US Refiner Marathon Petroleum Reports 4Q:23 Results [PDF Download]

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(MPC, 30.Jan.2024) — Marathon Petroleum Corp. (NYSE: MPC) reported net income attributable to MPC of $1.5bn, or $3.84 per diluted share, for the fourth quarter of 2023. This compares to net income attributable to MPC of $3.3bn, or $7.09 per diluted share, for the fourth quarter of 2022.

Adjusted net income was $1.5bn, or $3.98 per diluted share, for the fourth quarter of 2023. This compares to adjusted net income of $3.1bn, or $6.65 per diluted share, for the fourth quarter of 2022.

The fourth quarter of 2023 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $3.5bn, compared with $5.8bn for the fourth quarter of 2022.

Highlights:

  • Fourth -quarter net income attributable to MPC of $1.5bn, or $3.84 per diluted share; adjusted net income of $1.5bn, or $3.98 per adjusted diluted share
  • Full-year 2023 net income attributable to MPC of $9.7bn, or $23.63 per diluted share; adjusted net income of $9.7bn, or $23.63 per adjusted diluted share
  • Full-year net cash provided by operating activities of $14.1bn, supporting the return of $12.8bn of capital to shareholders in 2023
  • 2024 MPC standalone (excluding MPLX) capital spending outlook of $1.25bn

For the full year 2023, net income attributable to MPC was $9.7bn, or $23.63 per diluted share, compared with net income attributable to MPC of $14.5bn, or $28.12 per diluted share for the full year 2022. Adjusted net income was $9.7bn, or $23.63 per diluted share for the full year 2023. This compares to adjusted net income of $13.5bn, or $26.16 per diluted share for the full year 2022. Adjustments are shown in the accompanying release tables.

“In 2023, the business generated $14.1bn of net cash from operations, driven by strong operational performance and commercial execution,” said Chief Executive Officer Michael J. Hennigan. “This enabled the return of $12.8bn of capital to shareholders. We believe MPC is positioned to generate strong through-cycle cash flow with the ability to deliver superior returns to our shareholders.”

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