Marathon Petroleum earned $5.1 billion in net income attributable to the company in the second quarter of 2026, or $17.73 a diluted share, up from $1.2 billion, or $3.96 a share, in the same quarter last year. Adjusted earnings before interest, taxes, depreciation and amortization came to $8.5 billion, versus $3.3 billion a year earlier.
Refining led the swing
Refining & Marketing segment adjusted EBITDA reached $6.7 billion in the quarter, up from $1.9 billion a year ago, or $24.84 a barrel versus $6.79 a barrel. Marathon Petroleum said the jump came mainly from higher crack spreads in every region it operates in. A crack spread is the gap between what a refiner pays for crude oil and what it earns selling gasoline, diesel and other refined products. The refining margin itself was $36.33 a barrel, versus $17.58 a barrel a year earlier. Crude capacity utilization ran at 94%, for total throughput of 2.9 million barrels a day. Refining operating costs rose to $5.72 a barrel from $5.34 a barrel, which the company tied to lower utilization from planned downtime in the Mid-Con region. Planned turnaround costs, kept out of the segment EBITDA figure, totaled $275 million, up from $250 million a year earlier.
Midstream and renewable diesel also gained
Midstream segment adjusted EBITDA rose to $1.8 billion from $1.6 billion, which the company attributed to higher rates and throughputs, including growth from equity affiliates and acquisitions, partly offset by the sale of non-core gathering and processing assets. Renewable Diesel segment adjusted EBITDA turned positive at $258 million, from a $19 million loss a year ago, on stronger margins and improved regulatory credit values, alongside higher throughputs. Corporate expenses were $256 million, up from $243 million.
Capital spending and returns
MPC's 2026 capital spending outlook outside of MPLX LP stands at $1.5 billion, with about 65% going to value-enhancing projects and 35% to sustaining operations, spread across the Galveston Bay, Robinson, El Paso and Garyville refineries. Two of those projects went into service in the quarter: an El Paso yield upgrade meant to boost specialty gasoline output for the El Paso, Phoenix and Mexico markets, and a Robinson product-flexibility project adding about 10,000 barrels a day of jet fuel capacity.
MPLX raised its 2026 growth capital spending outlook by $500 million, to $2.9 billion, mainly to speed up its Gulf Coast fractionation project. More than 90% of that organic growth capital is going toward natural gas and NGL infrastructure concentrated in the Permian and Marcellus basins, which the company expects to generate mid-teens returns and to support 12.5% annual distribution growth in 2026 and 2027. Recent and upcoming MPLX projects include the Secretariat I gas processing plant in the Delaware Basin, placed in service in April 2026, and Bay Runner, a pipeline that will move up to 5.3 billion cubic feet of gas a day between Agua Dulce and Brownsville, Texas, expected in the third quarter of 2026.
MPC ended the quarter with $7.8 billion in cash, including $1.0 billion at MPLX, no borrowings against its $5 billion revolving credit facility, and $6.1 billion remaining under its share repurchase authorization. The company returned more than $2.8 billion to shareholders in the quarter. Chairman, President and CEO Maryann Mannen said the results reflect "the differentiated capabilities of our value chains."
