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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 set a target to reduce absolute Scope 3 Category 11 greenhouse gas emissions by 15% from 2019 levels by 2030. This initiative is part of MPC's ongoing commitment to improve environmental performance while meeting energy needs sustainably. The company has been aligning its GHG disclosures with industry guidelines, including the Task Force on Climate-related Financial Disclosures since 2017. MPC also emphasizes the importance of refineries in calculating these emissions based on operational yields.
Marathon Petroleum Corp (MPC) reported a fourth-quarter net income of $774 million, or $1.27 per diluted share, a significant increase from $285 million, or $0.44 per share, in Q4 2020. Adjusted net income was $794 million, or $1.30 per share. The company has returned approximately $3 billion through share repurchases and announced an additional $5 billion repurchase authorization. For 2022, MPC's capital spending outlook is set at $1.7 billion, focusing heavily on growth capital, particularly for the Martinez refinery conversion project, with an estimated cost of $1.2 billion.
Marathon Petroleum Corp. (NYSE: MPC) will hold its annual shareholder meeting on April 27, 2022, at 10 a.m. EDT, in a virtual format via live webcast. Shareholders recorded by March 2, 2022, are eligible to vote. Further details will be provided in the company's proxy statement. Marathon Petroleum is a leading downstream energy company, operating the largest refining system in the U.S. and featuring branded retail locations nationwide. For more information, visit marathonpetroleum.com.
The board of directors of Marathon Petroleum Corp. (MPC) has declared a quarterly dividend of $0.58 per share on common stock. This dividend will be payable on March 10, 2022, to shareholders who are on record by the close of business on February 16, 2022. Marathon Petroleum is a leading downstream energy company, operating the largest refining system in the U.S. and managing a comprehensive marketing network.
Marathon Petroleum Corp. (NYSE: MPC) has announced a conference call scheduled for February 2, 2022, at 11 a.m. EST, to discuss its 2021 fourth-quarter and full-year financial results. Interested listeners can access the call via the company’s website, where a replay will be available for two weeks afterward. Financial information, including the earnings release and investor materials, will also be posted online before the call. MPC is a major integrated downstream energy company and operates the largest refining system in the U.S.
Marathon Petroleum Corp. (MPC) and ADM have finalized their joint venture, Green Bison Soy Processing, LLC, to produce soybean oil aimed at meeting the rising demand for renewable diesel fuel. With a 75% stake held by ADM and 25% by MPC, this $350 million facility in Spiritwood, North Dakota is set to process local soybeans, generating around 600 million pounds of refined soybean oil annually. The output will be dedicated to MPC for approximately 75 million gallons of renewable diesel per year.
Marathon Petroleum Corp. (MPC) reported a third-quarter net income of $694 million, or $1.09 per diluted share, a significant turnaround from a net loss of $886 million in the same quarter last year. Adjusted net income for Q3 2021 was $464 million, up from a loss of $649 million in Q3 2020. The company is progressing with portfolio optimization, pursuing strategic alternatives for the Kenai refinery. Additionally, MPC completed 25% of its $10 billion capital return program and announced a 2.5% increase in quarterly distributions from its MPLX segment.
Marathon Petroleum Corp. (NYSE: MPC) has declared a quarterly dividend of $0.58 per share on common stock. This dividend will be payable on December 10, 2021, to shareholders of record by the close of business on November 17, 2021. Marathon Petroleum, based in Findlay, Ohio, boasts the largest refining system in the nation and operates a comprehensive marketing system that includes branded retail outlets across the United States. The company also has significant interests in MPLX LP, a midstream services provider.
Marathon Petroleum Corp. (NYSE: MPC) will host a conference call on November 2, 2021, at 11 a.m. EDT to discuss its third-quarter financial results for 2021. Interested investors can access the call via the company's website, where a replay will be available for two weeks. Additional financial information, including the earnings release, will also be posted online beforehand. Marathon Petroleum is a major downstream energy company based in Findlay, Ohio, operating the largest refining system in the U.S. and owning a significant interest in MPLX LP.
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