Marathon Petroleum (MPC) Company Report

Adjusted net income of $3.01 per share, adjusted EBITDA of $3.2 billion, and $2.4 billion of operating cash flow (excl. working capital) in Q3; refineries ran at 95% utilization with 96% capture (102% YTD vs 95% prior year).
Returned over $900 million to shareholders in Q3—$650 million in buybacks and $276 million in dividends—and announced a 10% dividend increase.
Exited an ethanol joint venture; MPLX acquired a Delaware Basin sour gas treating business and the remaining 55% of the Banegas NGL pipeline, positioning MPC to receive $2.8 billion annually from MPLX, with MPLX targeting 12.5% distribution growth over the next couple of years.
Q4 2025 guidance: throughput of 2.7 million bpd (90% utilization), $420 million in turnaround expenses, operating costs of $5.80/bbl, distribution costs of $1.6 billion, and corporate costs of $240 million.
Mike Hennigan to step down as Executive Chairman at year-end.

Nov 4, 2025, 4:00 PM

Transcript

Marathon Petroleum reports Q3 2025 earnings and guidance

MPC

Earnings

Dividends

Share Buyback

Marathon Petroleum generated $2.4 billion of operating cash flow (excluding working capital changes) in Q3, delivered adjusted EBITDA of $3.2 billion, and reported adjusted net income of $3.01 per share.
The refining system ran at 95% utilization, processing 2.8 million barrels per day, and achieved 96% crude capture in Q3 (YTD capture 102% vs. 95% prior year).
Through Q3, MPC has returned $3.2 billion to shareholders, including $650 million of share repurchases and $276 million of dividends, and announced a 10% dividend increase.
Q4 2025 guidance includes 2.7 million bpd throughput (90% utilization), $420 million of turnaround expense, and $5.80 per barrel operating cost.

Nov 4, 2025, 4:00 PM

Transcript

Marathon Petroleum reports Q3 2025 earnings results

MPC

Earnings

Dividends

Board Change

Marathon reported Q3 adjusted EPS of $3.01, adjusted EBITDA of $3.2 billion, and $2.4 billion in operating cash flow ex-WC, with 95% refinery utilization and 96% capture (YTD capture 102%).
Returned $900 million to shareholders in Q3 via $650 million of share repurchases and $276 million of dividends, and announced a 10% dividend increase.
Completed strategic portfolio actions, including exiting an ethanol JV and supporting MPLX’s acquisition of gas-treating and pipeline interests, which underpin $2.8 billion in annual distributions to MPC and target 12.5% growth.
Provided Q4 guidance for 2.7 million bpd throughput (90% utilization), $420 million in turnaround expense, $5.80/bbl operating cost, $1.6 billion distribution cost, and $240 million corporate cost.
Executive Chairman Mike Hennigan will retire at year-end, with CEO Maryann Mannen succeeding him as board chair.

Nov 4, 2025, 4:00 PM

Transcript

Marathon Petroleum reports Q3 2025 results

MPC

Earnings

Dividends

Share Buyback

Adjusted EPS of $3.01 and Adjusted EBITDA of $3.206 billion in Q3 2025.
$2.387 billion of cash flow from operations excluding working capital, with $926 million returned to shareholders and a 10% quarterly dividend increase.
Refining & Marketing segment achieved 95% utilization, 96% margin capture and $1.762 billion of adjusted EBITDA.
Durable midstream growth underpinned by $2.8 billion of expected annual distributions from MPLX, covering MPC’s capital needs.

Nov 4, 2025, 4:00 PM

Presentation

Marathon Petroleum reports Q3 2025 results

MPC

Earnings

Dividends

Share Buyback

Q3 net income attributable to MPC of $1.4 billion (diluted EPS $4.51); adjusted net income of $915 million (adjusted EPS $3.01)
Q3 adjusted EBITDA of $3.2 billion, up from $2.5 billion in Q3 2024
Returned $926 million of capital to shareholders, including $650 million in share repurchases, and announced a 10% quarterly dividend increase
Refining & Marketing segment delivered $1.8 billion adjusted EBITDA with a margin of $17.60 per barrel and 95% crude capacity utilization
As of September 30, cash and equivalents were $2.7 billion with no borrowings on its $5 billion revolver; MPLX issued $4.5 billion of senior notes and increased its distribution by 12.5% (expected $2.8 billion annual to MPC)

Nov 4, 2025, 11:34 AM

8-K

Marathon Petroleum Added to Refining-Focused Portfolio

MPC

M&A

Marathon Petroleum was one of three refiners added to broaden energy-sector exposure ahead of a seasonally strong period driven by hurricane season and wide product-to-crude spreads.
Crude oil is down 5% year to date, while reformulated gasoline and heating oil prices are both higher, favoring refiners’ margins.
Baker Hughes shares are up 11% YTD after Morgan Stanley raised its price target to $55 from $45, and its acquisition of Chart Industries boosts exposure to data centers and LNG markets.

Jul 29, 2025, 6:03 PM

CNBC Television

Marathon Petroleum Reports Q1 2025 Results

MPC

Earnings

Guidance Update

Share Buyback

Dividends

New Projects/Investments

Marathon Petroleum reported a net loss of $(74) million (or $(0.24) per diluted share) in Q1 2025, a stark turnaround from Q1 2024’s net income of $937 million.
Adjusted EBITDA was approximately $2.0 billion in Q1 2025, driven by strong Midstream performance (up 8% YoY with $1.7 billion and MPLX distributions rising to $619 million from $550 million), alongside $489 million from Refining & Marketing and a narrowed Renewable Diesel loss of $(42) million.
The company returned over $1.3 billion to shareholders, including $1.1 billion through share repurchases.
Significant turnaround and maintenance activities boosted refinery utilization to 89%, helped build a consolidated cash position of $3.8 billion, and Q2 guidance projects a throughput of 2.8 million barrels per day with turnaround expenses of about $265 million.
Ongoing strategic investments include targeted capital spending at key refineries (Los Angeles, Robinson, Galveston Bay), the MPLX acquisition of BANGL, LLC, and the FID of the Traverse Pipeline, reinforcing operational improvements.

May 6, 2025, 3:01 PM

Transcript Presentation Press Release 8-K

Earnings Transcripts

Quarterly earnings call transcripts for Marathon Petroleum.

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