Marathon Petroleum Corporation (MPC) Earnings Call Transcripts

Marathon Petroleum Corporation's Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Marathon Petroleum Corporation (MPC) reported a robust performance with adjusted EBITDA of $8.5 billion and earnings per share (EPS) of $17.73. The results were driven by strong refining margins and operational excellence, with refining and marketing adjusted EBITDA per barrel at $24.84. Management maintained a positive outlook, projecting continued strength in the refining macro environment and increased capital growth spending for its midstream segment, signaling potential for sustained profitability and shareholder returns.

Reported metrics

Guidance from management

Management expects to remain in an enhanced mid-cycle environment through the end of 2026 and into 2027, with a projected crude throughput of 2.8 million barrels per day for Q3.

What management said

Welcome to Marathon Petroleum Corporation's Second Quarter 2026 Earnings Conference Call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investors tab. Joining me today on the call are Maryann Mannen, CEO; Maria Khoury, CFO; and other members of the executive team. We invite you to read the safe harbor statements on Slide 2. We will be making forward-looking statem...

Yes. On working capital, we had a large benefit this quarter, as you saw of $3.8 billion. We are cognizant of the timing of our working capital needs and the elements. If you think about it, we are already starting to rebuild inventory, right? We have a liability and a repayment obligation for these crude exchanges. And we will be watching as well our payables. Now it's good to keep in mind the sensitivity that we h...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of current refining margins and the potential impact of inventory builds ahead of hurricane season. Questions were raised about the durability of the current market environment and the company's cash allocation strategy amidst high cash balances.

Main topics on the call

• Strong Refining Margins — MPC achieved refining and marketing adjusted EBITDA of approximately $6.7 billion, supported by a strong margin environment. Management noted, "In the Gulf Coast, we run 100% utilization delivering $27 of adjusted EBITDA...
• Increased Capital Growth Spending — MPLX announced an increase in its 2026 capital growth spending outlook by $500 million to $2.9 billion, reflecting accelerated execution of ongoing projects. This positions MPLX for strong adjusted EBITDA growth in 2027,...
• Operational Excellence — MPC reported its lowest level of unplanned downtime this decade, achieving a capture rate of 112%. Maryann Mannen stated, "Our ability to run advantaged crude and optimize yields to meet consumer demand remains the core ...
• Market Tightness and Inventory Levels — Management highlighted ongoing market tightness with U.S. gasoline inventory well below the 5-year range and distillate inventory at the bottom of its 5-year range. This tightness is attributed to global refining capacit...

Read the full Marathon Petroleum Corporation transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 28 Marathon Petroleum Corporation earnings call transcripts on record, spanning January 29, 2020 to August 4, 2026. Based on this history, Marathon Petroleum Corporation reports quarterly. The most recent call on file is dated August 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MPC

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

28

First call

January 29, 2020

Most recent

August 4, 2026

Reporting cadence

quarterly