Marathon Petroleum Corp

Marathon Petroleum turned in a better-than-feared first quarter despite swinging to a net loss, with the refiner posting an adjusted loss of $0.24 per diluted share against a Wall Street consensus of -$0.54, a 55.72% beat, while revenue of $31.52 billion edged past the $30.15 billion estimate by 4.54%. The headline loss — a sharp reversal from $2.58 in earnings per share a year ago — was almost entirely the story of timing and margin compression: MPC executed what management called the second-largest planned maintenance quarter in company history, with $454 million in turnaround costs collapsing Refining & Marketing segment adjusted EBITDA to $489 million from $1.99 billion, as crack spreads narrowed to $13.38 per barrel from $19.35. Midstream provided meaningful ballast, with MPLX delivering $1.72 billion in segment adjusted EBITDA, up 8% year-over-year. Looking ahead, MPC guided Q2 throughputs of 2,945 thousand barrels per day with refining operating costs declining to $5.30 per barrel, as management anticipates seasonal demand improvement to lift <a href="https://247wallst.com/investing/2026/02/18/marathon-petroleum-vs-phillips-66-which-refining-giant-wins-as-energy-sector-dominates-2026/">refining margins heading into summer</a>.