secwatch.observer — SEC 8-K summary
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Issuer:     Marathon Petroleum Corp (MPC)
CIK:        0001510295
Form:       8-K
Filed at:   2024-04-30T23:59:59+00:00
Accession:  0001510295-24-000045
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Marathon Petroleum Q1 net income $937M ($2.58 EPS), down 65% YoY; adds $5B buyback
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- Net income $937M ($2.58 diluted EPS) vs $2.7B ($6.09) in Q1 2023; adjusted EBITDA $3.3B vs $5.2B.
- Returned $2.5B to shareholders: $2.2B buybacks + $299M dividends; Board approved additional $5B repurchase authorization (total ~$8.8B available).
- R&M segment adj EBITDA $1.9B ($7.73/bbl), down from $3.9B ($15.09/bbl) as planned turnarounds cut utilization to 82%.
- Midstream segment adj EBITDA $1.6B, up from $1.5B; MPLX acquired Utica midstream assets for $625M and advanced Permian/Marcellus plants.
- Q2 2024 outlook: R&M throughput ~2.97M bpd, turnaround costs $200M, operating costs $4.95/bbl, corporate expense $200M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1510295/000151029524000045/0001510295-24-000045-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1510295/000151029524000045/mpc-20240430.htm
  HTML page:      https://secwatch.observer/filing/0001510295-24-000045

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