Marathon Petroleum (MPC) Q1 2025 earnings summary

Executive summary

• First quarter 2025 results showed a net loss of $74 million, or $(0.24) per diluted share, mainly due to lower refining margins and extensive planned maintenance activities.

• Adjusted EBITDA was $2.0 billion, down from $3.3 billion in Q1 2024, with Midstream segment delivering 8% year-over-year growth.

• Returned $1.3 billion to shareholders, including $1.1 billion in share repurchases; $6.7 billion remains under repurchase authorizations.

• Strategic midstream growth included MPLX's acquisition of Whiptail Midstream, full ownership in BANGL, LLC, and FID for the Traverse pipeline.

• Global demand growth is expected to outpace capacity additions through the decade, supporting a constructive environment for U.S. refiners.

Financial highlights

• Total revenues and other income were $31.85 billion, down from $33.21 billion in Q1 2024.

• Adjusted EBITDA totaled $1.98 billion, down from $3.28 billion year-over-year.

• Cash and cash equivalents at March 31, 2025 were $3.81 billion.

• Capital expenditures and investments were $776 million, up from $636 million in Q1 2024.

• Returned $1.3 billion to shareholders in Q1 2025; $6.7 billion remains under share repurchase authorizations.

Outlook and guidance

• Q2 2025 guidance: refining operating costs per barrel at $5.30, planned turnaround costs at $265 million, and total refinery throughputs projected at 2,945 mbpd (94% utilization).

• Capital investment outlook for 2025 is approximately $1.25 billion for MPC (excluding MPLX), with MPLX planning $2.0 billion in capital investments.

• Positioned to meet summer demand with expectations for improved seasonal margins in refining.

• $6.72 billion remains available under share repurchase authorizations as of March 31, 2025.