Key Highlights

  • 98.9% is the six-month gain for Marathon Petroleum (NYSE:MPC), with shares at USD 439.54 on October 7, 2026 and a 3-month gain of 56.18%, according to published market data.
  • 15.1 times Earnings and a Market Capitalisation of USD 123.43 billion frame the valuation, per published market data, after second quarter 2026 Net Income of USD 5.1 billion, or USD 17.73 per diluted share.
  • USD 36.33 per barrel was the refining and Marketing Margin in the second quarter, more than double the USD 17.58 of a year earlier, according to the company release of August 4, 2026.
  • USD 2.8 billion was returned to shareholders in the second quarter, with USD 6.1 billion left under repurchase authorisations, giving Marathon Petroleum (NYSE:MPC) a large buyback runway as of June 30, 2026.

Second Quarter Results

Marathon Petroleum reported second quarter 2026 results on August 4, 2026. Net income was USD 5.1 billion, or USD 17.73 per diluted share, and adjusted EBITDA was USD 8.5 billion, nearly 2.6 times the prior year quarter. The company attributed the gain to higher crack spreads across all regions. Refining and marketing margin was USD 36.33 per barrel versus USD 17.58, crude capacity utilisation was 94% and total throughput was 2.9 million barrels per day. Cash stood at USD 7.8 billion. The company said it completed Yield improvement investments at El Paso and product flexibility investments at Robinson during the quarter. The company described its results as resilient Demand met with safe and reliable operations.

Margins, Midstream and Capital Returns

With throughput near 2.9 million barrels per day, each extra dollar of margin per barrel adds a large sum to quarterly profit, so a doubling of the margin drives results far above a year earlier. Marathon Petroleum returned USD 2.8 billion to shareholders in the quarter and had USD 6.1 billion remaining under its repurchase authorisations as of June 30, 2026. Its midstream arm MPLX is raising 2026 growth capital by USD 500 million to USD 2.9 billion and targets 12.5% annual distribution growth for 2026 and 2027. Midstream income is steadier than refining and cushions the cycle. Published market data lists a price to book ratio of 6.5.

Risks, Peers and What to Watch

A 98.9% six-month gain means margins are already well reflected in the price, and a narrowing of crack spreads would hit earnings quickly. Third quarter guidance points to refining throughput of 3.005 million barrels per day, operating costs of USD 5.60 per barrel and planned turnaround costs of USD 290 million, which will weigh on output at affected plants. Turnaround work is planned maintenance that temporarily idles units, so output can dip even when conditions stay favourable, and cost overruns are a further risk. Peers PBF Energy and HF Sinclair also reported strong quarters. Watch the third quarter report (date not confirmed in the materials reviewed), buyback pace and any unplanned outages.

Where Things Stand

Marathon Petroleum (NYSE:MPC) was lifted by a sharp widening of refining margins, which more than doubled its refining and marketing margin and produced USD 5.1 billion of second quarter net income. Published market data shows a share price of USD 439.54, a market capitalisation of USD 123.43 billion and a price to earnings ratio of 15.1. Buybacks and midstream growth add support, but margin reversals and turnaround costs are the main risks.