Marathon Petroleum Corporation (MPC) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

now turn the call over to Christina Kazarian. Christina, you may begin. Welcome to Marathon Petroleum Corporation's third 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 included there, as well as in our SEC filing. With that, I will turn the call over to Mary Ann. Thanks, Christina, and good morning. I'd like to take a moment to recognize Mike Hennigan. At the end of the year, Mike will be stepping down as executive chairman. Mike's guidance has been tremendously valuable to our board, to me, and our entire leadership team. We thank him for his service, as well as all of his contributions. He will be missed. In the third quarter, we delivered strong cash generation of $2.4 billion. Utilization in the quarter was 95% as we executed our planned refinery turnarounds safely and on time. Our team delivered 96% capture despite significant market-driven headwinds. Year-to-date, capture is 102%. This compares to the prior year's level of 95%. We believe this demonstrates our commitment to deliver sustainable, improving commercial performance in varying market conditions. We have generated $6 billion of operating cash flow, excluding changes in working capital, and have returned $3.2 billion to shareholders through the third quarter. Last week, we announced a 10% increase to MPC's dividend reflecting our confidence in our business outlook. We believe that we should be ab...