morning, a I to team. members Thanks to start executive everyone. couple Kristina. new by welcoming our Good want
Mannen Brian strict she First nearly capital together in acumen expertise integral services and the as and delivering commercial financial leadership a insights developing in having our and for as business XXXX look to be joins has of and and MPC's decade CFO. These and a in our forward to and background holistic focus brings capabilities continue our energy work our position. leadership beyond. experience, three team our alternative company business our commercial competitive January, in and and track spent for We of us over in Commercial newly She manufacturing we supporting new announce our the Maryann financial to spent highly initiatives the performance. a strategic the a announced complementary of record we in joined to our Officer. we CFO through in as who Maryann Yesterday role and energy for renewables strategy Davis sectors. perspective as I'm lower the has strengthening business. deep expense strategic is cost will His enhancing on the progress created executive we structure. decades management recent commercial his critical extensive add and developing our additions excited transformation including implementing strategic Brian improving to integrated will industry. objectives overall his discipline Chief appointment
quarter, aspects our business a provide into update. change this results swiftly The challenges get to our pandemic need lowering how to we for business. by year conduct the three the competitive and of business our slide we for to and initiatives I our our strengthening position within act commercial structure. unprecedented on wanted Before the decisively performance focus cost improving highlighted assets, our The the brief accelerated the us COVID the control, on our created of
stronger with progress tangible been our During some company cycle drive position the ways quarter. in taken team the many we we've through in believe year, continues decisions, of will all Slide and our faced earnings strategic this but priorities long-term for to highlights success. initiatives five around three our tough make number actions
First, we business. sales the of continue progressing Speedway
antitrust and the to clearance. to efforts X-Eleven support During its we the secure second quarter responded in FTC to from the request continue
with interactions our well. gone interactions Our the X-Eleven and have FTC with
XXXX. the aware, the is FTC close to by the closing continue As everyone timing is quarter and end process of dependent we on first the target of the of
end Within the have to scope of and completed we're with them what services expect of we X-Eleven February. can finalizing the transition control, agreements by
our our to on we in portfolio, to advance investments continue reposition actions Moving other to renewable.
have the the facility. by a reported to We've activities. last last North timeline production refinery the the our to ship we load United made track into quarter. Since to ramping our on to we fuel issues diesel convert we is quarter, continued through quarter, renewable we've on you, the States. of our are plans begun renewable remain time largest facility permitting in of renewable now at engineering trains Consistent facility. full facility discussed we and fuel renewable the reach This Dakota facility. diesel Martinez production We startup work the excellent During the and second and the out Dickinson with also end progress progress
commissioning second expect XXXX full online approximately of system half XXXX day day the per barrels We with capacity in by to of per pretreatment to XX,XXX we expect be of reach approximately XX,XXX capacity. Further end of the in barrels the XXXX. and
initial expense the on $X.X are goals over discipline from our This strict spent. plan. billion exercise we reducing levels to continue how significantly our and accomplished by year dollars we XXXX spending Finally, capital capital
on for XXXX, $XXX on of saying success. company focused path the more longer-term We for control. can cycle to expenses reinforce made ahead, XXXX our drive and through a also like what on of Speedway stronger moment our we're our we operating the call priorities by the million. earnings to from off the I'll the last my start business. they earnings we're matter I'd sale things target forecasted setting reduced by No than lies company around comments on our a take Slide Six position proceeds to comments
MPC the our defend to MPC investment proceeds our in wanted balance frameworks. important around sale This of and continue proceeds to times. basis, to MPC distributions mid-cycle profile. on return use We to I X from credit to includes also MPLX. not An a plans We earnings priority leverage grade debt a is committed our standalone reiterate of shareholders. commitment capital remain metric questions metric contemplates to sheet On to X.X to our expect EBITDA and changed. we have solid to target that receive using strengthen
don't significant distributions basis. billion $X cycle less and debt a MPC on we through stable balance than of envision from MPLX, sheet the Given with
approximately additional remaining have we amounts $X.X to loss we friction cash As With that upon can a be debt sale. for also in with proceeds billion from that reminder, we minimize cash continue be core flows of be to increase offset liquidity targeted how billion Speedway the return. incremental completion not our we debt the while costs of the will this to Within $X to rating. minimal expect our an debt component of position credit by addressed respect the reduction, to thoughtful jeopardizing reduce costs. We'll shareholder expect framework, of
We continue as will share get more closer form and close. timing the and to details evaluate to transaction we the
of levels. Moving by we business, made we've XXXX to billion refining, at corporate results. results of highlight Slide when you by with in on compromise we and operating communities have $X we've and cost the these quarter consider the more We're pleased than Seven, our we support discipline reduced customers we the our applied same operating commitment the employees, level, to the these our and some cost the midstream million in health over safely reductions are In spending In reductions we our from $XXX safety and structure. cost the reduced our assets reflected which operate. our protect and our fourth not to
the XX% environmental full fact, across In personal in best process improvement both year performance. ever area XXXX our and a company's the nearly performance safety our this with ever best and was rates
capital outlook discipline. focus Moving our our Slide capital reduction plan significantly highlights our MPC. our for XXXX the billion We $X.X capital We billion Today stands MPC. MPC's from our outlook reduced reduction This Eight for announced to and to program from plan key approximately significantly area, levels. pandemic. capital another we reduced prior focus $X.X XXXX initial a now XXXX investment XXXX MPLX. $X.X excluding from for billion reflects nearly on
lowering team's we funding that focused reflects our will expect outlook on to our and Maryann projects reduce operating beyond. it underway, on focus point, discipline incremental XXXX us already to results. will capital structure be theme will Our to projects renewables like for this to I'd costs. future and recurring XXXX review and respect the over primarily growth be our be something cost however that a growth turn We capital for fourth-quarter At help
