MPC Earning Date, Transcript Summary & Report

Refining Utilization Achievement: Refining utilization of 89%, reflecting the safe and successful completion of the second highest amount of planned turnarounds in history focused heavily on the Gulf Coast region.

Midstream EBITDA Growth: Midstream segment adjusted EBITDA grew 8% year-over-year, and MPLX announced over $1 billion of strategic acquisitions, advancing midstream natural gas and NGL growth strategies.

Refined Product Inventory Decline: U.S. refined product inventories have drawn for the ninth straight week and are below the five-year average, which should support demand as we move into the summer driving season.

Fuel Demand Trends: Steady year-over-year demand for gasoline and growth for diesel and jet fuel in domestic and export businesses.

Refinery Production Decline: Anticipation of around 800,000 barrels per day coming offline across several refineries in the U.S. and Europe this year, which could support stronger margins.

Infrastructure Investment for Competitiveness: Investment of approximately $700 million in infrastructure improvements at the Los Angeles refinery to improve reliability and energy efficiency, expected to strengthen competitiveness.

Capital Plan Progression: Progressing a $1.25 billion standalone capital plan for 2025 with 70% targeted on high-return projects, designed to create optionality and improve ability to capitalize on market volatility.

Financial Flexibility and Growth: MPLX's financial flexibility places it in an excellent position to continue to significantly grow its distributions, enhancing the value of its strategic relationship with MPC.

Shareholder Returns Overview: MPC returned over $1.3 billion to shareholders through dividends and repurchases in the first quarter.

Midstream Business Cash Flow: Operating cash flow, excluding changes in working capital, was $1 billion for the quarter, driven by the strength and growth of the midstream business.

Quarterly Net Loss: First quarter net loss of $0.24 per share, indicating financial struggles.

Quarterly Adjusted EBITDA Decline: Adjusted EBITDA for the quarter was approximately $2 billion, lower by $145 million sequentially due to decreased results in Refining and Marketing and renewable diesel segments.

Refinery Utilization Decline: Refinery utilization decreased from 97% in the fourth quarter of last year to 82% in the first quarter, reflecting operational challenges.

Utilization Challenges in Production: Renewable diesel facilities ran at only 70% utilization due to unplanned downtime, impacting production capabilities.

Regulatory Risks Impacting Margins: Changes in regulatory credits negatively affected margins in the renewable diesel segment, highlighting regulatory risks.

Working Capital Concerns: Working capital was a $1.1 billion use of cash for the quarter, primarily driven by inventory builds, indicating potential liquidity concerns.

Projected Turnaround Expenses: Turnaround expenses projected to be approximately $265 million in the second quarter, with full-year expenses expected to remain high at around $1.4 billion, indicating ongoing operational costs.