Marathon Petroleum Q1 2020 Earnings Report

Reported a net loss due to the impact of COVID-19 and oil price tensions, which significantly impacted demand and included pre-tax non-cash charges.

Key Takeaways

Marathon Petroleum Corp. reported a first-quarter net loss of $9.2 billion, or $(14.25) per diluted share, which included pre-tax non-cash charges of $12.4 billion. The company is responding to the COVID-19 environment by reducing capital spending and operating expenses. They also enhanced liquidity through senior notes issuance and an additional revolver.

Reported first-quarter loss of $9.2 billion, or $(14.25) per diluted share, including pre-tax non-cash charges of $12.4 billion; adjusted loss of $106 million, or $(0.16) per diluted share

Cash used in operations of $768 million; cash provided by operations of $1.3 billion, excluding working capital changes

Announced business response to COVID-19 environment, including $1.4 billion of capital and $950 million of expense reductions

Enhanced liquidity by $3.5 billion through senior notes issuance and additional revolver

Total Revenue

$24.1B

Previous year: $28.6B

-15.8%

EPS

-$0.16

Previous year: -$0.09

+77.8%

Gross Profit