Q2 2024 Marathon Petroleum Corp Earnings Call Transcript
Key Points
- Marathon Petroleum Corp (MPC) achieved a high refining utilization rate of 97% in Q2 2024, outperforming peers.
- MPC returned $3.2 billion to shareholders in Q2 2024, demonstrating strong capital return capabilities.
- The company’s midstream segment, MPLX, continues to provide significant cash flows, contributing $550 million in Q2 2024.
- MPC's strategic investments in high-return projects and geographic diversification provide a competitive advantage.
- The company has reduced its share count by nearly 50% since May 2021, enhancing shareholder value.
- MPC's refining operating costs were $4.97 per barrel in Q2 2024, which, while lower sequentially, still represent a significant expense.
- The company faces potential short-term volatility due to global supply and demand fluctuations, including decisions by OPEC and demand changes in China.
- MPC's Q3 2024 crude throughput volume is projected to be lower at 2.6 million barrels per day, representing a 90% utilization rate.
- The company anticipates significant turnaround expenses of approximately $1.4 billion for the full year 2024.
- MPC's net debt has increased by $1.5 billion over the past couple of quarters, indicating a potential risk in balance sheet management.
Welcome to the MPC second quarter 2024 earnings call. My name is Sheila, and I will be your operator for today's call. (Operator instructions) Please note that this conference is being recorded.
I will now turn the call over to Kristina Kazarian. Kristina, you may begin.
Welcome to Marathon Petroleum Corporation's second quarter 2024 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com. under the investor tab.
Joining me on the call today are Maryann Mannen, CEO; John Quaid, CFO, and other members of the executive team. We invite you to read the Safe Harbor statements on slide 2, we will be making forward-looking statements today. Actual results may differ factors that could cause actual results to differ are included there as well as in our filings with the SEC.
With that, I'll turn the call over to Maryann.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
