Marathon Petroleum vs Phillips 66: Which Refining Giant Wins as Energy Sector Dominates 2026?

"Marathon delivered a $4.07 EPS result that crushed the $2.91 estimate, driven by 95% refining utilization and an $18.65 per barrel refining margin. The company generated $1.535 billion in net income, a huge increase over the $371 million posted in Q4 2024. CEO Maryann Mannen credited "strong refining operational performance and commercial execution" for $8.3 billion in full-year operating cash flow, up 276% year-over-year."

"Phillips 66 posted $2.47 adjusted EPS versus the $2.19 estimate, running refineries at 99% crude capacity utilization with a record 88% clean product yield and $2.9 billion in GAAP net income. CEO Mark Lashier called 2025 "a transformative year" after acquiring full ownership of WRB Refining and divesting European retail operations."

"Marathon operates as a pure-play refining and midstream business, concentrating capital on the largest U.S. refining system. The company returned $4.5 billion to shareholders in 2025 through buybacks, with $4.4 billion remaining in authorization. Its 359% five-year return reflects disciplined capital allocation across high-utilization refining assets and strategic midstream investments in the Permian and Marcellus regions."

Marathon Petroleum reported $4.07 EPS, surpassing estimates, supported by 95% refining utilization and an $18.65 per-barrel refining margin, generating $1.535 billion in net income versus $371 million a year earlier. Full-year operating cash flow reached $8.3 billion, up 276% year-over-year, driven by strong refining operations and commercial execution. Phillips 66 posted $2.47 adjusted EPS, ran refineries at 99% crude capacity with an 88% clean product yield, and reported $2.9 billion in GAAP net income. Phillips completed full ownership of WRB Refining, divested European retail, reduced debt by $2.0 billion, and advanced chemicals and international projects. Marathon emphasizes pure refining and midstream concentration while Phillips pursues portfolio diversification across refining, chemicals, and renewables.

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