Marathon Petroleum Corp has recently released its 10-Q report for the quarter ended June 30, 2026. Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company in the United States through three segments: Refining & Marketing, Midstream and Renewable Diesel. Its refining business processes crude oil and other feedstocks at refineries in the Gulf Coast, Mid-Continent and West Coast regions, while its Midstream segment handles crude oil, refined products, natural gas and natural gas liquids through logistics assets, pipelines, terminals, towboats and barges. The Renewable Diesel segment processes renewable feedstocks into renewable diesel and sells it through Midstream and third parties.
Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 3, Quantitative and Qualitative Disclosures about Market Risk, include forward-looking statements tied to risks, contingencies and uncertainties. Marathon says such statements can be identified by words including “advance,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “project,” “strategy,” “target,” “will” and “would,” among others. The filing says these statements cover future financial and operating results, ESG plans and goals, capital and maintenance spending, project timing, business strategy, consumer demand, capital returns, and the actions of competitors, regulators and litigants. It also lists a broad set of factors that could alter results, including tariffs, inflation, interest rates, supply disruptions, commodity-price swings, credit-market changes, litigation, weather events, geopolitical conflict, regulatory compliance, refining overcapacity, imports and exports, transportation costs, labor shortages and activist campaigns.
In the second quarter, Marathon said Refining & Marketing benefited from higher realized refining margins, stable demand and higher product prices driven by crude oil supply disruptions linked to regional conflicts, especially in the Middle East. Segment adjusted EBITDA for Refining & Marketing rose to $6.655 billion from $1.890 billion a year earlier; for the first six months it increased to $8.032 billion from $2.379 billion. Midstream segment adjusted EBITDA was $1.778 billion in the quarter, up from $1.641 billion, and $3.376 billion for the first half, compared with $3.361 billion a year earlier. Renewable Diesel posted segment adjusted EBITDA of $258 million in the quarter, compared with a loss of $19 million, and $296 million for the first half, versus a loss of $61 million.
Total segment adjusted EBITDA reached $8.691 billion in the quarter, up from $3.512 billion, and $11.704 billion for the first half, up from $5.679 billion. Income before income taxes was $6.982 billion in the quarter, compared with $1.878 billion a year earlier, and $8.016 billion for the first six months, compared with $2.261 billion. Net income attributable to MPC was $5.14 billion, or $17.73 per diluted share, in the quarter, versus $1.22 billion, or $3.96 per diluted share, a year earlier. For the first six months, net income attributable to MPC was $5.65 billion, or $19.30 per diluted share, compared with $1.14 billion, or $3.68 per diluted share.
Marathon said the U.S. Department of Energy accepted its bids to exchange crude oil barrels with the Strategic Petroleum Reserve in the first and second quarters of 2026. Under the arrangement, the SPR is to deliver about 22 million barrels to Marathon during 2026, and Marathon is to return about 27 million barrels from April 2027 through July 2029. On May 5, 2026, the board approved an additional $5.0 billion share repurchase authorization with no expiration date; as of June 30, 2026, $6.13 billion remained under share repurchase authorizations.
The company owned about 647 million MPLX common units at June 30, 2026, valued at $36.47 billion based on MPLX’s closing price of $56.33 per unit. MPLX declared a quarterly cash distribution of $1.0765 per unit payable August 14, 2026, with Marathon’s share about $697 million. Marathon received $1.39 billion in limited partner distributions from MPLX in the first six months of 2026, compared with $1.24 billion a year earlier. Following these announcements, the company's shares moved 1.94%, and are now trading at a price of $313.00. For more information, read the company's full 10-Q submission here.
