Marathon Reports Third Quarter Results

Marathon Petroleum on Tuesday reported a net income of $694 million for the third quarter of 2021.

That’s a big improvement from a year ago when the company reported a net loss of $886 million for the third quarter of 2020.

Adjusted net income was $464 million for the third quarter of 2021, compared to an adjusted net loss of $649 million for the third quarter of 2020.

“This quarter we advanced several key initiatives while remaining committed to improving the aspects of the business within our control,” said President and CEO Michael J. Hennigan.

“We are pursuing a strategic transaction for the Kenai refinery, have added a new strategic partnership to progress our access to advantaged feedstocks across our renewables operations, achieved another project milestone for our Martinez renewable diesel conversion, and demonstrated the sustainability of our cost reduction initiatives.”

“The year-to-date cash flow across the midstream business supported MPLX’s decision to increase its base distribution amount and include a special distribution amount for the third quarter,” Hennigan added.

“Through today, we have completed 25% of our Speedway proceeds capital return program, which puts us well on track to meet our commitment of returning the full $10 billion by the end of 2022.”