马拉松原油 2024年度报告

146781213CEO LETTEROPERATIONS OVERVIEWCORE VALUESFINANCIAL HIGHLIGHTSSUSTAINABILITYBOARD OF DIRECTORSLEADERSHIP TEAM On the cover:Board Operator Andrew Chifici at ourGaryville, Louisiana, refinery Fellow Shareholders, Throughout 2024, Marathon Petroleum Corporation (MPC) executed on our strategic commitments to deliver asuccessful year, remaining steadfast in our commitment to safely operate our assets and protect the health and safetyof our employees and communities. In a market environment that became increasingly volatile as the year progressed, we generated $8.7 billion of netcash from operations, which enabled peer-leading capital return of $10.2 billion and a 23% capital return yield for ourshareholders. Our commitments to operational excellence, commercial performance, and peer-leading profitabilityper barrel in each of the regions where we operate drove our strong results, with 92% refining utilization and 99%commercial capture for the full year. Execution of our Midstream strategy delivered segment adjusted EBITDA growthof 6% year over year. Over the last four years, on average, we have grown our Midstream segment adjusted EBITDA byalmost 7% per year. Foundational to our results, we achieved our lowest companywide OSHA recordable injury rate and strongestenvironmental performance in the last five years, demonstrating our commitment to safe and reliable operations. Wealso advanced environmental efforts, achieving a Midstream industry first for energy efficiency and making significantprogress toward our methane emissions reduction target. Over the past year, we continued to position MPC to deliver peer-leading financial performance irrespective of themarket environment. While maintaining safe and reliable operations, we have made sustained structural changesto improve our cost competitiveness. Throughout our commercial organization, we are improving value chainoptimization with a more integrated and advanced approach to our execution. At our refineries, we have madedisciplined investments targeted at enhancing margins, reducing cost and optimizing systems to drive peer-leadingperformance. FROM THE CEO Across our manufacturing sites, we aretaking disciplined steps to advance ourgoal of lowering the carbon intensityof our operations and the productswe manufacture, while continuing tosupply a growing and evolving energymarket. Last year, through our dedicatedinitiatives and programs, we progressedour work toward achieving the targetswe’ve set for reducing greenhouse gas(GHG) emissions, methane emissions andfreshwater withdrawal intensities. operational excellence and commercialperformance, will further enhance MPC’sposition well into the future. O U R D I F F E R E N T I AT E DPA R T N E R S H I P An integral aspect of our compelling valueproposition is MPC’s strategic partnershipwith MPLX, our master limited partnership,which comprises most of our Midstreamsegment. In addition to providing us withflexible logistics capabilities, MPLX’sdurable and growing cash flow is strategicto MPC’s portfolio and differentiates usfrom peers. For the last four consecutiveyears, our Midstream segment generatedmid-single digit segment adjusted EBITDAgrowth. On the Gulf Coast, construction ofa 90,000-barrels-per-day distillatehydrotreater at our Galveston Bay refinerywill enable us to place additional ultra-lowsulfur diesel into this high-value market.This project is expected to be completedby year-end 2027 and generate more thana 20% return. Ongoing investment in our Los Angelesrefinery will integrate and modernize itsutility systems to improve reliability andincrease energy efficiency. This will furtherenhance its strong competitiveness in theWest Coast market while simultaneouslyachieving compliance with an emissionsreduction requirement that will apply toall Southern California refineries. Thecompletion target is year-end 2025, andwe expect a return of approximately 20%on this investment. In developing our targets, we focus onmeaningful goals that offer multifacetedbenefits. As an example, energy efficiencyis one of our key metrics with bothenvironmental and financial benefits.By identifying where energy can beconserved cost-effectively, we reduceour operating costs and reduce ourenvironmental footprint. MPC has achievedsignificant energy savings, GHG emissionsreductions and cost savings through ourFocus on Energy program. As a five-timeU.S. Environmental Protection Agency(EPA) ENERGY STAR® Partner of the Year –Sustained Excellence award recipient, weare an active participant in the program,sharing our strategies and successes withother industrial companies. In 2024, MPLX increased its quarterlydistribution by 12.5%, driving an annualizedcash distribution to MPC of $2.5 billion.This was the third consecutive year ofdistribution growth of 10% or greater. Weexpect distributions from MPLX in 2025will cover MPC’s dividends and standalonecapital outlook, further supporting ourability to deliver peer-leading