MPC · Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) reported a strong turnaround in first-quarter 2026 results, with net income of $511 million compared to a net loss of $74 million in the same period last year. The improvement was driven primarily by the Refining & Marketing (R&M) segment, which saw adjusted EBITDA nearly triple to $1.4 billion from $489 million, benefiting from higher crack spreads and crude capacity utilization of 89%. R&M margin increased to $17.74 per barrel from $13.38 per barrel, partially offset by derivative losses from economic hedging. Planned turnaround costs totaled $530 million, consistent with the full-year estimate of $1.35 billion. The Midstream segment reported adjusted EBITDA of $1.6 billion, slightly down from $1.7 billion due to $77 million in derivative losses and a $37 million non-recurring benefit in the prior year. The Renewable Diesel segment turned profitable with $38 million adjusted EBITDA versus a $42 million loss, reflecting stronger margins and clean fuel tax credits. Management highlighted the successful completion of the Garyville jet flexibility project and progress on other high-return investments. The company returned over $1.0 billion to shareholders and announced an incremental $5 billion share repurchase authorization, underscoring its commitment to capital return. Cash from operations was $1.1 billion, and the balance sheet remained strong with $2.2 billion in cash and no borrowings under its credit facility. Guidance for the second quarter of 2026 includes refining operating costs of $5.65 per barrel and total throughput of 2,990 mbpd.