The earnings call highlighted strong performance in refining and midstream segments, strategic acquisitions, and robust shareholder returns. However, challenges were noted in renewable diesel operations and expected high turnaround expenses.

Company Guidance

During the Marathon Petroleum Corporation (MPC) Second Quarter 2025 Earnings Call, the company provided guidance metrics for the upcoming quarters. For the third quarter of 2025, MPC projects crude throughput volumes of 2.7 million barrels per day, translating to a utilization rate of 92%. Turnaround expenses for the quarter are expected to be approximately $400 million, primarily focused on the Mid-Con and West Coast regions. For the full year, these expenses are anticipated to be around $1.4 billion, similar to the previous year. Operating costs are projected to be $5.70 per barrel, with distribution costs estimated at $1.5 billion and corporate costs at $240 million. Additionally, the company highlighted its focus on optimizing its portfolio through strategic investments and divestitures and maintaining its commitment to operational excellence and commercial performance to ensure peer-leading profitability.

Record Utilization and Margin Capture

Achieved 97% utilization and a record 105% margin capture in refineries, driven by strong diesel demand and tight inventory levels.

Midstream Business Growth

Midstream segment delivered a 5% year-over-year growth in adjusted EBITDA. MPLX announced a strategic acquisition for under $2.4 billion, expected to be immediately accretive.

Strong Financial Performance

Reported second quarter net income of $3.96 per share. Returned approximately $1 billion to shareholders through dividends and repurchases.

Strategic Divestitures and Acquisitions

Announced $425 million divestiture of interest in ethanol production facilities and strategic acquisition of Northwind Midstream, enhancing MPLX's growth platform.

Marathon Petroleum (MPC) Earnings, Revenues Date & History

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MPC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	3.15 / -	1.87	―	―	―
Aug 05, 2025	2025 (Q2)	3.24 / 3.96	4.12	-3.88% (-0.16)
May 06, 2025	2025 (Q1)	-0.54 / -0.12	2.58	-104.73% (-2.70)
Feb 04, 2025	2024 (Q4)	0.02 / 0.77	3.98	-80.65% (-3.21)
Nov 05, 2024	2024 (Q3)	0.99 / 1.87	8.14	-77.03% (-6.27)
Aug 06, 2024	2024 (Q2)	3.09 / 4.12	5.32	-22.56% (-1.20)
Apr 30, 2024	2024 (Q1)	2.54 / 2.58	6.09	-57.64% (-3.51)
Jan 30, 2024	2023 (Q4)	2.19 / 3.98	6.65	-40.15% (-2.67)
Oct 31, 2023	2023 (Q3)	7.75 / 8.14	7.81	4.23% (+0.33)
Aug 01, 2023	2023 (Q2)	4.55 / 5.32	10.61	-49.86% (-5.29)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MPC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$167.03	$167.98	+0.57%
May 06, 2025	$141.73	$142.94	+0.85%
Feb 04, 2025	$144.53	$154.27	+6.74%
Nov 05, 2024	$141.69	$146.20	+3.18%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.