Marathon Petroleum Corporation · Q4 2019 earnings

Briefing

Marathon Petroleum reported net income of $443 million and adjusted income of $1.0 billion for Q4 2019.

Marathon Petroleum Corp. reported a net income of $443 million, or $0.68 per diluted share, for the fourth quarter of 2019. Adjusted net income for the quarter was $1.0 billion, or $1.56 per diluted share. The company realized $420 million in synergies and generated $2.4 billion of operating cash flow.

• Reported fourth-quarter income of $443 million, or $0.68 per diluted share; adjusted income of $1.0 billion, or $1.56 per diluted share
• Generated $2.4 billion of operating cash flow in the fourth quarter
• Executed across all business segments in the fourth quarter: $420 million of realized synergies, strong refining margin and utilization, solid retail margin capture, and continued progress across midstream projects
• Announced a 9.4% increase in its quarterly dividend to $0.58 per share

Headline financials

Revenue & EPS history

MPC provided guidance for the first quarter of 2020, including refining operating costs per barrel of $6.05, distribution costs of $1.3 billion, refining planned turnaround costs of $425 million, and depreciation and amortization of $440 million. Refinery throughputs are expected to be 2,775 mbpd for crude oil refined and 200 mbpd for other charge and blendstocks. Retail fuel sales are projected to be between 2,325 and 2,450 million gallons, with merchandise sales between $1,450 and $1,550 million. Corporate and unallocated items are estimated to be $225 million.