Marathon Petroleum : MPC 1Q 2026 Earnings Presentation

Published: 2026-05-05 07:20:26 ET MPC

Published on 05/05/2026 at 07:20 am EDT

M P C | 1 Q 2 0 2 6

EARNINGS CONFERENCE

CALL

May 5, 2026

M P C | 1 Q 2 0 2 6

$1.7 billion of cash from operations, excl. changes in working capital

Progressing MPLX growth strategy, underpinning distribution growth and strengthening cash flow stability to MPC

Safely completed ~40% of 2026 planned turnaround activity, accelerating activity into 1Q26 with full-year spend unchanged

$1.0 billion of capital returned, reinforcing commitment to industry-leading capital return

Incremental $5 billion share repurchase authorization

DELIVERING A COMPELLING VALUE PROPOSITION

M P C | 1 Q 2 0 2 6

1Q

1ST QUARTER

2026

$ Millions (unless otherwise noted)

Adjusted Earnings per Share ($/diluted share)(a)

$1.65

Adjusted EBITDA $2,763

R&M Segment Adj EBITDA per Barrel $5.37

Cash Flow from Operations, excl. Changes in Working Capital

$1,694

Total Return of Capital(b) $1,045

Adjusted EBITDA

Reconciliation to Net Income

M P C | 1 Q 2 0 2 6

888

80

-122

-58

2,763 32

1,975

-1,391

-553

-340

511

1Q 2025

Refining &

Midstream

Renewable

Corporate

1Q 2026

Adjustments

Turnaround

Interest

Noncontrolling

1Q 2026

Adj. EBITDA

Marketing

Diesel

Adj. EBITDA

(a)

and D&A

and Taxes

Interest

Net Income

($MM)

($MM)

Attributable

to MPC

($MM)

M P C | 1 Q 2 0 2 6

412

99% capture

89% utilization

Strong planning, commercial, and operational execution

686 22

-127

-103 -2

1,377

489

1Q 2025 Gulf Coast

Mid-Con

West Coast

Operating

Distribution

Other

1Q 2026

Segment Margin

Margin

Margin

Costs

Costs

Segment

Adj. EBITDA

(a)

Adj. EBITDA

($MM)

($MM)

M P C | 1 Q 2 0 2 6

416 1,377

99% capture

89% utilization

Strong planning, commercial, and operational execution

596

-124

488

1Q 2025 Segment Adj. EBITDA ($MM)

Gulf Coast Region

Mid-Con Region

West Coast Region

1Q 2026 Segment Adj. EBITDA ($MM)

Distillate margin

strength

Secondary products

headwind

Derivatives impact

100%

99%

M P C | 1 Q 2 0 2 6

4,589

-39

4,550

1Q26 R&M

Margin Indicator ($MM)

Capture Impact (a)

1Q26 R&M

Margin ($MM)

(a) Capture reflects the percentage of our R&M Margin Indicator realized in our reported R&M Margin. The calculation of our R&M margin indicator is available on our website at

Executing value chain growth strategy

Year-over-year 1Q decline driven by:

Derivative losses

Non-recurring benefit in 1Q25

Asset divestitures

M P C | 1 Q 2 0 2 6

1,720

1,598

-120

-2

1Q 2025

Segment Adj. EBITDA ($MM)

MPLX Other

Midstream

1Q 2026

Segment Adj. EBITDA ($MM)

M P C | 1 Q 2 0 2 6

107 3

-6

38

-24

63% utilization

Stronger margin

environment

Recognition of clean fuel production tax

credits

-42

1Q 2025

Segment Adj. EBITDA ($MM)

Operating Margin

Operating Costs

Distribution Costs

Other (a)

1Q 2026

Segment Adj. EBITDA ($MM)

M P C | 1 Q 2 0 2 6

1,694

-573

3,672

-1,201

-64

125

-457

-295

2,151

-750

MPLX

1,506

MPC

645

MPLX

2,137

MPC

1,535

12/31/2025

Cash + Cash Equivalents ($MM)

Cash Flow from Operations,

excl. Changes in Working Capital

Changes in Working Capital

Capital Expenditures, Investments, Acquisitions

Changes in Debt

Return of Capital to Noncontrolling Interests

(a)

Other Dividends Share Repurchases

3/31/2026

Cash + Cash Equivalents ($MM)

Crude Throughput

MBPD

1,235

1,030

530

2,795

Other Charge / Blendstocks, net

MBPD

110

65

20

195

Total Throughput, net

MBPD

1,345

1,095

550

2,990

Utilization

99%

87%

96%

94%

Sweet Crude

% of Throughput

45%

75%

40%

55%

Sour Crude

% of Throughput

55%

25%

60%

45%

Operating Cost

$/BBL of Total Throughput

$4.40

$6.25

$7.45

$5.65

Turnaround Costs

$ MM

$45

$180

$75

$300

Depreciation & Amortization

$ MM

$115

$140

$65

$390

Gulf Coast Mid-Con West Coast R&M Total

M P C | 1 Q 2 0 2 6

Distribution Costs: $1,625 MM

Corporate: $240 MM (incl. ~$30 MM D&A)

Note: Throughput data excludes inter-refinery transfers. Operating costs includes refining major maintenance and operating costs; excludes refining planned turnaround and D&A

American Fuel & Petrochemical Manufacturers

Distinguished Safety Award

presented to three refineries

Six Refineries received

2025 U.S. EPA ENERGY

STAR® Certifications

Published latest

Perspectives on Climate-Related Scenarios

and

Sustainability Reports

Producing a renewable diesel that typically exceeds

50% lower carbon intensity

Dickinson, North Dakota Renewable Diesel Facility

Processing diversified feedstock slate

184 million gallons/year capacity

Martinez, California

Renewable Fuels Facility

Among the largest renewable diesel facilities in the world

730 million gallons/year capacity

30%

Scope 1 & 2 GHG Emissions Intensity

Target: 30% reduction by 2030

and 38% reduction by 2035

from 2014 levels

75%

MPLX Methane Emissions Intensity

Target: 75% reduction by 2030

from 2016 levels

20%

Freshwater Withdrawal Intensity

Target: 20% reduction by 2030

from 2016 levels

Committed to

building relationships in our communities,

consistently pursuing opportunities to

create shared value with

our stakeholders

Dedicated to cultivating a safe, collaborative work environment while promoting an

inclusive culture

Safety is our top priority -

empowering our people with the resources, skills, training and authority to make the right, safe choices

M P C | 1 Q 2 0 2 6

Sustaining Capital

Dividend

Growth Capital

Share Repurchases

Maintain safety and reliability of assets

Secure, competitive, and growing

$2.8 billion(a) annualized distribution from MPLX

Disciplined approach to capital investment

Return 100% of excess capital through share repurchases

expected to more than fund MPC's standalone capital and dividend

Incremental

Return of Capital

Growth

Capital

Distribution

Maintenance

Capital

M P C | 1 Q 2 0 2 6

M P C | 1 Q 2 0 2 6

I N V E S T M E N T R A T I O N A L E

STRATEGIC COMMITMENTS

PRIORITIZING

LEADING

Safety and reliability Operational excellence Commercial performance Profitability per barrel

Optimize portfolio today → future Leverage value chain advantages Ensure competitive assets

Invest in our best-in-class talent

Strong through-cycle cash flow

Durable midstream growth delivers cash flow uplift

Industry-leading capital return

M P C | 1 Q 2 0 2 6

FO UN DATI O N FO R STRATEGY EXECUTI O N

2

$ Billions

1

0

75%

MPC SENIOR NOTES MATURITIES (a)

M P C | 1 Q 2 0 2 6

MPC

Consolidated

MPLX

Adjustments (c)

MPC

Excluding MPLX

NEXT 10 YEARS

As of March 31, 2026 ($ Millions except ratio data)

Cash (d)

$2,151

$1,506

$645

Total Debt

$32,825

$25,634

$7,191

Total Equity

$23,427

$6,674

$16,753

Net Debt-to-Capital Ratio (b)

57%

-

28%

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

DEBT-TO-CAPITAL (b)

53%

55%

43%

43%

46%

27%

21%

20%

22%

25%

Gross Debt-to-Capital Net Debt-to-Capital

50%

25%

0%

2021 2022 2023 2024 2025

(a) Senior Notes Maturities for MPC (excluding MPLX) as of March 31, 2026. (b) As of year-end for each of the years shown. Starting in 2025, Net Debt-to-Capital Ratio is used; prior periods reflect Gross Debt-to-Capital Ratio. Gross Debt-to-Capital = Total Debt ÷ (Total Debt + Total Equity). Net Debt-to-Capital = (Total Debt - Cash & Cash Equivalents & Short-term Investments) ÷ [(Total Debt - Cash & Cash Equivalents & Short-term Investments) + Total Equity] (c) Adjustments made to exclude MPLX debt (all non-recourse), and MPC's

1ST QUARTER

1ST QUARTER

2026

2025

Dollar per barrel of net refinery throughput

Gulf Coast Region

$6.20

$0.74

Mid-Continent Region

$1.50

$2.57

West Coast Region

$11.61

$3.03

Refining & Marketing Segment

$5.37

$1.91

M P C | 1 Q 2 0 2 6

3,936 127

557

Volume + $253 Product + $684 Crude - $976

-31 -39

M P C | 1 Q 2 0 2 6

4,550

-1,599

7 1,377

-1,581

Blended

Sweet

Sour

Market

Other

R&M Margin

Operating

Distribution

Other

R&M

Crack

Differential

Differential

Structure

Margin

($MM)

Costs

Costs

Segment

Spread

(a)

(a)

(b)

(c)

Adjusted

(a)

EBITDA

Volume - $66 Product + $22 Crude - $141

M P C | 1 Q 2 0 2 6

205 39

1,037 24

-185

-127

-103 -2

1,377

489

1Q 2025

Blended

Sweet

Sour

Market

Other

Operating

Distribution

Other

1Q 2026

Segment

Crack

Differential

Differential

Structure

Margin

Costs

Costs

Segment

Adjusted

Spread

(a)

(a)

(b)

(c)

Adjusted

EBITDA

(a)

EBITDA

Disclaimer

Marathon Petroleum Corporation published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 11:19 UTC.