Marathon Petroleum Q2 adj EPS $0.67 vs -$1.33 YoY; sold Speedway, to repurchase $9B in shares

Marathon Petroleum Corp

2021-Q2 EPS reported $12.71 revenue$52,326,000,000

Net income $8.5B ($13.00 diluted EPS) includes $11.6B pre-tax gain on Speedway sale; adjusted net income $437M ($0.67).
Closed $21B Speedway sale to 7-Eleven; repurchased ~$1B shares via Dutch auction; plans $9B more repurchases over 12-16 months.
R&M segment income $224M vs -$1.5B YoY on higher crack spreads; crude throughput 2.9M bpd at 94% utilization.
Midstream segment income $977M vs $869M YoY; Dickinson renewable diesel reached 184M gal/yr design capacity.
Debt reduced by $3.3B to $9.1B; debt-to-capital ratio 24%; Q3 R&M throughput guidance 2.8M bpd.

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