Independent oil refiner and marketer Marathon Petroleum Corporation (MPC) reported second-quarter adjusted earnings per share of $4.12, which comfortably beat the Zacks Consensus Estimate of $3.04. The outperformance primarily reflects the stronger-than-expected performance of its Refining & Marketing segment. Operating income of the segment totaled $1.3 billion, surpassing the consensus mark of $1 billion. However, the company's bottom line fell from the year-ago adjusted profit of $5.32 due to a drop in r ...

1 Second Quarter 2024 Earnings Conference Call August 6, 2024 Forward-Looking Statements This press release 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 ...

Marathon Petroleum Corporation (NYSE:MPC) Q2 2024 Earnings Conference Call August 6, 2024 11:00 AM ET Company Participants Kristina Kazarian - IR Maryann Mannen - CEO John Quaid - CFO Rick Hessling - Chief Commercial Officer Timothy Aydt - EVP, MPLX GP LLC David Heppner - Chief Strategy Officer & SVP, Business Development Conference Call Participants Manav Gupta - UBS Neil Mehta - Goldman Sachs Paul Cheng - Scotiabank Roger Read - Wells Fargo John Royall - JPMorgan Jason Gabelman - TD Cowen Carlos Escalante ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $.01 MPC New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

Marathon Petroleum (MPC) came out with quarterly earnings of $4.12 per share, beating the Zacks Consensus Estimate of $3.04 per share. This compares to earnings of $5.32 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 35.53%. A quarter ago, it was expected that this refiner would post earnings of $2.53 per share when it actually produced earnings of $2.78, delivering a surprise of 9.88%. Over the last four quarters, the compa ...

Financial Performance - Second-quarter net income attributable to Marathon Petroleum Corp. (MPC) was $1.5 billion, or $4.33 per diluted share, down from $2.2 billion, or $5.32 per diluted share, in the same quarter of 2023[1]. - Adjusted EBITDA for the second quarter of 2024 was $3.4 billion, compared to $4.5 billion in the second quarter of 2023, reflecting a decrease of approximately 24.4%[2]. - Net income attributable to the company for Q2 2024 was $1,515 million, down 32% from $2,226 million in Q2 2023[20]. - Adjusted net income attributable to MPC for the same period was $1,442 million, compared to $2,226 million in 2023, indicating a 35% decrease[35]. - Adjusted EBITDA for the three months ended June 30, 2024, was $3,392 million, down from $4,531 million in 2023, reflecting a 25% decline[38]. Segment Performance - The Refining & Marketing segment adjusted EBITDA was $2.0 billion in Q2 2024, down from $3.2 billion in Q2 2023, with a margin of $7.07 per barrel compared to $11.88 per barrel in the prior year[4]. - Refining & Marketing segment adjusted EBITDA for Q2 2024 was $1,972 million, down from $3,163 million in Q2 2023, representing a decrease of 37.5%[39]. - Refining & Marketing gross margin for Q2 2024 was $1,921 million, compared to $2,625 million in Q2 2023, reflecting a decline of 26.8%[39]. - Total Refining & Marketing margin for Q2 2024 was $4,845 million, down 17.6% from $5,883 million in Q2 2023[39]. - Midstream segment adjusted EBITDA increased to $1.6 billion in Q2 2024, up from $1.5 billion in Q2 2023, driven by higher rates and volumes[5]. Revenue and Costs - Total revenues and other income for Q2 2024 reached $38,362 million, a 4.2% increase from $36,824 million in Q2 2023[20]. - The total cost of revenues for Q2 2024 was $33,945 million, an increase of 6.9% from $31,762 million in Q2 2023[20]. - Operating expenses (excluding depreciation and amortization) for Q2 2024 were $2,633 million, a decrease from $2,748 million in Q2 2023[39]. - Refining operating costs per barrel decreased to $4.97 in Q2 2024 from $5.15 in Q2 2023, indicating improved cost efficiency[4]. - Corporate expenses increased to $223 million in Q2 2024 from $183 million in Q2 2023, primarily due to decommissioning costs[6]. Shareholder Returns - The company returned $3.2 billion to shareholders in Q2 2024 through $2.9 billion in share repurchases and $290 million in dividends[8]. Capital Expenditures and Investments - Capital expenditures for Q2 2024 totaled $569 million, slightly up from $562 million in Q2 2023[22]. - The company’s capital spending plan for 2024 includes high-return investments at its Los Angeles and Galveston Bay refineries, along with shorter-term projects to enhance refinery yields and improve energy efficiency[9]. Cash and Debt Position - As of June 30, 2024, MPC had $8.5 billion in cash and cash equivalents, with an additional $5 billion available on its bank revolving credit facility[7]. - The company reported a total debt of $28,937 million as of June 30, 2024, compared to $27,289 million at the end of March 2024, indicating an increase of 6%[31]. Operational Metrics - Crude oil refining capacity utilization was 97% in Q2 2024, compared to 93% in Q2 2023[24]. - Total pipeline throughputs for the three months ended June 30, 2024, were 6,129 mbpd, an increase from 6,032 mbpd in the same period of 2023, representing a growth of 1.6%[30]. - Gasoline yield for the three months ended June 30, 2024, was 280 mbpd, compared to 251 mbpd in the same period of 2023, an increase of 11.5%[29]. - The company processed 9,568 million cubic feet per day of natural gas in Q2 2024, an increase from 8,934 million cubic feet per day in Q2 2023, representing a growth of 7.1%[30]. Margins by Region - Gulf Coast Refining & Marketing margin decreased to $1,882 million in Q2 2024 from $2,259 million in Q2 2023, a drop of 16.6%[39]. - Mid-Continent Refining & Marketing margin fell to $1,961 million in Q2 2024, down 22.6% from $2,535 million in Q2 2023[39]. - West Coast Refining & Marketing margin decreased to $1,002 million in Q2 2024, down 8.0% from $1,089 million in Q2 2023[39].

FINDLAY, Ohio, Aug. 6, 2024 /PRNewswire/ -- Second-quarter net income attributable to MPC of $1.5 billion, or $4.33 per diluted share; adjusted net income of $1.4 billion, or $4.12 per diluted share Adjusted EBITDA of $3.4 billion and net cash provided by operating activities of $3.2 billion, reflecting strong operational and commercial performance Advanced Midstream growth; $1.6 billion segment adjusted EBITDA in the second quarter, up 6% year-over-year, focused in the Permian and Marcellus MPC received $5 ...

Most investors are waking up to realize that the market rotation has not only started but is gaining momentum with each trading day. Stanley Druckenmiller started selling out of the technology sector, specifically the artificial intelligence names that seemed to have run their course, to reallocate into bonds and small-cap stocks. Marathon Petroleum Today MPC Marathon Petroleum $164.64 -8.54 (-4.93%) 52-Week Range $133.65 ▼ $221.11 Dividend Yield 2.00% P/E Ratio 8.22 Price Target $196.85 Add to Watchlist Wh ...

Marathon Petroleum Corporation (MPC) is set to release second-quarter results on Aug 6. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of $3.83 per share on revenues of $32 billion. Let's delve into the factors that might have influenced the independent oil refiner and marketer's results in the June quarter. But it's worth taking a look at MPC's previous-quarter performance first. Highlights of Q1 Earnings & Surprise History In the last reported quarter, the Findlay, OH-base ...

Marathon Petroleum (MPC) closed the latest trading day at $177.02, indicating a -0.71% change from the previous session's end. This change lagged the S&P 500's 1.08% gain on the day. Meanwhile, the Dow gained 0.75%, and the Nasdaq, a tech-heavy index, added 2.64%. The refiner's shares have seen an increase of 2.38% over the last month, surpassing the Oils-Energy sector's loss of 10.32% and the S&P 500's loss of 0.44%. Market participants will be closely following the financial results of Marathon Petroleum ...