Marathon Petroleum Corp. reported its fourth-quarter 2024 results, showing net income attributable to MPC of $371 million, or $1.15 per diluted share, compared to $1.5 billion, or $3.84 per diluted share, in the same quarter of 2023. Adjusted net income for Q4 2024 was $249 million, or $0.77 per diluted share, compared to $1.5 billion, or $3.98 per diluted share, in Q4 2023.
The company also reported a full-year 2024 net income of $3.4 billion, or $10.08 per diluted share, a decline from $9.7 billion, or $23.63 per diluted share, in 2023. Adjusted net income for 2024 was $3.3 billion, or $9.51 per diluted share.
MPC returned $10.2 billion to shareholders in 2024 through share repurchases and dividends. It also progressed its Midstream Gulf Coast NGL strategy, including MPLX’s announcement of a new fractionation complex and export terminal. The company expects that MPLX distributions in 2025 will cover MPC’s dividends and $1.25 billion capital outlook.
Additionally, MPC introduced a Renewable Diesel segment, which includes its Dickinson, North Dakota facility and the Martinez Renewable Fuels joint venture with Neste Corporation.
For the fourth quarter, the company's adjusted EBITDA from refining & marketing was $559 million, down from $2.25 billion in Q4 2023. The Midstream segment's adjusted EBITDA increased to $1.71 billion from $1.57 billion. The Renewable Diesel segment had an adjusted EBITDA loss of $28 million for Q4 2024, compared to a loss of $47 million in Q4 2023.
Overall, adjusted EBITDA for Q4 2024 was $2.12 billion, compared to $3.57 billion for Q4 2023.
WS Investor