MPC - Marathon Petroleum Corporation (MPC) Q1 2024 Earnings Call Transcript
2024-04-30 14:18:10 ET
Marathon Petroleum Corporation (MPC)
Q1 2024 Results Conference Call
April 30, 2024 11:00 AM ET
Company Participants
Kristina Kazarian - Investor Relations
Mike Hennigan - Chief Executive Officer
Maryann Mannen - President
John Quaid - Chief Financial Officer
Rick Hessling - Chief Commercial Officer
Conference Call Participants
Neil Mehta - Goldman Sachs
Manav Gupta - UBS
Paul Cheng - Scotiabank
John Royall - JPMorgan
Jason Gabelman - TD Cowen
Roger Read - Wells Fargo
Matthew Blair - TPH
Theresa Chen - Barclays
Presentation
Operator
Welcome to the MPC First Quarter 2024 Earnings Call. My name is Sheila, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded.
I will now turn the call over to Kristina Kazarian. Kristina, you may begin.
Kristina Kazarian
Welcome to Marathon Petroleum Corporation's first quarter 2024 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 Mike Hennigan, CEO; Maryann Mannen, President; John Quaid, CFO and other members of the executive team.
We invite you to read the Safe Harbor statements on Slide 2. 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 will turn the call over to Mike.
Mike Hennigan
Thanks, Kristina. Good morning and thank you for joining our call.
Effective March 1, two new independent directors joined the MPC Board. Eileen Drake and Kimberly Ellison-Taylor have strong records of accomplishment in complex industries, making them outstanding additions, and we're happy to have them join our Board.
As for the macro-refining environment, we remain constructive in our view. Oil demand is at a record high globally, and we expect oil demand to continue to set records into the foreseeable future. Forecasted outlooks for this year estimate 1.2 million to 2 million barrels per day of incremental demand over 2023, primarily driven by the growing need for transportation fuels.
Within our own domestic and export business, we are seeing steady demand year-over-year for gasoline and growth for diesel and jet fuel. And we continue to believe that 2024 will be another year of record refined product consumption. Global supply remains constrained, anticipated capacity additions have progressed more slowly than expected, and longer term, the level of announced capacity additions remains limited for the rest of the decade....
Marathon Petroleum Corporation (MPC) Q1 2024 Earnings Call Transcript