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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 Corporation (NYSE: MPC) announced the appointment of Brian C. Davis as Executive Vice President and Chief Commercial Officer. In this significant role, Davis will oversee all commercial activities within MPC's integrated value chain, reporting directly to Michael J. Hennigan, President and CEO. With over 32 years of experience at Royal Dutch Shell, Davis brings substantial expertise in driving transformation and growth in the oil and gas sector, particularly in renewable and alternative energy strategies.
Marathon Petroleum Corp. (MPC) will hold its annual meeting of shareholders on April 28, 2021, at 10 a.m. EDT, via a virtual format accessible through this link. Shareholders of record as of March 2, 2021, can vote during the meeting. The company will provide additional details in its proxy statement on accessing the virtual meeting. Marathon Petroleum, headquartered in Findlay, Ohio, operates the largest refining system in the U.S. and has various energy and retail operations.
Marathon Petroleum Corp. (MPC) has declared a quarterly dividend of $0.58 per share on its common stock, set for payment on March 10, 2021. Shareholders on record by the close of business on February 17, 2021 will receive this dividend. Marathon Petroleum is a major player in the energy sector, operating the largest refining system in the U.S. and owning a significant retail presence through its Marathon brand and Speedway LLC.
Marathon Petroleum Corp. (MPC) has rescheduled its conference call with analysts to 11 a.m. EST on Feb. 2, 2021. During this call, executives will discuss the 2020 fourth-quarter and full-year financial results, set to be released earlier that day. Interested parties can access the call via MPC's website, where a replay will be available for two weeks post-event. Marathon Petroleum operates the largest refining system in the U.S. and has a significant presence in the retail convenience store sector through its subsidiary Speedway LLC.
Marathon Petroleum Corporation (NYSE: MPC) announced the appointment of Maryann T. Mannen as Executive Vice President and Chief Financial Officer, effective January 25, 2021. She succeeds retiring CFO Donald C. Templin. Mannen, previously CFO at TechnipFMC, brings extensive experience in financial leadership and capital management. Her appointment aims to enhance the company's financial position and support business transformation objectives, focusing on strict capital discipline and cost management. Marathon Petroleum operates the largest refining system in the U.S., with a significant marketing presence.
Marathon Petroleum Corp. (NYSE: MPC) will hold a conference call on February 2, 2021, at 9:30 a.m. EST to discuss its 2020 fourth-quarter and full-year financial results, releasing them earlier that same day. Interested listeners can access the call via MPC’s website, where a replay will be available for two weeks. Marathon Petroleum operates the largest refining system in the U.S. and manages a robust marketing network, with brands including Marathon and Speedway LLC.
MPLX LP, a master limited partnership backed by Marathon Petroleum Corp., will host a conference call on February 2, 2021, at 11 a.m. EST to discuss its 2020 fourth-quarter and full-year financial results, which will be released that same day. The event will provide insights into company operations and will be accessible via MPLX's website, with a replay available for two weeks. MPLX operates midstream energy infrastructure, including pipelines, terminals, and processing facilities across key U.S. supply basins.
Marathon Petroleum Corporation (MPC) announced that Donald C. Templin, CFO and executive vice president, will retire in January 2021. Templin has been instrumental in MPC's growth since joining in 2011 and played a key role during the transition to the current CEO, Michael J. Hennigan. A search for a new CFO is ongoing. Templin has also served on the board of MPLX LP, MPC's master limited partnership. His retirement comes as the company operates the largest refining system in the U.S., with a marketing system including Marathon-branded retail locations.
Marathon Petroleum Corp. (MPC) reported a third-quarter loss of $1.0 billion, or $(1.57) per diluted share, including pre-tax charges of $525 million. The adjusted loss was $649 million, or $(1.00) per diluted share. The company is on track to surpass capital spending reductions of $1.4 billion and operational savings of $950 million. Progress continues on the $21 billion Speedway sale targeted for Q1 2021 and the start-up of the Dickinson renewable fuels facility. As of September 30, 2020, available liquidity exceeded $7 billion.
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