Throughput volumes

Q3 2025

2.8 million barrels per day, 94% utilization "

2,700,000 barrels per day, 92% utilization "

lowered

Turnaround expenses

Q3 2025

$265 million "

$400 million "

raised

Operating costs

Q3 2025

$5.30 per barrel "

$5.7 per barrel "

raised

Distribution costs

Q3 2025

$1.5 billion "

$1,500,000,000 "

no change

Corporate costs

Q3 2025

$220 million "

$240 million "

raised

Operational Efficiency

Emphasized as a core focus with safe and reliable operations, operational excellence, and investments in refining projects across Q3 2024 ( " " ) and Q1 2025 ( " " ), while Q4 2024 highlighted strong safety records and environmental performance ( " ).

Focus on maintaining operational efficiency through record 105% margin capture, integrated value chains, and targeted multi-year projects at Robinson and Galveston Bay refineries ( " " " ).

Consistent emphasis with an increased focus on optimizing margins and leveraging integrated operations ( " " " ).

Refinery Utilization

Discussed across Q1 2025 with turnaround impacts and expected rebounds ( " " ), Q3 2024 achieved rates around 94% ( " " ) and Q4 2024 maintained utilization at 92% with high throughput ( " " ).

Achieved a record 97% utilization processing 2.9 million barrels per day and leveraged integrated systems across regions ( " " ).

Continued focus with improved and record-high utilization performance, signaling operational resilience ( " " ).

Midstream Growth

Highlighted in Q1 2025 with strategic acquisitions and mid-single-digit EBITDA growth ( " " " ), mentioned in Q3 2024 with expansion projects ( " ) and in Q4 2024 showing 6% YoY EBITDA growth ( " " ).

Emphasized 5% year-over-year growth, a strategic acquisition of Northwind Midstream, and organic growth plans with $1.7 billion investment in projects ( " " " " ).

Consistently positive performance with enhanced detail on strategic acquisitions and organic growth moving forward ( " " " ).

Cash Flow Stability

Discussed in Q1 2025 with stable MPLX distributions covering capital and dividend needs ( " " " ), in Q3 2024 supporting robust operating cash flow ( " " ) and Q4 2024 noted for strong cash flow generation through midstream distributions ( " " ).

Emphasized a 12.5% increase in MPLX distributions to $619 million, underpinning stable cash flow and supporting capital returns ( " " ).

Stable and growing cash flow generation through consistent midstream distributions, reinforcing financial flexibility ( " " " ).

Debt and Leverage Risk

Addressed in Q1 2025 with detailed discussion on debt levels, refinancing activities, and maintaining a $1B cash target ( " " " ), and in Q3 2024 with comfortable debt ratios and refinancing plans ( " " ). Q4 2024 mentioned debt repayment actions ( " ).

Focused mainly on debt repayments and maintaining a $1B cash target, with less extensive discussion compared to prior periods ( " " ).

Consistent debt management approach with a slightly reduced focus on detailed discussion in the current period ( " " ).

Strategic Portfolio Optimization

In Q3 2024 and Q4 2024, Maryann Mannen emphasized asset competitiveness and ongoing evaluations ( " " ), while Q1 2025 had minimal details beyond general portfolio optimization statements ( " ).

Actively discussed portfolio optimization through the divestiture of an ethanol JV and adjustments in midstream asset positioning to align with long-term strategy ( " " " ).

Expanded focus with a stronger emphasis on asset divestitures combined with portfolio optimization, indicating a proactive realignment ( " " ).

Capital Expenditures

Consistently addressed across Q1 2025, Q3 2024, and Q4 2024 with a $1.25B capital plan, investments in major refinery projects at Los Angeles, Robinson, and Galveston Bay, and significant capital deployment ( " " " " " ).

Reiterated the $1.25B stand-alone capital plan for 2025 with investments focused on high-return projects at Robinson, Galveston Bay, and continued MPLX organic growth investments of $1.7B ( " " " ).

Consistent capital spending with clear focus on high-return projects and refinery upgrades, reinforcing long-term competitiveness ( " " ).

Regulatory and Renewable Compliance Uncertainties

In Q1 2025, regulators’ effects on renewable diesel margins and challenges with credit transitions were discussed ( " " " ); Q3 2024 noted uncertainties in transitioning from BTC to PTC ( " ); Q4 2024 mentioned uncertainties tied to the new administration and evolving BTC environment ( " ).

Focused on evolving California regulatory changes—from RVP waivers to expedited permitting—and ongoing challenges in renewable diesel margins, highlighting improvements in regulatory engagement ( " ).

Continued regulatory uncertainty with a refined focus on California-specific changes and efforts to improve permitting processes, reflecting an evolving landscape ( " " ).

Tariff Risks on Heavy Crude Imports

Q4 2024 provided detailed discussion on potential cost impacts, scenario planning, and operational flexibility to counter tariffs ( " " ); however, Q1 2025 and Q3 2024 did not address this topic.

There is no mention of tariff risks on heavy crude imports in the current period.

Previously addressed in Q4 2024 but not currently mentioned, suggesting a reduced emphasis in Q2 2025 ( " ).

Sustainability of High Capture Margins

Consistently discussed across Q1 2025, Q3 2024, and Q4 2024 with emphasis on structural factors, integrated value chains, and target capture rates near 100% ( " " " " ).

Emphasized sustainability through structural improvements and fully integrated value chains that support robust commercial performance and high capture margins ( " " ).

Consistent focus with reinforced confidence in structural changes and integrated operations driving repeatable high capture margins ( " " " ).