Third-Quarter Earnings Preview
Marathon Petroleum Corp (MPC) is gearing up to release its third-quarter fiscal year 2024 earnings, and investors are eagerly awaiting insights into the company's performance and future outlook. Following a strong second quarter, where total revenues surpassed expectations, MPC faces both opportunities and challenges in the current market landscape.
Total revenues reached $38.362 billion, exceeding the consensus estimate of $35.083 billion.
Adjusted EBITDA was $3.39 billion, down from $4.53 billion in the same period last year due to lower market crack spreads.
Refining operating costs per barrel improved slightly to $4.97 from $5.15 in the prior year.
Refined product sales volume surged to 3,742 thousand barrels per day (mbpd), up from 3,581 mbpd in the year-ago quarter.
Crude oil capacity utilization climbed to 97%, compared to 93% in the previous year.
The company returned approximately $3.2 billion to shareholders, including $2.9 billion in share repurchases and $290 million in dividends.
Marathon Petroleum anticipates an increase in refining operating costs per barrel to $5.35.
Refinery throughputs are projected at 2,845 mbpd.
The performance of MPLX LP, the master limited partnership in which Marathon holds a majority interest, will also be a key factor to watch.
Investors will be particularly interested in how the company navigates the challenges posed by fluctuating market conditions and operational costs.
The company's ability to maintain operational efficiency and manage costs effectively will be crucial for its profitability.
The performance of MPLX LP will provide insights into the strength and profitability of Marathon's integrated operations.
Marathon Petroleum Corp is in the Energy sector.
The company has a 52-week high of $221.11 and a 52-week low of $140.98.