#United States #Q3 Results #Marathon Petroleum #Findlay, Ohio #Refining

Marathon Petroleum Corporation Reports Third-Quarter Results for 2025

Marathon Petroleum Corporation (MPC) shared its impressive financial results for the third quarter of 2025, reporting a net income of $1.4 billion, equating to $4.51 per diluted share. This marks a significant improvement compared to the net income of $622 million or $1.87 per share from the same quarter in 2024. The adjusted net income stood at $915 million, or $3.01 per share, illustrating robust financial performance.

The company also saw an adjusted EBITDA of $3.2 billion, surpassing last year's $2.5 billion for the same period, largely due to strong operations in its Refining and Marketing segments. President and Chief Executive Officer, Maryann Mannen, emphasized the strength of their cash generation capabilities within these areas.

Key Financial Highlights

In the third quarter, MPC executed a successful capital return to its shareholders, distributing approximately $926 million, which included $650 million in share repurchases. Additionally, the board announced a 10% increase in quarterly dividends, reinforcing confidence in the company's financial health and commitment to returning value to shareholders. The growth in the midstream segment’s prospects also ensures an annual distribution expected to reach $2.8 billion, which will facilitate coverage of dividends and capital expenditures.

Performance Segmentation

The results from each business segment were positive. The Refining and Marketing segment achieved an adjusted EBITDA of $1.8 billion, notably higher than $1.1 billion in the prior year, and generated $6.37 per barrel of margin, compared to $4.15 per barrel a year earlier. Crude oil refining capacity utilization reached an impressive 95%, resulting in a throughput of 3.0 million barrels per day (bpd).

Comparative Operating Metrics

• - Refining Operating Costs: $5.59 per barrel in Q3 2025, up from $5.23 in Q3 2024.
• - Midstream Segment EBITDA: $1.7 billion, demonstrating a year-over-year rise of 5%, attributed to higher throughput and rates, alongside contributions from recent acquisitions.
• - Renewable Diesel Segment: Experienced an adjusted EBITDA loss of $(56) million, an improvement from $(61) million the previous year, despite low margins.

Strategic Developments

Looking ahead, MPC plans continued capital investments for refining enhancements, focusing on modernizations aimed at better reliability and efficiency across its facilities.

• - Los Angeles Refinery Project: A $100 million spending initiative aimed at modernization to ensure compliance with emissions regulations.
• - Robinson Refinery Expansion: Spending of $150 million scheduled to increase flexibility for jet fuel production is planned for 2025.
• - Galveston Bay Upgrades: Capital expenditures of $200 million are expected to transition high-sulfur distillates to ultra-low sulfur diesel.

MPC has successfully completed its sale of a joint venture in ethanol production for gross proceeds of $427 million, which aligns with their strategy of optimizing portfolio assets. Their midstream segment's growth continues, particularly with projects enhancing their pipeline infrastructure.

Closing Thoughts

With strong operating metrics coupled with plans for strategic growth and increased capital return to shareholders, Marathon Petroleum stands in a strong position within the energy sector as it navigates the future. The company anticipates its continued expansion and modernization efforts will solidly reinforce its market leadership and operational efficiency in the months and years ahead.

In conjunction with these results, a conference call will be held on November 4, 2025, at 11 a.m. EST to discuss the financial outcomes and operational updates further. Interested parties can access it via the company's official website.