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M Marathon MARATHON ● ● Petroleum Corporation NEWS RELEASE Marathon Petroleum Corp. Reports First - Quarter 2021 Results 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 FINDLAY , Ohio , May 4 , 2021 – 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 . " 1