Marathon Petroleum Reports Q1 Loss Amid Low Refining Margins

Marathon Petroleum reported a first-quarter net loss of $74 million, or $0.24 per share, primarily due to significantly weaker refining margins and extensive planned maintenance activities, which was one of the largest maintenance quarters in company history. The company's adjusted EBITDA fell to approximately $2.0 billion, a substantial decrease from the prior year, as the refining and marketing segment faced a sharp decline in profitability. Despite these challenges, Marathon's midstream business demonstrated resilience, with adjusted EBITDA for the segment increasing to $1.7 billion and revenue rising 6.3%. Crude oil capacity utilization improved to 89%, and the company maintained a positive outlook for the summer driving season, anticipating improved margins. Marathon continued to return capital to shareholders through dividends and share repurchases, and outlined planned capital expenditures to enhance refinery operations. Leadership expressed confidence in meeting future demand and executing long-term growth strategies, especially in midstream operations.