Marathon Pete Corp Stock Price, News & Analysis

MPLX LP reported strong third-quarter 2024 financial results with net income of $1.0 billion, up from $918 million in Q3 2023. The company achieved adjusted EBITDA of $1.7 billion and distributable cash flow of $1.4 billion. Notable highlights include a 12.5% increase in quarterly distribution to $3.83 per unit annualized and $949 million returned to unitholders. The company saw growth in both segments, with Logistics & Storage EBITDA at $1.2 billion and Gathering & Processing EBITDA at $557 million. Pipeline throughputs reached 6.0 million bpd, while processed volumes increased 9% to 9.8 bcf/d.

Marathon Petroleum Corp (NYSE: MPC) has elected Jeffrey C. Campbell to its board of directors, effective November 11, 2024. Campbell brings extensive financial leadership experience, having served as CFO for three large-cap public companies. His most recent role was vice chairman and CFO at American Express Company. Previously, he held CFO positions at McKesson and AMR Corp/American Airlines. Campbell currently serves on the boards of Aon plc and Hexcel , and holds degrees from Stanford University and Harvard University.

Marathon Petroleum (MPC) has contributed $45,000 in grants to support a habitat restoration project at the 117-acre Clairmont Family Conservation Park in Bismarck, North Dakota. The project, overseen by Ducks Unlimited, includes wetland restoration, native prairie grass planting, and reintroduction of native trees and shrubs. The initiative aims to attract migratory birds like Canada geese and mallards. Bismarck Parks and Recreation District now owns the site and plans to expand recreational facilities including trails, shelters, and a junior links golf course. The project received support from over 120 individuals, businesses, and partners, with MPC's Mandan refinery providing important final funding when construction costs exceeded initial estimates.

Marathon Petroleum Corp. (NYSE: MPC) announced a 10% increase in its quarterly dividend, raising it from $0.825 to $0.91 per share on common stock. The dividend will be paid on December 10, 2024, to shareholders of record as of November 20, 2024.

Captain Wesley "Wes" Rhoden of Marathon Petroleum has been recognized with a 40 Under 40 Award by The Waterways Journal for his outstanding contribution to the inland marine transportation industry. Starting as a deckhand at 18, Rhoden progressed through various roles to become a captain and now leads MPLX Marine's vessel compliance program for a fleet of 29 vessels.

Rhoden's 16-year career has been marked by continuous learning and advancement, from earning his Merchant Mariner - Tankerman credentials to becoming a USCG-approved pilot and captain. He now oversees vessel compliance, managing inspections, audits, and risk management.

Rhoden credits his success to the talented people he works with and his father, also a boat captain for Marathon Petroleum. He is pursuing a Bachelor's degree while balancing work, family, and volunteer activities. Rhoden advocates for careers in the marine industry, highlighting the adventure and flexibility it offers.

Marathon Petroleum (MPC) has been recognized as a five-time EPA ENERGY STAR Partner of the Year - Sustained Excellence Award recipient. This award, the highest level of recognition in the EPA's ENERGY STAR program, acknowledges MPC's continuous improvement in energy savings and environmental performance. Key achievements in 2023 include:

- Ninth consecutive year of decreased companywide greenhouse gas intensity
- St. Paul Park refinery project reducing CO2 emissions by nearly 16,000 metric tonnes per year
- MPLX's Bluestone plant reducing energy intensity by 10% in one year
- Five MPC refineries receiving 2023 ENERGY STAR certifications

MPLX's Bluestone plant has reduced energy intensity by 12% in 24 months, avoiding an estimated 50,000 tonnes of CO2e emissions. Additional MPLX facilities have entered the ENERGY STAR Challenge, including the largest gas processing facilities in Pennsylvania and the United States.

Marathon Petroleum's Marine Transportation and Catlettsburg refinery recently hosted 28 graduate students from West Virginia University's Master of Science in Industrial Relations Human Resources (IRHR) program. The visit included presentations on human resources and refining, tours of the refinery and marine facilities, and a lunch cruise aboard the Marine Vessel Galveston Bay.

This event is part of a decade-long tradition, with many current Marathon Petroleum HR professionals being WVU IRHR graduates who participated in similar visits. The day provided students with valuable insights into Marathon Petroleum's operations and culture, allowing them to engage with various employees and gain operational knowledge.

The visit aims to inspire the next generation of Marathon HR professionals and has historically made lasting impressions on participants, as noted by current employees who were once in the students' position.

Marathon Petroleum's Los Angeles refinery recently hosted open houses at its Wilmington and Carson sites, welcoming hundreds of community members. The events, aimed at strengthening community ties, provided an inside look at the refinery's operations and impact on the local area. The Wilmington site revived its open house after a decade, while the Carson site hosted its first-ever event.

The open houses featured guided tours, interactive booths, and involvement from Summer Youth Program interns. Local officials praised Marathon's community engagement and economic contributions. The events highlighted partnerships with local nonprofits and showcased the refinery's expertise in areas like engineering, maintenance, and safety. Organizers hope to make these open houses an annual tradition, fostering mutual understanding between the refinery and the community.

Marathon Petroleum 's diesel technician Cody Clegg has turned his childhood passion for fixing motorcross bikes into a successful career. Working in Roosevelt, Utah, Clegg maintains and repairs transport trucks, tankers, and semi-trailers that haul crude oil to the Salt Lake City refinery. He emphasizes the importance of safety in his work, ensuring every vehicle he repairs is roadworthy.

Clegg values Marathon Petroleum for its supportive work environment, enabling him to provide for his family of four children. The company offers competitive compensation, annual bonuses, health insurance, and retirement benefits. Clegg is also exploring career advancement through the Marathon Petroleum Tech Progression Program.

Marathon Petroleum recognizes Clegg's dedication, with Transport Maintenance Manager Edward Davis praising his positive attitude and support for peers. The company prioritizes safety in all operations, hiring top-notch technicians to mitigate potential risks on the road.