High Diesel Prices Impact These Five Energy Stocks
Diesel prices remain elevated, with the national average at $6.199 per gallon as of October 5, down slightly from a peak in late September but still significantly higher than last year's levels. The surge is attributed to supply disruptions earlier this year due to shipping issues through the Strait of Hormuz, which have yet to be fully resolved. Marathon Petroleum (MPC) benefits most directly from high diesel prices as it profits heavily from refining margins, or crack spreads. Its second-quarter 2026 refining margin nearly doubled compared to a year ago. Chevron and ExxonMobil also see gains in their downstream operations but are less exposed due to diversified business models that include oil production and chemicals. Marathon has streamlined its operations since 2011, selling off non-core assets like Speedway gas stations and pipelines, making it more focused on refining than before. This leaner structure may help the company weather future downturns better but also means past performance is not a perfect indicator of current resilience. Chevron's downstream earnings rose to $4.9 billion in Q2 2026 from $737 million a year earlier, while ExxonMobil’s refining segment reported adjusted earnings of $4.1 billion for the same period.
Topics: Crack spread Diesel prices Marathon Petroleum Refiners