Marathon Petroleum beats Q1 adjusted EPS estimates

Marathon Petroleum

05/05/2026 11:55

Overview

US refiner's Q1 adjusted EPS beat analyst expectations

Q1 revenue increased yr/yr, supported by higher refining margins

Company announced new $5 bln share repurchase authorization

Outlook

Company expects 2Q26 refining operating costs per barrel of $5.65

Marathon Petroleum sees 2Q26 refinery throughputs at 2,990 mbpd

Company maintains full-year planned turnaround expense estimate at $1.35 bln

Result Drivers

HIGHER CRACK SPREADS - Results benefited from higher crack spreads in the Refining & Marketing segment, partially offset by derivative losses

RENEWABLE DIESEL RECOVERY - Renewable Diesel segment returned to profitability due to stronger margins and recognition of clean fuel production tax credits, despite planned downtime at Martinez Renewables JV

TURNAROUND ACTIVITY - Increased project-related expenses from accelerated turnaround activity aimed at enhancing operational readiness for elevated market demand

Company press release: ID:nPn7Jbn13a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Total Revenue and other income
$34.57 bln
Q1 Adjusted EPS
Beat
$1.65
$0.75 (17 Analysts)
Q1 EPS
$1.73
Q1 Net Income
$511 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

Wall Street's median 12-month price target for Marathon Petroleum Corp is $231.50, about 8.3% below its May 4 closing price of $252.54

The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)