MPC
Marathon Petroleum Corporation176.79
-8.72-4.7%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Sour crude flexibility shines in Q&A
Q&A spotlighted MPC's sour crude edge, with Venezuelan barrels and Canadian apportionment widening differentials—a $500M annual benefit per $1 move—prompting a heavier Q1 slate at Garyville and beyond. Management affirmed repeating 2025's $4.5B shareholder returns in 2026 at current cracks, plus 25%+ IRRs on Garyville projects topping midstream yields. West Coast refinery closures position them to run hard. Capex queries drew vows of further refining spend cuts post-2026. Sour cracks widened. Bullish tone persists; investors eye crude optimization execution.
Key Stats
Market Cap
53.75BP/E (TTM)
18.79Basic EPS (TTM)
9.41Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
Marathon Petroleum posted FY2025 net income attributable to MPC of $4.0B, up from $3.4B in FY2024, with Refining & Marketing adjusted EBITDA rising 8% to $6.1B on $16.87/bbl margins (up from $16.01/bbl) amid 94% utilization processing 2,787 mbpd crude y/y (up 3%). Midstream adjusted EBITDA grew 3% to $6.8B, bolstered by Northwind and BANGL acquisitions adding Permian gas treating and NGL transport capacity. Renewable Diesel narrowed losses to $(110)M from $(150)M as volumes rose. Q4 share repurchases totaled $1.0B under $10B authorization ($4.4B remaining); total debt $33.3B with $6.6B liquidity ex-MPLX. MPLX distributed $2.6B to MPC. Volatile refining margins from crude pricing remain a key risk.
8-K
Q4 net income $1.5B
8-K
MPC names new CFO Khoury
Marathon Petroleum appointed Maria A. Khoury as EVP and CFO effective January 19, 2026, succeeding John J. Quaid, who transitions to a non-executive role. Khoury brings 25 years of finance leadership, including GE Oil & Gas CFO stints and recent Danaher biotech oversight. Base salary: $800,000; target bonus: 100% of base; 2026 LTI: $2,400,000; plus $275,000 RSU grant. Her capital allocation expertise bolsters MPC's cash generation push.
8-K
Q3 profits soar to $1.4B
Marathon Petroleum posted Q3 net income of $1.4B ($4.51/share), up from $622M last year, with adjusted EBITDA hitting $3.2B on Refining & Marketing's $1.8B surge and Midstream's 5% growth to $1.7B. Returned $926M to shareholders, including $650M buybacks, and hiked dividends 10%. Midstream expansions advance.
10-Q
Q3 FY2025 results
Marathon Petroleum swung to strong Q3 momentum, with income from operations up 101% y/y to $2.7B on $34.8B revenues (down 1% y/y) as Refining & Marketing margins widened to $17.60/bbl (derived) from $14.63/bbl while Midstream added steady lift. Net income attributable to MPC doubled to $1.37B or $4.51 diluted EPS (reconciles to 304M shares), fueled by $738M gains from BANGL full ownership (closed Jul 2025 for $703M cash + $234M contingent, $731M goodwill) and TAMH ethanol JV sale, yet Renewable Diesel stayed in the red. Cash fell to $2.65B after $3.3B Midstream buys like Northwind ($2.4B cash, $356M goodwill, 15-year intangibles) financed by $4.5B MPLX notes, leaving $7B total debt capacity untapped. Rockies divestiture ($1B cash expected Q4) eyes $150M+ gain. Climate lawsuits loom across states.
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