Marathon Petroleum (MPC) Q3 2024 earnings summary

Executive summary

• Third quarter 2024 net income attributable to MPC was $622 million ($1.87 per diluted share), down from $3.3 billion ($8.28 per share) in Q3 2023, reflecting lower market crack spreads and segment margins, but with strong operational reliability and safety focus.

• Adjusted EBITDA for Q3 2024 was $2.5 billion, compared to $5.7 billion in Q3 2023, with $3.0 billion capital returned to shareholders via $2.7 billion in share repurchases and $273 million in dividends.

• Announced an additional $5 billion share repurchase authorization and a 10% dividend increase, reinforcing capital return priorities.

• Midstream segment adjusted EBITDA rose to $1.6 billion in Q3 2024, up nearly 6% year-over-year, driven by higher rates, volumes, and asset contributions.

• Focused on operational excellence, safety, and reliability, with peer-leading profitability per barrel and durable midstream growth.

Financial highlights

• Q3 2024 revenues were $35.1 billion, down from $40.9 billion in Q3 2023; nine-month revenues were $105.7 billion versus $112.1 billion year-over-year.

• Q3 2024 adjusted net income was $622 million, compared to $3.2 billion in Q3 2023; adjusted diluted EPS was $1.87 versus $8.14.

• Cash flow from operations, excluding working capital changes, was $1.86 billion; cash and equivalents at September 30, 2024, were $5.1 billion.

• $2.7 billion in share repurchases and $273 million in dividends paid during the quarter.

• Q3 2024 refining operating costs were $5.30 per barrel, up slightly from $5.14 per barrel in Q3 2023.

Outlook and guidance

• Q4 2024 guidance includes refining operating costs of $5.50 per barrel, distribution costs of $1,525 million, and planned turnaround costs of $285 million.

• Total refinery throughput expected at 2,880–2,650 mbpd for Q4 2024 (90% utilization).

• Corporate costs estimated at $200 million for Q4 2024, including $20 million depreciation and amortization.

• Capital investment plan for 2024 totals approximately $1.25 billion for MPC (excluding MPLX), with MPLX planning $1.1 billion in capital investments.

• Share repurchase authorizations have no expiration date; future repurchases depend on macro environment, available cash, and market conditions.