Overview
- Marathon Petroleum posted first‑quarter revenue of $34.57 billion with adjusted EPS of $1.65 and adjusted EBITDA, a cash‑flow proxy, of $2.76 billion.
- Shareholder returns accelerated as Marathon repurchased over $1 billion in the quarter and won a new $5 billion authorization, lifting buyback capacity to $8.6 billion.
- MPLX reported more than $1.7 billion in adjusted EBITDA for Q1 2026 and returned over $1.1 billion to unitholders through distributions and unit repurchases.
- MPLX kept its plan for 12.5% annual distribution growth in 2026 and 2027 with coverage at or above 1.3 and outlined about $2.4 billion of 2026 capex focused mostly on natural gas and NGL assets, including Secretariat and Titan projects set to start generating cash in the second half.
- Both management teams said late‑quarter Middle East disruptions knocked roughly 6 million barrels per day of refined capacity offline, which tightened supply and supported U.S. exports that their systems are positioned to serve.