Summary
Marathon Petroleum Corporation (MPC) reported a net loss attributable to MPC of $74 million, or $(0.24) per diluted share, for the first quarter of 2025, a significant decrease from a net income of $937 million, or $2.58 per diluted share, in the same period of 2024. This decline was primarily driven by lower Refining & Marketing margins, which were impacted by decreased average refined product sales prices and crack spreads. Total revenues and other income also saw a notable decrease. Despite the consolidated net loss, the Midstream segment demonstrated strength, with adjusted EBITDA increasing due to fee escalations, higher throughputs, and contributions from recent acquisitions. The company also continues to focus on strategic initiatives, including the planned acquisition of the remaining interest in BANGL, LLC, and has significant liquidity available, with $5.1 billion in available capacity under MPC's credit facilities (excluding MPLX) and $3.81 billion in cash and cash equivalents at the end of the quarter. MPC also repurchased $1.06 billion of its common stock during the quarter.
Financial Highlights
48 data points| Revenue | $31.52B |
| Cost of Revenue | $29.36B |
| Gross Profit | $2.16B |
| SG&A Expenses | $783.00M |
| Operating Expenses | $31.16B |
| Operating Income | $687.00M |
| Interest Expense | $352.00M |
| Net Income | -$74.00M |
| EPS (Basic) | $-0.24 |
| EPS (Diluted) | $-0.24 |
| Shares Outstanding (Basic) | 313.00M |
| Shares Outstanding (Diluted) | 313.00M |
Key Highlights
- 1Net loss attributable to MPC of $74 million for Q1 2025, a significant drop from net income of $937 million in Q1 2024, driven by lower Refining & Marketing margins.
- 2Refining & Marketing segment adjusted EBITDA declined substantially year-over-year, with per barrel margins decreasing from $8.22 to $1.91.
- 3Midstream segment adjusted EBITDA saw a healthy increase of $131 million, driven by fee escalations, higher throughputs, and recent acquisitions.
- 4Total revenues and other income decreased by $1.36 billion, primarily due to lower sales and other operating revenues stemming from reduced refined product sales prices.
- 5The company repurchased $1.06 billion of its common stock in Q1 2025, continuing its capital return program, with $6.72 billion remaining under authorized repurchase programs.
- 6MPC maintains strong liquidity with $5.1 billion in available capacity under its credit facilities (excluding MPLX) and $3.81 billion in cash and cash equivalents as of March 31, 2025.
- 7MPLX completed a significant midstream acquisition (Whiptail Midstream) and announced an agreement to acquire the remaining interest in BANGL, LLC, indicating continued strategic expansion in the midstream sector.