Which three U.S. independent oil refiners reported combined second-quarter profits of $12.6 billion—the highest since Russia’s 2022 invasion of Ukraine—and how much did they return to shareholders?

Marathon Petroleum (MPC.N), Phillips 66 (PSX.N), and Valero Energy (VLO.N) earned combined profits of $12.6 billion in the second quarter—the most since Russia’s 2022 invasion of Ukraine—and returned $6.3 billion to shareholders through stock repurchases and dividends, the largest amount in more than two years, compared to $2.6 billion returned in the same quarter a year ago when profits totaled $2.9 billion.

What record-breaking refining margin levels were observed in July–August 2024, and what broader market impact did they reflect?

The ultra-low sulfur diesel futures crack spread hit a record high of $93.84 per barrel on August 10, and the U.S. gasoline futures crack spread rose to $60 per barrel on July 17—the highest since April 2020—reflecting supply disruptions that tightened global inventories and pushed U.S. pump prices above $4 a gallon for the first time in over three years, with the sharpest monthly rise in decades.

Top US Refiners See Profits Soar, Step Up Investor Rewards

Aug 12, 2026

Top U.S. refiners Marathon, Phillips 66, and Valero reported record combined profits of $12.6 billion in Q2 due to supply disruptions, returning $6.3 billion to shareholders. Analysts expect robust capital returns to continue amid tight global fuel inventories.

reuters

2026-05-15

US Oil Refiners Seen Boosting Fuel Output Through Rest of Year

2026-08-12

Top US Refiners See Profits Soar, Step Up Investor Rewards

Top US Refiners See Profits Soar, Step Up Investor Rewards

FAQ