Marathon Petroleum Corp. (NYSE: MPC) has announced its first-quarter 2024 financial results, showcasing a net income attributable to MPC of $937 million, or $2.58 per diluted share. The company reported an $89 million charge due to stock compensation adjustments, affecting diluted earnings per share. This marks a significant difference from the first quarter of 2023, where net income stood at $2.7 billion, or $6.09 per diluted share.
CEO Michael J. Hennigan expressed pride in the team's accomplishments during the quarter, stating, "In the first quarter, our team safely and successfully completed the largest planned maintenance quarter in MPC history, including at four of our largest refineries." Hennigan highlighted the company's strategic positioning to address the upcoming summer travel season and emphasized their focus on advancing the midstream growth strategy through investments and acquisitions.
The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first quarter of 2024 totaled $3.3 billion, a decrease from $5.2 billion in the same period of 2023. The Refining & Marketing segment's adjusted EBITDA was $1.9 billion, down from $3.9 billion in the first quarter of 2023, with a decrease in market crack spreads and throughputs driving the decline.
Marathon Petroleum Corporation also highlighted its commitment to returning capital to shareholders, with Hennigan announcing a $5 billion increase to the share repurchase authorization. The company has already returned approximately $2.5 billion to shareholders in the first quarter through share repurchases and dividends, with an additional $0.8 billion in share repurchases completed by April 26.
Looking ahead, MPC's 2024 capital spending plan includes significant infrastructure investments at key refineries and strategic projects aimed at enhancing operational efficiency and profitability. The company's midstream segment, represented by MPLX, is also progressing with growth projects in key basins, showcasing a commitment to expanding value chains and driving future growth opportunities.
Marathon Petroleum Corporation will host a conference call and webcast at 11:00 a.m. ET to discuss the reported results and provide insights into company operations. Interested parties can access the webcast on MPC's website. Additional financial information and investor-related materials are available online prior to the conference call.
For more information on Marathon Petroleum Corporation and its operations, visit www.marathonpetroleum.com.