Marathon Petroleum Corp

Q1 operating/safety performance was exceptionally strong (surprising “best-in-decade” reliability): Refineries ran at 89% utilization with ~100% capture and nearly 0 unplanned downtime (lowest level in a decade) while completing about 40% of full-year planned maintenance. This supports confidence that margin capture can remain durable even with volatility.

Financial results beat expectations on strong refining margins; main drivers were R&M, offset by costs/midstream softness: - Adj. EPS: $1.65; Adj. EBITDA: $2.8B (up ~$800M YoY, mainly Refining & Marketing). - Refining turnaround costs: $530M in Q1 (full-year outlook unchanged at $1.35B). - Refining & Marketing adj. EBITDA: ~$1.4B; adj. EBITDA per barrel: $5.37. - Midstream adj. EBITDA down $122M YoY, mainly derivative losses, no nonrecurring benefit from prior year, and divestiture effects.

Q2 guidance: high utilization (~94%) with “pulled-forward” maintenance, plus confidence in repeatability: - R&M utilization guide ~94% for Q2, driven by executing/accelerating part of maintenance in Q1 without changing scope (cost pulled forward to stay prepared for strong demand). - Management highlighted regional drivers: Gulf Coast export strength, Garyville jet/yield upgrades, West Coast supported by supply-flow constraints tied to Iran-related disruptions. - Capture expectation: while Q1 capture was very strong, management reiterated 100% capture target durability depends on market/secondary conditions and derivative timing.