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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's Transportation and Rail Health and Safety department, along with local fleet operations and corporate medical services, participated in a volunteer initiative at Gleaners Food Bank in Indianapolis. A team of 14 volunteers successfully distributed food to over 1,200 households during a September volunteer day.
Since 2012, more than 400 Marathon employees have contributed 1,119 hours of service to Gleaners within Indiana. The food bank serves surrounding counties and supports smaller distribution organizations, helping families facing food insecurity during economic hardships and high inflation rates.
Marathon Petroleum (MPC) has been named to the Women In Trucking Association's 2024 Top Companies for Women to Work in Transportation list for the third consecutive year. The recognition was presented at the WIT Accelerate! Conference & Expo in Dallas, highlighting the company's commitment to gender diversity and career advancement.
The company offers transport drivers comprehensive benefits including flexible schedules, eight weeks of fully paid maternity leave, four weeks of paternity leave, adoption assistance, tuition reimbursement, 401k match, and a company pension plan. MPC was selected for its corporate culture fostering gender diversity, competitive compensation, and professional development opportunities.
The Muscogee (Creek) Nation in Oklahoma has enhanced its emergency response capabilities with a new mobile drone command center, funded by a $95,000 community investment grant from Marathon Petroleum's MPLX segment. The center enables simultaneous operation of up to five drones with real-time data transmission, supporting search and rescue, disaster response, and law enforcement operations. The funding decision was influenced by recent tornado events that caused loss of life on Muscogee Nation territory. The command center integrates drones from both the Office of Emergency Management and Lighthorse Police Department, significantly upgrading from previous controller screens.
Marathon Petroleum (MPC) has been named one of the top 20 businesses in Texas for sustainability leadership by Texan by Nature (TxN). As one of only two energy sector companies on the 2024 TxN 20 list, MPC invested over $340,000 in Texas environmental initiatives in 2023. Key projects included developing a pilot program for environmental strategies in pipeline construction, installing an air quality monitoring station in Juarez, and supporting the Galveston Bay Foundation. The selection process involved a 17-point scoring system across 12 industry sectors, evaluating conservation metrics and investments.
Marathon Petroleum sponsored the 28th Flag City Honor Flight, enabling nearly 90 veterans to travel from Toledo, Ohio, to Washington, D.C. The September flight, organized by Marathon's Veterans employee network HONOR, allowed veterans to visit memorials including the Marine Corps War Memorial, Korean War Veterans Memorial, Vietnam Veterans Memorial, WWII Memorial, and Arlington National Cemetery. Marathon employees served as guardians during the trip, which was funded through a company grant and proceeds from HONOR's annual Spirit of Freedom 5K event. The flight marked the third of four planned trips for 2024, culminating in a welcome home celebration for the veterans.
MPLX LP reported strong third-quarter 2024 financial results with net income of $1.0 billion, up from $918 million in Q3 2023. The company achieved adjusted EBITDA of $1.7 billion and distributable cash flow of $1.4 billion. Notable highlights include a 12.5% increase in quarterly distribution to $3.83 per unit annualized and $949 million returned to unitholders. The company saw growth in both segments, with Logistics & Storage EBITDA at $1.2 billion and Gathering & Processing EBITDA at $557 million. Pipeline throughputs reached 6.0 million bpd, while processed volumes increased 9% to 9.8 bcf/d.
Marathon Petroleum Corp (NYSE: MPC) has elected Jeffrey C. Campbell to its board of directors, effective November 11, 2024. Campbell brings extensive financial leadership experience, having served as CFO for three large-cap public companies. His most recent role was vice chairman and CFO at American Express Company. Previously, he held CFO positions at McKesson and AMR Corp/American Airlines. Campbell currently serves on the boards of Aon plc and Hexcel , and holds degrees from Stanford University and Harvard University.
Marathon Petroleum (MPC) has contributed $45,000 in grants to support a habitat restoration project at the 117-acre Clairmont Family Conservation Park in Bismarck, North Dakota. The project, overseen by Ducks Unlimited, includes wetland restoration, native prairie grass planting, and reintroduction of native trees and shrubs. The initiative aims to attract migratory birds like Canada geese and mallards. Bismarck Parks and Recreation District now owns the site and plans to expand recreational facilities including trails, shelters, and a junior links golf course. The project received support from over 120 individuals, businesses, and partners, with MPC's Mandan refinery providing important final funding when construction costs exceeded initial estimates.
Marathon Petroleum Corp. (NYSE: MPC) announced a 10% increase in its quarterly dividend, raising it from $0.825 to $0.91 per share on common stock. The dividend will be paid on December 10, 2024, to shareholders of record as of November 20, 2024.
Captain Wesley "Wes" Rhoden of Marathon Petroleum has been recognized with a 40 Under 40 Award by The Waterways Journal for his outstanding contribution to the inland marine transportation industry. Starting as a deckhand at 18, Rhoden progressed through various roles to become a captain and now leads MPLX Marine's vessel compliance program for a fleet of 29 vessels.
Rhoden's 16-year career has been marked by continuous learning and advancement, from earning his Merchant Mariner - Tankerman credentials to becoming a USCG-approved pilot and captain. He now oversees vessel compliance, managing inspections, audits, and risk management.
Rhoden credits his success to the talented people he works with and his father, also a boat captain for Marathon Petroleum. He is pursuing a Bachelor's degree while balancing work, family, and volunteer activities. Rhoden advocates for careers in the marine industry, highlighting the adventure and flexibility it offers.
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