Marathon Petroleum Corporation reports news as an integrated downstream and midstream energy company with the nation's largest refining system, a U.S. marketing network that includes Marathon-branded retail outlets, and a majority ownership interest in MPLX LP.
Recurring updates cover Refining & Marketing results, Midstream performance, Renewable Diesel operations, refinery turnarounds and capital projects such as jet fuel and FCC upgrades. Company announcements also address quarterly dividends, share repurchase authorizations, capital returns, annual meeting timing, and MPLX gathering, processing, fractionation, transportation and logistics activity.
Marathon Petroleum Corp. (NYSE: MPC) has appointed Toni Townes-Whitley to its board of directors, effective March 1, 2023. Townes-Whitley brings over 35 years of experience, most notably as president of U.S. Regulated Industries at Microsoft Corporation, where she managed a $16 billion portfolio. Her expertise includes driving digital transformation and building high-performance teams. The board now consists of 12 members. Townes-Whitley's appointment aims to enhance the company’s leadership and strategic vision as it seeks sustainable value in the energy sector.
Marathon Petroleum Corp. (MPC) announced its 2023 annual meeting of shareholders will occur on April 26, 2023, at 10 a.m. ET, in a virtual format via live webcast. Shareholders on record as of March 1, 2023, are eligible to vote and receive notice. The company will provide additional details in its proxy statement regarding participation. Headquartered in Findlay, Ohio, MPC operates the largest refining system in the U.S. and oversees a vast marketing network, including branded retail outlets. The meeting aims to inform shareholders about the company's operations and future plans.
Marathon Petroleum Corp. (NYSE: MPC) has declared a $0.75 per share dividend on common stock, payable on March 10, 2023. Shareholders of record as of February 16, 2023 will receive this payment. The company is recognized as a leading integrated downstream energy firm, operating the largest refining system in the U.S. with a wide network of Marathon brand retail locations. It also maintains a majority interest in MPLX LP, a midstream energy company.
Marathon Petroleum hosted a groundbreaking event for 40 high school girls at its El Paso refinery, aimed at promoting careers in STEM. Participants engaged with female engineers and scientists, took part in hands-on activities, and learned about various job roles in the industry. The event, the first of its kind at the refinery, aimed to inspire young women in fields where they are underrepresented. One attendee received a $1,000 scholarship for college. Given the positive feedback, plans are underway for a similar event in 2023.
Marathon Petroleum Corp. (MPC) and MPLX have announced grants totaling $175,000 to support commercial driver's license (CDL) programs at two North Dakota tribal colleges. Nueta Hidatsa Sahnish College receives $100,000, while United Tribes Technical College gets $75,000. These initiatives aim to address the growing demand for skilled transport drivers in the region, facilitating students' direct entry into the workforce post-licensure. Additionally, MPC and MPLX experts will assist with curriculum development for the programs, enhancing educational opportunities in high-demand careers.
On January 4, 2023, Marathon Petroleum Corp. (NYSE: MPC) announced receipt of an unsolicited mini-tender offer from TRC Capital Investment Corp. to purchase 1,500,000 shares at $105.00 each. This price is 4.33% lower than MPC's closing price on December 16, 2022. MPC disassociates itself from the offer and advises shareholders against participating, citing that the offer price does not reflect the market value. The SEC warns that mini-tender offers may lack investor protections and urges due diligence from shareholders.
Marathon Petroleum Corp. (MPC) will hold a conference call on January 31, 2023, at 11 a.m. EST to discuss its 2022 fourth-quarter and full-year financial results. Interested listeners can access the call via the company's website. A replay will also be available for two weeks. MPC, based in Findlay, Ohio, is a prominent downstream energy company and operates the largest refining system in the U.S. Comprehensive financial details and materials will be provided prior to the call on its site.
Marathon Petroleum Corp. (NYSE: MPC) reported a strong Q3 2022, achieving a net income of $4.5 billion, or $9.06 per diluted share, a significant increase from $694 million a year prior. Adjusted EBITDA surged to $6.8 billion, driven by robust refining operations running near full capacity. The company completed a $15 billion share buyback and announced a 30% dividend increase to $0.75 per share. Refining margins improved to $30.21 per barrel, with throughput of 3.0 million barrels per day, reflecting strong market demand.
Marathon Petroleum Corp. (NYSE: MPC) announced a 30% increase in its quarterly dividend, raising it from $0.58 to $0.75 per share. The new dividend is scheduled for payment on December 12, 2022, to shareholders recorded by the close of business on November 16, 2022. This boost reflects the company's commitment to returning value to shareholders amid strong performance metrics.
Marathon Petroleum Corp. (NYSE: MPC) has successfully closed its joint venture with Neste for the Martinez renewables project, meeting all required conditions, including regulatory approvals. The 50/50 joint venture involves a total investment of $1 billion from Neste towards projected project costs of $1.2 billion. MPC will manage the project, targeting an initial production capacity of 260 million gallons per year and potential growth to 730 million gallons by the end of 2023. This partnership aims to enhance low carbon-intensity feedstock availability in California.