Zinger Key Points
- Marathon Petroleum beats Q4 estimates with $33.47B revenue and $0.77 EPS.
- Marathon Petroleum returned $1.6B to shareholders, with $7.8B left in buyback authorization.
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Marathon Petroleum Corporation MPC shares are trading higher after it reported fourth-quarter results.
Total revenues and other income of $33.47 billion topped the consensus of $31.12 billion.
Adjusted EBITDA was $2.12 billion for the quarter, compared with $3.57 billion in prior year quarter. Refining operating costs per barrel were $5.26 versus $5.55 a year ago.
Refining & Marketing refined product sales volume for the quarter was 3,747 mbpd (vs. 3,583 mbpd a year ago); Crude oil capacity utilization was 94% (vs. 91% a year ago quarter).
Refining & Marketing segment adjusted EBITDA declined to $559 million from $2.2 billion a year ago due to lower market crack spreads.
Refining & Marketing margin was $12.93 per barrel for the fourth quarter versus $17.81 per barrel for the fourth quarter of 2023.
Adjusted EPS for the quarter was $0.77, down from $3.98 a year earlier. The analysts’ consensus estimate was $0.02.
Marathon Petroleum owns the general partner and majority limited partner interest in MPLX LP MPLX, which reported fourth-quarter earnings per limited partner unit of $1.07, beating the consensus of $1.03. Total revenues and other income of $3.06 billion missed the consensus of $3.07 billion. MPLX returned $3.9 billion of capital to unitholders in 2024.
As of December 31, 2024, Marathon Petroleum 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 around $1.6 billion to shareholders, including $1.3 billion in share repurchases and $292 million in dividends.
As of December 31, the company had $7.8 billion available under its share buyback authorizations.
On January 24, the company declared a quarterly dividend of $0.91 per share, payable on March 10, 2025, to shareholders of record on February 19.
Outlook: Marathon Petroleum expects standalone (excluding MPLX) capital spending of $1.25 billion and MPLX’s capital expenditure of $2.0 billion for 2025.
For the first quarter, the company sees refining operating costs per barrel of $5.70 and refinery throughputs of 2,770 mbpd.
Investors can gain exposure to the stock via iShares U.S. Oil & Gas Exploration & Production ETF IEO and VanEck Oil Refiners ETF CRAK.
Price Action: MPC shares are up 2.04% at $150.00 premarket at the last check Tuesday.
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