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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 participated in the Fight For Air Climb at the Los Angeles Memorial Coliseum, marking its second year of involvement. The event raises money and awareness for the American Lung Association and aims to support lung disease research and advocacy. In February, firefighters from the Los Angeles refinery, including a father-son duo, climbed 2,500 steps, some in full gear. The refinery donated $3,000 to the event, reflecting its commitment to community engagement. With 150 firefighters on staff, the fire department not only prepares for emergencies at Marathon but also assists local fire services.
NORTHAMPTON, MA / ACCESSWIRE / April 11, 2023 / Marathon Petroleum Corporation has made significant strides in improving air quality along the U.S.-Mexico border. A new air monitoring station, funded by a $100,000 grant from Marathon, is set to enhance respiratory health awareness and data collection in the Paso del Norte Air Basin, which serves nearly 3 million residents. This monitoring station is the first outcome of the Binational Air Quality Monitoring Fund, a cooperative financial initiative between private and public sectors from both countries. With the addition of the new station, which includes advanced measurement equipment, there are now 22 monitoring stations in the region, aiding in better air quality management amidst urban growth.
Marathon Petroleum Corporation has provided financial support to the Melvindale Police Department in Michigan for the renovation of its women's locker room. Previously housed in a small restroom, the upgraded facility now features five large lockers, modern vanity, and enhanced lighting, offering a functional space for female officers. This project aims to improve recruitment and retention of women in the police force, addressing the inadequacies of the original design created decades ago. The initiative has received positive feedback from the officers, highlighting the importance of an inclusive environment for current and future law enforcement personnel.
Marathon Petroleum Corporation highlights the inspiring journey of Shelly Kirk, a single mother who transformed her life by obtaining a Commercial Driver's License (CDL) and becoming a truck driver. Starting her career in 2010, Kirk initially faced doubts but found success with Marathon Petroleum, where she has worked for over seven years. Kirk emphasizes the benefits of a stable job with good pay and retirement plans, including a 401(k) and pension. Her achievements have positively influenced her family, inspiring her children to pursue careers in trucking as well.
Engine Capital LP, a 2.0% shareholder of Parkland Corporation (TSX: PKI), has urged its Board to explore strategic alternatives to enhance shareholder value. Engine believes Parkland could be valued at
Dynita McCaskill, a notable female operator at the Detroit refinery of Marathon Petroleum, shares her journey from traditional office roles to the dynamic field of operations. After earning her degree from Central Michigan University, she worked in payroll before realizing her passion lay in hands-on problem-solving. Joining Marathon Petroleum in 2015, she thrives on daily challenges, focusing on safety and teamwork. McCaskill advocates for women's empowerment in the industry and is actively involved in educational outreach, such as the Girls in Engineering Academy. She is also pursuing further education in Electronics Technology.
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.
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