MPC Marathon Petroleum (MPC) Q2 FY26 earnings call
Marathon Petroleum delivered a robust second quarter, showcasing strong operational execution and integrated value chain optimization amidst a constructive refining macro environment. The company leveraged its flexible system to capitalize on market dislocations, driving peer-leading profitability per barrel and advancing its midstream growth strategy. MPC remains committed to disciplined capital allocation, prioritizing shareholder returns while strategically investing in high-return projects and digital capabilities to sustain its competitive advantage.
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MPC operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Refinery utilization | 94%Our refineries ran at 94% utilization, processing nearly 2.8 million barrels of crude per day and refining operating costs were $5.26 per barrel in the fourth quarter.Source: earnings call transcript | 95%Utilization in the quarter was 95% as we executed our planned refinery turnarounds safely and on time.Source: earnings call transcript | 95%Our refineries ran at 95% utilization with total throughput just over 3 million barrels per day.Source: earnings call transcript | 89%Our refineries ran at 89% utilization with nearly 100% capture.Source: earnings call transcript | — | -6 pt |
| Refinery utilization renewable diesel | — | 86%Our renewable diesel facilities operated at 86% utilization, reflecting improved operational reliability.Source: earnings call transcript | 94%Results reflect 94% utilization and a onetime benefit from the sale of credits by the Martinez joint venture in the fourth quarter, which were offset by a weaker margin environment compared to the prior year fourth quarter.Source: earnings call transcript | — | — | +8 pt |
| Refinery utilization Gulf Coast | — | — | 98%Regionally, our utilization was 98% in the Gulf Coast, 93% in the Mid-Con, 91% in the West Coast.Source: earnings call transcript | 89%Regionally, our utilization was 89% in the Gulf Coast, 88% in the Mid-Con, 92% in the West Coast region.Source: earnings call transcript | 100%On the US Gulf Coast, we ran at 100% utilization in the second quarter.Source: earnings call transcript | +11 pt |
| Refinery utilization Mid-Con | — | — | 93%Regionally, our utilization was 98% in the Gulf Coast, 93% in the Mid-Con, 91% in the West Coast.Source: earnings call transcript | 88%Regionally, our utilization was 89% in the Gulf Coast, 88% in the Mid-Con, 92% in the West Coast region.Source: earnings call transcript | 87%In the Mid-Con, we ran at 87% utilization as we completed plant turnaround and maintenance activity, delivering nearly $21 of adjusted EBITDA per barrel.Source: earnings call transcript | -1 pt |
| Refinery utilization West Coast | — | — | 91%Regionally, our utilization was 98% in the Gulf Coast, 93% in the Mid-Con, 91% in the West Coast.Source: earnings call transcript | 92%Regionally, our utilization was 89% in the Gulf Coast, 88% in the Mid-Con, 92% in the West Coast region.Source: earnings call transcript | 93%In the West Coast, we ran at 93% utilization and delivered over $27 of adjusted EBITDA per barrel, supported by strong regional value chain optimization.Source: earnings call transcript | +1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.