MPC - Earnings call transcript Q2 2024 | Marathon Petroleum Corporation

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Operator

Welcome to the MPC Second Quarter 2024 Earnings Call. My name is Sheila, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

Kristina Kazarian

Corporation's XXXX Petroleum Conference Marathon to Second Earnings Quarter Call. Welcome can that the on accompany slides be Investor this under The marathonpetroleum.com call found at our tab. website

Quaid, are me team. executive Mannen, Joining call other today the CEO; of on John CFO; the and members Maryann

to We X. invite statements Slide the read you harbor safe on

the actual I'll statements as are differ included the as well We forward-looking results to differ. to today. will Maryann. be that, Factors results may our SEC. filings call over with in Actual turn making that With could cause there

Maryann Mannen

Thanks, Kristina, years. everyone. of I leadership take accomplishment to MPC recognize want tremendously record CEO Mike's to Mike and good been as X morning, a has moment last of over the valuable. Hennigan's

returned have $XX fortunate forward. During shareholders. We're as to Mike a peer-leading MPC's delivered his priorities tenure, Mike Board to billion Chairman its Executive of transformative going and strategic

the Moving refined utilization to all-time the environment. new supply reached second the products time, ramp. assets to at refined globally. supported records The set global of for additions demand continue macro environment same new capacity running highs. quarter, seasonal products At In margin and high

steady and year businesses, expect MPC's will Within refined we and domestic and for year-over-year We product for XXXX are consumption. record of jet fuel. gasoline another be seeing diesel demand demand export growing

the limited look for fundamentals demand These environment with additions capacity refining global growth enhanced end decade. time forward, an we over capacity of As through is near-term expected outpace still additions to refining. mid-cycle expected support the

competitive which assets of will expected in structurally most rest over believe remain advantaged our to world. The industry the in the we region each is U.S. refining operate. the remain We

us and regions geographic advantage. system the diversification refining Gulf provide Coast, integrated West Mid-Con a across fully competitive and Coast with Our

driven the We are have to employees. opportunities. and positioning capture Operational and commitment excellence our operate and commercial protect safely execution structural us steadfast to sustainable benefits, market of assets safety health our uniquely our in

delivery. to our remains execution value Our core

are to focused predominantly the investments refining, capital facilities are position disciplined making projects. our our future. In MPC into optimize we and on Our advantaged high-return in assets competitively investments large well

midstream, on bringing In flows. opportunities continues in growth incremental cash attractive execute MPLX third-party focused to

to In continue gas MPLX pipeline. X.X week, We on partners in the with providing gas Whistler Bcf a reached quarter, value a the connecting closed MPLX to offers while chains. natural our the domestic Last along second the Blackcomb export Gulf transaction. proposition and access. and be compelling supply the NGL Permian It to and flexible half markets its grow shippers the Coast. pipeline of second FID will service This be value in is expected XXXX. market in Blackcomb project natural

Additionally, its ownership XXX,XXX the in MPLX from to it recently to is its and capacity NGLs This Texas, day. pipeline Sweeny, currently Permian BANGL. expanding a barrels increased transports

And its provide MPC XXXX to relationship. XX%. our count accretive is continue MPLX's MPLX, years. rate the MPLX sorry, MPLX transaction of compound strategy. position grown fully a NGL cash low value enhances significantly excellent distributions, has capital nearly is Midstream distribution $X.X as strategic MPC's share billion immediately capital providing our covers flexibility, EBITDA this its and This comprised program. value MPC. since which X and growth reduced XXXX This May MPC's primarily of to annualized wellhead-to-water Permian chain developing and total nearly enhancing an the MPLX of part at in MPC's Strong its cash portfolio, growing last all is to further nearly adjusted strategic it coverage, annual return leverage segment, X% placing by dividend flows to of over has grow -- financial

sheet. buyback continue balance to a influence will normalized capacity we to return generation as Cash

MPLX, from refining earnings per advantaged highly returns adjusted MPC distribution can lead quarter believe through second we all share billion the annualized $X.XX. cycle. of in our generated parts Given the we business of peers capital and $X.X

excellence support operational and Our commercial performance our results. quarterly

both a peers, impact expect This from billion, up of of other $X.X excluding while built The at declines. quarter, see impacts to the continue and EBITDA refining have peers we $X.XX reported which R&M returned per we sequential delivered on barrel capture billion XX%, quarterly X%, and Adjusted working we of operations, led results. $X.X to and refining advantage, shareholders. we of refining XX%, of capital utilization cash to capabilities provide our our the sustainable

me Let over call turn the to John.

John Quaid

by was higher XXXX income tax Marketing in rate by and reconciliation Adjusted quarter to Thanks, change resulting for Refining adjusted adjusted second EBITDA in million. X as Maryann. Midstream tax from sequential as segments. EBITDA XXXX the results EBITDA shows quarter million, quarter was increased first well the the Slide the and net driven & XX%, a for provision $XXX our between $XXX both sequentially of in The quarter.

our quarter reflects and midstream between earnings the second R&M largely tax rate mix The businesses.

our to our quarter. X an Moving Refining the Slide Marketing results. & segment for second overview provides of segment

demonstrating quarter, at project-related in per to barrels significant XX% Refining operating largest and lower to sequentially, primarily per higher turnaround costs margins barrel operating our associated crack barrel spreads. energy day. the Following costs expenses primarily processing in $X.XX nearly ran competitiveness. cost crude Gulf activity first activity reduced our throughputs, of Coast, costs. region, $X.XX due lower Sequentially, were the the lower, due our refineries quarter, barrel, million our utilization, were were second In per down lower turnaround per U.S. X.X with

by capture quarter integrated the utilization. tailwinds high Gasoline by a increased Refining margins, Slide product across quarter our differentiator performance. offset and environment competitive sales capture gasoline to price refining realized a falling channels and, industry & supported system for were multiple margins driven our from in reflected the by in headwinds secondary addition, margin X our during from demand which pricing, XX% was of the overview an quarter. Capture our provides of Marketing was

versus XXXX. of quarter the adjusted changes the shows X Midstream Slide in first our segment EBITDA

is segment flows. cash generating Midstream strong Our

distributions chains gas enhance growing the earnings in value organic cash for quarter, X to discussed investments, in NGLs. disciplined and contributed natural Through million differentiator MPC. This MPLX cash Permian Maryann flows to continues provide earlier The is remains a source growth MPLX portfolio durable MPC MPLX to our both transactions MPC. $XXX flow midstream growth. and further and of a

driven in position changes businesses. presents flow, in driven prices. refining million $X.X X the for of product Slide quarter, Working capital, quarter. both refined a our Operating elements primarily the the was in decrease the in and of our source $XXX cash cash consolidated cash change the midstream for billion was by excluding capital second by working quarter,

MPLX and next issued This to retire And expenditures $X.XX were million. in notes, year. proceeds second maturing investments tenured the quarter, $XXX notes senior during in of to February capital of which quarter, the billion December of this and use expects MPLX year senior

through short-term share cash under billion MPC And $X.X of cash to MPC dividends returns. shares, in superior highlighting just our excluding MPLX. commitment and repurchase $X million end $XXX current our million the returned in of authorizations and July, and share billion consolidated in shareholder billion the approximately quarter, At MPC repurchased investments, we had $X.X at during repurchases second leaving remaining quarter. over $XXX the

third provide outlook. Slide On XX, quarter our we Turning guidance. to

a throughput to third million expense day, Coast be costs focused quarter. is of utilization are full third Mid-Con projected projecting the $X.XX the regions. Planned and over to costs Distribution Gulf X.X the per quarter, the to in approximately expected projected crude We activity to XX%. just million are for $XXX approximately of $XXX billion. expected be expense volumes turnaround barrels in Operating year be is representing Turnaround with barrel approximately $X.XX be million. in and be to $X.X corporate anticipated costs billion are are per

investments quarter to and allocation. disciplined results generated segment billion distributed generation return cash reflect $XXX second MPLX of and $X.X strong This capital adjusted capital The MPC. of of over million our million summary, approximately R&M $XXX billion. EBITDA and $X supported In

let it to that, me With pass back Maryann.

Maryann Mannen

a priorities John. that consistent MPC those energy Thanks, investment. are peer-leading My made with

portfolio our and are to cost chain irrespective leverage financial position safe future. commitment sustainable market in to to peer-leading us commercial in yield To our continue deliver operations. assets to excellence, in competitiveness our of of do structural people. deliver the and we invest outperformance value the and our We'll will optimize We ensure reliable competitiveness our benefits this, execution our and environment. advantages, now unwavering the Operational performance and

Our these through-cycle us the of strongest deliver execution position commitments to cash generation.

uplift. Durable midstream cash deliver growth should flow

invest capital but competitiveness. returns, disciplined We are will we which there enhance believe will attractive be our where

capital in allocation. We to are leading committed

return excess our of execution commitments value proposition. MPC share is and compelling value through peer-leading create positioned a will repurchases. capital exceptional through to performance, strategic We

back Let to over me turn Kristina. call the

Kristina Kazarian

Thanks, Maryann.

a and participants, all questions, you As one a that reprompt we question your to we to additional If call open for as will limit the for ask time permits, yourself we courtesy follow-up. questions.

the open Sheila? call. now will We

Operator

[Operator come first Gupta from will Manav Instructions] Our question UBS. with

Manav Gupta

like start. attractive Blackcomb. looking all the MPLX, you're doing distribution grow to years, your jumps somewhere it CapEx that full for X.X-plus, more if and and And at process like Whistler here in And at is like now Congratulations the at distribution X MPLX to BANGL Maryann, these to way covering that growing on full looking is try XX%. at a even the you very distribution And very MPC projects and strong and do is for at the thought midstream, point, dividend. that can

are you refiner. So technically, a recession-proof

Maryann Mannen

Manav. Thanks,

in well. MPLX, The we talked that it said you execute we've think about targeting strategy growth. to are trying mid-single-digit I

the the in seen that as X mid-single-digit our then per in our for and over FID Utica, X% And ability as that the wellhead-to-water, to distributable last to years, so achieved recently, cash in our think, the the explained, JV to have the in dividend support believe in articulated point, the X deliver we X just that increased flows of over growing initiatives well. you've and years, We continue me, And Blackcomb, just more our last we XX% As investment last years you year. Whistler. we we've also key BANGL, almost growth. strategies, your

MPC you largely strategic been believe, cover value it the the and goal our fully putting of to creates, has increasing MPC capital that incremental heretofore stated that well, as to MPLX. between dividend and MPC Therefore, will distribution we bringing and MPC that back work. And

think are MPLX's going distribution forward. more important increase becomes able we So as again, to we strategic that relationship incredibly

Manav Gupta

the I business. X been the the the Perfect. gotten or were lowest drivers in quick looking ago, very this like It's the like $X.XX you've cost us operator. there. And lowest. probably you Gulf Coast now think, OpEx, is is, what's lowest because years understand a Gulf probably of Coast Help X Looks at not follow-up the

So this be of the some understand help And here? sustained us initiatives? can

Maryann Mannen

thanks. Manav,

in know, profitability per each been of a with priorities where we one will, cost key of So that commitment, as initiatives, peer-leading respect has regions barrel. you of initiatives operate. as the our our if one And we our competitive to you see

per we've best do we're we been regions. Rick to last about recognition years, any we talking the add barrel work in few trying each of believe, he comments if is We the Coast. the Coast. of the sustainable. EBITDA I'll is to your again, deliver for Gulf the to pass to on As that Gulf see doing, it wants been to those have what Ultimately, appreciate

Rick Hessling

Yes.

it's rebound, the where We constructive Manav. going utilization on and I continue Coast, a So market highly be it Gulf to forward believe will to that with share at.

Operator

Next, we will Neil Sachs. Mehta Goldman hear from with

Neil Mehta

kick to I off wanted with Maryann, you.

objectives? business role. key the And talk first focused of X take on reins are you on about in you on job. the months the Can you what the are What CEO the your here? As

Maryann Mannen

thank Neil, I'll and first value. continuing to exceptional foremost, create say, you.

continue shared per tried flow operational commercial cash we and all here on can we performance. share. EBITDA operations And the focus day, this morning, outstanding notwithstanding to delivering every to excellence, our barrel to per believe we're articulate here safe strongest reliable and As going and we've deliver day,

shared focus We that drive of the that, to our have our day, as is will per ensure a of bit little do end profitability value allocation about our continue barrel that that go forward leveraging going talked the return here strongest. ensure we all peer-leading that the a a be at bit. do little Ultimately, return we'll to We're peer-leading. on we continue to to and we want I to those chain. are to principles and allocation, that capital

We continually we we to have as competitive that evaluate. nature also those assets, something always the ensure it's will want of

think talk we of one the shared with the in another growth that compelling -- just MPC. able cash with should that here is through-cycle for proposition as last, the midstream flow. then And our we durable flows, is I cash to things all we deliver that, strongest And the about be value

on not that as shareholders. for continue our things to see the months, in the are focus continuously drive only X you those but think me I will we value next

Neil Mehta

one on drill And can if I specific item. down

Over created the pursue largely trade and the some really M&A the around space. particular. value are organically. business has the in couple was you There some about years, Neste diesel last in There of whether articles questions been renewable

love your business specifically? that that on in create value thoughts just you So around comments how and do any

Maryann Mannen

Yes. Sure, Neil.

Let rumor a I and me one, conversations mention any first. buyout address with Neste having we you Neste. are That heard about the factual, not is that. not

be So just sure want to I that. that address

we continue As mentioned we of opportunities, look our each at the do our of regions. within I value competitive the to nature see portfolio.

see to performance. continue opportunities there drive We to

EBIT deliver focused continuing and are on per as We the to strongest barrel, mentioned. our I commercial performance

deliver over go the value see ability to to long opportunities our now we'll own But grow our how proposition. within organically. see we forward right we to So portfolio, that term and continue as evaluate the we

Operator

Cheng Our from Scotiabank. next question will Paul with come

Paul Cheng

please. questions, Two

I has come. for probably to Rick. of Do the Rick been it I've felt for already believe been think Or marketplace? impact there's been TMX, more a you months. all first in the the has number you one -- wondering for is think that

maybe slate Coast crude inside are seems maybe Can terms a changed Other And Asia. incremental and West operation the the Coast, yield? first to We for like detail? exported there's say, in Page may the of of margin, how On barrel in bit in What's John. that your little That's XX, And have being second X/X more West your not surprised additional your question, there? or barrel may that $XXX you an million. product question. share the

Maryann Mannen

you. thank Paul,

what of to with foremost, the similar you would believe we for TMX, of that that talking on first the out And the in very about TMX play I been happened and the is anticipated results largely and So I we marketplace. we've think as several this start-up share would has that last way quarters. the

I'm Rick Coast. him color West shared. we've incremental as going to you to to consistent pass happening what's it some on the particular pretty So give and allow in in

Rick Hessling

it's Rick. Paul, Yes.

buyer and actually, Just here. from is well runner Canadian come are market, Really, we're these the on the changes tell incremental ANS a a aware, has changed, the our it West a ANS that perspective. on What significant you quite I the though, as of few put as barrels have comments pressure from into insignificant And yield helpful has big you're us, would barrel. and barrels Coast. is perspective, no surprises. to

So of we're a recipient that.

obviously, been advantaged ability commitment So we the that's very positive for at us. our then at with run these barrels only And on but LA. to have not TMX, Anacortes,

very Paul. going So it's being for see us, positive way forward, it been that

to And then comment the export not terms of Asia, in at all. surprising

transportation be that or differentials expect and Paul, plus we Coast. will on quality your and dependent minus fact, continue. largely transportation, will differentials your shipping In And the that West to

those in forward. happen will you going X into variables, factor when able be So what to here back you'll

John Quaid

John. it's Paul,

change claim you but the for to relates for of us insurance primarily it Bay finalizing margin other it, see reformer. all our the On Galveston R&M, not

would we recognize receive income that, that first finalized quarter in the then So cash and the have QX. proceeds in

that QX, have but again, the you in it's final So one. recognition

really So offset it to the change what's QX. there's driving That's you're in seeing nothing there.

Operator

question Wells Fargo. Read next with comes Our from Roger

Roger Read

like stuff Congrats, couple of Maryann some take on I'd a to of here. at shots the just macro maybe everything.

better in you whatever to generally market? we over out structure XX call next, than months months? at higher the least out look what's call then mid-cycle, we on pressure throughout what you're new it, looking And that a as a fits how at little How -- let's the few the been this utilization about that the summer. cracks for X think with we As mid-cycle, how maybe industry, but works the think of putting here

Maryann Mannen

Sure, say. Roger, thanks. I'd A couple of things

across mentioned, saw you I not in and And as see, QX. bit continued -- what in we an of QX, happen the demand. it challenge we short off the long believe the space turnaround mid-cycle, do over volatility haul, we the haul, But a will about in over U.S. high really QX. we First Clearly, any here, little in on see continue coming foremost, continue in enhanced then there. term, long the to pretty supply obviously, QX talked

could could that that demands at There over look comes that in depending think have that you are short-term you recent over the But barrels. billion clearly think we of articulate, their term, that one of we will OPEC, just flow in which volatility. when be X mid-cycle, about the short But is demand online. where some expecting terms be think we the all how ways believe, supply like we term, we that of long there decisions long absorbed, running obviously, China, to on some enhanced term. mid-cycle, we're reports by

the you an that. a If to give it's I'll $X, color just incremental a and you there. to $X it's MPC frame little him billion a think to Rick for portfolio, more way you let pass it maybe

Rick Hessling

a comments. Yes. few Roger, just more

S&D X%, what look, it expectations. where So But line really thought you -- look with be. is utilization is the domestically we in our where level, would even utilization really off even home when bringing XX% ironically, closer when drill some of couple down going and to is It's you further our at and to guidance us domestic forward. what which over last this we utilization weeks, is

constructive. as see demand. that be spend . And to I'll then our moment a about So very just continuing we talking

Our side, seeing really the perspective on both signals is jet an side. very diesel we're domestically gas demand the strong export steady MPC, from and on within and and

forward. up backs our we truly the balance mid-cycle demand with plus supply those combined tailwinds, and that's going further thoughts believe in So picture,

Roger Read

I appreciate that.

so back you and clip kind the leave I'll on turn my to it me follow-up all. on there of demand side, You it

Operator

JPMorgan. Royall come from will with John question next Our

John Royall

is dollars. utilization at pretty It's from total crack There XQ. But any environment first buried for fair my pulling the XQ. downtime way, forward turnaround just of of a MPC activity any weaker turnaround in in appears question it is the response or low question So kind is, your is looking activity turnaround there guide just -- that my any any or a economic for XX%? XX% for to amount

John Quaid

that take I'll John. it's John, start. to

what run. be we've on that's what in I we're seeing, spot turnaround the mentioned, right, going activity, Gulf and to if to further. But the to comment, our turn as going the an in you're run Coast, we're largely comment any with You're really, And continue to Rick affect he initial the really optimally make it the got market. has assets then over demand Mid-Con I'll able to to to going meet

Rick Hessling

it. nailed John Yes,

run the we number think forward economically XX% we're the that We of and will the through guidance a quarter. is as X/X fair is going way

John Royall

then by driven operationally of for its price Rodeo the lower about on ramping just And relatedly, and to ramping target and little back runs getting Martinez is I how full a year-end. Great. Martinez the coming feedstocks towards concerns color of of feedstocks. full up combination you any a have was by do running ramping And and of on to hoping getting

Timothy Aydt

Yes, John, this is Tim. I'll take that one.

run to nameplate would the online, as And plant the past, did to second the the which competitive capacity. us noted provide year, continue a end quarter, the to We to at unit this unit highly at its with we nameplate which back in in last XXX% we online And allow did the of we by Martinez second is production a believe capacity. run XX% of expect ability have facility. the of bring bring

track that. we're for on So

Operator

hear TD will with Next, Jason you Cowen. from Gabelman

Jason Gabelman

ask, firstly, working maybe to on moving excess buy cautious wondering near perhaps weaken, look balance with returns how Or presents sheet, I past for strong was should you buybacks couple things shareholder quarter. the advantageous has here bit moving managing that's debt the more moving that If quarters, increased if at. at a XQ forward buyback a the some and capacity potential of net forward. pace parent. price just on about very of billion dislocations in capital $X.X for the as forward, I'm conversely, become the the term you're deploy I wanted adjusting buybacks? more in continue to you continue that to to do stock a price indicative towards

Maryann Mannen

I second comment could buyback, to the quarter, the respect $X.X With the appreciate see in on thanks. billion quarter. Jason, you

current believe see to share you buyback an growth We term, be capital, the what of in at and particularly continue over we price MPC equity opportunity the this return of as appropriate and look equity. to long the when

to So net no in you'll debt, view that. buy continue we that obviously, Again, at you Part change the to quarter-over-quarter. to cash see of saw is stock. as that reason change look use us back

drawdown be more the position. share saw looks We've about for about the cash in in reasonable a you. place can But near You little cash. to have we're of us with what talked a not there. terms bit that like I John

So we and to we'll buybacks, forward believe in that. go with continue

Jason Gabelman

for specifically was on Mid-Con. the Great. would or And there drove items out my results Gross follow-up what just strong. I that? call in If is very in quarter? wondering any was onetime margin came the you items

Rick Hessling

through Rick been would it's I we you system. we to our believe items. to advantage the refining what our this our all our competitive working years is so no integrated the through cradle believe fully And of think create Hessling, from pull What when is you way optionality for consumer. to is will results. in assets we continue We've Jason, end Mid-Con many a tell grave call on and onetime

Operator

for Our Leggate next with question Doug come Research. Wolfe will Carlos from

Carlos Andres E. Escalante

apologies. his sends Dough Carlos. is This

the distribution strong would all, like appropriate considering how in for I on your of resumable be you congrats First end. suppose dividend a MPLX what policy that is as slowdown, we buyback would end. know providing quarter insofar the coverage to guys growth especially

Maryann Mannen

to dividend respect about With that. in Carlos. policy, no how question, think our change we the for Thanks

XX.X% years, so in period the few that dividend we we and dividend the ability the in compound annual about do change to of at years, a to third that look Some last last grown dividend. the And over over growth few have we've of the criteria. time, want we'll that One, grow. But again. that quarter, over

obviously be want and dividend dividend want we be to that We that competitive. sustainable to

as into the So quarter in we'll another prior take share head years. you third and at with have we look that we as

continue to share our vehicle capital when that talk both at repurchase, looking dividend return believe about repurchase We on of the us is strategy. in share but capital, and that return for primary we we're the

Carlos Andres E. Escalante

actually segue that's for what market, good the balance that a is, follow-up you And buybacks balance you on sheet? of -- what which where my priority question, And relevering sheet in be consider software balance to your do? choose same and you the over would would that's extent if to

Maryann Mannen

think don't relever to point sheet. don't that, relates MPC but at I the it we would the and see relever to cap. this balance structure strategy We'll sheet. a our would we to balance that reason look We've talked at No, about as debt continue

Operator

Blair from with come will TPH. question Next Matthew

Matthew Blair

remarkable on the Congrats quarter.

side, in XX%. QX On normal actually gasoline lower that was margins. slides capture a the you're on at rise the than from But little refining in tailwinds mentioned a yields gasoline noticed we

as move low? about So do it talk the could third we will kept rebound what you you into And that think quarter?

Rick Hessling

it's Matt, Rick.

were the that an the So margin capture really to commodities. of though ultimate by higher was our feedstock And specific would I impact with you our the tell capture input. yields ability enabled

to percentage. to a of cradle testament the it's yield the So maximize team to again margin from working an irrespective grave the

Matthew Blair

those compared say, what's a is to, around look we stands of Do should out. Gulf sticking seeing something Coast the capture the Midwest have regular then with be driving gasoline at sense you about wide really that region, Midwest by We're spreads able When good. to system? you $XX in premiums that your octane refining. octane And spreads? Sounds $X. versus And

Rick Hessling

so that are Well, disruptions This have Yes, Midwest definitely some supply And Matt. benefit notable straining There a right tight market again. it's that's now. the a Rick is us. out. call is great demand, the to in and been been

has a probably being it you've optimistic. But tight. is expect do constructively we to overly as with Midwest that significantly I is pullback where it's said, widen would now, slight outlined. the right stay say While at,

Operator

Theresa come question Chen will Barclays. from with next Our

Theresa Chen

your R&M. midstream follow-up quick it complements strategy on a Just as

final So Could of in still the keeps footprint at that the as Midstream that keep Is capture? get exposure Texas MPC to competitors earnings. you grow wellhead-to-water structurally your Gulf that Permian the market R&M water, across in preference that LPGs augment you such R&M do your Coast. piece to if commodity and that the piece as

Maryann Mannen

move to Yes, him that you you correct. a as it at would give color commodity Dave stated, risk. more to No well I'll We that little and pass allow Theresa, to you're MPC. desire keep risk commodity there.

David Heppner

the I at as out that it an MPC incremental complement both one solution, that enterprise trading hope we I an more the Theresa, building marketing wellhead-to-water perspective, that the at helps. activity that Yes, look MPC, risk equation lens also, from relationship think strategies, create MPLX shippers and system. other building MPC can piece our we on value. the as look to it books. for MPLX of on, But as on where we from is the industry through and thought Maryann And touched and second maintaining the commodity of

Maryann Mannen

really of asset through. our also integrated portfolio, it's you benefit think see I the that think come I

Kristina Kazarian

in MPC. other All Sheila, there your questions. for are interest you if Thank right, no

have team Relations on reach additional your will topics please morning, available the or the us today. calls. Thank be a Investor like this clarification discussed and guys you would you to If take for questions joining out

Operator

Thank for participating. conclude does today's conference. Thank you. That you

time. may at You disconnect this

Marathon Petroleum (MPC) 6 Aug 242024 Q2 Earnings call transcript