MPC - Earnings call transcript Q3 2024 | Marathon Petroleum Corporation

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Operator

Welcome to the MPC Third 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 Third Earnings Quarter Call. Welcome can that the on accompany slides be Investor this under The marathonpetroleum.com call found at our tab. website

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

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

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

Maryann Mannen

product digested consumption. for jet Thanks, to we and of Kristina, for volatile as and refined each The demand performance in per to year turnaround remain our record environment steadfast continues and good steady to export be growth demand gasoline Refining and XXXX less of which margins morning, product commitments demand macro seen employees. protect safely, in and have a supply Within reliably of while in third the season, operate, everyone. fuels. were particularly year-over-year operate refined and anticipated global the the peer-leading safety assets We global within exhibit our committed our interruptions light of barrel in in and commercial operational than regions another economic around and China. will quarter seasonal uncertainties we we growth, growth, being diesel businesses, market domestic pace the the our expect excellence, implications profitability and the the health

of market West in the across Coast refining environment. positioned to dynamic and perform our Mid-Con fully assets integrated Gulf well diversification leveraging geographic By is and regions our portfolio this Coast, system

competitive exceed decade. of of fundamentals refining. expect capacity we excellence availability commercial advantage. net The our for The rationalizations capabilities advantaged and sustainable the rest Operational an through benefit. low-cost Beyond will demand of driven facilities remain to complexity structurally have are our the energy, the U.S. support These enhanced XXXX, international over and environment of domestic further end industry execution mid-cycle impact growth logistical world. and additions refining global increase and structural our the of the the

Positioning hit Our will believe investments expected will our ensure attractive competitiveness remain to capabilities these cash strongest the region our each through-cycle we allocated and projects that the deliver in of quick will projects allocation. and to returns. strategic in generation disciplined prioritization are operate. most achieve future. capital and assets the well MPC are believe us We that long-term in which These strengthen competitive to into position we lead

In basins. and Midstream, execute MPLX in capacity III and project Permian will in II, processing growth a Marcellus began MPLX at In Permian additional announced and Northeast. today Northeast Harmon plant processing the Basin bring to plant gas an collaboration attractive continues the billion the gas the Executing natural the in operations the cubic Preakness to pipeline anchored gas its opportunities day strategy, fractionation of capacity day XXXX. XXX,XXX in liquids with including pipeline BANGL per feet partners. in expansion completed natural once projects Blackcomb the wellhead-to-water progressed NGL MPLX capacity barrels second natural pipeline of its gas gas processing third quarter, The located X.X and and per to Creek half its

and MPC's to portfolio, strategic therefore, value is its MPLX proposition.

distribution cash primarily supported billion. to $X.X XX.X% by flow basis over is adjusted compound its to and annual of comprised MPLX profile its the quarterly growth This MPC of a through on EBITDA Our Midstream X-year a and expected has durability X% to the segment, its distribution increase grown annual which increasing XXXX. cash

and to programs to strengthening value in cash to and fully financial growing proposition of expected cover expected MPC's our flexibility future, MPC grow able capital portfolio is distribution, support increases flow the all distribution this As level annual MPC. dividend of XXXX. is the MPLX the is its receives to MPLX's in

announced return and capital to since week's XX% total MPC's increase count has May MPC's XX% XXXX by reduced MPC's dividends. last following share over

X at commitment. rate a dividend execute we peer-leading past This years, additional annual X%. flexibility grown have us our announced billion approximately capital the share of $X Over provide quarterly growth will repurchase We authorization. an our compound return to

of the Given lead our positioned highly peers advantaged MPLX, we in billion all from are capital annualized through to refining parts $X.X business the and cycle. returns distribution

third share of per quarter $X.XX. earnings MPC generated

regions West This XX%, Utilization U.S. quarter, turnaround operational reflected demonstrating in at excellence value The capture Coast activity. Utilization performance and reliability. reflecting market. Gulf the in team delivered Mid-Con executed was upper volatile reflecting our XXs, of to the commercial region we execution a strong Coast the refining and strong deliver optimization. in XX%, of utilization chain in

billion. from Our of operations, capital working This capture peers. excluding drove And capabilities of EBITDA results. to continue closest lead on improved impacts The to the of a advantage, our achieved rate cash we peers performance have provide in and the and by return. $X.X quarter, of capital continue in third our barrel sustainable expect see segment to quarterly X%, improvement the our built by $X.XX impact per we exceeding R&M we adjusted the

to over Let John. turn me the call

John Quaid

quarter. income Slide by to earnings million, adjusted for well and X the quarter was net The and second in EBITDA EBITDA for and segment. sequentially lower quarter Midstream EBITDA the as from rate reconciliation driven businesses. by the Refining between our as between the third Maryann. Marketing shows decreased reflecting tax approximately in Adjusted the R&M adjusted was Thanks, XX% XXXX change mix results our $XXX sequential

crude nearly expenses per Marketing X.X lower barrel and quarter, results. million throughputs primarily Refining sequentially day. higher due associated X barrels $X.XX refineries turnaround the higher for operating our our margin for of in processing Lower costs spreads segment increased third provides our per to with project-related activity. third XX% quarter. at crack sequentially, & to reduced utilization, per overview an barrel Refining Slide the ran of Moving segment

secondary capture quarter, and an the execution by for Slide X X% of improvement Marketing provides from XX% driven relative value-driven Refining team's of as partially see was business to improvement clean sequentially, strategies product quarter. our The strengthened second by margins product quarter-over-quarter. This during headwinds declining an to commercial the continued quarter. offset and from overview prices also was of renewals the our margin our and we gasoline primarily of operational

X performance Slide for segment Midstream quarter. our shows the

chains. higher targeted enhance cash increased our remains rates. sequentially Our due Midstream earnings flow Segment a and natural year-over-year, deliver MPLX projects it value flat source and gas throughputs primarily growth of approximately to to segment continues EBITDA adjusted was but to advances growth. durable X% as NGL

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

MPC cash approximately shares. $X.X of repurchases October, quarter, we At returned dividends This the expenditures, share $XXX in quarter, had and MPC refinance. billion during investments in $XXX utilized MPC billion. short-term quarter million, pipeline. debt cash $X.X consolidated the were an to repay including and third MPC the MPLX's to of billion of in capital XX% million repurchased the for million in including $XXX through end interest MPLX $XXX and we cash $XXX in which million $X.X of BANGL of the plan million acquisitions additional and acquisition quarter, due investments,

XX. Turning to Slide

Our capital remain allocation priorities consistent.

the employees priority capital. and and the protect Our safety remain one we safely in our health to steadfast is number our of commitment which operate. operate communities sustaining We our assets and in

to growing are We paying committed a competitive dividend. secure, and

authorizations, all capital attractive even are our there requirements, enhance believe return share competitiveness approach repurchases well superior balance we billion sheet. returns. future. into highlighting returns, will $X.X under where morning, additional the meeting our invest more remaining we those the a share which we currently position will normalized our through as to MPC commitment including billion and And We will shareholder this have After announced $X we repurchase excess

our lead all billion we from As returns market business $X.X annualized the and positioned capital through refining highly and earlier, with Maryann peers cycles. to distribution advantaged MPLX are highlighted

Slide provide quarter guidance to outlook. our We Turning XX. on fourth

projecting approximately projected utilization expense day, per with costs are corporate region. of are are the quarter in fourth We per million Turnaround representing in barrels be to in XX%. costs Mid-Con is are X.X throughput million volumes and projected million to focused just crude the $XXX $XXX activity to Operating costs over Distribution expected billion $X.XX be barrel. be the expected approximately of $X.X be quarter. to

adjusted R&M capital. generated EBITDA. segment XX, summary, of delivered billion segment and $XXX $X.X of business on billion and adjusted $X.X In returned our the EBITDA, million $X in billion We Midstream quarter, invested this of our Slide

to Maryann. let that, it With back me pass

Maryann Mannen

Thanks, John.

and we execution are operational to performance of safe deliver We sustainable in us position in cost benefits yields financial operations, operate. commercial commitment and structural and to regions the excellence competitiveness reliable in which peer-leading each our unwavering

portfolio we our this, continuing future. and people. will deliver assets in the invest ensure now deliver of while We'll in our to the and chain value To competitiveness advantages leverage our optimize outperformance our to

we returns through these for capital flow believe Our attractive to cash are the commitments will of cash deliver execution midstream where to and is there generation. growth Investing position our now us uplift. cycle competitiveness enhance strongest the Durable expected future. deliver

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

turn me to back the Kristina. call Let

Kristina Kazarian

Thanks, Maryann. [Operator Instructions] are ready. we Sheila,

Operator

begin Mehta now Sachs. come will Our Neil session. first Instructions] question the with We will Goldman from question-and-answer [Operator

Neil Mehta

think rating view And to thanks perspective returns thought you've and about -- as first to morning enhancement on -- your the as quarter. good XXXX, thought Good run cycle about we of of good you quarter relative curve we a of here. for was be XXXX, the on been your your to Maryann billion and rundown get and capital the I topic, cash as as would $X.X it buybacks balances. you team, kind forward

$X.X Just of run million the just did would rate be perspective level for but like are on curious XXXX into your the ties that helpful. the it billion in calibrating seems what is most buybacks on perspective and October, $XXX investors you your to on quarterly

Maryann Mannen

it us foremost, long and and to parts requirements returning seen are after the we shareholders. to capital continue. volatility. cash leading constructive we when returns quarter that our We demand to and committed well When the at we the we operate. through cycle term look for think look But profile all capacity additions in don't think anything coming that you we peers First remain as extremely decade. XXXX mid-cycle, all we the see that constructive you in see volatility an about is the doubt we at remains last look actually that We've online, over no the on next and if our term, that at could net the sort of the there's means of over capacity between offline are will, coming beyond long environment

that one do we of should to ability is as comment share then operate. covers that that, how cycle. that going through days distribution about business. we Therefore, We to through for trying that You we about that MPC is for few in brings guidance going We're capital increased. mentioned my Look, MPC the peers the the commercial to $X.X cover as to flow excellence a the allocation. performance And peer-leading dividend, in going our we the we performance, capital, we and beyond XX.X% increase know, likely in you should given of And mentioning repurchase capital billion that have do durability midstream just cash XXXX the operational ago period. haven't lead basis, our Contributing we which, that, the a annual things announced sort to of it's through XXXX, we're all when that capital although think to strongest as an well. saw of the achieve in to have we about comments are highly regions our our I we our on was do the

lead we'll allocation share and that when strongest capital repurchase. we in through we summarizing able the expect will peers to manner, again, have our in our through-cycle we cash So this be just flow perform here,

Neil Mehta

be Okay, getting the L.A. then environment in the just is Maryann. and in West in in big around Coast, L.A. very retirement. volatile seem QX to -- then on QX. you And announcement follow-up better the tough Things had

some how So and pieces you next setup we of Coast the West think as into moving the do go the about year?

Maryann Mannen

Yes. Thanks, Neil.

been we've several West have the we as sharing quarters, I in most First, competitive the of last our one we think Coast, assets over the region. believe in

got back the on to go point period if that results a We think If have this and as region a where been region our of time. that. traditional at to you XXXX, a we performance assets for Coast take Frankly, monitoring that the fossil in We've a in demonstrate the look early fairly a sophisticated ability at assessing as in you long been a that to the performance asset of we quarter, region it's have our West we decision shutter in profitable. time as made be fuel refinery. Martinez set

Coast capability of us, when asset, look that others TMX. over at again, as the look for are term, We of the at at West to remain sourcing. region. the access we look Canadian and we our that making So at waterborne, the well those committed crude well we think We long out coming for decisions we that look bode capability

Operator

Doug hear will we Next, Research. with Wolfe Leggate from

Douglas George Blyth Leggate

following you your balance is to I to assume have for to soft fund apologize would rebalancing where global outlook are time, capacity, allow wonder for things returns? level away I margin years of tolerance sheet a cash sheet on you if balance a the how But on on prepared return remain much for you the X to? a question. period put limit let's post-XXXX cash your could up of a on get at your MPC Maryann,

Maryann Mannen

part things Yes, we with the shared remain balances MPC of that time in a comfort of about balance. And the comfort cetera, weathered cash et the where other things historically the is shared as that side. our past we've is to from comes again, and have we we've we we of billion on that like COVID, as liquidity be our comfortable, one $X think period evaluations. cash And need for

the we midstream mentioned, stream, have of cash I benefit $X.X MPC. that our to that as coming Second, billion durability flow, do of

able as capital therefore, in performance via not have execute leading the lead allocation think strongest regions flow When we of return for each I buyback. generating allocation, the intend and we then be things requirements to about cash again, on necessary the in mentioned, strongest to we share we allocation, capital other that cash should operate, we we'll peer that cash

total look have different the we mid-cycle commitment So that framework been that we as and implementing again, while watch the return. the may change doesn't

Douglas George Blyth Leggate

So your where just you see debt? would like a to be clear, net to there Is limit?

Maryann Mannen

Yes.

Today, XX% refinance, capital, about we we've talked intend always That's debt. in simply a being we range us that. and because when in to for to like to beneficial position. gross $X.X XX% billion environment that's comfortable we're it we've got market felt side, that. about a $XXX under We looked debt MPC happening, a and of and remain million sitting the On and refinance of was evaluate on number at we volatility to other that

balance to to a intended we So was on that back refinanced their is it debt as $XXX million the for shorter-term look opportunities be decision sheet that put rates. at

Douglas George Blyth Leggate

I if remarks. to you follow-up ask this prepared I so your you wonder before, think Thanks I my for elaborate. to related could I guess clarification, don't heard Maryann. say the is I've

our pipelines, sounds there in optimize portfolio that there's multiple additional of returns. like the to I your will leadership, underway? -- monetized. potentially a maximize have portfolio base? could amount there's specifically, not interest be It still you're We I guess in you And under guess, Is something with happy review asset equity obviously

you our what meant on elaborate portfolio. just could you if wonder I So by optimize

Maryann Mannen

Doug. Certainly, No, Yes. different. nothing

for in a time of portfolio. long of competitive of all our One pillars strategic the the ensuring our is nature assets

those continues to those future. But the flow my assets continue our nature all the And are that that, and we'll today that Today, portfolio. assets comment there competitive those evaluate are commitment in assets both going of is ensure positive. so cash we of in to

assets merely that ensure nature by So it competitive comment. is different to of commitment the our our anything not intended

Operator

Our will come from question next Manav UBS. with Gupta

Manav Gupta

investment capital the making. around is question My you're

obviously, a over Neil's You've bit to question. Los highlighted there? Galveston you in high help doing remind projects little And kind Angeles refineries. up us on what you're investments of Can exactly follow return Bay and

an on are and Coast, looking Los West you're shut competitors Angeles. to refineries investment actually Your the in making

help understand that. So us

Maryann Mannen

Certainly.

a that region. addition what in certainly NOx earlier Coast. to L.A. ultimately be return. investment competitiveness emissions, gives in helps year in to X we us roughly Coast region talked capital asset return, strength think West start about we will Scope that One competitive our improve appropriate the are of in compliance asset, Scope operational reduce X, reduces efficiency, giving We commitment investment to this West XX% an for that with me that We us XX% we cost our But us and let think, a believe assets. with making is an given So emissions. the the that in a and

forward, The to -- similar our allows high project. this strength when a the Galveston Coast, And that And us project, give further sulfur allows think talked to at excuse me, particularly you our that one return in other the ultra-low us follow-on that project sulfur the look given our about year that you again, STAR to advantage question were Gulf of we us DHT XX% curves we another region. convert going diesel range the referencing U.S. diesel. again, monopolize Bay. will This the in with there asset on in competitive

pause see your question. answers if and that Let me

Manav Gupta

XX% that's cover -- MPC grow you the follow to perfect, Maryann. XX.X% up a It kind as little is my And CapEx. on bit can as midstream where No, distribution a the distribution side, point getting of well growth.

opportunities I'm are you're Just looking organic. understand, the exclusively in trying to

but EBITDA small you in you also business? to your to saying minority interest is can release press open JVs, or Your projects deals X% at bolt-on are grow midstream organically, grow

Maryann Mannen

question. the for Thank Yes. you

under just over last days our on X durability that the increased of the flows say, at EBITDA We've seen growth. distribution, our cash series based X%. projects a few flow on can years, MPLX a organic ago, us just XX.X% the We that help fuel grow really distributable there under X%. just of mid-single-digit strength, -- We believe cash we've correct. seen you're So you are as that

at allocation we're we necessarily the look JVs. capital. included of those our MPLX JVs not And of that grow of as putting don't we strength the see in amount capital when that the you work things you One that -- the in to is is

continued So source growth of for another us. that's

examples we The our made That frankly, well. wellhead at and looking call the around about we strategy bolt-ons. was value and also water we chain that we're our those ownership to of growth at there other provided NGL really whether look BANGL you continue strategy strategy gas as are comment the we extremely full not our then other the wellhead-to-water that the is as in we've nat the increase our to support think what in chains crude think comment Permian, here, supportive anchored ability to continue in growth MPLX. And value would mid-single-digit or to opportunities and capture

you we If we the partner to of in a to the JV in quarter opportunity transaction increased did buy rest look out first there the -- think for at made we Summit. Utica, we Utica utilization our the decision made the the

So grow we think we've where mid-single-digit got to good examples continue can growth. we of in

Operator

Cheng you Paul from with hear Next, will Scotiabank.

Paul Cheng

then than Maryann guide [indiscernible] third quarter, in your is really expenses. look your the and good, much full like better your turnaround previous

you the third you is And is than or the words, changed repeatable? just lesser breakdown? improvement how the you're how to turnaround? How do quarter, see process, base the unpinned have we better In throughput And that execute the that that a have much due other from the the turnaround doing? is much downtime also in of better than operation curious expected is you Just expected? that standpoint,

Maryann Mannen

question, the for Thanks Yes. Paul.

going our and capabilities operational turnaround little see, to talk ask given frankly, bit that the about well. safe we of clearly, And commitment commitment with our I to a capabilities. strengths commercial operations Tim giving to respect about to we've has sustainable as us to operational sustainable things talk to you our as performance, those benefits performance. about done, our including performance of can wanted operational peer-leading our what We us as the our I'm reliable that performance, well. it's and is benefits, sure shared One talk be

Timothy Aydt

quartile in Hello routinely Paul. We're the the turnaround Solomon first on of performance.

based I think best-in-class the we found all. we that continuing turnaround using and our processes standing our results. so past. procedures consistent that -- approach, that's we're But over at And the and this you that probably facilities, we to execute have. not processes good our improve really across tweak recognized we're still do on really in these time. all and And is what outages we of to when that leads

assist that smaller us out the the point plants, which consistent allows our scale also us really large regardless the then of to enables I'd location. performance

to another environmental to teams outstanding seeing think So that's fall give also our safety like the I'd X through. come key as you're shout And opportunity turnarounds. and benefit our during take that I to performance maybe a we had out

time significant So events environmental we turnarounds zero lost no had OSHA this like recordables, injuries, zero during fall. these all

So another safe this of example reliable mindset. yet our and is operational excellence I focus our think and just

So hopefully, that helps.

Paul Cheng

diesel business. can Maryann, I ask the renewable great. That's

I making you what's be to bridge assume margin the think it least. probably able I remains to this after take we to consideration at and the the due and level, term -- what's allow PTC, path of some will making at mean environment be into Martinez are And margin of profitability? flat what in able money? that up gap money to to you back doing actually are push transition to in the the loss to you BTC we not if

Maryann Mannen

Thanks Yes. Paul. the for question,

make actually to first that on West we comment a about So of on up the talk quarter, challenges of returning nameplate Coast, shared, the will profitability When range there. Martinez are of ramping on plan, here and of as that's you profitability, are barrels fourth the capacity we the in we a XX,XXX we end day. Martinez, about full expect have all, the as right, have by

performance impact is West the of actually you exclude quarter. in our positive the If our Coast performance, Martinez West in Coast

I that. be the John take nameplate, also believe I'm certainly frankly, going you facilities we to we through profitable forward, had As think questions renewable BTC, will more John to you profitable, of is around we some pass that at because and going go diesel one full to

John Quaid

Maryann it. advantaged Thanks, this feedstocks it run on can Yes. there. capacity, is The and again, facility to Martinez factor full up really for track to we Maryann. main to hit our the get on we're do running back

-- we and the term, et profitable expire Paul, rate all will getting that balance for set us as we capacity. waiting regulations, to is longer be market now see we for that still at on out. comes But BTC full look So track where transition But the West now to right We'll would as to being back PTC. cetera. prepare the scenarios. We're are here Coast is and key to on on up

Operator

next will Roger question come with Read Our Fargo. Wells from

Roger Read

Yes, questions some changes of the thanks. operational couple here. with of Maybe a

How even pretty Historically, to barrel. Gulf California, would closures really U.S. both parts general to look bring heard the type changes unplanned guess, some even barrels We've about California. items. with about early Asian downtime we think of the of locations. and or here As of sooner those you got spec relative of be incremental place we've and a West expensive the California your maybe in, coming operate. at 'XX can would coming have the is I talk though, coming do Coast in fleet but an I in sort maybe Europe rest little to but Coast it in the said

think of on dependable more more an margin me, becomes terms in an dependent, as or California imported So you excuse what incremental barrel? do about

Rick Hessling

Roger, it's Rick.

past, an speak what at So when competitors, for -- will believe if the won't you Asian but barrel. you I we most in has happened our look likely be it

new Roger, a that tell And of the is more believe cause will to We that, Korea introduce volatility. California. I some South could choice. state you, logical will that nuances

be increased additional in. we will you barrel would terms have costs market imports to you, You a of specifically, But transit the primary bring transportation tell from. believe have where South come I time market would and in disruptors Korea/Asia

Roger Read

got unit, Gulf Coast? a crude availability few doesn't to heavy their the it on January. Gulf closed much thoughts days. Coast. any we company thoughts be Does have units crude crude in the go Gulf differentials? a in and on crude Okay. Just here going Does in for that And what then it the of Any do along you've heavy elsewhere generally, confirmed the one on those really that's matter? that I the They've just mean, means affect on Coast, last units lines? pretty

Rick Hessling

Yes. Great question, Roger.

say a are crudes. And a you rebalance appetite has Canadian it. market, is Coast for Gulf thing Bay the at more we the Gulf the a When will know, incremental good into will I as of they for capacity that, buyer losers, that and Galveston So of winners you big and benefits market very large there especially spread, the reap should refinery. and Coast believe, be we the our

Operator

[Operator Instructions] Our next question comes from John Royall with JPMorgan.

John Royall

seasonality on my within question just rates. is first So capture

And when historically the obviously couple volatility, But a has capture past perspective. somewhere some capture I XQ. but not that's of the tended years, be through mid-XXs for the there's a XQ look from ordinary on at XQ always year-to-date. in tracking of quarter-to-quarter quarter to big You're out

year-to-date to be capture around line that average is, to a could full are in the consider recognizing And XXX% that have pieces, somewhere lot of what with moving expect. range, you normal the we would but if kind do you my year expect XQ, So typically you generally of there seasonally a question more so?

Maryann Mannen

thanks Yes. question. for John, your

nothing X behavior most in in fourth we last each capture time. to region fourth of know To in the capture prior the a anything in us performance, our has our the key point that deliverable be been try at we than is your of when XXXX where quarter competitive our as about be should would capture, this point, performance to think I we the quarter the execute the that particularly operate. commercial if you we several think at talk you quarters in There that, fourth different tell greater quarters. is look

John Royall

Great. was for for. what I one is And maybe exactly next That's looking John.

out of took for the the maybe being buyback Should proceeds the and bit we what could that therefore, little expect and use the the at the the you by could think a back of XQ a by there. talk potential go about maybe we held outflow could be token, timing maybe about you that refinancing same proceeds level bit If to as MPC buyback? debt to cash back

John Quaid

past for I We the a of We we'll that maybe an to mean, the time. level to of the term. look the we'll but as longer the election balance with maturity. Again, want before, be question, we get do comments, that, refinance time. was we comfortable opportunistically John. right and took we that -- look some to at debt our of Thanks as the right other that that things out sheet do to discussed we advantage at Yes. look to flexibility before earlier

trying again, optimal look we debt flexibility leverage just to balance the it. of most of sheet and the some of refinance to get the So to cost that

Operator

Cowen. Our next Jason question TD with will come from Gabelman

Jason Gabelman

exactly about on retain a cash buyback go are Or that billion cash into environment cash in guess want you environment? and back and of looking balance do shareholder down? of as sheet can deploy question balance. this weaker you getting the we I next above of that -- cash maybe I excess timing back balance I think the weaker how the focus heading that bit so $X And year, to a drawing you go to more the a think towards more to about wanted on returns that to timing is minimum the to the about billion $X

John Quaid

cycle, look at what I'll $X through John. that. Look, down we look what take That's we're billion cash it's that -- when target, that's Jason, at right? that's minimum we analyzing. a

of there's very remain couple we And why. a reasons with amount. comfortable that So

a MPC. the regions operations competitiveness today on to confident flow. we're to distribution we've of that our got heard things billion right of And operate positive now the -- cash call fantastic grow to back on the in midstream grow in how You've MPLX continues then lot each the we're we and distributions and drive annualized investment $X.X of this drive working in its

that us don't helps. why from have we're with of $X some comfortable that it those are that Hopefully, billion, business peers same all So set. might factors very maybe of our that and differentiate

Jason Gabelman

Yes, it does.

your peers. quarterly just capture results, had trended that The better on question you the other than mentioned

Just you in out wondering something it's that the if drove or anything specific more quarter if call that, structural? there's that could

Rick Hessling

to This out huge Specialty I Products teams. have give to is Rick. a shout really would our

Products it but about, some market Specialty commodities on So as I single asphalt, did the pet the within specific is was propane, really the The we proud it's team think is often I largest phenomenal I truly oftentimes, when capturing would talk chems, That, call turning. And your only and of at a good of when quarter. job. we don't I outperformed a butane, turns believe think great when when am as there out. headwind them, market that of and a team our I say, was And really that executing market they competition.

Operator

And that time questions all the is we today. that have for

Kristina Kazarian

so joining call much on today. us Thank you our Great. for

with all your IR to day If you help should out. you, is you follow-up everybody. have reach questions. Thank questions, please available team The

Operator

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

at You this may disconnect time.

Marathon Petroleum (MPC) 5 Nov 242024 Q3 Earnings call transcript