(From Marathon Petroleum Corporation)

Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $937 million, or $2.58 per diluted share, for the first quarter of 2024. In the first quarter of 2024, the company recorded an $89 million charge resulting from the quarterly fair-value remeasurement of outstanding performance-based stock compensation. This reduced diluted earnings per share by $0.20. This compares to net income attributable to MPC of $2.7 billion, or $6.09 per diluted share, for the first quarter of 2023. 

The first quarter of 2024 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $3.3 billion, compared with $5.2 billion for the first quarter of 2023. Adjustments are shown in the accompanying release tables.

“In the first quarter, our team safely and successfully completed the largest planned maintenance quarter in MPC history, including at four of our largest refineries,” said Chief Executive Officer Michael J. Hennigan.

“This positions us to meet the high demand of summer travel season. Additionally, we are advancing our midstream growth strategy through disciplined organic investments and targeted bolt-on acquisitions. This quarter we returned $2.5 billion through share repurchases and dividends, bringing MPC’s total capital returned to $35 billion since May 2021. Today, we announced a $5 billion increase to our share repurchase authorization, further demonstrating our commitment to return capital.”