Marathon Petroleum targets 3 million bpd in Q3

Marathon Petroleum has targeted refinery throughput of approximately 3 million barrels per day (bpd) for the third quarter. The target includes 2.82 million bpd of crude oil and 185,000 bpd of other charge and blendstocks.

The guidance follows a second quarter in which the company processed nearly 3 million bpd with 94% refinery utilization. Gulf Coast operations ran at 100% utilization, while the West Coast and Mid-Continent operated at 93% and 87%, respectively. Refining & Marketing (R&M) adjusted EBITDA reached $24.84 per barrel. Margin capture stood at 112% in the second quarter and 108% across the first half of 2026.

Portfolio investments include the Robinson project, which is expected to add about 10,000 bpd of incremental jet fuel production, and the El Paso project to improve specialty gasoline output. Across the sector, peer Phillips 66 reported 96% crude capacity utilization in the second quarter and expects third-quarter utilization in the mid-90% range, alongside $100 million to $120 million in turnaround expenses and $325 million to $350 million in Corporate and Other costs. PBF Energy guided for third-quarter throughput of 900,000 to 960,000 bpd and renewable diesel production of 18,000 to 20,000 bpd.

Over the past six months, shares of Marathon Petroleum have gained 80.1%, compared with 82.3% for PBF Energy, 52.1% for Phillips 66, and 53.1% for the Oil Refining & Marketing sub-industry. Marathon Petroleum trades at a price-to-earnings ratio of 7.49, compared with the sub-industry average of 8.46. Consensus earnings estimates for the company rose 36.95% for 2026 and 69.74% for 2027 over the past 60 days.