Marathon Petroleum Reports Third-Quarter Results

Marathon Petroleum reported its third-quarter numbers on Tuesday.

The oil refiner headquartered in Findlay is reporting net income of $3.3 billion for the third quarter of 2023, compared with net income of $4.5 billion for the third quarter of 2022.

Adjusted net income was $3.2 billion for the third quarter of 2023 which compares to adjusted net income of $3.9 billion for the third quarter of 2022.

Marathon says its third quarter of 2023 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $5.7 billion, compared with $6.8 billion for the third quarter of 2022.

“Our third quarter results reflect our commitment to growing shareholder value,” said President and Chief Executive Officer Michael J. Hennigan.

“The business generated $5 billion of net cash provided by operating activities and we returned $3.1 billion through share repurchases and dividends during the quarter. Demonstrating our commitment to return capital, we increased our quarterly dividend by 10% and increased our share repurchase authorization by $5 billion.”

Get more on the company’s third quarter results by clicking here.