Marathon(US:MPC)2025-02-04 11:32Financial Performance - For Q4 2024, net income attributable to Marathon Petroleum Corp. (MPC) was $371 million, or $1.15 per diluted share, down from $1.5 billion, or $3.84 per diluted share in Q4 2023[2]. - Adjusted net income for Q4 2024 was $249 million, or $0.77 per diluted share, compared to $1.5 billion, or $3.98 per diluted share in Q4 2023[3]. - Adjusted EBITDA for Q4 2024 was $2.1 billion, a decrease from $3.6 billion in Q4 2023[4]. - For the full year 2024, net income attributable to MPC was $3.4 billion, or $10.08 per diluted share, down from $9.7 billion, or $23.63 per diluted share in 2023[5]. - Adjusted net income attributable to MPC for Q4 2024 was $249 million, down from $1,505 million in Q4 2023, a decrease of 83.5%[43]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $11,323 million, down from $19,075 million in 2023[46]. Shareholder Returns - The company returned $10.2 billion to shareholders in 2024 through share repurchases and dividends[6]. Segment Performance - The Midstream segment adjusted EBITDA increased to $1.7 billion in Q4 2024, compared to $1.6 billion in Q4 2023, driven by higher rates and volumes[11]. - The Renewable Diesel segment adjusted EBITDA improved to $28 million in Q4 2024, up from a loss of $47 million in Q4 2023[12]. - Refining & Marketing segment adjusted EBITDA for Q4 2024 was $559 million, compared to $2,248 million in Q4 2023[48]. - Renewable Diesel segment adjusted EBITDA for Q4 2024 was $28 million, an improvement from a loss of $47 million in Q4 2023[50]. Revenue and Costs - Total revenues for Q4 2024 were $33,466 million, a decrease of 9.2% from $36,823 million in Q4 2023[29]. - Total costs and expenses for Q4 2024 were $32,325 million, a decrease of 6.1% from $34,428 million in Q4 2023[29]. - Capital expenditures for Q4 2024 totaled $921 million, an increase of 18.1% from $780 million in Q4 2023[30]. Refining and Marketing Metrics - Refining & Marketing margin for Q4 2024 was $12.93 per barrel, a decrease of 27.5% from $17.81 per barrel in Q4 2023[31]. - Refining & Marketing refined product sales volume for Q4 2024 was 3,747 mbpd, an increase of 4.6% from 3,583 mbpd in Q4 2023[32]. - Crude oil refining capacity utilization for Q4 2024 was 94%, up from 91% in Q4 2023[32]. - Refining & Marketing gross margin for the twelve months ended December 31, 2024, was $4,717 million, significantly lower than $12,050 million in 2023[48]. - Refining & Marketing margin for Q4 2024 was $3,460 million, down from $4,947 million in Q4 2023[48]. - Refining & Marketing margin by region for Q4 2024: Gulf Coast $1,483 million, Mid-Continent $1,207 million, West Coast $770 million[48]. Cash and Debt - As of December 31, 2024, MPC had $3.2 billion in cash and cash equivalents, including $1.5 billion at MPLX[14]. - Cash and cash equivalents decreased to $3,210 million as of December 31, 2024, down from $4,002 million as of September 30, 2024, a decline of 19.7%[40]. - Total consolidated debt was $27,481 million as of December 31, 2024, a decrease from $28,220 million as of September 30, 2024, a reduction of 2.6%[40]. Capital Spending Outlook - MPC's standalone capital spending outlook for 2025 is $1.25 billion, with 70% focused on value-enhancing capital[16]. - MPLX's capital spending outlook for 2025 is $2.0 billion, supporting expansion projects in the Permian and Gulf Coast regions[17]. Asset Disposal and Acquisitions - Net gain on disposal of assets for Q4 2024 was $11 million, a significant decrease from $91 million in Q4 2023[29]. - The twelve months ended December 31, 2024 included $228 million related to acquisitions of additional interests in BANGL, LLC and Wink to Webster Pipeline LLC[30]. Regional Performance - Gulf Coast Region's gross refinery throughputs increased to 1,376 mbpd in Q4 2024 from 1,330 mbpd in Q4 2023, representing a growth of 3.5%[36]. - Mid-Continent Region's refining & marketing margin decreased to $11.31 per barrel in Q4 2024 from $17.75 per barrel in Q4 2023, a decline of 36.5%[36]. - West Coast Region's refining & marketing margin also decreased to $15.70 per barrel in Q4 2024 from $24.53 per barrel in Q4 2023, a drop of 36.1%[37]. Renewable Diesel Performance - Renewable Diesel margin, excluding LIFO inventory credit, rose to $82 million in Q4 2024 from $58 million in Q4 2023, a growth of 41.4%[39]. - Renewable Diesel gross margin for the twelve months ended December 31, 2024, was a loss of $286 million, compared to a loss of $109 million in 2023[50]. - Renewable Diesel margin for Q4 2024 was $137 million, up from $70 million in Q4 2023[50].