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Marathon Petroleum Corporation - MPC STOCK NEWS

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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FAQ

What does Marathon Petroleum Corporation (MPC) do?

MPC is a leading integrated downstream energy company involved in refining, marketing, and transporting petroleum products. It operates 13 refineries and has extensive wholesale and retail marketing operations.

Where is Marathon Petroleum Corporation headquartered?

Marathon Petroleum Corporation is headquartered in Findlay, Ohio.

What are some recent achievements of MPC?

Recent achievements include reporting a net income of $1.5 billion for Q4 2023, ongoing refinery improvements at the Los Angeles and Galveston Bay refineries, and expanding operations in the Marcellus and Permian basins through MPLX.

How is MPC involved in renewable energy?

MPC produces renewable diesel at its Dickinson, North Dakota facility and is converting its Martinez, California facility to produce 730 million gallons of renewable diesel annually.

What is MPLX LP?

MPLX LP is a master limited partnership primarily owned by MPC, operating midstream assets such as gathering, processing, and fractionation facilities.

What are MPC's financial highlights for 2023?

For the full year 2023, MPC reported a net income of $9.7 billion and returned $12.8 billion to shareholders. The company had $10.2 billion in cash and short-term investments as of December 31, 2023.

How many retail locations does Speedway LLC operate?

Speedway LLC, a wholly-owned subsidiary of MPC, operates the fourth-largest chain of company-owned and -operated retail gasoline and convenience stores in the U.S.

What investments are being made at MPC's Galveston Bay refinery?

MPC is constructing a high-pressure distillate hydrotreater at its Galveston Bay refinery to enhance its capability to produce higher-value finished products, scheduled to be completed by the end of 2027.

What was MPC's adjusted EBITDA for Q4 2023?

MPC's adjusted EBITDA for Q4 2023 was $3.5 billion.

What are MPC's plans for 2024?

MPC's plans for 2024 include continued investments in refining upgrades, midstream growth projects in the Marcellus and Permian basins, and substantial capital returns to shareholders.

Marathon Petroleum Corporation

NYSE:MPC

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58.19B
352.33M
0.3%
75.88%
2.76%
Petroleum Refineries
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United States of America
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