Marathon Petroleum Corp
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.07%.
Did MPC Beat Earnings? Q2 2025 Results
Marathon Petroleum delivered a strong second-quarter 2025 earnings beat, posting diluted EPS of $3.96 against a Wall Street consensus of $3.23, a 22.45% positive surprise, while revenue of $34.10 billion topped estimates by 7.55% — even as both figures came in below the year-ago period due to softer commodity prices. The standout driver was operational execution in refining: the company achieved 97% crude capacity utilization and an impressive 105% margin capture rate despite a weaker margin environment, underscoring why Marathon remains a benchmark among <a href="https://247wallst.com/investing/2026/02/18/marathon-petroleum-vs-phillips-66-which-refining-giant-wins-as-energy-sector-dominates-2026/">independent refining peers</a>. On the midstream front, MPLX's $2.38 billion acquisition of Northwind Midstream — adding Permian Basin sour gas processing capacity — signals continued strategic expansion. Looking ahead, management guided Q3 2025 refinery throughputs of 2,940 mbpd with planned turnaround costs rising to $400 million, while wider Western Canadian Select crude differentials are expected to provide a meaningful earnings tailwind in the coming quarter.
- 97% crude capacity utilization and 105% margin capture in Refining & Marketing
- Higher R&M margin capture despite weaker year-over-year margin environment
- Midstream strength driven by higher rates and throughputs
- Improved Renewable Diesel results from increased utilization and higher margins
- Share repurchases reducing weighted average diluted shares from 350 million to 307 million year-over-year
“Our second quarter results reflect actions we have taken to deliver on our strategic commitments. 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. We believe execution of our strategic commitments will position our integrated system to deliver industry-leading capital returns and offer a compelling value proposition for our shareholders.”
Marathon Petroleum CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2025, MPC expects R&M segment refinery throughputs of 2,940 mbpd (2,730 crude oil refined, 210 other charge and blendstocks), refining operating costs of $5.70/bbl, distribution costs of $1,525 million, refining planned turnaround costs of $400 million, and D&A of $415 million. Corporate costs are expected to be $240 million (including $20 million of D&A). MPC remains constructive on the long-term refining outlook. MPLX's Northwind Midstream acquisition is expected to close in Q3 2025. The Secretariat processing plant is expected in service at end of 2025, with multiple additional pipeline and processing projects targeted for 2026-2029.
MPC YoY Financials
Figures from SEC filings and company reports. Not investment advice.