MPLX - Marathon Petroleum foresees slight drop in Q3 throughput

Marathon Petroleum (NYSE:MPC) -1.1% pre-market after reporting better than expected Q2 earnings and revenues and saying it expects to process slightly less crude in Q3 than in Q2. Q2 net income soared to $8.5B from just $9M in the year-ago quarter, while adjusted EBITDA rose to $2.2B compared to $653M in Q2 2020. Q2 Refining and Marketing segment income from operations totaled $224M, while R&M margin rose 23% Q/Q to $12.45/bbl. Crude capacity utilization rose to 94% from 83% in Q1, resulting in total throughput of 2.9M bbl/day, up from 2.6M bbl/day in Q1. For the current quarter, Marathon forecasts throughput of 2.8M bbl/day. Midstream segment income from operations, which primarily reflects the results of MPLX, was $977M.

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Marathon Petroleum foresees slight drop in Q3 throughput