Marathon Petroleum’s Q3 Earnings Beat Wall Street Estimates

SEATTLE (Oil Monster): Marathon Petroleum Corporation (MPC), a prominent oil refiner with headquarters in Ohio, released its Q3 financial results. Thanks mostly to better-than-expected throughput and utilization rates, the earnings exceeded Wall Street projections.

For the third quarter of 2024, the firm reported net income attributable to MPC of $622 million, or $1.87 per diluted share. This contrasts with the $3.3 billion in net income attributable to MPC, or $8.28 per diluted share, for the same quarter last year.

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The adjusted EBITDA for the third quarter of 2023 was $5.7 billion, whereas the third quarter adjusted EBITDA was $2.5 billion. In the third quarter of 2024, the Refining and Marketing Segment's adjusted EBITDA was $1.1 billion, a substantial decrease from $4.4 billion in the same period in 2023. According to a corporate news release, the Midstream sector adjusted EBITDA improved from $1.5 billion in Q3 of last year to $1.6 billion in Q3 of 2024.

In Q3 of this year, the refiner's crude capacity utilization was over 94%, above the 90% prediction issued in August 2024. Additionally, the 3 million barrels per day (mbpd) overall throughput exceeded the 2.84 mbpd that the business had anticipated. Additionally, the company's performance on distribution costs improved.

In the third quarter of this year, corporate spending came to $224 million, up from $226 million in the same quarter last year.