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 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.
MPLX LP (NYSE: MPLX), a master limited partnership sponsored by Marathon Petroleum Corp. (NYSE: MPC), will host a conference call on August 4, 2021, at 9:30 a.m. EDT to discuss its 2021 second-quarter financial results. Interested parties can access the call via MPLX's website. A replay of the conference will be available for two weeks post-event. MPLX operates midstream energy infrastructure and logistics assets, including a network of pipelines and storage facilities across the U.S.
Marathon Petroleum Corp. (MPC) announced the final results of its modified Dutch auction tender offer, which closed on June 14, 2021. A total of 15,573,364 shares were validly tendered and accepted at a purchase price of $63.00 per share, amounting to approximately $981 million. This represents about 2.4% of MPC's outstanding shares. The company stated there was no proration factor since all properly tendered shares were accepted. J.P. Morgan and Barclays acted as dealer managers, while Computershare served as the depositary for the offer.
Marathon Petroleum Corp. (NYSE: MPC) reported preliminary results for its modified Dutch auction tender offer, which concluded on June 14, 2021. Approximately 15.6 million shares were validly tendered at a price of $63.00 each, totaling an aggregate cost of about $981 million. This accounts for approximately 2.4% of MPC's outstanding common stock. Following the sale of its Speedway business, MPC had a total share repurchase authorization of $10 billion, with about $9 billion remaining post-tender offer. The company aims to execute its capital return strategy over the next 12 to 18 months.
On May 19, 2021, 7-Eleven announced agreements to sell 293 Speedway and 7-Eleven stores to three buyers, following its acquisition of Speedway from Marathon Petroleum Corp. (NYSE: MPC) on May 14, 2021. The sales are divided among three agreements: 124 sites to Anabi Oil, 63 sites to Jacksons Food Stores, and 106 to CrossAmerica Partners LP. This strategic move continues 7-Eleven's expansion in the convenience retail market while streamlining its operations.
Marathon Petroleum Corp. (NYSE: MPC) is set to redeem all $300 million of its outstanding 5.125% senior notes due April 1, 2024. This decision aligns with the company's strategy to decrease long-term structural debt. The notes will be redeemed at 100.854% of the principal amount, plus accrued interest. The portion issued by MPC is expected to be redeemed on June 18, 2021, and the notes obligated by Andeavor LLC on June 1, 2021. This announcement serves as an informational release, not a solicitation to buy or sell the notes.