Marathon has announced its Q3 financial results for 2023.

In the third quarter of 2023, Marathon reported a net income of $3.3 billion, with an adjusted net income of $3.2 billion, or $8.14 per adjusted diluted share.

The company also reported an adjusted EBITDA of $5.7 billion, with net cash provided by operating activities at $5 billion, which Marathon noted is continued strong cash generation.

Throughout the quarter, Marathon returned $3.1 billion of capital through $2.8 billion of share repurchases and $297 million of dividends.

“Our third quarter results reflect our commitment to growing shareholder value,” said president and CEO Michael J. Hennigan. “The business generated $5 billion of net cash provided by operating activities and we returned $3.1 billion through share repurchases and dividends during the quarter. Demonstrating our commitment to return capital, we increased our quarterly dividend by 10% and increased our share repurchase authorization by $5 billion.”

The company now looks to build on the successful quarter to close out the fiscal year.

Marathon Petroleum Corp. (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation’s largest refining system. MPC’s marketing system includes branded locations across the U.S., including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.