MOSCOW (MRC) -- Marathon Petroleum’s first-quarter (Q1) sales and income shot up on the back of healthy operations at its Refining & Marketing (R&M) division, said the company.
The jump in income and earnings before interest, taxes, depreciation and amortisation (EBITDA) was possible due to healthy results at Marathon's R&M division, with the segment reporting adjusted EBITDA of USD1.4bn compared with USD23m in the Q1 2021.
The company said R&M margins were USD15.31/bbl in Q1 2022, up from USD10.16/bbl in the same quarter in 2021.
Between January-March, crude capacity utilisation stood at 91%, resulting in a total throughput of 2.8m bbl/day; in Q1 2021, crude capacity utilisation stood at 83%, with a total throughput of 2.6m bbl/day.
"This quarter we advanced our low carbon strategy with the announcement of our intent to form a joint venture with Neste at our Martinez Renewable Fuels Facility and a 15% Scope 3 absolute GHG [greenhouse gases] emission reduction target,” said Marathon’s CEO, Michael J. Hennigan.
As per MRC, Shell Plc’s trading unit Shell Western Supply and Trading, along with US refiners Valero Energy and Marathon Petroleum, are rushing to secure Ecuadorian barrels after America banned imports of Russian crude.
We remind, Neste Corporation has signed definitive agreements for the establishment of a 50/50 JV with US-based Marathon Petroleum. The JV will produce renewable diesel following a conversion project of Marathon's refinery in Martinez, California (the Martinez Renewable Fuels project). The closing of the JV is subject to customary closing conditions and regulatory approvals, including obtaining the necessary permits, which depend upon certification of a final Environmental Impact Report.