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

MPLX and its joint venture partner contributed their respective membership interest in Whistler Pipeline, LLC to a newly formed joint venture, WPC Parent, LLC, and issued a 19 percent voting interest to an affiliate of Enbridge Inc. This transaction connects Permian supply to LNG export markets.

MPLX purchased an additional 20 percent ownership interest in BANGL, LLC, increasing total ownership interest to 45 percent, a natural gas liquids pipeline system connecting the Delaware and Midland basin to the fractionation market in Sweeny, Texas.

Net refinery throughput increased 140 mbpd during the second quarter of 2024 largely due to decreased turnaround activity during the quarter.

Refining & Marketing margin was $17.37 per barrel for the second quarter of 2024 compared to $22.10 per barrel for the second quarter of 2023, primarily due to narrower crack spreads.

Corporate expenses increased $40 million primarily due to approximately $30 million of expense related to decommissioning of non-operating assets.

The company is subject to climate-related lawsuits in various states, seeking damages and abatement under various tort theories, as well as breaches of consumer protection and unfair trade statutes, with the ultimate outcome of these matters remaining uncertain.

The company is subject to federal, state, local and foreign laws and regulations relating to the environment, which require responsible parties to undertake remediation of hazardous waste disposal sites and certain other locations.

Acts of war, terrorism, or civil unrest could impair the company's ability to produce refined products, receive feedstocks, or to gather, process, fractionate or transport crude oil, natural gas, NGLs, refined products or renewables.

The company notes that global refined product supply was at record seasonal levels driven by high utilization and new refining capacity additions, creating a lower margin environment.

The company anticipates that the U.S. refining industry's current structural advantages over the rest of the world will support a constructive environment for U.S. refiners.

The company notes that the California legislature adopted and implemented certain provisions of Senate Bill No.2, which authorizes the CEC to establish a maximum gross gasoline refining margin and penalties for exceeding the margin cap, introducing uncertainty for future operations in California.

For the three months ended June 30, 2024, refining operating costs, excluding depreciation and amortization, increased $14 million, but per barrel costs decreased $0.18 due to higher throughput.

Distribution costs, excluding depreciation and amortization, increased $0.27 per barrel, or $141 million, and include fees paid to MPLX, primarily due to higher pipeline tariff rates and logistics fee escalations.

Refining planned turnaround costs decreased $0.81 per barrel, or $209 million, due to the scope and timing of turnaround activity and higher throughput.

The company highlights investments in its Dickinson renewable fuels facility and Martinez Renewables joint venture, indicating a focus on renewable energy sources.

The company is advancing improvements focused on integrating and modernizing utility systems and increasing energy efficiency at its refineries.

The company is undertaking a multi-year project to upgrade high sulfur distillate to ULSD and maximize distillate volume expansion at its Galveston Bay refinery.

The board of directors approved an additional $5.0 billion share repurchase authorization, bringing the total remaining authorization to $6.74 billion.

MPLX repurchased approximately 4 million MPLX common units at an average cost per unit of $40.56 and paid $150 million of cash.

Capital expenditures and investments in affiliates were primarily for Refining & Marketing and Midstream projects, including integrating and modernizing utility systems and increasing energy efficiency.

The company is addressing upcoming regulations mandating further reductions in emissions at its Los Angeles refinery.

The company is undertaking projects that will enhance the yields of its refineries, improve energy efficiency, and lower costs.

The company states its commitment to successfully implement its sustainable energy strategy and principles and achieve its ESG goals and targets.

The company notes that global refined product supply was at record seasonal levels driven by high utilization and new refining capacity additions.

The company anticipates that longer-term, demand growth is expected to outpace the limited refining capacity additions anticipated through the end of the decade.

The company notes that political and economic conditions in nations that consume refined products, natural gas, renewables and NGLs, including the United States and Mexico, and in crude oil producing regions, including the Middle East, Russia, Africa, Canada and South America, may impact the business.