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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 Corp. (NYSE: MPC) has appointed Toni Townes-Whitley to its board of directors, effective March 1, 2023. Townes-Whitley brings over 35 years of experience, most notably as president of U.S. Regulated Industries at Microsoft Corporation, where she managed a $16 billion portfolio. Her expertise includes driving digital transformation and building high-performance teams. The board now consists of 12 members. Townes-Whitley's appointment aims to enhance the company’s leadership and strategic vision as it seeks sustainable value in the energy sector.
Marathon Petroleum Corp. (MPC) announced its 2023 annual meeting of shareholders will occur on April 26, 2023, at 10 a.m. ET, in a virtual format via live webcast. Shareholders on record as of March 1, 2023, are eligible to vote and receive notice. The company will provide additional details in its proxy statement regarding participation. Headquartered in Findlay, Ohio, MPC operates the largest refining system in the U.S. and oversees a vast marketing network, including branded retail outlets. The meeting aims to inform shareholders about the company's operations and future plans.
Marathon Petroleum Corp. (NYSE: MPC) has declared a $0.75 per share dividend on common stock, payable on March 10, 2023. Shareholders of record as of February 16, 2023 will receive this payment. The company is recognized as a leading integrated downstream energy firm, operating the largest refining system in the U.S. with a wide network of Marathon brand retail locations. It also maintains a majority interest in MPLX LP, a midstream energy company.
Marathon Petroleum hosted a groundbreaking event for 40 high school girls at its El Paso refinery, aimed at promoting careers in STEM. Participants engaged with female engineers and scientists, took part in hands-on activities, and learned about various job roles in the industry. The event, the first of its kind at the refinery, aimed to inspire young women in fields where they are underrepresented. One attendee received a $1,000 scholarship for college. Given the positive feedback, plans are underway for a similar event in 2023.
Marathon Petroleum Corp. (MPC) and MPLX have announced grants totaling $175,000 to support commercial driver's license (CDL) programs at two North Dakota tribal colleges. Nueta Hidatsa Sahnish College receives $100,000, while United Tribes Technical College gets $75,000. These initiatives aim to address the growing demand for skilled transport drivers in the region, facilitating students' direct entry into the workforce post-licensure. Additionally, MPC and MPLX experts will assist with curriculum development for the programs, enhancing educational opportunities in high-demand careers.
On January 4, 2023, Marathon Petroleum Corp. (NYSE: MPC) announced receipt of an unsolicited mini-tender offer from TRC Capital Investment Corp. to purchase 1,500,000 shares at $105.00 each. This price is 4.33% lower than MPC's closing price on December 16, 2022. MPC disassociates itself from the offer and advises shareholders against participating, citing that the offer price does not reflect the market value. The SEC warns that mini-tender offers may lack investor protections and urges due diligence from shareholders.
Marathon Petroleum Corp. (MPC) will hold a conference call on January 31, 2023, at 11 a.m. EST to discuss its 2022 fourth-quarter and full-year financial results. Interested listeners can access the call via the company's website. A replay will also be available for two weeks. MPC, based in Findlay, Ohio, is a prominent downstream energy company and operates the largest refining system in the U.S. Comprehensive financial details and materials will be provided prior to the call on its site.
Marathon Petroleum Corp. (NYSE: MPC) reported a strong Q3 2022, achieving a net income of $4.5 billion, or $9.06 per diluted share, a significant increase from $694 million a year prior. Adjusted EBITDA surged to $6.8 billion, driven by robust refining operations running near full capacity. The company completed a $15 billion share buyback and announced a 30% dividend increase to $0.75 per share. Refining margins improved to $30.21 per barrel, with throughput of 3.0 million barrels per day, reflecting strong market demand.
Marathon Petroleum Corp. (NYSE: MPC) announced a 30% increase in its quarterly dividend, raising it from $0.58 to $0.75 per share. The new dividend is scheduled for payment on December 12, 2022, to shareholders recorded by the close of business on November 16, 2022. This boost reflects the company's commitment to returning value to shareholders amid strong performance metrics.
Marathon Petroleum Corp. (NYSE: MPC) has successfully closed its joint venture with Neste for the Martinez renewables project, meeting all required conditions, including regulatory approvals. The 50/50 joint venture involves a total investment of $1 billion from Neste towards projected project costs of $1.2 billion. MPC will manage the project, targeting an initial production capacity of 260 million gallons per year and potential growth to 730 million gallons by the end of 2023. This partnership aims to enhance low carbon-intensity feedstock availability in California.
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