Marathon Petroleum Corp. Reports Third-Quarter 2023 Results

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PR Newswire

FINDLAY, Ohio, Oct. 31, 2023

FINDLAY, Ohio, Oct. 31, 2023 /PRNewswire/ --

Third-quarter net income attributable to MPC of $3.3 billion, or $8.28 per diluted share; adjusted net income of $3.2 billion, or $8.14 per adjusted diluted share
Adjusted EBITDA of $5.7 billion; net cash provided by operating activities of $5.0 billion, reflecting continued strong cash generation
MPLX increases distribution 10%; MPC expects to receive an incremental $200 million, for a total of $2.2 billion annually
Returned $3.1 billion of capital through $2.8 billion of share repurchases and $297 million of dividends
Announced quarterly dividend increase of approximately 10% to $0.825 per share and additional $5 billion share repurchase authorization

Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $3.3 billion, or $8.28 per diluted share, for the third quarter of 2023, compared with net income attributable to MPC of $4.5 billion, or $9.06 per diluted share, for the third quarter of 2022.

Adjusted net income was $3.2 billion, or $8.14 per diluted share, for the third quarter of 2023. This compares to adjusted net income of $3.9 billion, or $7.81 per diluted share, for the third quarter of 2022. Adjustments are shown in the accompanying release tables.

The third quarter of 2023 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $5.7 billion, compared with $6.8 billion for the third quarter of 2022. Adjustments are shown in the accompanying release tables.

"Our third quarter results reflect our commitment to growing shareholder value," said President and Chief Executive Officer Michael J. Hennigan. "The business generated $5 billion of net cash provided by operating activities and we returned $3.1 billion through share repurchases and dividends during the quarter. Demonstrating our commitment to return capital, we increased our quarterly dividend by 10% and increased our share repurchase authorization by $5 billion."

Results from Operations

Adjusted EBITDA (unaudited)

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Kurse

Marathon Petroleum Corporation

162,76 €

-0,36%

Marathon Petroleum Corporation Realtime-Chart

		Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)		2023		2022		2023		2022
Refining & Marketing Segment
Segment income from operations	$	3,757	$	4,625	$	9,076	$	12,527
Add: Depreciation and amortization		463		459		1,411		1,395
Refining planned turnaround costs		153		384		902		680
LIFO inventory charge		—		28		—		28
Refining & Marketing segment adjusted EBITDA		4,373		5,496		11,389		14,630

Midstream Segment
Segment income from operations		1,136		1,176		3,550		3,374
Add: Depreciation and amortization		340		322		988		983
Garyville incident response costs		63		—		63		—
Midstream segment adjusted EBITDA		1,539		1,498		4,601		4,357

Subtotal		5,912		6,994		15,990		18,987
Corporate		(246)		(173)		(613)		(494)
Add: Depreciation and amortization		42		13		80		40
Adjusted EBITDA	$	5,708	$	6,834	$	15,457	$	18,533

Refining & Marketing (R&M)

Segment adjusted EBITDA was $4.4 billion in the third quarter of 2023, versus $5.5 billion for the third quarter of 2022. Refining & Marketing segment adjusted EBITDA was $16.06 per barrel for the third quarter of 2023, versus $19.87 per barrel for the third quarter of 2022. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $153 million in the third quarter of 2023 and $384 million in the third quarter of 2022. The decrease in segment adjusted EBITDA was driven by lower market crack spreads.

R&M margin was $26.16 per barrel for the third quarter of 2023, versus $30.21 per barrel for the third quarter of 2022. Crude capacity utilization was approximately 94%, resulting in total throughput of 3.0 million barrels per day for the third quarter of 2023.

Refining operating costs per barrel were $5.14 for the third quarter of 2023, versus $5.63 for the third quarter of 2022. This decrease was primarily driven by lower energy costs.

Midstream

Segment adjusted EBITDA was $1.5 billion in the third quarter of 2023, versus $1.5 billion for the third quarter of 2022. The results were primarily driven by higher rates, growth from equity affiliates, and higher total throughputs, partially offset by lower natural gas liquids prices. Third-quarter 2023 segment adjusted EBITDA excludes Garyville incident response costs of $63 million.

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