Marathon Petroleum Corp. (MPC) reported net income attributable to MPC of $7.4 billion, or $26.59 a share, for the third quarter of 2026, up from $5.1 billion, or $17.73 a share, in the second quarter. Adjusted EBITDA rose to $11.7 billion from $8.5 billion.

The integrated downstream and midstream energy company said its third-quarter refining and marketing results were driven primarily by higher market crack spreads in all regions. Refining and marketing segment adjusted EBITDA was $9.9 billion, or $34.15 a barrel, compared with $6.7 billion, or $24.84 a barrel, in the prior quarter. R&M margin was $45.70 a barrel.

Crude capacity utilization reached 100%, lifting total throughput to 3.2 million barrels a day from 2.9 million bpd at 94% utilization in the second quarter. Refining operating costs were $5.60 a barrel. Segment adjusted EBITDA excludes planned turnaround costs of $294 million.

Midstream segment adjusted EBITDA was $1.9 billion. The company said the increase was primarily driven by increased rates and throughputs, increased income from equity affiliates, and growth from acquisitions, partially offset by the divestiture of non-core gathering and processing assets and higher operating expenses, including incentive compensation. Renewable diesel segment adjusted EBITDA was $254 million. Corporate expenses were $328 million.

Chairman, President and Chief Executive Officer Maryann Mannen said value chain capabilities remained a defining advantage, capturing opportunities to enhance margins across dynamic market conditions, and that strong planning, commercial, and operational execution generated significant cash flows.

In the third quarter, MPC returned $3.3 billion of capital to shareholders. As of September 30, 2026, the company had $13.6 billion of cash, cash equivalents, and short-term investments, including $1.3 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility. On September 15, 2026, MPC redeemed all of its outstanding $749 million senior notes due December 2026.

The board approved an incremental $5 billion share repurchase authorization. With the addition of that authorization, the company would have had $8.1 billion available under its share repurchase authorizations as of September 30, 2026, after $3.1 billion remained under prior authorizations. MPC announced a 10% increase in its quarterly dividend. MPLX increased its quarterly distribution by 12.5% for the third consecutive year, resulting in $3.1 billion of expected annual distributions to MPC.

MPC announced the divestiture of the St. Paul Park and Mandan refineries, inclusive of related midstream assets, for $4.2 billion. MPC will receive $3.45 billion of the proceeds and intends to reinvest this capital prioritizing opportunities that meet the company’s return thresholds and advance its strategic priorities, primarily in the Gulf Coast. MPLX will receive $750 million of the proceeds, representing a 9x multiple on forecast 2027 adjusted EBITDA of the associated logistics assets. The transaction is expected to close at the end of 2026.

MPC’s 2026 capital spending outlook excluding MPLX is $1.5 billion, with about 65% on value-enhancing investments and 35% on sustaining operations. The outlook includes high-return investments at Galveston Bay, Robinson, El Paso, and Garyville. MPLX is investing $2.9 billion of organic growth capital toward opportunities to meet global demand for U.S. energy, with over 90% allocated to natural gas and NGL infrastructure.

For the fourth quarter of 2026, MPC guided refining operating costs at $5.60 a barrel and total refinery throughputs of 3,080 thousand barrels a day, including 2,830 thousand bpd of crude oil refined and 250 thousand bpd of other charge and blendstocks. Planned turnaround costs are guided at $230 million.