Marathon Petroleum disclosed second-quarter net income of $5.1 billion, or $17.73 per diluted share, a level not reached in four years.
The result compared with net income of $1.2 billion, or $3.96 per diluted share, in the same period last year
The adjusted earnings beat analyst expectations of $13.73 per share, according to Reuters. The company’s refining and marketing margin doubled to $36.33 per barrel from $17.58 per barrel a year earlier, driven by higher crack spreads across all regions, the company said. Adjusted EBITDA for the quarter reached $8.5 billion, up from $3.3 billion in the second quarter of 2025.
Months of restricted crude flows through the Strait of Hormuz pushed refining margins sharply higher, and Iranian strikes on regional refining infrastructure compounded the tightness in fuel markets, according to Reuters. Marathon’s refining and marketing segment posted adjusted EBITDA of $6.7 billion, up from $1.9 billion a year earlier. Crude capacity utilization was 94%, with total throughput of 2.9 million barrels per day.