Marathon Petroleum Corporation · NYSE:MPC
Marathon Petroleum — Q2 2026 Earnings Presentation
27 slides from Marathon Petroleum's earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
MPC | 2Q 2026 SECOND QUARTER 2026 EARNINGS CONFERENCE CALL August 4, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS MPC | 2Q 2026 This presentation contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning its business and operations, financial priorities, strategic plan
Slide 3: Second Quarter Business Update
SECOND QUARTER BUSINESS UPDATE MPC | 2Q 2026 Strong $8.5 billion of adjusted EBITDA, with strong commercial Through-Cycle and operational performance across the system Cash Flow Executing Natural Gas and NGL value chain growth Durable strategy Midstream Harmon Creek III processing plant beginning op
Slide 4: Second Quarter Highlights
SECOND QUARTER HIGHLIGHTS MPC | 2Q 2026 2Q 2ND QUARTER 2026 $ Millions (unless otherwise noted) Earnings per Share $17.73 ($/diluted share) Adjusted EBITDA $8,460 R&M Segment Adj EBITDA per Barrel $24.84 Cash Flow from Operations, $6,564 excl. Changes in Working Capital Total Return of Capital(a) $2
Slide 5: Adjusted EBITDA to Net Income
ADJUSTED EBITDA TO NET INCOME MPC | 2Q 2026 Adjusted EBITDA Reconciliation to Net Income 277 8,460 4,765 137 -5 -1,138 5,138 -1,784 -400 3,286 2Q 2025 Refining & Midstream Renewable Corporate 2Q 2026 Turnaround Interest Noncontrolling 2Q 2026 Adj. EBITDA Marketing Diesel Adj. EBITDA and D&A and Taxe
Slide 6: Refining & Marketing Segment
REFINING & MARKETING SEGMENT MPC | 2Q 2026 932 6,655 1,238 112% capture 2,595 94% utilization Strong planning, 1,890 commercial, and operational execution 2Q 2025 Segment Gulf Coast Mid-Con West Coast 2Q 2026 Segment Adj. EBITDA ($MM) Region Region Region Adj. EBITDA ($MM) 6
Slide 7: Refining & Marketing Margin
REFINING & MARKETING MARGIN MPC | 2Q 2026 1,036 9,735 8,699 Strong planning, commercial, and operational execution Crude optimization Clean product margin strength Secondary products headwind 100% 112% 2Q26 R&M Capture 2Q26 R&M Margin Indicator Impact Margin ($MM) (a) ($MM) (a) Capture reflects the
Slide 8: Midstream Segment
MIDSTREAM SEGMENT MPC | 2Q 2026 126 11 1,778 1,641 Positioned to deliver mid-single digit adjusted EBITDA growth Secretariat I online and Harmon Creek III beginning operations Year-over-year 2Q increase primarily driven by increased rates and throughputs 2Q 2025 MPLX Other 2Q 2026 Segment Midstream
Slide 9: Renewable Diesel Segment
RENEWABLE DIESEL SEGMENT MPC | 2Q 2026 20 258 272 -8 -7 95% utilization Stronger margin environment Improved regulatory credit values -19 2Q 2025 Operating Operating Distribution Other 2Q 2026 Segment Margin Costs Costs (a) Segment Adj. EBITDA Adj. EBITDA ($MM) ($MM) (a) Includes income or loss from
Slide 10: Total Consolidated Cash Flow
TOTAL CONSOLIDATED CASH FLOW MPC | 2Q 2026 13,600 3,763 11,600 2 -1,391 -42 -456 9,600 -290 6,564 7,768 7,600 MPLX -2,533 1,031 5,600 3,600 MPC 2,151 6,737 1,600 MPLX 1,506 MPC 645 -400 3/31/2026 Cash Flow Changes in Capital Changes Return of Other Dividends Share 6/30/2026 Cash + from Working Capit
Slide 11: Third Quarter 2026 Outlook
THIRD QUARTER 2026 OUTLOOK MPC | 2Q 2026 Gulf Coast Mid-Con West Coast R&M Total Crude Throughput 1,180 1,135 505 2,820 MBPD Other Charge / Blendstocks, net 110 60 15 185 MBPD Total Throughput, net 1,290 1,195 520 3,005 MBPD Utilization 95% 96% 91% 94% Sweet Crude 45% 75% 50% 60% % of Throughput Sou
Slide 12: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS MPC | 2Q 2026 Producing a renewable diesel Safety is our top priority - that typically exceeds Dedicated to cultivating a empowering our people with the resources, skills, training and authority 50% lower safe, collaborative work environment while promoting an to make the r
Slide 13: Midstream Differentiation
MIDSTREAM DIFFERENTIATION MPC | 2Q 2026 Sustaining Growth Share Dividend Capital Capital Repurchases Disciplined Return 100% of excess Maintain safety and Secure, competitive, approach to capital capital through share reliability of assets and growing investment repurchases $2.8 billion(a) annualize
Slide 14: Committed to Creating Exceptional Value
COMMITTED TO CREATING MPC | 2Q 2026 EXCEPTIONAL VALUE INVESTMENT RATIONALE Safety and reliability Strong through-cycle Operational excellence cash flow Commercial performance PRIORITIZING Profitability per barrel Durable midstream LEADING growth delivers cash Optimize portfolio today → future flow u
Slide 15: Appendix
MPC | 2Q 2026 15 APPENDIX
Slide 16: Balance Sheet: Foundation for Strategy Execution
BALANCE SHEET: MPC | 2Q 2026 FOUNDATION FOR STRATEGY EXECUTION MPC SENIOR NOTES MATURITIES (a) MPC MPC MPLX NEXT 10 YEARS Excluding 2 Consolidated Adjustments (c) MPLX As of June 30, 2026 ($ Millions except ratio data) $ Billions 1 Cash (d) $7,768 $1,031 $6,737 Total Debt $32,816 $25,640 $7,176 Tota
Slide 17: Refining & Marketing Segment Adjusted EBITDA per Barrel
REFINING & MARKETING SEGMENT MPC | 2Q 2026 ADJUSTED EBITDA PER BARREL 2ND QUARTER 2ND QUARTER 2026 2025 Dollar per barrel of net refinery throughput Gulf Coast Region $27.01 $5.65 Mid-Continent Region $20.96 $7.45 West Coast Region $27.26 $8.18 Refining & Marketing Segment $24.84 $6.79 17
Slide 18: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT MPC | 2Q 2026 ADJUSTED EBITDA 1,036 9,735 364 8,986 -52 -599 Volume + $506 -1,531 Product + $613 Crude - $83 26 6,655 -1,575 Blended Sweet Sour Market Other R&M Margin Operating Distribution Other R&M Crack Differential Differential Structure Margin ($MM) Costs Costs Seg
Slide 19: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT MPC | 2Q 2026 ADJUSTED EBITDA 788 8 6,655 4,634 103 -45 -40 -162 -521 Volume + $236 Product - $292 Crude + $844 1,890 2Q 2025 Blended Sweet Sour Market Other Operating Distribution Other 2Q 2026 Segment Crack Differential Differential Structure Margin Costs Costs Segment
Slide 20: Income Summary for Operations
INCOME SUMMARY FOR OPERATIONS MPC | 2Q 2026 2025 2026 ($ Millions unless otherwise noted) 1Q 2Q 3Q 4Q 1Q 2Q Refining & Marketing segment income (loss) (371) 1,235 936 1,279 460 5,970 Midstream segment income 1,369 1,292 1,340 1,299 1,216 1,391 Renewable Diesel segment income (loss) (101) (87) (99) (
Slide 21: Reconciliation: Cash Flow from Operations
RECONCILIATION MPC | 2Q 2026 CASH FLOW FROM OPERATIONS, EXCLUDING CHANGES IN WORKING CAPITAL 2026 ($ Millions) 2Q Cash provided by operating activities 10,327 Less changes: Current receivables (1,092) Inventories 791 Current liabilities and other current assets 2,875 Derivative assets and liabilitie
Slide 22: Reconciliation: Segment Income to Adjusted EBITDA
RECONCILIATION MPC | 2Q 2026 SEGMENT INCOME FROM OPERATIONS TO SEGMENT ADJUSTED EBITDA AND ADJUSTED EBITDA 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Refining & Marketing Segment Segment income (loss) from operations (371) 1,235 936 1,279 460 5,970 Add: Depreciation and amortization 406 405 426 390 38
Slide 23: Reconciliation: Net Income to Adjusted EBITDA
RECONCILIATION MPC | 2Q 2026 NET INCOME (LOSS) ATTRIBUTABLE TO MPC TO ADJUSTED EBITDA 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Net income (loss) attributable to MPC (74) 1,216 1,370 1,535 511 5,138 Net income attributable to noncontrolling 420 394 573 444 340 400 interests Provision for income taxes
Slide 24: Reconciliation: R&M Adjusted EBITDA to Margin
RECONCILIATION MPC | 2Q 2026 REFINING & MARKETING SEGMENT ADJUSTED EBITDA TO REFINING & MARKETING GROSS MARGIN AND REFINING & MARKETING MARGIN 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Refining & Marketing segment adjusted EBITDA 489 1,890 1,762 1,997 1,377 6,655 Plus (Less) : Depreciation and amorti
Slide 25: Reconciliation: Renewable Diesel Adjusted EBITDA to Margin
RECONCILIATION MPC | 2Q 2026 RENEWABLE DIESEL SEGMENT ADJUSTED EBITDA TO RENEWABLE DIESEL GROSS MARGIN AND RENEWABLE DIESEL MARGIN 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q 2Q Renewable Diesel segment adjusted EBITDA (42) (19) (56) 7 38 258 Plus (Less) : Depreciation and amortization (18) (18) (17) (16)
Slide 26: Reconciliation: MPC Excl. MPLX Gross Debt-to-Capital
RECONCILIATION MPC | 2Q 2026 MPC EXCL. MPLX GROSS DEBT-TO-CAPITAL Year Ended December 31, ($ Millions unless otherwise noted) 2021 2022 2023 2024 Total Debt MPC Consolidated(a) 25,539 26,700 27,283 27,481 MPLX Adjustments (18,571) (19,796) (20,431) (20,948) MPC Excluding MPLX 6,968 6,904 6,852 6,533
Slide 27: Reconciliation: MPC Excl. MPLX Net Debt-to-Capital
RECONCILIATION MPC | 2Q 2026 MPC EXCL. MPLX NET DEBT-TO-CAPITAL Year Ended Quarter December Ended 31, June 30, ($ Millions unless otherwise noted) 2025 2026 Total Debt MPC Consolidated(a) 32,876 32,816 MPLX Adjustments (25,653) (25,640) MPC Excluding MPLX 7,223 7,176 Cash & Cash Equivalents & Short-