Marathon Pete Corp Stock Price, News & Analysis

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.

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.