Marathon Petroleum Corp. Reports Second-Quarter 2025 Results

Financial Performance - Marathon Petroleum Corp. reported net income attributable to MPC of $1.2 billion, or $3.96 per diluted share, for Q2 2025, a decrease from $1.5 billion, or $4.33 per diluted share, in Q2 2024 [1][27] - Adjusted EBITDA for Q2 2025 was $3.3 billion, down from $3.4 billion in Q2 2024 [2][46] - Total revenues and other income for Q2 2025 were $34.1 billion, compared to $38.4 billion in Q2 2024 [27] Segment Performance - The Refining & Marketing segment adjusted EBITDA was $1.9 billion in Q2 2025, compared to $2.0 billion in Q2 2024, with a margin of $6.79 per barrel, down from $7.28 per barrel [5][29] - The Midstream segment adjusted EBITDA remained stable at $1.6 billion for both Q2 2025 and Q2 2024, driven by higher rates and throughputs [7] - The Renewable Diesel segment showed improvement with adjusted EBITDA of $(19) million in Q2 2025, an improvement from $(27) million in Q2 2024, attributed to increased utilization and higher margins [8] Operational Highlights - Refining capacity utilization was 97%, with total throughput of 3.1 million barrels per day in Q2 2025 [6] - Refining operating costs per barrel increased to $5.34 in Q2 2025 from $4.91 in Q2 2024 [6][29] - The company returned approximately $1.0 billion of capital to shareholders in Q2 2025, including $692 million in share repurchases [11][13] Strategic Developments - The company announced a $2.375 billion midstream acquisition in the Permian and a $425 million divestiture of its partial interest in ethanol production facilities [3][15] - Capital spending outlook for 2025 includes high-return investments at key refineries, with specific projects targeting returns of 20% to 25% [12][14] - MPLX's acquisition of Northwind Midstream is expected to close in Q3 2025, enhancing the company's midstream capabilities [16] Financial Position - As of June 30, 2025, the company had $1.7 billion in cash and cash equivalents, with no borrowings under its $5 billion revolving credit facility [10] - Total consolidated debt was reported at $28.7 billion, with MPC debt at $7.4 billion [39]