Marathon Petroleum crushed Wall Street expectations in its second-quarter 2026 report on August 4, with profit jumping almost fourfold to $5.14 billion and revenue rising over 53%, driven by prolonged disruptions to crude supplies through the Strait of Hormuz that doubled its refining margins. The company's US Gulf Coast refineries ran at 100% utilization during the quarter, and its renewable diesel business swung to an adjusted core profit of $258 million from a loss of $19 million a year earlier. Marathon also holds an approximate 64% ownership of MPLX, which increased its 2026 capital growth spending outlook by $500 million to $2.9 billion earlier this month. On August 11, Mizuho raised its price objective on Marathon Petroleum by $20, with Piper Sandler, Citi, and Wells Fargo also improving their outlooks. The stock has gained over 121% since the beginning of 2026, though the article cautions that a peace deal easing supply disruptions could quickly normalize refining margins and trigger a significant valuation correction.
MPLX LPMPLX increases 2026 capital growth spending outlook by $500M to $2.9B.
Chevron Corp
Marathon Petroleum CorpProfit jumps fourfold on Hormuz disruptions doubling refining margins.
