Marathon Petroleum Corporation (MPC) reported a remarkable $1.4 billion in adjusted EBITDA for its Refining & Marketing segment during the first quarter of 2026, achieving a 99% refining margin capture despite undergoing significant maintenance. The company’s refineries operated at 89% utilization, benefitting from elevated crack spreads driven by geopolitical tensions and strong fuel demand. Marathon sources much of its crude from North America, allowing it to mitigate global supply risks and capture favorable domestic prices.
Valero Energy Corporation (VLO) and Phillips 66 (PSX) are also positioned to benefit from the current refining market. Valero operates nearly 3 million barrels per day across its Gulf Coast and Midcontinent refineries, taking advantage of high demand for exports. Meanwhile, Phillips 66 reported $839 million in pre-tax losses in the first quarter, attributed to hedging losses linked to rising commodity prices, but anticipates continued strong demand for jet fuel and other refined products.
In the past six months, Marathon Petroleum’s shares surged 72.7%, outperforming the Oil/Energy sector’s 17.2% increase. The Zacks Consensus Estimate projects MPC earnings to reach $33 per share in 2026, reflecting a year-over-year growth of 208.4%.
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