Marathon Q3 R&M EBITDA Up Over Fivefold on Crack Spreads


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) - Marathon Petroleum reported Tuesday (11/3) that 
refining and marketing (R&M) segment adjusted EBITDA rose more than fivefold 
year-on-year in the third quarter to $9.9 billion, driven primarily by higher 
market crack spreads across all operating regions.

R&M segment adjusted EBITDA in the third quarter of 2025 was $1.8 billion.R&M 
margin was $45.70 bbl for the third quarter of 2026, versus $17.60 bbl for the 
same period last year.In terms of bbl, R&M segment adjusted EBITDA for the 
latest quarter was $34.15/bbl, versus $6.37/bbl year over year. Segment 
adjusted EBITDA excludes planned turnaround costs, which totaled $294 million 
in the quarter and $400 million in the third quarter of last year.Refining 
operating costs were $5.60 bbl for the third quarter of 2026, compared with 
$5.59 bbl for the third quarter of 2025.Crude capacity utilization reached 
100%, resulting in total throughput of 3.2 million bpd in the third quarter of 
2026, compared to 95% utilization in the third quarter of 2025.Midstream 
segment adjusted EBITDA was $1.9 billion in the third quarter of 2026, versus 
$1.7 billion for the same period of 2025. The increase was primarily driven by 
higher rates and throughputs, increased equity affiliate income, and growth 
from acquisitions, partially offset by divestitures of non-core gathering and 
processing assets as well as higher operating expenses.


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