Key Takeaways Marathon Petroleum's refining margin rose to $36.33 per barrel in Q2 2026.Valero Energy's refining income climbed to $4.5 billion, supported by stronger refining conditions.Phillips 66 raised refining margins to $24.08 per barrel and cut total debt to $20.6 billion.The U.S. refining industry is entering the third-quarter 2026 earnings season amid stronger refining margins, supported by tight global supplies of refined products and higher fuel prices.  These conditions can boost refiners' earni ...