Marathon Petroleum Corp. saw a turnaround in its finances in the first quarter of this year compared to last year. On Tuesday, the company reported net income of $845 million in the quarter, compared with a net loss of $242 million in the first quarter of 2021.
In the refining and marketing segment, which includes the refinery at Catlettsburg, Kentucky, Marathon reported pre-tax earnings of $1.4 billion in the first quarter compared with $23 million a year ago. The company attributed the increase to higher margins and profits in all regions.
Refining and marketing profit was $15.31 per barrel in the first quarter of 2022, up from $10.16 per barrel for the first quarter of 2021. Crude capacity utilization was 91%, resulting in total throughput of 2.8 million barrels per day for the first quarter of 2022. That compares to crude capacity utilization of 83% for the first quarter of 2021, which resulted in total throughput of 2.6 million barrels per day.
In the past three months, Marathon has repurchased about $2.5 billion of company shares and has completed, as of April 30, about 80% of the $10 billion repurchase program. The company has approximately $7 billion remaining under its share repurchase authorizations.
Marathon Petroleum Corp. is an integrated downstream energy company headquartered in Findlay, Ohio. It operates the nation’s largest refining system. Its marketing system includes branded locations across the United States, including Marathon brand retail outlets.
Marathon also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.
MPLX on Tuesday reported first-quarter 2022 net income of $825 million, compared to $739 million for the first quarter of 2021. MPLX’s assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks and associated piping; and crude and light-product marine terminals.
Marathon formerly owned the Speedway chain of convenience stores. Marathon sold Speedway to the parent company of 7-Eleven on May 14, 2021.
On Feb. 14, Marathon announced a plan to reduce its greenhouse gas emissions in 2030 by 15% in comparison with 2019 levels. On the same day, MPLX established a new 2030 target to reduce methane emissions intensity from its natural gas gathering and processing operations by 75% below 2016 levels. The previous target was 50% below 2016 levels by 2025.