Marathon Petroleum Corporation (MPC) reported its third-quarter earnings for fiscal year 2024, revealing an adjusted earnings per share (EPS) of $1.87, significantly surpassing analysts' expectations of $0.99. The company's revenue totaled $35.37 billion, exceeding the forecast of $32.59 billion. However, this revenue represents a decline from $40.9 billion in the same quarter of the previous year. Net income for the quarter was reported at $622 million, down from $3.3 billion year-over-year. In response to the strong earnings, Marathon Petroleum's board approved an incremental share buyback authorization of $5 billion. Following the announcement, shares of Marathon Petroleum rose by 4.17% in premarket trading.