Marathon Petroleum Corporation (MPC) reported a significant decrease in net income and adjusted EBITDA for the first quarter of 2024, with figures dropping to $937 million and $3.3 billion respectively, compared to the previous year.
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Marathon Petroleum Wells Drilled Since 2023
This decrease was influenced by an $89 million charge related to stock compensation remeasurement. Despite these challenges, MPC successfully completed major maintenance across its largest refineries and advanced its midstream growth strategy, including new projects in the Marcellus and Permian basins. The company maintained robust liquidity with $7.6 billion in liquid assets and continued its aggressive capital return, announcing an additional $5 billion share repurchase authorization. MPC’s operational updates include significant refinery projects and expansion of its midstream subsidiary, MPLX, emphasizing its strategic growth and efficiency improvements.
Permian
In the Permian Basin, Marathon Petroleum Corporation (MPC) has advanced its midstream growth strategy. The report highlights the startup of the 200 million cubic feet per day (mmcf/d) Preakness II processing plant, as well as the strategic combination of the Whistler Pipeline and Rio Bravo Pipeline projects into a newly formed joint venture. This expansion is aimed at increasing MPC’s footprint in the region, positioning the company for future growth.
Marcellus
In the Marcellus region, Marathon Petroleum Corporation’s subsidiary MPLX has placed into operation the 200 million cubic feet per day (mmcf/d) Harmon Creek II processing plant during the first quarter of 2024. This is part of MPC’s midstream growth strategy, enhancing its integrated footprint and expanding its value chains within this key natural gas-producing area.
Natural Gas
Marathon Petroleum Corporation’s (MPC) involvement in the natural gas sector through its midstream subsidiary, MPLX. Specifically, MPLX has been actively expanding its natural gas infrastructure. This includes the startup of new processing plants like the Preakness II and Harmon Creek II in the Permian and Marcellus basins respectively, each with a capacity of 200 million cubic feet per day. Additionally, MPLX has increased its footprint in the Utica shale through acquisitions and has further expanded in the Permian by strategically combining the Whistler Pipeline and Rio Bravo Pipeline projects into a new joint venture. These initiatives demonstrate MPC’s commitment to growing its natural gas operations and enhancing its midstream capabilities.
