Marathon Q3 Refining EBITDA Rise on Higher Margins vs Q324

SECAUCUS,NJ (DTN) – Marathon Petroleum Corp reported today refining and marketing segment adjusted EBITDA of $1.76 billion in the third quarter of 2025, up from $1.14 billion in the same quarter a year ago.

The year-over-year rise was driven by what the company described as strong refining and marketing execution and continued midstream growth.

R&M segment adjusted EBITDA was $6.37 bbl for the third quarter, versus $4.15 bbl in the same period a year ago.

The R&M segment adjusted EBITDA excluded refining planned turnaround costs, which totaled $400 million in the third quarter compared with $287 million a year ago.

R&M margin was $17.60 bbl for the third quarter, versus $14.63 bbl a year ago. Crude capacity utilization was 95%, resulting in total throughput of 3 million bpd for the third quarter.  R&M margin results were driven by higher crack spreads compared to a year ago. 

Refining operating costs were $5.59 bbl for the third quarter, versus $5.23 bbl a year earlier.