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# Marathon Petroleum's Refining Profit Per Barrel Hits $34.15, Up From $6.37, As Crack Spreads Surge
- URL: https://www.bullished.co/marathon-petroleums-refining-profit-per-barrel-hits-34-15-up-from-6-37-as-crack-spreads-40170e95/
- Published: 2026-11-03T13:17:35.000Z
- Updated: 2026-11-03T13:17:35.000Z
- Description: The refiner also raised its dividend 10%, added a $5 billion buyback and agreed to sell two refineries for $4.2 billion.
- Author: Matteo Parrino
- Tags: Deals, MPC, Industry: Energy

[Marathon Petroleum](https://www.bullished.co/tag/mpc/), which refines crude into gasoline and diesel and runs pipelines and terminals, earned [$7.4 billion](https://www.prnewswire.com/news-releases/marathon-petroleum-corp-reports-third-quarter-2026-results-302927643.html?ref=bullished.co) in the third quarter, up from $1.4 billion a year earlier, as refining margins widened sharply, the company said Tuesday in an [8-K filing](https://www.sec.gov/Archives/edgar/data/0001510295/000151029526000069/mpc-20261103.htm?ref=bullished.co).

## Margins did the work

Net income attributable to the company came to [$26.59 per diluted](https://www.prnewswire.com/news-releases/marathon-petroleum-corp-reports-third-quarter-2026-results-302927643.html?ref=bullished.co) share, versus $4.51 a year earlier. Adjusted net income was $7.5 billion, or $26.93 per share, against $915 million, or $3.01.

Adjusted EBITDA, a cash-earnings measure that excludes interest, taxes, depreciation and turnaround costs, reached $11.7 billion, compared with $3.2 billion in the third quarter of 2025.

Refining and marketing adjusted EBITDA was $9.9 billion, or $34.15 per barrel, versus $6.37 a year ago. The company said results were driven primarily by higher crack spreads, the price gaps between refined products and crude, in all regions.

Refineries ran at 100% of crude capacity, against 95% a year earlier, with total throughput of 3.2 million barrels per day. Midstream adjusted EBITDA rose to $1.9 billion from $1.7 billion, and renewable diesel earned $254 million after a $56 million loss.

## Cash returns and a refinery sale

The company returned $3.3 billion to shareholders in the quarter and announced a 10% increase in its quarterly dividend. Its board approved an additional $5 billion share repurchase authorization, on top of $3.1 billion remaining at September 30.

Marathon also agreed to sell its St. Paul Park and Mandan refineries, with related midstream assets, for $4.2 billion. It will receive $3.45 billion and intends to reinvest primarily in the Gulf Coast; its MPLX midstream partnership gets $750 million. The deal is expected to close at the end of 2026.

Chief Executive Maryann Mannen said the company's value chain capabilities "remain a defining advantage for us."

## A $13.6 billion cash pile

At September 30, the company held $13.6 billion in cash, cash equivalents and short-term investments, with no borrowings under its $5 billion revolving credit facility. On September 15 it redeemed all $749 million of its senior notes due December 2026.

Its 2026 capital spending outlook, excluding MPLX, is $1.5 billion. A conference call was set for 11:00 a.m. ET on Tuesday.

For the fourth quarter, the company guided to crude throughput of 2,830 thousand barrels per day and refining operating costs of $5.60 a barrel.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Marathon Petroleum Corp (MPC)](https://www.sec.gov/Archives/edgar/data/0001510295/000151029526000069/mpc-20261103.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit mpcq32026earningsrelease.htm — Marathon Petroleum Corp 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001510295/000151029526000069/mpcq32026earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [Marathon Petroleum Corp. Reports Third-Quarter 2026 Results](https://www.prnewswire.com/news-releases/marathon-petroleum-corp-reports-third-quarter-2026-results-302927643.html?ref=bullished.co) — prnewswire.com

### More on Marathon Petroleum

- [Marathon Petroleum Taps Ex-Fluor CEO David Constable For An 11th Board Seat](https://www.bullished.co/marathon-petroleum-taps-ex-fluor-ceo-david-constable-for-an-11th-board-seat-a3c56b36/)

[All Marathon Petroleum (MPC) coverage →](https://www.bullished.co/tag/mpc/)