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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.
Junior Achievement (JA) of New Mexico has significantly expanded its outreach to Indigenous students, thanks to a $98,000 grant from Marathon Petroleum (MPC). This funding allowed JA to increase its Indigenous Student Outreach Program by 230%, reaching 1,491 students in the 2023-24 school year, up from 648 the previous year. The initiative aims to enhance financial literacy, career readiness, and entrepreneurship skills among Indigenous students.
The 'JA in a Day' event at Tres Volcanes Community Collaborative School (TVCCS) in Albuquerque highlighted this effort. MPC employees volunteered, providing lessons on financial concepts and career skills. JA President Erin Hagenow emphasized the program's growth and impact, thanks to MPC's support.
Marathon Petroleum 's Robinson refinery supported the Young Women LEAD (YWL) national event series for the third consecutive year in March 2024. This initiative, designed to provide transformative experiences for high school girls, has been held in Robinson, Illinois, since 2022. Marathon Petroleum not only sponsors the event but also actively engages its employees in the preparation and execution of the conference. This effort underlines Marathon Petroleum's commitment to community involvement and the empowerment of young women.
Marathon Petroleum received the 2024 CCO Gold Employer Award for its commitment to employee safety and certification. This award, given by the National Commission for the Certification of Crane Operators (CCO), recognizes companies that prioritize safe operations of heavy equipment. Marathon Petroleum ranked among the top 24 out of thousands of employers for sending the highest number of candidates through CCO testing in 2023. This achievement highlights the company's dedication to safety, training, and industry standards.
Marathon Petroleum's refineries in Canton, Ohio, and Robinson, Illinois, have been awarded the Distinguished Safety Award (DSA), the highest safety honor by the American Fuel and Petrochemical Manufacturers (AFPM) for their 2023 performance. Only four facilities received this top award, highlighting the excellence of these sites. Additionally, Marathon's El Paso, Texas, refinery received the Elite Platinum Award, and the Kenai, Alaska, refinery earned the Elite Silver Award. These achievements reflect the company's commitment to safety, with initiatives like 'My Name is On It' and 'Start Safe, Stay Safe' contributing to their success. The awards were based on criteria including zero recordable injuries involving life-critical tasks and a thorough application process.
Marathon Petroleum Corp. (NYSE: MPC) will report its second-quarter financial results on August 6, 2024. A conference call is scheduled for 11 a.m. EDT on the same day to discuss these results. Interested parties can access the call and replay the webcast on Marathon Petroleum's website. Financial documents, including the earnings release and other investor materials, will be available online prior to the call.
Marathon Petroleum's Galveston Bay refinery partnered with Bay Area Habitat for Humanity Houston to help a single mother, April Laijas, purchase her first home. Employee volunteers from Marathon Petroleum contributed to building her three-bedroom house in Texas City. This is the 172nd home built since the program began in 1991. Families like Laijas must complete 300 hours of 'sweat equity' and attend financial courses to qualify. The initiative highlights Marathon Petroleum's community support and the rewarding experience for involved employees.
Marathon Pipe Line (MPL) received the 2023 API Distinguished Pipeline Safety Award in the large operator category. The American Petroleum Institute (API) recognized MPL for its commitment to safety, innovative aerial monitoring, vegetation maintenance, and integrity management. MPL's safety initiatives include a new leadership safety course and Flyscan technology for detecting pipeline leaks and threats. MPL President Rich St. Amour praised employees for their dedication to safety. API annually honors three pipeline operators demonstrating exceptional safety performance and public engagement. MPL's recognition highlights their advancements in safety culture and industry innovation.
Lora Collins, Asphalt Value Chain Senior Director for Marathon Petroleum, has been appointed to the board of Women of Asphalt. This is a coalition aimed at inspiring women in the asphalt industry. Collins, a science enthusiast with a B.S. in Chemistry from Ohio Northern University, has had a notable career trajectory. Starting at Pfizer and Procter & Gamble in research roles, she transitioned to Marathon Petroleum in 2007. There, she climbed the ranks through various marketing and management positions before taking on her current role. Marathon Petroleum, the largest asphalt producer in the U.S., markets over 130 asphalt products from seven refineries and operates a comprehensive asphalt system with 27 terminals nationwide. Collins is passionate about advancing asphalt technology and the role of women in the industry, serving on the boards of both the Women of Asphalt and the Asphalt Institute, and chairing the Asphalt Institute Foundation.
Marathon Petroleum Corp. (NYSE: MPC) announced a leadership transition effective August 1, 2024. Maryann T. Mannen will succeed Michael J. Hennigan as CEO and join the Board of Directors. Hennigan will become Executive Chairman of the Board, while John Surma has been elected Lead Independent Director.
Hennigan's tenure since March 2020 saw the strategic sale of MPC's retail business, returning approximately $37 billion to shareholders through dividends and share repurchases, and significant growth in the midstream business operated by MPLX LP. Mannen, an energy-sector veteran of 38 years, has been the President since January 2024 and previously served as EVP and CFO. The Board unanimously supports Mannen, recognizing her contributions and financial expertise.
Mannen is committed to safety, environmental stewardship, and enhancing shareholder value.
MPLX LP (NYSE: MPLX) announced a leadership transition effective August 1, 2024. Maryann T. Mannen, currently President of Marathon Petroleum (NYSE: MPC), will become President and CEO, succeeding Michael J. Hennigan. Hennigan will transition to Executive Chairman of the Board of Directors. Christopher A. Helms will continue as the Board's independent Lead Director. Under Hennigan's leadership, MPLX returned approximately $15 billion to unitholders and expanded significantly in the Marcellus, Utica, and Permian basins. Mannen aims to advance MPLX's growth strategy and disciplined capital allocation.
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