||||||||||||||||||||||||||
| Propane | 21 | 19 | 19 | 20 | |||||||||||||||||||||||||||||||
| NGLs and petrochemicals | 56 | 56 | 47 | 50 | |||||||||||||||||||||||||||||||
| Heavy fuel oil | 19 | 18 | 15 | 14 | |||||||||||||||||||||||||||||||
| Asphalt | 76 | 63 | 68 | 62 | |||||||||||||||||||||||||||||||
| Total | 1,264 | 1,213 | 1,165 | 1,212 | |||||||||||||||||||||||||||||||
| Inter-region refinery transfers included in throughput and yields above (mbpd) | 6 | 10 | 12 | 8 | |||||||||||||||||||||||||||||||
(a) Includes refining and distribution depreciation and amortization.
12
| West Coast Region | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Refining & Marketing margin (dollar per barrel of net refinery throughput) | $ | 47.46 | $ | 19.17 | $ | 38.35 | $ | 20.10 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Refining operating costs | 8.30 | 8.01 | 8.24 | 8.45 | |||||||||||||||||||||||||||||||
| Distribution costs | 5.90 | 6.10 | 5.88 | 6.23 | |||||||||||||||||||||||||||||||
| Other income | (0.04) | (0.02) | (0.02) | (0.03) | |||||||||||||||||||||||||||||||
| Refining & Marketing West Coast adjusted EBITDA | $ | 33.30 | $ | 5.08 | $ | 24.25 | $ | 5.45 | |||||||||||||||||||||||||||
| Refining planned turnaround costs | $ | 0.30 | $ | 2.54 | 0.81 | 2.72 | |||||||||||||||||||||||||||||
Depreciation and amortization(a) | 2.05 | 2.43 | 2.08 | 2.43 | |||||||||||||||||||||||||||||||
| Refinery throughputs (mbpd): | |||||||||||||||||||||||||||||||||||
| Crude oil refined | 539 | 522 | 520 | 497 | |||||||||||||||||||||||||||||||
| Other charge and blendstocks | 32 | 35 | 40 | 38 | |||||||||||||||||||||||||||||||
| Gross refinery throughputs | 571 | 557 | 560 | 535 | |||||||||||||||||||||||||||||||
| Sour crude oil throughput (percent) | 53 | 59 | 60 | 63 | |||||||||||||||||||||||||||||||
| Sweet crude oil throughput (percent) | 47 | 41 | 40 | 37 | |||||||||||||||||||||||||||||||
| Refined product yields (mbpd): | |||||||||||||||||||||||||||||||||||
| Gasoline | 276 | 267 | 274 | 265 | |||||||||||||||||||||||||||||||
| Distillates | 227 | 202 | 219 | 188 | |||||||||||||||||||||||||||||||
| Propane | 9 | 9 | 10 | 9 | |||||||||||||||||||||||||||||||
| NGLs and petrochemicals | 31 | 27 | 31 | 32 | |||||||||||||||||||||||||||||||
| Heavy fuel oil | 32 | 53 | 30 | 46 | |||||||||||||||||||||||||||||||
| Asphalt | 1 | 1 | 1 | — | |||||||||||||||||||||||||||||||
| Total | 576 | 559 | 565 | 540 | |||||||||||||||||||||||||||||||
| Inter-region refinery transfers included in throughput and yields above (mbpd) | 21 | 20 | 24 | 17 | |||||||||||||||||||||||||||||||
(a) Includes refining and distribution depreciation and amortization.
Midstream Operating Statistics (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
Pipeline throughputs (mbpd)(a) | 6,053 | 6,024 | 5,946 | 6,088 | |||||||||||||||||||||||||||||||
| Terminal throughputs (mbpd) | 3,375 | 3,173 | 3,205 | 3,151 | |||||||||||||||||||||||||||||||
Gathering system throughputs (million cubic feet per day)(b) | 7,216 | 6,906 | 6,857 | 6,663 | |||||||||||||||||||||||||||||||
Natural gas processed (million cubic feet per day)(b) | 9,941 | 10,075 | 9,648 | 9,866 | |||||||||||||||||||||||||||||||
C2 (ethane) + NGLs fractionated (mbpd)(b) | 696 | 677 | 670 | 657 | |||||||||||||||||||||||||||||||
(a)Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.
(b)Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.
13
Renewable Diesel Financial Data (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
Renewable Diesel margin(a) | $ | 304 | $ | 8 | $ | 758 | $ | 83 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Operating costs(b) | 75 | 67 | 216 | 203 | |||||||||||||||||||||||||||||||
Distribution costs(c) | 29 | 22 | 89 | 69 | |||||||||||||||||||||||||||||||
Other income(d) | (54) | (25) | (97) | (72) | |||||||||||||||||||||||||||||||
| Renewable Diesel segment adjusted EBITDA | $ | 254 | $ | (56) | $ | 550 | $ | (117) | |||||||||||||||||||||||||||
| Planned turnaround costs | $ | 1 | $ | 1 | $ | 3 | $ | 37 | |||||||||||||||||||||||||||
| JV planned turnaround costs | 2 | 3 | 32 | 13 | |||||||||||||||||||||||||||||||
| Depreciation and amortization | 16 | 17 | 48 | 53 | |||||||||||||||||||||||||||||||
| JV depreciation and amortization | 23 | 22 | 68 | 67 | |||||||||||||||||||||||||||||||
(a)Sales revenue less cost of renewable inputs and purchased products.
(b)Excludes planned turnaround and depreciation and amortization expense.
(c)Excludes depreciation and amortization expense.
(d)Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.
Select Financial Data (unaudited)
| September 30, 2026 | June 30, 2026 | ||||||||||||||||
| (in millions of dollars) | |||||||||||||||||
Cash and cash equivalents | $ | 12,805 | $ | 7,768 | |||||||||||||
| Short-term investments | 804 | — | |||||||||||||||
Total consolidated debt(a) | 33,022 | 32,816 | |||||||||||||||
MPC debt | 6,414 | 7,176 | |||||||||||||||
MPLX debt | 26,608 | 25,640 | |||||||||||||||
Equity | 29,852 | 25,720 | |||||||||||||||
| (in millions) | |||||||||||||||||
Shares outstanding | 275 | 283 | |||||||||||||||
(a) Net of unamortized debt issuance costs and unamortized premium/discount, net.
14
Non-GAAP Financial Measures
Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. The non-GAAP financial measures we use are as follows:
Adjusted Net Income Attributable to MPC and Adjusted Diluted Income Per Share
Adjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance. Adjusted diluted income per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.
We believe the use of adjusted net income attributable to MPC and adjusted diluted income per share provides us and our investors with important measures of our ongoing financial performance to better assess our underlying business results and trends. Adjusted net income attributable to MPC or adjusted diluted income per share should not be considered as a substitute for, or superior to, net income attributable to MPC, diluted net income per share or any other measure of financial performance presented in accordance with GAAP. Adjusted net income attributable to MPC and adjusted diluted income per share may not be comparable to similarly titled measures reported by other companies.
Reconciliation of Net Income Attributable to MPC to Adjusted Net Income Attributable to MPC (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Net income attributable to MPC | $ | 7,447 | $ | 1,370 | $ | 13,096 | $ | 2,512 | |||||||||||||||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||||||
Tax and legal settlements(a) | 123 | — | 123 | — | |||||||||||||||||||||||||||||||
Clean fuel production tax credit(b) | — | — | (32) | — | |||||||||||||||||||||||||||||||
| Gain on sale of assets | — | (738) | — | (738) | |||||||||||||||||||||||||||||||
SRE(c) | — | (57) | — | (57) | |||||||||||||||||||||||||||||||
Transaction-related costs(d) | — | 21 | — | 21 | |||||||||||||||||||||||||||||||
Tax impact of adjustments(e) | (29) | 151 | (21) | 151 | |||||||||||||||||||||||||||||||
| Non-controlling interest impact of adjustments | — | 168 | — | 168 | |||||||||||||||||||||||||||||||
| Adjusted net income attributable to MPC | $ | 7,541 | $ | 915 | $ | 13,166 | $ | 2,057 | |||||||||||||||||||||||||||
| Diluted income per share | $ | 26.59 | $ | 4.51 | $ | 45.40 | $ | 8.15 | |||||||||||||||||||||||||||
| Adjusted diluted income per share | $ | 26.93 | $ | 3.01 | $ | 45.64 | $ | 6.67 | |||||||||||||||||||||||||||
| Weighted average diluted shares outstanding | 280 | 304 | 288 | 308 | |||||||||||||||||||||||||||||||
(a) Includes adjustments for a tax matter dispute with the City of Carson relating to municipal taxes covering multiple prior year periods as well as legal settlements arising from a single event in a prior year.
(b) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.
(c) Small Refinery Exemption (“SRE”) credit under the Renewable Fuel Standard program.
(d) Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.
(e) Income taxes were calculated by applying a federal statutory rate and a blended state tax rate to the pre-tax adjustments. The corresponding adjustments to reported income taxes are shown in the table above.
15
Adjusted EBITDA
Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.
Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. Adjusted EBITDA should not be considered as a substitute for, or superior to, income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Net income attributable to MPC | $ | 7,447 | $ | 1,370 | $ | 13,096 | $ | 2,512 | |||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 431 | 573 | 1,171 | 1,387 | |||||||||||||||||||||||||||||||
| Provision for income taxes | 2,285 | 460 | 3,912 | 765 | |||||||||||||||||||||||||||||||
Net interest and other financial costs | 287 | 310 | 997 | 933 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 836 | 841 | 2,483 | 2,423 | |||||||||||||||||||||||||||||||
| Renewable Diesel JV depreciation and amortization | 23 | 22 | 68 | 67 | |||||||||||||||||||||||||||||||
| Refining & Renewable Diesel planned turnaround costs | 295 | 401 | 1,102 | 1,141 | |||||||||||||||||||||||||||||||
| Renewable Diesel JV planned turnaround costs | 2 | 3 | 32 | 13 | |||||||||||||||||||||||||||||||
Tax and legal settlements(a) | 123 | — | 123 | — | |||||||||||||||||||||||||||||||
Clean fuel production tax credit(b) | — | — | (32) | — | |||||||||||||||||||||||||||||||
Gain on sale of assets | — | (738) | — | (738) | |||||||||||||||||||||||||||||||
SRE(c) | — | (57) | — | (57) | |||||||||||||||||||||||||||||||
Transaction-related costs(d) | — | 21 | — | 21 | |||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 11,729 | $ | 3,206 | $ | 22,952 | $ | 8,467 | |||||||||||||||||||||||||||
(a) Includes adjustments for a tax matter dispute with the City of Carson relating to municipal taxes covering multiple prior year periods as well as legal settlements arising from a single event in a prior year.
(b) Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.
(c) Small Refinery Exemption (“SRE”) credit under the Renewable Fuel Standard program
(d) Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.
16
Refining & Marketing Margin
Refining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products, which includes impacts from derivative activity. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.
Reconciliation of Refining & Marketing Segment Adjusted EBITDA to Refining & Marketing Gross Margin and Refining & Marketing Margin (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Refining & Marketing segment adjusted EBITDA | $ | 9,895 | $ | 1,762 | $ | 17,927 | $ | 4,141 | |||||||||||||||||||||||||||
| Plus (Less): | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (397) | (426) | (1,194) | (1,237) | |||||||||||||||||||||||||||||||
| Refining planned turnaround costs | (294) | (400) | (1,099) | (1,104) | |||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 754 | 677 | 2,090 | 1,968 | |||||||||||||||||||||||||||||||
| Income from equity method investments | (2) | (3) | (12) | (11) | |||||||||||||||||||||||||||||||
| Net (gain) loss on disposal of assets | — | 2 | — | 2 | |||||||||||||||||||||||||||||||
| Other income | (48) | (36) | (178) | (155) | |||||||||||||||||||||||||||||||
| Refining & Marketing gross margin | 9,908 | 1,576 | 17,534 | 3,604 | |||||||||||||||||||||||||||||||
| Plus (Less): | |||||||||||||||||||||||||||||||||||
| Operating expenses (excluding depreciation and amortization) | 3,136 | 3,032 | 9,323 | 8,819 | |||||||||||||||||||||||||||||||
| Depreciation and amortization | 397 | 426 | 1,194 | 1,237 | |||||||||||||||||||||||||||||||
Gross margin excluded from and other income included in Refining & Marketing margin(a) | (145) | (95) | (362) | (263) | |||||||||||||||||||||||||||||||
| Other taxes included in Refining & Marketing margin | (52) | (74) | (160) | (207) | |||||||||||||||||||||||||||||||
| Refining & Marketing margin | $ | 13,244 | $ | 4,865 | $ | 27,529 | $ | 13,190 | |||||||||||||||||||||||||||
(a)Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income.
17
Refining & Marketing Margin by region:
| Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Margin | Net Refinery Throughput | Margin | Margin | Net Refinery Throughput | Margin | |||||||||||||||||||||||||||||||||||||||||||||
| Region | (in millions) | (mbpd) | ($/bbl) | (in millions) | (mbpd) | ($/bbl) | ||||||||||||||||||||||||||||||||||||||||||||
| Gulf Coast | $ | 5,376 | 1,344 | $ | 43.46 | $ | 1,724 | 1,269 | $ | 14.77 | ||||||||||||||||||||||||||||||||||||||||
| Mid-Continent | 5,468 | 1,256 | 47.33 | 2,194 | 1,199 | 19.88 | ||||||||||||||||||||||||||||||||||||||||||||
| West Coast | 2,400 | 550 | 47.46 | 947 | 537 | 19.17 | ||||||||||||||||||||||||||||||||||||||||||||
| Refining & Marketing | $ | 13,244 | 3,150 | 45.70 | $ | 4,865 | 3,005 | 17.60 | ||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Margin | Net Refinery Throughput | Margin | Margin | Net Refinery Throughput | Margin | |||||||||||||||||||||||||||||||||||||||||||||
| Region | (in millions) | (mbpd) | ($/bbl) | (in millions) | (mbpd) | ($/bbl) | ||||||||||||||||||||||||||||||||||||||||||||
| Gulf Coast | $ | 11,726 | 1,297 | $ | 33.13 | $ | 4,796 | 1,255 | $ | 13.99 | ||||||||||||||||||||||||||||||||||||||||
| Mid-Continent | 10,189 | 1,150 | 32.46 | 5,554 | 1,199 | 16.97 | ||||||||||||||||||||||||||||||||||||||||||||
| West Coast | 5,614 | 536 | 38.35 | 2,840 | 518 | 20.10 | ||||||||||||||||||||||||||||||||||||||||||||
| Refining & Marketing | $ | 27,529 | 2,983 | 33.81 | $ | 13,190 | 2,972 | 16.26 | ||||||||||||||||||||||||||||||||||||||||||
Refining & Marketing Adjusted EBITDA by region:
| Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | Net Refinery Throughput | Adjusted EBITDA | Adjusted EBITDA | Net Refinery Throughput | Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
| Region | (in millions) | (mbpd) | ($/bbl) | (in millions) | (mbpd) | ($/bbl) | ||||||||||||||||||||||||||||||||||||||||||||
| Gulf Coast | $ | 4,052 | 1,344 | $ | 32.77 | $ | 525 | 1,269 | $ | 4.50 | ||||||||||||||||||||||||||||||||||||||||
| Mid-Continent | 4,159 | 1,256 | 36.00 | 986 | 1,199 | 8.93 | ||||||||||||||||||||||||||||||||||||||||||||
| West Coast | 1,684 | 550 | 33.30 | 251 | 537 | 5.08 | ||||||||||||||||||||||||||||||||||||||||||||
| Refining & Marketing Segment | $ | 9,895 | 3,150 | 34.15 | $ | 1,762 | 3,005 | 6.37 | ||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | Net Refinery Throughput | Adjusted EBITDA | Adjusted EBITDA | Net Refinery Throughput | Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||||||||
| Region | (in millions) | (mbpd) | ($/bbl) | (in millions) | (mbpd) | ($/bbl) | ||||||||||||||||||||||||||||||||||||||||||||
| Gulf Coast | $ | 8,008 | 1,297 | $ | 22.62 | $ | 1290 | 1,255 | $ | 3.76 | ||||||||||||||||||||||||||||||||||||||||
| Mid-Continent | 6,369 | 1,150 | 20.29 | 2082 | 1,199 | 6.36 | ||||||||||||||||||||||||||||||||||||||||||||
| West Coast | 3,550 | 536 | 24.25 | 769 | 518 | 5.45 | ||||||||||||||||||||||||||||||||||||||||||||
| Refining & Marketing Segment | $ | 17,927 | 2,983 | 22.02 | $ | 4,141 | 2,972 | 5.10 | ||||||||||||||||||||||||||||||||||||||||||
18
Renewable Diesel Margin
Renewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and costs for purchased product, including from our Martinez Renewables JV. We use, and believe our investors use, this non-GAAP financial measure to evaluate our Renewable Diesel segment’s operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.
Reconciliation of Renewable Diesel Segment Adjusted EBITDA to Renewable Diesel Gross Margin and Renewable Diesel Margin (unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Renewable Diesel segment adjusted EBITDA | $ | 254 | $ | (56) | $ | 550 | $ | (117) | |||||||||||||||||||||||||||
| Plus (Less): | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (16) | (17) | (48) | (53) | |||||||||||||||||||||||||||||||
| JV depreciation and amortization | (23) | (22) | (68) | (67) | |||||||||||||||||||||||||||||||
| Planned turnaround costs | (1) | (1) | (3) | (37) | |||||||||||||||||||||||||||||||
| JV planned turnaround costs | (2) | (3) | (32) | (13) | |||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 11 | 8 | 27 | 26 | |||||||||||||||||||||||||||||||
| Income from equity method investments | (52) | (22) | (62) | (56) | |||||||||||||||||||||||||||||||
| Other income | (17) | (10) | (71) | (21) | |||||||||||||||||||||||||||||||
| Renewable Diesel gross margin | 154 | (123) | 293 | (338) | |||||||||||||||||||||||||||||||
| Plus (Less): | |||||||||||||||||||||||||||||||||||
| Operating expenses (excluding depreciation and amortization) | 113 | 92 | 353 | 304 | |||||||||||||||||||||||||||||||
| Depreciation and amortization | 16 | 17 | 48 | 53 | |||||||||||||||||||||||||||||||
| Martinez JV depreciation and amortization | 21 | 22 | 64 | 64 | |||||||||||||||||||||||||||||||
| Renewable Diesel margin | $ | 304 | $ | 8 | $ | 758 | $ | 83 | |||||||||||||||||||||||||||
19