Marathon Petroleum Reports $1.37 Billion Net Income in Q3 2025

Marathon Petroleum Corporation (MPC) reported its financial results for the third quarter of 2025, revealing a net income of $1.37 billion, or $4.51 per diluted share, compared to $622 million, or $1.87 per diluted share, in the same period last year. For the first nine months of 2025, net income attributable to MPC was $2.51 billion, down from $3.07 billion in the prior year. Total revenues and other income for the third quarter reached $35.85 billion, a slight increase from $35.37 billion in the previous year, while revenues for the first nine months totaled $101.80 billion, down from $106.95 billion.

The company experienced a decrease in sales and other operating revenues, which fell by $298 million in the third quarter and $5.60 billion for the nine months, primarily due to lower average refined product sales prices. However, income from equity method investments surged by $757 million, largely driven by gains from the recent BANGL Acquisition and the sale of its interest in The Andersons Marathon Holdings LLC. The overall costs and expenses decreased by $888 million in the third quarter and $5.09 billion for the nine months, mainly due to lower crude oil costs.

Strategically, MPC has made significant moves in its Midstream segment, including the $2.4 billion acquisition of Northwind Delaware Holdings LLC, which enhances its natural gas and NGL value chain. Additionally, the company announced a definitive agreement to divest its Rockies operations for $1 billion, expected to close in the fourth quarter of 2025, which is anticipated to yield a gain exceeding $150 million. The company also completed the acquisition of the remaining 55% interest in BANGL, LLC for approximately $703 million, further solidifying its position in the midstream market.

Operationally, the company reported a net refinery throughput of 3.00 million barrels per day (mbpd) for the third quarter, up from 2.98 mbpd in the previous year. The refining and marketing margin per barrel increased to $17.60, compared to $14.63 in the same quarter last year. The company’s total assets as of September 30, 2025, stood at $83.24 billion, up from $78.86 billion at the end of 2024, while total liabilities increased to $59.35 billion from $54.35 billion.

Looking ahead, Marathon Petroleum anticipates that global demand growth will continue to outpace the net impact of refining capacity additions through the end of the decade, supporting a favorable environment for U.S. refiners. The company remains focused on optimizing its asset portfolio and enhancing operational efficiencies, with plans to invest in projects that improve energy efficiency and reduce emissions across its refining operations.