Latest analysis
Updated Nov 3, 2026
MPC sells Mid-Continent refineries to CVR for $4.2B, redirecting capital to Gulf Coast while posting record Q3 utilization of 100% and $11.7B adjusted EBITDA.
Marathon Petroleum's Q3 2026 results mark a strategic inflection: the announced divestiture of St. Paul Park and Mandan refineries plus associated MPLX midstream assets to CVR Energy for $4.2 billion signals a deliberate concentration of the portfolio around Gulf Coast and Permian/Marcellus midstream assets. The company delivered record 100% system-wide utilization, $11.7 billion in adjusted EBITDA, and $3.3 billion returned to shareholders in a single quarter — peer-leading metrics underpinned by the Iran conflict-driven supply disruption and structurally wide WCS differentials. Management's forward posture is unambiguously bullish: they expect an 'enhanced mid cycle environment through the end of the decade with elevated margins through at least mid-2027,' and the Q4 2026 setup — record heavy Canadian crude processing, widening WCS differentials at minus $32/bbl to WTI, and lighter turnaround activity in 2027 — reinforces that position.
Tone: bullishRevenue
$132.7B
MPC 10-K · FY 2025
Employees
18,500
Revenue FY2024
$138.9B
Headquarters
Findlay, OH
Profile
MPC 10-K Item 1 · Feb 26, 2026Marathon Petroleum Corporation is a leading integrated downstream and midstream energy company operating one of the largest U.S. refining systems at approximately 3.0 million barrels per day of crude oil refining capacity. The company distributes refined products through an extensive terminal network and inland barge fleet, while its Midstream segment — primarily conducted through MPLX LP — links major natural gas and NGL supply basins to domestic and international markets. MPC is also one of the largest producers of renewable diesel in the United States.
Read filing description ↓ Collapse description ↑
MPC has nearly 140 years of history in the energy business, and is a leading, integrated, downstream and midstream energy company. We operate one of the nation's largest refining systems with approximately 3.0 million barrels per day of crude oil refining capacity and believe we are one of the largest wholesale suppliers of gasoline and distillates to resellers in the United States. We distribute our refined products through one of the largest terminal operations in the United States and one of the largest private domestic fleets of inland petroleum product barges. Our integrated midstream energy asset network links producers of natural gas and NGLs from some of the largest supply basins in the United States to domestic and international markets. In addition, we are one of the largest producers and marketers of renewable diesel in the United States. Our operations consist of three reportable operating segments: Refining & Marketing, Midstream and Renewable Diesel. The Refining & Marketing segment refines crude oil and other feedstocks at refineries in the Gulf Coast, Mid-Continent and West Coast regions, distributing refined products through transportation, storage, distribution and marketing services. The Midstream segment, primarily reflecting the results of MPLX — a large-cap MLP formed in 2012 — gathers, treats, processes and transports natural gas; transports, fractionates, stores and markets NGLs; and provides fuels distribution services. The Renewable Diesel segment processes renewable feedstocks into renewable diesel, marketed domestically and internationally.
Primary products
- Gasoline
- Distillates (including No. 1 and No. 2 fuel oils, jet fuel, kerosene and diesel)
- Propane
- NGLs and petrochemicals
- Heavy fuel oil
- Asphalt (asphalt cements, polymer-modified asphalt, emulsified asphalt, industrial asphalts and roofing flux)
Business segments
End markets
Geographies
Named customers
Named competitors
“We believe we are one of the largest wholesale suppliers of gasoline and distillates to resellers and consumers within our market area.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales and other operating revenues declined from $138.9 billion in 2024 to $132.7 billion in 2025, reflecting lower refined product price realizations year-over-year.
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