Marathon Petroleum Corporation (MPC) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

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 Marianne 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 are included there as well as in our SEC filings. With that, I will turn the call over to Mary Ann. Thanks, Christina, and good morning, everyone. Our second quarter results reflect actions we have taken to create exceptional value. We delivered 97% utilization, achieving record rates at several refineries throughout the quarter. And we leveraged our fully integrated value chains across the West Coast, Gulf Coast, and MidCon to deliver 105 percent margin capture. Current fundamentals, especially strong diesel demand coupled with tight inventory levels, remain supportive of strong margins. U.S. gasoline inventories are in line with five-year averages, and diesel inventories are at historically low levels. As anticipated, sequentially, we saw steady growth across gasoline, diesel, and jets. Our system was ready to run. Higher OPEC Plus production and more Canadian supply should lead to crude differentials widening later this year. Our longer-term fundamental view supports an enhanced mid-cycle environment for refining, as we expect demand growth to exceed the net impact of capacity additions and rationalizations through the end of the decade. We expect the U.S. refining industry will remain structurally advantaged over the rest of the world. The flexibility of our refining assets and our domestic and international log...