MPLX used $303 million to acquire the remaining 40% interest in MarkWest Torñado GP, L.L.C. and extend the term of a gathering and processing agreement. MPLX now owns 100% of Torñado.

MPC sold its 25% interest in South Texas Gateway Terminal LLC to an affiliate of Gibson Energy for $270 million, resulting in a gain of $106 million.

MPC acquired a 49.9% equity interest in LF Bioenergy, an emerging producer of renewable natural gas, for approximately $56 million, including funding for on-going operations and project development.

Refinery crude oil capacity utilization was 92% in 2023, compared to 96% in 2022, and net refinery throughput decreased 37 mbpd in 2023.

Refining operating costs, excluding depreciation and amortization, were $5.75 billion in 2023, a decrease of $83 million compared to 2022, largely due to lower energy costs, partially offset by higher project expenses.

Distribution costs, excluding depreciation and amortization, increased from $5.27 billion in 2022 to $5.71 billion in 2023, primarily due to higher pipeline tariff rates and logistics fee escalations.

The company's financial results are affected by volatile refining margins, which are dependent on factors beyond their control, including worldwide and domestic supplies, transportation costs, and competitor actions.

Developments aimed at reducing vehicle emissions, increasing vehicle efficiency or reducing the sale of new petroleum-fueled vehicles may decrease the demand and may increase the cost for our transportation fuels.

The company's operations are subject to business interruptions, such as scheduled and unscheduled refinery turnarounds, unplanned maintenance, explosions, fires, severe weather, and acts of terrorism, which could adversely impact their results of operations and financial condition.

The downstream petroleum business is highly competitive, particularly with regard to accessing crude oil and other feedstock supply and the marketing of refined products.

The company competes in four distinct markets for the sale of refined products-wholesale, including exports, spot, branded and retail distribution.

The company competes with multinational, integrated major oil companies that can obtain a significant portion of their feedstocks from company-owned production.

Refining operating costs, excluding depreciation and amortization, were $5.75 billion in 2023, a decrease of $83 million compared to 2022, largely due to lower energy costs, partially offset by higher project expenses.

Distribution costs, excluding depreciation and amortization, increased from $5.27 billion in 2022 to $5.71 billion in 2023, primarily due to higher pipeline tariff rates and logistics fee escalations.

Refining planned turnaround costs increased $79 million, or $0.09 per barrel, due to the scope and timing of turnaround activity.

The company is focused on high returning projects that will enhance the competitiveness of their portfolio, including investments in sustainable fuels and technologies that lower their carbon intensity.

The Martinez Renewables facility, which has a design capacity of 730 million gallons per year including pretreatment capabilities, began ramping up production of renewable diesel in 2023.

Virent Inc. continued to advance its BioForming® technology to commercialization with demonstration activities in the aviation industry.

The board of directors approved an additional $5.0 billion share repurchase authorization in addition to the $5.0 billion share authorizations announced earlier in 2023, bringing the total authorization to $10 billion.

The company's capital investment plan for 2024 totals approximately $1.25 billion for capital projects and investments, excluding capitalized interest, potential acquisitions, if any, and MPLX's capital investment plan.

MPLX used $303 million of cash on hand to purchase the remaining 40% interest in MarkWest Torñado GP, L.L.C. and extend the term of a gathering and processing agreement.

In 2022, MPC established a target to reduce GHG emissions and MPLX established a target to reduce methane emissions intensity.

The company's approach to sustainability spans the environmental, social and governance dimensions of their business, which includes strengthening resiliency by lowering the carbon intensity and conserving natural resources.

The company is focused on innovating for the future by investing in renewables and emerging technologies and embedding sustainability in decision-making.

Global energy markets continue to experience disruptions resulting from regional conflicts, such as in the Middle East and Ukraine.

The demand environment in which the company operates remains strong despite market price and seasonal market fluctuations.

The provisions of California legislature adopted SBx 1-2 became effective, which authorizes the CEC to establish a "maximum gross gasoline refining margin" with respect to refining activities in California.