Marathon Petroleum

Marathon Petroleum runs the largest refining system in the United States. In Q3 2026, its refineries processed 3.2 million barrels per day at 100% crude capacity utilization. It sells fuels through branded Marathon outlets and other channels, and it makes renewable diesel.

It also controls MPLX, a midstream partnership with pipelines, terminals and gas processing plants, and it owned about 64% of the MPLX common units at September 30, 2026. Its segments are Refining & Marketing, Midstream and Renewable Diesel. Marathon Petroleum is based in Findlay, Ohio, and its shares trade on the New York Stock Exchange.

Marathon Petroleum trades at a premium because investors pay for record refining margins and for the steady cash from its MPLX stake. In Q3 2026, Refining & Marketing segment adjusted EBITDA was $34.15 per barrel, against $6.37 a year earlier, because crack spreads rose in all regions. The 10-Q names the U.S.-Iran conflict as one cause of price swings and supply disruptions. MPLX raised its distribution by 12.5%, and MPC expects $3.1 billion a year of distributions from it.

For the premium to be earned, three things must be true. Refining margins must stay well above the 2025 level, when the segment earned $6.1 billion of adjusted EBITDA for the full year, through 2027. MPC must use the cash for buybacks under its $8.1 billion authorization and for good projects, while its own debt stays low. The sale of the St.

Paul Park and Mandan refineries for $4.2 billion must close at the end of 2026, and MPC must reinvest the money at good returns on the Gulf Coast. The Q4 2026 report, expected in early February 2027, gives the next test. If crack spreads fall back as supply returns, the premium can shrink quickly, within a few quarters.

1. Nov 3, 2026Passed

   Q3 2026 results: refining marginsHigh refining margins, strong cash returns and a higher dividend pass; a fall in margins or lower buybacks fail.Outcome: Refining & Marketing adjusted EBITDA was $34.15 per barrel, MPC returned $3.3 billion, raised the dividend by 10% and added a $5 billion buyback.
2. Feb 3, 2027 · est.Pending

   Q4 2026 results: margins and the refinery saleMargins well above the 2025 level, a closed refinery sale and continued buybacks pass; a sharp fall in margins or a delayed sale fail.

Every passed and failed checkpoint across all picks

• November 3, 2026Marathon Petroleum reported Q3 2026 results. Net income attributable to MPC was $7.4 billion, or $26.59 per diluted share, and adjusted EBITDA was $11.7 billion, against $3.2 billion a year earlier. It returned $3.3 billion to shareholders, and its board approved an additional $5 billion share buyback. It agreed on November 2, 2026 to sell its St. Paul Park and Mandan refineries and related midstream assets for $4.2 billion, with $3.45 billion for MPC and $750 million for MPLX. It expects the sale to close at the end of 2026.
• October 29, 2026Marathon Petroleum elected David E. Constable as a director from March 1, 2027.
• October 28, 2026Marathon Petroleum raised its quarterly dividend by 10% to $1.10 per share.

Last earnings

November 3, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 3, 2026 · mpc-20260930
• 8-KEarnings releaseFiled November 3, 2026 · mpc-20261103
• 8-KChange of directors or officers and Other company newsFiled October 29, 2026 · mpc-20261028
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · mpc-20260630
• 8-KEarnings releaseFiled August 4, 2026 · mpc-20260804
• 8-KOther company newsFiled June 29, 2026 · mpc-20260626
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 5, 2026 · mpc-20260331
• 8-KEarnings releaseFiled May 5, 2026 · mpc-20260505
• 8-KShareholder vote resultsFiled May 1, 2026 · mpc-20260429
• 8-KNew material agreement and End of a material agreementFiled April 13, 2026 · mpc-20260407

Every filing on SEC EDGAR (CIK 1510295)

• Refining margins move with crack spreads, which were very high in 2026. If the U.S.-Iran conflict ends or new refining capacity starts, margins can fall to the 2025 level quickly.
• MPLX had $26.608 billion of debt at September 30, 2026. MPC consolidates this debt, and MPLX's cash flow depends on oil and gas volumes in the Permian and Marcellus basins.
• The sale of the St. Paul Park and Mandan refineries needs regulatory approvals. A delay or a poor use of the $3.45 billion of proceeds can lower returns.
• Rules on fuels, emissions and renewable fuel credits can raise costs or lower demand for gasoline and diesel over time.
• Refineries can have fires, outages and long turnarounds. Planned turnaround costs were $1.1 billion in the first nine months of 2026.

Marathon Petroleum consolidates MPLX, so most of the reported debt is MPLX debt. At September 30, 2026, total consolidated debt was $33.022 billion, of which $6.414 billion was MPC debt and $26.608 billion was MPLX debt. Read more

Dividend yield

1.0% (last 12 months, at today’s price of $389.88)

Paid per share

$4.00 in the last 12 months (4 payments)

Current annual rate

$4.00 ($1.00 × 4 a year)

Payout ratio

28% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 19, 2026, $1.00 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 11.5% a year. Over the last 10 years, the dividend grew by about 11.7% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.