Marathon Petroleum Corp. (MPC) has reported internet earnings of $371 million, or $1.15 per diluted share, for the fourth quarter of 2024, in contrast with internet earnings of $1.5 billion, or $3.84 per diluted share, within the previous-year quarter.
The Findlay, Ohio-based firm posted adjusted internet earnings of $249 million, or $0.77 per diluted share, for the fourth quarter of 2024, in comparison with adjusted internet earnings of $1.5 billion, or $3.98 per diluted share, for the fourth quarter of 2023. The fourth-quarter determine, adjusted for non-recurring gadgets, was considerably greater than the Zacks consensus estimate of $0.06 per share.
For full-year 2024, internet earnings attributable to MPC was $3.4 billion, or $10.08 per diluted share, in contrast with internet earnings attributable to MPC of $9.7 billion, or $23.63 per diluted share, for the earlier 12 months. Adjusted internet earnings was $3.3 billion, or $9.51 per diluted share for full-year 2024, in comparison with adjusted internet earnings of $9.7 billion, or $23.63 per diluted share, for full-year 2023.
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In its most up-to-date earnings launch, MPC mentioned it established a Renewable Diesel section, which incorporates renewable diesel actions and belongings traditionally reported in its Refining & Advertising section. The corporate goals to “improve [the] comparability of MPC’s reporting with direct friends who report each a refining and renewable diesel section”.
The corporate’s new section consists of its renewables facility in Dickinson, North Dakota, a processing facility with the capability to supply 184 million gallons per 12 months of renewable diesel. It additionally consists of the Martinez Renewable Fuels three way partnership, a 50/50 partnership with Neste Company with the capability to supply 730 million gallons per 12 months of renewable diesel. Different renewable diesel actions and belongings embody a feedstock aggregation facility, pre-treatment facility, and an curiosity within the Spiritwood soybean processing advanced via its three way partnership with Chicago, Illinois-based ADM.
MPC introduced plans for a Gulf Coast fractionation advanced consisting of two 150,000-barrels-per-day (bpd) fractionation amenities adjoining to MPC’s Galveston Bay refinery. The fractionation amenities are anticipated to be in service in 2028 and 2029, the corporate mentioned.
MPC subsidiary MPLX LP plans to buy offtake from the fractionation advanced, which MPC intends to market globally.
Additional, the BANGL NGL pipeline will likely be expanded from 250,000 bpd to 300,000 bpd. The pipeline will allow liquids to achieve MPLX’s Gulf Coast fractionation advanced and is anticipated to come back on-line within the second half of 2026, MPC mentioned. BANGL is a three way partnership between WhiteWater Midstream, MPLX, West Texas Gasoline, Inc., and Rattler Midstream LP. The pure fuel liquids pipeline system connects the Delaware and Midland basins of Texas to the fractionation market in Sweeny, Texas.
Earlier within the month, ONEOK, Inc. and MPLX introduced a three way partnership that goals to construct a large-scale liquefied petroleum fuel (LPG) export terminal and pipeline in Texas.
The LPG terminal, to be constructed in Texas Metropolis, Texas, may have a capability of 400,000 barrels per day (bpd) and can hook up with ONEOK’s Mont Belvieu storage facility by way of a brand new 24-inch pipeline, the midstream operator mentioned in a information launch. The ability will deal with primarily low ethane propane (LEP) and regular butane (NC4), with ONEOK and MPLX every contractually reserving 200,000 bpd for his or her respective prospects.
“In 2024, we generated internet money 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 sturdy money stream era was pushed by our commitments to peer-leading operational excellence, business efficiency, and profitability per barrel in every of the areas by which we function. Execution of our Midstream technique delivered section adjusted EBITDA development of 6 p.c. We count on distributions from MPLX in 2025 will cowl MPC’s dividends and standalone capital outlook, additional supporting our dedication to peer-leading capital return”.
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