Welcome to our dedicated page for MARATHON PETROLEUM CORPORATION news (Ticker: MPC), a resource for investors and traders seeking the latest updates and insights on MARATHON PETROLEUM CORPORATION stock.
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.
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.
Marathon Petroleum 's (MPC) Dickinson renewable diesel facility responded to a call for help from the Association to Meet Emergency Needs (AMEN) food pantry in Dickinson, North Dakota. Employee volunteers gathered thousands of dollars worth of food and essential goods, restocking the pantry's shelves and assisting clients. The initiative included:
1. A $1,000 donation of nonperishable goods from Facility Manager Nick Bear
2. Over 600 pounds of food and goods from a site food drive
3. $1,300 in cash donations
4. A formal presentation of a previously approved $10,000 grant from the facility
Volunteers gained valuable experience interacting with pantry clients and learning about the pantry's impact on the community. The effort showcased MPC's commitment to local community support and employee engagement in charitable activities.
Marathon Pipe Line (MPL), part of Marathon Petroleum's midstream segment MPLX, has installed two electric trash skimmers at its dock in Terminal 2 at the Port of Long Beach, California. These devices continuously collect debris from the water surface, gathering over 500 pounds of trash every two weeks. This initiative significantly improves upon MPL's previous annual volunteer cleanup efforts.
The skimmers operate 24/7, processing more than 300 gallons of water per minute. The Port of Long Beach has agreed to handle trash disposal at a reduced cost. This collaboration demonstrates Marathon Petroleum's commitment to environmental stewardship and biodiversity protection, complementing their existing support for International Bird Rescue in California.
Marathon Petroleum (MPC) has implemented proactive measures to protect biodiversity in areas where it operates. Through its Operational Excellence Management System (OEMS), MPC ensures activities do not negatively impact ecosystems. Specifically, Marathon Pipe Line, a subsidiary managing extensive pipeline right-of-ways, is enhancing these areas with native vegetation and pollinator-friendly plants, aiding at-risk species like the monarch butterfly. Key measures include adjusting construction schedules to avoid disrupting wildlife, mindful pesticide use, conservation mowing, and restoring disturbed areas with native seeds. MPC also conducts post-construction surveys to verify restoration and monitors sensitive sites. Employee and contractor training emphasize biodiversity considerations.
Marathon Petroleum employees have been recognized with the Patriot Award for their support of a service member. Lance Foos, an Ohio National Guard Brigade Plans Officer, managed to balance his military and civilian duties at Marathon Petroleum during challenging times, including deployment to Iraq in 2022.
His supervisors, Kathy Treece and Mike Langhals, demonstrated outstanding support, earning the Employer Support of the Guard and Reserve Patriot Award.
Foos expressed gratitude for the support shown to his family during his deployment and highlighted the company's commitment to employee well-being.
Notably, Marathon Petroleum offers various benefits to its employees, including competitive pay, health insurance, and vacation credits for active-duty service.
FAQ
What is the current stock price of MARATHON PETROLEUM CORPORATION (MPC)?
What is the market cap of MARATHON PETROLEUM CORPORATION (MPC)?
What does Marathon Petroleum Corporation (MPC) do?
Where is Marathon Petroleum Corporation headquartered?
What are some recent achievements of MPC?
How is MPC involved in renewable energy?
What is MPLX LP?
What are MPC's financial highlights for 2023?
How many retail locations does Speedway LLC operate?
What investments are being made at MPC's Galveston Bay refinery?
What was MPC's adjusted EBITDA for Q4 2023?
What are MPC's plans for 2024?
