Marathon Petroleum Exceeds Expectations in Q4 2025 Earnings Call with Strong Operational Performance and Strategic Investments

Marathon Petroleum Corp (MPC) reported strong operational performance in Q4 2025, with a 105% margin capture and 94% refining utilization for the full year. The midstream segment achieved a record adjusted EBITDA of nearly $7 billion, while the company generated $8.3 billion in cash from operations. MPC returned $4.5 billion to shareholders through share repurchases and dividends. However, the refining and marketing segment faced challenges, and the midstream segment experienced a year-over-year decline in Q4 results.