The earnings call highlighted strong operational performance and significant strategic investments leading to increased shareholder returns. However, there were challenges related to decreased adjusted EBITDA and volatility in refining margins. The company's commitment to leading in capital allocation and maintaining competitive operations was evident.

Company Guidance

During the third quarter 2024 earnings call for Marathon Petroleum Corporation (MPC), extensive guidance was provided, highlighting several key metrics. The company reported a third-quarter earnings per share of $1.87, with refining utilization at 94%, reflecting strong operational performance. The refining and marketing segment achieved an adjusted EBITDA of $1.1 billion, while the midstream segment delivered $1.6 billion. Utilizing 2.8 million barrels of crude per day, refining operating costs were $5.30 per barrel, with a 96% margin capture. MPC's midstream arm, MPLX, increased its adjusted EBITDA by 6% year-over-year and announced a 12.5% increase to its quarterly distribution, bringing annualized distributions to MPC to $2.5 billion. The company returned $2.7 billion through share repurchases and $273 million in dividends during the quarter. Looking forward, MPC projects fourth-quarter crude throughput volumes of over 2.6 million barrels per day with a 90% utilization rate, and capital expenditure of $922 million was reported for the quarter.

Midstream Segment Growth

MPLX, part of the Midstream segment, increased its adjusted EBITDA by 6% year-over-year. It announced a 12.5% increase in quarterly distribution, raising the expected annual cash distribution to MPC to $2.5 billion.

Significant Share Repurchase Authorization

MPC announced an additional $5 billion share repurchase authorization, with total capital return since May 2021 reducing MPC's share count by over 50%.

Operational Excellence

Refining utilization was at 94%, with the West Coast and Mid-Con regions in the upper 90s. The operational excellence led to a capture rate improvement by 2% and a strong R&M segment adjusted EBITDA of $3.82 per barrel.

Strategic Investments in High Return Projects

Investments in high return projects in Los Angeles and Galveston Bay refineries are expected to yield a 20% return, enhancing competitiveness and operational efficiency.

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Marathon Petroleum (MPC) Earnings, Revenues Date & History

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MPC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 04, 2025	2024 (Q4)	0.64 / -	3.98	―	―	―
Nov 05, 2024	2024 (Q3)	0.99 / 1.87	8.14	-77.03% (-6.27)
Aug 06, 2024	2024 (Q2)	3.09 / 4.12	5.32	-22.56% (-1.20)
Apr 30, 2024	2024 (Q1)	2.54 / 2.58	6.09	-57.64% (-3.51)
Jan 30, 2024	2023 (Q4)	2.19 / 3.98	6.65	-40.15% (-2.67)
Oct 31, 2023	2023 (Q3)	7.75 / 8.14	7.81	4.23% (+0.33)
Aug 01, 2023	2023 (Q2)	4.55 / 5.32	10.61	-49.86% (-5.29)
May 02, 2023	2023 (Q1)	5.55 / 6.09	1.49	308.72% (+4.60)
Jan 31, 2023	2022 (Q4)	5.67 / 6.65	1.3	411.54% (+5.35)
Nov 01, 2022	2022 (Q3)	7.08 / 7.81	0.73	969.86% (+7.08)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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MPC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 05, 2024	$144.11	$148.70	+3.19%
Aug 06, 2024	$160.35	$169.09	+5.45%
Apr 30, 2024	$197.46	$178.96	-9.37%
Jan 30, 2024	$156.94	$166.50	+6.09%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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