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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 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.
La Nube, a new children's museum in El Paso, Texas, has opened its doors, offering 70,000 square-feet of interactive spaces focused on STEAM (Science, Technology, Engineering, Art, and Math) education. The museum features nine themed learning zones, including 'Flow', which was made possible by a foundational investment from Marathon Petroleum (MPC). La Nube incorporates advanced technology, such as Discovery Bands that allow children to track their learning progress. The museum resulted from a public-private collaboration, with MPC playing a key role in supporting project funding and future programs. This initiative aims to inspire and motivate young El Pasoans to explore various scientific concepts through hands-on experiences.
Marathon Pipe Line (MPL) has donated $20,000 to Riverbend Family Ministries (RFM) in Wood River, Illinois. This donation aims to support children, individuals, and families in Madison County who have experienced trauma due to violence, addiction, poverty, and homelessness. RFM, a collaboration of nine nonprofit organizations, provides essential resources including rental assistance, job coaching, and social service navigation.
MPL Heartland Area Manager Jayson Nohl emphasized that the partnership with RFM aligns with MPL's goal of enhancing the lives of those less fortunate. RFM Fund Development Director Rachael Craddick expressed gratitude for MPL's support, highlighting the impact of corporate philanthropy on empowering individuals and families in need.
Marathon Petroleum (NYSE:MPC) and MPLX LP (NYSE:MPLX) have released two joint reports detailing their sustainability efforts. The Sustainability Report and Perspectives on Climate-Related Scenarios report highlight the companies' progress in reducing greenhouse gas emissions, lowering fuel carbon intensity, and strengthening safety culture.
Key achievements include:
- MPC is extending its Scope 1 and 2 GHG emissions intensity reduction target to 38% by 2035 from 2014 levels
- MPLX has achieved a 57% reduction in methane emissions intensity by the end of 2023
- Both companies are focusing on safety, community engagement, and workforce development
CEO Maryann Mannen emphasizes the critical role of sustainability in the companies' long-term success and their commitment to becoming better organizations.
MPLX LP reported strong financial results for Q2 2024, with net income of $1.2 billion and adjusted EBITDA of $1.7 billion. The company generated $1.6 billion in operating cash flow and $1.4 billion in distributable cash flow. MPLX returned $949 million to unitholders, including a quarterly distribution of $0.85 per unit. The company is progressing its Permian growth strategy, with the Preakness II processing plant starting operations in July. MPLX also increased ownership in the BANGL NGL pipeline and announced the FID of the Blackcomb natural gas pipeline. The Logistics & Storage segment saw an 8% increase in adjusted EBITDA, while the Gathering & Processing segment reported higher volumes across its operations.
Marathon Petroleum Corp. (NYSE: MPC) reported second-quarter 2024 results with net income of $1.5 billion, or $4.33 per diluted share. Adjusted net income was $1.4 billion, or $4.12 per diluted share. Adjusted EBITDA reached $3.4 billion, with net cash from operations at $3.2 billion. The company returned $3.2 billion to shareholders through $2.9 billion in share repurchases and $290 million in dividends. Refining & Marketing segment adjusted EBITDA was $2.0 billion, while Midstream segment adjusted EBITDA increased 6% year-over-year to $1.6 billion. MPC's cash position stood at $8.5 billion, with $5 billion available on its credit facility. The company continues to focus on high-return investments and growth projects in the Permian and Marcellus basins.
Marathon Petroleum Corp. (NYSE: MPC) has announced a quarterly dividend of $0.825 per share on common stock. The dividend will be payable on September 10, 2024, to shareholders of record as of the close of business on August 21, 2024. This announcement demonstrates MPC's commitment to returning value to its shareholders through regular dividend payments. The declaration of a dividend is often seen as a positive sign of a company's financial health and confidence in its future prospects.
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