The following is a summary of the Marathon Petroleum Corporation (MPC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Marathon Petroleum Corporation reported Q1 earnings per share of $2.58 and generated $3.3 billion of adjusted EBITDA, notably despite having 4 of their largest refineries in turnaround.

• They invested over $1.3 billion in capital expenditures, investments, and acquisitions in the quarter.

• The company announced an additional $5 billion share repurchase authorization, bringing the total capital returned to shareholders to $35 billion since May 2021, thus reducing the MPC share count by nearly 50%.

• The company increased its cash holdings by about $2 billion in Q1, culminating in a total of roughly $7 billion.

Business Progress:

• Two new independent directors joined the MPC board from March 1.

• The company has plans to meet rising global oil demand primarily driven by requirements for transportation fuels.

• Investments are being channeled predominantly into refining large competitively advantaged facilities.

• Marathon's midstream unit, MPLX, launched the Harmon Creek II gas processing plant in February; Preakness II and Secretariat projects are also in pipeline.

• The company plans to increase capacity at the Martinez biofuel project to 100% by the end of the year, with biofuel projects expected to contribute to future earnings.

• Future plans also include continued optimization of commercial performance, aiming to improve EBITDA per barrel and cash generation.

• Investments in MPLX will continue with a vision for its distribution increase over time to cover their dividend and capital whilst generating excess cash.

More details: Marathon Petroleum IR

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