Thanks, Kristina, morning. and good
relevant strategic Let our we me to highlight most performance that In a results. moment commitments. our we were take executed that were elements on of XXXX, -- few a our to
foremost, strongest to achieved safety reliability. recordable environmental First and X OSHA and demonstrating and we commitment our our performance rate last injury company-wide lowest years, in the
EBITDA $X.XX. per Over the of adjusted full year, barrel segment Refining we Marketing delivered and
of XX% Our and drove capture which we results operate utilization with commercial XX%. strong in commitment profitability in and to regions excellence, the each operational commercial performance of of barrel peer-leading our per refining
adjusted report X% we EBITDA by Midstream Our year-over-year. which segment, where MPLX's results, is grew
of grown EBITDA an distribution mid-single-digit year its the annual growth XXXX, MPLX $X.X we've by distribution growth. fourth was adjusted XX.X%, MPC at annualized year of consecutive of adjusted the was XXXX, MPLX compound of quarterly third or XX% rate EBITDA This X%. distribution consecutive Since In greater. cash increased billion. This of to a driving generating
This year and capital enabled to net in full billion. billion to return and was capital return capital shareholders. significant $X.X a our business XX% is peer-leading Our yield ability for return the shareholders, of cash $XX.X from there where value operations a
environment growth businesses, refined demand product seasoned typical refining demand steady another weakness. we Fourth The quarter year seen to XXXX for we record our product continues in will macro jet have for expect global domestic gasoline their and demand fuel. deliver of export and growth year-over-year diesel exhibited refined in and and demand margins be
will announced of the margins in offset year half improve second this closures as recent expect additions. We to capacity refinery
believe our rationalizations the enhanced we Gulf expect impact geographic demand Coast, growth refining support net West term, well system dynamic and positioned of capacity Coast to market additions and for this exceed as to we environment. to end decade. the of across Longer integrated diversification environment mid-cycle regions, are fully in the and the Mid-Con perform an through refining Leveraging fundamentals we
to due to U.S. of mainly refining low-cost remain industry the structurally over the availability the We rest expect advantaged world, of the energy.
reliably the and to business employees, operate. community steadfast in remain of we safety operate safely in our and and our and commitment health the partners assets We which protect our
our competitive advantage. in complexity high commercial global Our capabilities and assets international further our refining increase domestic and logistical
past region are which we in commitment. over We operate. years, on this peer-leading have acted to achieving every several to the we committed And advance profitability in
approach reliable our to are more and structural our to We operations. while integrated our improve chain we safe have an organization, competitiveness improving execution. made value commercial a maintaining Throughout optimization sustained changes cost with advanced
exists, the the chains margins, results Across all U.S. regions, systems. our Along and where X our marketing Gulf in reduce we of targeted to demand. cost range Coast, refining feedstock flexibility U.S. Mid-Con see of a value refining of regions. and have defined actions. is our of of which wide investments leverage day capacity optimize to disciplined our than capacity our million logistics and export per U.S. we provide enhance made XX% of XX% these We and capacity, as barrels products X.X more to meet
advantaged and We a by of marketing optionality the X.X refineries the in and The by with feedstock X XXX,XXX and from U.S. remaining product Refinery per of our along barrels barrel total highly per and access XX% optimization Los which fully which opportunities value of leveraging our integrated chain capture large our have West its capacity integrated competitive day, anchored business. million Angeles market benefits logistics region. day to our capacity a chain, resides Coast value feedstocks,
operations, and deliver position to reliable commitment safe of us excellence environment. operational performance and market irrespective peer-leading the commercial financial Our performance, to
which capital Our have also in competitiveness each in operate. we disciplined the investments strengthened our of regions
and Looking capital outlook believe into further billion. commitment to excluding $X.XX of around value-enhancing Underpinning are environmental totals we expected on into XXXX, Marketing and returns future. position the XX%. stewardship, MPC's capital performance is our XXXX, XX% for focused investments spend. safety Refining reduction in cost Investments capital approximately and segment enhance averaging our well planned sustaining MPLX, with will our capital MPC's opportunities
and our some that limited capital our major provide meet investment. in for diesel operations. on criteria Renewable be spend of current details XXXX focused will I'll sustaining X projects multiyear is on
high-pressure expected hydrotreater construct completed high project XX%. progressing ultra-low Once return of sulfur sulfur a in over XXXX project year-end new be to are place allowing generate the XX,XXX us and hydrotreater at distillate distillate product upgrade day will higher-value this diesel, to by per in is This distillate to service, market. to a Galveston the Bay, where we distillate investing hydrotreater. barrel We are
and in reliability Refinery increase improve to integrating our West once its the in completed, carbon core is of low Coast refining The asset competitive Los enhance energy and This expected systems is chain one region. Angeles the value and competitiveness a utility further refineries efficiency. most investment modernizing to by
all address completed reductions are improvements be Additionally, mandating to The refineries. the Southern a improvements portion year. this of of the a end California for by expected emissions regulation
We expect of to generate our XX%. on a return investment approximately
of further by shifting expected flexibility the to to our higher-value Robinson competitive This jet chain position flexibility project products. investment meet to extend refinery's demand. growing Robinson value is maximize The the yields to production Mid-Con increase will product
the West to provide value and Los of We further be the investments completed expect by the demand strategic XX%. ensure strengthen burning chains. of refineries generate Mid-Con we and the the end fuels our project XXXX competitive and Bay, Robinson Coast approximately Gulf Coast, our and of return Galveston The a U.S. clean position of world at Angeles
including capital gas and $XXX of of XX% Approximately to expected increased maintenance This growth morning, million to $X.X billion MPLX support also businesses of of announced will its outlook NGL billion, in grow capital its XXXX and chain, NGL natural anticipates of allocated capital investments MPLX investing MPLX's capacity. progressing which and be Permian expand Permian $X capital. growth growth of producer growth activity. mid-teen pipeline the on MPLX is durability outlook, value profile. projects grow and Marcellus its Gulf mid-single-digit Coast returns to will its extend long-haul integrated to processing capital its
provides financial XXXX its the increases X% additional believe announced in considerable EBITDA of midstream we cash grown combined like growth the leverage, in strong our with the coverage year. distribution X future. almost flexibility. low per have Over distribution is years, We MPLX MPLX MPLX's and XX.X% average, The by positioned segment flows, adjusted last on for
to all LPGs. in with complex fractionation wellhead build operate Permian integrated its to barrel complex, chain in a the existing Coast water per consisting located and the significant the and adjacent to Gulf Coast value connects complex fractionation a and which of Coast refinery. will be of investment billion day will growing MPLX reached construct export The complements LPG demand XXX,XXX fully export export NGL Gulf for base MPLX's announcement Galveston value terminal. and milestone leverages NGL existing the supply barrel of fractionation $X.X project two and to MPLX infrastructure. day global chain the the strategy facilities terminal fractionation per MPC's Bay multiyear will MPLX's a and asset Gulf XXX,XXX terminal,
ONEOK XXX,XXX export per to Belvieu into the and and the City. competitiveness for agreements Mont market Texas has the storage, barrels and provide terminal bidirectional connectivity of joint MPLX Belvieu Mont ONEOK terminal. will pipeline the purity enhancing its entered with between day venture
believe ONEOK for will value with customers. and additional partnership strategic our also optionality create this We
our We also see Coast it assets. collaboration across future Gulf as growth a and platform for
remaining We MPLX market our to existing export Leveraging expected The ] and the to market fracs XXXX. strategic relationship from from ramp MPC export the the plans will the globally frac, in to generating production to plans placed XXXX. facilities methane in is begin its the project, MPC EBITDA and expected are via early to LPG service service new in the [ terminal. and will the new mid-teen and MPLX fractionation businesses production through service of be purchase which XXXX market both expected to XXXX customers. in end MPLX, contract terminal is in with returns which on with in be existing XXXX, through when to anticipate
the create incremental a optimization of NGL will Additionally, and platform we expansion chain believe Coast Gulf our for growth value opportunities.
Our capital consistent. allocation remain priorities
and commitment is our in to priority which the in employees our steadfast health assets and #X sustaining we We operate protect Our and of operate. remain safely safety our capital. communities the
secure, We competitive dividend. are a and paying committed growing to
which and well will into future. We we competitiveness, will attractive where MPC the are invest returns, believe there enhance position our
excess all through share Beyond these will objectives, return repurchases. capital X we
of highlighting portfolio, we returns. and commitment strategic $X.X to flow the MPLX share had the shareholder our growing and peers. therefore, value year, from MPC proposition. to its authorization, cash As remaining billion our end durable differentiates of MPC's MPLX superior repurchase under is The of
XXXX from repurchases. Operating segment, expect capital generated and dividend outlook. by available for and MPC's expected flow be We to Marketing Diesel through stand-alone Refining Renewable and our cover distributions will return are share in cash capital MPLX
we our billion MPLX, through the positioned from returns business With all cycles. to market advantaged peers refining capital annualized are in highly and distribution $X.X lead
the turn John. to call me over Let