Marathon Petroleum Company reported fourth-quarter net income of $1.48 billion, or $1.39 per diluted share, compared with $1.22 billion, or $1.16 per diluted share a year earlier. Adjusted earnings per share of $1.42 exceeded the consensus estimate of $1.28. Total revenue for the quarter rose 6.2% year-over-year to $38.9 billion, driven by higher refined product margins and increased throughput at the company’s Garyville and Galveston Bay refineries. Refining operating income improved by 18% to $2.1 billion, reflecting optimized crude differentials and tighter operating expense controls.

Looking ahead to the first quarter of 2026, Marathon Petroleum expects refining operating costs to average $5.85 per barrel, down from $6.10 in Q4 2025. This guidance incorporates planned turnaround schedules at two major refineries, targeted maintenance efficiencies and ongoing supply-chain optimization initiatives. The company’s logistics segment is projected to benefit from a 4% reduction in unit transportation costs, as new pipeline contracts and fleet upgrades come online.

Marathon Petroleum reaffirmed its capital return program, projecting $2.7 billion in dividends and $1.3 billion in share repurchases for the full year 2026. The board approved a 5% increase in the quarterly dividend to $0.67 per share, marking the twelfth consecutive annual raise. This commitment, coupled with a debt-to-EBITDA ratio that fell to 1.8x at year-end, underpinned a technical trend-following signal suggesting potential for further upside in the stock’s relative performance against the S&P 500 Energy Index.