Marathon Petroleum Raises Quarterly Dividend 10% to $1.10 a Share
Key Facts
Marathon Petroleum raised its quarterly cash dividend to $1.10 per common share, up 10% from the previous $1.00 payout, according to a company statement issued on Oct. 28, 2026. The decision follows the company’s report of strong second-quarter results, when net income attributable to the company was $5.1 billion, or $17.73 per diluted share. The new dividend will be paid on Dec. 10 to shareholders of record at the close of business on Nov. 18. Second-quarter results provide financial context for the increase, with adjusted earnings and refining margins rising from the same period a year earlier. The company also returned more than $2.8 billion to shareholders during the quarter.
Dividend records show the company paid $1.00 per share on March 10, June 10 and Sept. 10, 2026, following record dates of Feb. 18, May 20 and Aug. 19, respectively. The dividend announced in October raises the next quarterly payment to $1.10 per share. The company’s statement sets Nov. 18 as the record date for eligible shareholders, with payment scheduled for Dec. 10. The announcement therefore combines an increase in the dividend with the dates investors need to know. It follows the return of more than $2.8 billion to shareholders during the second quarter, while $6.1 billion remained available under share repurchase authorizations on June 30.
Marathon Petroleum’s second-quarter net income was higher than the $1.2 billion, or $3.96 per diluted share, recorded in the second quarter of 2025. Adjusted earnings before interest, taxes, depreciation and amortization also rose to $8.5 billion from $3.3 billion a year earlier. The company said refining and marketing results benefited mainly from higher crack spreads across all regions. The refining and marketing margin was $36.33 per barrel, compared with $17.58 in the corresponding period of 2025. Adjusted earnings in the segment rose to $6.7 billion from $1.9 billion.
Improvement extended beyond refining and marketing. The company attributed growth in its midstream segment’s earnings to higher prices and processing rates, including growth from equity affiliates and acquisitions. The effect was partly offset by the sale of non-core gathering and processing assets. In renewable diesel, adjusted earnings were $258 million in the second quarter, following a loss of $19 million a year earlier. The company linked the turnaround to improved margins, higher volumes and better value for regulatory compliance credits. These results show the sources of operational improvement that coincided with the dividend increase.
Liquidity strengthened the company’s ability to fund operations and return capital. Cash and cash equivalents totaled $7.8 billion on June 30, 2026, including $1 billion at MPLX. The company had not drawn any amount from its $5 billion revolving credit facility. In May, it announced an additional $5 billion share repurchase authorization, after $3.6 billion remained available under authorizations on March 31. The company said in its first-quarter results that it had returned more than $1 billion to shareholders during the quarter. Marathon Petroleum operates in the downstream and midstream sectors and says it runs the largest refining system in the United States.
Markets are looking to the company’s next milestone on Nov. 3, when it will hold a call to discuss third-quarter financial results at 11 a.m. Eastern time. Marathon Petroleum said financial materials will be available before the call. For the third quarter, the company had estimated refining operating costs of $5.60 per barrel and planned maintenance costs of $290 million. It also forecast total refinery throughput of 3.005 million barrels per day, including 2.820 million barrels per day of crude oil. It estimated 2026 capital spending, excluding MPLX, at $1.5 billion, with about 65% directed toward investments that enhance value.
At MPLX, the company raised its 2026 growth capital spending outlook by $500 million to $2.9 billion. It attributed the increase mainly to accelerating execution of the Gulf Coast fractionation project. These projections are part of the company’s annual spending plan, alongside Marathon Petroleum’s investments in its own operations. The Nov. 3 call will give the company an opportunity to discuss third-quarter results and their financial details. The new dividend, scheduled for payment in December, remains the most prominent change announced for shareholders in the Oct. 28 statement.