MPLX acquired additional ownership in BANGL, increasing its total ownership to 45 percent for $210 million in cash. MPLX also used $625 million in cash to purchase additional ownership interest in existing joint ventures and gathering assets, which will enhance MPLX's position in the Utica basin.

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 in WPC Parent, LLC to an affiliate of Enbridge Inc. in exchange for the contribution of cash and the Rio Bravo Pipeline project.

The Martinez Renewables facility, which has the capacity to produce 730 million gallons per year including pretreatment capabilities, reached full capacity in late 2024.

The company is committed to achieving operational excellence by reducing costs, improving efficiency, driving operational improvements and being disciplined in capital allocation.

The company is committed to leveraging its value chain so that it is a leader in operational, financial, and sustainability performance.

The company remains steadfast in its commitment to safely and reliably operate its assets and protect the health and safety of its employees.

The company's financial results are affected by volatile refining margins, which are dependent on factors beyond their control, including worldwide and domestic supplies of feedstocks and refined products.

Increasing regulatory focus on and expanding laws related to data privacy issues could expose the company to increased liability, subject the company to lawsuits, investigations, reputational harm and increase costs and restrictions on the company's operations that could significantly and adversely affect the company's business.

Legal, technological, political and scientific developments regarding emissions, fuel efficiency and alternative fuel vehicles may decrease demand for liquid transportation fuels.

The refining and marketing industry is highly competitive with respect to both feedstock supply and refined petroleum products. The company competes with many companies for available supplies of crude oil and other feedstocks.

Competitors that produce their own supply of feedstocks, own their own retail sites, or have greater financial resources may have a competitive advantage.

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

For the year ended December 31, 2024, refining operating costs, excluding depreciation and amortization, were $5.71 billion. This was an increase of $87 million, compared to the year ended December 31, 2023, primarily driven by higher expenses for projects conducted during turnaround activity.

On a per barrel basis, distribution costs, excluding depreciation and amortization, increased $0.15 primarily due to higher pipeline tariff rates and logistics fee escalations.

We are focused on sustainable structural changes to improve our cost competitiveness while maintaining safe and reliable operations.

We are focused on high returning projects that we believe will enhance the competitiveness of our portfolio, including our investments in sustainable fuels and technologies that lower our carbon intensity as the global energy mix evolves.

As we integrate artificial intelligence technologies into our processes, these technologies may present business, compliance and reputational risks.

Our information systems (and those of our third-party business partners and service providers), including our cloud computing environments and operational technology environments, are subject to numerous and evolving cybersecurity threats and attacks.

During the year ended December 31, 2024, MPLX repurchased approximately 8 million MPLX common units at an average cost per unit of $43.04 and paid $326 million of cash.

On November 5, 2024, we announced that our board of directors approved a $5.0 billion share repurchase authorization that is in addition to the $5.0 billion share repurchase authorization announced on April 30, 2024.

With our investments, we are focused on high returning projects that we believe will enhance the competitiveness of our portfolio, including our investments in sustainable fuels and technologies that lower our carbon intensity as the global energy mix evolves.

Our approach to sustainability spans the environmental, social and governance dimensions of our business. That means strengthening resiliency by lowering the carbon intensity and conserving natural resources; innovating for the future by investing in renewables and emerging technologies; and embedding sustainability in decision-making and in how we engage our people and many stakeholders.

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

Increasing attention to environmental, social and governance matters may impact our business and financial results.

The global macro environment continues to deliver refined product demand growth. In 2024, we saw steady year-over-year demand for gasoline and diesel and growing demand for jet fuel.

We anticipate these fundamentals, as well as the U.S. refining industry's current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners.

Market conditions in the oil and gas industry are cyclical and subject to global economic and political events and new and changing governmental regulations.