Marathon Petroleum's refining business carried the quarter. Net income attributable to the company reached $5.1 billion, or $17.73 per diluted share, for the second quarter of 2026, up from $1.2 billion, or $3.96 per diluted share, a year earlier. Adjusted EBITDA rose to $8.5 billion from $3.3 billion in the second quarter of 2025, the Findlay, Ohio-based company said Aug. 4.

Refining led the swing

The Refining & Marketing segment generated $6,655 million of adjusted EBITDA in the quarter, versus $1,890 million a year earlier. Segment EBITDA per barrel reached $24.84, up from $6.79, which the company said was driven primarily by higher crack spreads in all regions. Refining margin was $36.33 per barrel, versus $17.58 a year earlier. Crude capacity utilization was 94%, with total throughput of 2.9 million barrels per day. Refining operating costs rose to $5.72 per barrel from $5.34, which the company attributed to decreased utilization tied to planned downtime in the Mid-Con. Planned turnaround costs, excluded from segment EBITDA, totaled $275 million, up from $250 million a year earlier.

Midstream and renewable diesel also grew

Midstream segment adjusted EBITDA rose to $1,778 million from $1,641 million, which the company said reflected increased rates and throughputs, including growth from equity affiliates and acquisitions, partly offset by the divestiture of non-core gathering and processing assets. The Renewable Diesel segment posted adjusted EBITDA of $258 million, compared with a $19 million loss a year earlier, which the company attributed to a stronger margin environment, higher throughputs and improved regulatory credit values. Corporate expenses were $256 million, up from $243 million.

Cash, buybacks and capital plans

As of June 30, Marathon Petroleum had $7.8 billion in cash and cash equivalents, including $1.0 billion held at MPLX LP, and no borrowings under its $5 billion five-year revolving credit facility. The company returned more than $2.8 billion to shareholders in the quarter and had $6.1 billion remaining under its share repurchase authorizations.

Chairman, President and CEO Maryann Mannen said the quarter's results reflect "the differentiated capabilities of our value chains," and credited the completion of two refinery investments and MPLX's natural gas and NGL strategy with supporting "durable growth and increasing distributions."

Marathon Petroleum's 2026 capital spending outlook, excluding MPLX, is $1.5 billion, with about 65% directed to value-enhancing investments and 35% to sustaining operations. In the quarter, the company completed a yield-improvement project at its El Paso refinery, upgrading the fluid catalytic cracker and alkylation units to expand volume, and a product-flexibility project at its Robinson refinery that adds about 10,000 barrels a day of jet fuel production.

MPLX raises spending on its Gulf Coast project

MPLX increased its 2026 growth capital spending outlook by $500 million, to $2.9 billion, which the company said primarily reflects accelerated execution of its Gulf Coast fractionation project. MPLX said it plans to invest more than 90% of its organic growth capital in natural gas and NGL infrastructure, with projects concentrated in the Permian and Marcellus basins. Recent milestones include the Secretariat I gas processing plant in the Delaware Basin, placed in service in April 2026, and the Harmon Creek III gas processing plant and de-ethanizer in the Marcellus, set to begin operations in August 2026. The Blackcomb Pipeline, a 2.5 billion-cubic-foot-a-day line connecting Permian gas supply to Agua Dulce, Texas, began commissioning in July 2026 ahead of a fourth-quarter 2026 in-service date. MPLX also plans two fractionation facilities near Marathon Petroleum's Galveston Bay refinery, due in 2028 and 2029.