Marathon Petroleum (MPC) Q4 2023 earnings summary

Executive summary

• FY23 generated $14.1B in net cash from operating activities and $12.8B in shareholder returns; total shareholder return was 31%.

• Q4 net income was $1.451B; adjusted EBITDA was $3.528B and adjusted diluted EPS was $3.98.

Financial highlights

• FY23 adjusted EBITDA was $18.985B versus $24.335B in FY22; adjusted diluted EPS was $23.63.

• FY23 net income was $9.7B versus $14.5B in FY22; adjusted net income was $9.7B versus $13.5B.

• FY23 cash flow from operations excluding working-capital changes was $13.887B; Q4 was $2.258B.

Outlook and guidance

• 2024 standalone capital outlook was $1.25B, with ~65% for growth and 35% for sustaining capital; $825M was designated for growth opportunities.

• About 40% of 2024 growth capital was allocated to renewables and carbon-reduction projects, excluding MPLX.

• Q1 2024 projected throughput was 2.685MMBPD at 83% utilization; operating costs were $5.85/bbl, distribution costs $1.45B, turnarounds $600M and D&A $480M.

• MPLX set a $1.1B capital outlook focused on growth projects in the Marcellus and Permian basins.