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NEW YORK - Marathon Petroleum Corp. (NYSE:MPC) reported fourth-quarter earnings that surpassed analyst expectations, sending its stock up 3% in early trading on Tuesday.
The Ohio-based oil refiner posted adjusted earnings per share of $0.77 for the quarter, beating the analyst consensus estimate of $0.62. Revenue came in at $33.47 billion, also topping expectations of $33.23 billion and representing a 14.5% decline from $39.16 billion in the same quarter last year.
Net income attributable to Marathon Petroleum was $371 million, or $1.15 per diluted share, down significantly from $1.5 billion, or $3.84 per diluted share, in the fourth quarter of 2023. Adjusted EBITDA fell to $2.1 billion from $3.6 billion a year earlier.
"In 2024, we generated net cash from operations of $8.7 billion, which enabled peer-leading capital return to shareholders of $10.2 billion," said President and CEO Maryann Mannen. "Our strong cash flow generation was driven by our commitments to peer-leading operational excellence, commercial performance, and profitability per barrel in each of the regions in which we operate."
For the full year 2024, Marathon Petroleum reported net income of $3.4 billion, or $10.08 per diluted share, down from $9.7 billion, or $23.63 per diluted share, in 2023.
The company highlighted its progress on its Midstream Gulf Coast NGL strategy, with its MPLX (NYSE:MPLX) subsidiary announcing plans for a fractionation complex and export terminal. Marathon Petroleum expects distributions from MPLX in 2025 to cover its dividends and $1.25 billion standalone capital outlook.
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