Marathon Petroleum easily beat analyst estimates in the third quarter thanks to strong U.S. fuel demand.
Strong U.S. fuel demand helped Marathon Petroleum NYSE MPC easily beat analyst estimates after reporting on Tuesday an adjusted net income of $3.2 billion for the third quarter of 2023. Adjusted earnings per share came in at $8.14, above the analyst consensus estimate of $7.75 compiled by The Wall Street Journal. In the refining and marketing segment, adjusted EBITDA was $16.06 per barrel for the third quarter of 2023, down from $19.
0 million barrels per day bpd for the third quarter of 2023, the company said. “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,” President and CEO Michael J. Hennigan said. “Demonstrating our commitment to return capital, we increased our quarterly dividend by 10% and increased our share repurchase authorization by $5 billion.
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