Marathon Reports Fourth Quarter Results

Marathon Petroleum reported its fourth quarter 2021 numbers on Wednesday.

The company says its net income in Q4 of 2021 was $774 million, compared to a net income of $285 million in Q4 of 2020.

Adjusted net income for Q4 was $794 million, which compares to an adjusted net loss of $608 million in Q4 of 2020.

“In 2021, we progressed all three of our strategic initiatives,” said President and Chief Executive Officer Michael J. Hennigan.

“On our portfolio, we completed the Speedway sale, started up our Dickinson renewable diesel facility, and progressed the conversion of our Martinez refinery into a renewable fuels facility. Commercially, we executed initiatives to enhance the value of our assets by securing logistically advantaged feedstocks through our JV with ADM to supply feedstock to Dickinson and adding pretreatment facilities. Throughout this year, we maintained $1.5 billion of cost reductions and today, the announcement of our 2022 capital outlook reflects our continued commitment to capital discipline.”

Hennigan added that another focus has been to return capital to shareholders.

“We have completed approximately 55% of our $10 billion capital return program and today, as part of our long term commitment to return capital, announced an incremental $5 billion share repurchase authorization.”