Marathon Petroleum (MPC) Q4 2024 earnings summary

Executive summary

• Achieved lowest OSHA recordable injury rate and strongest environmental performance in five years, reflecting a focus on safety and reliability.

• Delivered peer-leading profitability per barrel and strong operational execution, with refining utilization at 92% and commercial capture at 99% for the year.

• Returned $10.2 billion to shareholders in 2024 through share repurchases and dividends, representing a 23% capital return yield.

• Advanced value-enhancing investments across all regions, focusing on margin improvement, cost reduction, and sustainability.

• Established a Renewable Diesel segment to enhance reporting comparability, including the Dickinson facility, Martinez JV, and other assets.

Financial highlights

• Q4 2024 adjusted EPS was $0.77; full-year adjusted EPS was $9.51.

• Q4 2024 adjusted EBITDA was $2.1 billion; full-year adjusted EBITDA was $11.3 billion.

• Cash flow from operations, excluding working capital, was $1.7 billion for Q4 and $8.2 billion for the year.

• Q4 capital returned to shareholders was $1.6 billion ($1.3 billion repurchases, $292 million dividends); $7.8 billion remains under repurchase authorizations.

• Ended the year with $3.2 billion in consolidated cash and $5 billion available on the revolving credit facility.

Outlook and guidance

• 2025 standalone capital spending outlook (excluding MPLX) is $1.25 billion, with 70% for value-enhancing and 30% for sustaining capital.

• MPLX's 2025 capital spending outlook is $2.0 billion, focused on Permian and Marcellus expansions and Gulf Coast infrastructure.

• Q1 2025 crude throughput projected at just over 2.5 million barrels per day (85% utilization); Q1 operating costs guided at $5.70 per barrel.

• Q1 2025 turnaround expense projected at $380–$450 million; full-year turnaround expense expected at $1.4 billion.

• Distributions from MPLX in 2025 are expected to cover dividends and standalone capital outlook.