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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 (NYSE: MPC) has announced pricing for a $2.0 billion senior notes offering, comprising $1.1 billion of 5.15% senior notes due 2030 and $900 million of 5.70% senior notes due 2035. The proceeds will be used to repay the company's outstanding $1.25 billion of 4.700% senior notes due May 2025 and for general corporate purposes.
The offering is expected to close on February 10, 2025, subject to customary conditions. Wells Fargo Securities, Citigroup Global Markets, and MUFG Securities Americas are serving as joint book-running managers for the offering.
MPLX LP reported strong financial results for full-year 2024, with net income of $4.3 billion and adjusted EBITDA of $6.8 billion, representing increases of 10% and 8% year-over-year, respectively. The company returned $3.9 billion to unitholders through distributions and unit repurchases.
Key operational highlights include increased pipeline throughputs of 5.9 million barrels per day and terminal throughput of 3.1 million bpd. The company announced significant expansion plans including a new Gulf Coast fractionation complex with two 150,000 bpd facilities and a strategic partnership with ONEOK for a 400,000 bpd LPG export terminal.
For 2025, MPLX outlined a $2.0 billion capital spending plan, with $1.45 billion allocated to Natural Gas and NGL Services growth. The company maintained a strong financial position with $1.5 billion in cash and a leverage ratio of 3.1x.
Marathon Petroleum Corp. (MPC) reported Q4 2024 net income of $371 million ($1.15 per diluted share), down from $1.5 billion ($3.84 per diluted share) in Q4 2023. The company's adjusted net income was $249 million ($0.77 per diluted share) compared to $1.5 billion ($3.98 per diluted share) in Q4 2023.
For full-year 2024, MPC generated net cash from operations of $8.7 billion and returned $10.2 billion to shareholders through share repurchases and dividends. The company's Midstream segment showed 6% EBITDA growth. Q4 2024 adjusted EBITDA was $2.1 billion, versus $3.6 billion in Q4 2023.
MPC established a new Renewable Diesel segment and announced its 2025 standalone capital outlook of $1.25 billion. The company maintained strong liquidity with $3.2 billion in cash and equivalents, including $1.5 billion at MPLX, plus $5 billion available on its credit facility.
Marathon Petroleum Corp. (NYSE: MPC) has announced its 2025 annual shareholders meeting details. The meeting will be conducted virtually via live webcast on April 30, 2025, at 10 a.m. ET. Shareholders who are on record as of March 3, 2025, will have the right to receive notice and vote at the annual meeting. The company will provide detailed instructions for shareholder access and participation in the virtual meeting through its upcoming proxy statement.
Marathon Petroleum Corp. (NYSE: MPC) has announced its latest quarterly dividend declaration. The company's board of directors has approved a dividend of $0.91 per share on common stock. Shareholders who are on record as of the close of business on February 19, 2025, will receive the dividend payment on March 10, 2025.
Flyscan Systems announced that Kinder Morgan (NYSE: KMI) has joined its strategic investor group, which includes Marathon Petroleum, Enbridge, and Hatch. The investment will support Flyscan's growth and accelerate its entry into the Natural Gas detection and quantification market.
Flyscan, founded in 2015 as a spin-off from Canada's National Optics Institute, is pioneering technology for pipeline leak detection and right-of-way damage prevention. The company utilizes remote sensing and artificial intelligence to detect liquid hydrocarbons and automate visual inspection from regulatory patrol planes.
KMI's COO James Holland emphasized the state-of-the-art nature of Flyscan's technologies and their importance in protecting employees, the environment, and communities. The partnership aims to leverage KMI's strategic footprint across multiple fuel types and extensive presence in the US market.
Marathon Petroleum's Garyville refinery has achieved a significant safety milestone, celebrating 30 years of maintaining OSHA's Voluntary Protection Program (VPP) Star status, making it the longest-running VPP Star refinery in the United States. The facility, which first earned this prestigious recognition in 1994, was only the sixth refinery nationwide and second in Louisiana to receive this honor.
Nearly 400 employees and contractors attended the milestone celebration in October 2024. The event featured special guest D-D Breaux, former LSU Women's Gymnastics Head Coach, who drew parallels between athletic excellence and workplace safety commitment. Mike Henschen, Senior Vice President of Refining Operations, and Jeremy Beasley, Environmental, Safety & Security Manager, emphasized the teamwork required to maintain this certification.
VPP Star status represents OSHA's highest recognition for exceptional achievements in safety and health management, demonstrating the refinery's outstanding commitment to maintaining a safe and healthy work environment.
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.
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