Marathon Petroleum on Tuesday reported a net loss of $242 million for the first quarter of 2021.
That compares to a net loss of $9.2 billion for the first quarter a year earlier.
“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.”
Hennigan said they have also continued their strategic effort to reposition the company for long term success, both through the pending Speedway sale and 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.”
As previously announced last August, Marathon entered into a definitive agreement to sell Speedway to 7-Eleven for $21 billion in cash.