MPC

It has been about a month since the last earnings report for Marathon Petroleum (MPC). Shares have added about 30% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Marathon Petroleum due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Marathon Petroleum reported second-quarter 2026 earnings of $17.73 per share, which beat the Zacks Consensus Estimate of $14.52 by 22.1%. Earnings per share also surged 347.7% from the year-ago level of $3.96 per share, primarily reflecting significantly stronger Refining & Marketing performance. Findlay, OH-based Marathon Petroleum reported revenues and other income of $52.34 billion, up 53.5% year over year and above the Zacks Consensus Estimate of $34.83 billion by 50.3%. Refining & Marketing margin rose sharply to $36.33 per barrel from $17.58 a year ago, and also beat our consensus mark by 11.17% Refining & Marketing (R&M): This segment reported adjusted EBITDA of $6.66 billion, up significantly from $1.89 billion in the year-ago quarter, and the reported figure was also 14.75% above our consensus estimate. The improvement primarily reflected higher crack spreads across all regions. Adjusted EBITDA per barrel increased to $24.84 from $6.79 a year earlier. Midstream: This unit mainly reflects Marathon Petroleum’s general partner and majority limited partner interests in MPLX LP — a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. Segment adjusted EBITDA was $1.78 billion, up 8.3% from $1.64 billion in the second quarter of 2025, and the reported figure was also 5.51% above our consensus estimate. This increase was primarily driven by higher rates and throughputs, including contributions from equity affiliates and acquisitions, partly offset by the divestiture of non-core gathering and processing assets. Renewable Diesel: The Renewable Diesel segment reported adjusted EBITDA of $258 million against a loss of $19 million in the corresponding period of 2025, and the reported figure was also 186.45% above our consensus estimate. The improvement reflected a stronger margin environment, higher throughputs and improved regulatory credit values. Renewable Diesel margin increased to $321 million from $49 million a year ago. Following the completion of the Martinez turnaround in the first quarter, utilization reached 95% in the reported quarter. Management also highlighted feedstock optimization as a contributor to the segment's performance. Crude capacity utilization during the quarter was 94% compared with 97% in the year-ago period. Net refinery throughput was 2,944 thousand barrels per day (mbpd), down from 3,060 mbpd a year earlier. However, refined product sales volumes increased slightly to 3,842 mbpd from 3,835 mbpd. MPC achieved Refining & Marketing margin capture of 112%. Management attributed the strong capture to crude sourcing and optimization, inventory discipline, favorable clean-product margins and higher jet production. Refining operating costs increased to $5.72 per barrel from $5.34, while planned turnaround costs totaled $275 million compared with $250 million a year ago. Marathon Petroleum reported total costs and expenses of $45.02 billion in the second quarter of 2026 compared with $31.90 billion in the year-ago period. Capital expenditures and investments totaled $1.39 billion, up from $1.07 billion a year earlier, with $1.02 billion directed toward the Midstream segment. As of June 30, 2026, the company had cash and cash equivalents of $7.77 billion and total consolidated debt of $32.82 billion, with a debt-to-capitalization of 56.1%. MPC returned more than $2.8 billion of capital to its shareholders during the quarter, including $2.53 billion in share repurchases. The company had $6.1 billion remaining under its share repurchase authorizations. MPC's 2026 capital spending outlook, excluding MPLX, remains $1.5 billion. Approximately 65% of the planned spending is focused on value-enhancing investments, while the remaining 35% is allocated to sustaining operations. During the second quarter, the El Paso yield improvement and Robinson product flexibility investments were placed in service. The Robinson project enables approximately 10,000 barrels per day of incremental jet fuel production, while the El Paso investment enhances the refinery's ability to produce specialty gasoline for key markets. For the third quarter of 2026, MPC expects crude oil throughput of 2,820 mbpd and total refinery throughput of 3,005 mbpd. Refinery utilization is projected at 94%. The company expects refining operating costs of $5.60 per barrel, distribution costs of $1.65 billion and planned turnaround costs of $290 million. Corporate expenses are projected at $260 million, including approximately $30 million of depreciation and amortization. In the past month, investors have witnessed a flat trend in estimates revision. Currently, Marathon Petroleum has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock has a grade of A on the value side, putting it in the top 20% for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Marathon Petroleum has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months. Marathon Petroleum belongs to the Zacks Oil and Gas - Refining and Marketing industry. Another stock from the same industry, PBF Energy (PBF), has gained 23.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. PBF Energy reported revenues of $11.68 billion in the last reported quarter, representing a year-over-year change of +56.2%. EPS of $6.22 for the same period compares with -$1.03 a year ago. For the current quarter, PBF Energy is expected to post earnings of $6.84 per share, indicating a change of +1415.4% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days. PBF Energy has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report PBF Energy Inc. (PBF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

In recent weeks, Marathon Petroleum has benefited from strong sector momentum, as peer Valero Energy reached a new 52-week high and reported a series of positive earnings surprises, while Marathon itself holds a favorable analyst rating reflecting robust recent earnings performance. This sector-wide earnings strength and analyst optimism suggest that refining and marketing fundamentals are currently supportive for key players like Marathon Petroleum, potentially reinforcing confidence in its existing business profile and capital allocation approach. Next, we’ll examine how this sector-wide earnings momentum and favorable analyst stance might influence Marathon Petroleum’s existing investment narrative. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 31 best rare earth metal stocks of the very few that mine this essential strategic resource. To own Marathon Petroleum, you need to believe its refining and marketing core can remain attractive even as long term fuel demand faces structural headwinds and decarbonization pressures build. The strongest short term catalyst is the current sector-wide earnings strength, reflected in Marathon’s recent results and favorable analyst rating, which this news reinforces rather than changes. The biggest risk remains that high recent utilization and profitability prove temporary if product demand or refining margins soften. The most relevant recent announcement here is Marathon’s Q2 2026 earnings, where revenue reached US$52,337 million and net income was US$5,138 million, both higher than a year earlier. That kind of earnings strength, combined with ongoing buybacks and a US$1.00 quarterly dividend, underpins the current investment narrative that capital returns are being funded from robust operations, even as longer term questions around fossil fuel demand and high debt levels remain front of mind for many shareholders. Yet against this strong recent performance, investors should still be aware of how quickly refining margins and utilization could turn if... Read the full narrative on Marathon Petroleum (it's free!) Marathon Petroleum's narrative projects $137.9 billion revenue and $5.2 billion earnings by 2029. This implies revenues will decline by 3.6% per year and earnings will decrease by $3.3 billion from $8.5 billion today. Uncover how Marathon Petroleum's forecasts yield a $324.56 fair value, a 15% downside to its current price. The most pessimistic analysts were already assuming Marathon’s revenue could fall about 3 percent a year and earnings sit near US$6.5 billion by 2029, so this latest sector strength might eventually push their cautious view on refining margins and midstream returns to evolve in a very different direction from the more optimistic narrative you have just seen. Explore 3 other fair value estimates on Marathon Petroleum - why the stock might be worth as much as $361.74! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Marathon Petroleum research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision. Our free Marathon Petroleum research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Marathon Petroleum's overall financial health at a glance. Opportunities like this don't last. These are today's most promising picks. Check them out now: Find 50 companies with promising cash flow potential yet trading below their fair value. Invest in the nuclear renaissance through our list of 91 elite nuclear energy infrastructure plays powering the global AI revolution. The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 19 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MPC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Management's own scorecard still leads with dollars, but the return measure that used to sit beside it was absent again, and that changes what a holder is actually betting on. ExxonMobil (XOM) has returned 46% over the past year against roughly 20.5% for the S&P 500, and it earned $14.5 billion in the second quarter of 2026. Set what management foregrounds now beside what it led with two years ago, and one measure has slipped out of the lead: what its capital actually earns. The Latest Results Leave Out The 13% Return on Capital Reporting on 2024, management led with full-year earnings of $34 billion and cited a return measure alongside them: "return on capital employed of 13%." What it foregrounds in the second quarter of 2026 is levels and running totals instead: $14.5 billion of earnings and $16.3 billion of cumulative structural cost savings since 2019. Neither says what the capital base earns. That savings program's latest step came in July 2026, when upstream operations were folded into one global operations organization of roughly 31,000 employees. A Fifth Vessel In Guyana And A Record In The Permian Much of the cash behind those totals goes back into a capital base that keeps growing: cash capital expenditures ran roughly $7 billion in the second quarter of 2026. The Guyana venture has recovered the $55 billion it invested there, nearly two years earlier than anticipated, and its fifth production vessel, Errea Wittu, sailed in June 2026 and, management said in July, remained on track for start-up by the end of 2026. Permian volumes set a record above 1.8 million oil-equivalent barrels a day, produced from acreage that supports extended reach laterals. Over the same three months, more than $9 billion went back to shareholders through dividends and share repurchases, and net debt fell by more than $7 billion. A balance sheet that strengthens through an investment phase this heavy is the kind of property the Trefis High Quality Portfolio favors. Revenue Accelerated To 9.6% While The Margin Slipped That growing base is why the missing ratio matters. Revenue over the past twelve months is about $361 billion, up 9.6% year over year against a three-year average growth rate of 0.0%. Profitability went the other way: the trailing operating margin is 10.7% against a three-year average of 11.7%. Management called the quarter exceptional despite a Middle East disruption that temporarily cost roughly 10% of upstream production; that same disruption also pushed chemical product margins up about 180% from the first quarter of 2026. The trailing year, which still absorbs that one exceptional quarter, is closer to the run rate than Q2 alone; a return figure would tell a holder how close. Reassuring On Cash, Silent On Return None of this is evasion, and the quiet is not in itself a warning. Guyana's cost recovery genuinely converts entitlement volume into free cash flow, and management's stated focus is value rather than volume. But a holder who bought a compounding-returns story now owns a company reporting bigger dollar totals on a thinner trailing margin, and the measure that would settle it has left the front of the results. Watch whether the corporate plan update due at the end of 2026 puts a return-on-capital figure back beside that savings total. Meanwhile, the question worth asking is not how much cash the business threw off, but which companies actually earn a rising return on the capital they keep spending. Unanswered Questions Cost The Biggest Holders The Most When management leaves questions open, the uncertainty weighs heaviest on whoever owns the most of the stock. Concentration tends to arrive by accident rather than by decision. What your largest position would do to your net worth is exactly what the Trefis Wealth team computes, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions.

Marathon Petroleum Corporation MPC has emerged as one of the standout names in the refining space after reporting exceptionally strong second-quarter results. The stock has surged 50.9% following the earnings release as investors responded to stronger refining margins, excellent operational execution and robust shareholder returns. Image Source: Zacks Investment Research The rally, however, changes the investment equation. While MPC's latest results and earnings outlook remain encouraging, investors must consider whether the recent gains have already priced in much of the improvement. Let's explore MPC’s growth drivers, risks, valuation and prospects while comparing it with refining peers Valero Energy VLO and Phillips 66 PSX. MPC's second-quarter performance provides a strong fundamental reason behind the stock's recent rally. Net income attributable to MPC jumped to $5.1 billion, or $17.73 per share, from $1.2 billion, or $3.96, in the year-ago quarter. Adjusted EBITDA surged to $8.46 billion from $3.29 billion. MPC's Refining & Marketing (R&M) segment was the biggest contributor. R&M adjusted EBITDA climbed to $6.66 billion from $1.89 billion, while R&M margin increased to $36.33 per barrel from $17.58. This improvement reflected stronger crack spreads and MPC's ability to optimize its crude and product flows. Operational execution adds another positive. MPC achieved its lowest level of unplanned downtime in a decade and operated the Gulf Coast system at 100% utilization during the quarter. R&M margin capture exceeded $1 billion in the second quarter and reached 108% for the first half, highlighting the company's ability to outperform benchmark market conditions. The refining market itself also remains supportive. Management highlighted more than 9 million barrels per day of global planned and unplanned refining capacity downtime, around 4 million barrels per day above historical norms. U.S. gasoline inventories remain below the five-year range, while distillate inventories are at the bottom of that range. MPC expects an enhanced mid-cycle refining environment through year-end and into 2027. The company also benefits from the integrated logistics network, which provides access to economically advantaged crude and allows it to optimize feedstocks and product yields. Two high-return projects at Robinson and El Paso came online during the second quarter, with management targeting returns of 25% or higher. Capital allocation is another positive. MPC returned $2.8 billion to its shareholders during the second quarter and repurchased $2.5 billion of stock. It had $6.1 billion remaining under existing repurchase authorizations at the end of June, while MPLX's growth strategy is expected to support 12.5% annual distribution growth in 2026 and 2027. However, the bullish thesis has meaningful risks. Refining is inherently cyclical, and the exceptional second-quarter margins were helped by unusually tight product markets, geopolitical disruptions and refinery downtime. If capacity returns and crack spreads normalize, MPC's earnings could retreat from current elevated levels. Capital requirements also remain significant. MPC and MPLX invested $2.64 billion in the first half, while the latter increased its 2026 growth capital outlook by $500 million to $2.9 billion to accelerate Gulf Coast fractionation and export projects. MPC's valuation remains a key positive. The stock trades at approximately 8.82x earnings, below the sub-industry average of 9.19x. This suggests that its shares are not excessively valued despite the sharp improvement in profitability. Image Source: Zacks Investment ResearchThe earnings outlook is also strengthening. The consensus estimates for MPC's 2026 and 2027 earnings have increased 45.09% and 25.50%, respectively, over the past 60 days. The upward revisions indicate that analysts are becoming more confident in the company's earnings potential. Image Source: Zacks Investment Research Still, investors should be cautious about interpreting the low P/E in isolation. Refiners often trade at lower multiples when earnings are near cyclical peaks. MPC's valuation is attractive, but sustained upside will depend on whether refining margins remain healthy enough to support current earnings expectations. MPC's performance should also be viewed against its major refining peers. Valero Energy offers similarly strong exposure to refining and can benefit from tight refined-product markets. Phillips 66 has a somewhat more diversified business model, with exposure to refining, midstream and chemicals. MPC's competitive advantage comes from its large refining footprint, extensive logistics network, strong optimization capabilities and ownership interest in MPLX. VLO provides a more concentrated refining investment case, while PSX offers greater diversification. The three companies therefore provide investors with different ways to participate in the favorable refining environment. Image Source: Zacks Investment Research MPC has outperformed its sub-industry and peers, gaining 75.3% compared with 71.7% for Valero Energy, 44.5% for the Oil Refining & Marketing sub-industry and 45.6% for Phillips 66. MPC's six-month rally also demonstrates that investors are currently placing a premium on strong refining execution. Whether that outperformance continues will depend heavily on margins, product demand and the industry's capacity outlook. MPC’s strong second-quarter results highlight its solid operating performance, supported by higher refining margins, improved reliability and substantial shareholder returns. The outlook also remains constructive, with management expecting a favorable refining environment through the end of 2026 and into 2027. Improving earnings estimates and a valuation below the sub-industry average provide additional support for the investment case. At the same time, the stock’s 50.9% post-earnings rally has raised expectations. Refining earnings are cyclical, and margins could moderate if product markets loosen or additional capacity returns. The recent share-price gains also mean that some of the improved fundamentals may already be reflected in the stock. With a Zacks Rank #3 (Hold), MPC presents a balanced risk-reward profile at current levels. The company’s strong fundamentals and earnings momentum are encouraging, but the sharp rally and cyclical nature of refining warrant some caution. Existing shareholders may continue to monitor the stock, while prospective investors may prefer to wait for a more favorable entry point or further evidence that elevated refining margins can be sustained. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report Phillips 66 (PSX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

HF Sinclair Corporation DINO enters the second half of 2026 with sharply stronger earnings, rising estimates and healthy cash generation. The question is whether that operating momentum is enough to offset a valuation that has moved closer to the top of its recent historical range. The current setup is favorable, but not without trade-offs. Refining conditions remain constructive, non-refining businesses are contributing more, and capital returns are solid. Still, cyclical exposure, planned maintenance and less valuation cushion deserve attention. The Zacks Consensus Estimate for 2026 earnings stands at $11.85 per share. The current fiscal-year estimate has increased 19.8% over the past four weeks, reflecting a meaningful upward shift in expectations. Second-quarter adjusted earnings came in at $5.31 per share, topping the consensus mark of $4.39 by 21%. Refining adjusted EBITDA reached $1.02 billion as adjusted refinery gross margin rose to $25.95 per produced barrel sold from $16.50 a year earlier. Renewables adjusted EBITDA reached $123 million in the second quarter, reversing a $2 million loss a year earlier. Higher renewable identification number prices, Producer’s Tax Credit benefits and increased volumes supported the improvement. Lubricants & Specialties added $207 million of adjusted EBITDA, up from $55 million. HF Sinclair also generated $1.51 billion of operating cash flow and ended June with $2.26 billion in cash, giving it flexibility for reinvestment, buybacks and dividends. DINO trades at 0.49X forward 12-month sales per share. That is above its five-year median of 0.32X and close to the five-year high of 0.55X, leaving less valuation cushion than investors had at lower points in the cycle. Image Source: Zacks Investment Research The supportive refining environment is not unique to DINO. Valero Energy Corporation VLO reported second-quarter 2026 refining operating income of $4.5 billion, reinforcing the strength of industry margins. Marathon Petroleum Corporation MPC reported $8.5 billion of adjusted EBITDA in the quarter, also reflecting a favorable downstream backdrop. Refining remains the largest earnings driver, so a recovery in global product supply or weaker transportation demand could pressure margins. Management also identified Chinese product exports as a potential swing factor for global refining balances. Near-term execution matters as well. HF Sinclair expects third-quarter refinery crude throughput of 590,000 to 620,000 barrels per day because of the El Dorado turnaround, while the Cheyenne renewable diesel facility also has planned maintenance. Renewable Fuel Standard obligations remain another source of earnings variability. The earnings outlook remains favorable for HF Sinclair in the near term. The Zacks Consensus Estimate calls for earnings of $5.13 per share for the third quarter of 2026, implying growth of 110.3%. The fourth-quarter consensus estimate of $2.28 per share represents a 90% increase from the year-ago period. For full-year 2026, the consensus estimate of $11.85 per share indicates 134.2% growth from $5.06 in 2025, reinforcing the sharp earnings recovery. However, the 2027 estimate stands at $8.77 per share, implying a 26% decline. That projected moderation underscores the cyclical risk in DINO’s earnings and adds context to whether the stock’s richer valuation is justified by its near-term operating strength. Image Source: Zacks Investment Research DINO currently carries a Zacks Rank #1 (Strong Buy), which reflects favorable earnings estimate revision trends. You can see the complete list of today’s Zacks Rank #1 stocks here. Combined with the improving earnings outlook, that rating supports a constructive near-term view, although the richer sales multiple argues against treating valuation as an obvious bargain. The stock has a Value Score of A, Growth Score of A and VGM Score of A, a favorable combination alongside a top Zacks Rank. Its Momentum Score of C is less supportive, suggesting the strongest signals are coming from value, growth and estimate trends rather than momentum alone. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HF Sinclair Corporation (DINO) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Marathon Petroleum (MPC) has moved back onto investors’ radar after a very strong second quarter earnings report, with refining and marketing operations outperforming expectations and unplanned refinery downtime hitting its lowest level this decade. See our latest analysis for Marathon Petroleum. The earnings surprise, lower refinery downtime and a fresh US$1.00 per share dividend declaration have come alongside strong share price momentum. A year to date share price return of 110.88% and a 5 year total shareholder return of 589.80% indicate that recent strength follows a longer trend of substantial gains. If you are looking for more ideas in energy and related infrastructure, this is a good moment to scan 36 power grid technology and infrastructure stocks The share price move, the earnings jump, and the richer dividend all point to a stronger Marathon Petroleum story rather than just hotter sentiment. How does that line up with where the stock is valued today? The most followed narrative for Marathon Petroleum puts fair value at $293.12, which sits below the recent $348.25 close and frames the stock as priced ahead of that model. Read the complete narrative. Want to see what financial engine sits behind that fair value gap? The narrative leans on future margins, steady top line expectations, and a richer earnings multiple. Curious which assumptions really carry the model and how they connect to Marathon Petroleum's current share price. Result: Fair Value of $293.12 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Marathon Petroleum story could shift quickly if demand for refined fuels weakens, or if tougher environmental rules pressure margins and raise compliance costs. Find out about the key risks to this Marathon Petroleum narrative. Analyst narratives frame Marathon Petroleum as 18.8% overvalued at $348.25 versus a $293.12 fair value. Yet the current P/E of 11.4x sits below the estimated fair ratio of 12.8x, the US Oil and Gas industry at 12.5x, and peers at 12.7x. That gap points to a different kind of pricing risk. Is the crowd or the comparison set closer to the mark? See what the numbers say about this price — find out in our valuation breakdown. The mix of strong recent returns and questions about Marathon Petroleum's valuation has clearly split opinion. This is a good time to review the numbers and narrative yourself and move quickly if they change your conviction. To see both sides of the current debate on risks and potential upside, start by checking the 3 key rewards and 2 important warning signs If Marathon Petroleum has sharpened your focus on where to put fresh capital next, do not stop here. Use targeted stock lists to quickly surface opportunities that fit your goals. Target strong value by scanning 49 high quality undervalued stocks that combine quality fundamentals with prices that sit below many investors’ radar. Build reliable income by reviewing 9 dividend fortresses that offer higher yields with an emphasis on consistency. Prioritize resilience by checking 85 resilient stocks with low risk scores that score well on financial strength and business risk. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MPC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Independent oil refiner and marketer Marathon Petroleum Corporation MPC reported second-quarter 2026 earnings of $17.73 per share, which beat the Zacks Consensus Estimate of $14.52 by 22.1%. Earnings per share also surged 347.7% from the year-ago level of $3.96 per share, primarily reflecting significantly stronger Refining & Marketing performance. Findlay, OH-based Marathon Petroleum reported revenues and other income of $52.34 billion, up 53.5% year over year and above the Zacks Consensus Estimate of $34.83 billion by 50.3%. Refining & Marketing margin rose sharply to $36.33 per barrel from $17.58 a year ago, and also beat our consensus mark by 11.17% Murphy USA Inc. price-consensus-eps-surprise-chart | Murphy USA Inc. Quote Refining & Marketing (R&M): This segment reported adjusted EBITDA of $6.66 billion, up significantly from $1.89 billion in the year-ago quarter, and the reported figure was also 14.75% above our consensus estimate. The improvement primarily reflected higher crack spreads across all regions. Adjusted EBITDA per barrel increased to $24.84 from $6.79 a year earlier. Midstream: This unit mainly reflects Marathon Petroleum’s general partner and majority limited partner interests in MPLX LP MPLX — a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. Segment adjusted EBITDA was $1.78 billion, up 8.3% from $1.64 billion in the second quarter of 2025, and the reported figure was also 5.51% above our consensus estimate. This increase was primarily driven by higher rates and throughputs, including contributions from equity affiliates and acquisitions, partly offset by the divestiture of non-core gathering and processing assets. The Renewable Diesel segment reported adjusted EBITDA of $258 million against a loss of $19 million in the corresponding period of 2025, and the reported figure was also 186.45% above our consensus estimate. The improvement reflected a stronger margin environment, higher throughputs and improved regulatory credit values. Renewable Diesel margin increased to $321 million from $49 million a year ago. Following the completion of the Martinez turnaround in the first quarter, utilization reached 95% in the reported quarter. Management also highlighted feedstock optimization as a contributor to the segment's performance. Crude capacity utilization during the quarter was 94% compared with 97% in the year-ago period. Net refinery throughput was 2,944 thousand barrels per day (mbpd), down from 3,060 mbpd a year earlier. However, refined product sales volumes increased slightly to 3,842 mbpd from 3,835 mbpd. MPC achieved Refining & Marketing margin capture of 112%. Management attributed the strong capture to crude sourcing and optimization, inventory discipline, favorable clean-product margins and higher jet production. Refining operating costs increased to $5.72 per barrel from $5.34, while planned turnaround costs totaled $275 million compared with $250 million a year ago. Marathon Petroleum reported total costs and expenses of $45.02 billion in the second quarter of 2026 compared with $31.90 billion in the year-ago period. Capital expenditures and investments totaled $1.39 billion, up from $1.07 billion a year earlier, with $1.02 billion directed toward the Midstream segment. As of June 30, 2026, the company had cash and cash equivalents of $7.77 billion and total consolidated debt of $32.82 billion, with a debt-to-capitalization of 56.1%. MPC returned more than $2.8 billion of capital to its shareholders during the quarter, including $2.53 billion in share repurchases. The company had $6.1 billion remaining under its share repurchase authorizations. MPC's 2026 capital spending outlook, excluding MPLX, remains $1.5 billion. Approximately 65% of the planned spending is focused on value-enhancing investments, while the remaining 35% is allocated to sustaining operations. During the second quarter, the El Paso yield improvement and Robinson product flexibility investments were placed in service. The Robinson project enables approximately 10 thousand barrels per day of incremental jet fuel production, while the El Paso investment enhances the refinery's ability to produce specialty gasoline for key markets. For the third quarter of 2026, MPC expects crude oil throughput of 2,820 mbpd and total refinery throughput of 3,005 mbpd. Refinery utilization is projected at 94%. This Zacks Rank #2 (Buy) company expects refining operating costs of $5.60 per barrel, distribution costs of $1.65 billion and planned turnaround costs of $290 million. Corporate expenses are projected at $260 million, including approximately $30 million of depreciation and amortization.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed MPC’s second-quarter results in detail, let us take a look at two other key reports in this space. San Antonio, TX-based oil and gas refining and marketing service provider, Valero Energy Corporation VLO, reported second-quarter 2025 adjusted earnings of $2.28 per share, which beat the Zacks Consensus Estimate of $1.73. However, the bottom line declined from the year-ago quarter’s level of $2.71. The better-than-expected quarterly results can be attributed to an increase in refining margins per barrel of throughput and lower total cost of sales. The positives were partially offset by a decline in refining throughput volumes and renewable diesel sales volumes. The company had cash and cash equivalents of $4.5 billion at the end of the second quarter. As of June 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.3 billion. Houston, TX-based oil and gas equipment and services provider, Halliburton Company HAL, reported second-quarter 2025 adjusted net income of 55 cents per share, which was in line with the Zacks Consensus Estimate but below the year-ago quarter’s profit of 80 cents (adjusted). The numbers reflect softer activity in the North American region, partly offset by international growth. As of June 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.4. Halliburton reported second-quarter capital expenditure of $354 million, up from our projection of $338.2 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report MPLX LP (MPLX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Marathon Petroleum (MPC) posted $17.73 EPS against a $13.95 estimate as its refining margin nearly doubled to $36 per barrel. Valero (VLO) warns margins could drop 28% by 2027, but structural limits keep today's crack spreads historically wide. No new U.S. refinery has been built since 1976. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Marathon Petroleum didn't make the cut. Grab the names FREE today. Marathon Petroleum (NYSE:MPC) reported $17.73 in quarterly earnings per share against a $13.95 estimate, and its stock is up 90.47% year to date. If you have been grumbling at the pump about $4.08 gasoline, congratulations, you found the party. However, you were not invited unless you were invested here. CNBC's Pippa Stevens laid out the setup on air Tuesday. "Fuel prices are high and crude has pulled back, creating a perfect situation for the refiners. EPS up 975% quarter over quarter and nearly 350% year over year." That is the whole thesis in two sentences. Marathon booked $5.14 billion in net income, up from $1.22 billion a year earlier, and returned over $2.80 billion to shareholders in a single quarter. Revenue landed at $51.99 billion. That cleared the $41.44 billion consensus. The engine is the crack spread, which is refinery-speak for the gap between what a barrel of crude costs and what the gasoline, diesel, and jet fuel refined from it sells for. Think of it as the margin between raw ingredient and finished plate at a restaurant. The industry benchmark, the 3-2-1 spread, has topped $70 per barrel. Marathon's Refining and Marketing margin went from $17.58 per barrel a year ago to $36.33 per barrel. Nearly doubled. R&M adjusted EBITDA went from $1.89 billion to $6.66 billion. WTI crude has been jumpy but soft, sitting at $84.25 per barrel after a $7.49 single-day drop. Pump prices did not follow crude down, and refiners pocket the difference. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Marathon Petroleum didn't make the cut. Grab the names FREE today. Stevens's second observation is the one that should keep bears up at night. "One person describing it to me as a golden period for the industry. Traditionally, when cracks start to rise, either supply catches up or demand takes a hit. But right now, demand is holding up." Supply cannot catch up because there is no supply to add. U.S. refineries have run above 95% utilization for 15 straight weeks. Middle East capacity is constrained, and Russia has extended its diesel export ban. The structural piece is the killer. "We haven't had a new refinery come online in the U.S. since 1976," Stevens noted, with incremental capacity trickling in only through debottlenecking at existing sites like ExxonMobil (NYSE:XOM)'s Beaumont facility. Marathon itself is doing the same and funnels 65% of its $1.5 billion capex into value-enhancing projects like the 90 mbpd Galveston Bay distillate hydrotreater due at year-end 2027. The EIA's own forecast keeps refinery utilization above 84% through 2050. The bottleneck is the business model. Stevens again. "If they weren't running flat out and raking in the profits right now, then it would be even worse for the consumer. There would be less product on the market. The gasoline prices would be even higher." The refiners running flat out are also the reason gasoline is not $5.50. Max output is the pressure valve. Now the investor question. Is this a durable trade or a cyclical top? Marathon trades at a forward P/E of 11x, which is either an obvious bargain or the market telling you 2027 earnings will not look like 2026. Valero (NYSE:VLO)'s own commentary points to a 27.7% earnings decline in 2027 as margins normalize. CEO Maryann Mannen framed the current run as execution rather than luck, saying "Our results reflect the differentiated capabilities of our value chains and the execution of our optimization strategies." The 8-K filing shows $6.1 billion in buyback authorization still on the shelf, so management is voting with the checkbook. What to watch. Weekly EIA utilization data. Any hint of demand destruction from sustained $4-plus gasoline. And the calendar. Every quarter Russia's export ban holds, and the Strait of Hormuz stays tense, is another quarter Marathon prints at these margins. The golden period ends when one of those things breaks. Until then, refiners are the loudest quiet money in the S&P. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Marathon Petroleum didn't make the cut. Grab the names FREE today. Contact [email protected] for any questions or corrections.

Marathon Petroleum Corporation MPC used its second-quarter 2026 earnings call to frame strong margin capture as a mix of favorable markets and repeatable execution. Management expects refining conditions to remain above mid-cycle through 2027. The company kept share repurchases central, advanced MPLX projects and flagged seasonal third-quarter pressure despite resilient fuel demand. MPC reported $17.73 per share, beating the Zacks Consensus Estimate of $14.52. Revenues of $52.34 billion surpassed the Zacks Consensus Estimate of $34.83 billion. Marathon Petroleum Corporation price-consensus-eps-surprise-chart | Marathon Petroleum Corporation Quote President, CEO and board chair Maryann Mannen said MPC generated $8.5 billion of adjusted EBITDA and 112% Refining & Marketing margin capture. First-half capture reached 108%, while unplanned downtime fell to its lowest level this decade. A Goldman Sachs analyst asked what drove capture. CEO Mannen pointed to inventory discipline, advantaged crude sourcing, the physical offset of first-quarter derivative losses, higher jet production and refinery reliability. Senior vice president of Value Chain Optimization Julian Stoll said integrated teams lifted jet yield 3% year over year. MPC has expanded jet yield capability from 8% in 2024 to 12%. CEO Mannen said more than 9 million barrels per day of global refining capacity was offline, about 4 million above historical norms. She expects an enhanced mid-cycle environment through year-end and into 2027. A UBS analyst asked about duration. CEO Mannen remained constructive well into 2027 but said the timing of infrastructure repairs and supply normalization was difficult to predict. Chief commercial officer Rick Hessling cited resilient gasoline, diesel and jet demand, along with record diesel exports. Hessling warned that hurricane season and heavier third-quarter turnarounds could sustain volatility. Executive vice president and CFO Maria Khoury projected third-quarter crude throughput of 2.82 million barrels per day, equal to 94% utilization. Planned turnaround expense is expected to be about $290 million, with conversion-unit work limiting product upgrading. A Piper Sandler analyst asked about full-year capture. CEO Mannen noted that the metric averaged 95% from 2023 through 2025, while chief commercial officer Hessling said product margins and jet-to-diesel spreads had eased early in the quarter. MPC returned $2.8 billion to its shareholders, including $2.5 billion through repurchases. Quarter-end consolidated cash was $7.8 billion. Goldman Sachs and Wolfe Research analysts questioned the cash build. CEO Mannen said buybacks remain the preferred return vehicle and the company still targets roughly $1 billion of cash, excluding obligations tied to Strategic Petroleum Reserve crude exchanges. CFO Khoury said working capital provided $3.8 billion of cash through higher payables, crude-exchange timing and inventory draws. Inventory rebuilding and exchange repayments will require cash, with each $10 crude-price move affecting working capital by about $550 million. CEO Mannen called MPLX a central differentiator. MPLX raised its 2026 growth capital outlook by $500 million to $2.9 billion, mainly by accelerating Gulf Coast fractionation spending from early 2027. Mannen added that Blackcomb began commissioning in July and remains targeted for full service in the fourth quarter. Harmon Creek III is beginning operations, while Titan sour-gas treating capacity is expected to exceed 400 million cubic feet per day by year-end. MPLX is targeting mid-single-digit adjusted EBITDA growth in 2026, weighted toward the second half, followed by strong growth in 2027. CEO Mannen expects 12.5% annual distribution growth in both years. MPC’s CEO said refining investments remain focused on reliability, yield and cost reduction rather than added crude flexibility. Robinson adds about 10,000 barrels per day of jet capacity, while El Paso improves specialty gasoline production. CEO Mannen’s closing message centered on consistent execution, benefiting from favorable markets, limiting downside exposure and investing where MPC sees clear demand and targeted returns of at least 25%. Executive vice president of Refining Michael Henschen and senior vice president Stoll emphasized digital tools and cross-regional optimization. MPC carries a Zacks Rank #3 (Hold). Its Value Score, Growth Score, Momentum Score and VGM Score of A represent the strongest grade in each category and indicate favorable characteristics across multiple investing styles. The Zacks framework places the greatest emphasis on Zacks Rank #1 (Strong Buy) and 2 (Buy) stocks paired with A or B Style Scores, while a Zacks Rank #3 supports a more neutral near-term view. The rank can change as analysts revise earnings estimates after the latest results. You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Marathon Petroleum (MPC) reported $52.34 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 53.5%. EPS of $17.73 for the same period compares to $3.96 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $34.83 billion, representing a surprise of +50.26%. The company delivered an EPS surprise of +22.11%, with the consensus EPS estimate being $14.52. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Marathon Petroleum performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Refining & Marketing margin: $36.33 compared to the $32.86 average estimate based on four analysts. Refining & Marketing margin - Mid-Continent: $33.68 versus $34.75 estimated by four analysts on average. Refining & Marketing margin - West Coast: $41.28 versus the four-analyst average estimate of $34.36. Refining & Marketing - Refinery throughputs - Net refinery throughput: 2944 millions of barrels of oil versus 2987.38 millions of barrels of oil estimated by four analysts on average. Refining & Marketing margin - Gulf Coast: $36.52 versus $30.93 estimated by four analysts on average. Refinery throughputs - Mid-Continent - Crude oil refined: 1,030.00 Mbpd versus 1,037.88 Mbpd estimated by three analysts on average. Refinery throughputs - West Coast - Gross refinery throughputs: 553.00 Mbpd versus 566.61 Mbpd estimated by three analysts on average. Refinery throughputs - West Coast - Other charge and blendstocks: 38.00 Mbpd versus the three-analyst average estimate of 33.33 Mbpd. Refinery throughputs - West Coast - Crude oil refined: 515.00 Mbpd versus the three-analyst average estimate of 533.28 Mbpd. Refined product yields - Mid-Continent - Total: 1,102.00 Mbpd compared to the 1,112.18 Mbpd average estimate based on three analysts. Refined product yields - Gulf Coast - Total: 1,443.00 Mbpd compared to the 1,408.08 Mbpd average estimate based on three analysts. Refining & Marketing - Refinery throughputs - Crude oil refined: 2798 millions of barrels of oil versus 2811.51 millions of barrels of oil estimated by three analysts on average. View all Key Company Metrics for Marathon Petroleum here>>> Shares of Marathon Petroleum have returned +17.4% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marathon Petroleum Corporation (MPC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Marathon Petroleum Corporation? Here are five stocks we like better. Marathon Petroleum delivered strong Q2 results, reporting $8.5 billion in adjusted EBITDA and $17.73 in EPS. Operating cash flow excluding working-capital changes was $6.6 billion, while the company returned $2.8 billion to shareholders, including $2.5 billion in share repurchases. Refining and marketing generated approximately $6.7 billion of adjusted EBITDA, supported by 94% systemwide utilization and 112% margin capture. Gulf Coast refineries operated at 100% utilization, while crude-sourcing optimization and strong fuel margins boosted results. Management expects a constructive refining environment through the end of 2026 and into 2027, but projected Q3 throughput of 2.8 million barrels per day and warned that planned turnarounds could pressure margin capture. MPLX also raised 2026 growth capital spending by $500 million to $2.9 billion. Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Marathon Petroleum (NYSE:MPC) reported second-quarter 2026 adjusted EBITDA of $8.5 billion and earnings per share of $17.73, as strong refining margins, high utilization and crude sourcing optimization lifted results across its operations. Cash flow from operations, excluding working-capital changes, totaled $6.6 billion. The company returned $2.8 billion to shareholders during the quarter, including $2.5 billion in share repurchases, and ended the period with approximately $7.8 billion of consolidated cash. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Oil Prices Are Surging and These 4 Stocks Are Cashing In Chairman, President and CEO Maryann Mannen said the company’s performance reflected market conditions as well as planning, commercial and operating execution. She said Marathon had experienced its lowest level of unplanned downtime of the decade through the first half of 2026 and operated its Gulf Coast refineries at 100% utilization during the second quarter. Marathon’s refining and marketing segment generated roughly $6.7 billion of adjusted EBITDA in the quarter. Refineries processed nearly 3 million barrels per day, with systemwide utilization of 94% following first-quarter turnaround activity. Gulf Coast utilization was 100%, with adjusted EBITDA of $27 per barrel. Mid-Continent utilization was 87%, with adjusted EBITDA of nearly $21 per barrel. West Coast utilization was 93%, with adjusted EBITDA of more than $27 per barrel. → 3 Drone Stocks That Should Soar After the Summer Slump Marathon Petroleum Is Back, But Cycles Still Matter The company reported second-quarter refining and marketing margin capture of 112%, while first-half capture was 108%. CFO Maria Khoury said second-quarter capture benefited from crude optimization, Strategic Petroleum Reserve barrels received from the Department of Energy, strong gasoline, diesel and jet fuel margins, and the physical offset of first-quarter derivative losses. Mannen said the company’s approach relies on making faster, data-driven decisions around crude sourcing, logistics and refinery operations. Chief Commercial Officer Rick Hessling said the company purchased crude directly from the Strategic Petroleum Reserve, ran more than twice as much Venezuelan crude as in the first quarter, and processed record volumes of Canadian heavy crude on the Gulf Coast. On the West Coast, Marathon ran roughly twice its normal level of California-produced crude, which Hessling said had become more economically advantaged following regional refinery closures. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Julian Stoll, senior vice president of value chain optimization, said the company increased jet fuel yield by 3% year over year during the quarter. He said Marathon’s jet-yield capability has increased to 12% from 8% since 2024, supported by investments and the ability to shift production between jet fuel and diesel based on market conditions. Mannen said the refining environment remains constructive, citing more than 9 million barrels per day of planned and unplanned global refining downtime, about 4 million barrels per day above historical norms. She attributed the elevated outages to disruptions in the Persian Gulf and increased attacks on Russian infrastructure during the Russia-Ukraine conflict. The company said U.S. gasoline inventories remain below their five-year range and distillate inventories are at the bottom of their five-year range. Mannen said Marathon expects an enhanced mid-cycle refining environment through the end of 2026 and into 2027, although executives acknowledged that market volatility could continue. During the quarter, Marathon completed two refining projects. A product-flexibility investment at its Robinson refinery is expected to add approximately 10,000 barrels per day of jet fuel production, while an El Paso yield-improvement project is intended to increase the refinery’s capability to produce specialty gasoline. Mannen said the projects were designed to meet the company’s targeted return threshold of 25% or more. For the third quarter, Marathon forecast crude throughput of 2.8 million barrels per day and utilization of 94%. Khoury said turnaround expense is expected to be about $290 million, with work concentrated on conversion units in the Gulf Coast and Mid-Continent regions. The activity is expected to limit some upgrading capability and create a headwind to margin capture. Midstream segment adjusted EBITDA increased $137 million from the second quarter of 2025, driven primarily by higher rates and throughput, equity affiliate growth and acquisitions. These gains were partly offset by the divestiture of non-core gathering and processing assets. MPLX, Marathon’s affiliated midstream company, placed the Secretariat I processing plant into service in April and began commissioning the Blackcomb natural-gas pipeline in July. Blackcomb is expected to enter full commercial service in the fourth quarter. MPLX also began operations at the Harmon Creek III processing plant, bringing total processing capacity to 8.1 billion cubic feet per day and de-ethanization capacity to more than 800,000 barrels per day. MPLX increased its 2026 growth capital spending outlook by $500 million to $2.9 billion, primarily because it accelerated spending on a Gulf Coast fractionation project previously expected in early 2027. Marathon said MPLX remains on track for mid-single-digit adjusted EBITDA growth in 2026, weighted toward the second half, and expects its investments to support 12.5% annual distribution growth in 2026 and 2027. Renewable diesel adjusted EBITDA rose approximately $277 million year over year. Khoury said utilization reached 95% after the completion of the Martinez turnaround in the first quarter, while feedstock optimization and improved regulatory credit values supported results. Marathon said it remains focused on operating efficiency in renewable diesel rather than pursuing additional growth capital in the segment. Mannen said Marathon’s capital-allocation priorities remain unchanged, with share repurchases continuing to be the company’s preferred vehicle for returning capital. She said the company generally targets about $1 billion of cash to operate the business, while also accounting for obligations to repay Strategic Petroleum Reserve crude exchanges. Khoury said second-quarter working capital provided a $3.8 billion source of cash, driven by higher payables, crude-exchange timing and inventory draws. She noted that Marathon has begun rebuilding inventory and that a $10-per-barrel change in crude prices affects working capital by approximately $550 million. Marathon Petroleum Corporation (NYSE: MPC) is a U.S.-based downstream energy company engaged principally in the refining, marketing, supply and transportation of petroleum products. The company was formed through a spin-off from Marathon Oil in 2011 and operates an integrated system of refining and logistics assets that support the production and distribution of transportation fuels and other refined petroleum products. Marathon Petroleum's operations include refining crude oil into gasoline, diesel, jet fuel, asphalt and other specialty products, as well as managing the distribution and storage infrastructure needed to move those products to market. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Marathon Petroleum Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.