Marathon Petroleum Corporation (MPC) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

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 fourth quarter 2025 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the investors tab. Joining me on the call today are Marianne Manin, CEO, Maria Curry, 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 you. As Christina shared, Maria Currie, our CFO, is joining us on this call. She has over 25 years of broad industry experience as a global finance business executive. Maria's background in operational excellence, cost competitiveness, financial planning, and risk management, as well as her global background, are complementary to our leadership team. Her experiences will add a unique set of perspectives. I look forward to Maria's contributions to further our commitment to deliver industry. strong performance throughout the year. For the full year, we achieved margin capture of 105% and refining utilization of 94%, demonstrating the reliability and competitiveness of our fully integrated value chains. We achieved the lowest OSHA recordable injury rate as well, had our fewest designated environmental incidents this decade. These outcomes reflect our commitment to safe, reliable, and environmentally sound operations. As we look ahead, we remain constructive on refined product demand. Over the past year, global consumption trends have been steady. Gasoline and distillants each...