The Zhitong Finance App learned that Marathon Crude Oil (MPC.US) performed particularly well this year, with stock price increases even surpassing top technology companies and chip companies. Data shows that since the beginning of the year, the refiner's stock price has soared more than 200%, outperforming many chip stocks such as Nvidia (NVDA.US), Intel (INTC.US), AMD (AMD.US), Qualcomm (QCOM.US), and Broadcom (AVGO.US). The stock's strong performance outperformed major energy and technology ETFs, including the Energy Select Industry SPDR Fund (XLE), Vaneck Semiconductor ETF (SMH), and Global X Artificial Intelligence and Technology ETF (AIQ).
Undoubtedly, the widening refining spread (cracking spread) driven by soaring oil prices and the boost in midstream business rates and throughput contributed significantly to the refiner's strong performance. According to the second-quarter results announced by Marathon Crude Oil, its revenue increased by more than 5% year-on-year to US$52.33 billion, far higher than analysts' general expectations of US$41.44 billion; earnings per share reached US$17.73, far higher than US$3.96 per share in the second quarter of 2025. Refining and marketing margins also rose sharply in the second quarter, reaching $36.33 per barrel, compared to $17.58 per barrel in the same period last year.
Additionally, Marathon Crude completed two high-return refining investments in the second quarter, involving El Paso refinery (El Paso refinery) in Texas and Robinson refinery (Robinson refinery) in Illinois, respectively.
Marathon Crude said that investment in improving product yield at the El Paso refinery has enhanced the refinery's ability to produce specialty gasoline, which can serve the El Paso, Phoenix and Mexican markets, further strengthening “its geographical advantage and competitive position.” Meanwhile, the investment in the Robinson refinery enabled the company to produce an additional 10,000 barrels of aviation fuel every day to meet the growing demand in the regional market.
Marathon Crude will announce third quarter results on November 3. The company expects the total refinery throughput to reach 3.05 million barrels per day, including 2.82 million barrels of crude oil processed per day and 185 thousand barrels of other feed and blending components per day.
Marathon crude hit a 52-week high of $493.98. Although the stock price has risen sharply, investment bank Raymond James still believes that the stock price has room to rise further. The agency raised the target price of Marathon crude oil from $445 to $560 and maintained an “outperforming market” rating. Based on the stock's latest closing price, this target price means there is still room for growth of nearly 16%.
Meanwhile, Koyfin data shows that out of 19 analysts covering the stock, 9 gave a “buy” or higher rating, and another 9 gave a “hold” rating. Only 1 analyst gave the stock a “sell” rating. However, the 12-month average target price for Marathon crude oil stock is $442.33, which means that compared to the latest closing price, the stock has room to fall by more than 6%.