What caused Marathon Petroleum's record quarterly profit, and how did the Strait of Hormuz disruption impact its refining margins?

Marathon Petroleum posted its highest quarterly profit since 2022 due to soaring refining margins for gasoline, diesel, and jet fuel, driven by prolonged disruptions to crude supplies through the Strait of Hormuz — which effectively closed for months — and repeated Iranian attacks on Middle Eastern refineries that further squeezed fuel supplies. As a result, the company's quarterly refining and marketing margin doubled to $36.33 per barrel from a year ago.

How did Marathon Petroleum's renewable diesel unit perform in Q2 2024 compared to Q2 2023, and what factors contributed to the turnaround?

Marathon's renewable diesel unit posted an adjusted core profit of $258 million in the second quarter of 2024, reversing a $19 million loss from the same period a year earlier; this improvement was attributed to stronger margins, higher throughputs, and improved regulatory credit values — all supported by government biofuel mandates boosting demand and higher diesel prices linked to the Middle East conflict.

Marathon Petroleum posts highest profit since 2022 as supply disruptions lift margins

Aug 4, 2026

Marathon Petroleum reported its highest quarterly profit since 2022, driven by soaring refining margins from crude supply disruptions in the Strait of Hormuz. Additionally, its renewable diesel unit turned profitable amid stronger margins and regulatory credits.

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Marathon Petroleum posts highest profit since 2022 as supply disruptions lift margins

Marathon Petroleum posts highest profit since 2022 as supply disruptions lift margins

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