Marathon Petroleum Surpasses Q3 Expectations, Shares Rise by 4%

NEW YORK - Marathon Petroleum Corp (NYSE:MPC) reported third-quarter earnings and revenue figures that surpassed analysts' expectations on Tuesday, leading to a 4% rise in the company's stock during pre-market trading.
The Ohio-based oil refining company reported adjusted earnings of $1.87 per share, significantly exceeding analysts' estimate of $1.04. Revenue came in at $35.37 billion, above the anticipated $34.34 billion.
Net income attributable to Marathon Petroleum was $622 million, or $1.87 per diluted share. This figure was down from $3.3 billion, or $8.28 per share, during the same period last year. The year-over-year decline reflects reduced refinery margins compared to the extraordinarily strong environment seen in 2023.
President and CEO Maryann Mannen stated, "We are maintaining our focus on operational excellence, commercial performance, and profitability per barrel across every region in which we operate."
The company's refining and marketing segment reported adjusted EBITDA of $1.1 billion in the third quarter. This represented a decrease from $4.4 billion during the same period last year, primarily driven by a decline in market crack spreads. Refining utilization rate for the quarter was approximately 94%.
During the quarter, Marathon returned $3 billion to shareholders through share buybacks and dividends. The company also announced an additional $5 billion share buyback authorization and a 10% increase in its quarterly dividend.
Looking ahead, Marathon expects a refining throughput volume of 2.88 million barrels per day in the fourth quarter.