Marathon(US:MPC)2025-08-05 10:34Financial Performance - Net income attributable to Marathon Petroleum Corp. for Q2 2025 was $1.2 billion, or $3.96 per diluted share, down from $1.5 billion, or $4.33 per diluted share in Q2 2024[3]. - Adjusted EBITDA for Q2 2025 was $3.3 billion, compared to $3.4 billion in Q2 2024, reflecting strong refining execution and midstream performance[4]. - Total revenues for Q2 2025 were $34,101 million, a decrease of 8.3% from $38,362 million in Q2 2024[29]. - Net income attributable to MPC for Q2 2025 was $1,216 million, down 19.7% from $1,515 million in Q2 2024[29]. - Adjusted net income attributable to MPC for Q2 2025 was $1,216 million, down from $1,515 million in Q2 2024, a decrease of 19.7%[43]. - Adjusted EBITDA for the six months ended June 30, 2025, was $5,261 million, down 21.4% from $6,696 million in the same period of 2024[46]. Segment Performance - Refining & Marketing segment adjusted EBITDA was $1.9 billion in Q2 2025, down from $2.0 billion in Q2 2024, with a margin of $6.79 per barrel compared to $7.28 per barrel in the prior year[8]. - Refining & Marketing margin for Q2 2025 was $17.58 per barrel, slightly up from $17.53 per barrel in Q2 2024[31]. - Refining & Marketing refined product sales volume increased to 3,835 mbpd in Q2 2025 from 3,706 mbpd in Q2 2024, a growth of 3.5%[32]. - Refining & Marketing gross margin for the six months ended June 30, 2025, was $2,028 million, down 37.5% from $3,243 million in the same period of 2024[48]. - The Gulf Coast region contributed $1,845 million to the Refining & Marketing margin in Q2 2025, down from $1,882 million in Q2 2024[48]. Capital Expenditures and Shareholder Returns - Capital returned to shareholders in Q2 2025 totaled approximately $1.0 billion, including $692 million in share repurchases[6]. - Capital expenditures for Q2 2025 totaled $1,065 million, an increase of 87% compared to $569 million in Q2 2024[30]. - The company is executing high-return investments at its refineries, with capital spending in 2025 expected to include $100 million for the Los Angeles refinery and $200 million for the Galveston Bay refinery[15]. Operational Metrics - Crude capacity utilization was 97%, resulting in total throughput of 3.1 million barrels per day in Q2 2025[9]. - Refining operating costs per barrel are projected to be $5.70 for Q3 2025, with planned turnaround costs estimated at $400 million[19]. - Crude oil refining capacity utilization was 97% in Q2 2025, consistent with Q2 2024[32]. - Total pipeline throughputs for the Midstream segment reached 6,219 mbpd in Q2 2025, an increase from 6,129 mbpd in Q2 2024, reflecting a growth of 1.5%[38]. Cash and Debt Position - As of June 30, 2025, Marathon Petroleum had $1.7 billion in cash and cash equivalents, with no borrowings under its $5 billion revolving credit facility[13]. - The total consolidated debt as of June 30, 2025, was $28,654 million, down from $30,910 million at the end of Q1 2025, a reduction of 7.3%[40]. - Cash and cash equivalents decreased to $1,673 million as of June 30, 2025, compared to $3,812 million at the end of Q1 2025, a decline of 56.1%[40]. Renewable Diesel Segment - Renewable Diesel margin improved to $49 million in Q2 2025, up from $37 million in Q2 2024, marking a 32.4% increase[39]. - Renewable Diesel segment adjusted EBITDA for Q2 2025 was $(19) million, an improvement from $(27) million in Q2 2024[50]. - Renewable Diesel gross margin for the six months ended June 30, 2025, was $(215) million, compared to $(194) million in the same period of 2024[50]. Strategic Focus - The company is focused on executing its sustainable energy strategy and achieving its ESG goals within expected timeframes[29].