Q1 2025 Marathon Petroleum Corp Earnings Call Transcript
Key Points
- Marathon Petroleum Corp (MPC) achieved a refining utilization rate of 89% despite completing significant planned turnaround activities, indicating strong operational management.
- The company reported a 104% capture rate, showcasing strong commercial performance even in a period of low refining margins.
- MPC's midstream segment adjusted EBITDA grew by 8% year over year, reflecting robust performance in this area.
- MPLX, a subsidiary of MPC, announced over $1 billion in strategic acquisitions, enhancing its midstream natural gas and NGL growth strategies.
- MPC is progressing with a $1.25 billion standalone capital plan for 2025, focusing on high-return projects that improve market volatility capitalization.
- MPC reported a first-quarter net loss of $0.24 per share, indicating financial challenges during the period.
- The renewable diesel segment faced a challenging environment, with facilities running at only 70% utilization due to unplanned downtime.
- The company experienced a $1.1 billion use of cash for the quarter, primarily driven by inventory builds, impacting cash flow.
- MPC's adjusted EBITDA for the quarter was approximately $2 billion lower sequentially, affected by decreased results in refining and marketing segments.
- Interest expenses saw a significant increase, partly due to net issuance of debt, impacting overall financial performance.
Welcome to the MPC's first-quarter 2025 earnings call. My name is Amanda, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.
I will now turn the call over to Kristina Kazarian. Kristina, you may begin.
Welcome to Marathon Petroleum Corporation's first-quarter 2025 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investors tab.
Joining me on the call today are Maryann Mannen, CEO; John Quaid, CFO; and other members of the executive team.
We invite you to read the Safe Harbor statements on slide 2. We will be making forward-looking statements today. Actual results may differ. Factors that could cause actual results to differ are included there, as well as in our filings with the SEC.
With that, I'll turn the call over to Maryann.
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