Marathon Petroleum's Q2 Revenue, Earnings Slip Year-Over-Year, But Beat Analyst Expectations

Marathon Petroleum Corp. MPC on Tuesday reported its second-quarter 2025 revenue of $34.101 billion, down from $38.4 billion in the prior-year period. Sales exceeded the analyst estimate of $30.963 billion.

Adjusted earnings per share of $3.96, down from $4.12 a year ago, above the analyst estimate of $3.48.

Net income attributable to Marathon Petroleum was $1.2 billion, or $3.96 per diluted share, compared with $1.5 billion, or $4.33 per diluted share, in the same quarter last year. Adjusted EBITDA came in at $3.286 billion, slightly lower than $3.415 billion a year ago.

In the Refining & Marketing segment, crude capacity utilization reached 97%, with throughput volumes of approximately 3.1 million barrels per day. The segment generated adjusted EBITDA of $1.890 billion, down from $2.022 billion in the second quarter of 2024.

The R&M margin was $17.58 per barrel, up slightly from $17.53 a year ago, while refining operating costs rose to $5.34 per barrel from $4.91. Segment EBITDA per barrel was $6.79, compared with $7.28 in the prior-year period.

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The Midstream segment reported adjusted EBITDA of $1.641 billion, in line with the year-ago quarter. Renewable Diesel operations posted an adjusted EBITDA loss of $19 million, improving from a $27 million loss in the same period last year.

As of June 30, 2025, the company reported $1.7 billion in cash and cash equivalents, including $1.4 billion at MPLX MPLX. During the quarter, Marathon repaid $1.25 billion in senior notes due in May 2025.

The company returned approximately $1 billion to shareholders, including $692 million in share repurchases. As of quarter-end, $6 billion remained available under existing share repurchase authorizations.

Strategic updates during the quarter included MPLX’s announced $2.375 billion acquisition of Northwind Midstream and Marathon’s $425 million divestiture of its partial interest in ethanol production facilities.

“In refining, our team delivered 97% utilization and 105% margin capture; and we remain constructive on the long-term outlook. We have advanced our portfolio optimization for today and the future with MPLX’s announcement of a $2.375 billion midstream acquisition in the Permian and MPC’s $425 million divestiture of its partial interest in ethanol production facilities,” said President and CEO Maryann Mannen.

Dividend: On July 30, the board declared a quarterly dividend of 91 cents per share on the company’s common stock. The dividend is payable on Sept. 10, 2025, to shareholders of record as of the close of business on Aug. 20, 2025.

Outlook: For the third quarter of 2025, the company expects a total refinery throughput of 2.94 million barrels per day, including 2.73 million barrels of crude oil and 210,000 barrels of other charge and blendstocks.

Projected refining operating costs are $5.70 per barrel, with planned turnaround costs of $400 million, distribution costs of $1.525 billion, and depreciation and amortization of $415 million. Corporate expenses, including $20 million of depreciation and amortization, are expected to total $240 million.

MPC Price Action: Marathon Petroleum shares are trading lower by 1.17% at $166 at publication on Tuesday.

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