Categories Earnings, Energy

Earnings Summary: A snapshot of Marathon Petroleum’s Q3 2024 report

Energy company Marathon Petroleum Corp. (NYSE: MPC) Tuesday reported a sharp fall in profit for the third quarter of 2024, hurt by a decrease in revenues.

  • Net income attributable to the company plunged to $622 million or $1.87 per share in Q3 from $3.3 billion or $8.28 per share in the year-ago quarter
  • At $35.4 billion, total revenues and other income were down 15% year-over-year in the September quarter
  • Third-quarter adjusted EBITDA dropped to $2.5 billion from $5.7 billion in the comparable quarter of 2023
  • Net cash provided by operating activities was $1.7 billion in Q3; the company returned $3.0 billion of capital to shareholders
  • Corporate expenses totaled $224 million in the third quarter, vs. $246 million in the same period last year
  • At the end of the quarter, Marathon had $5.1 billion of cash, cash equivalents, and short-term investments
  • The board of directors approved an increase to the quarterly dividend to $0.91 per share, payable on December 10, 2024

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