Marathon Petroleum Reports $1.52 Billion Net Income

By Tamara Parker • Tuesday, August 06 15:16 • Permanent Link

Marathon Petroleum Corporation has recently released its 10-Q report, providing a detailed look at the company's financial performance. The company operates as an integrated downstream energy company primarily in the United States, with segments including Refining & Marketing and Midstream. In the second quarter of 2024, Marathon Petroleum reported a net income attributable to MPC of $1.52 billion, or $4.33 per diluted share, compared to $2.23 billion, or $5.32 per diluted share, for the second quarter of 2023.

The Refining & Marketing segment reported segment adjusted EBITDA of $1.972 billion in the second quarter of 2024, compared to $3.163 billion in the same period of 2023. The Midstream segment reported segment adjusted EBITDA of $1.62 billion in the second quarter of 2024, compared to $1.532 billion in the second quarter of 2023.

In terms of strategic updates, Marathon Petroleum's Midstream Growth Transactions included the contribution of membership interest in Whistler Pipeline, LLC to a newly formed joint venture, WPC Parent, LLC. Additionally, the company announced a share repurchase authorization of $5.0 billion, with $6.74 billion remaining as of June 30, 2024.

Marathon Petroleum's MPLX, in which the company owned approximately 647 million common units as of June 30, 2024, declared a quarterly cash distribution of $0.8500 per common unit. MPC's portion of this distribution is approximately $551 million. The company received limited partner distributions of $1.10 billion from MPLX in the six months ended June 30, 2024.

The Refining & Marketing segment's performance is largely influenced by refinery throughput, refining operating costs, and distribution costs. The company calculates Gulf Coast, Mid-Continent, and West Coast crack spreads as a performance benchmark and comparison with other industry participants.

As a result of these announcements, the company's shares have moved 5.4% on the market, and are now trading at a price of $170.84. For more information, read the company's full 10-Q submission here.

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