- Marathon Petroleum Corp. (NYSE:MPC) reported a first-quarter FY23 revenue decline of 8.6% year-over-year to $35.08 billion, missing the consensus of $35.51 billion.
- EPS for the quarter was $6.09, above the consensus of $5.74.
- Adjusted EBITDA was $5.2 billion for the quarter, compared with $2.6 billion in 1Q22.
- Q1 Refining operating costs per barrel were $5.68 versus $5.22 for 1Q22.
- Income from operations totaled $4.06 billion, compared to $1.72 billion a year ago.
- Refining & Marketing refined product sales volume for the quarter was 3,352 mbpd (+1.8% Y/Y); Crude oil capacity utilization was 89% vs. 91% in 1Q22.
- MPC commenced STAR project operations, which is expected to add 40,000 barrels per day of incremental crude capacity and 17,000 barrels per day of resid processing capacity.
- MPC held $11.5 billion of cash, cash equivalents, and short-term investments and $5 billion available on its bank revolving credit facility as of March 31, 2023.
- During the quarter, the company returned $3.5 billion of capital through $3.2 billion of share repurchases and $337 million of dividends. For April, repurchased $1.2 billion in shares.
- Buyback: Additionally, approved an incremental $5 billion share repurchase authorization. MPC now has $9 billion available under its share repurchase authorization.
- Price Action: MPC shares are trading lower by 4.97% at $116.37 on the last check Tuesday.
