Marathon Petroleum reported first-quarter 2026 adjusted earnings of $1.65 per share on revenues of $34.2 billion, significantly exceeding analyst expectations. The performance was primarily driven by a substantial year-over-year expansion in refining margins, which benefited from higher crack spreads.
Key Highlights
- The Refining & Marketing (R&M) segment delivered adjusted EBITDA of $1.4 billion, a sharp increase from $489 million in the prior-year quarter.
- R&M margin expanded significantly to $17.74 per barrel, compared to $13.38 per barrel in the first quarter of 2025.
- The company returned over $1.0 billion to shareholders during the quarter and announced an incremental $5 billion share repurchase authorization.
- Net refinery throughput was 2.85 million barrels per day, with crude capacity utilization holding steady at 89%.