The company said net income attributable to MPC fell $1.79 billion from a year earlier in Q1 2024, citing lower Refining & Marketing margins and higher turnaround costs as the main factors.

1. 01

   The company said net income attributable to MPC fell $1.79 billion from a year earlier in Q1 2024, citing lower Refining & Marketing margins and higher turnaround costs as the main factors.

2. 02

   The company said Refining & Marketing segment adjusted EBITDA was $7.73 per barrel in Q1 2024, down from $15.09 per barrel a year earlier, and Refining & Marketing margin was $18.99 per barrel, down from $26.15 per barrel a year earlier.

3. 03

   MPC said cash and cash equivalents decreased to approximately $3.18 billion as of March 31, 2024 from $5.44 billion as of December 31, 2023. It said net cash used in operating activities decreased by $2.53 billion in the first 3 months, and net cash used in financing activities was $2.98 billion.

4. 04

   MPC said its remaining share repurchase authorization was $4.63 billion as of March 31, 2024. It said its board approved an additional $5.0 billion share repurchase authorization on April 30, 2024, which has no expiration date.

Key figures

Quarter ended March 31, 2024

Revenue

$32.7B

Operating income

$1.8B

Net income

$937M

EPS

$2.58

Operating cash flow

$1.5B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.