Marathon Petroleum reports strong Q3 earnings and nears refinery deal

Marathon Petroleum Corporation has reported third-quarter 2026 financial results that significantly exceeded analyst expectations. The company posted a net income attributable to shareholders of $7.4 billion, or $26.59 per diluted share, a substantial increase from the $1.4 billion, or $4.51 per diluted share, reported in the third quarter of 2025. Adjusted EBITDA reached $11.7 billion, driven largely by the Refining and Marketing segment, which saw adjusted EBITDA rise to $9.9 billion due to higher market refining margins.

In addition to its financial performance, Marathon Petroleum is reportedly nearing a $4 billion deal to sell several refineries to CVR Energy, according to reports from the Wall Street Journal. This potential transaction comes amid a period of high refining margins driven by global fuel supply disruptions. As of September 30, 2026, Marathon Petroleum held $13.6 billion in liquidity and short-term investments, and its board has authorized an additional $5 billion for share repurchases.