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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 (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.
Marathon Petroleum (MPC) has been recognized as a five-time EPA ENERGY STAR Partner of the Year - Sustained Excellence Award recipient. This award, the highest level of recognition in the EPA's ENERGY STAR program, acknowledges MPC's continuous improvement in energy savings and environmental performance. Key achievements in 2023 include:
- Ninth consecutive year of decreased companywide greenhouse gas intensity
- St. Paul Park refinery project reducing CO2 emissions by nearly 16,000 metric tonnes per year
- MPLX's Bluestone plant reducing energy intensity by 10% in one year
- Five MPC refineries receiving 2023 ENERGY STAR certifications
MPLX's Bluestone plant has reduced energy intensity by 12% in 24 months, avoiding an estimated 50,000 tonnes of CO2e emissions. Additional MPLX facilities have entered the ENERGY STAR Challenge, including the largest gas processing facilities in Pennsylvania and the United States.
Marathon Petroleum's Marine Transportation and Catlettsburg refinery recently hosted 28 graduate students from West Virginia University's Master of Science in Industrial Relations Human Resources (IRHR) program. The visit included presentations on human resources and refining, tours of the refinery and marine facilities, and a lunch cruise aboard the Marine Vessel Galveston Bay.
This event is part of a decade-long tradition, with many current Marathon Petroleum HR professionals being WVU IRHR graduates who participated in similar visits. The day provided students with valuable insights into Marathon Petroleum's operations and culture, allowing them to engage with various employees and gain operational knowledge.
The visit aims to inspire the next generation of Marathon HR professionals and has historically made lasting impressions on participants, as noted by current employees who were once in the students' position.
Marathon Petroleum's Los Angeles refinery recently hosted open houses at its Wilmington and Carson sites, welcoming hundreds of community members. The events, aimed at strengthening community ties, provided an inside look at the refinery's operations and impact on the local area. The Wilmington site revived its open house after a decade, while the Carson site hosted its first-ever event.
The open houses featured guided tours, interactive booths, and involvement from Summer Youth Program interns. Local officials praised Marathon's community engagement and economic contributions. The events highlighted partnerships with local nonprofits and showcased the refinery's expertise in areas like engineering, maintenance, and safety. Organizers hope to make these open houses an annual tradition, fostering mutual understanding between the refinery and the community.
Marathon Petroleum 's diesel technician Cody Clegg has turned his childhood passion for fixing motorcross bikes into a successful career. Working in Roosevelt, Utah, Clegg maintains and repairs transport trucks, tankers, and semi-trailers that haul crude oil to the Salt Lake City refinery. He emphasizes the importance of safety in his work, ensuring every vehicle he repairs is roadworthy.
Clegg values Marathon Petroleum for its supportive work environment, enabling him to provide for his family of four children. The company offers competitive compensation, annual bonuses, health insurance, and retirement benefits. Clegg is also exploring career advancement through the Marathon Petroleum Tech Progression Program.
Marathon Petroleum recognizes Clegg's dedication, with Transport Maintenance Manager Edward Davis praising his positive attitude and support for peers. The company prioritizes safety in all operations, hiring top-notch technicians to mitigate potential risks on the road.
Marathon Petroleum transport driver Ricky Choate has been named a 2024 National Driver All-Star by the National Private Truck Council (NPTC). Choate, who has been with Marathon Petroleum for 14 years, is recognized as a million-mile driver with no preventable accidents. He credits his success to following the Smith® System and Marathon Petroleum's safety training and policies.
Choate represented Marathon Petroleum and the Champaign, Illinois, fleet at this year's award ceremony. He is praised for his dedication to company procedures, positive attitude, and commitment to safety. Choate appreciates the work-life balance his job provides, allowing him to be home every night with his family. Marathon Petroleum has had a driver on the NPTC National Driver All-Star list for the past 15 years.
Marathon Petroleum Corp. (NYSE: MPC) has announced its plans to release its 2024 third-quarter financial results on November 5, 2024. The company will host a conference call at 11 a.m. EST on the same day to discuss the results. Interested parties can access the conference call through MPC's website at www.marathonpetroleum.com. The company will also make available a replay of the webcast on its website for two weeks following the call. Financial information, including the earnings release and other investor-related material, will be accessible online before the conference call and webcast on the company's website.
Anne Bertelsmann, a principal process safety engineer at Marathon Petroleum (MPC), has been recognized with the Distinguished Examination Service Award by the National Council of Examiners for Engineering and Surveying (NCEES). Born in Zimbabwe and raised in Germany, Bertelsmann's journey led her to the U.S. for graduate studies, where she eventually joined MPC's Galveston Bay refinery.
At MPC, Bertelsmann has played a important role in developing the company's Layer of Protection Analysis (LOPA) program and currently serves as the Process Hazard Analysis (PHA) and LOPA Coordinator. Her expertise and dedication to advancing engineering licensure have been praised by NCEES, where she has held various leadership positions for the past 15 years.
Bertelsmann's commitment to diversity in engineering and her unique life experiences, including witnessing the fall of the Berlin Wall, have shaped her inclusive outlook on problem-solving and team dynamics.
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