Marathon Petroleum Q3 adjusted EPS beats estimates on higher crack spreads
MPC•Marathon Petroleum reported Q3 adjusted EPS of $26.93, above the $24.47 analyst estimate, as net income reached $7.40 billion. It raised its dividend 10% and authorized a new $5 billion share buyback.
1. Quarterly results
Marathon Petroleum said higher market crack spreads in all regions primarily drove its results. Revenue and other income totaled $56.49 billion, crude capacity utilization was 100% and total throughput reached 3.2 million barrels per day.
2. Capital and outlook
The company announced a 10% dividend increase and a new $5 billion share buyback authorization. For Q4, it expects refining operating costs of $5.60 per barrel and refinery crude throughput of 2.83 million barrels per day; MPLX plans $2.9 billion in organic growth investment focused on natural gas and NGL infrastructure.
