Marathon Petroleum Q3 2021 Earnings Report

Reported a net income of $694 million and progressed in portfolio optimization and capital return program.

Key Takeaways

Marathon Petroleum Corp. reported a net income of $694 million for the third quarter of 2021, compared to a net loss of $886 million for the third quarter of 2020. The company is progressing with its portfolio optimization and capital return program, having completed approximately 25% of its $10 billion capital return program through October 31.

Reported third-quarter net income of $694 million, or $1.09 per diluted share; reported adjusted net income of $464 million, or $0.73 per diluted share

Progressing portfolio optimization by pursuing strategic alternatives for the Kenai refinery and related operations, which could include a sale; and continuing focus on lowering the cost structure

Completed ~25% of $10 billion capital return program through Oct 31; committed to complete remaining $7.5 billion by year-end 2022

Exceptionally strong year-to-date cash flow at MPLX supports a third quarter distribution consisting of a 2.5% increase to the base distribution amount and a special distribution amount; MPC expects to receive a total of $829 million

Total Revenue

$32.6B

Previous year: $17.5B

R&M product sales volume

3.54K

Gross Profit

$2.93B