Marathon Petroleum stock pairs Q3 surge with USD 4.2 billion sale

Marathon Petroleum reported a sharp third-quarter earnings rebound on Tuesday, November 3, as stronger refining margins lifted performance across its core business. The company also announced plans to sell two refineries and related midstream assets, giving investors two major developments to assess. The results and strategic update were published by Marathon Petroleum.

Refining drives quarterly rebound

For the quarter ended September 30, Marathon Petroleum posted net income attributable to the company of USD 7.447 billion, compared with USD 1.370 billion a year earlier. Adjusted net income rose to USD 7.541 billion from USD 915 million, while adjusted diluted earnings per share reached USD 26.93.

Adjusted EBITDA climbed to USD 11.729 billion from USD 3.206 billion. The Refining and Marketing segment generated adjusted EBITDA of USD 9.895 billion, compared with USD 1.762 billion in the prior-year quarter. Refining margins widened sharply, and crude capacity utilization reached 100 percent. Adjusted figures exclude specified items such as tax and legal settlements and other non-core adjustments.

Portfolio shift targets Gulf Coast

Marathon Petroleum agreed to divest the St. Paul Park and Mandan refineries, including related midstream assets, for USD 4.2 billion. Marathon Petroleum expects to receive USD 3.45 billion and plans to prioritize reinvestment in Gulf Coast opportunities. MPLX is expected to receive USD 750 million for the associated logistics assets and direct its proceeds toward growth in the Permian and Marcellus basins.

The transaction is expected to close at the end of 2026. The planned sale reduces Marathon Petroleum's exposure to the two Upper Midwest sites while placing greater emphasis on assets and projects along the Gulf Coast.

Shareholder returns remain elevated

The board approved a 10 percent increase in Marathon Petroleum's quarterly dividend. The company returned USD 3.3 billion to shareholders during the quarter and approved an additional USD 5 billion share repurchase authorization, bringing available authorization to USD 8.1 billion as of September 30.

Marathon Petroleum stock traded at 335.75 euros on Lang & Schwarz at 11:39 CET on Saturday, November 7. The real-time quote of Marathon Petroleum stock is available separately.

Broader market conditions remain relevant for refiners, with the S&P 500 providing the main U.S. equity market backdrop.

More news and analyses on Marathon Petroleum stock will focus on transaction completion, the next quarterly outlook and the allocation of proceeds toward Gulf Coast projects.