Marathon Petroleum Q1 net income $845M ($1.49/sh) vs loss; JV with Neste, $8B buyback

Marathon Petroleum Corp

2022-Q1 EPS reported $1.49 revenue$38,058,000,000

Net income $845M ($1.49 diluted EPS) vs net loss $242M in Q1 2021.
Adjusted EBITDA $2.6B vs $1.6B; Refining & Marketing segment $1.4B vs $23M.
Repurchased ~$2.5B in Q1; $8B of $10B buyback program completed as of April 30.
Forming 50/50 JV with Neste at Martinez renewable fuels; Neste to contribute $1B; target 730M gal/yr by end 2023.
Announced 15% Scope 3 GHG reduction target by 2030 vs 2019 base; MPLX issued $1.5B senior notes.

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