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Dienstag, 30.04.2024 06:40 von PR Newswire | Aufrufe: 5

Marathon Petroleum Corp. Reports First-Quarter 2024 Results

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PR Newswire

FINDLAY, Ohio, April 30, 2024

FINDLAY, Ohio, April 30, 2024 /PRNewswire/ --

First-quarter net income attributable to MPC of $937 million, or $2.58 per diluted share; adjusted EBITDA of $3.3 billion

Net cash provided by operating activities of $1.5 billion; safely and successfully completed largest planned maintenance quarter in MPC history, including at four of its largest refineries

Advanced midstream growth strategy, with new processing plants in the Marcellus and Permian basins and acquisition of Utica midstream assets; MPLX distributed $550 million to MPC

Returned $2.5 billion of capital through $2.2 billion of share repurchases and $299 million of dividends

Announced additional $5 billion share repurchase authorization, further demonstrates commitment to return of capital, which has totaled $35 billion of total capital returned since May 2021

Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $937 million, or $2.58 per diluted share, for the first quarter of 2024. In the first quarter of 2024, the company recorded an $89 million charge resulting from the quarterly fair-value remeasurement of outstanding performance-based stock compensation. This reduced diluted earnings per share by $0.20. This compares to net income attributable to MPC of $2.7 billion, or $6.09 per diluted share, for the first quarter of 2023.

The first quarter of 2024 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $3.3 billion, compared with $5.2 billion for the first quarter of 2023. Adjustments are shown in the accompanying release tables.

"In the first quarter, our team safely and successfully completed the largest planned maintenance quarter in MPC history, including at four of our largest refineries," said Chief Executive Officer Michael J. Hennigan. "This positions us to meet the high demand of summer travel season. Additionally, we are advancing our midstream growth strategy through disciplined organic investments and targeted bolt-on acquisitions. This quarter we returned $2.5 billion through share repurchases and dividends, bringing MPC's total capital returned to $35 billion since May 2021. Today, we announced a $5 billion increase to our share repurchase authorization, further demonstrating our commitment to return capital."

Results from Operations

Adjusted EBITDA (unaudited)

Three Months Ended

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Marathon Petroleum Corporation

179,67 $

+2,80%

March 31,

(In millions)

2024

2023

Refining & Marketing Segment

Segment income from operations

766

3,032

Add: Depreciation and amortization

460

464

Refining planned turnaround costs

648

357

Refining & Marketing segment adjusted EBITDA

1,874

3,853

Midstream Segment

Segment income from operations

1,246

1,213

Add: Depreciation and amortization

343

317

Midstream segment adjusted EBITDA

1,589

1,530

Subtotal

3,463

5,383

Corporate

(228)

(184)

Add: Depreciation and amortization

Adjusted EBITDA

3,259

5,218

Refining & Marketing (R&M)

Segment adjusted EBITDA was $1.9 billion in the first quarter of 2024, versus $3.9 billion for the first quarter of 2023. R&M segment adjusted EBITDA was $7.73 per barrel for the first quarter of 2024, versus $15.09 per barrel for the first quarter of 2023. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $648 million in the first quarter of 2024 and $357 million in the first quarter of 2023. The decrease in segment adjusted EBITDA was driven by lower market crack spreads and lower throughputs.

R&M margin was $18.99 per barrel for the first quarter of 2024, versus $26.15 per barrel for the first quarter of 2023. Crude capacity utilization was approximately 82%, resulting in total throughput of 2.7 million barrels per day for the first quarter of 2024.

The company completed $648 million of planned turnaround activity in the first quarter of 2024, the highest level in company history. Turnarounds lowered utilization to 82%, which contributed to refining operating costs per barrel of $6.14.

Midstream

Segment adjusted EBITDA was $1.6 billion in the first quarter of 2024, versus $1.5 billion for the first quarter of 2023. The results were primarily driven by higher rates and higher processing volumes.

Corporate and Items Not Allocated

Corporate expenses totaled $228 million in the first quarter of 2024, compared with $184 million in the first quarter of 2023. The variance was driven by the portion of the fair value remeasurement of outstanding performance-based stock compensation attributed to Corporate.

Financial Position, Liquidity, and Return of Capital

As of March 31, 2024, MPC had $7.6 billion of cash, cash equivalents, and short-term investments and $5 billion available on its bank revolving credit facility.

In the first quarter, the company returned approximately $2.5 billion of capital to shareholders through $2.2 billion of share repurchases and $299 million of dividends. Through April 26, the company repurchased an additional $0.8 billion of company shares.

Additionally, the Board of Directors has approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company currently has approximately $8.8 billion available under its share repurchase authorizations. The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended or discontinued at any time.

Strategic and Operations Update

MPC's 2024 capital spending plan includes executing on a multi-year infrastructure investment at its Los Angeles refinery and the construction of a 90,000 barrel per day distillate hydrotreater at its Galveston Bay refinery. In addition to these large projects, the company is executing on smaller projects that offer high returns targeted at enhancing refinery yields, improving energy efficiency, and lowering costs.

MPLX is advancing growth projects anchored in the Marcellus and Permian basins. MPLX's integrated footprints in these basins have positioned the partnership with a steady source of opportunities to expand its value chains. In the Permian, startup is commencing on the 200 million cubic feet per day (mmcf/d) Preakness ll processing plant. In the Marcellus, the 200 mmcf/d Harmon Creek ll processing plant was placed into operation in the first quarter.

MPLX enhanced its Utica footprint through the acquisition of additional ownership interest in existing joint ventures and a dry gas gathering system for $625 million. The transaction closed in March 2024. Additionally, MPLX announced the expansion of its Permian natural gas value chain, increasing its footprint in the region for future growth. MPLX entered into a definitive agreement to strategically combine the Whistler Pipeline and Rio Bravo Pipeline project in a newly formed joint venture. The transaction is expected to close in the second quarter of 2024, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions.

Second-Quarter 2024 Outlook

Refining & Marketing Segment:
Refining operating costs per barrel^(a)	$	4.95
Distribution costs (in millions)	$	1,500
Refining planned turnaround costs (in millions)	$	200
Depreciation and amortization (in millions)	$	485

Refinery throughputs (mbpd):
Crude oil refined		2,775
Other charge and blendstocks		190
Total		2,965

Corporate (includes $20 million of D&A)	$	200

(a)	Excludes refining planned turnaround and depreciation and amortization expense.

Conference Call

At 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.

About Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Director, Investor Relations
Kenan Kinsey, Supervisor, Investor Relations

Media Contact: (419) 421-3577
Jamal Kheiry, Communications Manager

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