Q3 results bring buybacks and a $4.2 billion refinery sale

Third-quarter earnings and shareholder returns set the tone this week. Vistra says Ongoing Operations Adjusted EBITDA rose more than 50% and added a $1.5 billion repurchase authorization, Hut 8 raised its buyback authorization to $1.0 billion, Core Natural Resources returned $90 million to stockholders, and MPLX lifted its quarterly distribution by 12.5%.

Portfolio reshaping was the other thread. Marathon Petroleum and MPLX agreed to sell the St. Paul Park and Mandan refineries and related midstream assets to CVR Energy for $4.2 billion plus inventory value, while Vistra closed its Cogentrix Energy acquisition. NextEra Energy and Dominion Energy said they accepted most conditions proposed by Virginia regulators' staff and consumer counsel for their combination, and Hut 8 signed a second 352 MW lease at Beacon Point for its AI data center portfolio.