TopFunds

Marathon Petroleum

NYSE: MPC

Stock price

463.34 USD

(+611.08%) 5 years

Oil & Gas Refining & Marketing

Financial Performance

Share

5Y price score: 795

Help

The price score is a basic measure of the stock's performance against the S&P 500 Index over a five-year period.

A score of 100 indicates that the stock did as well as the S&P 500 Index.

A score below 100 means the stock underperformed the index, while a score above 100 means it outperformed the S&P 500.

10Y return: 1,067.1%

DATE RANGE:

%

ㅤ

  • Earnings per share

  • Free cash flow per share

  • Stock price

Time scale:

By default your notes are visible only to you.

161.9

52-week range

467.8

463.34

Your model inputs

Required return / cost of capital
%
FCFF terminal growth rate
%

Your fair value & Margin of safety

To calculate fair value based on cost of capital and terminal growth assumptions above, please select free cash flow forecast.

Forecast:

Valuation

Free Cash Flow Yield

Help
FCF Yield TTM = Trailing Twelve Months free cash flow per share / current market price per shareLearn more

9.5 %

Dividend Yield TTM

0.9 %

Market cap $

$ 135,266

Price / Earnings TTM

Help
P/E TTM = current market price per share / Trailing Twelve Months diluted earnings per shareLearn more

15.9

Price / Book TTM

7.1

PEG TTM

Help
Price/Earnings-to-Growth ratio = P/E TTM divided by most recent annual diluted earnings per share growth rateLearn more

0.5

Earnings growth and return

LTM

5YR

10YR

Total return (price & dividends)

147.5 %

634.1 %

1,067.1 %

Free cash flow per share growth

399.3 %

2,856.4 %

308.3 %

Earnings per share growth

346.5 %

187.6 %

152.5 %

Founded: 2,009

Employees: 18,300

Business Summary:Marathon Petroleum Corporation (MPC) functions as a prominent integrated energy enterprise, primarily concentrating its downstream operations across the United States. Its business is bifurcated into two main divisions: Refining & Marketing, and Midstream. The Refining & Marketing segment is responsible for processing crude oil and various other raw materials at its refineries, strategically located in the U.S. Gulf Coast, Mid-Continent, and West Coast regions. This division also acquires refined petroleum products and ethanol for subsequent distribution. Key outputs from this segment encompass a diverse array of transportation fuels, including different gasoline blends, heavy fuel oil, and asphalt. Additionally, it manufactures chemicals such as aromatics, propane, propylene, and sulfur. MPC sells these refined goods through multiple channels, including wholesale marketers domestically and globally, purchasers on the open spot market, and independent entrepreneurs who manage primarily Marathon-branded retail locations. It also supplies fuel via long-term agreements to direct dealer sites, predominantly under the ARCO brand. The Midstream segment handles the comprehensive movement, storage, distribution, and commercialization of crude oil and refined products. This is achieved through its extensive network of refining logistics assets, pipelines, terminals, towboats, and barges. Moreover, this segment engages in the collection, processing, and transportation of natural gas, alongside the gathering, transport, fractionation, storage, and marketing of natural gas liquids. By December 31, 2021, the corporation supported 7,159 branded jobber retail points, managed by independent entrepreneurs, spanning 37 U.S. states, the District of Columbia, and Mexico. Marathon Petroleum Corporation, established in 1887, maintains its corporate headquarters in Findlay, Ohio.

Q&A

SEARCH
Get answers on financials, industry, fundamentals or other questions.

Contribute

By providing well-researched and detailed answer you increase your chance of becoming Top Contributor. TopFunds is free for all top contributors. Learn more

VIEW ALL Q&A

Contribute or ask questions about business following TopFunds community guidelines

Fair Value Reference Estimate

Latest Earnings Call Takeaways

2026 Q2 (Aug 4, 2026)

1) Strategy & Leadership
- Marathon Petroleum Corporation (MPC) reported an adjusted EBITDA of $8.5 billion for Q2 2026, reflecting strong operational execution and market strength.
- CEO Maryann Mannen emphasized a focus on safety, reliability, and disciplined capital allocation, with a targeted return of 25% or above on investments.
- The company is committed to returning capital to shareholders, having returned $2.8 billion in Q2, including $2.5 billion in share repurchases.
- MPC's midstream segment, MPLX, is increasing its 2026 capital growth spending outlook by $500 million to $2.9 billion, supporting strong adjusted EBITDA growth.

2) Financial & Segment Results
- Q2 2026 earnings per share were $17.73, with refining and marketing adjusted EBITDA at $6.7 billion.
- Refining and marketing adjusted EBITDA per barrel was $24.84 on total throughput of nearly 3 million bpd, with Gulf Coast utilization at 100%.
- The overall adjusted EBITDA increased by approximately $5.2 billion YoY, driven by a stronger margin environment.
- The refining and marketing segment achieved a capture rate of 112% in Q2, supported by crude optimization and strong clean product margins.

3) Problems / Headwinds
- The refining macro environment remains constructive, but global refined capacity downtime is over 9 million bpd, significantly impacting supply.
- U.S. gasoline and distillate inventories are below five-year averages, indicating ongoing market tightness.
- Secondary product prices lag behind higher clean product prices, presenting a market-driven headwind for MPC.
- The company anticipates challenges in Q3 due to turnaround expenses projected at $290 million and potential inventory builds ahead of hurricane season.

4) Operational or Product Plans
- MPC completed two high-return refining investments: the Robinson product flexibility investment and the El Paso yield improvement investment, enhancing jet fuel and specialty gasoline production.
- The company is focused on optimizing operations and leveraging feedstock flexibility in its renewable diesel segment, which achieved 95% utilization in Q2.
- MPLX's processing capacity is expected to reach 8.1 billion cu ft per day, with sour gas treating capacity expanding to over 400 million cu ft per day by year-end.
- The company plans to maintain a disciplined approach to capital deployment, focusing on projects with clear returns and strong demand.

5) Guidance & Outlook / Investor Angle
- MPC expects to remain in an enhanced mid-cycle environment through the end of 2026 and into 2027, with sustainable competitive advantages in its diversified refining system.
- The company projects Q3 crude throughput volumes of 2.8 million bpd, with utilization at 94%.
- There is a cautious outlook regarding the durability of the current margin environment, with management emphasizing the importance of maintaining cash balances for operational flexibility.

Bottom line: MPC's strong Q2 performance, driven by operational excellence and strategic investments, positions the company favorably for continued profitability. However, headwinds from global supply disruptions and market volatility warrant cautious optimism as the company navigates the second half of 2026.

Annual Reports, Presentations And IR Contacts

Go to the website
Annual report links (10K)
2025202420232022202120202019201820172016

Marathon Petroleum — Financial Overview, Stock Price, Market Cap

Marathon Petroleum is a company. Founded in 2009. As of October 9, 2026, the company's market capitalization is $135266089580 with a current stock price of $463.34.