Marathon Q1 2024 Earnings Highlights

Financial Performance:

• Net Income: Marathon Petroleum reported net income attributable to MPC of $937 million, or $2.58 per diluted share, for Q1 2024. This compares to $2.7 billion, or $6.09 per diluted share, in Q1 2023.

• Adjusted EBITDA: The adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) for Q1 2024 was $3.3 billion, down from $5.2 billion in Q1 2023.

Operational Highlights:

• Largest Planned Maintenance Quarter: Marathon Petroleum successfully completed the largest planned maintenance quarter in its history, including work at four major refineries. This positions the company well to meet the high demand during the summer travel season.

• Midstream Growth Strategy: Marathon Petroleum is advancing its midstream growth strategy through disciplined organic investments and targeted acquisitions. Notably, it added new processing plants in the Marcellus and Permian basins and acquired Utica midstream assets1.

Capital Returns:

• The company returned $2.5 billion to shareholders through share repurchases and dividends in Q1 2024.

• Marathon Petroleum announced an additional $5 billion share repurchase authorization, demonstrating its commitment to returning capital. Since May 2021, the total capital returned by MPC stands at $35 billion.

Stock Price Reaction:

• Following the earnings report, Marathon Petroleum’s stock price had mixed reactions.

• The company reported earnings per share (EPS) of $2.58, which exceeded the analyst estimate for EPS of $2.42.

• However, the revenue of $33.21 billion was slightly better than the analyst estimate for revenue of $32.01 billion.