Marathon Petroleum said net income attributable to MPC in 2024 decreased $6.24 billion compared to 2023, citing lower Refining & Marketing margins as the primary factor, partially offset by a decreased provision for income taxes.

1. 01

   Marathon Petroleum said net income attributable to MPC in 2024 decreased $6.24 billion compared to 2023, citing lower Refining & Marketing margins as the primary factor, partially offset by a decreased provision for income taxes.

2. 02

   The company said Refining & Marketing margin, excluding LIFO inventory adjustments, was $15.91 per barrel in 2024 compared to $23.15 per barrel in 2023, and that the segment's adjusted EBITDA decreased $8.0 billion. It cited decreased per barrel margins as the primary driver.

3. 03

   The company said in 2024 MPLX purchased an additional 20% ownership interest in BANGL, LLC for $210 million cash, bringing total ownership to 45%, and used $625 million cash to purchase additional ownership interest in existing joint ventures and gathering assets related to the Utica basin.

4. 04

   The company said as of December 31, 2024, MPC had $7.75 billion remaining under its share repurchase authorizations, and that its liquidity, excluding MPLX, totaled $6.79 billion.

Key figures

Fiscal year ended December 31, 2024

Revenue

$138.9B

Operating income

$6.8B

Net income

$3.4B

EPS

$10.08

Operating cash flow

$8.7B

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

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