FINDLAY, Ohio, May 4, 2021 /PRNewswire/ --
- Reported first-quarter loss of $242 million, or $(0.37) per diluted share, which includes pre-tax charges of $70 million; reported adjusted loss of $132 million, or $(0.20) per diluted share
- Reported adjusted EBITDA of $1.6 billion, driven by refining margin recovery, stability of midstream business, and continued focus to lower the overall cost structure
- Progressing renewables portfolio with final investment decision for Martinez conversion
- $21 billion Speedway sale close to completion
Marathon Petroleum Corp. (NYSE: MPC) today reported a net loss of $242 million, or $(0.37) per diluted share, for the first quarter of 2021, compared with a net loss of $9.2 billion, or $(14.25) per diluted share, for the first quarter of 2020.
Adjusted net loss was $132 million, or $(0.20) per diluted share, for the first quarter of 2021, compared with an adjusted net loss of $106 million, or $(0.16) per diluted share, for the first quarter of 2020. First-quarter 2021 and first-quarter 2020 results include pre-tax charges of $70 million and $12.4 billion, respectively, as shown in the accompanying release tables.
During the first quarter, our industry continued to struggle with effects of the pandemic, said Michael J. Hennigan, president and chief executive officer. With the COVID-19 vaccination roll-out, we are beginning to see increases in global mobility and demand for transportation fuels. For the first time since the pandemic began our Refining and Marketing business generated positive adjusted EBITDA.
We have also continued the strategic effort to reposition our company for long term success, both through the pending Speedway sale and our investments in renewables projects. The Speedway transaction is close to completion, and we reiterate our commitment to use proceeds from this transaction to strengthen the balance sheet and return capital to shareholders. Our Board of Directors approved the conversion of the Martinez refinery, and we are excited that, once permitting, engineering, and implementation are complete, Martinez will be one of the largest renewables facilities in the country.