MPC’s adjusted EPS of $1.65 surpassed forecasts as refining margins jumped 32.6% year-over-year amid Middle East supply disruptions.
Marathon Petroleum reported Q1 2026 adjusted earnings per share of $1.65, beating estimates by $0.90, driven by a 32.6% year-over-year increase in refining margins to $17.74 per barrel. Revenue rose 8.5% to $34.6 billion, exceeding expectations by $3.7 billion.
The company’s adjusted EBITDA climbed to $2.8 billion from $2 billion in the prior-year period, supported by stable crude sourcing from the U.S. and Canada. Refining and marketing margins benefited from Middle East supply disruptions.
Marathon Petroleum expanded its share repurchase program by $5 billion, bringing total available authorization to $8.6 billion as of quarter-end.