
Marathon Petroleum Corp. (MPC) has reported net income of $371 million, or $1.15 per diluted share, for the fourth quarter of 2024, compared with net income of $1.5 billion, or $3.84 per diluted share, in the previous-year quarter.
The Findlay, Ohio-based company posted adjusted net income of $249 million, or $0.77 per diluted share, for the fourth quarter of 2024, compared to adjusted net income of $1.5 billion, or $3.98 per diluted share, for the fourth quarter of 2023. The fourth-quarter figure, adjusted for non-recurring items, was significantly higher than the Zacks consensus estimate of $0.06 per share.
For full-year 2024, net income attributable to MPC was $3.4 billion, or $10.08 per diluted share, compared with net income attributable to MPC of $9.7 billion, or $23.63 per diluted share, for the previous year. Adjusted net income was $3.3 billion, or $9.51 per diluted share for full-year 2024, compared to adjusted net income of $9.7 billion, or $23.63 per diluted share, for full-year 2023.
In its most recent earnings release, MPC said it established a Renewable Diesel segment, which includes renewable diesel activities and assets historically reported in its Refining & Marketing segment. The company aims to “enhance [the] comparability of MPC’s reporting with direct peers who report both a refining and renewable diesel segment”.
The company’s new segment includes its renewables facility in Dickinson, North Dakota, a processing facility with the capacity to produce 184 million gallons per year of renewable diesel. It also includes the Martinez Renewable Fuels joint venture, a 50/50 partnership with Neste Corporation with the capacity to produce 730 million gallons per year of renewable diesel. Other renewable diesel activities and assets include a feedstock aggregation facility, pre-treatment facility, and an interest in the Spiritwood soybean processing complex through its joint venture with Chicago, Illinois-based ADM.
MPC announced plans for a Gulf Coast fractionation complex consisting of two 150,000-barrels-per-day (bpd) fractionation facilities adjacent to MPC’s Galveston Bay refinery. The fractionation facilities are expected to be in service in 2028 and 2029, the company said.
MPC subsidiary MPLX LP plans to purchase offtake from the fractionation complex, which MPC intends to market globally.
Further, the BANGL NGL pipeline will be expanded from 250,000 bpd to 300,000 bpd. The pipeline will enable liquids to reach MPLX’s Gulf Coast fractionation complex and is anticipated to come online in the second half of 2026, MPC said. BANGL is a joint venture between WhiteWater Midstream, MPLX, West Texas Gas, Inc., and Rattler Midstream LP. The natural gas liquids pipeline system connects the Delaware and Midland basins of Texas to the fractionation market in Sweeny, Texas.
Earlier in the month, ONEOK, Inc. and MPLX announced a joint venture that aims to build a large-scale liquefied petroleum gas (LPG) export terminal and pipeline in Texas.
The LPG terminal, to be constructed in Texas City, Texas, will have a capacity of 400,000 barrels per day (bpd) and will connect to ONEOK’s Mont Belvieu storage facility via a new 24-inch pipeline, the midstream operator said in a news release. The facility will handle primarily low ethane propane (LEP) and normal butane (NC4), with ONEOK and MPLX each contractually reserving 200,000 bpd for their respective customers.
“In 2024, we generated net cash from operations of $8.7 billion, which enabled peer-leading capital return to shareholders of $10.2 billion,” MPC President and CEO Maryann Mannen. “Our strong cash flow generation was driven by our commitments to peer-leading operational excellence, commercial performance, and profitability per barrel in each of the regions in which we operate. Execution of our Midstream strategy delivered segment adjusted EBITDA growth of 6 percent. We expect distributions from MPLX in 2025 will cover MPC’s dividends and standalone capital outlook, further supporting our commitment to peer-leading capital return”.
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