Procore signs multi-year strategic collaboration agreement with AWS
FINDLAY, Ohio - On Tuesday, Marathon Petroleum Corp. (NYSE:MPC) reported second-quarter earnings that exceeded analyst expectations, driven by strong refining operations and commercial performance despite a challenging margin environment.
The company’s stock edged down 0.10% in after hours trading following the announcement.
The oil refiner posted net income of $1.2 billion, or $3.96 per diluted share, surpassing the analyst estimate of $3.11. Revenue reached $34.1 billion, above the consensus estimate of $33.04 billion.
Marathon’s adjusted EBITDA totaled $3.3 billion, slightly below the $3.4 billion reported in the same quarter last year. The company achieved impressive 97% crude capacity utilization and 105% margin capture in its refining operations, helping offset weaker year-over-year margins.
"Our second quarter results reflect actions we have taken to deliver on our strategic commitments," said President and CEO Maryann Mannen. "In refining, our team delivered 97% utilization and 105% margin capture; and we remain constructive on the long-term outlook."
The Refining & Marketing segment generated $1.9 billion in adjusted EBITDA, down from $2.0 billion a year earlier. Refining margin was $17.58 per barrel, slightly higher than $17.53 in Q2 2024, while operating costs increased to $5.34 per barrel from $4.91.
Marathon’s Midstream segment contributed $1.6 billion in adjusted EBITDA, matching last year’s performance, supported by higher rates and throughputs.
The company returned approximately $1.0 billion to shareholders during the quarter, including $692 million in share repurchases. Marathon also completed the sale of its interest in an ethanol production joint venture for $425 million.
Looking ahead, Marathon’s MPLX subsidiary announced plans to acquire Northwind Midstream for $2.375 billion, expanding its Permian Basin operations. For the third quarter, Marathon expects refining operating costs of $5.70 per barrel and refinery throughputs of 2.94 million barrels per day.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.