Marathon Petroleum Corp. and MPLX LP Publish New Sustainability Report and TCFD-Aligned Climate Perspectives Report

Rhea-AI Summary

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.

NORTHAMPTON, MA / ACCESSWIRE / August 15, 2024 / Marathon Petroleum Corporation (NYSE:MPC) and its midstream affiliate MPLX LP (NYSE:MPLX) have published two joint reports that provide details on the companies' efforts to advance their sustainability as the energy industry continues to evolve.

The companies' Sustainability Report and Perspectives on Climate-Related Scenarios report highlight MPC's and MPLX's recent accomplishments and progress in strengthening their resilience, innovating for the future, embedding sustainability in their decision-making, and addressing the risks and opportunities inherent in the energy industry's evolution.

The Sustainability Report provides insight into the companies' progress on greenhouse gas emissions reductions; lowering the carbon intensity of their fuels; reinforcing a strong safety culture; cultivating an engaged and energized workforce; engaging with communities; board oversight and risk management; and strong compliance and ethics programs, among other topics. The Perspectives on Climate-Related Scenarios publication - MPC's and MPLX's eighth annual report aligned with the Task Force on Climate-Related Financial Disclosures framework - details the companies' analysis of strategic risks and opportunities within the energy landscape.

"At MPC and MPLX, we have long recognized that sustainability is critical to long-term success in our ever-changing industry," said President and Chief Executive Officer Maryann Mannen. "This encompasses our responsibilities to minimize our environmental footprint, invest in the communities where we operate, and foster an inclusive culture in our workplaces. And, as we seek to maintain and advance our sustainability efforts, nothing is more important than the safety of our people and our neighbors. By embedding safety into our daily work, we invest in the longevity and sustainability of our industry."

While the two reports have different focuses, both reports also emphasize common themes. For example, the reports highlight the companies' time-bound, realistic GHG emissions reduction goals, including a 30% reduction of Scope 1 and 2 GHG emissions intensity by 2030 from 2014 levels. Because MPC is on track to reach the goal prior to 2030, the company is extending this target to a 38% reduction from 2014 levels by 2035. Similarly, MPLX has made significant progress on its methane emissions intensity goal of a 75% reduction of its Gathering and Processing segment methane emissions intensity by 2030 from 2016 levels. By the end of 2023, MPLX had achieved a 57% reduction.

"Our people have enabled us to accomplish so much, and we have ambitious goals that inspire our continued progress," said Mannen. "I'm optimistic about what the future holds for Marathon Petroleum and MPLX, and our sustainability-driven approach supports our relentless commitment to be a better company."

Sustainability Report

2024 Climate Related Perspectives

View additional multimedia and more ESG storytelling from Marathon Petroleum Corporation on 3blmedia.com.

Contact Info:
Spokesperson: Marathon Petroleum Corporation
Website: https://www.3blmedia.com/profiles/marathon-petroleum-corporation
Email: info@3blmedia.com

SOURCE: Marathon Petroleum Corporation

View the original press release on accesswire.com

FAQ

What are the key sustainability goals announced by Marathon Petroleum (MPC) in their 2024 report?

Marathon Petroleum (MPC) announced an extended target of 38% reduction in Scope 1 and 2 GHG emissions intensity by 2035 from 2014 levels. They are on track to reach their initial 30% reduction goal before 2030.

How much progress has MPLX made on its methane emissions reduction goal?

MPLX has achieved a 57% reduction in methane emissions intensity by the end of 2023, progressing towards their goal of a 75% reduction in their Gathering and Processing segment methane emissions intensity by 2030 from 2016 levels.

What sustainability reports did Marathon Petroleum (MPC) and MPLX publish in 2024?

In 2024, Marathon Petroleum (MPC) and MPLX published two joint reports: a Sustainability Report and a Perspectives on Climate-Related Scenarios report, which is aligned with the Task Force on Climate-Related Financial Disclosures (TCFD) framework.

What does Marathon Petroleum (MPC) consider critical for long-term success in the energy industry?

According to CEO Maryann Mannen, Marathon Petroleum (MPC) considers sustainability critical for long-term success in the ever-changing energy industry. This includes minimizing environmental footprint, investing in communities, fostering an inclusive culture, and prioritizing safety.