Trending News: CERAWeek UPDATE: US Shale Firms Unlikely to Drill at $100 a Barrel Unless High Prices Last Longer, Executives SayGas, Not Oil, Is Where US Energy Dominance MattersGermany and South Korea Face Rare Earths Supply ShortageU.S. Waivers Spur Russian Oil Sales But Interest in Iran’s Crude Remains LowJapan Urges IEA to Prepare for Second Emergency Oil ReleaseAir Liquide ‘to reallocate’ helium from other regions after Qatar hitCement plants are viable high-grade CO2 source, says LindeVideo | “CCU and CCS will completely change the rules of the game” – Nippon GasesValero Prepares Restart of Port Arthur, Texas Oil Refinery After Blast, Sources SayOil Falls as Reports of 15-Point Proposal Spurs Ceasefire HopesBlackRock CEO Fink Warns of ‘Global Recession’ if Oil Goes to $150, BBC ReportsIran Rejects USA Peace PlanIndia Targets Import Cuts With Historic Oil and Gas Drilling CampaignIndia Pushes Back Flexible Coal Power Plan Amid Cost UncertaintyNaphtha Shortage Forces Japanese Petrochemical Producers to Curb OutputNorthern Lights begins injecting first CO2 captured from wastewaterSemicon China opens against backdrop of helium supply uncertaintyOil Extends Decline on De-Escalation HopesAmeren Illinois Offers New Flexible Payment Options To Help Customers Catch Up On Energy BillsTop Stories Of The Day: MNRE Flags Solar Rules; POWERGRID Issues Hydrogen Tender and More…Sun Sheroes’: Tata Power Renewable Energy Limited Celebrates Women Driving Its 300 MW Solar Project In KoppalGlobal Tensions Drive Renewable Investment Shift Toward ChinaSaudi Arabia Strengthens Global Position With Major Renewable Energy InvestmentsOil Prices Tumble Back Below $100 on Ceasefire OptimismIndia Snaps Up 60 Million Barrels of Russian Crude for April DeliveryEurope Faces Looming Fuel Shortages as Shell Warns of April CrunchAir Products South Africa releases MAG welding cylinderPower needs in focus on International Data Centre DayUSA Awaits Response to Peace PlanSaudi Pushes White House to Prolong Iran War as Brent Tops $100US Crude Oil, Product Inventories RiseMake biomethane ‘central building block’ of EU industrialisationAir Liquide opens advanced chip materials plant in TaiwanEnergy hopes grow on Strait of Hormuz opening as LNG emissions flagged upAtlas Copco to acquire CVD’s SDC business for $16.9mOil Rally Gives Russia an Excuse to Delay Crucial Budget ReformGerman energy minister calls nuclear phase-out ‘huge mistake’Deep Isolation further validates borehole technologyPilot operation for REMIX fuel completedNewcleo kicks off US regulatory interactionsConocoPhillips CEO warns supply losses, infrastructure gaps will drive higher oil pricesNRC seeks public comments on Project Matador environmental reviewVenezuela Needs to “Rewire” Fiscal System to Attract Investment, ConocoPhillips CEO SaysWhite House Dismisses Insider Trading Claims in Oil MarketChina is Mapping the Ocean Floor as it Prepares for Submarine Warfare With the U.S.Microsoft President Says Building Data Centres Requires Trust of US CommunitiesOutage in Australia Adds to Global LNG CrunchForeign Funds Ditch $50 Billion in Asian Stocks as Oil Shock Dims ProspectsTanker Rates for Red Sea-Loading Saudi Crude PlungeValero Shuts Texas Refinery After Explosion Rocks Diesel Unit, Sources SayUnited Airlines Bets Bigger on Premium Travel as Iran War Drives Up Fuel CostsUS to Continue Iran Strikes, Pause Applies Only to Energy Sites, Semafor ReportsTotalEnergies axes US offshore wind projects, redirects $1bn to LNG and oilBCGA warns of risks from illegal nitrous oxide importsVideo | “Let’s make CCU more mainstream” – CO2 Value EuropeValero Shuts Major Refinery After Explosion as Fuel Markets TightenIndian Refiners Cautious Over Iranian Oil Despite U.S. WaiversUAE: Weaponizing Hormuz is Economic Terrorism Against the WorldEU–Australia trade deal to spur industrial gas and goods exportsJapan advances onboard carbon capture with latest approvalsJapan advances onboard carbon capture with latest approvalsOIL RISES as Supply Disruption Persists and Iran Denies US TalksCERAWeek: Mideast Situation Shows Need for Energy Diversification, Says Cheniere CEOJapan Moves to Release Oil Stockpiles as Energy Crisis DeepensTanker Carrying Iraqi Oil Crosses HormuzChina’s Green Energy Stocks Surge as Middle East War Upends Oil MarketsThis Is Not a Textbook Oil ShockRenergen advances Virginia helium project ahead of scheduleTop Stories Of The Day: NTPC UP Green Energy Seeks Solar-BESS EOI; KERC Notifies Demand Flexibility Rules and More…Iraq Achieves Improved Grid Stability With Record Power Supply And Infrastructure UpgradesUniper greenlit to build UK green hydrogen hubPragmatism not polarisation: securing Britain’s energy futurePragmatism not polarisation: securing Britain’s energy futureSolar First Completes 1MWp Rooftop Solar Project In Thailand With Advanced Mounting SolutionUnimot Energia i Gaz And 3T Office Park Sign 4-Year cPPA For Long-Term Green Energy Supply In PolandPowerChina Secures $1.9 Billion Solar And Storage Project In Abu DhabiChina’s Sinopec not Buying Iranian Crude despite U.S. WaiverOil Prices Spike as Iran Denies U.S. Talks and Traders Refocus on Supply RiskSaudi Arabia, Kuwait Push Energy Deals despite WarFirst beer carbonated with CO2 from DAC launches in CaliforniaDirect air capture is costly today but could be critical for future CO2 supplyBahrain urges UN Security Council to protect Strait of Hormuz “by all necessary means”Bahrain urges UN Security Council to protect Strait of Hormuz “by all necessary means”Europe’s Gasoline Exports Shift to Asia as War Roils Fuel MarketsLNG Exports Plunge to 6-Month Low as War Throttles SupplyTrump Says US Has ‘Major Points of Agreement’ in Talks With IranOil Prices Have Not Climbed Enough to Cause Demand Destruction, US Energy Secretary Chris Wright SaysWhy $100 Oil Won’t Break the American Consumer: McGeeverChevron CEO Says it Will Take Time for Energy to Recover From Middle East Production HitUS Needs More Energy Development to Power AI, Google President SaysGas Tankers Sail Through Hormuz to India, Most Ships Still Stuck, Data ShowsUS Energy Chief Tells CNBC a Further SPR Oil Release is UnlikelyOil Execs Warn of Long-Term Damage From Iran War as US Downplays CrisisNucleareurope releases action plan to stimulate EU nuclear investmentsNDA launches waste container standardisation initiativeUpgraded turbine monitoring system at Temelin 2Data centre to be built near planned Polish nuclear power plantUzbekistan and Russia mark SMR construction progressTrump’s Iran War Oil Shield is Cracking: BoussoHigh Oil Prices Could Force Fed To Raise Rates
Wed. Mar 25th, 2026
Trending News: CERAWeek UPDATE: US Shale Firms Unlikely to Drill at $100 a Barrel Unless High Prices Last Longer, Executives SayGas, Not Oil, Is Where US Energy Dominance MattersGermany and South Korea Face Rare Earths Supply ShortageU.S. Waivers Spur Russian Oil Sales But Interest in Iran’s Crude Remains LowJapan Urges IEA to Prepare for Second Emergency Oil ReleaseAir Liquide ‘to reallocate’ helium from other regions after Qatar hitCement plants are viable high-grade CO2 source, says LindeVideo | “CCU and CCS will completely change the rules of the game” – Nippon GasesValero Prepares Restart of Port Arthur, Texas Oil Refinery After Blast, Sources SayOil Falls as Reports of 15-Point Proposal Spurs Ceasefire HopesBlackRock CEO Fink Warns of ‘Global Recession’ if Oil Goes to $150, BBC ReportsIran Rejects USA Peace PlanIndia Targets Import Cuts With Historic Oil and Gas Drilling CampaignIndia Pushes Back Flexible Coal Power Plan Amid Cost UncertaintyNaphtha Shortage Forces Japanese Petrochemical Producers to Curb OutputNorthern Lights begins injecting first CO2 captured from wastewaterSemicon China opens against backdrop of helium supply uncertaintyOil Extends Decline on De-Escalation HopesAmeren Illinois Offers New Flexible Payment Options To Help Customers Catch Up On Energy BillsTop Stories Of The Day: MNRE Flags Solar Rules; POWERGRID Issues Hydrogen Tender and More…Sun Sheroes’: Tata Power Renewable Energy Limited Celebrates Women Driving Its 300 MW Solar Project In KoppalGlobal Tensions Drive Renewable Investment Shift Toward ChinaSaudi Arabia Strengthens Global Position With Major Renewable Energy InvestmentsOil Prices Tumble Back Below $100 on Ceasefire OptimismIndia Snaps Up 60 Million Barrels of Russian Crude for April DeliveryEurope Faces Looming Fuel Shortages as Shell Warns of April CrunchAir Products South Africa releases MAG welding cylinderPower needs in focus on International Data Centre DayUSA Awaits Response to Peace PlanSaudi Pushes White House to Prolong Iran War as Brent Tops $100US Crude Oil, Product Inventories RiseMake biomethane ‘central building block’ of EU industrialisationAir Liquide opens advanced chip materials plant in TaiwanEnergy hopes grow on Strait of Hormuz opening as LNG emissions flagged upAtlas Copco to acquire CVD’s SDC business for $16.9mOil Rally Gives Russia an Excuse to Delay Crucial Budget ReformGerman energy minister calls nuclear phase-out ‘huge mistake’Deep Isolation further validates borehole technologyPilot operation for REMIX fuel completedNewcleo kicks off US regulatory interactionsConocoPhillips CEO warns supply losses, infrastructure gaps will drive higher oil pricesNRC seeks public comments on Project Matador environmental reviewVenezuela Needs to “Rewire” Fiscal System to Attract Investment, ConocoPhillips CEO SaysWhite House Dismisses Insider Trading Claims in Oil MarketChina is Mapping the Ocean Floor as it Prepares for Submarine Warfare With the U.S.Microsoft President Says Building Data Centres Requires Trust of US CommunitiesOutage in Australia Adds to Global LNG CrunchForeign Funds Ditch $50 Billion in Asian Stocks as Oil Shock Dims ProspectsTanker Rates for Red Sea-Loading Saudi Crude PlungeValero Shuts Texas Refinery After Explosion Rocks Diesel Unit, Sources SayUnited Airlines Bets Bigger on Premium Travel as Iran War Drives Up Fuel CostsUS to Continue Iran Strikes, Pause Applies Only to Energy Sites, Semafor ReportsTotalEnergies axes US offshore wind projects, redirects $1bn to LNG and oilBCGA warns of risks from illegal nitrous oxide importsVideo | “Let’s make CCU more mainstream” – CO2 Value EuropeValero Shuts Major Refinery After Explosion as Fuel Markets TightenIndian Refiners Cautious Over Iranian Oil Despite U.S. WaiversUAE: Weaponizing Hormuz is Economic Terrorism Against the WorldEU–Australia trade deal to spur industrial gas and goods exportsJapan advances onboard carbon capture with latest approvalsJapan advances onboard carbon capture with latest approvalsOIL RISES as Supply Disruption Persists and Iran Denies US TalksCERAWeek: Mideast Situation Shows Need for Energy Diversification, Says Cheniere CEOJapan Moves to Release Oil Stockpiles as Energy Crisis DeepensTanker Carrying Iraqi Oil Crosses HormuzChina’s Green Energy Stocks Surge as Middle East War Upends Oil MarketsThis Is Not a Textbook Oil ShockRenergen advances Virginia helium project ahead of scheduleTop Stories Of The Day: NTPC UP Green Energy Seeks Solar-BESS EOI; KERC Notifies Demand Flexibility Rules and More…Iraq Achieves Improved Grid Stability With Record Power Supply And Infrastructure UpgradesUniper greenlit to build UK green hydrogen hubPragmatism not polarisation: securing Britain’s energy futurePragmatism not polarisation: securing Britain’s energy futureSolar First Completes 1MWp Rooftop Solar Project In Thailand With Advanced Mounting SolutionUnimot Energia i Gaz And 3T Office Park Sign 4-Year cPPA For Long-Term Green Energy Supply In PolandPowerChina Secures $1.9 Billion Solar And Storage Project In Abu DhabiChina’s Sinopec not Buying Iranian Crude despite U.S. WaiverOil Prices Spike as Iran Denies U.S. Talks and Traders Refocus on Supply RiskSaudi Arabia, Kuwait Push Energy Deals despite WarFirst beer carbonated with CO2 from DAC launches in CaliforniaDirect air capture is costly today but could be critical for future CO2 supplyBahrain urges UN Security Council to protect Strait of Hormuz “by all necessary means”Bahrain urges UN Security Council to protect Strait of Hormuz “by all necessary means”Europe’s Gasoline Exports Shift to Asia as War Roils Fuel MarketsLNG Exports Plunge to 6-Month Low as War Throttles SupplyTrump Says US Has ‘Major Points of Agreement’ in Talks With IranOil Prices Have Not Climbed Enough to Cause Demand Destruction, US Energy Secretary Chris Wright SaysWhy $100 Oil Won’t Break the American Consumer: McGeeverChevron CEO Says it Will Take Time for Energy to Recover From Middle East Production HitUS Needs More Energy Development to Power AI, Google President SaysGas Tankers Sail Through Hormuz to India, Most Ships Still Stuck, Data ShowsUS Energy Chief Tells CNBC a Further SPR Oil Release is UnlikelyOil Execs Warn of Long-Term Damage From Iran War as US Downplays CrisisNucleareurope releases action plan to stimulate EU nuclear investmentsNDA launches waste container standardisation initiativeUpgraded turbine monitoring system at Temelin 2Data centre to be built near planned Polish nuclear power plantUzbekistan and Russia mark SMR construction progressTrump’s Iran War Oil Shield is Cracking: BoussoHigh Oil Prices Could Force Fed To Raise Rates
Wed. Mar 25th, 2026

Marathon Petroleum Beats Earnings Expectations as Refining Margins Surge

Marathon Petroleum (NYSE: MPC) beat fourth-quarter earnings expectations by a mile as refining margins surged in the latter part of 2025.

One of the biggest U.S. refiners on Tuesday reported fourth-quarter adjusted net income of $1.2 billion, or $4.07 per share, trouncing the analyst consensus estimate of $2.72 earnings per share in The Wall Street Journal.

The fourth quarter of 2025 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped to $3.5 billion, compared with $2.1 billion for the fourth quarter of 2024, mostly as a result of higher refining margins. 

In the Refining & Marketing (R&M) segment, Marathon Petroleum’s adjusted EBITDA nearly quadrupled to $1.997 billion in the fourth quarter of 2025, up from $559 million for the same period of 2024.

The refining and marketing margin jumped to $18.65 per barrel for the fourth quarter of 2025, versus $12.93 per barrel for the fourth quarter of 2024.

Crude capacity utilization was 95%, resulting in total throughput of 3.0 million barrels per day (bpd) for the fourth quarter of 2025.

“R&M margin results were driven by higher crack spreads compared to the fourth quarter of 2024,” Marathon Petroleum said.

“In 2025, strong refining operational performance and commercial execution drove cash flow generation,” chairman, president and CEO Maryann Mannen said in a statement.

“The deployment of MPC capital enhances our competitiveness in each of the regions where we operate. In Midstream, MPLX is investing to execute its natural gas and NGL growth strategies.”

Following the results release, Marathon Petroleum’s stock jumped by 4% on the NYSE in pre-market trade on Tuesday.

The strong earnings from Marathon Petroleum follow last week’s earnings release by Valero, which also beat analyst estimates of fourth-quarter earnings, due to improved refining margins and higher throughput volumes.   

Strong refining margins boosted Valero’s net income, as the refining margin per barrel of throughput surged to $13.61 for the fourth quarter of 2025 from $8.44 for the same period of 2024.  

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com

 

    • Related Posts

    Japan Urges IEA to Prepare for Second Emergency Oil Release
    Japan Urges IEA to Prepare for Second Emergency Oil Release

    Japan’s Prime Minister Sanae Takaichi on Wednesday asked the head of the International Energy Agency (IEA) to be ready for an additional release of oil stocks from reserves if it…

    Continue reading
    U.S. Waivers Spur Russian Oil Sales But Interest in Iran’s Crude Remains Low
    U.S. Waivers Spur Russian Oil Sales But Interest in Iran’s Crude Remains Low

    The U.S. waivers on the purchase of Russian and Iranian crude on tankers have been a mixed bag of success in boosting oil supply in Asia. While refiners, especially in…

    Continue reading

    Have You Seen?

    Business & Policy

    CERAWeek UPDATE: US Shale Firms Unlikely to Drill at $100 a Barrel Unless High Prices Last Longer, Executives Say

    • March 25, 2026
    CERAWeek UPDATE: US Shale Firms Unlikely to Drill at $100 a Barrel Unless High Prices Last Longer, Executives Say
    Business & Policy

    Gas, Not Oil, Is Where US Energy Dominance Matters

    • March 25, 2026
    Gas, Not Oil, Is Where US Energy Dominance Matters
    Oil & Gas

    Germany and South Korea Face Rare Earths Supply Shortage

    • March 25, 2026
    Germany and South Korea Face Rare Earths Supply Shortage
    Oil & Gas

    U.S. Waivers Spur Russian Oil Sales But Interest in Iran’s Crude Remains Low

    • March 25, 2026
    U.S. Waivers Spur Russian Oil Sales But Interest in Iran’s Crude Remains Low
    Oil & Gas

    Japan Urges IEA to Prepare for Second Emergency Oil Release

    • March 25, 2026
    Japan Urges IEA to Prepare for Second Emergency Oil Release
    Gas

    Air Liquide ‘to reallocate’ helium from other regions after Qatar hit

    • March 25, 2026
    Air Liquide ‘to reallocate’ helium from other regions after Qatar hit
    Gas

    Cement plants are viable high-grade CO2 source, says Linde

    • March 25, 2026
    Cement plants are viable high-grade CO2 source, says Linde
    Gas

    Video | “CCU and CCS will completely change the rules of the game” – Nippon Gases

    • March 25, 2026
    Video | “CCU and CCS will completely change the rules of the game” – Nippon Gases
    Business & Policy

    Valero Prepares Restart of Port Arthur, Texas Oil Refinery After Blast, Sources Say

    • March 25, 2026
    Valero Prepares Restart of Port Arthur, Texas Oil Refinery After Blast, Sources Say
    Business & Policy

    Oil Falls as Reports of 15-Point Proposal Spurs Ceasefire Hopes

    • March 25, 2026
    Oil Falls as Reports of 15-Point Proposal Spurs Ceasefire Hopes