Energy company Marathon Petroleum Corp. (NYSE: MPC) on Tuesday reported lower earnings and an increase in revenues & other income for the second quarter of 2024.
- Second-quarter net income attributable to MPC was $1.5 billion or $4.33 per share, vs. $2.23 billion or $5.32 per share last year
- Adjusted earnings decreased to $4.12 per share in the second quarter from $5.32 per share in the year-ago quarter
- Adjusted EBITDA came in at $3.4 billion in Q2 and net cash provided by operating activities totaled $3.2 billion
- During the quarter, the company returned $2.9 billion in share repurchases and $290 million in dividends to shareholders
- Through July 31, the company repurchased an additional $0.9 billion of company shares
- As of June 30, 2024, Marathon had $8.5 billion of cash, cash equivalents, and short-term investments and $5 billion available on its bank revolving credit facility