Marathon Petroleum Corporation Q1 2026 Earnings Recap

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.