Marathon Petroleum, Phillips 66 Stocks Reach Record Highs Amid Rising Oil Prices
Marathon Petroleum (MPC) and Phillips 66 (PSX) shares hit record highs on Tuesday, propelled by increased crude oil prices and strong financial results. Analyst firms Mizuho and Freedom Broker adjusted price targets for MPC, reflecting positive performance and market conditions.
Key takeaways
- Marathon Petroleum and Phillips 66 stocks achieved record highs on Tuesday.
- Increased crude oil prices and strong financial results contributed to the stock rallies.
- Analyst firms Mizuho and Freedom Broker adjusted price targets for Marathon Petroleum, reflecting positive performance.
- Phillips 66 is advancing a new $5 billion pipeline project with partners.
What Happened
Marathon Petroleum (MPC) and Phillips 66 (PSX) stocks achieved record highs on Tuesday. This rally was driven by a surge in crude oil prices and favorable analyst outlooks, with Mizuho increasing price targets for both companies.
Background
Marathon Petroleum Corporation is involved in oil refining, transportation, and distribution. In 2025, the company sold an average of 3 million barrels of refined products daily, with gasoline comprising the largest portion. The company operated 13 refineries and approximately 7,882 service stations across the United States at the close of 2025.
Phillips 66 announced a joint venture with Kinder Morgan and HF Sinclair to construct the Western Gateway Pipeline. Phillips 66 will hold a 49.9% stake in this project, which aims to establish a new fuel supply route from St. Louis, Missouri, to Arizona and California, with an expected transport capacity of up to 230,000 barrels per day.
Key Facts
- Marathon Petroleum (MPC) and Phillips 66 (PSX) shares reached record highs on Tuesday.
- West Texas Intermediate (WTI) crude futures for September deliveries increased by 1.3% to $83.16 per barrel.
- Brent crude futures rose by 1.1% to $90.12 per barrel.
- Mizuho raised its price target for Marathon Petroleum to $304 from $284, maintaining a ‘Neutral’ rating.
- Mizuho also increased its price target for Phillips 66 to $220 from $212, keeping an ‘Outperform’ rating.
- Marathon Petroleum reported second-quarter earnings of $17.73 per share on revenue of $52.33 billion, exceeding Wall Street expectations.
- Freedom Broker upgraded Marathon Petroleum’s stock rating from Sell to Hold and raised its price target to $297 from $217.
- Phillips 66, Kinder Morgan, and HF Sinclair finalized a joint venture for the $5 billion Western Gateway Pipeline system.
- Phillips 66 will own 49.9% of the Western Gateway Pipeline venture, with Kinder Morgan holding 35.1% and HF Sinclair holding 15%.
- The Western Gateway Pipeline is proposed to be 1,300 miles long and can transport up to 230,000 barrels per day.
Sources reviewed
Project Chintan independently synthesized and analyzed information cross-checked across the sources listed above.
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