Marathon Petroleum Corporation Earnings Recaps
Q1 2026
May 7, 2026
Shares fell 2.7% following Marathon Petroleum’s earnings, reflecting investor caution despite operational execution, as the lack of updated guidance and margin pressures weighed on sentiment.
Key takeaways
- Refinery utilization reached 89% with nearly 100% capture, marking strong operational performance and lowest unplanned downtime in a decade.
- Adjusted EPS was $1.65 and adjusted EBITDA hit $2.8 billion, supported primarily by the Refining & Marketing segment.
- Refining & Marketing adjusted EBITDA per barrel was $5.37, with turnaround costs of $530 million reflecting ongoing maintenance.
- The company maintained its full-year turnaround cost outlook at $1.35 billion and returned over $1 billion to shareholders, including $750 million in share repurchases.
- Despite geopolitical disruptions tightening global markets and supporting demand, no revision to full-year guidance was communicated, which likely underpinned investor caution.