Marathon Petroleum Corporation reported a net loss of $74mn (approximately €69mn) for the first quarter of 2025, compared to a net income of $937mn in the same period in 2024. This result was primarily attributed to the execution of the second-largest planned maintenance programme in the company’s history.
The company generated an adjusted EBITDA of $2.0bn for the quarter, compared with $3.3bn last year, according to results published by PR Newswire on May 6. The midstream segment contributed the most stable performance, with adjusted EBITDA rising 8% to $1.7bn, supported by increased throughput and higher earnings from equity affiliates.
Refining decline offset by midstream stability
The Refining & Marketing segment reported adjusted EBITDA of $489mn, a sharp decline from $2.0bn in the first quarter of 2024. Earnings per barrel fell from $8.22 to $1.91 during the period, driven by lower market crack spreads. Crude capacity utilisation reached 89% with a total throughput of 2.8 million barrels per day.
Refining operating costs stood at $5.74 per barrel, down from $6.06 a year earlier. The renewable diesel segment posted an adjusted loss of $42mn, an improvement from the $90mn loss in Q1 2024, due to better utilisation of the Martinez Renewables facility.
Expansion strategies and capital returns
During the quarter, Marathon Petroleum returned $1.3bn to shareholders, including $1.1bn in share repurchases. The company had $6.7bn remaining under authorised repurchase programmes. As of March 31, 2025, it held $3.8bn in cash and cash equivalents, including $2.5bn at its subsidiary MPLX, and $5bn available via a bank revolving credit facility.
In terms of capital expenditure, Marathon Petroleum is advancing short-term margin enhancement projects at its Los Angeles, Galveston Bay, and Robinson refineries. At Galveston Bay, a new hydrotreater is scheduled for completion by year-end 2027, with a total investment of $775mn over three years.
Accelerated gas transport build-out
MPLX, the midstream subsidiary of Marathon Petroleum, announced the acquisition of the remaining 55% stake in BANGL, LLC for $715mn, securing full ownership of the natural gas liquids system linking the Permian Basin to the Gulf Coast. Additionally, a final investment decision (FID) was announced for the Traverse Pipeline, designed to transport 1.75 billion cubic feet of gas per day between Agua Dulce and Katy.
MPLX will also increase its stake in the Matterhorn Express pipeline by 5% for $151mn, bringing its total interest to 10%. Other projects in progress include a liquefied petroleum gas (LPG) export terminal in partnership with ONEOK, and two fractionation plants on the Gulf Coast expected in 2028 and 2029.
Boosted capacity in Permian and Marcellus basins
Natural gas processing capacity is expanding with the Secretariat plant expected online in Q4 2025, adding 200 million cubic feet per day in the Permian. Meanwhile, the Harmon Creek III complex in the Northeast will bring total capacity to 8.1 billion cubic feet per day, with service beginning in H2 2026.
These investments aim to strengthen Marathon Petroleum’s value chain from production zones to export markets, while responding to increasing producer demand for transport and processing solutions.
