Marathon Petroleum Corporation (MPC) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the MPC second quarter 2026 earnings call. My name is Julie and I will be your operator for today's call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. Press star one on your touch tone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Brian Worthington. Brian, you may begin. Welcome to Marathon Petroleum Corporation's second quarter 2026 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the investors tab. Joining me today on the call are Maryann Mannen, CEO, Maria Khoury, CFO, and other members of the executive team. We invite you to read the safe harbor statements on slide two. We will be making forward-looking statements today. Actual results may differ. Factors that could cause actual results to differ are included there as well as in our SEC filings. With that, I will turn the call over to Maryann. Thank you, Brian. Good morning. In the second quarter, we delivered $8.5 billion of adjusted EBITDA. Safety and reliability are fundamental. This performance reflects more than market strength. It demonstrates our planning, commercial, and operational capabilities which enable safe and reliable operations to meet resilient consumer demand. Our results reflect the differentiated capabilities of our value chains and the execution of our optimization strategies. Year to date, we have operated with our lowest level of unplanned downtime this decade. On the US Gulf Coast, we ran at 100% utilization in the second quarter. Across the system, We achieved R&M margin capture of over $1 billion, the strongest on an absolute basis. Through the first half of 2026, we achieved...