Overview

* Marathon Petroleum ( MPC ) Q3 net income rises to $1.4 bln, adjusted EPS misses analyst expectations

* Company reports $3.2 bln adjusted EBITDA, driven by strong Refining & Marketing execution

* Company returns $926 mln to shareholders, announces 10% quarterly dividend increase

Outlook

* Marathon Petroleum ( MPC ) expects Q4 refining operating costs of $5.80 per barrel

* Company projects Q4 distribution costs at $1.575 bln

* Marathon Petroleum ( MPC ) forecasts Q4 refining planned turnaround costs of $420 mln

Result Drivers

* REFINING & MARKETING - Higher crack spreads and efficient operations drove strong cash generation in Q3

* MIDSTREAM GROWTH - Midstream segment growth driven by higher rates, throughputs, and recent acquisitions

* RENEWABLE DIESEL CHALLENGES - Segment faced negative EBITDA despite increased utilization due to weaker margins

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $3.01 $3.14

Adjusted (16

EPS Analysts

)

Q3 EPS $4.51

Q3 Net $1.40

Income bln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

* Wall Street's median 12-month price target for Marathon Petroleum Corp ( MPC ) is $195.00, about 0.4% above its November 3 closing price of $195.79

* The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 17 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)