Marathon Petroleum Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw record adjusted EBITDA of $8.5B, driven by strong refining, marketing, and midstream performance, with robust cash generation and disciplined capital returns. Tight global inventories and supply disruptions support a constructive outlook through 2027.
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Strong Q1 results driven by high refinery utilization, robust margins, and proactive maintenance, with $2.8B adjusted EBITDA and $1B returned to shareholders. Guidance points to higher Q2 utilization and continued capital returns amid favorable market conditions.
Fiscal Year 2025
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Strong 2025 results featured record cash generation, high refining utilization, and robust capital returns. 2026 guidance calls for disciplined CapEx reductions, continued demand strength, and further shareholder distributions, with MPLX and refining investments positioned for long-term growth.
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Q3 saw strong cash generation, high utilization, and robust capital returns, despite margin headwinds from West Coast dynamics and regulatory uncertainty in renewables. Tight supply and strong demand support a positive outlook, with continued focus on capital returns and midstream growth.
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Q2 2025 saw record refinery utilization, 105% margin capture, and $3.96 EPS, with strong diesel demand and tight inventories supporting margins. Portfolio optimization included a $425M ethanol JV divestiture and a $2.4B midstream acquisition, while capital returns and growth investments remain priorities.
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First quarter results reflected heavy planned turnarounds, a net loss, and strong midstream growth. Strategic acquisitions and infrastructure investments support a positive outlook, with robust cash flow and capital returns expected as demand strengthens into the summer.
Fiscal Year 2024
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Delivered strong 2024 results with $11.3B adjusted EBITDA, 23% capital return yield, and peer-leading profitability. MPLX grew distributions by 12.5% and announced major NGL infrastructure investments. 2025 outlook remains constructive, with robust demand and continued capital returns.
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Third quarter results featured strong operational performance, robust capital returns, and continued investment in high-return projects. Midstream growth and disciplined capital allocation support peer-leading shareholder returns, with a positive outlook for refining and marketing segments.
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Q2 2024 delivered strong operational and financial results, with record refining utilization, robust cash generation, and significant capital returns. Strategic midstream investments and disciplined capital allocation support continued peer-leading performance and future growth.