Marathon Reports Second Quarter Results

Marathon Petroleum reported its second quarter numbers on Wednesday.

The company says its net income for the second quarter of 2021 was $8.5 billion, which compares to a net income of $9 million for the second quarter of 2020.

Marathon says its adjusted net income for the second quarter of 2021 was $437 million, which compares to an adjusted net loss of $868 million for the second quarter of 2020.

“As demand slowly recovers from the effects of the pandemic, we continue to focus on the aspects of our business within our control,” said President and Chief Executive Officer Michael J. Hennigan.

“This quarter, we closed the Speedway sale and, as part of our capital return commitment, announced $10 billion of the proceeds would be allocated to share repurchases. We have repurchased approximately $1 billion of shares, achieved our targeted structural debt reduction of $2.5 billion, and are commencing the next steps towards completing the remaining $9 billion return of capital over the next 12 to 16 months.”

Hennigan added that their renewable projects are progressing well.

“The Dickinson renewable diesel plant reached its design capacity during the quarter. Detailed engineering and permitting progressed for the conversion of Martinez to renewable fuels. As we challenge ourselves to lead in sustainable energy, this quarter, we published our annual Sustainability and Climate Reports. Both reports expand our disclosures around environmental, social and governance matters.”