Marathon Petroleum Returned $4.5 Billion to Shareholders in 2025. Here's Why It Could Happen Again.

2026-02-21 12:59:00 ET

Marathon Petroleum (NYSE: MPC) , the largest independent U.S. refiner, is up 21% this year after fourth-quarter adjusted earnings of $4.07 per share crushed analyst expectations. Refining margins did the heavy lifting, with the company capturing 114% of the benchmark crack spread, up from 96% in the third quarter. That drove cash from operations to $2.7 billion, nearly 60% above the prior year.

During the year, Marathon returned $4.5 billion to shareholders through a combination of share repurchases and dividends. The cash return story, though, is getting stronger from here, and it doesn't need peak margins to hold.

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