Q1 2025 Performance Overview 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 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 history56 - The company returned approximately $1.3 billion of capital to shareholders, which included $1.1 billion in share repurchases614 - The Midstream business demonstrated strong performance, with an 8% year-over-year increase in segment adjusted EBITDA5 Segment Performance 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) 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 spreads8 - Refining planned turnaround costs totaled $454 million for the quarter, down from $647 million in Q1 20248 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 202410 - The positive results were mainly driven by higher throughputs and growth from equity affiliates10 Renewable Diesel 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 202411 - The improved performance was driven by increased utilization at the Martinez Renewables facility and higher margins11 Financial Position and Capital Management 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 facility13 - In February 2025, the company issued $2.0 billion in unsecured senior notes to refinance upcoming debt maturities14 - The company returned $1.3 billion to shareholders in Q1 and has $6.7 billion available under its current share repurchase authorizations14 Strategic Update and Growth Projects 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 efficiency1518 - 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 20271618 - 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)171821 Q2 2025 Outlook 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 This appendix provides comprehensive financial statements, detailed operating statistics, and non-GAAP reconciliations for a deeper understanding of Q1 2025 performance Consolidated Financial Statements 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 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 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 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 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 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 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 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 comparability3940 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 |
Marathon(MPC) - 2025 Q1 - Quarterly Results