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Marathon Petroleum Corp. (MPC) CEO Mike Hennigan on Q3 2021 Results - Earnings Call Transcript

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Marathon Petroleum Corp. (NYSE:MPC) Q3 2021 Earnings Conference Call November 2, 2021 11:00 AM ET

Company Participants

Mike Hennigan – CEO

Kristina Kazarian – Vice President Investor Relations

Maryann Mannen – CFO

Conference Call Participants

Neil Mehta – Goldman Goldman Sachs

Doug Leggate – Bank of America

Phil Gresh – JP Morgan

Manav Gupta – Credit Suisse

Roger Reed – Wells Fargo

Prashant Rao – Citigroup

Theresa Chen – Barclays

Connor Lynagh – Morgan Stanley


Welcome to the MPC Third Quarter 2021 Earnings Call. My name is Sheila and I will be your Operator for today's call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instruction] Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

Kristina Kazarian

Welcome to Marathon Petroleum Corporation third quarter 2021 earnings conference call. The slides that acCompany this call can be found on our website at marathonpetroleum.com under the Investors tab. Joining me on the call today are Mike Hennigan, CEO Maryann Mannen CFO, and other members of the executive team. We invite you to read the Safe Harbor statements on slide 2. We will be making forward-looking statements today, actual results may differ. Factors that could cause actual results to differ are included there as well as in our filings with the SEC. With that, I'll turn the call over to Mike.

Mike Hennigan

Thanks Kristina. Before we get into results for the quarter, we wanted to provide a brief update on the business. Midway through the quarter, we were impacted by Hurricane Ida. The Ida hurricane passed over our Garyville refinery with wind speed topping 120 miles per hour. Fortunately, all of our employees in the region were safe but many of them experienced severe damage

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Comments (3)

Why was there a $0.36 difference between the earnings per share of $1.09 and the adjusted earnings per share of $0.73? I never understand these things, so maybe someone here can make it clear for idiots like myself. Whatever it was, the market clearly did not like it.

This earnings report certainly represents the end of the euphoria over the closing of the Speedway deal. With no more good news to look forward to, the market sold off this company as fast as possible today and will probably continue to slowly sell it off in the near future. The next quarter won't provide any positive earnings surprise, so shareholders decided to get rid of their shares in droves.
wrc.99 profile picture
@jacksalmon So management said there was 7.5 billion left in the stock repurchase from the Speedway deal. This represents 18% of the float. Will complete the buy back by the end of 22. Do you not think this is a reason to hold onto the stock?
So they had 13.2 Billion with a in Cash and MPC pays $370 Million in dividends but still couldn't find a way to raise the dividend even a penny. Ah Corporate greed, you so silly sometimes.
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