MPLX entered into a definitive agreement to combine the Whistler Pipeline and Rio Bravo Pipeline project, expanding its Permian natural gas value chain and increasing its footprint in the region for future growth.

MPLX used $625 million of cash to purchase additional ownership interest in existing joint ventures and gathering assets in the Utica basin, enhancing its position in the region.

MPC continues to invest in LF Bioenergy, an emerging producer of renewable natural gas, and the Martinez Renewables joint venture, indicating a strategic focus on renewable energy sources.

Net refinery throughput decreased by 173 mbpd in Q1 2024, largely due to increased turnaround activity during the quarter, impacting revenue and profitability.

The board is engaged in succession planning activities for the CEO, Michael J. Hennigan, who will reach mandatory retirement age in August 2024.

MPC’s mandatory retirement policy requires executive officers to retire from service to the company coincident with, or immediately following, the first of the month after such executive officer reaches age 65.

MPC is subject to climate-related lawsuits in various states, seeking unspecified damages and abatement, creating uncertainty regarding potential liabilities.

MPC is involved in environmental enforcement matters, the resolution of which could have a material adverse effect on the company's financials if not managed effectively.

The implementation of Senate Bill No.2 in California, which authorizes the CEC to establish a maximum gross gasoline refining margin, creates uncertainty regarding future operations and results.

Refining & Marketing margin decreased due to narrower crack spreads and other market factors, highlighting the impact of market volatility on profitability.

The amount of discounts on sweet and sour crude oil can vary significantly, causing the Refining & Marketing margin to differ from blended crack spreads.

Refining & Marketing margin is impacted by factors such as the selling prices realized for refined products, the types of crude oil and other charge and blendstocks processed, and our refinery yields.

Refining operating costs increased by $0.46 per barrel, or $40 million, primarily driven by lower throughput and higher expenses for projects conducted during turnaround activity.

Distribution costs increased by $0.69 per barrel, or $98 million, and include fees paid to MPLX, with the per barrel increase primarily due to higher pipeline tariff rates and logistics fee escalations and lower throughput.

Refining planned turnaround costs increased by $1.27 per barrel, or $291 million, due to the scope and timing of turnaround activity and lower throughput.

MPC continues to invest in renewable energy projects, including LF Bioenergy and the Martinez Renewables joint venture, reflecting a focus on sustainable energy solutions.

MPC is advancing improvements focused on integrating and modernizing utility systems and increasing energy efficiency, with the added benefit of addressing upcoming regulation mandating further reductions in emissions.

MPC is investing in projects to upgrade high sulfur distillate to ULSD and maximize distillate volume expansion at our Galveston Bay refinery, indicating a focus on optimizing product output.

MPC's board of directors approved an additional $5.0 billion share repurchase authorization, demonstrating a commitment to returning capital to shareholders.

MPC's capital investment plan for 2024 totals approximately $1.25 billion, with a focus on projects that enhance yields, improve energy efficiency, and lower costs.

MPLX repurchased approximately 2 million common units at an average cost per unit of $40.04, demonstrating a commitment to returning capital to unitholders.

MPC is focused on reducing emissions at its refineries through various projects, including upgrades to utility systems and the use of new technologies.

MPC is investing in renewable energy projects, such as LF Bioenergy and the Martinez Renewables joint venture, indicating a focus on sustainable energy sources.

MPC is committed to complying with environmental laws and regulations, and is working to resolve ongoing EPA enforcement matters.

Global oil demand is at a record high, as the need for affordable and reliable energy increases throughout the world, supporting a constructive refining environment.

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

Refining & Marketing margin decreased due to narrower crack spreads and other market factors, highlighting the impact of market volatility on profitability.