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Jun 30, 2023
Marathon Petroleum Q2 2023 Earnings Report
Marathon Petroleum reported a decrease in net income and adjusted EBITDA compared to the same quarter last year, but demonstrated strong cash generation and capital return.
Key Takeaways
Marathon Petroleum Corp. reported second-quarter net income attributable to MPC of $2.2 billion, or $5.32 per diluted share, compared to $5.9 billion, or $10.95 per diluted share, for the second quarter of 2022. The adjusted EBITDA was $4.5 billion, compared to $9.1 billion for the second quarter of 2022. The company generated $4.0 billion of net cash provided by operating activities and returned $3.4 billion to shareholders through share repurchases and dividends.
Second-quarter net income attributable to MPC was $2.2 billion, or $5.32 per diluted share.
Adjusted EBITDA for the second quarter was $4.5 billion.
Net cash provided by operating activities totaled $4.0 billion.
Returned $3.4 billion of capital through share repurchases and dividends.
Marathon Petroleum
Marathon Petroleum
Forward Guidance
Third Quarter 2023 Outlook: Refining & Marketing Segment
Positive Outlook
- Refinery throughputs (mbpd): Total 2,930
Challenges Ahead
- Refining operating costs per barrel $5.10
- Distribution costs (in millions) $1,400
- Refining planned turnaround costs (in millions) $120
- Depreciation and amortization (in millions) $480
- Corporate (in millions) $175