Welcome to our dedicated page for Marathon Pete news (Ticker: MPC), a resource for investors and traders seeking the latest updates and insights on Marathon Pete stock.
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. (MPC) and ADM have finalized their joint venture, Green Bison Soy Processing, LLC, to produce soybean oil aimed at meeting the rising demand for renewable diesel fuel. With a 75% stake held by ADM and 25% by MPC, this $350 million facility in Spiritwood, North Dakota is set to process local soybeans, generating around 600 million pounds of refined soybean oil annually. The output will be dedicated to MPC for approximately 75 million gallons of renewable diesel per year.
Marathon Petroleum Corp. (MPC) reported a third-quarter net income of $694 million, or $1.09 per diluted share, a significant turnaround from a net loss of $886 million in the same quarter last year. Adjusted net income for Q3 2021 was $464 million, up from a loss of $649 million in Q3 2020. The company is progressing with portfolio optimization, pursuing strategic alternatives for the Kenai refinery. Additionally, MPC completed 25% of its $10 billion capital return program and announced a 2.5% increase in quarterly distributions from its MPLX segment.
Marathon Petroleum Corp. (NYSE: MPC) has declared a quarterly dividend of $0.58 per share on common stock. This dividend will be payable on December 10, 2021, to shareholders of record by the close of business on November 17, 2021. Marathon Petroleum, based in Findlay, Ohio, boasts the largest refining system in the nation and operates a comprehensive marketing system that includes branded retail outlets across the United States. The company also has significant interests in MPLX LP, a midstream services provider.
Marathon Petroleum Corp. (NYSE: MPC) will host a conference call on November 2, 2021, at 11 a.m. EDT to discuss its third-quarter financial results for 2021. Interested investors can access the call via the company's website, where a replay will be available for two weeks. Additional financial information, including the earnings release, will also be posted online beforehand. Marathon Petroleum is a major downstream energy company based in Findlay, Ohio, operating the largest refining system in the U.S. and owning a significant interest in MPLX LP.
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Marathon Petroleum Corp. (MPC) and ADM have formed a joint venture to produce soybean oil aimed at meeting the rising demand for renewable diesel fuel. ADM will hold a 75% stake in the venture, which will operate a soybean processing facility in Spiritwood, North Dakota. Expected to be operational by 2023, the facility will process local soybeans into refined soybean oil, producing around 600 million pounds annually, sufficient for approximately 75 million gallons of renewable diesel. The complex represents a $350 million investment and will create about 75 permanent jobs.
MPLX LP (NYSE: MPLX) announced the retirement of Pamela K.M. Beall, CFO, later this year after over 25 years with Marathon Petroleum (NYSE: MPC). John J. Quaid will succeed her on Sept. 1, 2021. Beall's tenure included pivotal roles in establishing MPC and MPLX as public entities and achieving excess cash flow goals. Quaid, with experience in various financial roles at MPC and United States Steel Corp., aims to drive continued growth and value creation.
Marathon Petroleum Corp. reported a substantial second-quarter 2021 net income of $8.5 billion ($13.00 per diluted share), a significant increase from $9 million ($0.01 per diluted share) in Q2 2020. Adjusted income was $437 million ($0.67 per diluted share), up from an adjusted net loss of $868 million in the same period last year. The company closed the $21 billion Speedway sale and committed $10 billion for share repurchases. Ongoing renewable projects are progressing, with a focus on sustainability. The firm achieved $2.2 billion in adjusted EBITDA, a significant increase from $653 million in Q2 2020.
Marathon Petroleum Corp. (NYSE: MPC) has declared a $0.58 per share dividend on common stock, payable on September 10, 2021, to shareholders of record as of August 18, 2021.
As a leading integrated downstream energy company, Marathon operates the largest refining system in the U.S. with a robust marketing system including Marathon brand outlets nationwide. The company's operations also extend into midstream activities through its majority interest in MPLX LP.
Marathon Petroleum Corporation (MPC) will hold a conference call on August 4, 2021, at 11 a.m. EDT to discuss its second-quarter financial results for 2021. Interested parties can access the call through MPC's website, where a replay will be available for two weeks following the event. The call will provide insights into the company’s performance, which operates the largest refining system in the U.S. and has a diverse marketing system, including Marathon brand retail locations. Financial details will be released prior to the call.