Marathon: Q125 R&M Segment EBITDA Down YoY on Lower Margins


   
   HOUSTON, TX (DTN)-- Marathon Petroleum Corp reported today refining and 
marketing segment adjusted EBITDA of $489 million in the first quarter of 2025, 
down from $2.0 billion recorded in the same quarter of 2024. The drop was 
driven by lower refining margins caused by a planned maintenance in the quarter.

   R&M segment adjusted EBITDA was $1.91 bbl for the first quarter of 2025, 
versus $8.22 bbl in the same period of last year.

   The R&M segment adjusted EBITDA excludes refining planned turnaround costs, 
which totaled $454 million in the first quarter of 2025 and $647 million in the 
first quarter of 2024. The decrease in segment adjusted EBITDA was due to lower 
market crack spreads.

   R&M margin was $13.38 bbl for the first quarter of 2025, versus $19.35 bbl 
for the first quarter of 2024. Crude capacity utilization was 89%, resulting in 
total throughput of 2.8 million bpd for the first quarter of 2025.

   Refining operating costs were $5.74 bbl for the first quarter of 2025, 
compared to $6.06 bbl year-over-year.

   Midstream segment adjusted EBITDA was $1.7 billion in the reference quarter, 
higher than $1.6 billion reported in the first quarter of 2024, driven by 
higher throughputs and growth from equity affiliates.




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