Marathon(US:MPC)2026-02-03 11:33Financial Performance - For Q4 2025, Marathon Petroleum Corp. reported net income of $1.5 billion, or $5.12 per diluted share, compared to $371 million, or $1.15 per diluted share in Q4 2024, representing a significant increase [2]. - Full-year 2025 net income attributable to MPC was $4.0 billion, or $13.22 per diluted share, compared to $3.4 billion, or $10.08 per diluted share in 2024 [4]. - Net income attributable to MPC for Q4 2025 was $1,535 million, compared to $371 million in Q4 2024, representing a significant increase of 313% [33]. - Adjusted net income attributable to MPC for Q4 2025 was $1,220 million, compared to $249 million in Q4 2024 [47]. - Net income attributable to MPC for the twelve months ended December 31, 2025, was $4,047 million, compared to $3,445 million for the same period in 2024, reflecting a year-over-year increase of 17.5% [50]. Operational Performance - Adjusted EBITDA for Q4 2025 was $3,489 million, a significant increase from $2,120 million in Q4 2024, representing a growth of 64.4% [50]. - Adjusted EBITDA for Q4 2025 was $3.5 billion, up from $2.1 billion in Q4 2024, indicating strong operational performance [3]. - Refining & Marketing segment adjusted EBITDA for Q4 2025 was $1,997 million, up from $559 million in Q4 2024, indicating a substantial increase of 257.6% [52]. - The company achieved an adjusted EBITDA of $7.15 per barrel for Q4 2025, compared to $2.03 per barrel in Q4 2024, reflecting enhanced operational performance [35]. - MPC's income from operations for Q4 2025 was $2,694 million, a substantial increase from $1,141 million in Q4 2024, showcasing strong operational results [33]. Revenue and Sales - Total revenues for Q4 2025 were $33,422 million, a slight decrease from $33,466 million in Q4 2024 [33]. - Refining & Marketing refined product sales volume for Q4 2025 was 3,803 mbpd, an increase from 3,747 mbpd in Q4 2024 [36]. - Refining & Marketing margin for Q4 2025 reached $5,214 million, compared to $3,566 million in Q4 2024, marking a 46.2% increase [52]. - The Gulf Coast region contributed $2,111 million to the Refining & Marketing margin in Q4 2025, up from $1,483 million in Q4 2024, a growth of 42.3% [52]. Capital Expenditures and Investments - Capital expenditures for Q4 2025 totaled $1,462 million, up from $921 million in Q4 2024, indicating increased investment in operations [34]. - The company reported a total of $4,693 million in capital expenditures for the full year 2025, compared to $3,076 million in 2024, highlighting a strategic focus on growth [34]. - MPC's 2026 standalone capital spending outlook is $1.5 billion, with 65% focused on value-enhancing capital and 35% on sustaining capital [15]. - The company plans to invest $350 million in 2026 for a distillate hydrotreater at Galveston Bay, aimed at upgrading high-sulfur distillate to ultra-low sulfur diesel [20]. - MPLX's 2026 capital spending outlook is $2.7 billion, with 90% allocated to growth capital and 10% to maintenance capital [20]. Costs and Expenses - Cash provided by operating activities for 2025 was $8.3 billion, slightly down from $8.7 billion in 2024, while adjusted EBITDA for the full year was $12.0 billion, up from $11.3 billion [4]. - The company incurred refining planned turnaround costs of $412 million in Q4 2025, compared to $281 million in Q4 2024, reflecting a 46.6% increase [52]. - Total net interest and other financial costs for the twelve months ended December 31, 2025, were $1,276 million, compared to $839 million in 2024, representing a 52.2% increase [50]. - The company reported a provision for income taxes of $372 million for Q4 2025, significantly higher than $111 million in Q4 2024, an increase of 235.1% [50]. Refining and Marketing Metrics - Refining & Marketing margin increased to $18.65 per barrel in Q4 2025 from $12.93 per barrel in Q4 2024, reflecting improved profitability [35]. - Refining operating costs per barrel are projected to be $5.85 for Q1 2026, with total refinery throughputs expected to be 2,740 mbpd [23]. - Crude oil refining capacity utilization reached 95% in Q4 2025, up from 94% in Q4 2024, demonstrating operational efficiency [36]. - The Mid-Continent Region's refining & marketing margin rose to $18.19 per barrel in Q4 2025, compared to $11.31 in Q4 2024, marking a 60.5% increase [40]. - The West Coast Region reported a refining & marketing margin of $21.94 per barrel in Q4 2025, up from $15.70 in Q4 2024, a 39.8% increase [41]. Cash and Debt Position - Total cash and cash equivalents increased to $3,672 million as of December 31, 2025, compared to $2,654 million at the end of Q3 2025 [44]. - The total consolidated debt as of December 31, 2025, was $32,876 million, slightly up from $32,844 million at the end of Q3 2025 [44].