NEW YORK – Marathon Petroleum Corp (NYSE:MPC) reported third-quarter earnings and revenue that surpassed analyst expectations on Tuesday, sending its shares up 4% in premarket trading.
The Findlay, Ohio-based oil refiner posted adjusted earnings per share of $1.87, significantly beating the analyst consensus estimate of $1.04. Revenue came in at $35.37 billion, topping expectations of $34.34 billion.
Net income attributable to Marathon Petroleum was $622 million, or $1.87 per diluted share, compared to $3.3 billion, or $8.28 per share, in the same quarter last year. The year-over-year decline reflects lower refining margins compared to the exceptionally strong environment in 2023.
“We remain committed to peer-leading operational excellence, commercial performance, and profitability per barrel in each of the regions in which we operate,” said President and CEO Maryann Mannen.
The company’s refining and marketing segment reported adjusted EBITDA of $1.1 billion in Q3, down from $4.4 billion a year ago, driven primarily by lower market crack spreads. Refinery utilization was approximately 94% for the quarter.
Marathon returned $3 billion to shareholders through share repurchases and dividends during the quarter. The company also announced an additional $5 billion share repurchase authorization and a 10% increase to its quarterly dividend.
Looking ahead, Marathon expects fourth-quarter refinery throughputs of 2.88 million barrels per day.
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