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    Marathon Petroleum Corp. Reports Fourth-Quarter 2024 Results and 2025 Capital Outlook

    2/4/25 6:30:00 AM ET
    $MPC
    $OKE
    Integrated oil Companies
    Energy
    Oil & Gas Production
    Utilities
    Get the next $MPC alert in real time by email

    FINDLAY, Ohio, Feb. 4, 2025 /PRNewswire/ --

    • Fourth-quarter net income attributable to MPC of $371 million, or $1.15 per diluted share; adjusted net income of $249 million, or $0.77 per adjusted diluted share
    • Progresses Midstream Gulf Coast NGL strategy with MPLX's announcement of fractionation complex and export terminal
    • $10.2 billion of capital returned to shareholders through share repurchases and dividends in 2024
    • Expect distributions from MPLX in 2025 will cover MPC's dividends and $1.25 billion standalone capital outlook

    Marathon Petroleum Corp. (NYSE:MPC) today reported net income attributable to MPC of $371 million, or $1.15 per diluted share, for the fourth quarter of 2024, compared with net income attributable to MPC of $1.5 billion, or $3.84 per diluted share, for the fourth quarter of 2023.

    Adjusted net income was $249 million, or $0.77 per diluted share, for the fourth quarter of 2024. This compares to adjusted net income of $1.5 billion, or $3.98 per diluted share, for the fourth quarter of 2023. Adjustments are shown in the accompanying release tables.

    The fourth quarter of 2024 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $2.1 billion, compared with $3.6 billion for the fourth quarter of 2023. Adjustments are shown in the accompanying release tables.

    For the full year 2024, net income attributable to MPC was $3.4 billion, or $10.08 per diluted share, compared with net income attributable to MPC of $9.7 billion, or $23.63 per diluted share for the full year 2023. Adjusted net income was $3.3 billion, or $9.51 per diluted share for the full year 2024. This compares to adjusted net income of $9.7 billion, or $23.63 per diluted share for the full year 2023. Adjustments are shown in the accompanying release tables.

    "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 Chief Executive Officer 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. Execution of our Midstream strategy delivered segment adjusted EBITDA growth of 6%. We expect distributions from MPLX in 2025 will cover MPC's dividends and standalone capital outlook, further supporting our commitment to peer-leading capital return."

    Results from Operations

    In the fourth quarter of 2024, MPC established a Renewable Diesel segment, which includes renewable diesel activities and assets historically reported in the Refining & Marketing segment. This change in reportable segments will enhance comparability of MPC's reporting with direct peers who report both a refining and renewable diesel segment.

    The Renewable Diesel segment includes:

    • The Dickinson, North Dakota renewables facility, a wholly-owned renewable processing facility with the capacity to produce 184 million gallons per year of renewable diesel.
    • The Martinez Renewable Fuels joint venture, a 50/50 partnership with Neste Corporation with the capacity to produce 730 million gallons per year of renewable diesel, and which includes pretreatment capabilities.
    • Other renewable diesel activities and assets, such as a feedstock aggregation facility, pre-treatment facility, and an interest in the Spiritwood soybean processing complex through our ADM joint venture.

    All prior periods have been recast for comparability.

    Adjusted EBITDA (unaudited)





    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,

    (In millions)



    2024





    2023





    2024





    2023

    Refining & Marketing segment adjusted EBITDA

    $

    559



    $

    2,248



    $

    5,703



    $

    13,705

    Midstream segment adjusted EBITDA



    1,707





    1,570





    6,544





    6,171

    Renewable Diesel segment adjusted EBITDA



    28





    (47)





    (150)





    (64)

    Subtotal



    2,294





    3,771





    12,097





    19,812

    Corporate



    (189)





    (224)





    (864)





    (837)

    Add: Depreciation and amortization



    15





    20





    90





    100

    Adjusted EBITDA

    $

    2,120



    $

    3,567



    $

    11,323



    $

    19,075

























    Refining & Marketing (R&M)

    Segment adjusted EBITDA was $559 million in the fourth quarter of 2024, versus $2.2 billion for the fourth quarter of 2023. R&M segment adjusted EBITDA was $2.03 per barrel for the fourth quarter of 2024, versus $8.36 per barrel for the fourth quarter of 2023. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $281 million in the fourth quarter of 2024 and $297 million in the fourth quarter of 2023. The decrease in segment adjusted EBITDA was driven primarily by lower market crack spreads.

    R&M margin was $12.93 per barrel for the fourth quarter of 2024, versus $17.81 per barrel for the fourth quarter of 2023. Crude capacity utilization was approximately 94%, resulting in total throughput of 3.0 million barrels per day (bpd) for the fourth quarter of 2024.

    Refining operating costs were $5.26 per barrel for the fourth quarter of 2024, versus $5.55 per barrel for the fourth quarter of 2023.

    Midstream

    Segment adjusted EBITDA was $1.7 billion in the fourth quarter of 2024, versus $1.6 billion for the fourth quarter of 2023. The results were primarily driven by higher rates and volumes, including growth from equity affiliates and contributions from recently acquired assets in the Utica and Permian basins.

    Renewable Diesel

    Segment adjusted EBITDA was $28 million in the fourth quarter of 2024, versus $(47) million for the fourth quarter of 2023. The increase was primarily due to increased utilization particularly at our Martinez Renewable Fuels joint venture.

    Corporate and Items Not Allocated

    Corporate expenses totaled $189 million in the fourth quarter of 2024, compared with $224 million in the fourth quarter of 2023.

    Financial Position, Liquidity, and Return of Capital

    As of Dec. 31, 2024, MPC had $3.2 billion of cash, cash equivalents, and short-term investments, including $1.5 billion of cash at MPLX, and $5 billion available on its bank revolving credit facility.

    In the fourth quarter, the company returned approximately $1.6 billion of capital to shareholders through $1.3 billion of share repurchases and $292 million of dividends.

    As of Dec. 31, 2024, the company has $7.8 billion available under its share repurchase authorizations.

    Strategic and Operations Update

    MPC's standalone (excluding MPLX) capital spending outlook for 2025 is $1.25 billion. Approximately 70% of its overall spending is focused on value enhancing capital and 30% on sustaining capital. MPC's 2025 capital spending outlook includes continued high return investments at its Los Angeles, Galveston Bay and Robinson refineries. In addition to these multi-year investments, the company is executing shorter-term projects that offer high returns through margin enhancement and cost reduction.

    MPLX's capital spending outlook for 2025 is $2.0 billion. MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support expected increased producer activity, and investing in Permian and Marcellus processing capacity in response to producer demand. Updates on projects include:

    Newly Announced

    • A Gulf Coast fractionation complex consisting of two, 150 thousand bpd fractionation facilities adjacent to MPC's Galveston Bay refinery. The fractionation facilities are expected in service in 2028 and 2029. MPLX is contracting with MPC to purchase offtake from the fractionation complex, which MPC intends to market globally.
    • A strategic partnership with ONEOK, Inc. (NYSE:OKE) to develop a 400 thousand bpd LPG export terminal and an associated pipeline, which is anticipated in service in 2028.
    • The BANGL NGL pipeline partners have sanctioned an expansion from 250 thousand bpd to 300 thousand bpd, which is anticipated to come online in the second half of 2026. This pipeline will enable liquids to reach MPLX's Gulf Coast fractionation complex.

    Ongoing

    • The Blackcomb and Rio Bravo pipelines are progressing with an expected in-service date in the second half of 2026. These pipelines are designed to transport natural gas from the Permian to domestic and export markets along the Gulf Coast.
    • Secretariat, a 200 million cubic feet per day (mmcf/d) processing plant is expected online in the second half of 2025. This plant will bring MPLX's gas processing capacity in the Permian basin to 1.4 billion cubic feet per day (bcf/d).
    • Harmon Creek III, a 300 mmcf/d processing plant and 40 thousand bpd de-ethanizer, is expected online in the second half of 2026. This complex will bring MPLX's processing capacity in the Northeast to 8.1 bcf/d and fractionation capacity to 800 thousand bpd.

    2025 Capital Outlook ($ millions)

    MPC Standalone (excluding MPLX)





    Refining & Marketing Segment:





       Value Enhancing - Traditional

    $

    750

       Value Enhancing - Low Carbon



    100

       Maintenance



    350

    Refining & Marketing Segment



    1,200

    Renewable Diesel



    5

    Midstream Segment (excluding MPLX)





    Corporate and Other(a)



    45

    Total MPC Standalone (excluding MPLX)

    $

    1,250







    MPLX Total(b)

    $

    2,000

    (a)  Does not include capitalized interest.

    (b)  Excludes $240 million of reimbursable capital.

    First-Quarter 2025 Outlook

    Refining & Marketing Segment:





    Refining operating costs per barrel(a)

    $

    5.70

    Distribution costs (in millions)

    $

    1,525

    Refining planned turnaround costs (in millions)

    $

    450

    Depreciation and amortization (in millions)

    $

    380







    Refinery throughputs (mbpd):





        Crude oil refined



    2,510

        Other charge and blendstocks



    260

            Total



    2,770







    Corporate (includes $20 million of D&A)

    $

    220







    (a)   Excludes refining planned turnaround and depreciation and amortization expense.

    Conference Call

    At 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com. 

    About Marathon Petroleum Corporation

    Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com. 

    Investor Relations Contacts: (419) 421-2071

    Kristina Kazarian, Vice President Finance and Investor Relations

    Brian Worthington, Director, Investor Relations

    Alyx Teschel, Manager, Investor Relations

    Media Contact: (419) 421-3577

    Jamal Kheiry, Communications Manager

    References to Earnings and Defined Terms

    References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC's share after excluding amounts attributable to noncontrolling interests.

    Forward-Looking Statements

    This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, diversity, equity and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "endeavor", "estimate," "expect," "focus", "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress", "project," "prospective," "pursue," "seek," "should," "strategy," "strive", "target," "trends", "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, including changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs"), or renewables, or taxation; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, inflation or rising interest rates; the regional, national and worldwide demand for refined products and renewables and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, NGLs and other feedstocks and related pricing differentials; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete planned projects or to consummate planned transactions within the expected timeframes if at all; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties or minimum inventory requirements on companies operating within the energy industry in California or other jurisdictions; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2023, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

    Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.

    Consolidated Statements of Income (unaudited)





    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,

    (In millions, except per-share data)



    2024





    2023





    2024





    2023

    Revenues and other income:























       Sales and other operating revenues

    $

    33,137



    $

    36,255



    $

    138,864



    $

    148,379

     Income from equity method investments



    252





    195





    1,048





    742

     Net gain on disposal of assets



    11





    91





    28





    217

       Other income



    66





    282





    472





    969

           Total revenues and other income



    33,466





    36,823





    140,412





    150,307

    Costs and expenses:























       Cost of revenues (excludes items below)



    30,558





    32,582





    126,240





    128,566

       Depreciation and amortization



    826





    828





    3,337





    3,307

       Selling, general and administrative expenses



    804





    820





    3,221





    3,039

       Other taxes



    137





    198





    818





    881

           Total costs and expenses



    32,325





    34,428





    133,616





    135,793

    Income from operations



    1,141





    2,395





    6,796





    14,514

    Net interest and other financial costs



    245





    111





    839





    525

    Income before income taxes



    896





    2,284





    5,957





    13,989

    Provision for income taxes



    111





    407





    890





    2,817

    Net income



    785





    1,877





    5,067





    11,172

    Less net income attributable to:























    Redeemable noncontrolling interest



    6





    23





    27





    94

    Noncontrolling interests



    408





    403





    1,595





    1,397

    Net income attributable to MPC

    $

    371



    $

    1,451



    $

    3,445



    $

    9,681

























    Per share data























    Basic:























    Net income attributable to MPC per share

    $

    1.16



    $

    3.86



    $

    10.11



    $

    23.73

      Weighted average shares outstanding (in millions)



    320





    376





    340





    407

























    Diluted:























    Net income attributable to MPC per share

    $

    1.15



    $

    3.84



    $

    10.08



    $

    23.63

    Weighted average shares outstanding (in millions)



    321





    377





    341





    409

























    Capital Expenditures and Investments (unaudited)





    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,

    (In millions)



    2024





    2023





    2024





    2023

    Refining & Marketing

    $

    484



    $

    285



    $

    1,445



    $

    998

    Midstream(a)



    379





    357





    1,504





    1,105

    Renewable Diesel



    2





    107





    8





    313

    Corporate(b)



    56





    31





    119





    138

    Total

    $

    921



    $

    780



    $

    3,076



    $

    2,554

























    (a) 

    The twelve months ended December 31, 2024 includes $228 million related to acquisitions of additional interests in BANGL, LLC and Wink to Webster Pipeline LLC.

    (b) 

    Includes capitalized interest of $18 million, $12 million, $56 million and $55 million for the fourth quarter 2024, the fourth quarter 2023, the year 2024 and the year 2023, respectively.

    Refining & Marketing Operating Statistics (unaudited)

    Dollar per Barrel of Net Refinery Throughput



    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,





    2024





    2023





    2024





    2023

    Refining & Marketing margin, excluding LIFO inventory

    charge(a)

    $

    12.55



    $

    18.40



    $

    15.91



    $

    23.15

    LIFO inventory (charge) credit



    0.38





    (0.59)





    0.10





    (0.15)

    Refining & Marketing margin(a)



    12.93





    17.81





    16.01





    23.00

    Less:























    Refining operating costs(b)



    5.26





    5.55





    5.34





    5.31

    Distribution costs(c)



    5.34





    5.57





    5.48





    5.33

    LIFO inventory (charge) credit



    0.38





    (0.59)





    0.10





    (0.15)

    Other income(d)



    (0.08)





    (1.08)





    (0.24)





    (0.43)

    Refining & Marketing segment adjusted EBITDA

    $

    2.03



    $

    8.36



    $

    5.33



    $

    12.94

























    Refining planned turnaround costs

    $

    1.02



    $

    1.11



    $

    1.31



    $

    1.11

    Depreciation and amortization



    1.53





    1.71





    1.65





    1.72

    Fees paid to MPLX included in distribution costs above



    3.60





    3.65





    3.70





    3.62

























    (a)

     Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.

    (b)

    Excludes refining planned turnaround and depreciation and amortization expense.

    (c)

    Excludes depreciation and amortization expense.

    (d)

    Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.

     

    Refining & Marketing - Supplemental Operating Data



    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,





    2024





    2023





    2024





    2023

    Refining & Marketing refined product sales volume

    (mbpd)(a)



    3,747





    3,583





    3,585





    3,510

    Crude oil refining capacity (mbpcd)(b)



    2,950





    2,936





    2,950





    2,917

    Crude oil capacity utilization (percent)(b)



    94





    91





    92





    92

























    Refinery throughputs (mbpd):























        Crude oil refined



    2,783





    2,668





    2,714





    2,677

        Other charge and blendstocks



    214





    254





    208





    226

    Net refinery throughputs



    2,997





    2,922





    2,922





    2,903

























    Sour crude oil throughput (percent)



    43





    45





    44





    44

    Sweet crude oil throughput (percent)



    57





    55





    56





    56

























    Refined product yields (mbpd):























        Gasoline



    1,570





    1,588





    1,490





    1,526

        Distillates



    1,109





    1,059





    1,070





    1,037

        Propane



    69





    65





    67





    66

        NGLs and petrochemicals



    154





    142





    192





    182

        Heavy fuel oil



    57





    41





    59





    52

        Asphalt



    80





    69





    81





    80

            Total



    3,039





    2,964





    2,959





    2,943

    Inter-region refinery transfers excluded from throughput

    and yields above (mbpd)



    96





    75





    87





    61

























    (a)

    Includes intersegment sales.

    (b)

    Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.

    Refining & Marketing - Supplemental Operating Data by Region (unaudited)

    The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the refining operating costs, refining planned turnaround costs and refining depreciation and amortization for the regions, as shown in the tables below, is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes).

    Refining operating costs exclude refining planned turnaround costs and refining depreciation and amortization expense.

    Gulf Coast Region



    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,





    2024





    2023





    2024





    2023

    Dollar per barrel of refinery throughput:























    Refining & Marketing margin

    $

    12.36



    $

    16.62



    $

    15.05



    $

    20.83

    Refining operating costs



    4.04





    4.28





    4.14





    4.11

    Refining planned turnaround costs



    0.74





    0.88





    1.23





    1.11

    Refining depreciation and amortization



    1.14





    1.34





    1.35





    1.38

























    Refinery throughputs (mbpd):























        Crude oil refined



    1,190





    1,144





    1,119





    1,085

        Other charge and blendstocks



    186





    186





    181





    182

    Gross refinery throughputs



    1,376





    1,330





    1,300





    1,267

























    Sour crude oil throughput (percent)



    55





    55





    56





    53

    Sweet crude oil throughput (percent)



    45





    45





    44





    47

























    Refined product yields (mbpd):























        Gasoline



    671





    702





    621





    654

        Distillates



    509





    475





    476





    445

        Propane



    40





    38





    38





    37

        NGLs and petrochemicals



    118





    107





    124





    112

        Heavy fuel oil



    51





    27





    52





    33

        Asphalt



    17





    15





    16





    17

            Total



    1,406





    1,364





    1,327





    1,298

    Inter-region refinery transfers included in throughput and

    yields above (mbpd)



    72





    39





    58





    35

























     

    Mid-Continent Region



    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,





    2024





    2023





    2024





    2023

    Dollar per barrel of refinery throughput:























    Refining & Marketing margin

    $

    11.31



    $

    17.75



    $

    15.77



    $

    23.35

    Refining operating costs



    5.21





    5.02





    5.10





    4.88

    Refining planned turnaround costs



    1.49





    0.79





    1.40





    0.77

    Refining depreciation and amortization



    1.40





    1.41





    1.39





    1.40

























    Refinery throughputs (mbpd):























        Crude oil refined



    1,095





    1,061





    1,103





    1,108

        Other charge and blendstocks



    79





    92





    70





    67

    Gross refinery throughputs



    1,174





    1,153





    1,173





    1,175

























    Sour crude oil throughput (percent)



    22





    27





    24





    26

    Sweet crude oil throughput (percent)



    78





    73





    76





    74

























    Refined product yields (mbpd):























        Gasoline



    636





    637





    622





    623

        Distillates



    423





    413





    413





    417

        Propane



    20





    19





    20





    20

        NGLs and petrochemicals



    20





    20





    42





    43

        Heavy fuel oil



    18





    12





    15





    13

        Asphalt



    63





    54





    65





    63

            Total



    1,180





    1,155





    1,177





    1,179

    Inter-region refinery transfers included in throughput and

    yields above (mbpd)



    14





    18





    11





    10

























     

    West Coast Region



    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,





    2024





    2023





    2024





    2023

    Dollar per barrel of refinery throughput:























    Refining & Marketing margin

    $

    15.70



    $

    24.53



    $

    18.29



    $

    28.35

    Refining operating costs



    7.48





    9.19





    7.92





    8.56

    Refining planned turnaround costs



    0.55





    2.24





    1.07





    1.75

    Refining depreciation and amortization



    1.38





    1.39





    1.37





    1.37

























    Refinery throughputs (mbpd):























        Crude oil refined



    498





    463





    492





    484

        Other charge and blendstocks



    45





    51





    44





    38

    Gross refinery throughputs



    543





    514





    536





    522

























    Sour crude oil throughput (percent)



    60





    63





    61





    68

    Sweet crude oil throughput (percent)



    40





    37





    39





    32

























    Refined product yields (mbpd):























        Gasoline



    278





    268





    273





    271

        Distillates



    198





    184





    197





    182

        Propane



    9





    8





    9





    9

        NGLs and petrochemicals



    30





    23





    33





    34

        Heavy fuel oil



    34





    37





    30





    31

        Asphalt



    —





    —





    —





    —

            Total



    549





    520





    542





    527

    Inter-region refinery transfers included in throughput and

    yields above (mbpd)



    10





    18





    18





    16

























    Midstream Operating Statistics (unaudited)





    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,





    2024





    2023





    2024





    2023

    Pipeline throughputs (mbpd)(a)



    5,939





    5,866





    5,874





    5,895

    Terminal throughputs (mbpd)



    3,128





    3,023





    3,131





    3,130

    Gathering system throughputs (million cubic feet per day)(b)



    6,734





    6,252





    6,579





    6,257

    Natural gas processed (million cubic feet per day)(b)



    9,934





    9,375





    9,663





    8,971

    C2 (ethane) + NGLs fractionated (mbpd)(b)



    683





    599





    654





    597

























    (a)

    Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.

    (b)

    Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

    Renewable Diesel Financial Data (unaudited)





    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,

    (In millions)



    2024





    2023





    2024





    2023

    Renewable Diesel margin, excluding LIFO inventory

    credit(a)

    $

    82



    $

    58



    $

    131



    $

    292

    LIFO inventory credit



    55





    12





    55





    12

    Renewable Diesel margin(a)



    137





    70





    186





    304

    Less:























    Operating costs(b)



    68





    74





    269





    242

    Distribution costs(c)



    28





    23





    95





    82

    LIFO inventory credit



    55





    12





    55





    12

    Other (income) loss(d)



    (42)





    8





    (83)





    32

    Renewable Diesel segment adjusted EBITDA

    $

    28



    $

    (47)



    $

    (150)



    $

    (64)

























    Planned turnaround costs

    $

    2



    $

    2



    $

    7



    $

    20

    JV planned turnaround costs



    9





    18





    9





    25

    Depreciation and amortization



    25





    16





    75





    65

    JV depreciation and amortization



    22





    21





    89





    65

























    (a)

    Sales revenue less cost of renewable inputs and purchased products.

    (b)

    Excludes planned turnaround and depreciation and amortization expense.

    (c)

    Excludes depreciation and amortization expense.

    (d)

    Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss.

    Select Financial Data (unaudited)





    December 31, 

    2024





    September 30, 

    2024

    (in millions of dollars)











    Cash and cash equivalents

    $

    3,210



    $

    4,002

    Short-term investments



    —





    1,141

    Total consolidated debt(a)



    27,481





    28,220

    MPC debt



    6,533





    6,134

    MPLX debt



    20,948





    22,086

    Redeemable noncontrolling interest



    203





    203

    Equity



    24,303





    25,509













    (in millions)











    Shares outstanding



    316





    325













    (a)  Net of unamortized debt issuance costs and unamortized premium/discount, net.

    Non-GAAP Financial Measures

    Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. The non-GAAP financial measures we use are as follows:

    Adjusted Net Income Attributable to MPC and Adjusted Diluted Income Per Share

    Adjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance. Adjusted diluted income per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.

    We believe the use of adjusted net income attributable to MPC and adjusted diluted income per share provides us and our investors with important measures of our ongoing financial performance to better assess our underlying business results and trends. Adjusted net income attributable to MPC or adjusted diluted income per share should not be considered as a substitute for, or superior to net income attributable to MPC, diluted net income per share or any other measure of financial performance presented in accordance with GAAP. Adjusted net income attributable to MPC and adjusted diluted income per share may not be comparable to similarly titled measures reported by other companies.

    Reconciliation of Net Income Attributable to MPC to Adjusted Net Income Attributable to MPC (unaudited)





    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,

    (In millions)



    2024





    2023





    2024





    2023

    Net income attributable to MPC

    $

    371



    $

    1,451



    $

    3,445



    $

    9,681

    Pre-tax adjustments:























    Garyville incident response costs



    —





    (47)





    —





    16

    Gain on sale of assets



    —





    (92)





    (151)





    (198)

    LIFO inventory charge (credit)



    (161)





    145





    (161)





    145

    Tax impact of adjustments(a)



    39





    (1)





    62





    8

    Non-controlling interest impact of adjustments



    —





    49





    55





    27

    Adjusted net income attributable to MPC

    $

    249



    $

    1,505



    $

    3,250



    $

    9,679

























    Diluted income per share

    $

    1.15



    $

    3.84



    $

    10.08



    $

    23.63

    Adjusted diluted income per share

    $

    0.77



    $

    3.98



    $

    9.51



    $

    23.63

























    Weighted average diluted shares outstanding



    321





    377





    341





    409

























    (a)

    Income taxes for the three and twelve months ended December 31, 2024 were calculated by applying a federal statutory rate and a blended state tax rate to the pre-tax adjustments after non-controlling interest. The corresponding adjustments to reported income taxes are shown in the table above.

    Adjusted EBITDA

    Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.

    Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. Adjusted EBITDA should not be considered as a substitute for, or superior to income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

    Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA (unaudited)





    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,

    (In millions)



    2024





    2023





    2024





    2023

    Net income attributable to MPC

    $

    371



    $

    1,451



    $

    3,445



    $

    9,681

    Net income attributable to noncontrolling interests



    414





    426





    1,622





    1,491

    Provision for income taxes



    111





    407





    890





    2,817

    Net interest and other financial costs



    245





    111





    839





    525

    Depreciation and amortization



    826





    828





    3,337





    3,307

    Renewable Diesel JV depreciation and amortization



    22





    21





    89





    65

    Refining & Renewable Diesel planned turnaround costs



    283





    299





    1,404





    1,201

    Renewable Diesel JV planned turnaround costs



    9





    18





    9





    25

    Garyville incident response costs (recoveries)



    —





    (47)





    —





    16

    LIFO inventory charge (credit)



    (161)





    145





    (161)





    145

    Gain on sale of assets



    —





    (92)





    (151)





    (198)

    Adjusted EBITDA

    $

    2,120



    $

    3,567



    $

    11,323



    $

    19,075

























    Refining & Marketing Margin

    Refining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.

    Reconciliation of Refining & Marketing Segment Adjusted EBITDA to Refining & Marketing Gross Margin and Refining & Marketing Margin (unaudited)





    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,

    (In millions)



    2024





    2023





    2024





    2023

    Refining & Marketing segment adjusted EBITDA

    $

    559



    $

    2,248



    $

    5,703



    $

    13,705

    Plus (Less):























    Depreciation and amortization



    (422)





    (460)





    (1,767)





    (1,822)

    Refining planned turnaround costs



    (281)





    (297)





    (1,397)





    (1,181)

    LIFO inventory (charge) credit



    106





    (157)





    106





    (157)

    Selling, general and administrative expenses



    562





    644





    2,472





    2,443

    Income from equity method investments



    (11)





    (29)





    (57)





    (66)

     Net (gain) loss on disposal of assets



    (2)





    1





    (1)





    (2)

    Other income



    (33)





    (265)





    (342)





    (870)

    Refining & Marketing gross margin



    478





    1,685





    4,717





    12,050

    Plus (Less):























    Operating expenses (excluding depreciation and

    amortization)



    2,823





    2,840





    11,321





    10,833

    Depreciation and amortization



    422





    460





    1,767





    1,822

    Gross margin excluded from and other income included

    in Refining & Marketing margin(a)



    (103)





    (124)





    (425)





    (45)

    Other taxes included in Refining & Marketing margin



    (54)





    (71)





    (259)





    (288)

    Refining & Marketing margin



    3,566





    4,790





    17,121





    24,372

    LIFO inventory charge (credit)



    (106)





    157





    (106)





    157

    Refining & Marketing margin, excluding LIFO

    inventory charge/credit

    $

    3,460



    $

    4,947



    $

    17,015



    $

    24,529

























    Refining & Marketing margin by region:























    Gulf Coast

    $

    1,483



    $

    1,972



    $

    6,839



    $

    9,365

    Mid-Continent



    1,207





    1,855





    6,705





    9,925

    West Coast



    770





    1,120





    3,471





    5,239

    Refining & Marketing margin

    $

    3,460



    $

    4,947



    $

    17,015



    $

    24,529

























    (a)

    Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income.

    Renewable Diesel Margin

    Renewable Diesel margin is defined as sales revenue less cost of renewable inputs and purchased products. We use and believe our investors use this non-GAAP financial measure to evaluate our Renewable segment's operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.

    Reconciliation of Renewable Diesel Segment Adjusted EBITDA to Renewable Diesel Gross Margin and Renewable Diesel Margin (unaudited)





    Three Months Ended 

    December 31,





    Twelve Months Ended 

    December 31,

    (In millions)



    2024





    2023





    2024





    2023

    Renewable Diesel segment adjusted EBITDA

    $

    28



    $

    (47)



    $

    (150)



    $

    (64)

    Plus (Less):























    Depreciation and amortization



    (25)





    (16)





    (75)





    (65)

    JV depreciation and amortization



    (22)





    (21)





    (89)





    (65)

    Planned turnaround costs



    (2)





    (2)





    (7)





    (20)

    JV planned turnaround costs



    (9)





    (18)





    (9)





    (25)

    LIFO inventory credit



    55





    12





    55





    12

    Selling, general and administrative expenses



    19





    14





    59





    61

    (Income) loss from equity method investments



    (31)





    27





    (70)





    59

    Net gain on disposal of assets



    —





    —





    —





    (1)

    Other income



    —





    (1)





    —





    (1)

    Renewable Diesel gross margin



    13





    (52)





    (286)





    (109)

    Plus (Less):























    Operating expenses (excluding depreciation and

    amortization)



    78





    86





    312





    284

    Depreciation and amortization



    25





    16





    75





    65

    Martinez JV depreciation and amortization



    21





    20





    85





    64

    Renewable Diesel margin



    137





    70





    186





    304

    LIFO inventory credit



    (55)





    (12)





    (55)





    (12)

    Renewable Diesel margin, excluding LIFO inventory

    credit

    $

    82



    $

    58



    $

    131



    $

    292

























     

    Cision View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-reports-fourth-quarter-2024-results-and-2025-capital-outlook-302367272.html

    SOURCE Marathon Petroleum Corporation

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      5/6/25 6:35:00 AM ET
      $MPC
      $MPLX
      Integrated oil Companies
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    • Marathon Petroleum Corp. Reports First-Quarter 2025 Results

      FINDLAY, Ohio, May 6, 2025 /PRNewswire/ -- First-quarter net loss attributable to MPC of $(74) million, or $(0.24) per diluted share mainly due to execution of second largest planned maintenance quarter in MPC history$2.0 billion of adjusted EBITDA, supported by the strength of the Midstream businessExecuting Natural Gas & NGL growth strategy with MPLX's agreement to acquire 100% ownership in BANGL, LLC and FID of the Traverse natural gas pipeline$1.3 billion of capital returned, inclusive of $1.1 billion of share repurchasesMarathon Petroleum Corp. (NYSE: MPC) today reported net loss attributable to MPC of $(74) million, or $(0.24) per diluted share, for the first quarter of 2025, compared

      5/6/25 6:30:00 AM ET
      $MPC
      Integrated oil Companies
      Energy
    • Marathon Petroleum Corp. Announces Quarterly Dividend

      FINDLAY, Ohio, April 30, 2025 /PRNewswire/ -- The board of directors of Marathon Petroleum Corp. (NYSE:MPC) has declared a dividend of $0.91 per share on common stock. The dividend is payable June 10, 2025, to shareholders of record as of the close of business May 21, 2025. About Marathon Petroleum Corporation MPC is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and opera

      4/30/25 3:45:00 PM ET
      $MPC
      Integrated oil Companies
      Energy

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    $OKE
    SEC Filings

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    • SEC Form DEFA14A filed by ONEOK Inc.

      DEFA14A - ONEOK INC /NEW/ (0001039684) (Filer)

      5/8/25 1:20:36 PM ET
      $OKE
      Oil & Gas Production
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    • SEC Form 10-Q filed by Marathon Petroleum Corporation

      10-Q - Marathon Petroleum Corp (0001510295) (Filer)

      5/6/25 1:07:36 PM ET
      $MPC
      Integrated oil Companies
      Energy
    • Marathon Petroleum Corporation filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - Marathon Petroleum Corp (0001510295) (Filer)

      5/6/25 6:31:30 AM ET
      $MPC
      Integrated oil Companies
      Energy

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    $OKE
    Financials

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    • MPLX LP Reports First-Quarter 2025 Financial Results

      FINDLAY, Ohio, May 6, 2025 /PRNewswire/ -- Executing Natural Gas & NGL growth strategy with agreement to acquire 100% ownership in BANGL, LLC and FID of the Traverse natural gas pipelineFirst-quarter net income attributable to MPLX of $1.1 billion and net cash provided by operating activities of $1.2 billionAdjusted EBITDA attributable to MPLX of $1.8 billion, reflecting execution of value chain growth strategyDistributable cash flow of $1.5 billion, enabling the return of $1.1 billion of capitalMPLX LP (NYSE:MPLX) today reported first-quarter 2025 net income attributable to MPLX of $1,126 million, compared with $1,005 million for the first quarter of 2024. Adjusted earnings before interest

      5/6/25 6:35:00 AM ET
      $MPC
      $MPLX
      Integrated oil Companies
      Energy
      Natural Gas Distribution
    • Marathon Petroleum Corp. Reports First-Quarter 2025 Results

      FINDLAY, Ohio, May 6, 2025 /PRNewswire/ -- First-quarter net loss attributable to MPC of $(74) million, or $(0.24) per diluted share mainly due to execution of second largest planned maintenance quarter in MPC history$2.0 billion of adjusted EBITDA, supported by the strength of the Midstream businessExecuting Natural Gas & NGL growth strategy with MPLX's agreement to acquire 100% ownership in BANGL, LLC and FID of the Traverse natural gas pipeline$1.3 billion of capital returned, inclusive of $1.1 billion of share repurchasesMarathon Petroleum Corp. (NYSE: MPC) today reported net loss attributable to MPC of $(74) million, or $(0.24) per diluted share, for the first quarter of 2025, compared

      5/6/25 6:30:00 AM ET
      $MPC
      Integrated oil Companies
      Energy
    • Marathon Petroleum Corp. Announces Quarterly Dividend

      FINDLAY, Ohio, April 30, 2025 /PRNewswire/ -- The board of directors of Marathon Petroleum Corp. (NYSE:MPC) has declared a dividend of $0.91 per share on common stock. The dividend is payable June 10, 2025, to shareholders of record as of the close of business May 21, 2025. About Marathon Petroleum Corporation MPC is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and opera

      4/30/25 3:45:00 PM ET
      $MPC
      Integrated oil Companies
      Energy

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    $OKE
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • TD Cowen reiterated coverage on Marathon Petroleum with a new price target

      TD Cowen reiterated coverage of Marathon Petroleum with a rating of Buy and set a new price target of $152.00 from $142.00 previously

      5/7/25 6:58:43 AM ET
      $MPC
      Integrated oil Companies
      Energy
    • Citigroup resumed coverage on ONEOK with a new price target

      Citigroup resumed coverage of ONEOK with a rating of Buy and set a new price target of $110.00

      2/28/25 7:41:18 AM ET
      $OKE
      Oil & Gas Production
      Utilities
    • ONEOK upgraded by Wolfe Research with a new price target

      Wolfe Research upgraded ONEOK from Peer Perform to Outperform and set a new price target of $110.00

      2/10/25 7:03:15 AM ET
      $OKE
      Oil & Gas Production
      Utilities