Marathon Petroleum Corp (NYSE:MPC) reported a Q2 FY23 revenue declined to $36.8 billion from $54.2 billion, beating the consensus of $31.02 billion.
EPS for the quarter was $5.32, above the consensus of $4.55.
Adjusted EBITDA was $4.5 billion for the quarter, compared with $9.1 billion in Q2 2022.
Income from operations totaled $3.3 billion, compared to $8.3 billion a year ago.
Q2 Refining operating costs per barrel were $5.15 versus $5.19 a year ago.
Refining & Marketing refined product sales volume for the quarter was 3,581 mbpd (vs. 3,615 a year ago); Crude oil capacity utilization was 93% vs. 100% in Q2 2022.
As of June 30, 2023, MPC held $11.5 billion of cash, cash equivalents, short-term investments, and $5 billion available on its bank revolving credit facility.
During the quarter, the company returned $3.4 billion of capital through $3.1 billion of share repurchases and $316 million of dividends.
In July, it repurchased $0.8 billion in shares and has around $6.3 billion available under its share repurchase authorizations.
Price Action: MPC shares are trading higher by 1.2% at $134.63 on the last check Tuesday.
