MPC - Marathon Petroleum Corporation (MPC) Q4 2023 Earnings Call Transcript

2024-01-30 15:30:26 ET

Marathon Petroleum Corporation (MPC)

Q4 2023 Earnings Conference Call

January 30, 2024 11:00 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

Doug Leggate - Bank of America Securities

Paul Cheng - Scotiabank

Roger Read - Wells Fargo

John Royall - JPMorgan

Theresa Chen - Barclays

Ryan Todd - Piper Sandler

Jason Gabelman - TD Cowen

Presentation

Operator

Welcome to the MPC Fourth Quarter 2023 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’s fourth quarter 2023 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investor cab. 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 could differ. Factors that cause actual results to differ are there as well as in our SEC filings. References to MPC Capital during the prepared remarks today reflects standalone MPC Capital, excluding MPLX.

With that, I will turn the call over to Mike.

Mike Hennigan

Thanks, Kristina. Good morning, everyone and thank you for joining our call. First, I’d like to recognize some changes we made at our executive management level. Maryann Mannen has been appointed President of MPC. In this role, she will be responsible for our Refining & Marketing, Commercial and HES&S organizations. John Quaid, previously CFO of MPLX succeeds Maryann as CFO of MPC. In addition to these changes, Rick Hessling has been appointed Chief Commercial Officer. Rick will lead our global feedstock and clean products teams with the goal of maximizing margin capture across the entire value chain. Brian Partee has been appointed Chief Global Optimization Officer. Brian will be responsible for assessing and redefining business processes that are critical to improving our performance, including our value chain optimization efforts and determining investments needed to accelerate the delivery of results. At a high level, these organizational changes put more emphasis on advancing important value-creating initiatives, driving increased performance throughout our entire value chain and making a step change in our cash flow generation capability....

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