Investing.com -- Marathon Petroleum Corp. (NYSE: MPC) reported first-quarter adjusted earnings per share of $1.65, beating analyst estimates of $1.09, as the refiner benefited from higher crack spreads and strong operational performance.

Revenue reached $34.57 billion for the quarter, surpassing the consensus estimate of $33.49 billion and marking a significant increase from the prior-year period when the company reported a net loss of -$0.24 per share. The company generated $1.1 billion in cash from operations while completing approximately 40% of its planned turnaround activity for 2026. Adjusted EBITDA totaled $2.8 billion, compared with $2.0 billion in the first quarter of 2025.

Shares rose 1% following the results. The company also announced an incremental $5 billion share repurchase authorization, bringing total available authorization to $8.6 billion as of March 31, 2026.

The Refining & Marketing segment posted adjusted EBITDA of $1.4 billion, up from $489 million in the year-ago quarter, with margins expanding to $17.74 per barrel from $13.38 per barrel. Crude capacity utilization reached 89%, resulting in total throughput of 2.9 million barrels per day. The improvement was driven by higher crack spreads, though partially offset by derivative losses from the company's economic hedging program.

"Our first-quarter results underscore the strength and reliability of our integrated system and our disciplined approach to capital deployment," said Chairman, President and Chief Executive Officer Maryann Mannen. "Accelerating our planned turnaround activity in the quarter enhances our operational readiness to supply the elevated levels of current market demand."

The Midstream segment generated adjusted EBITDA of $1.6 billion, down from $1.7 billion in the prior-year quarter, primarily due to derivative losses and the absence of a non-recurring benefit. The company returned over $1.0 billion to shareholders during the quarter and maintained $2.2 billion in cash and cash equivalents.