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Marathon Petroleum Corporation (MPC), headquartered in Findlay, Ohio, is a leading, integrated downstream energy company. With a network of 13 refineries and a total throughput capacity of 3.0 million barrels per day, MPC stands as the fourth-largest refiner in the United States. Its operations span the midcontinent, West Coast, and Gulf Coast regions, positioning MPC strategically to serve major markets across the Midwest, Gulf Coast, and Southeast U.S.
MPC's business model includes refining, marketing, and transportation, focusing on efficiency and market reach. The company operates a robust terminal and transportation system, extensive wholesale and retail marketing operations, and a significant retail presence through its wholly-owned subsidiary, Speedway LLC, which is the fourth-largest chain of company-owned and -operated retail gasoline and convenience stores in the nation.
In the realm of renewable energy, MPC is proactive, with its Dickinson, North Dakota facility producing 184 million gallons of renewable diesel annually, and its Martinez, California facility expected to produce 730 million gallons per year after conversion. The company also invests heavily in midstream assets, primarily through its master limited partnership, MPLX LP, which owns and operates gathering, processing, and fractionation assets.
Recent Achievements and Projects:
- MPC reported a net income of $1.5 billion for Q4 2023, despite a decrease from the previous year. The company achieved an adjusted EBITDA of $3.5 billion for the same quarter.
- MPC's Los Angeles refinery is undergoing improvements to enhance competitiveness by increasing reliability, lowering costs, and reducing emissions. These upgrades are expected to be completed by the end of 2025.
- The Galveston Bay refinery is constructing a high-pressure distillate hydrotreater to produce higher-value finished products, scheduled for completion by the end of 2027.
- MPLX is expanding its operations in the Marcellus and Permian basins with a capital outlook of $1.1 billion for growth projects.
Financial Position: As of December 31, 2023, MPC had $10.2 billion in cash and short-term investments, and returned approximately $2.8 billion to shareholders through share repurchases and dividends in Q4 2023. For the full year 2023, net income was $9.7 billion, highlighting strong operational performance and commercial execution.
MPC is committed to generating strong through-cycle cash flow and delivering superior returns to shareholders. The company's strategic investments and operational improvements underline its goal of maintaining a competitive edge and achieving sustainable growth in the energy sector.
Marathon Petroleum 's (MPC) Mexico City office partnered with TECHO, a Latin American nonprofit, to provide new homes for three families in need. The project, completed in a single weekend, involved 27 MPC employee volunteers who helped construct houses made from prefabricated wooden panels. Each home was equipped with a 290-gallon water catchment system, replacing previous makeshift shelters that had dirt floors and no running water.
The initiative marks the first collaboration between MPC's Mexico City office and TECHO. The office, which supports the company's ARCO® retail brand and fuel marketing operations in Mexico, plans to continue similar community involvement efforts in the future.
Marathon Petroleum Corp. (NYSE: MPC) has announced it will release its fourth-quarter and full-year 2024 financial results on February 4, 2025. The company will host a conference call at 11 a.m. EST on the same day to discuss the results. Investors can access the conference call through MPC's website, where a replay will be available for two weeks. Financial information, including the earnings release and investor materials, will be published on the company's website before the conference call.
LF Bioenergy announced the expansion of its renewable natural gas (RNG) project footprint with four operating facilities and two under construction across the U.S. The operational projects have achieved environmental benefits equivalent to reducing 60 million gasoline miles. The company aims to reach 15 operational RNG projects by 2027.
The company's RNG projects provide farmers with diversified revenue streams while eliminating manure disposal needs, improving soil and water quality, reducing odors, and cutting greenhouse gas emissions. Their business model requires no upfront farmer investment. The projects capture methane, which has a global warming potential 28 times greater than carbon dioxide, according to the EPA. The company recently added a new Commercial Vice President to strengthen its executive team.
Marathon Petroleum's Transportation and Rail Health and Safety department, along with local fleet operations and corporate medical services, participated in a volunteer initiative at Gleaners Food Bank in Indianapolis. A team of 14 volunteers successfully distributed food to over 1,200 households during a September volunteer day.
Since 2012, more than 400 Marathon employees have contributed 1,119 hours of service to Gleaners within Indiana. The food bank serves surrounding counties and supports smaller distribution organizations, helping families facing food insecurity during economic hardships and high inflation rates.
Marathon Petroleum (MPC) has been named to the Women In Trucking Association's 2024 Top Companies for Women to Work in Transportation list for the third consecutive year. The recognition was presented at the WIT Accelerate! Conference & Expo in Dallas, highlighting the company's commitment to gender diversity and career advancement.
The company offers transport drivers comprehensive benefits including flexible schedules, eight weeks of fully paid maternity leave, four weeks of paternity leave, adoption assistance, tuition reimbursement, 401k match, and a company pension plan. MPC was selected for its corporate culture fostering gender diversity, competitive compensation, and professional development opportunities.
The Muscogee (Creek) Nation in Oklahoma has enhanced its emergency response capabilities with a new mobile drone command center, funded by a $95,000 community investment grant from Marathon Petroleum's MPLX segment. The center enables simultaneous operation of up to five drones with real-time data transmission, supporting search and rescue, disaster response, and law enforcement operations. The funding decision was influenced by recent tornado events that caused loss of life on Muscogee Nation territory. The command center integrates drones from both the Office of Emergency Management and Lighthorse Police Department, significantly upgrading from previous controller screens.
Marathon Petroleum (MPC) has been named one of the top 20 businesses in Texas for sustainability leadership by Texan by Nature (TxN). As one of only two energy sector companies on the 2024 TxN 20 list, MPC invested over $340,000 in Texas environmental initiatives in 2023. Key projects included developing a pilot program for environmental strategies in pipeline construction, installing an air quality monitoring station in Juarez, and supporting the Galveston Bay Foundation. The selection process involved a 17-point scoring system across 12 industry sectors, evaluating conservation metrics and investments.
Marathon Petroleum sponsored the 28th Flag City Honor Flight, enabling nearly 90 veterans to travel from Toledo, Ohio, to Washington, D.C. The September flight, organized by Marathon's Veterans employee network HONOR, allowed veterans to visit memorials including the Marine Corps War Memorial, Korean War Veterans Memorial, Vietnam Veterans Memorial, WWII Memorial, and Arlington National Cemetery. Marathon employees served as guardians during the trip, which was funded through a company grant and proceeds from HONOR's annual Spirit of Freedom 5K event. The flight marked the third of four planned trips for 2024, culminating in a welcome home celebration for the veterans.
MPLX LP reported strong third-quarter 2024 financial results with net income of $1.0 billion, up from $918 million in Q3 2023. The company achieved adjusted EBITDA of $1.7 billion and distributable cash flow of $1.4 billion. Notable highlights include a 12.5% increase in quarterly distribution to $3.83 per unit annualized and $949 million returned to unitholders. The company saw growth in both segments, with Logistics & Storage EBITDA at $1.2 billion and Gathering & Processing EBITDA at $557 million. Pipeline throughputs reached 6.0 million bpd, while processed volumes increased 9% to 9.8 bcf/d.
Marathon Petroleum Corp (NYSE: MPC) has elected Jeffrey C. Campbell to its board of directors, effective November 11, 2024. Campbell brings extensive financial leadership experience, having served as CFO for three large-cap public companies. His most recent role was vice chairman and CFO at American Express Company. Previously, he held CFO positions at McKesson and AMR Corp/American Airlines. Campbell currently serves on the boards of Aon plc and Hexcel , and holds degrees from Stanford University and Harvard University.
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