Marathon Petroleum Targets 3 Million bpd Refinery Throughput in Third Quarter

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Summary · why it matters

Marathon Petroleum has set a third-quarter refinery throughput target of approximately 3 million barrels per day, comprising 2.82 million bpd of crude oil and 185,000 bpd of other charge and blendstocks. The guidance follows a second quarter in which MPC processed nearly 3 million bpd at 94% refinery utilization, with Gulf Coast operations at 100%, the West Coast at 93% and the Mid-Continent at 87%, alongside Refining & Marketing adjusted EBITDA of $24.84 per barrel. R&M margin capture reached 112% in the second quarter and 108% in the first half of 2026, and the company is pursuing the Robinson project for roughly 10,000 bpd of incremental jet fuel production and the El Paso project to improve specialty gasoline output. For comparison, Phillips 66 reported 96% crude capacity utilization and an 86% clean product yield in the second quarter and expects worldwide crude utilization in the mid-90% range in the third quarter, while PBF Energy guided to third-quarter throughput of 900,000-960,000 bpd, less than a third of MPC's target, with renewable diesel production rising to 18,000-20,000 bpd. Over the past six months Marathon Petroleum shares advanced 80.1%, PBF Energy gained 82.3% and Phillips 66 rose 52.1%, against a 53.1% increase for the Oil Refining & Marketing sub-industry, and MPC trades at a P/E of 7.49 versus the sub-industry average of 8.46.

Impact on assets 3

Synthetic Biology (non-pharma)▲
Marathon Petroleum Corp
MPC
▲ PositiveSupplyrelevance

MPC set a Q3 refinery throughput target of ~3 million bpd after 94% utilization in Q2, signaling strong refining capacity/operations.

Phillips 66
PSX
± MixedSupplyrelevance

Phillips 66 reported 96% crude utilization and mid-90% Q3 guidance; mentioned only for comparison.

Energy▲
PBF Energy Inc
PBF
± MixedSupplyrelevance

PBF guided to Q3 throughput of 900,000-960,000 bpd, less than a third of MPC's target, with renewable diesel rising; only a comparison mention.