$MPC

Marathon Petroleum Q1 Refining Inputs Flat, Midstream Throughputs Down

US downstream and midstream energy company Marathon Petroleum (MPC) Tuesday reported its Q1 results, showing relatively steady refining inputs and a decline in pipeline and terminal throughputs.For the quarter ended March 31, net refinery throughputs were largely unchanged from a year earlier at around 2.9 million barrels per day. Crude oil capacity utilization also remained flat at 89%, with crude oil refining capacity little changed at about 3.0 million barrels per calendar day.On the Gulf Coast, net refinery throughput rose year over year to 1.21 mmbbls/d from 1.16 mmbbls/d. On the West Coast, throughput also climbed to 529,000 barrels per day from 504,000 b/d.However, lower refinery inputs in Mid-Continent offset these increases. Net refinery throughput in the region dropped to 1.1 mmbbls/d from 1.2 mmbbls/d.During the period, the company's refining segment processed 48% sour crude oil and 52% sweet crude oil. This compares with the previous year's mix of 46% sour and 54% sweet crude.The company projects refinery throughputs will increase to about 3 mmbbls/d in Q2.In the midstream segment, the company saw pipeline throughputs declining year over year to 5.8 mmbbls/d from 6.0 mmbbls/d. Terminal throughputs also dropped to 3.0 mmbbls/d from 3.1 mmbbls/d.At the same time, gathering system throughputs eased to 6.49 million cubic feet per day from 6.52 mcf/d, and natural gas processed fell to 9.4 mcf/d from 9.8 mcf/d.The company also said its renewable diesel business posted a lower utilization level due to planned downtime at the Martinez Renewables joint venture facility, which weighed on the segment margin.

Marathon Petroleum Q1 Swings to Adjusted Earnings, Revenue Rises

Marathon Petroleum (MPC) reported Q1 adjusted net income Tuesday of $1.65 per diluted share, swinging from a loss of $0.24 a year earlier.Analysts polled by FactSet expected adjusted EPS of $0.74.Revenue for the quarter ended March 31 was $34.57 billion, compared with $31.85 billion a year earlier.Analysts surveyed by FactSet expected $33.42 billion.Shares of the company were up 1% in Tuesday's premarket activity.

Earnings Flash (MPC) Marathon Petroleum Posts Q1 Revenue $34.57B, vs. FactSet Est of $33.42B

Earnings Flash (MPC) Marathon Petroleum Posts Q1 Adjusted EPS $1.65, vs. FactSet Est of $0.74

Marathon Petroleum Keeps Quarterly Dividend at $1 a Share, Payable June 10 to Holders of Record May 20

Marathon Petroleum Keeps Quarterly Dividend at $1 a Share, Payable June 10 to Holders of Record May 20

Morgan Stanley Adjusts Marathon Petroleum Price Target to $233 From $200, Maintains Overweight Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $253.25, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Refining Margins Unlikely to Return to Pre-Conflict Levels Anytime Soon, Morgan Stanley Says

Refining margins are unlikely to return to pre-conflict levels anytime soon, even if the Strait of Hormuz reopens, due to refinery damage, the time required to normalize trade flows, and the need to rebuild inventories, Morgan Stanley analysts said in a Friday note to clients.Analysts said first-quarter financial results for refining companies will be pressured by lower capture rates amid still-tight crude differentials, planned and unplanned maintenance, and derivative headwinds, partially offset by stronger secondary products.Morgan Stanley said near-term U.S. refining margins have roughly doubled since the start of the Iran conflict and now sit near levels last reached in 2022 and 2023.On Phillips 66 (PSX), analysts upgraded the stock to overweight from equal-weight.They said the chemicals business is a key factor that sets the company apart from the rest of the sector, with earnings from the segment expected to rise to about $1.1 billion from $352 million. They also raised the price target to $174 from $147.Morgan Stanley retained an overweight rating on Marathon Petroleum (MPC) and raised its price target to $233 from $200. It also maintained an overweight rating on HF Sinclair (DINO) and increased its price target to $66 from $57.On Valero Energy (VLO), Morgan Stanley maintained an equal-weight rating and raised the price target to $222 from $182. It also maintained an equal-weight rating on Delek US Holdings (DK) and raised its price target to $40 from $38.On PBF Energy (PBF), Morgan Stanley maintained an underweight rating and raised the price target to $34 from $27.Price: $224.00, Change: $+2.90, Percent Change: +1.31%

Morgan Stanley Raises Price Target on Marathon Petroleum to $233 From $200, Keeps Overweight Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $253.25, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Scotiabank Raises Price Target on Marathon Petroleum to $210 From $174, Maintains Sector Outperform Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $251.19, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $222.62, Change: $+2.27, Percent Change: +1.03%

Jefferies Adjusts Price Target on Marathon Petroleum to $279 From $263, Maintains Buy Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $249.06, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $226.72, Change: $+4.10, Percent Change: +1.84%