Marathon Petroleum

Marathon earned 7.4 billion dollars in the third quarter, more than five times the 1.4 billion it made a year earlier. Its refineries kept about 34 dollars of profit on every barrel, up from about 6 dollars, while running flat out at 100 percent of capacity. When the world is short on fuel, the country's biggest refiner gets paid handsomely.

Marathon returned 3.3 billion dollars to shareholders in one quarter, raised its dividend 10 percent, and set aside another 5 billion dollars to buy back its own shares. It sits on 13.6 billion dollars in cash with no borrowing on its main credit line. Its pipeline arm also raised its payout 12.5 percent for a third straight year, sending Marathon about 3.1 billion dollars a year in steadier income.

Profit per barrel jumped more than fivefold in a year, from about 6 dollars to 34 dollars, because fuel is selling for far more than crude oil costs in every region Marathon serves. The refineries already ran at 100 percent, so there is no room to squeeze out more, and Marathon expects to process a bit less in the fourth quarter. When global supply catches up, these fat margins can shrink fast.

Refining swings hard from year to year. Revenue slipped about 4 percent in 2025 before this year's surge, and Marathon is now selling two refineries in Minnesota and North Dakota for 4.2 billion dollars, which shrinks its footprint until that cash is put back to work on the Gulf Coast. Investors should expect a bumpy ride, not smooth, steady growth.