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Sep 30, 2020
Marathon Petroleum Q3 2020 Earnings Report
Reported a third-quarter loss due to the challenges created by COVID-19 and reduced global demand, while progressing with strategic initiatives.
Key Takeaways
Marathon Petroleum Corp. reported a net loss of $1.0 billion for the third quarter of 2020, compared to a net income of $1.1 billion for the same period in 2019. The adjusted net loss was $649 million, compared to an adjusted net income of $1.1 billion in the prior year. The company is progressing with the sale of Speedway and advancing investments in renewables.
Reported third-quarter loss of $1.0 billion, or $(1.57) per diluted share, including net pre-tax charges of $525 million; adjusted loss of $649 million, or $(1.00) per diluted share.
On-track to exceed targeted reductions of $1.4 billion of capital spending and $950 million of operating expense; implemented workforce reduction plan
Progressing $21 billion Speedway sale; continue to target first-quarter 2021 close
Starting up Dickinson, N.D. renewable fuels facility
Marathon Petroleum
Marathon Petroleum
Marathon Petroleum Revenue by Segment
Revenue by Segment
Refining & Marketing Revenue
CapyFin.com Forward Guidance
For the fourth quarter of 2020, Marathon Petroleum provided the following outlook for its Refining & Marketing segment: refining operating costs per barrel of $5.50, distribution costs of $1,320 million, refining planned turnaround costs of $100 million, depreciation and amortization of $465 million, and refinery throughputs of 2,480 mbpd.