Marathon Petroleum reported second-quarter 2025 net income of $1.2 billion, with earnings per share (EPS) of $3.96, surpassing analyst estimates of $3.22. The company achieved a crude capacity utilization rate of 97%, resulting in a total throughput of 3.1 million barrels per day (bpd). Marathon Petroleum also announced plans for third-quarter throughput of 2.94 million bpd and a direct operating cost per barrel of $5.70. CEO Maryann Mannen expressed a constructive long-term outlook. Occidental Petroleum posted adjusted EPS of $0.39, beating estimates of $0.29, with adjusted net income of $396 million versus an expected $359.3 million. The company reported total average global production of 1,400 thousand barrels of oil equivalent per day (MBOED) and realized oil prices of $63.76 per barrel. Occidental's capital expenditures for the quarter were $2 billion, and it disclosed an agreement for Enterprise to acquire its gas gathering affiliate. ConocoPhillips reported adjusted EPS of $1.42, above estimates of $1.34, and adjusted net income of $1.8 billion, surpassing the $1.73 billion forecast. The company generated $3.49 billion in cash flow from operations and produced 2,391 MBOED in Q2. It expects third-quarter production between 2.33 million and 2.37 million barrels of oil equivalent per day and declared a third-quarter dividend of $0.78 per share.