Marathon Petroleum Corp
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
MPC$372.74-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001510295-26-000061
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001510295-26-000071
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 266 previous paragraphs and 283 current paragraphs.
179 unchanged; 79 reworded; 24 added; 8 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 20 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
Announced Divestiture of St. Paul Park and Mandan Refineries
Current report
On November 2, 2026, we entered into a definitive agreement to divest our St. Paul Park, Minnesota and Mandan, North Dakota refineries and related midstream assets for $4.2 billion in cash, subject to working capital, inventory and other closing adjustments. The carrying value of the associated net assets was $1.8 billion as of September 30, 2026 and reported within the Refining & Marketing and Midstream segments. The transaction is expected to close in the fourth quarter of 2026, pending satisfaction of customary closing conditions and regulatory approvals.
Current report
(b)The three and nine months ended September 30, 2025 include gains from the BANGL Acquisition and the sale of MPC’s interest in TAMH. See Note 5 to the unaudited consolidated financial statements for additional information.
Current report
(c) Transaction-related costs include costs associated with significant transactions discussed in Note 5 to the unaudited consolidated financial statements.
Current report
(e)Includes adjustments for a tax matter dispute with the City of Carson relating to municipal taxes covering multiple prior year periods as well as legal settlements arising from a single event in a prior year.
Current report
•decreased income from equity method investments of $617 million largely due to the recognition of gains from the BANGL acquisition of $484 million and the Ethanol Joint Venture sale of $254 million in the third quarter of 2025, partially offset by increased income from other Midstream equity method investments of $92 million.
Current report
•increased selling, general and administrative expenses of $237 million primarily due to increased incentive compensation as a result of company performance, including performance-based stock compensation and bonuses of approximately $150 million, as well as increased other costs, including legal expense; and
Current report
•increased other taxes of $74 million mainly due to resolution of a tax matter dispute with the City of Carson covering multiple prior year periods.
Current report
Net income attributable to noncontrolling interests decreased $142 million mainly due to a decrease in MPLX’s net income for the three months ended September 30, 2026, driven by gains on sales of assets in the prior year. See further discussion in the Midstream Segment Results section as well as in the Items not Allocated to Segments section.
Current report
•decreased income from equity method investments of $627 million largely due to the recognition of gains from the BANGL acquisition of $484 million and the Ethanol Joint Venture sale of $254 million in 2025, partially offset by increased income from other Midstream equity method investments of $104 million; and
Current report
•increased selling, general and administrative expenses of $348 million primarily due to increased incentive compensation as a result of company performance, including performance-based stock compensation and bonuses of approximately $196 million, increases in other employee related costs of $69 million, increased bank service charges of $28 million, increased environmental expense of $24 million, as well as increased other costs, including legal expense; and
Current report
•increased other taxes of $70 million mainly due to resolution of a tax matter dispute with the City of Carson covering multiple prior year periods.
Current report
The following includes key financial and operating data for the third quarter of 2026 compared to the third quarter of 2025 and the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Current report
Net refinery throughput increased 145 mbpd due to favorable impacts across all regions as a result of lower turnarounds and improved utilization.
Current report
Net refinery throughput increased 11 mbpd in the first nine months of 2026 compared to the first nine months of 2025.
Current report
The following includes key financial and operating data for the third quarter of 2026 compared to the third quarter of 2025 and the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Current report
The following includes key financial and operating data for the third quarter of 2026 compared to the third quarter of 2025 and the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Current report
In the third quarter of 2026, corporate expenses increased $90 million primarily due to the increased incentive compensation as a result of company performance, including performance-based compensation and bonuses of approximately $71 million, as well as increased other employee related costs of $11 million.
Current report
Total items not allocated to segments of $123 million in the third quarter of 2026 include resolution of a tax matter dispute with the City of Carson relating to municipal taxes covering multiple prior year periods as well as legal settlements arising from a single event in a prior year. Total items not allocated to segments of $774 million in the third quarter of 2025, primarily include the gain on sale of assets from the BANGL Acquisition of $484 million and the Ethanol Joint Venture Sale of $254 million. See Note 5 to the unaudited consolidated financial statements for additional information on these transactions. In addition, items not allocated to segments in the third quarter of 2025 includes the 2023 compliance year SRE credit, partially offset by transaction costs related to Midstream acquisitions during the quarter.
Current report
•In the first nine months of 2026, purchases of short-term investments were an $800 million use of cash.
Current report
In September 2026, we redeemed all of the outstanding MPC and Andeavor LLC $749 million aggregate principal amount of 5.125 percent senior notes due December 2026.
Current report
MPLX is party to an intercompany loan agreement with MPC. Under the terms of the agreement, MPC extends loans to MPLX on a revolving basis as requested by MPLX and as agreed to by MPC. On October 30, 2026, MPLX and MPC amended and restated this agreement to increase the borrowing capacity from $1.5 billion to $2.5 billion and to extend the term from July 31, 2029 to October 30, 2031.
Current report
The following table summarizes MPLX debt issuances during the nine months ended September 30, 2026, all of which were issued in an underwritten public offering:
Current report
In September 2026, MPLX used a portion of the proceeds from the issuance of senior notes in August 2026 to redeem the outstanding $1.25 billion aggregate principal amount of 4.125 percent senior notes due March 2027.
Removed paragraphs (8)
Previous report
•increased income from equity method investments of $44 million largely due to increased income from our Martinez Renewables JV of $21 million and Midstream equity method investments of $14 million.
Previous report
•increased selling, general and administrative expenses of $111 million primarily due to increased employee related costs of $56 million and fair-value remeasurement of outstanding performance-based stock compensation of $45 million.
Previous report
The following includes key financial and operating data for the second quarter of 2026 compared to the second quarter of 2025 and the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Previous report
Net refinery throughput decreased 116 mbpd due to increased planned turnaround activity, primarily in the Mid-Continent region, occurring in the second quarter of 2026 compared to the second quarter of 2025.
Previous report
Net refinery throughput decreased 57 mbpd due to increased planned turnaround activity, primarily in the Mid-Continent region, occurring in the first six months of 2026 compared to the first six months of 2025.
Previous report
The following includes key financial and operating data for the second quarter of 2026 compared to the second quarter of 2025 and the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Previous report
The following includes key financial and operating data for the second quarter of 2026 compared to the second quarter of 2025 and the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Previous report
On February 12, 2026, MPLX issued $1.0 billion aggregate principal amount of 5.300 percent senior notes due 2036 (the “2036 Senior Notes”) and $500 million aggregate principal amount of 6.100 percent senior notes due 2056 (the “2056 Senior Notes”) in an underwritten public offering, The 2036 Senior Notes were offered at a price to the public of 99.678 percent of par, with interest payable semi-annually in arrears, commencing on October 1, 2026. The 2056 Senior Notes were offered at a price to the public of 98.453 percent of par, with interest payable semi-annually in arrears, commencing on October 1, 2026.
Reworded paragraphs (79)
Previous wording
•the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned or recently completed acquisitions or other transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC;
Current wording
•the ability to realize expected returns or other benefits on planned, anticipated, ongoing or completed projects or transactions, including the recently announced divestiture of the St. Paul Park and Mandan refineries and related midstream assets and the acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC;
Previous wording
•the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete planned projects or to consummate planned transactions within the expected timeframe, if at all;
Current wording
•the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete planned projects or to consummate planned transactions within the expected timeframe, if at all, including the recently announced divestiture of the St. Paul Park and Mandan refineries and related midstream assets;
Previous wording
Our Refining & Marketing segment results for the second quarter of 2026 versus the second quarter of 2025 reflect higher realized refining margins supported by stable demand and higher product prices driven by global crude oil supply disruptions as a result of increasing regional conflicts, particularly in the Middle East. Longer term, global demand growth is expected to outpace the net impact of refining capacity additions and rationalizations through the end of the decade. We anticipate these fundamentals, as well as the U.S. refining industry’s current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners.
Current wording
Our Refining & Marketing segment results for the third quarter of 2026 versus the third quarter of 2025 reflect higher realized refining margins supported by stable demand and higher product prices driven by global crude oil supply disruptions as a result of increasing regional conflicts, particularly in the Middle East and Russia. Longer term, global demand growth is expected to outpace the net impact of refining capacity additions and rationalizations through the end of the decade. We anticipate these fundamentals, as well as the U.S. refining industry’s current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners.
Previous wording
Our Midstream segment results for the second quarter of 2026 versus the second quarter of 2025 reflect previously announced acquisition and divestiture activity as we continue to optimize our assets and execute on progressing our strategic initiatives. We believe our Midstream business is well positioned to meet growing global demand for U.S. energy through the advancement of MPLX’s wellhead-to-water strategy and support the development plans of its producer customers.
Current wording
Our Midstream segment results for the third quarter of 2026 versus the third quarter of 2025 reflect previously announced acquisition and divestiture activity as we continue to optimize our assets and execute on progressing our strategic initiatives. We believe our Midstream business is well positioned to meet growing global demand for U.S. energy through the advancement of MPLX’s wellhead-to-water strategy and support the development plans of its producer customers.
Previous wording
In the first and second quarters of 2026, the U.S. Department of Energy (“DOE”) accepted MPC’s bids to exchange crude oil barrels with the Strategic Petroleum Reserve (“SPR”). Under the arrangements, the SPR agreed to deliver approximately 22 million barrels to MPC throughout 2026 and MPC agreed to return approximately 27 million barrels beginning in April of 2027 through July of 2029.
Current wording
In the first and second quarters of 2026, the U.S. Department of Energy (“DOE”) accepted MPC’s bids to exchange crude oil barrels with the Strategic Petroleum Reserve (“SPR”). Under the arrangements, the SPR delivered approximately 21 million barrels to MPC during the second and third quarters of 2026 and MPC agreed to return approximately 26 million barrels beginning in April of 2027 through July of 2029.
Previous wording
On May 5, 2026, we announced that our board of directors approved an additional $5.0 billion share repurchase authorization. The share repurchase authorization has no expiration date. Future repurchases under the authorization will depend on the macro environment, cash available after opportunities for capital investment and growth of the business, and market conditions. As of June 30, 2026, we had $6.13 billion remaining under the share repurchase authorizations.
Current wording
On November 3, 2026 we announced that our board of directors approved an additional $5.0 billion share repurchase authorization that is in addition to the $5.0 billion share repurchase authorization announced on May 5, 2026. The share repurchase authorizations have no expiration date. Future repurchases under these authorizations will depend on the macro environment, cash available after opportunities for capital investment and growth of the business, and market conditions. As of September 30, 2026, we had $3.12 billion remaining under the May 5, 2026 share repurchase authorization.
Previous wording
See Note 8 to the unaudited consolidated financial statements for further discussion of our share repurchase authorizations.
Current wording
See Note 9 and Note 24 to the unaudited consolidated financial statements for further discussion of our share repurchase authorizations.
Previous wording
(b)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.
Current wording
(d)Recognition of 2025 clean fuel production tax credits as a result of proposed regulatory guidance issued in February 2026, which clarified the qualification criteria for 45Z credits.
Previous wording
Net income attributable to MPC was $5.14 billion, or $17.73 per diluted share, for the second quarter of 2026 compared to $1.22 billion, or $3.96 per diluted share, for the second quarter of 2025 and $5.65 billion, or $19.30 per diluted share, in the first six months of 2026 compared to $1.14 billion, or $3.68 per diluted share, in the first six months of 2025.
Current wording
Net income attributable to MPC was $7.45 billion, or $26.59 per diluted share, for the third quarter of 2026 compared to $1.37 billion, or $4.51 per diluted share, for the third quarter of 2025 and $13.10 billion, or $45.40 per diluted share, in the first nine months of 2026 compared to $2.51 billion, or $8.15 per diluted share, in the first nine months of 2025.
Previous wording
Refer to the Results of Operations section for a discussion of consolidated financial results and Segment Results for the second quarter of 2026 as compared to the second quarter of 2025 and the first six months of 2026 compared to the first six months of 2025.
Current wording
Refer to the Results of Operations section for a discussion of consolidated financial results and Segment Results for the third quarter of 2026 as compared to the third quarter of 2025 and the first nine months of 2026 compared to the first nine months of 2025.
Previous wording
We owned approximately 647 million MPLX common units as of June 30, 2026, with a market value of $36.47 billion based on the June 30, 2026 closing price of $56.33 per common unit. On July 28, 2026, MPLX declared a quarterly cash distribution of $1.0765 per common unit, payable on August 14, 2026 to unitholders of record on August 7, 2026. MPC’s portion of this distribution is approximately $697 million.
Current wording
We owned approximately 647 million MPLX common units as of September 30, 2026, with a market value of $36.46 billion based on the September 30, 2026 closing price of $56.32 per common unit. On October 27, 2026, MPLX declared a quarterly cash distribution of $1.2111 per common unit, payable on November 13, 2026 to unitholders of record on November 6, 2026. MPC’s portion of this distribution is approximately $784 million.
Previous wording
We received limited partner distributions from MPLX of $1.39 billion in the six months ended June 30, 2026 and $1.24 billion in the six months ended June 30, 2025.
Current wording
We received limited partner distributions from MPLX of $2.09 billion in the nine months ended September 30, 2026 and $1.86 billion in the nine months ended September 30, 2025.
Previous wording
During the six months ended June 30, 2026, MPLX repurchased approximately 2 million MPLX common units at an average cost per unit of $56.32 and paid $100 million of cash for the repurchased common units. As of June 30, 2026, MPLX had $1.02 billion remaining under the unit repurchase authorizations.
Current wording
During the nine months ended September 30, 2026, MPLX repurchased approximately 3 million MPLX common units at an average cost per unit of $57.09 and paid $150 million of cash for the repurchased common units. As of September 30, 2026, MPLX had $970 million remaining under the unit repurchase authorization.
Previous wording
Net income attributable to MPC increased $3.92 billion in the second quarter of 2026 compared to the second quarter of 2025 primarily due to the following:
Current wording
Net income attributable to MPC increased $6.08 billion in the third quarter of 2026 compared to the third quarter of 2025 primarily due to the following:
Previous wording
Revenues and other income increased $18.24 billion primarily due to:
Current wording
Revenues and other income increased $20.64 billion primarily due to:
Previous wording
•increased sales and other operating revenues of $18.2 billion mainly due to an increase in Refining & Marketing segment average refined product sales prices of $1.12 per gallon and increased refined product sales volumes of 7 mbpd; and
Current wording
•increased sales and other operating revenues of $21.22 billion mainly due to an increase in Refining & Marketing segment average refined product sales prices of $1.14 per gallon and increased refined product sales volumes of 247 mbpd; and
Previous wording
Costs and expenses increased $15.11 billion primarily due to:
Current wording
Costs and expenses increased $12.90 billion primarily due to:
Previous wording
•increased cost of revenues of $14.94 billion mainly due to increased crude costs and finished product purchases; and
Current wording
•increased cost of revenues of $12.60 billion mainly due to increased crude costs and finished product purchases;
Previous wording
We recorded a combined federal, state and foreign income tax provision of $1.44 billion for the three months ended June 30, 2026, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests and cross-border tax impacts, partially offset by state taxes. We recorded a combined federal, state and foreign income tax provision of $268 million for the three months ended June 30, 2025, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes.
Current wording
We recorded a combined federal, state and foreign income tax provision of $2.29 billion for the three months ended September 30, 2026, which was higher than the U.S. statutory rate primarily due to state taxes, partially offset by permanent tax benefits related to net income attributable to noncontrolling interests and cross-border tax impacts. We recorded a combined federal, state and foreign income tax provision of $460 million for the three months ended September 30, 2025, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes.
Previous wording
Net income attributable to MPC increased $4.51 billion in the first six months of 2026 compared to the first six months of 2025 primarily due to the following:
Current wording
Net income attributable to MPC increased $10.58 billion in the first nine months of 2026 compared to the first nine months of 2025 primarily due to the following:
Previous wording
Revenues and other income increased $20.95 billion primarily due to:
Current wording
Revenues and other income increased $41.59 billion primarily due to:
Previous wording
•increased sales and other operating revenues of $20.88 billion mainly due to an increase in Refining & Marketing segment average refined product sales prices of $0.66 per gallon and increased refined product sales volumes of 55 mbpd; and
Current wording
•increased sales and other operating revenues of $42.10 billion mainly due to an increase in Refining & Marketing segment average refined product sales prices of $0.83 per gallon and increased refined product sales volumes of 120 mbpd;
Previous wording
•increased other income of $94 million primarily due to approximately $75 million of clean fuel production tax credits, of which $32 million related to 2025 activity.
Current wording
•increased other income of $124 million primarily due to approximately $82 million of clean fuel production tax credits, of which $32 million related to 2025 activity.
Previous wording
Costs and expenses increased $13.11 billion primarily due to increased cost of revenues of $13.04 billion mainly due to increased crude costs and finished product purchases.
Current wording
•increased cost of revenues of $27.54 billion mainly due to increased crude costs and finished product purchases;
Previous wording
Net interest and other financial costs increased $87 million largely due to increased interest expense, primarily due to higher MPLX borrowings, partially offset by increased interest income and capitalized interest.
Current wording
Net interest and other financial costs increased $64 million largely due to increased interest expense, primarily due to higher MPLX borrowings, partially offset by increased interest income and capitalized interest.
Previous wording
We recorded a combined federal, state and foreign income tax provision of $1.63 billion for the six months ended June 30, 2026, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests and cross-border tax impacts, partially offset by state taxes. We recorded a combined federal, state and foreign income tax provision of $305 million for the six months ended June 30, 2025, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes.
Current wording
We recorded a combined federal, state and foreign income tax provision of $3.91 billion for the nine months ended September 30, 2026, which was higher than the U.S. statutory rate primarily due to state taxes, partially offset by permanent tax benefits related to net income attributable to noncontrolling interests and cross-border tax impacts. We recorded a combined federal, state and foreign income tax provision of $765 million for the nine months ended September 30, 2025, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes.
Previous wording
Net income attributable to noncontrolling interests decreased $74 million mainly due to a decrease in MPLX’s net income in the first six months of 2026. See further discussion in the Midstream Segment Results section.
Current wording
Net income attributable to noncontrolling interests decreased $216 million mainly due to a decrease in MPLX’s net income in the first nine months of 2026, driven by gains on sales of assets in the prior year. See further discussion in the Midstream Segment Results section as well as in the Items not Allocated to Segments section.
Previous wording
Our segment adjusted EBITDA for reportable segments was $11.70 billion and $5.68 billion for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Our segment adjusted EBITDA for reportable segments was $23.74 billion and $9.09 billion for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Refining & Marketing segment revenues increased $17.47 billion primarily due to an increase in average refined product sales prices of $1.12 per gallon and increased refined product sales volumes of 7 mbpd.
Current wording
Refining & Marketing segment revenues increased $20.45 billion primarily due to an increase in average refined product sales prices of $1.14 per gallon and increased refined product sales volumes of 247 mbpd.
Previous wording
Refining & Marketing segment adjusted EBITDA increased $4.77 billion mainly due to increased per barrel margins. Refining & Marketing segment adjusted EBITDA was $24.84 per barrel for the second quarter of 2026, versus $6.79 per barrel for the second quarter of 2025.
Current wording
Refining & Marketing segment adjusted EBITDA increased $8.13 billion mainly due to increased per barrel margins. Refining & Marketing segment adjusted EBITDA was $34.15 per barrel for the third quarter of 2026, versus $6.37 per barrel for the third quarter of 2025.
Previous wording
Refining & Marketing margin was $36.33 per barrel for the second quarter of 2026 compared to $17.58 per barrel for the second quarter of 2025, primarily due to higher crack spreads. Refining & Marketing margin is affected by our performance against the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net positive impact of approximately $4 billion on Refining & Marketing margin for the second quarter of 2026 compared to the second quarter of 2025. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, the effect of market structure on our crude oil acquisition prices, the effect of RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net positive effect of approximately $800 million on Refining & Marketing segment adjusted EBITDA in the second quarter of 2026 compared to the second quarter of 2025.
Current wording
Refining & Marketing margin was $45.70 per barrel for the third quarter of 2026 compared to $17.60 per barrel for the third quarter of 2025, primarily due to higher crack spreads. Refining & Marketing margin is affected by our performance against the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net positive impact of approximately $9 billion on Refining & Marketing margin for the third quarter of 2026 compared to the third quarter of 2025. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, the effect of market structure on our crude oil acquisition prices, the effect of RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net negative effect of approximately $700 million on Refining & Marketing segment adjusted EBITDA in the third quarter of 2026 compared to the third quarter of 2025.
Previous wording
We purchase RINs to satisfy a portion of our RFS compliance. Our expenses associated with purchased RINs and included in Refining & Marketing margin were $683 million and $314 million in the second quarter of 2026 and 2025, respectively. The increase in the second quarter of 2026 was mainly due to higher RIN costs and blending requirements, partially offset by lower RIN sales and obligated volume in addition to increased RINs generated.
Current wording
We purchase RINs to satisfy a portion of our RFS compliance. Our expenses associated with purchased RINs and included in Refining & Marketing margin were $654 million and $212 million in the third quarter of 2026 and 2025, respectively. The increase in the third quarter of 2026 was mainly due to higher blending requirements and RIN costs.
Previous wording
For the six months ended June 30, 2026, refining operating costs, excluding depreciation and amortization, increased $172 million, or $0.44 per barrel, largely due to increased major maintenance and engineered projects conducted during turnaround activity, partially offset by lower energy costs.
Current wording
For the three months ended September 30, 2026, refining operating costs, excluding depreciation and amortization, increased $79 million, or $0.01 per barrel, largely due to increased employee costs, engineered projects conducted during turnaround activity, and higher energy costs.
Previous wording
Distribution costs, excluding depreciation and amortization, increased $38 million, or $0.36 per barrel, and include fees paid to MPLX. The change in the second quarter of 2026 primarily reflects rate increases, partially offset by a decrease in third party marine costs.
Current wording
Distribution costs, excluding depreciation and amortization, increased $160 million, or $0.29 per barrel, and include fees paid to MPLX. The change in the third quarter of 2026 primarily reflects an increase in fees due to volume and rate increases as well as increased third party marine and transportation costs.
Previous wording
Refining planned turnaround costs increased $0.13 per barrel, or $25 million, due to the scope and timing of turnaround activity.
Current wording
Refining planned turnaround costs decreased $0.43 per barrel, or $106 million, due to the scope and timing of turnaround activity.
Previous wording
Refining & Marketing segment revenues increased $20.31 billion primarily due to an increase in average refined product sales prices of $0.66 per gallon and increased refined product sales volumes of 55 mbpd.
Current wording
Refining & Marketing segment revenues increased $40.76 billion primarily due to an increase in average refined product sales prices of $0.83 per gallon and increased refined product sales volumes of 120 mbpd.
Previous wording
Refining & Marketing segment adjusted EBITDA increased $5.65 billion mainly due to increased per barrel margins. Refining & Marketing segment adjusted EBITDA was $15.31 per barrel for the first six months of 2026, versus $4.45 per barrel for the first six months of 2025.
Current wording
Refining & Marketing segment adjusted EBITDA increased $13.79 billion mainly due to increased per barrel margins. Refining & Marketing segment adjusted EBITDA was $22.02 per barrel for the first nine months of 2026, versus $5.10 per barrel for the first nine months of 2025.
Previous wording
Refining & Marketing margin was $27.24 per barrel for the first six months of 2026 compared to $15.57 per barrel for the first six months of 2025, primarily due to higher crack spreads. Refining & Marketing margin is affected by our performance against the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net positive impact of approximately $5.5 billion on Refining & Marketing margin for the first six months of 2026 compared to the first six months of 2025. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, the effect of market structure on our crude oil acquisition prices, the effect of RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net positive effect of approximately $400 million on Refining & Marketing segment income in the first six months of 2026 compared to the first six months of 2025.
Current wording
Refining & Marketing margin was $33.81 per barrel for the first nine months of 2026 compared to $16.26 per barrel for the first nine months of 2025, primarily due to higher crack spreads. Refining & Marketing margin is affected by our performance against the market indicators shown earlier, which use spot market values and an estimated mix of crude purchases and product sales. Based on the market indicators and our crude oil throughput, we estimate a net positive impact of approximately $14.2 billion on Refining & Marketing margin for the first nine months of 2026 compared to the first nine months of 2025. Our reported Refining & Marketing margin differs from market indicators due to the mix of crudes purchased and their costs, the effect of market structure on our crude oil acquisition prices, the effect of RIN prices on the crack spread, and other items like refinery yields, other feedstock variances and fuel margin from sales to direct dealers. These factors had an estimated net positive effect of approximately $200 million on Refining & Marketing segment adjusted EBITDA in the first nine months of 2026 compared to the first nine months of 2025.
Previous wording
We purchase RINs to satisfy a portion of our RFS compliance. Our expenses associated with purchased RINs included in Refining & Marketing margin were $1.28 billion and $668 million in the first six months of 2026 and 2025, respectively. The increase in the first six months of 2026 was mainly due to higher RIN costs and blending requirements, partially offset by lower obligated volume and RIN sales.
Current wording
We purchase RINs to satisfy a portion of our RFS compliance. Our expenses associated with purchased RINs included in Refining & Marketing margin were $1.93 billion and $880 million in the first nine months of 2026 and 2025, respectively. The increase in the first nine months of 2026 was mainly due to higher RIN costs and blending requirements, partially offset by lower obligated volumes.
Previous wording
For the three months ended June 30, 2026, refining operating costs, excluding depreciation and amortization, increased $45 million, or $0.38 per barrel, largely due to increased major maintenance and engineered projects conducted during turnaround activity, partially offset by lower energy costs.
Current wording
For the nine months ended September 30, 2026, refining operating costs, excluding depreciation and amortization, increased $251 million, or $0.29 per barrel, largely due to increased major maintenance, engineered projects and employee costs, partially offset by lower energy costs.
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Current report — wording carried from elsewhere
Costs and expenses increased $28.01 billion primarily due to: