Marathon Petroleum is raising its quarterly dividend by 10%, adding $5bn to its share buyback and selling two refineries for $4.2bn. Together they show a company returning cash to shareholders while moving its capital towards the assets it prefers.

The buyback authorisation is incremental, which brings total repurchase capacity to $8.1bn as of September 30, 2026. The dividend increase, the company said, is consistent with its capital allocation priorities.

The results gave it room to do all of this. Third-quarter earnings were $26.93 a share, $2.21 better than expected, and revenue was $56.03bn against the $46.50bn forecast. Chief Executive Maryann Mannen said the company's value chain captured margin opportunities in dynamic market conditions, and that strong execution produced the cash flow to fund investments and shareholder returns.

The pipeline arm is paying out too. MPLX increased its quarterly distribution by 12.5%, the third consecutive year of an increase, and expects to deliver $3.1bn in annual distributions to Marathon Petroleum.

The sale covers the St. Paul Park and Mandan refineries and related midstream assets. Marathon Petroleum receives $3.45bn of the proceeds and plans to reinvest it primarily on the Gulf Coast. MPLX receives $750m for the Permian and Marcellus. The split suggests cash from the sale and from operations is being divided between reinvestment and shareholders. The deal is expected to close at the end of 2026.

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