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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 Corp. (MPC) has declared a quarterly dividend of $0.58 per share on common stock, payable on December 10, 2020, to shareholders who are on record as of November 18, 2020. This decision reflects the company's commitment to returning value to shareholders while operating the largest refining system in the nation. The firm also operates a comprehensive marketing system and has interests in a prominent midstream company, MPLX LP.
Marathon Petroleum Corp. (MPC), headquartered in Findlay, Ohio, will hold a conference call on November 2, 2020, at 9:30 a.m. EST, to discuss its third-quarter financial results for 2020. Earnings will be released earlier that day. Investors can listen to the call via MPC's website, with a replay available for two weeks afterward. Marathon Petroleum operates the largest refining system in the U.S. and has extensive marketing resources, including the Speedway retail convenience stores and MPLX LP for midstream operations.
MPLX LP (NYSE: MPLX), a master limited partnership sponsored by Marathon Petroleum Corp. (NYSE: MPC), will host a conference call on November 2, 2020, at 11 a.m. EST to discuss its 2020 third-quarter financial results, which will be released that day. The call aims to update stakeholders on company operations. Interested parties can listen via MPLX's website. The company operates midstream energy infrastructure including pipelines, terminals, and processing facilities across key U.S. supply basins.
Marathon Petroleum Corporation (MPC) and MPLX LP (MPLX) announced the redemption of senior notes totaling $650 million and $300 million due in December 2020 and October 2022, respectively. The MPC notes will be redeemed at par on November 15, 2020, while MPLX's notes will be redeemed at par on October 15, 2020. The regular interest payment for MPLX will be made to holders of record by October 1, 2020. This release serves only as an informational notice and is not a buy or sell solicitation.
Marathon Petroleum Corp. (NYSE: MPC) has announced the redemption of $475 million in outstanding senior notes with a 5.375% interest rate, due on October 1, 2022. The redemption is set for October 1, 2020, at par value. The regular semi-annual interest payment on these notes will also be made on October 1, 2020, to holders of record as of September 15, 2020. This announcement serves as a notification rather than an offer to buy or sell the notes, and the details are further clarified by the official redemption notices from MPC and its subsidiary Andeavor LLC.
MTN DEW has unveiled a new beverage, MTN DEW® SPARK™, featuring a raspberry lemonade flavor. This drink is available exclusively at over 2,500 Speedway locations across the U.S. for a limited time. The launch coincides with Speedway's Year of DEW® initiative, including contests where fans can win prizes like custom gear and free cases of the new drink. The promotion aims to drive purchases and engage DEW fans, emphasizing the brand's commitment to innovation and customer interaction.
Marathon Petroleum Corp. reported a second-quarter income of $9 million, or $0.01 per diluted share, significantly down from $1.1 billion in the same quarter last year. The results included a $1.5 billion lower of cost or market inventory benefit. An adjusted net loss was $868 million, reflecting challenges due to COVID-19. The company announced a $21 billion agreement to sell Speedway, with expected after-tax proceeds of $16.5 billion to enhance the balance sheet and return capital to shareholders. Additionally, Gallup and Martinez refineries are indefinitely idled.
7-Eleven has announced its acquisition of Speedway from Marathon Petroleum Corp. for $21 billion, marking its largest acquisition to date. The deal will add approximately 3,900 stores across 35 states to 7-Eleven's existing portfolio, increasing its presence to nearly 14,000 locations in the U.S. and Canada. This strategic move is expected to enhance 7-Eleven's growth trajectory, boost its EBITDA with projected synergies of up to $575 million, and further solidify its leadership in a fragmented market. The transaction is anticipated to close in Q1 2021, pending regulatory approvals.
Marathon Petroleum Corp. (NYSE: MPC) announced a $21 billion cash agreement with 7-Eleven, Inc. for the acquisition of Speedway. This transaction, expected to close in Q1 2021, reflects MPC's strategic priorities and the value of the Speedway business. The deal will yield approximately $16.5 billion in after-tax cash proceeds, which will be used to reduce debt and return capital to shareholders. Additionally, a 15-year fuel supply agreement will support long-term value through enhanced commercial performance.
Marathon Petroleum Corp. (NYSE: MPC) has declared a quarterly dividend of $0.58 per share on common stock. This dividend will be payable on Sept. 10, 2020, to shareholders of record as of the close of business on Aug. 19, 2020. Marathon Petroleum, based in Findlay, Ohio, operates the largest refining system in the U.S., with over 3 million barrels per day of crude oil capacity across 16 refineries. The company also features a vast marketing system and owns significant interests in MPLX LP, enhancing its operational footprint in the energy sector.
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