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Marathon(MPC) - 2024 Q4 - Annual Results
MPCMarathon(MPC)2025-02-04 11:32

Financial Performance - For Q4 2024, net income attributable to Marathon Petroleum Corp. (MPC) was 371million,or371 million, or 1.15 per diluted share, down from 1.5billion,or1.5 billion, or 3.84 per diluted share in Q4 2023[2]. - Adjusted net income for Q4 2024 was 249million,or249 million, or 0.77 per diluted share, compared to 1.5billion,or1.5 billion, or 3.98 per diluted share in Q4 2023[3]. - Adjusted EBITDA for Q4 2024 was 2.1billion,adecreasefrom2.1 billion, a decrease from 3.6 billion in Q4 2023[4]. - For the full year 2024, net income attributable to MPC was 3.4billion,or3.4 billion, or 10.08 per diluted share, down from 9.7billion,or9.7 billion, or 23.63 per diluted share in 2023[5]. - Adjusted net income attributable to MPC for Q4 2024 was 249million,downfrom249 million, down from 1,505 million in Q4 2023, a decrease of 83.5%[43]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was 11,323million,downfrom11,323 million, down from 19,075 million in 2023[46]. Shareholder Returns - The company returned 10.2billiontoshareholdersin2024throughsharerepurchasesanddividends[6].SegmentPerformance−TheMidstreamsegmentadjustedEBITDAincreasedto10.2 billion to shareholders in 2024 through share repurchases and dividends[6]. Segment Performance - The Midstream segment adjusted EBITDA increased to 1.7 billion in Q4 2024, compared to 1.6billioninQ42023,drivenbyhigherratesandvolumes[11].−TheRenewableDieselsegmentadjustedEBITDAimprovedto1.6 billion in Q4 2023, driven by higher rates and volumes[11]. - The Renewable Diesel segment adjusted EBITDA improved to 28 million in Q4 2024, up from a loss of 47 million in Q4 2023[12]. - Refining & Marketing segment adjusted EBITDA for Q4 2024 was 559 million, compared to 2,248millioninQ42023[48].−RenewableDieselsegmentadjustedEBITDAforQ42024was2,248 million in Q4 2023[48]. - Renewable Diesel segment adjusted EBITDA for Q4 2024 was 28 million, an improvement from a loss of 47millioninQ42023[50].RevenueandCosts−TotalrevenuesforQ42024were47 million in Q4 2023[50]. Revenue and Costs - Total revenues for Q4 2024 were 33,466 million, a decrease of 9.2% from 36,823millioninQ42023[29].−TotalcostsandexpensesforQ42024were36,823 million in Q4 2023[29]. - Total costs and expenses for Q4 2024 were 32,325 million, a decrease of 6.1% from 34,428millioninQ42023[29].−CapitalexpendituresforQ42024totaled34,428 million in Q4 2023[29]. - Capital expenditures for Q4 2024 totaled 921 million, an increase of 18.1% from 780 million in Q4 2023[30]. Refining and Marketing Metrics - Refining & Marketing margin for Q4 2024 was 12.93 per barrel, a decrease of 27.5% from 17.81 per barrel in Q4 2023[31]. - Refining & Marketing refined product sales volume for Q4 2024 was 3,747 mbpd, an increase of 4.6% from 3,583 mbpd in Q4 2023[32]. - Crude oil refining capacity utilization for Q4 2024 was 94%, up from 91% in Q4 2023[32]. - Refining & Marketing gross margin for the twelve months ended December 31, 2024, was 4,717 million, significantly lower than 12,050 million in 2023[48]. - Refining & Marketing margin for Q4 2024 was 3,460 million, down from 4,947 million in Q4 2023[48]. - Refining & Marketing margin by region for Q4 2024: Gulf Coast 1,483 million, Mid-Continent 1,207million,WestCoast1,207 million, West Coast 770 million[48]. Cash and Debt - As of December 31, 2024, MPC had 3.2billionincashandcashequivalents,including3.2 billion in cash and cash equivalents, including 1.5 billion at MPLX[14]. - Cash and cash equivalents decreased to 3,210millionasofDecember31,2024,downfrom3,210 million as of December 31, 2024, down from 4,002 million as of September 30, 2024, a decline of 19.7%[40]. - Total consolidated debt was 27,481millionasofDecember31,2024,adecreasefrom27,481 million as of December 31, 2024, a decrease from 28,220 million as of September 30, 2024, a reduction of 2.6%[40]. Capital Spending Outlook - MPC's standalone capital spending outlook for 2025 is 1.25billion,with701.25 billion, with 70% focused on value-enhancing capital[16]. - MPLX's capital spending outlook for 2025 is 2.0 billion, supporting expansion projects in the Permian and Gulf Coast regions[17]. Asset Disposal and Acquisitions - Net gain on disposal of assets for Q4 2024 was 11million,asignificantdecreasefrom11 million, a significant decrease from 91 million in Q4 2023[29]. - The twelve months ended December 31, 2024 included 228millionrelatedtoacquisitionsofadditionalinterestsinBANGL,LLCandWinktoWebsterPipelineLLC[30].RegionalPerformance−GulfCoastRegion′sgrossrefinerythroughputsincreasedto1,376mbpdinQ42024from1,330mbpdinQ42023,representingagrowthof3.5228 million related to acquisitions of additional interests in BANGL, LLC and Wink to Webster Pipeline LLC[30]. Regional Performance - Gulf Coast Region's gross refinery throughputs increased to 1,376 mbpd in Q4 2024 from 1,330 mbpd in Q4 2023, representing a growth of 3.5%[36]. - Mid-Continent Region's refining & marketing margin decreased to 11.31 per barrel in Q4 2024 from 17.75perbarrelinQ42023,adeclineof36.517.75 per barrel in Q4 2023, a decline of 36.5%[36]. - West Coast Region's refining & marketing margin also decreased to 15.70 per barrel in Q4 2024 from 24.53perbarrelinQ42023,adropof36.124.53 per barrel in Q4 2023, a drop of 36.1%[37]. Renewable Diesel Performance - Renewable Diesel margin, excluding LIFO inventory credit, rose to 82 million in Q4 2024 from 58millioninQ42023,agrowthof41.458 million in Q4 2023, a growth of 41.4%[39]. - Renewable Diesel gross margin for the twelve months ended December 31, 2024, was a loss of 286 million, compared to a loss of 109millionin2023[50].−RenewableDieselmarginforQ42024was109 million in 2023[50]. - Renewable Diesel margin for Q4 2024 was 137 million, up from $70 million in Q4 2023[50].