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    Marathon Petroleum Corp (MPC)

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    Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. It operates one of the largest refining systems in the United States, with a refining capacity of approximately 3.0 million barrels per day. MPC's main business activities include refining crude oil and other feedstocks, distributing refined products, and managing midstream operations through MPLX LP . The company sells refined products, including renewable diesel, to wholesale marketing customers both domestically and internationally, and also markets natural gas liquids (NGLs) .

    1. Refining & Marketing - Refines crude oil and other feedstocks, including renewable feedstocks, and distributes refined products such as renewable diesel. Sells refined products to wholesale marketing customers domestically and internationally, and through long-term supply contracts with direct dealers.
    2. Midstream - Conducted primarily through MPLX LP, gathers, transports, stores, and distributes crude oil, refined products, and other hydrocarbon-based products. Also gathers, processes, and transports natural gas and markets natural gas liquids (NGLs) .
    NamePositionExternal RolesShort Bio

    Maryann T. Mannen

    ExecutiveBoard

    President and CEO

    Board Member at Owens Corning

    Maryann T. Mannen became President and CEO of MPC on August 1, 2024, succeeding Michael J. Hennigan. She joined MPC in January 2021 as EVP and CFO.

    View Report →

    Michael J. Hennigan

    ExecutiveBoard

    Executive Chairman of the Board

    Board Member at Nutrien Ltd.

    Michael J. Hennigan transitioned to Executive Chairman on August 1, 2024, after serving as CEO since March 2020.

    Brian K. Partee

    Executive

    Chief Global Optimization Officer

    None

    Brian K. Partee has been Chief Global Optimization Officer since January 1, 2024.

    David R. Heppner

    Executive

    SVP, Strategy and Business Development

    None

    David R. Heppner has been SVP, Strategy and Business Development since February 24, 2021.

    Ehren D. Powell

    Executive

    SVP and Chief Digital Officer

    None

    Ehren D. Powell has been SVP and Chief Digital Officer since July 2020.

    Erin M. Brzezinski

    Executive

    VP and Controller

    None

    Erin M. Brzezinski became VP and Controller on January 8, 2024.

    Fiona C. Laird

    Executive

    Chief Human Resources Officer and SVP Communications

    None

    Fiona C. Laird has been Chief Human Resources Officer and SVP Communications since February 2021.

    Gregory S. Floerke

    Executive

    EVP and COO of MPLX LP LLC

    None

    Gregory S. Floerke is EVP and COO of MPLX LP LLC, a subsidiary of MPC.

    James R. Wilkins

    Executive

    SVP, Health, Environment, Safety and Security

    None

    James R. Wilkins has been SVP, Health, Environment, Safety and Security since February 2021.

    John J. Quaid

    Executive

    EVP and CFO

    Board Member of the general partner of MPLX

    John J. Quaid became EVP and CFO of MPC on January 1, 2024, after serving as EVP and CFO of MPLX.

    Kelly S. Niese

    Executive

    VP, Treasury

    None

    Kelly S. Niese has been VP, Treasury since January 2023.

    Kristina A. Kazarian

    Executive

    VP of Finance and Investor Relations

    None

    Kristina A. Kazarian has been VP of Finance and Investor Relations since January 2023.

    Molly R. Benson

    Executive

    Chief Legal Officer and Corporate Secretary

    None

    Molly R. Benson became Chief Legal Officer and Corporate Secretary on January 1, 2024.

    Rick D. Hessling

    Executive

    Chief Commercial Officer

    None

    Rick D. Hessling became Chief Commercial Officer on January 1, 2024.

    Shawn M. Lyon

    Executive

    SVP, Logistics & Storage

    Board Chair of the Louisiana Offshore Oil Port (LOOP) and Liquid Energy Pipeline Association

    Shawn M. Lyon has been SVP, Logistics & Storage at MPLX GP LLC since September 2022.

    Timothy J. Aydt

    Executive

    EVP, Refining

    None

    Timothy J. Aydt has been EVP, Refining since October 2022. He previously served as EVP and Chief Commercial Officer of MPLX GP LLC.

    Abdulaziz F. Alkhayyal

    Board

    Independent Director

    Board Member at Halliburton Company, National Gas & Industrialization Company

    Abdulaziz F. Alkhayyal has been a director since 2016.

    Charles E. Bunch

    Board

    Independent Director

    Director at Mondelez International, Inc.

    Charles E. Bunch has been a director since 2015.

    Edward G. Galante

    Board

    Class II Director

    Director at Celanese Corporation, Clean Harbors, Inc.

    Edward G. Galante has been a director since 2018.

    Eileen P. Drake

    Board

    Director

    Board Member at Woodward, Inc.

    Eileen P. Drake has been a director since March 1, 2024.

    Evan Bayh

    Board

    Class II Independent Director

    Senior Advisor at Apollo Global Management; Director at Berry Global Group, Fifth Third Bancorp, RLJ Lodging Trust

    Evan Bayh has been a director since 2011.

    Frank M. Semple

    Board

    Independent Director

    Board Member at MPLX GP LLC, Choctaw Global, LLC

    Frank M. Semple rejoined the board in 2021.

    J. Michael Stice

    Board

    Class III Director

    Director at Kosmos Energy Ltd., MPLX GP LLC

    J. Michael Stice has been a director since 2017.

    John P. Surma

    Board

    Lead Independent Director

    Board Member at MPLX GP LLC, PSEG, Trane Technologies plc; Chairman, Board of the University of Pittsburgh Medical Center

    John P. Surma has been Lead Independent Director since August 1, 2024.

    Jonathan Z. Cohen

    Board

    Independent Director

    Founder, CEO, and President of Hepco Capital Management, LLC

    Jonathan Z. Cohen has been a director since 2019.

    Kim K.W. Rucker

    Board

    Director

    Director at Celanese Corporation, HP Inc., GE Vernova

    Kim K.W. Rucker has been a director since 2018.

    Kimberly Ellison-Taylor

    Board

    Class II Director

    Independent Director at EverCommerce Inc., U.S. Bancorp, Mutual of Omaha Insurance Corporation

    Kimberly Ellison-Taylor has been a director since March 1, 2024.

    1. Given the volatility in refining margins and uncertainties around global economic growth, particularly in China, how confident are you that demand growth will exceed capacity additions through the end of the decade, and what factors could alter this outlook?

    2. With competitors shutting down refineries on the West Coast and the challenging regulatory environment, what gives you confidence in investing capital in your Los Angeles refinery with an expected 20% return, and how are you mitigating risks associated with stricter environmental regulations and potential demand shifts in that region?

    3. Your capital returns have significantly reduced your share count by over 50% since May 2021; however, with projected lower utilization rates and higher operating costs in the fourth quarter, how sustainable are these capital returns, and how might a prolonged period of soft margins impact your capital allocation strategy?

    4. You mentioned comfort with maintaining a minimum $1 billion cash balance through a down cycle, relying on the $2.5 billion annualized distribution from MPLX; can you elaborate on the risks to this midstream cash flow and how you would adjust your capital return commitments if MPLX's distributions were to decline?

    5. With sequentially lower adjusted EBITDA driven by decreased results in your Refining & Marketing segment and higher operating costs per barrel due to lower throughputs and increased turnaround activity, what specific measures are you taking to control costs and improve margins in anticipation of a potentially weaker refining environment?

    Program DetailsProgram 1Program 2Program 3
    Approval DateOctober 25, 2023 April 30, 2024 November 5, 2024
    End Date/DurationExhausted during Q3 2024 Ongoing as of September 30, 2024 No expiration date
    Total additional amount$5.0 billion $5.0 billion $5.0 billion
    Remaining authorization amount$0 $4.04 billion Not specified
    DetailsExhausted Active Additional authorization
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    20241,149Senior Notes4.8754.0% = (1,149 / 28,549) * 100
    20241Senior Notes4.8750.0% = (1 / 28,549) * 100
    2025500Senior Notes4.0001.8% = (500 / 28,549) * 100
    20341,650Senior Notes5.5005.8% = (1,650 / 28,549) * 100

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    Buckeye Partners, L.P.

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    DCP Midstream Partners, LP

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    Holly Energy Partners L.P.

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    Magellan Midstream Partners, L.P.

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    The Participant agrees that the Participant will not, without the prior written approval of the Board, at any time during the term of the Participant’s Employment and for a period of one year following the date on which the Participant’s Employment terminates, directly or indirectly, serve as an officer, director, owner, contractor, consultant, or employee of any the following organizations (or any of their respective subsidiaries or divisions).

    CustomerRelationshipSegmentDetails

    Speedway/7-Eleven

    Sales of refined products

    Refining & Marketing

    Represented 10% of 2022 total annual revenues. Total 2022 revenues were $179.952 billion , so Speedway/7-Eleven contributed about $17,995 million

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2010 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    BANGL natural gas liquids pipeline acquisition

    2024

    MPLX acquired an additional 20% interest in BANGL, increasing its ownership to 45% on July 31, 2024, for $210 million in cash. This deal enhances MPLX’s NGL value chain and supports expansion of the pipeline capacity to 250 thousand barrels per day by Q1 2025, with overpayment amortized over the assets' useful lives.

    Additional Utica basin assets acquisition (Ohio Gathering Company & Ohio Condensate Company)

    2024

    MPLX increased its stake in Ohio Gathering Company to 73% and acquired a 100% interest in Ohio Condensate Company along with a dry gas gathering system for $625 million on March 22, 2024. The transaction, treated as a business combination with remeasurement to fair value (including a $20 million gain on OCC), strengthens MPLX's position in the Utica basin.

    LF Bioenergy equity interest acquisition

    2023

    MPC acquired a 49.9% equity interest in LF Bioenergy on March 8, 2023 for approximately $56 million to support dairy-based renewable natural gas projects, positioning the company for further RNG infrastructure investments while integrating RNG into MPC’s renewable diesel operations.

    No recent press releases or 8-K filings found for MPC.