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Mar 31, 2024
Marathon Petroleum Q1 2024 Earnings Report
Reported net income attributable to MPC and returned capital through share repurchases and dividends.
Key Takeaways
Marathon Petroleum Corp. reported a net income attributable to MPC of $937 million, or $2.58 per diluted share, for the first quarter of 2024. The company safely completed its largest planned maintenance quarter and advanced its midstream growth strategy. MPC returned $2.5 billion to shareholders through share repurchases and dividends and announced an additional $5 billion share repurchase authorization.
First-quarter net income attributable to MPC was $937 million, or $2.58 per diluted share; adjusted EBITDA was $3.3 billion.
Net cash provided by operating activities was $1.5 billion; the company safely and successfully completed its largest planned maintenance quarter in MPC history.
Advanced midstream growth strategy with new processing plants and acquisition of Utica midstream assets; MPLX distributed $550 million to MPC.
Returned $2.5 billion of capital through $2.2 billion of share repurchases and $299 million of dividends; announced an additional $5 billion share repurchase authorization.
Forward Guidance
Marathon Petroleum provided an outlook for the second quarter of 2024, including refining operating costs per barrel, distribution costs, refining planned turnaround costs, depreciation and amortization, and refinery throughputs.
Positive Outlook
- Executing on a multi-year infrastructure investment at its Los Angeles refinery.
- Constructing a 90,000 barrel per day distillate hydrotreater at its Galveston Bay refinery.
- Executing on smaller projects that offer high returns targeted at enhancing refinery yields.
- Improving energy efficiency.
- Lowering costs.
Challenges Ahead
- Refining operating costs per barrel(a) $4.95
- Distribution costs (in millions) $1,500
- Refining planned turnaround costs (in millions) $200
- Depreciation and amortization (in millions) $485
Historical Earnings Impact
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Avg. Return Before/After Earnings
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