Marathon Petroleum Q3 net income $622M ($1.87/diluted), down 81% YoY; dividend raised 10%

Marathon Petroleum Corp

2024-Q3 EPS reported $8.83 revenue$105,727,000,000

Net income $622M vs $3.3B YoY; adjusted EBITDA $2.5B vs $5.7B; refining margins fell to $14.35/bbl from $26.16/bbl.
Returned $3.0B to shareholders in Q3: $2.7B buybacks + $273M dividends; board approved additional $5B buyback authorization.
Quarterly dividend increased 10% to $0.91/share, payable Dec 10 to holders of record Nov 20; MPC expects $2.5B annual MPLX distributions.
Midstream segment adjusted EBITDA $1.6B (+6% YoY) driven by Permian/Marcellus growth; MPLX capacity expansions on track.
Q4 outlook: crude throughput ~2.65M bpd, refining costs $5.50/bbl, turnaround costs $285M; FY capex includes high-return refinery projects.

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