Marathon(US:MPC) Prnewswireยท2024-08-06 10:40Core Insights - Marathon Petroleum Corporation (MPC) reported a net income of $1.5 billion, or $4.33 per diluted share, for Q2 2024, a decrease from $2.2 billion, or $5.32 per diluted share, in Q2 2023 [1][2][19] - Adjusted EBITDA for Q2 2024 was $3.4 billion, down from $4.5 billion in Q2 2023, reflecting strong operational performance despite lower market conditions [2][4][36] - The company returned $3.2 billion to shareholders through share repurchases and dividends during the quarter [3][9] Financial Performance - Adjusted net income for Q2 2024 was $1.4 billion, or $4.12 per diluted share, compared to $2.2 billion, or $5.32 per diluted share, in Q2 2023 [2][36] - The refining and marketing segment adjusted EBITDA was $2.0 billion in Q2 2024, down from $3.2 billion in Q2 2023, primarily due to lower market crack spreads [5][20] - 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 [7][11] Operational Highlights - Refining operating costs per barrel were $4.97 in Q2 2024, slightly down from $5.15 in Q2 2023, with crude capacity utilization at approximately 97% [6][22] - The company processed 3.1 million barrels per day in Q2 2024, with a refining margin of $17.37 per barrel, compared to $22.10 per barrel in Q2 2023 [6][24] - MPC's capital spending plan for 2024 includes high-return investments at its Los Angeles and Galveston Bay refineries [10] Strategic Developments - MPC received a quarterly distribution of $550 million from MPLX, highlighting the strategic relationship between the two entities [1][11] - MPLX is advancing growth projects in the Permian and Marcellus basins, with a focus on expanding its value chains [11][12] - The company has $5.8 billion available under its share repurchase authorizations, indicating strong capital return capabilities [9][29]