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Marathon Petroleum Q2 Refinery Throughput Falls YoY; Refined Product Sales Steady

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Marathon Petroleum (MPC) Tuesday posted a year-over-year decline in Q2 net refinery throughput to 2.9 million barrels per day from 3.1 mmbbls/d, while refined product sales volume largely steadied at around 3.8 mmbbls/d.

Quarterly net throughput on the Gulf Coast remained flat at around 1.3 mmbbls/d, while that in the Mid-Continent dropped to 1.1 mmbbls/d from 1.2 mmbbls/d. On the West Coast, throughput rose to 529,000 barrels per day from 512,000 b/d.

In Q2, the company processed 48% sour crude oil and 52% sweet crude oil. This compares with the previous year's 45% sour and 55% sweet crude oil mix.

Marathon's midstream segment recorded a year-over-year drop in natural gas processed to 9.59 billion cubic feet per day in Q2 from 9.74 bcf/d a year earlier. Gathering system throughputs, meanwhile, grew to 6.86 bcf/d from 6.56 bcf/d.

Results also showed that Q2 pipeline throughputs decreased year over year to 6.0 mmbbls/d from 6.2 mmbbls/d, while terminal throughputs increased to 3.3 mmbbls/d from 3.2 mmbbls/d.

Marathon said its renewable diesel business also posted higher throughputs, supporting margin growth during the period.

The company said it projects about $1.5 billion in capital spending this year for enhancing and sustaining its refinery operations, while its midstream unit MPLX (MPLX) forecasts around $2.9 billion to primarily accelerate Gulf Coast fractionation projects.

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