MPC earnings date and guidance

MPC's next results are expected on November 3, 2026. Watch whether throughput, routine costs, turnaround expense and cash after working-capital changes match guidance.

What has MPC guided for 2026?

MPC’s capital outlook, excluding MPLX, is $1.5 billion. About 65.0% targets value-enhancing projects and 35.0% supports existing operations, which means management is improving the refinery network without planning a major expansion of capacity.

MPLX carries the larger growth plan. Its growth capital outlook is $2.9 billion, with at least 90.0% directed toward natural gas and natural gas liquids infrastructure. NGLs are liquids such as propane and butane recovered alongside natural gas. Management expects those investments to support 12.5% annual distribution growth in each of the next two years.

The near-term operating test is refinery execution. MPC guided throughput of 3,005 thousand barrels a day at routine refining costs of $5.60 per barrel for the third quarter. It separately allowed $290 million for turnarounds, planned shutdowns for major maintenance. A plant can meet its volume target while losing cash through repair costs and lost production.

What has MPC's revenue and profit trend been over the last eight quarters?

Second-quarter 2026 was a powerful refining-margin quarter. Revenue reached $52,337 million, up 53.5% from the prior-year quarter. Diluted EPS rose from $3.96 to $17.73.

The main change was value earned per refining barrel. Refining & Marketing margin rose from $17.58 to $36.33 per barrel. Utilization was 94%, compared with 97% a year earlier, so the earnings surge did not require a matching increase in plant activity.