Marathon Petroleum Corp. Reports First-Quarter 2026 Results

FINDLAY, Ohio, May 5, 2026 /PRNewswire/ --

Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $511 million, or $1.73 per diluted share, for the first quarter of 2026. This compares with a net loss attributable to MPC of $(74) million, or $(0.24) per diluted share, for the first quarter of 2025. Adjusted net income was $487 million, or $1.65 per diluted share, for the first quarter of 2026.

Cash provided by operating activities was $1.1 billion for the first quarter of 2026, compared with $(64) million for the first quarter of 2025.

The first quarter of 2026 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $2.8 billion, compared with $2.0 billion for the first quarter of 2025.

"Our first-quarter results underscore the strength and reliability of our integrated system and our disciplined approach to capital deployment," said Chairman, President and Chief Executive Officer Maryann Mannen. "Accelerating our planned turnaround activity in the quarter enhances our operational readiness to supply the elevated levels of current market demand. MPLX progressed its mid-single digit growth strategy through expansions across its Natural Gas and NGL value chains, underpinning distribution growth and strengthening cash flow stability to MPC, positioning us to lead in capital return."

Results from Operations

Adjusted EBITDA (unaudited)

Three Months Ended

March 31,

(In millions)

2026

2025

Refining & Marketing segment adjusted EBITDA

1,377

489

Midstream segment adjusted EBITDA

1,598

1,720

Renewable Diesel segment adjusted EBITDA

(42)

Subtotal

3,013

2,167

Corporate

(274)

(210)

Add: Depreciation and amortization

Adjusted EBITDA

2,763

1,975

Refining & Marketing (R&M)

Segment adjusted EBITDA was $1.4 billion in the first quarter of 2026, versus $489 million for the first quarter of 2025. R&M segment adjusted EBITDA was $5.37 per barrel for the first quarter of 2026, versus $1.91 per barrel for the first quarter of 2025. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $530 million in the first quarter of 2026 and $454 million in the first quarter of 2025.

R&M margin was $17.74 per barrel for the first quarter of 2026, versus $13.38 per barrel for the first quarter of 2025. Crude capacity utilization was 89%, resulting in total throughput of 2.9 million barrels per day (bpd) for the first quarter of 2026. Results benefited from higher crack spreads, partially offset by derivative losses related to our economic hedging program.

Refining operating costs were $6.23 per barrel for the first quarter of 2026, versus $5.74 per barrel for the first quarter of 2025, reflecting higher project-related expense associated with increased turnaround activity. Full-year planned turnaround expense is unchanged, estimated at $1.35 billion.

Midstream

Segment adjusted EBITDA was $1.6 billion in the first quarter of 2026, versus $1.7 billion for the first quarter of 2025. The decrease was primarily driven by derivative losses of $77 million on economic hedges in the first quarter of 2026 and a $37 million non-recurring benefit associated with a customer agreement in the first quarter of 2025.

Renewable Diesel

Segment adjusted EBITDA was $38 million in the first quarter of 2026, versus $(42) million for the first quarter of 2025. The results reflect a stronger margin environment and recognition of clean fuel production tax credits due to clarity on 45Z regulation, partially offset by decreased utilization due to planned downtime at the Martinez Renewables joint venture facility, compared to the prior year quarter.

Corporate and Items Not Allocated

Corporate expenses totaled $274 million in the first quarter of 2026, compared with $210 million in the first quarter of 2025. The variance was primarily due to the fair value remeasurement of outstanding performance-based stock compensation driven by recent stock performance and environmental remediation expense related to historical operations at the Martinez refinery.

Financial Position, Liquidity, and Return of Capital

As of March 31, 2026, MPC had $2.2 billion of cash and cash equivalents, including $1.5 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility.

In the first quarter, the company returned over $1.0 billion of capital to shareholders. As of March 31, 2026, the company had $3.6 billion available under its share repurchase authorizations.

Additionally, the Board of Directors approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company would have had $8.6 billion available under its share repurchase authorizations as of March 31, 2026. The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended or discontinued at any time.

Strategic Update

MPC's 2026 capital spending outlook (excluding MPLX) is $1.5 billion. Approximately 65% of its overall spending is focused on value enhancing capital and 35% on sustaining capital. MPC's outlook includes high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries. In the first quarter of 2026, the Garyville jet flexibility project was brought online. Modifications to the hydrocracker fractionator allow current products to be upgraded to higher value jet fuel, allowing the company to take advantage of growing domestic and export demand. In addition to these multi-year investments, the company is executing shorter-term projects that offer high returns through margin enhancement and cost reduction.

Investment

Details

Expected In-Service

Garyville

Jet Flexibility

Increases flexibility to maximize higher value

jet fuel production to meet growing demand

1Q26 - Completed

El Paso

Yield Improvement

Upgrades fluid catalytic cracker (FCC) and

alkylation units to drive volume expansion

2Q26

Robinson

Product Flexibility

Increases flexibility to maximize higher value

jet fuel production to meet growing demand

3Q26

Galveston Bay

Distillate Hydrotreater

Increases ability to supply high-value ULSD to

domestic and export markets

YE27

Garyville

Feedstock Optimization

Optimizes feedstock slate to enhance margin

YE27

Garyville

Product Export Flexibility

Increases flexibility to produce incremental

export premium gasoline and lowers costs

YE27

MPLX is investing 90% of its $2.4 billion organic growth capital plan toward opportunities to meet growing natural gas and NGL infrastructure needs. With projects concentrated in the Permian and Marcellus, two of the most prolific and competitive basins in North America, investments in these value chains reflect MPLX's confidence in the long-term fundamentals of the energy market, offer some of the most compelling investments in the midstream sector, and are expected to generate mid-teens returns.

Investment

Details

MPLX

Ownership

Expected In-

Service

Harmon Creek III

300 million cubic feet per day

(MMcf/d) gas processing plant and 40

thousand bpd (mbpd) de-ethanizer

100 %

3Q26

Bay Runner and Rio

Bravo Pipelines

Up to 5.3 billion cubic feet per day

(Bcf/d) of natural gas transport capacity

between Agua Dulce, Texas, and

Brownsville, Texas

30 %

Bay Runner: 3Q26

Rio Bravo: 2029

Titan Complex

Increasing sour gas treating capacity

from 150 MMcf/d to over 400 MMcf/d

100 %

4Q26

BANGL Pipeline

Expansion from 250 mbpd to 300

mbpd

100 %

4Q26

Blackcomb Pipeline

2.5 Bcf/d pipeline connecting Permian

supply to Agua Dulce, Texas

34 %

4Q26

Traverse Pipeline

2.5 Bcf/d pipeline designed to

transport natural gas between Agua

Dulce, Texas and Katy, Texas

34 %

2H27

Gulf Coast Fractionators

Two 150 mbpd fractionation facilities

near MPC's Galveston Bay refinery

100 %

Frac I: 2028

Frac II: 2029

Gulf Coast LPG Export

Terminal JV

400 mbpd LPG export terminal

50 %

2028

Marcellus Gathering

System Expansion

Supports producer activity near

MPLX's Majorsville gas processing

complex

100 %

1H28

Eiger Express Pipeline

3.7 Bcf/d pipeline connecting Permian

supply to Katy, Texas

22 %

Mid-2028

Secretariat II

300 MMcf/d gas processing plant in

the Delaware Basin

100 %

2H28

Second-Quarter 2026 Outlook

Refining & Marketing Segment:

Refining operating costs per barrel (a)

5.65

Distribution costs (in millions)

1,625

Refining planned turnaround costs (in millions)

300

Depreciation and amortization (in millions)

390

Refinery throughputs (mbpd):

Crude oil refined

2,795

Other charge and blendstocks

195

Total

2,990

Corporate (includes $30 million of D&A)

240

(a)

Excludes refining planned turnaround and depreciation and amortization expense.

Conference Call

At 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.

About Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

Investor Relations Contacts: (419) 421-2071

Kristina Kazarian, Vice President Finance and Investor Relations

Brian Worthington, Senior Director, Investor Relations

Alyx Teschel, Director, Investor Relations

Media Contact: (419) 421-3577

Jamal Kheiry, Communications Manager

References to Earnings and Defined Terms

References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC's share after excluding amounts attributable to noncontrolling interests.

Market Data

Certain relevant benchmark margin and market data, including pricing, regional and blended crack spreads and sweet and sour crude differentials, along with a hypothetical Refining and Marketing margin indicator based on such margin and market data and operational guidance provided for each quarter, is available on MPC's Investors website at www.marathonpetroleum.com/Investors/Investor-Market-Data. MPC intends to update this information each month no later than the close of business on the second business day following the end of each month unless otherwise noted and may also provide additional updates within each month. Interested parties may register to receive automatic email alerts when the information is updated by clicking on "Sign Up" at https://www.marathonpetroleum.com/Investors/ and following the instructions provided.

Forward-Looking Statements

This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "confidence," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs"), or renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation rising interest rates or government shutdowns; the regional, national and worldwide demand for refined products and renewables and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, renewable diesel and other renewable fuels, NGLs and other feedstocks and related pricing differentials, including increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the ability to obtain the necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating within the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.

Consolidated Statements of Income (unaudited)

Three Months Ended

March 31,

(In millions, except per-share data)

2026

2025

Revenues and other income:

Sales and other operating revenues

34,200

31,517

Income from equity method investments

176

230

Other income

192

103

Total revenues and other income

34,568

31,850

Costs and expenses:

Cost of revenues (excludes items below)

31,261

29,360

Depreciation and amortization

809

793

Selling, general and administrative expenses

867

783

Other taxes

227

Total costs and expenses

33,164

31,163

Income from operations

1,404

687

Net interest and other financial costs

370

304

Income before income taxes

1,034

383

Provision for income taxes

183

Net income

851

346

Less net income attributable to:

Noncontrolling interests

340

420

Net income (loss) attributable to MPC

511

(74)

Per share data

Basic:

Net income (loss) attributable to MPC per share

1.73

(0.24)

Weighted average shares outstanding (in millions)

295

313

Diluted:

Net income (loss) attributable to MPC per share

1.73

(0.24)

Weighted average shares outstanding (in millions)

295

313

Capital Expenditures and Investments (unaudited)

Three Months Ended

March 31,

(In millions)

2026

2025

Refining & Marketing

328

362

Midstream

892

386

Renewable Diesel (a)

—

Corporate (b)

Total

1,252

776

Capitalized interest

(a)

Excludes $62 million of funding to the Martinez Renewables JV due to turnaround costs in the first quarter of 2026 expected to be recovered through subsequent distributions from the JV during 2026.

(b)

Includes capitalized interest.

Refining & Marketing Operating Statistics (unaudited)

Dollar per Barrel of Net Refinery Throughput

Three Months Ended

March 31,

2026

2025

Refining & Marketing margin (a)

17.74

13.38

Less:

Refining operating costs (b)

6.23

5.74

Distribution costs (c)

6.16

5.77

Other income (d)

(0.02)

(0.04)

Refining & Marketing segment adjusted EBITDA

5.37

1.91

Refining planned turnaround costs

2.07

1.77

Depreciation and amortization

1.51

1.58

Fees paid to MPLX included in distribution costs above

3.97

3.86

(a)

Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.

(b)

Excludes refining planned turnaround and depreciation and amortization expense.

(c)

Excludes depreciation and amortization expense.

(d)

Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.

Refining & Marketing - Supplemental Operating Data

Three Months Ended

March 31,

2026

2025

Refining & Marketing refined product sales volume (mbpd) (a)

3,551

3,446

Crude oil refining capacity (mbpcd) (b)

2,986

2,963

Crude oil capacity utilization (percent) (b)

Refinery throughputs (mbpd):

Crude oil refined

2,664

2,623

Other charge and blendstocks

186

226

Net refinery throughputs

2,850

2,849

Sour crude oil throughput (percent)

Sweet crude oil throughput (percent)

Refined product yields (mbpd):

Gasoline

1,414

1,485

Distillates

1,023

1,029

Propane

NGLs and petrochemicals

181

162

Heavy fuel oil

125

Asphalt

Total

2,881

2,891

Inter-region refinery transfers excluded from throughput and yields above (mbpd)

105

(a)

Includes intersegment sales.

(b)

Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.

Refining & Marketing - Supplemental Operating Data by Region (unaudited)

The per barrel data for the regions, as shown in the tables below, is calculated based on the net refinery throughput (excludes inter-refinery transfer volumes).

Refining operating costs exclude refining planned turnaround costs and refining depreciation and amortization expense. Distribution costs exclude depreciation and amortization.

Gulf Coast Region

Three Months Ended

March 31,

2026

2025

Refining & Marketing margin (dollar per barrel of net refinery throughput)

17.58

11.75

Less:

Refining operating costs

5.34

5.25

Distribution costs

6.13

5.77

Other income

(0.09)

(0.01)

Refining & Marketing Gulf Coast adjusted EBITDA

6.20

0.74

Refining planned turnaround costs

3.11

2.28

Depreciation and amortization (a)

1.21

Refinery throughputs (mbpd):

Crude oil refined

1,113

1,013

Other charge and blendstocks

165

170

Gross refinery throughputs

1,278

1,183

Sour crude oil throughput (percent)

Sweet crude oil throughput (percent)

Refined product yields (mbpd):

Gasoline

539

598

Distillates

431

412

Propane

NGLs and petrochemicals

129

104

Heavy fuel oil

152

Asphalt

Total

1,299

1,210

Inter-region refinery transfers included in throughput and yields above (mbpd)

(a)

Includes refining and distribution depreciation and amortization.

Mid-Continent Region

Three Months Ended

March 31,

2026

2025

Refining & Marketing margin (dollar per barrel of net refinery throughput)

14.10

13.03

Less:

Refining operating costs

6.20

4.94

Distribution costs

6.37

5.58

Other (income) loss

0.03

(0.06)

Refining & Marketing Mid-Continent adjusted EBITDA

1.50

2.57

Refining planned turnaround costs

1.56

0.63

Depreciation and amortization (a)

1.54

1.59

Refinery throughputs (mbpd):

Crude oil refined

1,044

1,127

Other charge and blendstocks

Gross refinery throughputs

1,121

1,192

Sour crude oil throughput (percent)

Sweet crude oil throughput (percent)

Refined product yields (mbpd):

Gasoline

612

640

Distillates

386

434

Propane

NGLs and petrochemicals

Heavy fuel oil

Asphalt

Total

1,126

1,200

Inter-region refinery transfers included in throughput and yields above (mbpd)

(a)

Includes refining and distribution depreciation and amortization.

West Coast Region

Three Months Ended

March 31,

2026

2025

Refining & Marketing margin (dollar per barrel of net refinery throughput)

25.71

17.94

Less:

Refining operating costs

8.34

8.75

Distribution costs

5.80

6.18

Other income

(0.04)

(0.02)

Refining & Marketing West Coast adjusted EBITDA

11.61

3.03

Refining planned turnaround costs

0.76

3.27

Depreciation and amortization (a)

2.13

2.42

Refinery throughputs (mbpd):

Crude oil refined

507

483

Other charge and blendstocks

Gross refinery throughputs

556

518

Sour crude oil throughput (percent)

Sweet crude oil throughput (percent)

Refined product yields (mbpd):

Gasoline

280

256

Distillates

215

184

Propane

NGLs and petrochemicals

Heavy fuel oil

Asphalt

—

Total

561

525

Inter-region refinery transfers included in throughput and yields above (mbpd)

(a)

Includes refining and distribution depreciation and amortization.

Midstream Operating Statistics (unaudited)

Three Months Ended

March 31,

2026

2025

Pipeline throughputs (mbpd) (a)

5,788

6,022

Terminal throughputs (mbpd)

2,976

3,095

Gathering system throughputs (million cubic feet per day) (b)

6,488

6,516

Natural gas processed (million cubic feet per day) (b)

9,406

9,781

C2 (ethane) + NGLs fractionated (mbpd) (b)

634

660

(a)

Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.

(b)

Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

Renewable Diesel Financial Data (unaudited)

Three Months Ended

March 31,

(In millions)

2026

2025

Renewable Diesel margin (a)

133

Less:

Operating costs (b)

Distribution costs (c)

Other income (d)

—

(24)

Renewable Diesel segment adjusted EBITDA

(42)

Planned turnaround costs

JV planned turnaround costs

Depreciation and amortization

JV depreciation and amortization

(a)

Sales revenue less cost of renewable inputs and purchased products.

(b)

Excludes planned turnaround and depreciation and amortization expense.

(c)

Excludes depreciation and amortization expense.

(d)

Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.

Select Financial Data (unaudited)

March 31,

2026

December 31,

2025

(in millions of dollars)

Cash and cash equivalents

2,151

3,672

Total consolidated debt (a)

32,825

32,876

MPC debt

7,191

7,223

MPLX debt

25,634

25,653

Equity

23,427

24,086

(in millions)

Shares outstanding

293

295

(a)

Net of unamortized debt issuance costs and unamortized premium/discount, net.

Non-GAAP Financial Measures

Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. The non-GAAP financial measures we use are as follows:

Adjusted Net Income Attributable to MPC and Adjusted Diluted Income Per Share

Adjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance. Adjusted diluted income per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.

We believe the use of adjusted net income attributable to MPC and adjusted diluted income per share provides us and our investors with important measures of our ongoing financial performance to better assess our underlying business results and trends. Adjusted net income attributable to MPC or adjusted diluted income per share should not be considered as a substitute for, or superior to net income attributable to MPC, diluted net income per share or any other measure of financial performance presented in accordance with GAAP. Adjusted net income attributable to MPC and adjusted diluted income per share may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Net Income Attributable to MPC to Adjusted Net Income Attributable to MPC

(unaudited)

Three Months Ended

March 31,

(In millions)

2026

2025

Net income (loss) attributable to MPC

511

(74)

Pre-tax adjustments:

Clean fuel production tax credit (a)

(32)

—

Tax impact of adjustments (b)

—

Adjusted net income (loss) attributable to MPC

487

(74)

Diluted income (loss) per share

1.73

(0.24)

Adjusted diluted income (loss) per share

1.65

(0.24)

Weighted average diluted shares outstanding

295

313

(a)

Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.

(b)

Income taxes for the three months ended March 31, 2026 were calculated by applying a federal statutory rate and a blended state tax rate to the pre-tax adjustments. The corresponding adjustments to reported income taxes are shown in the table above.

Adjusted EBITDA

Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.

Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. Adjusted EBITDA should not be considered as a substitute for, or superior to income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA (unaudited)

Three Months Ended

March 31,

(In millions)

2026

2025

Net income (loss) attributable to MPC

511

(74)

Net income attributable to noncontrolling interests

340

420

Provision for income taxes

183

Net interest and other financial costs

370

304

Depreciation and amortization

809

793

Renewable Diesel JV depreciation and amortization

Refining & Renewable Diesel planned turnaround costs

531

465

Renewable Diesel JV planned turnaround costs

Clean fuel production tax credit (a)

(32)

—

Adjusted EBITDA

2,763

1,975

(a)

Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February of 2026 which clarified the qualification criteria for 45Z credits.

Refining & Marketing Margin

Refining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products, which includes impacts from derivative activity. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Refining & Marketing Segment Adjusted EBITDA to Refining & Marketing Gross

Margin and Refining & Marketing Margin (unaudited)

Three Months Ended

March 31,

(In millions)

2026

2025

Refining & Marketing segment adjusted EBITDA

1,377

489

Plus (Less):

Depreciation and amortization

(387)

(406)

Refining planned turnaround costs

(530)

(454)

Selling, general and administrative expenses

650

624

(Income) loss from equity method investments

(5)

Other income

(101)

(68)

Refining & Marketing gross margin

1,011

180

Plus (Less):

Operating expenses (excluding depreciation and amortization)

3,248

2,984

Depreciation and amortization

387

406

Gross margin excluded from and other income included in Refining & Marketing

margin (a)

(44)

(70)

Other taxes included in Refining & Marketing margin

(52)

(70)

Refining & Marketing margin

4,550

3,430

(a)

Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income.

Refining & Marketing Margin by region:

Three Months Ended March 31,

2026

2025

Margin

Net

Refinery

Throughput

Margin

Net

Refinery

Throughput

Margin

Region

(in millions)

(mbpd)

($/bbl)

(in millions)

(mbpd)

($/bbl)

Gulf Coast

1,913

1,208

17.58

1,227

1,160

11.75

Mid-Continent

1,412

1,113

14.10

1,390

1,185

13.03

West Coast

1,225

529

25.71

813

504

17.94

Refining & Marketing

4,550

2,850

17.74

3,430

2,849

13.38

Refining & Marketing Adjusted EBITDA by region:

Three Months Ended March 31,

2026

2025

Adjusted

EBITDA

Net

Refinery

Throughput

Adjusted

EBITDA

Adjusted

EBITDA

Net

Refinery

Throughput

Adjusted

EBITDA

Region

(in millions)

(mbpd)

($/bbl)

(in millions)

(mbpd)

($/bbl)

Gulf Coast

674

1,208

6.20

1,160

0.74

Mid-Continent

150

1,113

1.50

274

1,185

2.57

West Coast

553

529

11.61

137

504

3.03

Refining & Marketing

Segment

1,377

2,850

5.37

489

2,849

1.91

Renewable Diesel Margin

Renewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and costs for purchased product, including from our Martinez Renewables JV. We use, and believe our investors use, this non-GAAP financial measure to evaluate our Renewable Diesel segment's operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Renewable Diesel Segment Adjusted EBITDA to Renewable Diesel Gross Margin

and Renewable Diesel Margin (unaudited)

Three Months Ended

March 31,

(In millions)

2026

2025

Renewable Diesel segment adjusted EBITDA

(42)

Plus (Less):

Depreciation and amortization

(16)

(18)

JV depreciation and amortization

(22)

Planned turnaround costs

(1)

(11)

JV planned turnaround costs

(29)

(8)

Selling, general and administrative expenses

(Income) loss from equity method investments

(16)

Other income

(28)

(3)

Renewable Diesel gross margin

(21)

(111)

Plus (Less):

Operating expenses (excluding depreciation and amortization)

117

Depreciation and amortization

Martinez JV depreciation and amortization

Renewable Diesel margin

133

SOURCE Marathon Petroleum Corporation