Marathon Petroleum Reports Decline in Revenue and Net Income for Q2 2025

Marathon Petroleum Corporation (MPC) reported a decline in financial performance for the second quarter of 2025, with total revenues of $34.1 billion, down from $38.4 billion in the same period last year. The company's net income attributable to MPC was $1.22 billion, or $3.96 per diluted share, compared to $1.52 billion, or $4.33 per diluted share, in the second quarter of 2024. For the first half of 2025, revenues totaled $66.0 billion, a decrease from $71.6 billion in the prior year, while net income attributable to MPC fell to $1.14 billion from $2.45 billion.

The decrease in revenue and profitability was attributed to lower average refined product sales prices, which fell by $0.33 per gallon, despite an increase in refined product sales volumes of 129 thousand barrels per day (mbpd). The cost of revenues also decreased, primarily due to lower crude oil costs, which contributed to a reduction in total costs and expenses from $35.8 billion to $31.9 billion year-over-year. However, net interest and other financial costs increased by $125 million, largely due to decreased interest income and higher interest expenses.

Strategically, Marathon Petroleum has been active in expanding its operations. In March 2025, MPLX, a subsidiary of MPC, acquired gathering businesses from Whiptail Midstream for $237 million, enhancing its midstream capabilities. Additionally, on July 1, 2025, MPLX purchased the remaining 55 percent interest in BANGL, LLC for approximately $700 million, which is expected to contribute positively to the Midstream segment's results starting in the third quarter of 2025. The company also announced a $1.0 billion common unit repurchase authorization for MPLX, reflecting its commitment to returning capital to shareholders.

Operationally, Marathon Petroleum reported a net refinery throughput of 3.06 million barrels per day for the second quarter of 2025, slightly up from 3.05 million barrels per day in the same quarter of 2024. The refining and marketing segment adjusted EBITDA was $1.89 billion, down from $2.02 billion year-over-year, primarily due to increased refining operating and distribution costs. The company continues to focus on optimizing its refining operations and enhancing energy efficiency, with capital expenditures for the first half of 2025 amounting to $1.35 billion.

Looking ahead, Marathon Petroleum anticipates that global demand growth will outpace the impact of refining capacity additions through the end of the decade, supporting a favorable environment for U.S. refiners. The company remains committed to its capital investment plan, which includes approximately $1.25 billion for 2025, aimed at advancing projects that enhance operational efficiency and compliance with regulatory requirements.