Marathon Petroleum stock shifts Gulf Coast focus after Q3 surge
Published on 11/09/2026 at 16:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSResults strengthen the portfolio reset
- Marathon Petroleum reported a sharp third-quarter earnings rebound as refining margins and utilization improved.
- The company plans to sell two refineries and direct proceeds toward Gulf Coast investments.
- Lower fourth-quarter throughput and planned turnaround work are the next operating tests.
Marathon Petroleum stock traded at 343.95 euros on Lang & Schwarz at 16:06 CET on Monday, November 9, 2026, versus 333.50 euros in the latest relevant report dated November 6. The increase of 3.13% since that report is separate from the company's latest operating update.
Marathon Petroleum reported its third-quarter results on November 3. The release, carried by Morningstar from PR Newswire, showed net income attributable to MPC of USD 7.4 billion and adjusted net income of USD 7.5 billion. Adjusted diluted earnings per share reached USD 26.93, compared with USD 3.01 in the year-earlier quarter.
Refining performance drives earnings
Adjusted EBITDA rose to USD 11.7 billion from USD 3.2 billion. The Refining and Marketing segment generated USD 9.9 billion of adjusted EBITDA, compared with USD 1.8 billion a year earlier. Its margin widened to USD 45.70 per barrel from USD 17.60, while crude capacity utilization reached 100%.
Marathon Petroleum said higher market crack spreads across all regions were the primary driver. Planned turnaround costs totaled USD 294 million in the quarter and were excluded from segment adjusted EBITDA, making the treatment of this non-GAAP measure relevant for investors assessing the underlying result.
Asset sale redirects capital
The company announced the divestiture of the St. Paul Park and Mandan refineries and related midstream assets for USD 4.2 billion. Marathon Petroleum expects to receive USD 3.45 billion and intends to prioritize reinvestment in opportunities that meet its return thresholds, primarily along the US Gulf Coast. The transaction is expected to close at the end of 2026.
Marathon Petroleum returned USD 3.3 billion to shareholders during the quarter and approved an additional USD 5 billion share repurchase authorization. The board also increased the regular quarterly dividend by 10%.
Lower throughput sets next test
For the fourth quarter, management guides to total refinery throughput of 3.08 million barrels per day, including 2.83 million barrels of crude oil. Planned refining turnaround costs are set at USD 230 million, with work focused on conversion units on the Gulf Coast and West Coast.
Marathon Petroleum Corporation
- ISIN: US56585A1025
- Ticker: MPC
- Latest quote: EUR 343.95 on Lang & Schwarz, November 9, 2026, 16:06 CET
- Third-quarter adjusted earnings per share: USD 26.93
- Fourth-quarter total refinery throughput guidance: 3.08 million barrels per day
US equities remain the relevant market backdrop for Marathon Petroleum stock; investors can follow the S&P 500 market environment.
