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Marathon Petroleum Q2 Earnings Top Estimates

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Marathon Petroleum News

Earnings,Refining,Oil

Marathon Petroleum reported higher-than-expected earnings for the second quarter, driven by strong refining volumes and midstream performance, despite weaker refining margins.

Marathon Petroleum NYSE MPC booked higher-than-expected earnings for the second quarter amid higher processing volumes that partly offset weak refining margins. The U.S. refining giant reported on Tuesday an adjusted net income of $1.4 billion, or $4.12 per diluted share, for the second quarter. This beat by a wide margin the $3.09 EPS consensus analyst estimate compiled by The Wall Street Journal. Marathon Petroleum’s net income slumped to $1.5 billion for the second quarter, down from $2.

Crude capacity utilization was approximately 97%, resulting in total throughput of 3.1 million barrels per day bpd for the second quarter of 2024, the refiner said. “Overall, the business generated $3.2 billion of net cash provided by operating activities and we returned $3.2 billion through share repurchases and dividends during the quarter,” president and CEO Maryann Mannen said. The other U.S.

 

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