Top U.S. refiner Marathon Petroleum swings to quarterly loss on lower margins
Marathon Petroleum swung to a loss in the first quarter, the company reported on Tuesday, the latest U.S. refiner hit by lower refining margins during a period marked by elevated maintenance and turnaround activity across the industry.
The company said the results reflected the second-largest planned maintenance quarter in its history.
The Findlay, Ohio (U.S.)-based company said refining and marketing margin was $13.38 per barrel in 1Q, compared to $19.35 per barrel in the same period of 2024.
Refineries typically conduct planned maintenance—known as turnaround activity—in the first quarter to prepare units for the higher demand during the summer driving season.
This scheduled downtime reduces refinery utilization, limiting the companies' ability to capitalize on margins and weighing on quarterly performance.
U.S. refining margins, as measured by the 3-2-1 crack spread, rebounded in the first three months of 2025 after touching multi-year lows last year, but continue to face pressure from lingering market challenges.
Rivals Valero Energy, Phillips 66 and HF Sinclair also reported quarterly losses.
"We are positioned to meet summer demand as seasonal trends are expected to improve margins and we remain constructive on its long-term outlook," Marathon's CEO Maryann Mannen said in a statement.
Marathon, the top U.S. refiner by volume, said quarterly crude capacity utilization was about 89%, resulting in total throughput of 2.8 MMbpd, compared with 2.7 MMbpd a year earlier.
The company expects total refinery throughput of 2.9 MMbpd for the second quarter.
Net loss attributable to the company was $74 MM, or $0.24 per share, for the three months ended March, compared to a profit of $937 MM, or $2.58 per share, a year earlier.
Analysts on average had expected a loss of $0.53 per share, according to data compiled by LSEG.
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