Marathon Petroleum 8-K

Summary

Q3 2026 results with Q4 operating guidance.

Higher crack spreads across all regions lifted refining and marketing results, driving adjusted EBITDA to $11.7B. MPC also announced the $4.2B sale of the St. Paul Park and Mandan refineries and related midstream assets, with plans to prioritize reinvestment in the Gulf Coast.

Q4 total refinery throughput is guided to 3.08M barrels per day, down 2.2% Q/Q from 3.15M; refining operating cost guidance is $5.60 per barrel, flat Q/Q.

Key Figures

• Refining and marketing adjusted EBITDA increased to $9.9B from $1.8B, primarily on higher market crack spreads in all regions. Crude capacity utilization was 100%, versus 95% a year earlier, and throughput was 3.15M barrels per day.
• Midstream adjusted EBITDA was $1.88B, up from $1.71B, helped by higher rates and throughputs, equity-affiliate income and acquisitions. Renewable-diesel adjusted EBITDA was $254M versus a $56M loss, reflecting stronger margins, improved regulatory credit values and higher throughputs.
• MPC returned $3.3B to shareholders and raised its quarterly dividend 10%; MPLX raised its quarterly distribution 12.5% for the third consecutive year, with $3.1B of expected annual distributions to MPC. MPC had $13.6B in cash, cash equivalents and short-term investments, and $33.0B of consolidated debt, net of unamortized issuance costs and premium or discount. Shares outstanding fell from 283M at June 30 to 275M at September 30. A new $5B share-repurchase authorization brings available authorization to $8.1B.
• The $4.2B refinery and related midstream asset sale is expected to close at year-end 2026. MPC will receive $3.45B and prioritize reinvestment primarily in the Gulf Coast; MPLX will receive $750M, representing 9x forecast 2027 adjusted EBITDA for the associated logistics assets, and plans to redeploy the proceeds in its growth plans. MPC’s 2026 capital spending outlook, excluding MPLX, is $1.5B; MPLX plans $2.9B of organic growth capital, with over 90% allocated to natural-gas and natural-gas-liquids infrastructure and expected mid-teens returns.

Against earlier guidance (derived from earlier filings)

Guidance

Investor Takeaways

• Watch Q4 throughput and market crack spreads to assess whether the margin conditions that drove the refining results persist.
• Track the expected year-end 2026 sale closing and MPC’s deployment of proceeds into Gulf Coast opportunities that meet its return thresholds.
• Monitor MPLX project execution, including the 2.5 billion-cubic-foot-per-day Blackcomb Pipeline, which began commissioning in July 2026 and is expected in service in Q4 2026; on-time delivery and targeted returns would support its natural-gas infrastructure growth plan.