Marathon Q4 Refining EBITDA at $2B on Higher Crack Spreads

SECAUCUS, NJ (DTN) – Marathon Petroleum Corp. reported Tuesday (2/3) refining and marketing (R&M) segment adjusted EBITDA of $1.997 billion in the fourth quarter of 2025,a fourfold  increase year-over-year,  due to higher crack spreads.

The rise in EBITDA was driven also by strong refining operational performance and commercial execution. 

The adjusted EBITDA of the R&M segment — excluding planned turnaround costs — was $7.15 bbl during the fourth quarter, above $2.03 bbl reported in the same quarter of a year earlier. 

R&M margin was $18.65 bbl for the fourth quarter, higher than the $12.93 bbl recorded a year ago. 

In the reference quarter, crude capacity utilization was 95%, resulting in total throughput of 3 million bpd. Refining operating costs were $5.70 bbl for the fourth quarter, compared to $5.26 bbl a year earlier. These higher costs reflected increased project-related expenses associated with turnaround activity and rising energy costs.