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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) will host a conference call on November 1, 2022, at 11 a.m. ET to discuss its 2022 third-quarter financial results. Interested parties can access the call via the company's website, where a webcast replay will be available for two weeks. Financial information, including the earnings release and related materials, will be shared online ahead of the call. MPC is a major player in the downstream energy sector, operating the largest refining system in the U.S.
Marathon Petroleum Corp. (NYSE: MPC) reported a net income of $5.9 billion, or $10.95 per diluted share, for Q2 2022, a decrease from $8.5 billion in Q2 2021. Adjusted net income rose to $5.7 billion, compared to $437 million a year earlier. Adjusted EBITDA reached $9.1 billion, up from $2.2 billion in Q2 2021. The refining segment saw significant improvements with adjusted EBITDA of $7.8 billion, driven by stronger margins and throughput, while corporate expenses slightly decreased. The company continues its capital return program, having completed $12 billion of a planned $15 billion buyback.
Marathon Petroleum Corp. (NYSE: MPC) has declared a quarterly dividend of $0.58 per share on common stock, payable on Sept. 12, 2022, to shareholders of record as of Aug. 17, 2022. This announcement reflects the company's ongoing commitment to returning value to its shareholders. Marathon Petroleum is an integrated energy company operating the largest refining system in the U.S., with a strong presence through its branded retail outlets and significant midstream operations.
On July 12, 2022, Marathon Petroleum Corp. (MPC) expressed profound sorrow over the passing of long-serving board member Steve Davis. Chairman John Surma emphasized Davis's vibrant contribution and friendship, noting the significant loss to the organization. Davis had been a board member for nine years, bringing invaluable insights to the company's operations. Marathon Petroleum remains a key player in the energy sector, operating the largest refining system in the U.S. and owning a significant interest in MPLX LP, enhancing its market presence.
Marathon Petroleum Corp. (NYSE: MPC) will hold a conference call on August 2, 2022, at 11 a.m. EDT to discuss its second-quarter financial results for 2022. Interested stakeholders can listen live via MPC's website. A replay will be available for two weeks following the call. Financial documents, including the earnings release, will be accessible before the call. MPC is a major integrated downstream energy company, operating the largest refining system in the U.S. More details can be found at www.marathonpetroleum.com.
Marathon Petroleum Corp. (MPC) reported a net income of $845 million, or $1.49 per diluted share, for Q1 2022, recovering from a net loss of $242 million in Q1 2021. Adjusted EBITDA reached $2.6 billion, with Refining and Marketing contributing $1.4 billion. Operating activities generated $2.5 billion in cash, aided by $0.6 billion in favorable working capital changes. MPC also announced a 15% reduction target for Scope 3 greenhouse gas emissions by 2030. Approximately $8 billion in shares have been repurchased to date, part of a $10 billion return of capital program.
Marathon Petroleum Corp. (NYSE: MPC) has declared a $0.58 per share dividend on common stock, payable on June 10, 2022. Shareholders on record as of May 18, 2022 will receive this dividend. Headquartered in Findlay, Ohio, Marathon is a leading downstream energy company with the largest refining system in the U.S. The company's marketing includes branded locations and a significant partnership in MPLX LP, which operates midstream assets.
Marathon Petroleum Corp. (NYSE: MPC) will host a conference call on May 3, 2022, at 11 a.m. ET to discuss its 2022 first-quarter financial results. The call will be accessible via the company's website, and a replay will be available for two weeks post-event. Marathon Petroleum is a leading downstream energy company, operating the largest refining system in the U.S. It also holds a majority stake in MPLX LP, which offers midstream services. For more details, visit Marathon Petroleum's website.
Marathon Petroleum Corp. (NYSE: MPC) announced a 50/50 joint venture with Neste for its Martinez renewable fuels project, with Neste contributing $1 billion towards project development. MPC will manage the project, targeting a production capacity of 260 million gallons per year of renewable diesel by late 2022, increasing to 730 million gallons by the end of 2023. The partnership aims to provide low carbon intensity fuels in line with California's climate goals, leveraging both companies' expertise in renewable energy and operations.
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