Marathon Petroleum Corporation
Total revenues and other income of $35.4 billion topped the consensus of $32.8 billion.
Adjusted EBITDA was $2.49 billion for the quarter, compared with $5.71 billion in prior year quarter. Refining operating costs per barrel were $5.30 versus $5.14 a year ago.
Refining & Marketing refined product sales volume for the quarter was 3,685 mbpd (vs. 3,596 mbpd a year ago); Crude oil capacity utilization was 94% (flat year over year).
Refining & Marketing segment adjusted EBITDA declined to $1.053 billion from $4.373 billion a year ago due to lower market crack spreads.
Adjusted EPS for the quarter was $1.87, above the consensus of $0.98.
As of September-end, Marathon Petroleum had $5.1 billion of cash, cash equivalents, and short-term investments and $5 billion available on its bank revolving credit facility.
In the third quarter, the company returned around $3.0 billion to shareholders, including $2.7 billion in share repurchases and $273 million in dividends. Through October 31, the company bought back an additional $0.5 billion of shares.
Additionally, the company's board approved an incremental $5 billion share repurchase authorization. With the addition of this new authorization, Marathon Petroleum has $8.5 billion available under its share repurchase authorizations.
On October 30, the company increased its quarterly dividend to $0.91 per share. The dividend is payable on December 10 to shareholders of record on November 20.
Outlook: Marathon Petroleum expects fourth-quarter Refining operating costs per barrel of $5.50 and Refinery throughputs of 2,880 mbpd.
Marathon Petroleum owns the general partner and majority limited partner interest in MPLX LP
Investors can gain exposure to the stock via iShares U.S. Oil & Gas Exploration & Production ETF
Price Action: MPC shares are up 2.80% at $149.00 premarket at the last check Tuesday.
