Marathon Petroleum posts year-over-year rebound in quarterly net income

For full-year 2025, net income attributable to MPC totaled $4.0 billion, compared with $3.4 billion in 2024. Adjusted net income was $3.3 billion. Cash provided by operating activities totaled $8.3 billion in 2025, compared with $8.7 billion in 2024.

Refining operations

Marathon reported full-year refining utilization of 94% and margin capture of 105%. In fourth-quarter 2025, Refining & Marketing segment adjusted EBITDA rose to $2.0 billion from $559 million a year earlier. Segment margin increased to $18.65/bbl from $12.93/bbl, driven by higher crack spreads. Crude capacity utilization averaged 95%, with throughput of 3.0 million b/d. Refining operating costs were $5.70/bbl, reflecting higher turnaround activity and energy costs.

In 2025, “strong refining operational performance and commercial execution drove cash flow generation,” said Maryann Mannen, chairman, president, and chief executive officer.

Midstream

Midstream segment adjusted EBITDA totaled $1.7 billion in fourth-quarter 2025, essentially flat year over year. Higher rates, throughput, and contributions from acquired assets were offset by higher operating expenses and the divestiture of non-core gathering and processing assets.

2026 capex 

MPC outlined standalone capital spending of $1.5 billion for 2026, excluding MPLX. About 65% of planned spending is allocated to ‘value-enhancing’ projects and 35% to sustaining capital. Refining and Marketing accounts for $1.41 billion of the total, including refining, marketing, and maintenance, while midstream capital excluding MPLX totals $40 million. MPLX’s 2026 capital spending outlook totals $2.7 billion, with about 90% directed toward growth capital.

Marathon Petroleum’s 2026 capital program centers on high-return refining investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries, with projects aimed at margin enhancement, product flexibility, and cost reduction. Key initiatives include feedstock optimization and export gasoline flexibility at Garyville, yield-improvement upgrades at El Paso, expanded jet fuel flexibility at Robinson, and construction of a 90,000-b/d high-pressure distillate hydrotreater at Galveston Bay to upgrade high-sulfur distillate to ultra-low sulfur diesel.

In midstream, MPLX plans $2.7 billion of capital spending focused primarily on growth, advancing natural gas processing, pipeline, fractionation, and export infrastructure across the Permian, Marcellus, and Gulf Coast, including new and expanded gas processing plants, long-haul pipelines linking Permian supply to Gulf Coast and export markets, additional fractionation capacity near Galveston Bay, and development of a large-scale LPG export terminal.