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Marathon Petroleum Q2 Earnings Surge As Fuel Demand And Margins Spike

Marathon Petroleum Corp. (NYSE: MPC) saw its second-quarter adjusted earnings surge to beat expectations as fuel demand jumped and refining margins soared between April and June.

On Tuesday, Marathon Petroleum reported adjusted net income of $5.7 billion, or $10.61 per diluted share, for the second quarter of 2022. This compares to adjusted net income of $437 million, or $0.67 per diluted share, for the second quarter of 2021. The Q2 2022 earnings beat the analyst consensus of $8.92 EPS compiled by The Wall Street Journal.  

Just after the results release, Marathon Petroleum’s stock was soaring by 3% in pre-market trade in New York.

The refiner’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) more than quadrupled to $9.1 billion for the second quarter of 2022, compared with $2.2 billion for the second quarter of 2021, as its refining system ran at full utilization to meet demand, Marathon Petroleum said.

The company’s refining and marketing (R&M) margin surged to $37.54 per barrel for the second quarter of 2022, up from $12.45 per barrel for the same period last year.

“Crude capacity utilization was approximately 100%, resulting in total throughput of 3.1 million barrels per day for the second quarter of 2022. This compares to crude capacity utilization of approximately 94% for the second quarter of 2021, which resulted in total throughput of 2.9 million barrels per day,” Marathon Petroleum said.

Marathon Petroleum is close to completing a previously announced $15 billion capital return program with the proceeds of the Speedway sale completed in May 2021.

The company’s board has now approved a separate and incremental $5 billion share repurchase authorization with no expiration date. The timing and amount of repurchases, if any, will depend upon several factors, including market and business conditions, and repurchases may be initiated, suspended, or discontinued at any time, Marathon Petroleum said.

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Last week, executives at other major U.S. refiners, including Valero Energy, said they had not seen indication across their channels that America’s fuel demand was weaker in recent weeks, contrary to recent data about gasoline consumption.   

By Tsvetana Paraskova for Oilprice.com

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