Independent oil refiner and marketer Marathon Petroleum Corporation (MPC Quick QuoteMPC - Free Report) reported second-quarter adjusted earnings per share of $3.96, which beat the Zacks Consensus Estimate of $3.22, primarily driven by an 11% year-over-year decline in costs and expenses during the quarter.  However, the company’s bottom line declined significantly from the year-ago adjusted profit of $4.12, primarily due to a lower-than-expected contribution from the Midstream segment. The segment’s adjusted EBITDA missed the consensus estimate by 1.8%.

Marathon Petroleum reported revenues of $34.1 billion, which beat the Zacks Consensus Estimate of $31 billion but fell 11.1% year over year, primarily due to decreased sales and other operating revenues, and lower income from equity method investments.

On July 30, 2025, MPC's board of directors declared a cash dividend of 91 cents per share. The dividend will be distributed on Sept. 10 to its shareholders on record as of the close of business on Aug. 20, 2025.

In the second quarter, MPC distributed around $1 billion to its shareholders. As of June 30, 2025, the company still had $6 billion available under its authorized share repurchase programs.

Inside MPC’s Segments

Refining & Marketing: The Refining & Marketing segment reported adjusted EBITDA of $1.9 billion, down approximately 7% from the year-ago figure of $2 billion, primarily due to higher planned turnaround costs and increased refining operating costs per barrel.

The refining margin of $17.58 per barrel increased from $17.53 a year ago. Additionally, the figure beat the consensus estimate by 13.9%

Capacity utilization during the quarter remained steady at 97%, matching the level recorded in the corresponding period of 2024.

Midstream: This unit mainly reflects Marathon Petroleum’s general partner and majority limited partner interests in MPLX LP (MPLX) — a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets.

Segment adjusted EBITDA was $1.6 billion, up 1.3% from the second quarter of 2024 due to higher rates and throughputs from recent acquisitions, which were partially offset by higher operating expenses.

MPC’s Financial Analysis

Marathon Petroleum reported expenses of $31.9 billion in the second quarter of 2025, down from $35.8 billion reported in the year-ago quarter.

In the reported quarter, Marathon Petroleum spent $1.1 billion on capital programs (32.6% on Refining & Marketing and 64.9% on the Midstream segment) compared with $569 million in the year-ago period.

As of June 30, 2025, this Zacks Rank #3 (Hold) company had cash and cash equivalents of $1.7 billion and total debt, including that of MPLX, of $28.7 billion, with a debt-to-capitalization of 53.6%.

MPC’s Q3 Guidance

MPC anticipates a refining operating cost of $5.70 per barrel for the third quarter of 2025. The company expects total refinery throughputs to be 2,940 thousand barrels per day, with 2,730 thousand barrels per day of crude oil refined and 210 thousand barrels per day of other charge and blendstocks. Marathon Petroleum anticipates a 92% utilization rate for its total throughput during the same time.

Important Earnings at a Glance

While we have discussed MPC’s second-quarter results in detail, let us take a look at three other key reports in this space.

San Antonio, TX-based oil and gas refining and marketing service provider, Valero Energy Corporation (VLO Quick QuoteVLO - Free Report) , reported second-quarter 2025 adjusted earnings of $2.28 per share, which beat the Zacks Consensus Estimate of $1.73. However, the bottom line declined from the year-ago quarter’s level of $2.71. The better-than-expected quarterly results can be attributed to an increase in refining margins per barrel of throughput and lower total cost of sales. The positives were partially offset by a decline in refining throughput volumes and renewable diesel sales volumes.

The company had cash and cash equivalents of $4.5 billion at the end of the second quarter. As of June 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.3 billion.

Houston, TX-based oil and gas equipment and services provider, Halliburton Company (HAL Quick QuoteHAL - Free Report) , reported second-quarter 2025 adjusted net income of 55 cents per share, which was in line with the Zacks Consensus Estimate but below the year-ago quarter’s profit of 80 cents (adjusted). The numbers reflect softer activity in the North American region, partly offset by international growth.

As of June 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.4. Halliburton reported second-quarter capital expenditure of $354 million, up from our projection of $338.2 million.

Norway-based integrated oil and gas operator, Equinor ASA (EQNR Quick QuoteEQNR - Free Report) , reported second-quarter 2025 adjusted earnings per share of 64 cents, which missed the Zacks Consensus Estimate of 66 cents. The bottom line declined 25% from the year-ago quarter’s level of 84 cents. Weak quarterly results can be attributed to lower liquids production across major segments and reduced liquids prices. Natural declines and portfolio divestments in Nigeria and Azerbaijan also contributed to the decrease in overall production.