Marathon Pete Corp Stock Price, News & Analysis

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.

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.