Marathon Petroleum stock: Q3 profit surges on refining margins

Published on 11/03/2026 at 16:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Marathon Petroleum stock follows a powerful third-quarter earnings jump driven by wider refining margins. The company also expanded shareholder returns.

Marathon Petroleum's Q3 earnings surge

Refining margins drove a sharp year-over-year increase in profit and adjusted EBITDA.
Management authorized additional buybacks and raised the quarterly dividend.
Fourth-quarter refinery throughput is expected to decline from the third-quarter level.

Marathon Petroleum, US56585A1025, Illustration mit AI erstellt.

Marathon Petroleum reported a sharply stronger third quarter on Tuesday, November 3, 2026, as wider refining margins lifted earnings and operating cash generation. The company released the results through PR Newswire, carried by Yahoo Finance.

Refining margins drive earnings

Net income attributable to Marathon Petroleum rose to 7.447 billion US dollars from 1.370 billion US dollars a year earlier. Diluted earnings per share increased to 26.59 US dollars from 4.51 US dollars, while adjusted diluted earnings per share reached 26.93 US dollars versus 3.01 US dollars.

Adjusted EBITDA climbed to 11.729 billion US dollars from 3.206 billion US dollars. Refining and Marketing generated 9.895 billion US dollars of segment adjusted EBITDA, compared with 1.762 billion US dollars in the prior-year quarter. The segment margin widened to 45.70 US dollars per barrel from 17.60 US dollars as market crack spreads improved across all regions.

Crude capacity utilization reached 100 percent, up from 95 percent, and net refinery throughput rose to 3.150 million barrels per day from 3.005 million barrels per day. Renewable Diesel returned to positive segment adjusted EBITDA of 254 million US dollars, while Midstream adjusted EBITDA increased to 1.882 billion US dollars.

Capital returns and portfolio changes

Marathon Petroleum returned 3.3 billion US dollars to shareholders during the quarter and authorized an additional 5 billion US dollars in share repurchases. The company also raised its quarterly dividend by 10 percent. MPLX increased its quarterly distribution by 12.5 percent for the third consecutive year.

The company announced the divestiture of the St. Paul Park and Mandan refineries and related midstream assets for 4.2 billion US dollars. Closing is expected at the end of 2026, with Marathon Petroleum planning to reinvest its 3.45 billion US dollar share of proceeds primarily in Gulf Coast opportunities.

Throughput outlook softens

Management expects fourth-quarter refinery throughput of 3.080 million barrels per day, below the third-quarter level. The outlook includes refining operating costs of 5.60 US dollars per barrel, distribution costs of 1.725 billion US dollars and planned turnaround costs of 230 million US dollars. Full-year 2026 capital spending, excluding MPLX, remains guided at 1.5 billion US dollars.

The real-time quote of Marathon Petroleum stock traded at 377.15 euros on Lang & Schwarz at 16:04 CET on Tuesday, November 3, 2026. That was 3.22 percent below the 389.70-euro quote in the latest report on the same day at 13:17 CET, a separate intraday comparison.