Marathon Petroleum Posts $2.8B EBITDA, Approves $5B Share Repurchase
Marathon Petroleum posted first-quarter net income of $511 million versus a $74 million loss a year earlier and delivered adjusted EBITDA of $2.8 billion with 89% crude capacity utilization. The company returned $1 billion to shareholders, authorized an additional $5 billion share buyback, and completed 40% of its 2026 turnaround program.
1. Q1 Financial Results
Marathon reported net income of $511 million, reversing a $74 million loss in Q1 2025, and achieved adjusted EBITDA of $2.8 billion. Operating cash flow reached $1.1 billion compared with a $64 million outflow in the prior year.
2. Operational Highlights
Refining throughput hit 2.9 million barrels per day at 89% capacity utilization, and the company completed approximately 40% of its planned 2026 turnaround activity. The Garyville jet flexibility project went online, with FCC upgrades at El Paso targeted for Q2 and the Robinson jet project set for Q3 completion.
3. Capital Return and Buyback
Shareholders received over $1 billion in returns in the quarter, and the board approved an incremental $5 billion share repurchase authorization, lifting total repurchase capacity to $8.6 billion. Cash stood at $2.2 billion with no borrowings under the $5 billion revolver as of March 31.
4. 2026 Outlook and MPLX Growth
The 2026 capital budget of $1.5 billion is split 65% toward value-enhancing projects and 35% sustaining capital across key refineries. MPLX’s Permian expansions underpin an expected 12.5% annual distribution increase to the parent company through 2027.