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Marathon Petroleum Reports Q1 Earnings

Marathon Petroleum Corp. reported a net loss of $242 million, or $0.37 per diluted share, for the first quarter of 2021. They compared with a net loss of $9.2 billion, or $14.25 per diluted share, for the first quarter of 2020.  The adjusted net loss was $132 million for the first quarter of 2021 as compared with an adjusted net loss of $106 million for the first quarter of 2020.

First-quarter 2021 and first-quarter 2020 results include pre-tax charges of $70 million and $12.4 billion, respectively, as shown in the accompanying release tables. Michael J. Hennigan, president and the chief executive officer said that during the first quarter the industry continued to struggle with the effects of the pandemic. With the COVID-19 vaccination roll-out, the company is beginning to see increases in global mobility and demand for transportation fuels. For the first time since the pandemic started the Refining and Marketing business generated positive adjusted EBITDA.

An announcement made on Aug. 2, 2020, Marathon Petroleum Corp. entered into a definitive agreement to sell Speedway to 7-Eleven, Inc. for $21 billion in cash. The Speedway’s results are required to be presented separately as discontinued operations.The retained direct dealer business results are reported within the Refining & Marketing segment The company no longer presents a separate Retail segment, which had previously included Speedway and the direct dealer business.

Adjusted earnings before interest, taxes, depreciation and amortization were $1.6 billion in the first quarter of 2021 which is compared with $1.9 billion for the first quarter of 2020. R&M segment loss from operations was $598 million in the first quarter of 2021, compared with a loss of $497 million for the first quarter of 2020.  R&M margin was $10.16 per barrel for the first quarter of 2021, versus $11.86 for the first quarter of 2020. Crude capacity utilization was 83%, resulting in total throughput of 2.6 million barrels per day. Clean product yield was 85%.

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