Marathon Petroleum Corporation (MPC) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

All participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Press 1 on your touch-tone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Christina Kazarian. Christina, you may begin. Welcome to Marathon Petroleum Corporation's first quarter 2025 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investor tab. Joining me on the call today are Mary Ann Manin, CEO, John Quaid, CFO, and other members of the executive team. We invite you to read the safe harbor statements on slide two. We will be making forward-looking statements today. Actual results may differ. Factors that could cause actual results to differ are included there as well as in our filings with the SEC. With that, I'll turn the call over to Mary Ann. Thanks, Christina, and good morning, everyone. Let me highlight a few elements of our performance that were most relevant to our results in the first quarter. Refining utilization of 89%, reflecting the safe and successful completion of the second highest amount of planned turnarounds in history focused heavily on our Gulf Coast region. We planned this turnaround activity to occur in the first quarter, a period of seasonally weaker demand. Capture was 104% as we delivered strong commercial performance in a period of low refining margins and volatility from regulatory uncertainty. Our midstream segment adjusted EBITDA grew 8% year over year. And MPLX announced over $1 billion of strategic acquisitions advancing our midstream natural gas and NGL growth strategies. Our longer-term fundamental view supports an enhanced mid-cycle environment for refining. Despite reductions to the 2025 demand o...