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Marathon Petroleum (MPC) guidance and outlook
Marathon Petroleum (MPC) narrowed its guidance on Nov 3, 2026: Operating expenses $1.7B for Q4 2026; Depreciation & amortization $390M for Q4 2026. Marathon Petroleum's 10-Q filed Nov 3, 2026 makes 14 forward-looking statements, 0 of them new and 1 no longer said since the filing before.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| Capital expenditures | FY2026 | $1.5B | new |
| Operating expenses | Q4 2026 | $1.7B | new |
| Depreciation & amortization | Q4 2026 | $390M | new |
From the earnings release filed Nov 3, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Nov 3, 2026
- • business strategies, growth opportunities and expected investments, including plans to improve commercial performance, lower costs and optimize our asset portfolio;
- • our ability to successfully implement our sustainable energy strategy and principles and achieve our ESG plans and goals within the expected timeframe, if at all;
- We assume approximately 50 percent of the crude processed at our refineries in 2026 will be sour crude.
- We assume approximately 50 percent of the crude processed at our refineries in 2026 will be sweet crude.
- We do not intend to have outstanding commercial paper borrowings in excess of available capacity under our bank revolving credit facility.
- Although it is our intention to maintain a credit profile that supports an investment grade rating, there is no assurance that these ratings will continue for any given period of time.
- Although it is our intention to maintain a credit profile that supports an investment grade rating for MPLX, there is no assurance that these ratings will continue for any given period of time.
- Major Refining & Marketing segment projects include continued investments at our Galveston Bay, Robinson, El Paso, and Garyville refineries having expected high returns.
- In addition to these multi-year investments, we are executing shorter-term projects that offer high anticipated returns through margin enhancement and cost reduction.
- Our capital investment outlook for Marketing includes continuing to expand the reach and presence of our branded stations in support of strong value capture.
- Our Midstream segment capital expenditures and investments in affiliates were primarily focused on expanding our Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support producer activity, and investing in new gas processing plants in the Marcellus and Permian.
- The remainder of our Midstream capital plan targets the debottlenecking of existing assets to meet customer demand.
Marathon Petroleum's latest quarter
Marathon Petroleum, Q3 2026: revenue $56.0B (+61% year over year), operating margin 18.7%, net earnings $7.4B, operating cash flow $10.7B. The chart follows the revenue to costs, profit and cash.
Questions
Did Marathon Petroleum raise or lower its guidance?
Marathon Petroleum (MPC) narrowed its guidance on Nov 3, 2026: Operating expenses $1.7B for Q4 2026; Depreciation & amortization $390M for Q4 2026.
What does Marathon Petroleum expect?
• business strategies, growth opportunities and expected investments, including plans to improve commercial performance, lower costs and optimize our asset portfolio; • our ability to successfully implement our sustainable energy strategy and principles and achieve our ESG plans and goals within the expected timeframe, if at all; We assume approximately 50 percent of the crude processed at our refineries in 2026 will be sour crude.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.