Marathon Petroleum Corporation · NYSE:MPC
Marathon Petroleum — Q1 2025 Earnings Presentation
24 slides from Marathon Petroleum's earnings presentation, May 6, 2025
Slide 1: First Quarter 2025 Earnings Conference Call
FIRST QUARTER 2025 Earnings Conference Call May 6, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS MPC | 1Q 2025 This presentation contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning its business and operations, financial priorities, strategic plan
Slide 3: First Quarter Business Update
FIRST QUARTER BUSINESS UPDATE MPC | 1Q 2025 $2.0 billion of adjusted EBITDA supported by the strength of the Midstream business Compelling Value Proposition Executing Midstream Natural Gas Strong through-cycle & NGL growth strategy: cash flow ▪ Agreement to acquire 100% Durable midstream growth owne
Slide 4: First Quarter Highlights
FIRST QUARTER HIGHLIGHTS MPC | 1Q 2025 1Q 1ST QUARTER 2025 $ Millions (unless otherwise noted) Earnings per Share ($/share) (a) $(0.24) Adjusted EBITDA(b) $1,975 R&M Segment Adj EBITDA per Barrel $1.91 Cash Flow from Operations, $1,010 excl. Changes in Working Capital(b) Share Repurchases(c) $1,057
Slide 5: Adjusted EBITDA to Net Loss
ADJUSTED EBITDA TO NET LOSS MPC | 1Q 2025 Adjusted EBITDA Reconciliation to Net Loss 2,120 13 1,975 -70 -70 -18 -1,288 -341 -420 -74 4Q 2024 Refining & Midstream Renewable Corporate 1Q 2025 Turnaround Interest and Noncontrolling 1Q 2025 Adj. EBITDA Marketing Diesel Adj. EBITDA and D&A Taxes Interest
Slide 6: Refining & Marketing Segment
REFINING & MARKETING SEGMENT MPC | 1Q 2025 559 43 KEY DRIVERS 183 489 -23 -5 -12 104% capture 89% utilization -256 Strong commercial performance 4Q 2024 USGC Mid-Con West Coast Operating Distribution Other 1Q 2025 Segment Margin Margin Margin Costs Costs Segment Adj. EBITDA (a) Adj. EBITDA ($MM) ($M
Slide 7: Refining & Marketing Margins
REFINING & MARKETING MARGINS MPC | 1Q 2025 146 3,430 3,284 KEY DRIVERS 104% Seasonally strong clean product margins 100% Maximized margins on specialty products 1Q25 R&M Capture 1Q25 R&M (b) Margin Indicator Impact Margin ($MM) (a) ($MM) (a) Capture reflects the percentage of our R&M Margin Indicato
Slide 8: Midstream Segment
MIDSTREAM SEGMENT MPC | 1Q 2025 Segment Adj. EBITDA increased 8% year-over-year 25 1,720 1,707 -12 KEY DRIVERS Executing value chain growth strategy Midstream Differentiation MPLX annual distribution expected to cover: ▪ MPC dividends ▪ MPC standalone capital 4Q 2024 MPLX Other 1Q 2025 Segment Midst
Slide 9: Renewable Diesel Segment
RENEWABLE DIESEL SEGMENT MPC | 1Q 2025 KEY DRIVERS 28 70% utilization resulting from unplanned downtime Lower margins due to regulatory uncertainty: 6 ▪ Expiration of current credits (BTC) -56 -2 ▪ Dislocated feedstock -18 -42 costs ▪ Limited recognition of new credits (45Z) 4Q 2024 Operating Operat
Slide 10: Total Consolidated Cash Flow
TOTAL CONSOLIDATED CASH FLOW MPC | 1Q 2025 MPLX 1,458 MPC 1,948 104 -470 -285 1,010 3,406 3,812 -1,057 3,210 -1,074 MPLX MPLX 1,519 2,534 -1,032 Includes MPLX acquisitions of $237 MPC MPC 1,691 1,278 12/31/2024 Cash Flow Changes in Capital Changes Return of Other Dividends Share 3/31/2025 Cash + fro
Slide 11: Second-Quarter 2025 Outlook
SECOND-QUARTER 2025 OUTLOOK MPC | 1Q 2025 Gulf Coast Mid-Con West Coast R&M Total Crude Throughput 1,185 1,105 485 2,775 MBPD Other Charge / Blendstocks 140 55 45 170 MBPD Total Throughput 1,325 1,160 530 2,945 MBPD Utilization 96% 94% 88% 94% Sweet Crude 45% 75% 30% 55% % of Throughput Sour Crude 5
Slide 12: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS MPC | 1Q 2025 STRENGTHEN RESILIENCY INNOVATE FOR THE FUTURE EMBED SUSTAINABILITY Dickinson, North Dakota Scope 1 & 2 GHG Renewable Diesel Facility Dedicated to cultivating a safe, 30% Intensity Target: 30% reduction by 2030 and collaborative work environment while Processin
Slide 13: Midstream Differentiation
MIDSTREAM DIFFERENTIATION MPC | 1Q 2025 SOURCES USES Cash flow uplift differentiates MPC versus peers and supports commitment to return of capital MPLX annual distribution to MPC expected to cover: MPC Standalone ▪ MPC dividends MPC Operating Repurchases ▪ Standalone capital Cash Flow (a) outlook MP
Slide 14: 2025: Committed to Creating Exceptional Value
2025: COMMITTED TO CREATING MPC | 1Q 2025 EXCEPTIONAL VALUE Prioritizing Peer-leading: Safety and reliability Operational excellence Commercial performance Compelling Profitability per barrel Value Proposition Strong through-cycle ← cash flow Durable midstream growth Strategic Commitments: delivers
Slide 15: Appendix
APPENDIX
Slide 16: Balance Sheet: Foundation for Strategy Execution
BALANCE SHEET: MPC | 1Q 2025 FOUNDATION FOR STRATEGY EXECUTION MPC SENIOR NOTES MATURITIES (a) MPC MPC MPLX 3 NEXT 10 YEARS Excluding Consolidated Adjustments (c) MPLX As of March 31, 2025 ($ Millions except ratio data) 2 $ Billions Cash (d) $3,812 $2,534 $1,278 APPENDIX 1 Total Debt $30,910 $22,418
Slide 17: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT ADJUSTED EBITDA MPC | 1Q 2025 Volume + $319 Product + $662 Crude - $835 146 3,430 352 103 -70 2,899 APPENDIX -1,472 9 489 -1,478 Blended Sweet Sour Market Other R&M Margin Operating Distribution Other R&M Crack Differential Differential Structure Margin ($MM) Costs Costs
Slide 18: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT ADJUSTED EBITDA MPC | 1Q 2025 389 16 52 -91 APPENDIX 559 489 -396 -23 -5 -12 Volume + $13 Product - $346 Crude - $63 4Q 2024 Blended Sour Sweet Market Other Operating Distribution Other 1Q 2025 Segment Crack Differential Differential Structure Margin Costs Costs Segment
Slide 19: Income Summary for Operations
INCOME SUMMARY FOR OPERATIONS MPC | 1Q 2025 2024 2025 ($ Millions unless otherwise noted) 1Q 2Q 3Q 4Q 1Q Refining & Marketing segment income (loss) 895 1,387 401 (38) (371) Midstream segment income 1,246 1,275 1,275 1,343 1,369 Renewable Diesel segment income (loss) (129) (68) (103) 25 (101) Corpora
Slide 20: Cash Flow from Operations, Excluding Changes in Working Capital
RECONCILIATION MPC | 1Q 2025 CASH FLOW FROM OPERATIONS, EXCLUDING CHANGES IN WORKING CAPITAL 2025 ($ Millions) 1Q Cash used in operating activities (64) APPENDIX Less changes: Current receivables (928) Inventories (920) Current liabilities and other current assets 788 Fair value of derivative instru
Slide 21: Segment Income from Operations to Segment Adjusted EBITDA
RECONCILIATION MPC | 1Q 2025 SEGMENT INCOME FROM OPERATIONS TO SEGMENT ADJUSTED EBITDA AND ADJUSTED EBITDA 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q Refining & Marketing Segment Segment income (loss) from operations 895 1,387 401 (38) (371) Add: Depreciation and amortization 444 453 448 422 406 Refining
Slide 22: Net Income (Loss) Attributable to MPC to Adjusted EBITDA
RECONCILIATION MPC | 1Q 2025 NET INCOME (LOSS) ATTRIBUTABLE TO MPC TO ADJUSTED EBITDA 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q Net income (loss) attributable to MPC 937 1,515 622 371 (74) Net income attributable to noncontrolling interests 375 440 393 414 420 APPENDIX Provision for income taxes 293 373
Slide 23: Refining & Marketing Adjusted EBITDA to Margin
RECONCILIATION MPC | 1Q 2025 REFINING & MARKETING SEGMENT ADJUSTED EBITDA TO REFINING & MARKETING GROSS MARGIN AND REFINING & MARKETING MARGIN 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q Refining & Marketing segment adjusted EBITDA 1,986 2,022 1,136 559 489 Plus (Less) : Depreciation and amortization (444
Slide 24: Renewable Diesel Adjusted EBITDA to Margin
RECONCILIATION MPC | 1Q 2025 RENEWABLE DIESEL SEGMENT ADJUSTED EBITDA TO RENEWABLE DIESEL GROSS MARGIN AND RENEWABLE DIESEL MARGIN 2024 2025 ($ Millions) 1Q 2Q 3Q 4Q 1Q Renewable Diesel segment adjusted EBITDA (90) (27) (61) 28 (42) Plus (Less) : Depreciation and amortization (16) (17) (17) (25) (18