Core Viewpoint - Marathon Petroleum Corporation (MPC) reported a narrower-than-expected adjusted loss per share of 24 cents for Q1 2025, primarily driven by strong performance in its Refining & Marketing segment, despite a significant decline from the previous year's profit of $2.78 per share [1][2]. Financial Performance - Revenues for Q1 2025 were $31.9 billion, exceeding the Zacks Consensus Estimate of $30.1 billion but down 4.1% year-over-year [2]. - Total expenses decreased to $31.2 billion from $31.4 billion in the prior year [6]. - The company repurchased $1.1 billion of shares during the quarter, with a remaining authorization of $6.7 billion [7]. Segment Analysis Refining & Marketing - Adjusted EBITDA for the Refining & Marketing segment was $489 million, a 74% decline from $1.9 billion in the previous year, attributed to lower refining margins [3]. - The refining margin decreased to $13.38 per barrel from $19.35 a year ago, while capacity utilization improved to 89% from 82% [3]. - Total refined product sales volumes increased to 3,446 thousand barrels per day (mbpd) from 3,242 mbpd year-over-year, and throughput rose to 2,849 mbpd, surpassing the consensus estimate of 2,766 mbpd [4]. Midstream - The Midstream segment reported adjusted EBITDA of $1.7 billion, an 8.2% increase from Q1 2024, supported by higher rates and stronger throughput [5]. Capital Expenditures and Debt - Capital expenditures for the quarter totaled $776 million, with 46.6% allocated to Refining & Marketing and 49.7% to the Midstream segment, compared to $636 million in the prior year [6]. - As of March 31, 2025, the company had cash and cash equivalents of $3.8 billion and total debt of $30.9 billion, resulting in a debt-to-capitalization ratio of 57.3% [7].

Group 1 - Marathon Petroleum reported $31.85 billion in revenue for Q1 2025, a year-over-year decline of 4.1%, with an EPS of -$0.24 compared to $2.78 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $30.09 billion by 5.86%, and the EPS surprised positively by 61.90% against a consensus estimate of -$0.63 [1] - The stock has returned +21.9% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change, and currently holds a Zacks Rank 3 (Hold) [3] Group 2 - Net refinery throughput was 2,849 million barrels of oil per day, exceeding the average estimate of 2,765.67 million barrels by four analysts [4] - Crude oil refined was 2,623 million barrels of oil per day, surpassing the average estimate of 2,513.68 million barrels by three analysts [4] - Adjusted EBITDA for Refining & Marketing was $489 million, significantly higher than the average estimate of $286.27 million, while Midstream Adjusted EBITDA was $1.72 billion, slightly above the estimate of $1.68 billion [4]

Financial Performance - Total reportable segments' adjusted EBITDA was $2,167 million in Q1 2025, down from $3,485 million in Q1 2024 [118]. - Net loss attributable to the company was $74 million, or $(0.24) per diluted share, for Q1 2025, compared to net income of $937 million, or $2.58 per diluted share, in Q1 2024 [119]. - Total revenues and other income decreased by $1.36 billion to $31.85 billion in Q1 2025 compared to Q1 2024 [136]. - Net income attributable to MPC decreased by $1.01 billion to a loss of $74 million in Q1 2025, primarily due to lower Refining & Marketing margins [137]. - Refining & Marketing segment revenues decreased by $1.52 billion, driven by a $0.22 per gallon decrease in average refined product sales prices, despite a 204 mbpd increase in sales volumes [149]. - Refining & Marketing segment adjusted EBITDA decreased by $1.50 billion to $1.91 per barrel in Q1 2025, down from $8.22 per barrel in Q1 2024 [150]. - Net cash provided by operating activities decreased by $1.60 billion in Q1 2025 compared to Q1 2024, primarily due to a decrease in operating results and an unfavorable change in working capital of $685 million [177]. Refining & Marketing Segment - Segment adjusted EBITDA for Refining & Marketing decreased to $489 million in Q1 2025 from $1,986 million in Q1 2024, reflecting a lower refining margin environment [118]. - Refining & Marketing margin per barrel decreased to $13.38 in Q1 2025 from $19.35 in Q1 2024 [147]. - Refining & Marketing margin decreased to $13.38 per barrel in Q1 2025 from $19.35 per barrel in Q1 2024, with an estimated net negative impact of approximately $1.7 billion due to lower crack spreads [151]. - Refining operating costs, excluding depreciation and amortization, increased by $7 million primarily due to higher energy costs, while costs decreased by $0.32 per barrel due to higher throughput [152]. - Refining planned turnaround costs decreased by $193 million, or $0.91 per barrel, due to the scope and timing of turnaround activity [154]. Capital Expenditures and Investments - Total capital expenditures in Q1 2025 were $644 million, up from $511 million in Q1 2024, with additions to property, plant, and equipment at $663 million [182]. - MPC's capital investment outlook for 2025 is approximately $1.25 billion, excluding capitalized interest and potential acquisitions [204]. - Capital expenditures for MPC, excluding MPLX, were $377 million in Q1 2025, compared to $299 million in Q1 2024, indicating a 26% increase [206]. - Cash used for common stock repurchases was $1.06 billion in Q1 2025, down from $2.22 billion in Q1 2024, reflecting a decrease in repurchase activity [185]. - Cash used in acquisitions amounted to $237 million in Q1 2025, related to the Midstream segment [184]. MPLX and Midstream Operations - The company owned approximately 647 million MPLX common units valued at $34.65 billion as of March 31, 2025 [121]. - MPLX declared a quarterly cash distribution of $0.9565 per common unit, with the company's portion amounting to approximately $619 million [121]. - MPLX acquired gathering businesses from Whiptail Midstream for $237 million, enhancing its strategic relationship with MPC [114]. - MPLX entered into an agreement to acquire the remaining 55% interest in BANGL, LLC for $715 million, with an additional earnout provision of up to $275 million based on EBITDA growth [113]. - Midstream segment adjusted EBITDA increased by $131 million, mainly due to increased sales and operating revenues of $286 million from fee escalations and higher throughputs [162]. Liquidity and Financial Position - The consolidated cash and cash equivalents balance increased to approximately $3.81 billion at March 31, 2025, compared to $3.21 billion at December 31, 2024 [175]. - Total liquidity for MPC, excluding MPLX, was $6.38 billion as of March 31, 2025, consisting of $4.999 billion available under the bank revolving credit facility and $1.278 billion in cash and cash equivalents [188]. - MPLX's liquidity totaled $6.03 billion at March 31, 2025, including $2.534 billion in cash and cash equivalents [197]. - Long-term debt borrowings and repayments provided a net cash source of $3.41 billion in Q1 2025, compared to a net cash use of $17 million in Q1 2024 [185]. Regulatory and Market Outlook - The company expects to evaluate the impact of California's SB X1-2 and AB X2-1 regulations on its future operations and results [112]. - The refining margin environment is expected to remain lower in the near term, but long-term global demand growth is anticipated to outpace capacity additions through the end of the decade [109].

Financial Data and Key Metrics Changes - The company reported a first quarter net loss of $0.24 per share and returned over $1,300,000,000 to shareholders through dividends and repurchases [18][19] - Adjusted EBITDA for the quarter was approximately $2,000,000,000, lower sequentially by $145,000,000 due to decreased results in refining and marketing and renewable diesel segments [19][21] - Operating cash flow excluding changes in working capital was $1,000,000,000 for the quarter, driven by the strength and growth of the midstream business [23] Business Line Data and Key Metrics Changes - Refining utilization was 89%, processing 2,600,000 barrels of crude per day, with significant planned turnaround activity particularly in the Gulf Coast region [5][19] - The Midstream segment adjusted EBITDA grew 8% year over year, with MPC receiving $619,000,000 in distributions from MPLX, a 12.5% increase compared to the previous year [6][20] - The renewable diesel segment faced challenges with a 70% utilization rate due to unplanned downtime, and changes in regulatory credits reduced margins across the industry [21][22] Market Data and Key Metrics Changes - Refined product inventories have drawn for the ninth straight week and are below the five-year average, which, along with lower retail prices, is expected to support demand during the summer driving season [7][8] - The company anticipates around 800,000 barrels per day coming offline across several refineries in the U.S. and Europe this year, which could strengthen margins [8][10] Company Strategy and Development Direction - The company is progressing a $1,250,000,000 standalone capital plan for 2025, with 70% targeted on high return projects [13] - Investments in the West Coast value chain are aimed at enhancing competitiveness and compliance with tighter emission regulations [9][10] - The company aims to leverage its fully integrated refining system and geographic diversification to deliver peer-leading cash generation [14] Management's Comments on Operating Environment and Future Outlook - Management noted improved refined cracks and strong demand signals, with expectations of 94% utilization in the second quarter [33][34] - The company remains optimistic about demand growth across its domestic and export businesses, with steady year-over-year demand for gasoline and growth in diesel and jet fuel [35][36] - Management emphasized the importance of operational excellence and commercial execution to deliver sustainable financial performance [28][29] Other Important Information - The company is focused on optimizing its portfolio to deliver outperformance and is committed to capital allocation that enhances competitiveness [29] - The company has a minimum cash target of $1,000,000,000 on the balance sheet to ensure sufficient liquidity [63][64] Q&A Session Summary Question: What is the current demand perspective as the company enters the second quarter? - Management observed improved refined cracks and strong demand signals, indicating readiness to meet seasonal demand [33][34] Question: How does the company view the long-term outlook for the West Coast? - Management believes investments in the LA asset provide a competitive advantage, and they are closely monitoring the regulatory environment [39][41] Question: What is the company's strategy regarding capture rates? - Management highlighted the importance of commercial performance and aims for capture rates approaching 100% through sustainable advantages [52][56] Question: What is the outlook for crude quality discounts? - The company expects to benefit from heavy crude runs and sees upside in Canadian crude pricing due to OPEC's increased volumes [71][72] Question: How sustainable is the 12.5% distribution growth from MPLX? - Management indicated that the 12.5% distribution increase is expected to be durable for multiple years, supported by growth opportunities and capital discipline [75][78] Question: What initiatives are being taken to improve the renewable diesel business? - Management is focused on optimizing operations and addressing unplanned downtime to enhance profitability [90][92]

Financial Data and Key Metrics Changes - The company reported a first quarter net loss of $0.24 per share and returned over $1,300,000,000 to shareholders through dividends and repurchases [18][25] - Adjusted EBITDA for the quarter was approximately $2,000,000,000, lower sequentially by $145,000,000 due to decreased results in refining and marketing and renewable diesel segments [19][20] - Operating cash flow excluding changes in working capital was $1,000,000,000 for the quarter, driven by the strength and growth of the midstream business [23] Business Line Data and Key Metrics Changes - Refining utilization was at 89%, processing 2,600,000 barrels of crude per day, with significant planned turnaround activity particularly in the Gulf Coast region [5][19] - The Midstream segment adjusted EBITDA grew 8% year over year, with distributions from MPLX increasing by 12.5% compared to the previous year [6][21] - The renewable diesel segment faced challenges with a 70% utilization rate due to unplanned downtime and changes in regulatory credits impacting margins [21][22] Market Data and Key Metrics Changes - Refined product inventories have drawn for the ninth straight week and are below the five-year average, which is expected to support demand as the summer driving season approaches [7][8] - The company anticipates around 800,000 barrels per day of refinery closures in the U.S. and Europe this year, which could strengthen margins [8][10] - The Gulf Coast refinery completed its closure in the first quarter, with additional closures expected in California over the next twelve months [8][10] Company Strategy and Development Direction - The company is progressing a $1,250,000,000 standalone capital plan for 2025, with 70% targeted on high return projects [13] - Investments are being made in the West Coast value chain, particularly in the Los Angeles refinery, to improve reliability and energy efficiency while complying with emission regulations [9][10] - The company aims to leverage its fully integrated refining system and geographic diversification to deliver peer-leading cash generation [14][28] Management's Comments on Operating Environment and Future Outlook - Management noted improved refined cracks and strong demand signals, indicating readiness to meet seasonal demand in the second quarter [34][36] - The company remains optimistic about demand growth across its domestic and export businesses, with steady year-over-year demand for gasoline and growth in diesel and jet fuel [36][38] - Management expressed confidence in the long-term competitive advantage of the U.S. refining industry due to accessibility to nearby crude and low-cost natural gas [11][12] Other Important Information - The company is focused on optimizing its portfolio to deliver outperformance and enhance competitiveness through capital allocation [29] - The company has a minimum target of about $1,000,000,000 of cash on the balance sheet to ensure sufficient liquidity [25][64] - The company is committed to maintaining an investment-grade credit profile while managing its balance sheet effectively [25][66] Q&A Session Summary Question: Demand perspective and economic slowdown - Management observed improved refined cracks and strong demand signals, indicating readiness to meet seasonal demand [34][36] Question: West Coast multiyear outlook - Management highlighted investments in the LA asset and its competitive advantages, while monitoring the regulatory environment closely [40][42] Question: Capture rates and commercial performance - Management emphasized the importance of commercial performance and sustainable advantages built over the years, aiming for capture rates approaching 100% [54][56] Question: Crude quality discounts and OPEC volumes - Management expressed optimism about benefiting from heavy crude runs and potential discounts from OPEC's increased volumes [72][74] Question: Midstream distribution growth sustainability - Management indicated that the 12.5% distribution increase is expected to be durable for multiple years, supported by growth opportunities in MPLX [78][81] Question: Renewable diesel business profitability - Management is focused on operational improvements and regulatory engagement to enhance profitability in the renewable diesel segment [91][96]

Financial Data and Key Metrics Changes - The company reported a first quarter net loss of $0.24 per share, with adjusted EBITDA approximately $2,000,000,000, which decreased sequentially by $145,000,000 due to lower results in refining and marketing and renewable diesel segments [18][19] - The company returned over $1,300,000,000 to shareholders through dividends and repurchases during the quarter [18] - Operating cash flow excluding changes in working capital was $1,000,000,000 for the quarter, driven by the strength and growth of the midstream business [23] Business Line Data and Key Metrics Changes - Refining utilization was at 89%, processing 2,600,000 barrels of crude per day, with significant planned turnaround activity particularly in the Gulf Coast region [4][19] - The Midstream segment adjusted EBITDA grew 8% year over year, with $619,000,000 received from MPLX, a 12.5% increase compared to the previous year [20][21] - The renewable diesel segment faced challenges with a 70% utilization rate due to unplanned downtime, but actions are being taken to optimize production [21][22] Market Data and Key Metrics Changes - Refined product inventories have drawn for the ninth straight week and are below the five-year average, which, along with lower retail prices, is expected to support demand during the summer driving season [6][7] - The company anticipates around 800,000 barrels per day coming offline across several refineries in the U.S. and Europe this year, which could strengthen margins [7][10] Company Strategy and Development Direction - The company is progressing a $1,250,000,000 standalone capital plan for 2025, with 70% targeted on high-return projects [12] - Investments are being made in the fully integrated West Coast value chain, particularly in the Los Angeles refinery, to improve reliability and energy efficiency [8][9] - The company aims to leverage its geographic diversification and integrated refining system to deliver peer-leading cash generation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding demand, noting steady year-over-year demand for gasoline and growth in diesel and jet fuel, with no signs of an economic slowdown [36][37] - The company believes that the U.S. refining industry will remain structurally advantaged due to locational advantages and flexibility in refining systems [10][11] - Management is focused on optimizing operations and capital allocation to enhance competitiveness and deliver strong financial performance [28][29] Other Important Information - The company is managing its balance sheet to maintain an investment-grade credit profile, with a minimum target of $1,000,000,000 in cash [24][25] - The company has a strong liquidity position with $3,800,000,000 in consolidated cash and undrawn credit facilities of $5,000,000,000 [25] Q&A Session Summary Question: Demand perspective and economic slowdown - Management noted refined cracks have improved, indicating a seasonal uptick in demand, with overall utilization projected at 94% for the second quarter [34][35] Question: West Coast outlook and political environment - Management highlighted investments in the LA asset and the competitive advantage of their integrated operations, while monitoring regulatory changes closely [40][42] Question: Capture rates and commercial performance - Management emphasized the importance of commercial performance and sustainable advantages built over the years, aiming for capture rates approaching 100% [55][58] Question: Crude quality discounts and OPEC volumes - Management expressed optimism regarding benefits from heavy crude processing, anticipating discounts to improve due to OPEC's increased volumes [74][75] Question: Midstream growth and distribution sustainability - Management confirmed a durable growth outlook for MPLX distributions, supported by ongoing projects and capital discipline [78][82] Question: Renewable diesel profitability and operational reliability - Management is focused on optimizing operations and addressing challenges from Q1, with expectations for an EBITDA positive quarter in Q2 [120][121]

May 6, 2025 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas e ...

[Q1 2025 Performance Overview](index=1&type=section&id=Q1%202025%20Performance%20Overview) Marathon Petroleum Corp. reported a net loss in Q1 2025 due to significant planned maintenance, offset by strong Midstream performance and capital returns [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Marathon Petroleum Corp. reported a net loss of $(74) million in Q1 2025, primarily due to planned maintenance, offset by strong Midstream adjusted EBITDA and $1.3 billion in shareholder returns Financial Metrics | Financial Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income (Loss) Attributable to MPC (millions) | $(74) million | $937 million | | Diluted EPS ($) | $(0.24) | $2.58 | | Adjusted EBITDA (billions) | $2.0 billion | $3.3 billion | - The quarter's results were heavily impacted by the execution of the second-largest planned maintenance quarter in the company's history[5](index=5&type=chunk)[6](index=6&type=chunk) - The company returned approximately **$1.3 billion** of capital to shareholders, which included **$1.1 billion** in share repurchases[6](index=6&type=chunk)[14](index=14&type=chunk) - The Midstream business demonstrated strong performance, with an **8% year-over-year increase** in segment adjusted EBITDA[5](index=5&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) Q1 2025 segment performance was mixed, with Midstream showing robust growth, Refining & Marketing experiencing a sharp decline, and Renewable Diesel significantly narrowing its loss Segment Adjusted EBITDA | Segment Adjusted EBITDA (millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Refining & Marketing | $489 | $1,986 | | Midstream | $1,720 | $1,589 | | Renewable Diesel | $(42) | $(90) | [Refining & Marketing (R&M)](index=2&type=section&id=Refining%20%26%20Marketing%20(R%26M)) The R&M segment's adjusted EBITDA fell sharply to $489 million in Q1 2025, primarily due to lower market crack spreads and a significant drop in R&M margin R&M Operating Metrics | R&M Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Segment Adjusted EBITDA (millions) | $489 million | $2.0 billion | | R&M Margin per barrel ($) | $13.38 | $19.35 | | Crude Capacity Utilization (%) | 89% | 82% | | Total Throughput (million bpd) | 2.8 million | 2.66 million | | Refining Operating Costs per barrel ($) | $5.74 | $6.06 | - The decrease in segment adjusted EBITDA was primarily driven by lower market crack spreads[8](index=8&type=chunk) - Refining planned turnaround costs totaled **$454 million** for the quarter, down from **$647 million** in Q1 2024[8](index=8&type=chunk) [Midstream](index=2&type=section&id=Midstream) The Midstream segment delivered strong results, with adjusted EBITDA increasing to $1.7 billion, driven by higher throughputs and contributions from equity affiliates - Segment adjusted EBITDA grew to **$1.7 billion** in Q1 2025, up from **$1.6 billion** in Q1 2024[10](index=10&type=chunk) - The positive results were mainly driven by higher throughputs and growth from equity affiliates[10](index=10&type=chunk) [Renewable Diesel](index=2&type=section&id=Renewable%20Diesel) The Renewable Diesel segment significantly improved, narrowing its adjusted EBITDA loss to $(42) million due to increased utilization and higher margins - Segment adjusted EBITDA loss improved to **$(42) million** in Q1 2025, compared to a **$(90) million** loss in Q1 2024[11](index=11&type=chunk) - The improved performance was driven by increased utilization at the Martinez Renewables facility and higher margins[11](index=11&type=chunk) [Financial Position and Capital Management](index=2&type=section&id=Financial%20Position%20and%20Capital%20Management) MPC maintained a solid financial position with $3.8 billion in cash, refinanced debt, and returned $1.3 billion to shareholders in Q1 2025 - As of March 31, 2025, the company held **$3.8 billion** in cash and cash equivalents and had **$5 billion** available on its bank revolving credit facility[13](index=13&type=chunk) - In February 2025, the company issued **$2.0 billion** in unsecured senior notes to refinance upcoming debt maturities[14](index=14&type=chunk) - The company returned **$1.3 billion** to shareholders in Q1 and has **$6.7 billion** available under its current share repurchase authorizations[14](index=14&type=chunk) [Strategic Update and Growth Projects](index=4&type=section&id=Strategic%20Update%20and%20Growth%20Projects) MPC is advancing strategic projects across segments, including refinery upgrades and significant Midstream expansions like acquiring BANGL and sanctioning the Traverse pipeline - Refining Projects: Los Angeles utility modernization (year-end 2025), Robinson jet fuel optimization (year-end 2026), and Galveston Bay DHT (year-end 2027) aim to enhance margins and efficiency[15](index=15&type=chunk)[18](index=18&type=chunk) - Midstream - Newly Announced Projects: MPLX to acquire remaining **55% stake** in BANGL pipeline for **$715 million**, and final investment decision for new **1.75 bcf/d** Traverse natural gas pipeline expected in service in 2027[16](index=16&type=chunk)[18](index=18&type=chunk) - Midstream - Ongoing Projects: Two new **150k bpd** Gulf Coast Fractionators (2028, 2029), increased stake in Matterhorn Express Pipeline to **10%**, and added processing capacity in Permian and Marcellus (Q4 2025, H2 2026)[17](index=17&type=chunk)[18](index=18&type=chunk)[21](index=21&type=chunk) [Q2 2025 Outlook](index=5&type=section&id=Q2%202025%20Outlook) For Q2 2025, MPC anticipates total refinery throughputs of approximately 2.95 million barrels per day, with planned turnaround costs of $265 million Q2 2025 Outlook Metrics | Q2 2025 Outlook Metric | Value | | :--- | :--- | | **Refining & Marketing Segment** | | | Total Refinery Throughputs (mbpd) | 2,945 | | Refining Operating Costs per barrel ($) | $5.30 | | Refining Planned Turnaround Costs (millions) | $265 million | | Distribution Costs (millions) | $1,525 million | | **Corporate** | | | Corporate Expenses (millions) | $220 million | [Appendix: Detailed Financials and Operating Data](index=9&type=section&id=Appendix%3A%20Detailed%20Financials%20and%20Operating%20Data) This appendix provides comprehensive financial statements, detailed operating statistics, and non-GAAP reconciliations for a deeper understanding of Q1 2025 performance [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a net loss of $(74) million for Q1 2025 and an increase in total capital expenditures to $776 million, primarily in Midstream [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) For Q1 2025, total revenues were $31.85 billion, with income from operations decreasing significantly, resulting in a net loss attributable to MPC of $(74) million Income Statement | Income Statement (millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues and other income | $31,850 | $33,211 | | Income from operations | $687 | $1,784 | | Net income | $346 | $1,312 | | Net income (loss) attributable to MPC | $(74) | $937 | [Capital Expenditures and Investments](index=9&type=section&id=Capital%20Expenditures%20and%20Investments) Total capital expenditures and investments increased to $776 million in Q1 2025, with the Midstream segment accounting for the largest portion at $386 million Capital Expenditures | Capital Expenditures (millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Refining & Marketing | $362 | $290 | | Midstream | $386 | $327 | | Renewable Diesel | $1 | $1 | | Corporate | $27 | $18 | | **Total** | **$776** | **$636** | [Operating Statistics](index=10&type=section&id=Operating%20Statistics) Operating statistics reveal a decline in R&M margin to $13.38 per barrel, increased Midstream throughputs, and a positive Renewable Diesel margin of $26 million [Refining & Marketing Operating Statistics](index=10&type=section&id=Refining%20%26%20Marketing%20Operating%20Statistics) In Q1 2025, the R&M margin decreased to $13.38 per barrel, despite increased net refinery throughputs, with the West Coast showing the highest regional margin R&M Operating Metrics | R&M Operating Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | R&M Margin per barrel ($) | $13.38 | $19.35 | | Net Refinery Throughputs (mbpd) | 2,849 | 2,656 | | Crude Oil Capacity Utilization (%) | 89% | 82% | R&M Margin by Region | R&M Margin by Region ($/bbl) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Gulf Coast | $11.75 | $18.81 | | Mid-Continent | $13.03 | $18.75 | | West Coast | $17.94 | $22.17 | [Midstream Operating Statistics](index=13&type=section&id=Midstream%20Operating%20Statistics) The Midstream segment experienced broad-based volume growth in Q1 2025, with pipeline throughputs increasing to 6,022 mbpd and natural gas processed volumes rising Midstream Throughput | Midstream Throughput | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Pipeline Throughputs (mbpd) | 6,022 | 5,389 | | Terminal Throughputs (mbpd) | 3,095 | 2,930 | | Natural Gas Processed (mmcf/d) | 9,781 | 9,371 | | NGLs Fractionated (mbpd) | 660 | 632 | [Renewable Diesel Financial Data](index=14&type=section&id=Renewable%20Diesel%20Financial%20Data) The Renewable Diesel segment's financial performance improved in Q1 2025, with its margin turning positive to $26 million, contributing to a smaller adjusted EBITDA loss Renewable Diesel Data | Renewable Diesel Data (millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Renewable Diesel Margin | $26 | $(5) | | Operating Costs | $70 | $67 | | Segment Adjusted EBITDA | $(42) | $(90) | [Non-GAAP Reconciliations](index=15&type=section&id=Non-GAAP%20Reconciliations) The company provides non-GAAP reconciliations, including Adjusted EBITDA of $1.975 billion for Q1 2025, to offer a clearer view of operating performance - Management uses non-GAAP measures like Adjusted EBITDA to assess financial performance, excluding items such as interest, taxes, depreciation, amortization, and planned turnaround costs for better comparability[39](index=39&type=chunk)[40](index=40&type=chunk) Reconciliation to Adjusted EBITDA | Reconciliation to Adjusted EBITDA (millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) attributable to MPC | $(74) | $937 | | Add: Noncontrolling interests | $420 | $375 | | Add: Provision for income taxes | $37 | $293 | | Add: Net interest and other financial costs | $304 | $179 | | Add: Depreciation and amortization | $815 | $849 | | Add: Planned turnaround costs | $473 | $648 | | **Adjusted EBITDA** | **$1,975** | **$3,281** |

FINDLAY, Ohio, May 6, 2025 /PRNewswire/ -- First-quarter net loss attributable to MPC of $(74) million, or $(0.24) per diluted share mainly due to execution of second largest planned maintenance quarter in MPC history $2.0 billion of adjusted EBITDA, supported by the strength of the Midstream business Executing Natural Gas & NGL growth strategy with MPLX's agreement to acquire 100% ownership in BANGL, LLC and FID of the Traverse natural gas pipeline $1.3 billion of capital returned, inclusive of $1.1 billio ...

Core Viewpoint - Marathon Petroleum (MPC) is expected to report a quarterly loss of $0.63 per share, a decline of 122.7% year-over-year, with revenues forecasted at $30.09 billion, down 9.4% from the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 4.1% lower in the last 30 days, indicating a collective reevaluation by analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are strongly linked to short-term stock price performance [3]. Key Metrics Forecast - Analysts predict 'Refining & Marketing - Refinery throughputs - Net refinery throughput' at 2,765.67 million barrels per day, up from 2,664 million barrels per day a year ago [5]. - The estimate for 'Refining & Marketing - Refinery throughputs - Crude oil refined' is 2,513.68 million barrels per day, compared to 2,427 million barrels per day last year [5]. - 'Refining & Marketing - Refinery throughputs - Other charge and blendstocks' is expected to reach 250.81 million barrels per day, up from 237 million barrels per day in the same quarter last year [6]. - The consensus estimate for 'Income from operations- Refining & Marketing' is -$561.74 million, down from $766 million year-over-year [6]. - 'Income from operations- Midstream' is forecasted at $1.34 billion, compared to $1.25 billion last year [7]. - 'Adjusted EBITDA- Refining & Marketing' is expected to be $286.27 million, significantly lower than $1.87 billion from the previous year [7]. - 'Adjusted EBITDA- Midstream' is projected at $1.68 billion, compared to $1.59 billion in the same quarter last year [8]. Stock Performance - Over the past month, shares of Marathon Petroleum have increased by 7.1%, while the Zacks S&P 500 composite has decreased by 0.5% [9]. - Currently, MPC holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [9].