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Jun 30
Marathon Petroleum Q2 2025 Earnings Report
Marathon Petroleum posted Q2 2025 results with $1.2 billion in net income and strong refining utilization.
Key Takeaways
Marathon Petroleum delivered solid Q2 2025 results with $1.2 billion in net income and EPS of $3.96. Despite a slight dip from last year, the company maintained high refining utilization and returned $1 billion to shareholders.
Net income was $1.2 billion, down from $1.5 billion in Q2 2024.
Refining utilization remained strong at 97%, with 105% margin capture.
Returned $1.0 billion to shareholders, including $692 million in share repurchases.
Adjusted EBITDA reached $3.3 billion, supported by refining execution and midstream strength.
Marathon Petroleum
Marathon Petroleum
Marathon Petroleum Revenue by Segment
Marathon Petroleum Revenue by Geographic Location
Revenue by Segment
Refining & Marketing Revenue
CapyFin.comMidstream Revenue
CapyFin.comRevenue by Geographic Location
Gulf Coast Revenue
CapyFin.comMid-Continent Revenue
CapyFin.comWest Coast Revenue
CapyFin.com Forward Guidance
Marathon Petroleum expects continued high-return investments in refining and midstream expansion, despite some cost pressures and planned turnarounds.
Positive Outlook
- High-return projects underway at key refineries.
- Expected 20-25% ROI on capital projects.
- Galveston Bay upgrades to produce ultra-low sulfur diesel.
- Midstream expansion with Northwind and BANGL acquisitions.
- Expected increase in Permian and Marcellus processing capacity.
Challenges Ahead
- Rising refining operating costs ($5.70/bbl expected in Q3).
- Higher planned turnaround costs ($400M in Q3).
- Distribution costs projected at $1.525B in Q3.
- Corporate expenses projected at $240M in Q3.
- Industry facing weaker margin environment YoY.