Key Highlights

  • Valero Energy (NYSE:VLO): USD 23.89 third-quarter EPS, USD 39.24 a barrel refining margin, reported October 22, 2026.
  • Marathon Petroleum (NYSE:MPC): USD 36.33 a barrel refining margin, USD 5.1 billion second-quarter net income, results expected November 3, 2026.
  • Phillips 66 (NYSE:PSX): USD 3.8 billion adjusted second-quarter earnings, 98% capture, results expected October 28, 2026.
  • HF Sinclair (NYSE:DINO): USD 25.95 a barrel refining margin, USD 960 million adjusted income, results due October 28, 2026.

Valero Energy (NYSE:VLO)

Valero Energy (NYSE:VLO) traded near USD 427.38 on October 26, 2026, up 1.93%, with a 9.61 trailing P/E and a market value near USD 123.05 billion; third-quarter net income was USD 6.8 billion. The refining margin hit USD 39.24 a barrel against USD 13.14, throughput was 2,972 thousand barrels a day, and the quarterly dividend rose to USD 1.20 from USD 1.13. Adjusted EPS of USD 23.90 compared with USD 3.66 a year earlier, and refining margin dollars totaled USD 10.73 billion. The company described its refineries as running at near-record utilization, implying roughly 99% of about 3.0 million barrels a day of capacity, an estimate from throughput and capacity figures. Margins at Valero Energy (NYSE:VLO) are far above mid-cycle, gasoline spreads moderated late in the quarter, and the release gave no fourth-quarter guidance, so a peace deal could narrow them fast. Peer reports from Phillips 66 and HF Sinclair on October 28, 2026 and Marathon Petroleum on November 3 will test whether the margin level at Valero Energy (NYSE:VLO) was broad.

Marathon Petroleum (NYSE:MPC)

Marathon Petroleum (NYSE:MPC) rose 1.87% to about USD 465.76 on October 26, 2026, with a market value near USD 130.80 billion, a 16.04 trailing P/E and a 0.87% yield; second-quarter net income was USD 5.1 billion. The refining and marketing margin was USD 36.33 a barrel against USD 17.58 a year earlier, utilization was 94%, and more tha USD 2.8 billion went back to shareholders. Net income attributable to the company was USD 5.138 billion, or USD 17.73 a diluted share, against USD 1.2 billion a year earlier. Refining and marketing segment adjusted EBITDA was USD 24.84 a barrel, and two yield-enhancing refining projects were completed. Margins at Marathon Petroleum (NYSE:MPC) can compress if crude rises faster than products or if a Middle East settlement frees barrels and eases the supply shock behind the spread. Third-quarter results are expected on November 3, 2026, with throughput guided to 3,005 thousand barrels a day, and USD 6.1 billion of repurchase authorization remains for Marathon Petroleum (NYSE:MPC).

Phillips 66 (NYSE:PSX)

Phillips 66 (NYSE:PSX) rose 1.97% to about USD 288.75 on October 26, 2026, with a market value near USD 115.22 billion and a 16.44 trailing P/E; second-quarter adjusted earnings were USD 3.8 billion. The market capture rate was 98% in the second quarter, midstream is targeted at a USD 4.5 billion EBITDA run rate by the end of 2027, and USD 379 million went to buybacks. Reported earnings were USD 9.55 a share, and operating cash flow before working capital was USD 4.3 billion. Operating cost was USD 5.57 a barrel in the second quarter against a 2027 target of USD 5.50 excluding turnarounds. Third-quarter capture is guided near 95%, and Phillips 66 (NYSE:PSX) faces chemicals margins below mid-cycle and possible changes to renewable credit rules for foreign feedstocks after 2027. Third-quarter results are expected on October 28, 2026, before the open, with crude utilization guided to the mid-90% range for Phillips 66 (NYSE:PSX).

HF Sinclair (NYSE:DINO)

HF Sinclair (NYSE:DINO) rose 2.15% to about USD 124.28 on October 26, 2026, with a market value near USD 22.09 billion, an 11.86 trailing P/E and a 1.66% yield; second-quarter adjusted EBITDA was USD 1.482 billion. The adjusted refinery gross margin was USD 25.95 a barrel, utilization was 94.3%, the dividend rose 5% to USD 0.525 and the lubricants segment is to be separated within 12 to 18 months. Net income was USD 892 million, or USD 4.93 a share, against USD 208 million a year earlier, and utilization was 94.3%. Crude charge averaged 639,680 barrels a day and refinery throughput 681,150 barrels a day. The release from HF Sinclair (NYSE:DINO) gave no numeric third-quarter guidance, and its margin of USD 25.95 trails Valero's USD 39.24, so a Middle East settlement could narrow spreads. Third-quarter results are scheduled for October 28, 2026, before the open, with a webcast at 8:30 a.m. ET for HF Sinclair (NYSE:DINO).

Exxon Mobil (NYSE:XOM)

Exxon Mobil (NYSE:XOM) changed hands near USD 183.16 on October 26, 2026, with a market value near USD 753.12 billion, a trailing P/E of 23.57 and a 2.25% yield; second-quarter earnings were USD 14.5 billion. Adjusted upstream earnings rose to USD 9.19 billion from USD 6.27 billion in a quarter, and Permian output above 1.8 million barrels of oil equivalent a day adds volume on top of price. Energy products adjusted earnings of USD 4.10 billion compare with USD 2.80 billion in the first quarter, helped by record diesel production. Permian output is planned to grow at a 9% compound annual rate through 2030, and Kazakhstan operations had no disruptions in the second quarter. The risk for Exxon Mobil (NYSE:XOM) is a Middle East deal that pulls Brent from USD 114 toward the USD 87 or USD 64 paths JPMorgan outlines, plus USD 1.08 billion of second-quarter impairments. Third-quarter results arrive on October 30, 2026, and the fifth Guyana FPSO, worth 250,000 barrels a day of capacity, is due in the fourth quarter for Exxon Mobil (NYSE:XOM).

Where Things Stand

Refiners are benefiting less from crude itself than from a product supply shock, and Valero's USD 39.24 a barrel third-quarter margin shows the scale. Marathon Petroleum earned USD 36.33 in the second quarter, HF Sinclair USD 25.95 and Phillips 66 captured 98% of the market indicator, while Exxon Mobil adds refining to its upstream. The balance of evidence is positive near term, but margins are far above mid-cycle and could narrow quickly if supply returns. Investors should also remember that Valero's third-quarter margin and Marathon Petroleum's second-quarter margin cover different periods, so peer comparisons are approximate until each company reports.