Marathon Petroleum Corporation Q3 2026 Earnings Recap

MPC shares fell 0.7% after earnings, a roughly flat reaction. The call reported high utilization and strong cash generation, while the outlook was constructive; the transcript does not identify a specific disappointment behind the move.

Key Takeaways

• Refining and Marketing adjusted EBITDA was $9.9 billion; throughput was nearly 3.2 million barrels per day at 100% utilization.
• Company adjusted EBITDA was $11.7 billion and earnings per share was $26.93. Cash flow from operations excluding working capital changes was $8.5 billion.
• MPC returned $3.3 billion to shareholders in the quarter and announced a 10% increase in its quarterly dividend.
• MPC agreed to sell its Saint Paul Park and Mandan refineries for $3.4 billion; MPLX will receive $750 million for associated midstream assets. MPC said it intends to reinvest its proceeds, primarily in Gulf Coast opportunities.
• Management expects an enhanced mid-cycle refining environment through the end of the decade, with elevated margins through at least mid-2027.