Marathon Oil (MRO) Q4 2024 earnings summary

Executive summary

• Fourth-quarter 2024 net income attributable to MPC was $371 million ($1.15 per diluted share), down from $1.5 billion ($3.84 per share) year-over-year.

• Adjusted net income for Q4 2024 was $249 million ($0.77 per share), compared to $1.5 billion ($3.98 per share) in Q4 2023.

• Full-year 2024 net income was $3.4 billion ($10.08 per share), down from $9.7 billion ($23.63 per share) in 2023; adjusted net income was $3.3 billion ($9.51 per share).

• $10.2 billion returned to shareholders in 2024 via share repurchases and dividends.

• Midstream strategy advanced with new Gulf Coast NGL fractionation complex and export terminal projects.

Financial highlights

• Q4 2024 adjusted EBITDA was $2.1 billion, down from $3.6 billion in Q4 2023.

• Full-year 2024 adjusted EBITDA was $11.3 billion, compared to $19.1 billion in 2023.

• Q4 2024 sales and other operating revenues were $33.1 billion, down from $36.3 billion in Q4 2023.

• Net cash from operations in 2024 totaled $8.7 billion.

• As of Dec. 31, 2024, cash and equivalents were $3.2 billion, with $5 billion available on the revolving credit facility.

Outlook and guidance

• 2025 standalone capital spending outlook (excluding MPLX) is $1.25 billion, with 70% for value-enhancing and 30% for sustaining capital.

• MPLX's 2025 capital spending outlook is $2.0 billion, focused on Permian and Marcellus expansions and new Gulf Coast projects.

• Distributions from MPLX in 2025 expected to cover MPC's dividends and standalone capital needs.

• Q1 2025 refining operating costs per barrel projected at $5.70.