Marathon Petroleum (MPC)
Refiner and fuel marketer with MPLX midstream infrastructure and renewable diesel operations.
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Refines and markets transportation fuels and other petroleum products, operates natural-gas and liquids infrastructure primarily through majority-owned MPLX, and produces renewable diesel. Integrated logistics connect refineries across major U.S. refining regions, while earnings remain tied to refining spreads and fuel-credit regimes.
Refines crude oil and other feedstocks into gasoline, diesel, jet fuel, asphalt, natural gas liquids and petrochemicals across 13 refineries in the Gulf Coast, Mid-Continent and West Coast. Refining & Marketing sells through wholesale, spot, export and Marathon- and ARCO-branded channels.
Midstream operates primarily through majority-owned MPLX, gathering and processing natural gas and moving crude, fuels and natural gas liquids through pipelines, terminals, storage and marine assets. Links among refineries help shift intermediate products and use available processing capacity during maintenance.
Renewable Diesel processes fats, oils and other renewable feedstocks at the Dickinson facility and the Martinez joint venture with Neste. Refining profits depend on crude and product-price spreads, while renewable-fuel economics and compliance costs depend on federal RINs, state low-carbon fuel credits and feedstock availability.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Jefferies | Downgrade | Target: $335 | Target: $413 |
| Sep 21, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $73 | Target: $472 |
| Sep 14, 2026 | Raymond James | Reiterate | Rating: —Target: $335 | Target: $445 |
| Sep 14, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $265 | Target: $453 |
| Sep 8, 2026 | UBS | Reiterate | Rating: —Target: $321 | Target: $450 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $7.77B · Total debt $34.29B · Total assets $94.31B · Shareholders' equity $19.08B
- Revenue
- $51.99B
- Operating income
- $7.32B
- Net income
- $5.14B
HistoryDividendAnnual yield
| Institutions | 78.91% | 221.59M shares | |
|---|---|---|---|
| 2,013 holders · as of Jun 30, 2026 | |||
| Insiders | 0.29% | 818.4K shares | |
| 24 holders · as of Sep 1, 2026 | |||
| Other | 20.80% | 58.42M shares | |
| remainder | |||
280.82M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.26% | 26.01M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.79% | 19.07M | as of Jun 30, 2026 |
State Street CorpInstitution | 6.58% | 18.47M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.57% | 15.63M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.97% | 8.35M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 31, 2026 | Shawn M. Lyon | officer: SVP Log & Storage, MPLX GP LLC | −1,000 | $375.75 |
| Aug 28, 2026 | Shawn M. Lyon | officer: SVP Log & Storage, MPLX GP LLC | −425 | $368.51 |
| Aug 27, 2026 | Erin M. Brzezinski | officer: VP and Controller | −570 | $362.79 |
| Aug 17, 2026 | Molly R. Benson | officer: Chief Legal Ofc & Corp Sec | −5,000 | $358.57 |
| Aug 13, 2026 | Shawn M. Lyon | officer: SVP Log & Storage, MPLX GP LLC | −2,500 | $350.00 |
- Valero Energy
Closest peer; 15 refineries (~3.2M bpd) plus Diamond Green Diesel renewable JV.
- Phillips 66
Diversified downstream rival: refining, midstream, chemicals, renewable diesel.
- PBF Energy
Pure-play US independent refiner across East Coast, Gulf Coast, and West Coast.
- HF Sinclair
Mid-size US independent; Sinclair brand competes across Mid-Continent refining.
- ExxonMobil
Integrated major; Baytown/Beaumont refineries overlap with MPC in Gulf Coast.
- Chevron
Integrated major with West Coast and Gulf Coast refining overlap; ~1.7M bpd.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Marathon Petroleum | $392.38 | +0.69% | $113.76B | 13.4 | 6.5 | 0.7 | +54.9% |
| Valero Energy | $381.01 | +1.03% | $108.59B | 15.6 | 7.7 | 0.8 | +48.8% |
| Phillips 66 | $258.00 | +0.48% | $102.95B | 14.6 | 8.1 | 0.7 | +55.9% |
| PBF Energy | $72.20 | +1.06% | $8.47B | 6.3 | 3.2 | 0.2 | +56.2% |
| HF Sinclair | $106.67 | −0.02% | $18.97B | 10.1 | 6.3 | 0.6 | +53.2% |
| ExxonMobil | $161.03 | +1.47% | $657.68B | 20.4 | 13.2 | 1.8 | +46.0% |
| Chevron | $205.67 | +1.60% | $403.16B | 19.4 | 12.8 | 1.9 | +57.9% |
| Median | 15.1 | 7.9 | 0.7 | +54.5% |