actions MPC significantly We the our a and Kristina. peer history you for in have Oil time, Thanks, joining since as well transformative group drive our S&P. and thank XXXX, that good shareholder has demonstrated And from Marathon to returns call. outperform shareholder morning of as separated value.
nearly same a growth including time, of the have billion grown we shareholders, rate. Over capital of XX% to a returned has period that annual dividend $XX at compound
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that Throughout the the to review. and understand process, with feedback incorporated perspectives our shareholders their we engaged on in company their
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MPC and billion. As believe excited the we to shareholders drive benefits transaction potential to for look return. the create future that and separation and has to Speedway lock this has billion the enterprise both shareholder $XX total value ahead, value company we each truly presents at about We will significant $XX approximately opportunity an and are
shareholders. to loyalty impressive nearly business separate power tripled nearly we scale and one successes aspects from of the $X.X powers drove and grown most of fourfold These our our much in has nearly of Speedway's of stores that are since our is position earnings roughly to helped million and $XXX XXXX the has grow number unlock to increase. this created MPC X, ability Slide today year, membership program a The Speedway approximately the doubled. growth significant the On The has how this billion value have for business. in important approximately decision today within XXXX within we have a earning X,XXX EBITDA to Speedway –
led the a and strong And to Speedway consistently merchandise a built has growth continued per-store free trajectory a industry. has flow fuel platform Speedway in which exceptional positioned been Speedway a XX. and margins. Slide standalone industry. same-store to Speedway has profitability top-tier Turning consistently basis, performer the growth will company. support earnings has a On industry-leading store had convenience deliver cash as conversion investment Historically,
a and increased the platform will will nationally our customers. new help program focus be adapt recognized loyalty consumer digital Speedway on a brand. to store its coast-to-coast On leverage largest boasting its continue industry buying Slide network convenience the U.S.-listed customer will industry-leading XX, to to engagement continue operator, The with retail – trends with
and size growing dis-synergies the Given separation. believe the now by be the uplift multiples of of value will business, any the potential we of market expansion outweighed
and the With the will consistent Speedway of growth. synergies new standalone the be capable continued store focus conversions, from generation delivering strong, on and benefits continuous business cash thriving
On slide XX.
transaction's steps. the to the of specifics Turning next
supply separation through tax-free of shares in to important and shareholders. establishing market-based the is accomplish to a MPC between a expect Speedway. We distribution agreement process long-term MPC step An Speedway the
and and a growth. We dividend to maximize Speedway valuation separation for debt. to plan position these part pay of structure the utilize expect Speedway We both MPC process. to MPC capital reduce as of shareholders proceeds for target sets raise a to would new debt to
transaction prior approval to Board XXXX, year-end be to to the We subject closing expect customary and completed conditions.
addition midstream both within in midstream enhance our separation our announcement, evaluate MPLX continue XX, more Unlocking value alternatives is unitholders. to value Speedway. complex the to Slide On for to Speedway and than shareholders of we
of asset a discussed optimize our as well earnings MPLX' for quarter call XX over creation different second on to as alternatives divestitures and Corp., separation MPLX, an including potential business the structures. We we that have among to or conversion including other structure, evaluated Up-C scenarios C
Board many forward. MPC as and the the the feedback step months. appreciate the the formation unitholders special the best next committee we our and to path We Today, have process we few from consider over a determine past in also received shareholders of announced of continuing
our to XX, and been continues term. value shareholder goal over Slide long has the be maximizing On
today's We journey. have transformative that a is of value, step drive that announcement and another making to in in track record bold, journey change
the success. coming strong, to traded We that the evaluating of months, separation continue MPC, to continue these publicly actions long-term unlock businesses positioned company, the value result believe for business of synergies Over optimizing and further efficient the expect the realization business. opportunities are execute growth a into in progress we midstream in and and will nimble Speedway
The to best-in-class shareholders. for history new will business, compelling a continuing with profile provides operational continue proposition that excellence be energy a financial of a value strong our MPC
our earnings On Slide XX, let me turn to discussion.
to momentum the macro our to thoughts IMO results, levels of the on we Distillate the implementation are market inventory setting would below like share get average, some up I regulations. financial approach strong as five-year we for the environment. Before meaningfully
in U.S. Gasoline supply the appears inventories materially last levels years, activity a fourth with are also further below quarter basis. turnaround days outlook. positive supporting the for prior year's of line on forward
market in differentials, barrel. continues WCS $XX to to just move On WTI direction. spread, per quarter, to over averaged Canadian The the around in which our has third $XX heavy widened the
of rail widening of we potential Given continued continuing credits differential. and for cuts, government this easing – mandated production the expect
per providing At this our upgrade opportunity high to coastal XX%. is coker sulfur expected is resid On $XX coking the fuel MPC our by facility, refineries. tailwind for to is project, well this significant to oil across major now a capture increase capacity ULSD Garyville side, to economics. the barrel, spread quarter, the widened which has product positioned our occurring destruction
operation Northwest. retail we the As bunker our established facilities of year spec focus Pacific part a first fuel execution in the our IMO-compliant value. of complement of to to the made in first variety locations area We change, our ongoing October. of combination fuel fuels was market a requirements. deliveries have meet our offer preparations for from new the unlock Los in Angeles IMO Both are to those to prepared operation realized The of
progress, observable This, any availability be base, the and operational company mechanical with reducing high-quality refineries, expanding our nimble combined costs. the significant, environment. made and business integrity have our acquired capabilities across to our at in positions thrive chain and We commercial asset value improving
I his industry to congratulate been impressive. Goff his Also, take the of the to his want his company, I guidance welcome this of background for tomorrow. aspects effective MPLX, has go and all a Hennigan congratulate and time have would retirement Mike from quite XX we portfolio, to the on in in deep CEO like we promotion MPLX as President and of Mike to Greg forward. Marathon announcement years and
highlights. the to I Templin call the Now will quarter third turn to discuss Don over
