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.
Marathon Petroleum received Silver and Bronze Seal Awards from the National Private Trucking Council for safety at the Education Management Conference. 15 fleets were recognized for their 2023 vehicle accident performance. Safety improvements were credited to Smith Systems training, fatigue policy, and in-cab safety features. The company's focus on road safety was highlighted, with tools like collision avoidance, blind spot notifications, and onboard cameras contributing to accident reduction.
Marathon Petroleum CorporationMPLX granted $20,000 to the Utica Shale Academy in Ohio for its welding program, providing fire-resistant gear for student safety. The donation supports career education for grades 9-12 students, focusing on dropout prevention and recovery. This initiative aims to enhance the academy's efforts to serve 130 students from 26 districts.
MPLX LP reported strong first-quarter 2024 financial results with a net income of $1.0 billion and adjusted EBITDA of $1.6 billion. The company returned $951 million to unitholders and announced a distribution of $0.85 per common unit. MPLX advanced its growth strategy in the Marcellus and Permian basins, acquiring interests in joint ventures and a gathering system. The company remains focused on expanding its natural gas and natural gas liquids pipelines, with several projects underway. MPLX's financial position is solid with $385 million in cash and available credit facilities.
Marathon Petroleum Corp. reported first-quarter 2024 results with net income of $937 million, adjusted EBITDA of $3.3 billion, and $1.5 billion net cash provided by operating activities. The company completed the largest planned maintenance quarter in its history, advanced midstream growth strategy, and returned $2.5 billion to shareholders through share repurchases and dividends. MPC announced a $5 billion share repurchase authorization, totaling $35 billion capital returned since May 2021.
Marathon Petroleum 's Galveston Bay refinery collaborated with Trees for Houston and local high school students to plant 83 native trees at its Texas City facility. The event, organized by the Wildlife Habitat Team, aimed to enhance local wildlife habitats and promote environmental awareness. The trees, funded by Marathon's $18,000 donation, were carefully planted and will be watered for two years by Trees for Houston.
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?
