MPC Marathon Petroleum (MPC) Q4 FY25 earnings call
Marathon Petroleum delivered strong Q4 FY25 results, driven by robust refining performance and strategic capital allocation. The company emphasized its integrated value chain and disciplined investment strategy, with a focus on enhancing competitiveness and returning capital to shareholders. Management expressed confidence in long-term refined product demand and continued Midstream growth, supported by strategic projects and MPLX distributions.
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MPC operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Sep 2025 Q3 FY25 | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | 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.