Marathon Petroleum Corp. Reports Third-Quarter 2025 Results

Core Insights - Marathon Petroleum Corp. reported a significant increase in net income for Q3 2025, reaching $1.4 billion or $4.51 per diluted share, compared to $622 million or $1.87 per diluted share in Q3 2024 [1][6][26] - Adjusted net income for the same period was $915 million or $3.01 per diluted share, with adjusted EBITDA rising to $3.2 billion from $2.5 billion year-over-year [2][6] Financial Performance - The company's total revenues for Q3 2025 were $35.8 billion, slightly up from $35.4 billion in Q3 2024 [26] - The Refining & Marketing segment adjusted EBITDA was $1.8 billion, up from $1.1 billion in the same quarter of the previous year, with a margin of $6.37 per barrel compared to $4.15 per barrel [5][28] - Midstream segment adjusted EBITDA increased to $1.7 billion, reflecting a 5% growth year-over-year [8] Operational Highlights - Refining operating costs per barrel were reported at $5.59 for Q3 2025, compared to $5.23 in Q3 2024 [7][28] - Crude capacity utilization was at 95%, with total throughput of 3.0 million barrels per day [7][31] - The company returned approximately $926 million to shareholders, including $650 million in share repurchases [6][11] Strategic Developments - The company announced a 10% increase in its quarterly dividend and expects $2.8 billion in annual distributions from MPLX [6][12] - Capital spending for 2025 includes high-return investments in key refineries, with specific projects aimed at enhancing competitiveness and production flexibility [12][14] - The Eiger Express Pipeline project was announced, which will transport natural gas from the Permian basin to Texas, expected to be operational by mid-2028 [15] Market Position - Marathon Petroleum operates the largest refining system in the U.S. and has a diversified asset base that positions it well for capital allocation in the energy sector [20] - The company is focused on optimizing its midstream portfolio to support increased producer activity and enhance its integrated value chain [3][15]