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After Marathon Petroleum reported its November results, we updated our fair value. We changed our rating from Buy to Watch to reflect that recent outsized profits depend on exceptionally high fuel margins that we expect will return to normal levels. We added the impact of new tax regulations from the One Big Beautiful Bill Act to our tracking, along with the sale of two refineries for $4.2 billion. Our expectations now include the company running its refineries above 90% capacity and its pipeline division earning more than $1.7 billion in profit every three months.
Marathon Petroleum earned $26.93 per share this quarter, comfortably beating the $25.37 analysts expected. Revenue of $56.49 billion also came in well ahead of targets. The company is seeing strong cash flow from its refining and pipeline networks, allowing it to return $3.3 billion to shareholders through buybacks and dividends during the quarter.
Management raised the quarterly dividend by 10 percent, signaling confidence in the business's ability to generate cash even as fuel markets shift. Its pipeline subsidiary, MPLX, also increased its payout by 12.5 percent. This steady income from the midstream business, the pipes and storage tanks that earn fees regardless of oil prices, continues to provide a reliable floor for the company's overall earnings.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
Marathon Petroleum reached a deal to sell its St. Paul Park and Mandan refineries, along with the associated marketing business, to CVR Energy. The $4.2 billion sale is part of a plan to move away from assets in the middle of the country and reinvest that cash into its larger, more efficient operations along the Gulf Coast.
For a long-term owner, this is a strategic reshuffle rather than a retreat. By shedding these smaller sites, the company can double down on its most profitable regions where it has the greatest scale. The cash from the sale provides even more fuel for the share buybacks that have been a core part of why the stock has performed well.
Source: Business Wire
Oil prices dropped more than 4 percent on Monday as new diplomatic efforts between the U.S. and Iran eased concerns about conflict in the Middle East. These worries had pushed prices higher last week, but the prospect of peace suggests that global oil supplies may be more stable than previously feared.
For a refiner like Marathon, lower crude prices are not necessarily a bad thing. The company makes its money on the spread between what it pays for crude and what it sells fuel for, rather than the price of oil itself. While lower prices can sometimes signal weaker demand for fuel, they also lower the cost of the raw materials Marathon needs to run its business.
Source: WSJ
SEC filing on 2026-10-29: 8-K, 8-K filing: executive or director change; other event the company deems important.
What the filing says (its own text, every fact in the card must come from here, and NAME the specific person, role and date it gives): mpc-20261028 0001510295 false 0001510295 2026-10-28 2026-10-28 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 8-K _____________________________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 28, 2026 _____________________________________________ Marathon Petroleum Corporation (Exact name of registrant as specified in its charter) _____________________________________________ Delaware 001-35054 27-1284632 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 539 South Main Street , Findlay , Ohio 45840 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: ( 419 ) 422-2121 _____________________________________________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, par value $.01 MPC New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 28, 2026, the Board of Directors (the "Board") of Marathon Petroleum Corporation (the "Company") increased the size of the Board to eleven members and elected David E. Constable as a director of the Company, with such increase in the size of the Board and election effective as of March 1, 2027. Mr. Constable was appointed to serve on the Board's Compensation and Organization Development Committee and Sustainability and Public Policy Committee, also effective March 1, 2027. As a non-employee director, Mr. Constable will receive the same compensation as the Company's other non-employee directors, as described in the Company's definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on March 16, 2026. Item 8.01 Other Events. On October 29, 2026, the Company issued a press release announcing the changes reported above. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press release issued by Marathon Petroleum Corporation on October 29, 2026 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Marathon Petroleum Corporation Date: October 29, 2026 By: /s/ Molly R. Benson Name: Molly R. Benson Title: Chief Legal Officer and Corporate Secretary
Source: 8-K filing
Management has a clear habit of setting conservative targets and then crushing them. The business is currently outrunning even the most bullish forecasts as global energy disruptions drive profits to record levels.
| Expectation | |
|---|---|
| EPS | $21.58 |
| Revenue | $45.52B |
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