Marathon Petroleum stock after Q3 profit jumps on refining margins

Marathon Petroleum reported a sharply stronger third quarter on Tuesday, November 3, 2026, as wider refining margins lifted earnings and operating cash generation. The results were released by the company through PR Newswire via Yahoo Finance.

Net income attributable to Marathon Petroleum reached 7.447 billion US dollars in the third quarter, compared with 1.370 billion US dollars a year earlier. Diluted earnings per share rose to 26.59 US dollars from 4.51 US dollars. Adjusted net income climbed to 7.541 billion US dollars from 915 million US dollars, while adjusted diluted earnings per share increased to 26.93 US dollars from 3.01 US dollars.

Refining Margins Drive Earnings

Adjusted EBITDA rose to 11.729 billion US dollars from 3.206 billion US dollars. Refining and Marketing contributed 9.895 billion US dollars, against 1.762 billion US dollars in the prior-year quarter. The segment's margin reached 45.70 US dollars per barrel, compared with 17.60 US dollars a year earlier.

Marathon Petroleum said higher market crack spreads across all regions were the primary driver. Crude capacity utilization reached 100 percent, up from 95 percent, while net refinery throughput increased to 3.150 million barrels per day from 3.005 million barrels per day. Refining operating costs were broadly stable at 5.60 US dollars per barrel, versus 5.59 US dollars.

Renewable Diesel also returned to positive segment adjusted EBITDA of 254 million US dollars, compared with a loss of 56 million US dollars in the third quarter of 2025. Midstream adjusted EBITDA increased to 1.882 billion US dollars from 1.709 billion US dollars.

Capital Returns And Portfolio Shift

The company returned 3.3 billion US dollars to shareholders during the quarter. The board also approved an additional 5 billion US dollars in share repurchase authorization, leaving a potential 8.1 billion US dollars available as of September 30, 2026. Marathon Petroleum separately announced a 10 percent increase in its quarterly dividend, while MPLX lifted its quarterly distribution by 12.5 percent for the third consecutive year.

Management is also reshaping the portfolio. Marathon Petroleum announced the divestiture of the St. Paul Park and Mandan refineries, together with related midstream assets, for 4.2 billion US dollars. Marathon Petroleum expects the transaction to close at the end of 2026 and plans to reinvest its 3.45 billion US dollar share of proceeds primarily in Gulf Coast opportunities.

For the fourth quarter, management expects total refinery throughput of 3.080 million barrels per day, below the third-quarter level. The outlook includes refining operating costs of 5.60 US dollars per barrel, distribution costs of 1.725 billion US dollars and planned turnaround costs of 230 million US dollars. Full-year 2026 capital spending, excluding MPLX, remains guided at 1.5 billion US dollars.

The real-time quote of Marathon Petroleum stock traded at 389.70 euros on Lang & Schwarz at 13:17 CET on Tuesday, November 3, 2026, 1.70 percent above the Xetra close of Monday, November 2, 2026, at 383.20 euros.

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