Marathon Petroleum Q2 2020 Earnings Report
Key Takeaways
Marathon Petroleum Corp. reported a net income of $9 million for Q2 2020, which was significantly impacted by the COVID-19 pandemic. The company announced an agreement to sell Speedway for $21 billion and is taking steps to reduce capital spending and operating expenses.
Reported second-quarter income of $9 million, or $0.01 per diluted share, including net pre-tax benefit of $1.4 billion.
Adjusted loss of $868 million, or $(1.33) per diluted share.
Announced agreement to sell Speedway in $21 billion all-cash transaction.
Indefinitely idling Gallup and Martinez refineries and evaluating strategic repositioning of Martinez to renewable diesel facility.
Marathon Petroleum
Marathon Petroleum
Marathon Petroleum Revenue by Segment
Forward Guidance
Marathon Petroleum provided the following outlook for the third quarter of 2020.
Positive Outlook
- Refining operating costs per barrel: $6.50
- Distribution costs (in millions): $1,285
- Refining planned turnaround costs (in millions): $270
- Depreciation and amortization (in millions): $440
- Refinery throughputs (mbpd): Crude oil refined 2,215
Challenges Ahead
- Other charge and blendstocks 130
- Total 2,345
- Fuel sales (millions of gallons) 2,000
- Fuel sales (millions of gallons) 2,200
- Corporate and unallocated items (in millions)$195
Revenue & Expenses
Visualization of income flow from segment revenue to net income