Marathon Petroleum Corp

Strong financial performance (and clear operating drivers) in Q2 2026 - Adjusted EBITDA: $8.5B, with EPS $17.73 (Q2 2025 → Q2 2026 Adjusted EBITDA up ~ $5.2B YoY, primarily in Refining & Marketing). - Refining & Marketing adjusted EBITDA: ~$6.7B on ~3.0M bpd throughput and 94% utilization (system-wide after prior-quarter turnarounds). - R&M margin capture: 112% in Q2 (and 108% YTD), emphasizing MPC’s integrated planning/operations execution (crude optimization, inventory discipline, clean product margins, and jet/diesel/gasoline capture).

Reliability/throughput highlights + “what’s good” on capture - U.S. Gulf Coast ran at 100% utilization in Q2; management called out lowest unplanned downtime level this decade YTD. - Gulf Coast $/bbl strong (~$27 adjusted EBITDA per barrel); West Coast also strong (> $27/bbl); MidCon ~$21/bbl. - Jet value creation: management tied the capture to yield flexibility—notably ~3% higher jet yield YoY in Q2 and jet yield capability now increased from ~8% to ~12% since 2024 (supported by timing of jet-focused investments).

Forecast/outlook: “enhanced mid-cycle” through end of 2026 and into 2027; but volatility persists - Management expects an enhanced mid-cycle environment through year-end and into 2027. - Refining macro: ~9M bpd of planned/unplanned refinery downtime globally (about 4M bpd above historical norms), driven by Persian Gulf disruptions plus accelerated Ukrainian attacks on Russian infrastructure. - Inventory conditions: U.S. gasoline inventory well below 5-year range and distillate inventory at the bottom of its 5-year range → supports tight product markets. - Q3 refining outlook (R&M): projected 2.8M bpd throughput (~94% utilization); turnaround expenses ~ $290M mainly focused on conversion units (called a headwind to capture).