FINDLAY, Ohio, April 30, 2024 /PRNewswire/ -- First-quarter net income attributable to MPC of $937 million, or $2.58 per diluted share; adjusted EBITDA of $3.3 billion Net cash provided by operating activities of $1.5 billion; safely and successfully completed largest planned maintenance quarter in MPC history, including at four of its largest refineries Advanced midstream growth strategy, with new processing plants in the Marcellus and Permian basins and acquisition of Utica midstream assets; MPLX distributed $550 million to MPC Returned $2.5 billion of capital through $2.2 billion of share repurchases and $299 million of dividends Announced additional $5 billion share repurchase authorization, further demonstrates commitment to return of capital, which has totaled $35 billion of total capital returned since May 2021 Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $937 million, or $2.58 per diluted share, for the first quarter of 2024. In the first quarter of 2024, the company recorded an $89 million charge resulting from the quarterly fair-value remeasurement of outstanding performance-based stock compensation. This reduced diluted earnings per share by $0.20. This compares to net income attributable to MPC of $2.7 billion, or $6.09 per diluted share, for the first quarter of 2023.  The first quarter of 2024 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $3.3 billion, compared with $5.2 billion for the first quarter of 2023. Adjustments are shown in the accompanying release tables. "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," said Chief Executive Officer Michael J. Hennigan. "This positions us to meet the high demand of summer travel season. Additionally, we are advancing our midstream growth strategy through disciplined organic investments and targeted bolt-on acquisitions. This quarter we returned $2.5 billion through share repurchases and dividends, bringing MPC's total capital returned to $35 billion since May 2021. Today, we announced a $5 billion increase to our share repurchase authorization, further demonstrating our commitment to return capital." Results from Operations Adjusted EBITDA (unaudited) Three Months Ended  March 31, (In millions) 2024 2023 Refining & Marketing Segment Segment income from operations $ 766 $ 3,032 Add: Depreciation and amortization 460 464  Refining planned turnaround costs 648 357 Refining & Marketing segment adjusted EBITDA 1,874 3,853 Midstream Segment Segment income from operations 1,246 1,213 Add: Depreciation and amortization 343 317 Midstream segment adjusted EBITDA 1,589 1,530 Subtotal 3,463 5,383 Corporate (228) (184) Add: Depreciation and amortization 24 19 Adjusted EBITDA $ 3,259 $ 5,218 Refining & Marketing (R&M) Segment adjusted EBITDA was $1.9 billion in the first quarter of 2024, versus $3.9 billion for the first quarter of 2023. R&M segment adjusted EBITDA was $7.73 per barrel for the first quarter of 2024, versus $15.09 per barrel for the first quarter of 2023. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $648 million in the first quarter of 2024 and $357 million in the first quarter of 2023. The decrease in segment adjusted EBITDA was driven by lower market crack spreads and lower throughputs. R&M margin was $18.99 per barrel for the first quarter of 2024, versus $26.15 per barrel for the first quarter of 2023. Crude capacity utilization was approximately 82%, resulting in total throughput of 2.7 million barrels per day for the first quarter of 2024. The company completed $648 million of planned turnaround activity in the first quarter of 2024, the highest level in company history. Turnarounds lowered utilization to 82%, which contributed to refining operating costs per barrel of $6.14. Midstream Segment adjusted EBITDA was $1.6 billion in the first quarter of 2024, versus $1.5 billion for the first quarter of 2023. The results were primarily driven by higher rates and higher processing volumes.  Corporate and Items Not Allocated Corporate expenses totaled $228 million in the first quarter of 2024, compared with $184 million in the first quarter of 2023. The variance was driven by the portion of the fair value remeasurement of outstanding performance-based stock compensation attributed to Corporate. Financial Position, Liquidity, and Return of Capital As of March 31, 2024, MPC had $7.6 billion of cash, cash equivalents, and short-term investments and $5 billion available on its bank revolving credit facility. In the first quarter, the company returned approximately $2.5 billion of capital to shareholders through $2.2 billion of share repurchases and $299 million of dividends. Through April 26, the company repurchased an additional $0.8 billion of company shares. Additionally, the Board of Directors has approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company currently has approximately $8.8 billion available under its share repurchase authorizations. The company may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be suspended or discontinued at any time. Strategic and Operations Update MPC's 2024 capital spending plan includes executing on a multi-year infrastructure investment at its Los Angeles refinery and the construction of a 90,000 barrel per day distillate hydrotreater at its Galveston Bay refinery. In addition to these large projects, the company is executing on smaller projects that offer high returns targeted at enhancing refinery yields, improving energy efficiency, and lowering costs. MPLX is advancing growth projects anchored in the Marcellus and Permian basins. MPLX's integrated footprints in these basins have positioned the partnership with a steady source of opportunities to expand its value chains. In the Permian, startup is commencing on the 200 million cubic feet per day (mmcf/d) Preakness ll processing plant. In the Marcellus, the 200 mmcf/d Harmon Creek ll processing plant was placed into operation in the first quarter. MPLX enhanced its Utica footprint through the acquisition of additional ownership interest in existing joint ventures and a dry gas gathering system for $625 million. The transaction closed in March 2024. Additionally, MPLX announced the expansion of its Permian natural gas value chain, increasing its footprint in the region for future growth. MPLX entered into a definitive agreement to strategically combine the Whistler Pipeline and Rio Bravo Pipeline project in a newly formed joint venture. The transaction is expected to close in the second quarter of 2024, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions. Second-Quarter 2024 Outlook Refining & Marketing Segment: Refining operating costs per barrel(a) $ 4.95 Distribution costs (in millions) $ 1,500 Refining planned turnaround costs (in millions) $ 200 Depreciation and amortization (in millions) $ 485 Refinery throughputs (mbpd):     Crude oil refined 2,775     Other charge and blendstocks 190         Total 2,965 Corporate (includes $20 million of D&A) $ 200 (a) Excludes refining planned turnaround and depreciation and amortization expense. Conference Call At 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com. About Marathon Petroleum Corporation Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com. Investor Relations Contacts: (419) 421-2071Kristina Kazarian, Vice President Finance and Investor RelationsBrian Worthington, Director, Investor RelationsKenan Kinsey, Supervisor, Investor Relations Media Contact: (419) 421-3577Jamal Kheiry, Communications Manager References to Earnings and Defined Terms References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC's share after excluding amounts attributable to noncontrolling interests. Forward-Looking Statements This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, diversity, equity and inclusion targets and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "project," "prospective," "pursue," "seek," "should," "strategy," "target," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, including changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs, or renewables, or taxation; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, inflation or rising interest rates; the regional, national and worldwide demand for refined products and renewables and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, NGLs and other feedstocks and related pricing differentials; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete planned projects or to consummate planned transactions within the expected timeframes if at all; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes or maximum refining margin penalties on companies operating within the energy industry in California or other jurisdictions; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2023, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Consolidated Statements of Income (unaudited) Three Months Ended  March 31, (In millions, except per-share data) 2024 2023 Revenues and other income:    Sales and other operating revenues $ 32,706 $ 34,864  Income from equity method investments 204 133  Net gain on disposal of assets 20 3    Other income 281 77        Total revenues and other income 33,211 35,077 Costs and expenses:    Cost of revenues (excludes items below) 29,593 29,294    Depreciation and amortization 827 800    Selling, general and administrative expenses 779 691    Other taxes 228 231        Total costs and expenses 31,427 31,016 Income from operations 1,784 4,061 Net interest and other financial costs 179 154 Income before income taxes 1,605 3,907 Provision for income taxes 293 823 Net income 1,312 3,084 Less net income attributable to: Redeemable noncontrolling interest