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Marathon Petroleum Corp
XMUN:MPN

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Marathon Petroleum Corp
XMUN:MPN
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Price: 209.75 EUR -0.99% Market Closed
Market Cap: €51B

Marathon Petroleum Corp
Investor Relations

Marathon Petroleum is a large U.S. fuel company that takes crude oil and turns it into products people use every day, such as gasoline, diesel, jet fuel, and asphalt. It owns and runs refineries, terminals, pipelines, and other logistics assets that move those fuels from oil fields to end users. It also sells fuels under the Marathon brand through wholesale channels and to commercial customers. The company makes most of its money by buying crude oil, refining it, and selling the finished products at a higher value. It also earns fees from transporting and storing fuel through its midstream network, much of which is held through MPLX, its master limited partnership. That gives Marathon Petroleum two main ways to make money: refining spreads and fee-based transport and storage. What makes Marathon Petroleum different is that it sits in the middle of the U.S. fuel supply chain. It is not an oil driller, and it is not mainly a consumer brand; it is the business that connects crude supply to everyday fuel demand. Its customers are fuel wholesalers, airlines, truckers, industrial users, and retailers that need reliable large-scale fuel supply.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 5, 2026
AI Summary
Q1 2026

Strong quarter: Marathon Petroleum reported adjusted EPS of $1.65 and adjusted EBITDA of $2.8 billion, helped by strong refining margins and excellent operational performance.

Refining execution: Refining utilization was 89% with nearly 100% capture, while unplanned downtime hit its lowest level this decade and the company completed about 40% of full-year planned maintenance.

Outlook constructive: Management said the refining and midstream backdrop remains strong, citing tight global product markets, resilient U.S. demand, and limited insulation from overseas crude disruptions due to its U.S. and Canadian crude sourcing.

Capital return: MPC returned over $1 billion to shareholders in the quarter and announced a new $5 billion share repurchase authorization.

Growth projects: The company highlighted new jet fuel and logistics investments at Garyville, El Paso, and Robinson, plus continued expansion at MPLX in natural gas, NGLs, and Gulf Coast LPG exports.

Headwinds & volatility: Management said derivative timing, secondary products, and inventory/backwardation were headwinds in the quarter, but expected some of those effects to unwind in the second quarter.

Key Financials
Adjusted EPS
$1.65
Adjusted EBITDA
$2.8 billion
Refining & Marketing adjusted EBITDA per barrel
$5.37
Cash flow from operations, excluding working capital changes
$1.7 billion
Shareholder returns
over $1 billion
Share repurchases
$750 million
Payout ratio
62%
Refining utilization
89%
Refining capture
99%
Throughput
nearly 3 million barrels per day
Refining turnaround costs
$530 million
Full-year turnaround outlook
$1.350 billion
Working capital use of cash
$573 million
Consolidated cash
roughly $2.2 billion
MPC cash
$645 million
MPLX cash
over $1.5 billion
Unrealized derivative losses
about $500 million
Midstream derivative losses
about $63 million
Margin calls working capital impact
about $340 million
Additional share repurchase authorization
$5 billion
Garyville incremental jet capacity
more than 30,000 barrels per day
Robinson incremental jet capacity
approximately 10,000 barrels per day
E1 contracted LPG demand
up to 40%
MPLX investment plan
over $2.4 billion
MPLX distribution growth
12.5%
MPLX adjusted EBITDA growth
mid-single-digit
Secretariat I processing capacity
1.4 billion cubic feet per day
Titan treating capacity
more than 400 million cubic feet per day
Harmon Creek III system capacity
8.1 billion cubic feet per day
Renewable Diesel Q2 utilization
low 90%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Michael J. Hennigan
Executive Chairman of the Board

Michael J. Hennigan is a prominent executive known for his leadership role at Marathon Petroleum Corporation, a leading integrated downstream energy company in the United States. He has played a significant part in shaping the strategic direction of the company. Hennigan assumed the position of President and Chief Executive Officer in March 2020. Before becoming CEO, Hennigan held several key executive positions within the energy sector, enhancing his experience and expertise in refining and logistics. He joined MPLX LP, a master limited partnership formed by Marathon Petroleum, in 2017 as President and CEO. His leadership in managing MPLX's extensive logistics and storage assets was pivotal in its growth and success. Hennigan's career spans more than three decades in the energy industry, where he has developed extensive knowledge and experience in various areas, including refining, pipelines, and terminal operations. His approach often emphasizes operational excellence, safety, and a commitment to sustainability and innovation within the energy sector. Under his leadership, Marathon Petroleum has embarked on crucial initiatives to optimize its asset portfolio, advance its strategic goals, and respond to the evolving energy market, including efforts towards cleaner and more sustainable energy sources. His contributions continue to influence both Marathon Petroleum’s trajectory and the broader energy industry's dynamics.

Ms. Maryann T. Mannen
President, CEO & Director

Maryann T. Mannen is an accomplished executive known for her expertise in finance and corporate leadership. She serves as the Executive Vice President and Chief Financial Officer (CFO) of Marathon Petroleum Corporation, a leading integrated downstream energy company in the United States. Mannen joined Marathon Petroleum in 2021, bringing with her a wealth of experience in financial management and strategic planning. Prior to this role, she was the Executive Vice President and Chief Financial Officer of TechnipFMC, a global leader in oil and gas projects, technologies, systems, and services. At TechnipFMC, Mannen was instrumental in overseeing the company's financial operations and played a key role in significant corporate transactions and integrations. She began her career at ConocoPhillips, where she held various positions of increasing responsibility over her 19-year tenure. Her background includes a deep understanding of the energy sector's complexities, informed by years of hands-on experience. Mannen holds a Bachelor of Business Administration in Finance from Rider University. Her leadership style is characterized by a focus on operational excellence and creating value through financial discipline, strategic initiatives, and fostering a culture of accountability. Under her guidance, Marathon Petroleum continues to focus on financial strength and shareholder returns, navigating the dynamic energy landscape with agility and foresight.

Mr. Timothy J. Aydt
Executive Vice President of Refining

Timothy J. Aydt is a recognized figure in the energy sector, specifically with Marathon Petroleum Corporation, where he has built a distinguished career. Within Marathon Petroleum, Aydt has held various leadership roles, contributing significantly to the company's operations and strategic direction. His expertise spans refining, operations management, and strategic planning, areas in which he has driven efficiencies and innovations. Aydt has been instrumental in overseeing major projects and initiatives at Marathon Petroleum, leveraging his extensive industry knowledge and experience. His contributions have been critical in optimizing operational performance and ensuring the company remains competitive in the dynamic energy market. Through his leadership, Aydt has fostered a culture of safety, environmental stewardship, and community engagement, aligning with the company's broader objectives and values. His commitment to excellence and continuous improvement reflects in the successful execution of Marathon Petroleum's strategic initiatives. Aydt's impact extends beyond operational achievements; he is also involved in mentoring and developing future industry leaders, underlining his dedication to the long-term success and sustainability of Marathon Petroleum Corporation.

Mr. Gregory Scott Floerke
Executive VP & COO of MPLX

Gregory Scott Floerke is a notable executive in the petroleum industry, known for his role at Marathon Petroleum Corporation (MPC). As the Executive Vice President and Chief Operating Officer, he plays a critical role in overseeing the company's operations. Floerke has a rich background in the energy sector, bringing extensive experience and leadership to MPC. His career includes various leadership positions where he has demonstrated expertise in strategic operations and management. Floerke’s contributions are integral to Marathon Petroleum's success in navigating the complex energy market and meeting its business goals. His leadership style and operational strategies have been instrumental in enhancing the company's performance and ensuring its competitive edge in the industry.

Mr. John J. Quaid
Executive VP & CFO

John J. Quaid serves as an executive at Marathon Petroleum Corporation, a leading, integrated, downstream energy company. As Executive Vice President and Chief Financial Officer since 2021, Quaid plays a crucial role in shaping the company's financial strategies. He is responsible for managing the financial aspects of the company, including financial planning and analysis, accounting, investor relations, and treasury. Before becoming CFO, he held other significant positions within the company, which provided him with extensive experience and a deep understanding of the financial operations of the energy sector. Quaid's leadership in financial management has been instrumental in guiding Marathon Petroleum through various economic challenges and opportunities, leveraging his expertise to support the company's long-term growth and stability.

Ms. Kristina Anna Kazarian
Vice President of Finance & Investor Relations

Kristina Anna Kazarian is a recognized executive at Marathon Petroleum Corporation, where she serves as the Vice President of Investor Relations. In this role, she is responsible for managing the company's communications and relationships with shareholders, investors, and financial analysts. With a robust background in finance and a deep understanding of the energy sector, Kazarian plays a key role in articulating Marathon Petroleum's strategic objectives and financial performance to the investment community. Before joining Marathon Petroleum, Kazarian built a strong foundation in equity research, having worked as an equity analyst covering the oil and gas sector. Her experience in this area provided her with valuable insights into the dynamics of the energy industry, complementing her current responsibilities at Marathon. Kristina Kazarian holds a degree in finance, which has further equipped her with the skills necessary to effectively engage with stakeholders and contribute to the company's strategic initiatives. She is known for her analytical acumen and strategic thinking, which have been instrumental in strengthening Marathon Petroleum's investor relations program.

Ms. Molly R. Benson
Chief Legal Officer & Corporate Secretary

Molly R. Benson is an accomplished executive at Marathon Petroleum Corporation, holding the position of Executive Vice President, Chief Legal Officer, and Secretary. Her expertise spans legal affairs, corporate governance, and corporate compliance matters. Bensonanswer Benson:M

Ms. Fiona C. Laird
Senior VP of Communications & Chief Human Resources Officer

Fiona C. Laird serves as the Executive Vice President and Chief Human Resources Officer at Marathon Petroleum Corporation. With an extensive career in human resources and corporate leadership, she brings a wealth of experience to the company, focusing on fostering a culture of inclusivity and organizational excellence. At Marathon Petroleum, she is responsible for overseeing human resources strategies that support the company's goals and objectives. She has played a crucial role in implementing initiatives aimed at enhancing employee engagement, leadership development, and talent management across the organization. Laird's leadership is integral in aligning the workforce with the company's vision, ensuring optimal performance and a strong organizational culture. Additionally, her experience in multinational organizations contributes to Marathon Petroleum's efforts to maintain a competitive edge in the global energy sector.

Mr. Brian K. Partee
Chief Global Optimization Officer

Brian K. Partee serves as a senior executive at Marathon Petroleum Corporation, a leading, integrated, downstream energy company. In his various roles at Marathon, he has been instrumental in overseeing and advancing the company’s commercial operations. Throughout his career at Marathon Petroleum, Partee has held several leadership positions, which have equipped him with extensive knowledge and experience in the energy sector. His contributions have often centered on strategic development, fostering important business relationships, and ensuring operational excellence within the company's extensive refining and marketing network. Partee's leadership is recognized for guiding key initiatives that have helped to align Marathon Petroleum’s commercial objectives with broader market trends and economic factors. His expertise plays a crucial role in navigating the complexities of the energy market, reinforcing the company's position as a major player in the industry.

Mr. James R. Wilkins
Senior Vice President of Health, Environment, Safety & Security

James R. Wilkins is an executive at Marathon Petroleum Corporation, serving as Vice President and Chief Procurement Officer. In this role, he is responsible for overseeing the company's supply chain management, procurement strategies, and the optimization of purchasing processes. His leadership supports the organization in achieving efficiency, cost-effectiveness, and reliable sourcing, which are crucial components of Marathon Petroleum's operational success. With a background in procurement and supply chain management, Wilkins brings significant experience and expertise to his position, contributing to the company's strategic initiatives in these areas.

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539 S Main St
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