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Jun 30, 2024
Marathon Petroleum Q2 2024 Earnings Report
Marathon Petroleum's financial performance decreased due to lower market crack spreads, but was offset by strong operational and commercial performance.
Key Takeaways
Marathon Petroleum reported a net income of $1.5 billion, or $4.33 per diluted share, and an adjusted net income of $1.4 billion, or $4.12 per diluted share, for the second quarter of 2024. The company generated $3.2 billion of net cash from operating activities and returned $3.2 billion to shareholders through share repurchases and dividends.
Second-quarter net income attributable to MPC was $1.5 billion, or $4.33 per diluted share; adjusted net income was $1.4 billion, or $4.12 per diluted share.
Adjusted EBITDA was $3.4 billion and net cash provided by operating activities was $3.2 billion, reflecting strong operational and commercial performance.
Midstream growth advanced with $1.6 billion segment adjusted EBITDA, up 6% year-over-year, focused in the Permian and Marcellus.
MPC received a $550 million quarterly distribution from MPLX and returned $3.2 billion of capital through share repurchases and dividends.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Third-quarter 2024 outlook for Refining & Marketing segment includes refining operating costs per barrel of $5.35, distribution costs of $1,550 million, refining planned turnaround costs of $330 million, depreciation and amortization of $485 million, and refinery throughputs of 2,845 mbpd. Corporate expenses are expected to be $200 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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