Summary
Marathon Petroleum Corporation (MPC) reported a challenging year in 2024, with net income attributable to MPC decreasing significantly to $3.445 billion from $9.681 billion in 2023. This decline was primarily driven by lower Refining & Marketing segment adjusted EBITDA, which fell to $5.703 billion from $13.705 billion, largely due to reduced refining margins and crack spreads. The Midstream segment, primarily represented by MPLX, showed resilience, with adjusted EBITDA increasing to $6.544 billion from $6.171 billion, benefiting from rate escalations and acquisitions. The newly established Renewable Diesel segment reported an adjusted EBITDA loss of $150 million, an improvement from the prior year's loss of $64 million, but still a drag on overall performance. Despite the lower profitability, MPC continued its commitment to returning capital to shareholders, repurchasing $9.077 billion of its common stock and paying $1.154 billion in dividends during 2024.
Financial Highlights
51 data points| Revenue | $138.86B |
| Cost of Revenue | $126.24B |
| Gross Profit | $12.62B |
| SG&A Expenses | $3.22B |
| Operating Expenses | $133.62B |
| Operating Income | $6.80B |
| Interest Expense | $1.36B |
| Net Income | $3.44B |
| EPS (Basic) | $10.11 |
| EPS (Diluted) | $10.08 |
| Shares Outstanding (Basic) | 340.00M |
| Shares Outstanding (Diluted) | 341.00M |
Key Highlights
- 1Marathon Petroleum's net income attributable to MPC declined significantly in 2024 to $3.445 billion, down from $9.681 billion in 2023, primarily due to reduced refining margins.
- 2The Refining & Marketing segment's adjusted EBITDA saw a substantial decrease to $5.703 billion in 2024, down from $13.705 billion in 2023, impacted by lower crack spreads and refining margins.
- 3The Midstream segment (MPLX) demonstrated strength, with adjusted EBITDA growing to $6.544 billion in 2024, up from $6.171 billion in 2023, driven by rate escalations and asset acquisitions.
- 4MPC returned substantial capital to shareholders in 2024, repurchasing $9.077 billion of its common stock and paying $1.154 billion in dividends.
- 5The company continues to invest in its integrated value chain and strategic priorities, including advancements in its Renewable Diesel segment and midstream growth transactions.
- 6MPC ended 2024 with a strong liquidity position of $6.79 billion (excluding MPLX), indicating financial flexibility.
- 7Despite the profit decline, MPC's outlook anticipates a constructive environment for U.S. refiners due to anticipated demand growth exceeding net supply impacts.