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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 Corporation (MPC) has announced a $50,000 grant to support free dental care for underserved children in Salt Lake City. This initiative, led by dental student Juan Arbizu from Roseman University of Health Sciences, aims to provide dental screenings and cleanings for children and teens from low-income households. The funding, part of the Give Kids a Smile program, marks the second consecutive year of support from MPC. In February, over 500 children received care, with another event planned for August 4. The program highlights Arbizu's personal connection to the cause, as he recalls his family's struggle for dental care during his childhood.
Tara Chippewa, a qualified operator at Marathon Petroleum's Detroit refinery, inspires others by pursuing a non-traditional career in the industrial field. Initially drawn to hands-on work as a child, she has excelled in roles that required extensive training, becoming both a field equipment operator and a board operator.
Chippewa emphasizes the importance of empowering women in her industry and leads by example, even competing in the Highland Games. She encourages her children to pursue their passions and advocates for women's representation in male-dominated fields, aiming to inspire future generations.
Marathon Petroleum Corp. (NYSE: MPC) announced a conference call scheduled for May 2, 2023, at 11 a.m. EDT to discuss its 2023 first-quarter financial results. Interested parties can listen to the call via the company's website, where a replay will be available for two weeks post-event. The company is a leading integrated downstream energy provider based in Findlay, Ohio, operating the largest refining system in the U.S. and a robust marketing network with Marathon-branded retail outlets.
The financial report and additional investor materials will be accessible on the website prior to the call.
Marathon Petroleum Corporation (NYSE:MPC) celebrates International Women's Day by highlighting the experiences of Antinea Reyes Galvan, Director of Finance and Administration for Latin America. With over 20 years in finance, she emphasizes the importance of innovation and ethical decision-making. Antinea's journey, including challenges like hyper-inflation and pandemic disruptions, underscores resilience. She encourages women in finance to trust themselves and build strong support networks. Her insights reflect the company's commitment to Diversity, Equity, and Inclusion.
On March 8, 2023, Marathon Petroleum Corp. (NYSE: MPC) announced the acquisition of a 49.9% stake in LF Bioenergy for
Marathon Petroleum Corporation has received multiple awards for its community investment efforts centered around improving education and child development. The Los Angeles Harbor College recognized Marathon as the 2022 Philanthropist of the Year for its financial support of student scholarships, aided by funds raised during the MPCgives Invitational. Additionally, the Young Horizons Child Development Centers honored Marathon as the 2022 Champion of Children for its contributions to childcare programs. The Carson Chamber of Commerce also recognized the refinery for its corporate leadership in local community projects, highlighting ongoing commitments to schools and community well-being.
Marathon Petroleum Corp. subsidiary Virent successfully powered an Emirates Airline demonstration flight using 100% sustainable aviation fuel (SAF) in one engine and traditional jet fuel in the other. This marks a significant milestone as the first flight in the Middle East and North Africa to utilize this technology. Virent's BioForming® process produces synthesized aromatic kerosene (SAK) from plant-based sugars, allowing for a SAF that meets jet fuel specifications without blending. The company aims for a greater than 50% reduction in greenhouse gas emissions and a potential path to net-zero emissions through renewable energy sources.
MPLX reported a fourth-quarter 2022 net income of $816 million, slightly down from $830 million in Q4 2021. Full-year net income reached $3.9 billion, up from $3.1 billion in 2021. Adjusted EBITDA for Q4 2022 was $1.5 billion, compared to $1.4 billion in the same quarter last year, contributing to full-year adjusted EBITDA of $5.8 billion.
The company returned over $3.5 billion to unitholders in 2022 and announced a Q4 distribution of $0.775 per unit. Looking ahead, MPLX plans $950 million in capital spending for 2023, focusing on growth in its logistics and storage assets.
Marathon Petroleum Corp. (MPC) reported a robust fourth-quarter 2022 net income of $3.3 billion or $7.09 per diluted share, significantly up from $774 million in Q4 2021. The company's full-year net income reached $14.5 billion, compared to $9.7 billion in 2021, driven by improved operational execution. For 2023, MPC forecasts a $1.3 billion capital spending plan, focusing on low-carbon initiatives. The company returned $13.2 billion to shareholders in 2022 through buybacks and dividends, announcing a new $5 billion share repurchase authorization.
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