Marathon Petroleum Corp. Q3 2024 Earnings Report Highlights
Tuesday, 5 November 2024, 13:35
Key Highlights from Marathon Petroleum Corp.'s Q3 2024 Earnings
In its latest financial update, Marathon Petroleum Corp. (NYSE: MPC) reported a sharp decrease in its Q3 2024 profits. Key takeaways from the report include:
- Net income dropped to $622 million, equivalent to $1.87 per share, down from $3.3 billion or $8.28 per share year-over-year.
- Overall revenues and other income fell by 15% year-over-year to $35.4 billion.
- Adjusted EBITDA reported at $2.5 billion, a decline from $5.7 billion compared to the previous year.
- Net cash provided by operating activities stood at $1.7 billion for the quarter.
- The company returned $3.0 billion in capital to shareholders, demonstrating ongoing commitment despite profit drops.
- Corporate expenses totaled $224 million, slightly down from $246 million in the same period last year.
- Marathon concluded the quarter with $5.1 billion in cash and cash equivalents.
- The board approved a quarterly dividend increase to $0.91 per share, payable on December 10, 2024.
Market Reaction and Implications
The effects of Marathon Petroleum Corp.’s Q3 2024 earnings on the MPC stock price and investor sentiment will be closely monitored, especially in relation to prevailing conditions in the oil & gas sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.