Marathon Petroleum Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's net income attributable to company were $755 million, or $2.24 per diluted share, compared with a loss attributable to company of $75 million, or $0.21 per basic and diluted share, in the fourth quarter of 2011. Net income was $759 million against net loss of $75 million a year ago. Earnings adjusted for special items were $760 million, or $2.26 per diluted share, compared with a loss adjusted for special items of $75 million, or $0.21 per diluted share, in the fourth quarter of 2011. Total revenues and other income was $20,711 million against $19,441 million a year ago. Income from operations was $1,189 million against loss from operations of $158 million a year ago. Income before income taxes was $1,144 million against loss before income taxes of $180 million a year ago. Total segment EBITDA was $1,565 million against $152 million a year ago. Capital expenditures and investments during the quarter were $403 million, including amounts related to the completion of Detroit Heavy Oil Upgrade Project.

For the year, the company's net income attributable to company were $3.39 billion, or $9.89 per diluted share, in 2012, compared with $2.39 billion, or $6.67 per diluted share, in 2011. Net income was $3,389 million against $2,389 million a year ago. Earnings adjusted for special items were $3.35 billion, or $9.79 per diluted share, compared with $2.41 billion, or $6.72 per diluted share, in 2011. Total revenues and other income was $82,492 million against $78,759 million a year ago. Income from operations was $5,347 million against $3,745 million a year ago. Income before income taxes was $5,238 million against $3,719 million a year ago. Total segment EBITDA was $6,596 million against $4,934 million a year ago. The company generated almost $4.5 billion in cash from operations and nearly $3 billion of free cash flow.

The 2013 capital investment plan totals $1.6 billion, excluding the Galveston Bay refinery purchase price. The company remains very enthusiastic about prospects into 2013. Total capital spending is estimated at $225 million, with the hydrocracker revamp to be completed in 2014 and completion of the final phase of the program in 2015.