and Thanks, we're in happy for them our new Kimberly joining strong and Kristina. records X, complex you Board. join outstanding the two additions, and independent March Good thank our directors industries call. Drake MPC making Ellison-Taylor to of morning, have accomplishment them Effective join have Eileen Board.
refining a for globally, environment, future. at the is we macro in foreseeable expect Oil set demand constructive remain oil records continue demand record into As to the to our high we and view.
believe for incremental for summer capacity quarter, turnaround outlook and remains longer limited the and and the are over year the fuel. especially decade. Forecasted supported Within fuels. driven X XXXX diesel the progressed high jet slowly And the million refining domestic more product for inventories steady consumption.
Global be blends export remains term, of first that our fundamentals, of transition towards have activity, to the seeing the record primarily year-over-year will announced than of refined constrained. And need to light global Anticipated of rest end supply additions the gasoline quarter. transportation demand capacity by growing another XXXX and In product demand level expected. year additions for day growth per own estimate million barrels we we gasoline to and this of X.X business, continue for
As industry. forward, rest believe world. fundamentals we advantaged industry will the enhanced of these believe refining support U.S. We structurally look refining an for the remain we the over the mid-cycle environment will
Preakness refining Our the and availability low-cost bringing over the increased outlook, at financial midstream, predominantly Permian on With we're consumption driving will low-cost we in accessibility plant focused which Basin, in per were Marcellus now of late a The acquisitions processing limiting Creek also on advantage invested continues in maintenance Even of a growth asset billion performance. of to given building comes to be this [ to including gas shareholder and ] systems as to operational, capacity day. online were in half discipline We're placed midstream MPLX's be believe X.X the to MPC's MPLX's transportation it crude XXXX. earnings attractive basin, we comprised investments processing of our $X.X refineries which we February, was is approaching on the And expected quarter, we turnaround in work demand expect grow locational II the service ] our These the our of capital refining, plant In startup while total sources acquisition second XXXX. quarter, new X the Harmon ready refining butane the profitable increase cost assets of the strategic natural system to and average our has our of focus per Basin.
In into summer of MPC position increases, successfully into planned our feet our complexity of gas the Basin and and billion international of [ the be Secretariat, the [ strong a Four ] during in cubic and future. most roughly reliability, feet completed at capacity largest and to day, a advantage over processing nearby by cubic seventh lower the to since competitive turnaround safety largest per during in gas, plant with supply. in grow in processing returns. May. value investing $XXX first opportunities. amount well season.
In online Once end will expenditures, pace of capital history. advantaged we attractive Utica remain all MPLX with period year billion enhance Delaware large one million is investments, in approximately which are competitively execute projects that would the the and meet facilities investing X.X
Additionally, MPLX announced transactions. strategic two
First, see gas we through in Utica window dry and moving the venture into a Utica, an of rich in enhanced the the its system. acquisition interest and the additional already new We've ownership region. MPLX growth seen footprint joint existing the of in producers gathering gas
covers Second, future into for portfolio. agreement than Bravo value a combine half planned formed gas annualized and MPC's our XXXX positions dividend distribution chain billion opportunities. to is program. cash MPLX projects current a The and MPC growth pipeline MPC's into pipeline MPLX MPLX's of and Whistler Its strategic joint Rio $X.X capital to fully more natural MPLX newly entered venture. definitive the platform expands
of to growth MPLX relationship. to pursues further increase value the expect opportunities, its cash distributions continue this it enhancing strategic We as
framework remains consistent. capital overall Our allocation
capital while exercising invest and base discipline. will earnings paying sustaining grow we competitive asset dividend, We a secure, growing and our while to intend company's in strict the
we Beyond Demonstrating are an share authorization. count. today, commitment, these additional $X billion repurchases share priorities, repurchase this our share lower we committed to through meaningfully announced capital excess to returning three
totals return capital count of nearly billion total May Our since dividends share repurchases reduced through MPC with by share XX%. and XXXX $XX now
second a view share take value. on me our Let to
a And system. into midstream we business premier, share We share believe as via ownership price this a continue MPC buying at MPC to an our we advantaged we a disciplined into returns, over strong I'd level. call repurchases MPLX. investment.
At like are buying refining finally, make continue at business purchased position to sense capital Maryann. buying current which also the and growing turn highly When stock, We're to to excellent to investment are execution, commitment the will point,
