Financial Data and Key Metrics Changes - The company reported third quarter adjusted net income of $3.01 per share and adjusted EBITDA of $3.2 billion, with cash flow from operations of $2.4 billion, excluding changes in working capital [8][4] - Year-to-date operating cash flow reached $6 billion, with $3.2 billion returned to shareholders through the third quarter, including a 10% increase in dividends [5][4] - The blended crack spread was over $15 per barrel in October, which is 50% higher than the same period last year [5] Business Line Data and Key Metrics Changes - Refining and Marketing (R&M) segment results showed strong performance with adjusted EBITDA of $6.37 per barrel, and refinery utilization was at 95%, processing 2.8 million barrels of crude per day [9][8] - The midstream segment's adjusted EBITDA increased by 5% year-over-year, driven by MPLX's growth strategy [10] - Renewable diesel facilities operated at 86% utilization, but margins were weaker due to higher feedstock costs [10] Market Data and Key Metrics Changes - Diesel and jet demand increased modestly, while gasoline demand remained flat to slightly lower [5] - Product inventory levels for gasoline and distillates are below five-year averages, indicating strong demand [5] - Current market fundamentals suggest tight supply and supportive demand, expected to persist into 2026 [5] Company Strategy and Development Direction - The company is focused on optimizing its portfolio through strategic transactions, including the sale of its interest in an ethanol production joint venture and acquisitions by MPLX [6] - The company aims to lead in cash generation through the cycle, leveraging its integrated refining and marketing value chains [7] - Infrastructure improvements at the Los Angeles refinery are expected to enhance competitiveness and operational efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, citing strong cash generation and a commitment to returning capital to shareholders [5][4] - The fourth quarter is typically the strongest, and management anticipates continued strong performance despite headwinds faced in the third quarter [18] - The company expects to maintain a competitive advantage in the West Coast market due to refinery upgrades and strategic positioning [30][27] Other Important Information - The company completed several transactions to optimize its portfolio and expects to receive $2.8 billion annually from MPLX, with a targeted distribution growth rate of 12.5% [6] - Turnaround expenses for the fourth quarter are projected to be approximately $420 million, with significant activity focused on the West Coast [11] Q&A Session Summary Question: Capture rates in the quarter - Management noted a capture rate of 96%, down from 105% in the previous quarter, primarily due to West Coast dynamics and lower clean product margins [16][17] Question: Return of capital and share repurchase - Management confirmed no change in the strategy for share buybacks, emphasizing the importance of MPLX's distribution growth in supporting capital returns [21][22] Question: West Coast refinery dynamics - Management discussed the competitive advantages in the West Coast market, highlighting the impact of refinery closures and the potential for above mid-cycle margins [25][27] Question: Jet to diesel dynamics - Management acknowledged unprecedented volatility in the jet to diesel differential, attributing it to inventory and supply-driven factors [50][51] Question: Renewable diesel market outlook - Management indicated that while there are headwinds in the renewable diesel segment, they are focused on operational efficiency without significant capital investment [99][100] Question: Crude differentials and market dynamics - Management provided insights on the widening differentials for various crude grades, attributing it to supply-demand dynamics and geopolitical factors [103][104]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted net income of $3.01 per share and adjusted EBITDA of $3.2 billion, with cash flow from operations of $2.4 billion, excluding changes in working capital [8][4][5] - Year-to-date operating cash flow reached $6 billion, with $3.2 billion returned to shareholders through share repurchases and dividends [5][4] - The company announced a 10% increase in dividends, reflecting confidence in its business outlook [5][4] Business Line Data and Key Metrics Changes - Refining and Marketing (R&M) segment results showed adjusted EBITDA of $6.37 per barrel, with refineries running at 95% utilization, processing 2.8 million barrels of crude per day [9][10] - The midstream segment's adjusted EBITDA increased by 5% year-over-year, driven by MPLX's growth strategy [10][11] - Renewable diesel facilities operated at 86% utilization, but margins were weaker due to higher feedstock costs [11][10] Market Data and Key Metrics Changes - The blended crack was over $15 per barrel in October, 50% higher than the same period last year [5][4] - Diesel and jet demand increased modestly, while gasoline demand remained flat to slightly lower [5][4] - Product inventory draws indicated strong demand, with gasoline and distillate inventory levels below five-year averages [5][4] Company Strategy and Development Direction - The company is focused on optimizing its portfolio through strategic transactions, including the sale of its interest in an ethanol production joint venture [6][4] - MPLX is expected to target a distribution growth rate of 12.5% over the next couple of years, implying annual cash distributions to the company of over $3.5 billion [6][4] - The company aims to leverage its integrated refining and marketing value chains to deliver industry-leading cash generation [7][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate market headwinds, with a capture rate of 96% in the third quarter, down from 105% in the previous quarter [18][19] - The fourth quarter is typically the strongest quarter, and management expects to maintain strong performance despite challenges [19][18] - Current market fundamentals indicate tightness in supply and supportive demand, expected to persist into 2026 [5][4] Other Important Information - The company completed several transactions to advance strategic objectives, including the acquisition of a Delaware Basin sour gas treating business by MPLX [6][4] - The Galveston Bay REZID Hydrocracker is expected to return to full capacity soon, which will optimize Gulf Coast operations [12][13] Q&A Session Summary Question: Capture rates in the quarter - Management noted a sequential decline in capture rates to 96%, primarily driven by West Coast dynamics and lower clean product margins [18][19] Question: Return of capital and share repurchase outlook - Management confirmed no change in the strategy for share buybacks, emphasizing the importance of MPLX's distribution growth in supporting capital returns [21][22] Question: West Coast refinery dynamics and future margins - Management highlighted competitive advantages in the West Coast due to refinery closures and ongoing investments, suggesting potential for above mid-cycle margins [26][29] Question: Impact of inventory build on margin capture - Management indicated that inventory builds in the third quarter had a 3% to 5% impact on capture rates [64][65] Question: Renewable diesel market outlook - Management acknowledged challenges in the renewable diesel segment but emphasized a focus on operational efficiency without significant capital investment [100][102] Question: Crude slate and sourcing advantages - Management discussed plans to run a higher percentage of sweet crude in the fourth quarter, leveraging increased availability of advantageous barrels [110]

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Core Viewpoint - Marathon Petroleum's shares have increased by 35% over the past year due to an improved refining environment, but experienced a 6% drop in early trading following an unexpected earnings miss attributed to weak capture rates [1] Group 1: Company Performance - The company reported a surprising earnings miss, which led to a 6% decline in share price during early trading [1] - Over the past year, Marathon Petroleum's shares have performed strongly, gaining 35% [1] Group 2: Market Environment - The refining environment has improved considerably, contributing to the strong performance of Marathon Petroleum's shares [1]

Shares of Marathon Petroleum ( MPC ) have been a strong performer over the past year, gaining 35%, as the refining environment has improved considerably. However, shares dropped 6% in early trading Tuesday after the company reported a surprising earnings miss, primarily due to weak capture ofOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific st ...

THIRD QUARTER 2025 Earnings Conference Call November 4, 2025 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements regarding Marathon Petroleum Corporation (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 a ...

Marathon Petroleum (MPC) came out with quarterly earnings of $3.01 per share, missing the Zacks Consensus Estimate of $3.11 per share. This compares to earnings of $1.87 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.22%. A quarter ago, it was expected that this refiner would post earnings of $3.22 per share when it actually produced earnings of $3.96, delivering a surprise of +22.98%.Over the last four quarters, the compa ...

Group 1 - Marathon Petroleum Corp. has elected Maryann T. Mannen as chairman of the board, effective January 1, 2026, succeeding Michael J. Hennigan, who will retire from the position [1][2] - Mannen has been with the company in various leadership roles, including CEO since August 2024, and she aims to build on the legacy of her predecessor [2] - The company operates the largest refining system in the United States and has a significant presence in the midstream energy sector through its partnership in MPLX LP [3] Group 2 - The board of directors expressed confidence in Mannen's leadership and acknowledged Hennigan's contributions to the company's value creation during his tenure [2] - The company has declared a quarterly dividend of $1.00 per share on common stock, indicating a commitment to returning value to shareholders [5]

Exhibit 99.1 Marathon Petroleum Corp. Reports Third-Quarter 2025 Results FINDLAY, Ohio, Nov. 4, 2025 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $1.4 billion, or $4.51 per diluted share, for the third quarter of 2025, compared with net income attributable to MPC of $622 million, or $1.87 per diluted share, for the third quarter of 2024. Adjusted net income was $915 million, or $3.01 per diluted share, for the third quarter of 2025. Adjustments are shown in the acc ...

Accessibility StatementSkip Navigation FINDLAY, Ohio, Nov. 4, 2025 /PRNewswire/ --Â Â Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $1.4 billion, or $4.51 per diluted share, for the third quarter of 2025, compared with net income attributable to MPC of $622 million, or $1.87 per diluted share, for the third quarter of 2024. Adjusted net income was $915 million, or $3.01 per diluted share, for the third quarter of 2025. Adjustments are shown in the accompanying release ...