Marathon Petroleum Corporation (MPC) Q4 2024 Earnings Call Transcript

2025-02-04 15:53:04 ET

Marathon Petroleum Corporation (MPC)

Q4 2024 Earnings Conference Call

February 04, 2025 11:00 AM ET

Company Participants

Kristina Kazarian - IR

Maryann Mannen - CEO

John Quaid - CFO

Rick Hessling - Chief Commercial Officer

James Wilkins - Senior Vice President Health, Environment, Safety and Security

David Heppner - Chief Strategy Officer & SVP, Business Development

Timothy Aydt - EVP, Refining

Conference Call Participants

Neil Mehta - Goldman Sachs

Douglas Leggate - Wolfe Research

Manav Gupta - UBS

Paul Cheng - Scotiabank

Roger Read - Wells Fargo

Jason Gabelman - TD Cowen

John Royall - JP Morgan

Theresa Chen - Barclays

Matthew Blair - Tudor Pickering Holt

Presentation

Operator

Welcome to the MPC Fourth Quarter 2024 Earnings Call. My name is Amanda and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] Please note that this conference is being recorded.

I would now turn the call over to Kristina Kazarian. Kristina, you may begin.

Kristina Kazarian

Welcome to Marathon Petroleum Corporation's fourth quarter 2024 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investor tab. Joining me on the call today are Maryann Mannen, CEO; John Quaid, CFO and other members of the MPC and MPLX executive team.

We invite you to read the Safe Harbor statements on Slide 2. We will be making forward-looking statements today. Actual results may differ. Factors that cause actual results to differ are there as well as in our filings with the SEC.

I wanted to quickly highlight our new segment reporting, which includes a renewable diesel segment. We believe this expanded level of reporting will enhance our comparability with our peers and provide you with more insight into our financial performance and capital allocation decisions.

Previously, the results of the renewable diesel business were included in our refining and marketing segment. For your reference, slides 24 and 25 provide illustrations of this reporting change. And we have provided recast historical financials in our investor packet available on our website.

With that, I will turn the call over to Maryann.

Maryann Mannen

Thanks, Kristina, and good morning. Let me take a moment to highlight a few elements of our performance that were most relevant to our results. In 2024, we executed on our strategic commitments. First and foremost, we achieved our lowest company-wide OSHA recordable injury rate and strongest environmental performance in the last five years, demonstrating our commitment to safety and reliability.

Over the full year, we delivered refining and marketing segment with adjusted EBITDA per barrel of $5.33. Our commitment to operational excellence, commercial performance, and peer-leading profitability per barrel in each of the regions in which we operate drove our strong results, with refining utilization of 92% and commercial capture of 99%....

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