Strong Midstream Segment Performance
Midstream segment adjusted EBITDA grew 8% year-over-year, with MPLX announcing over $1 billion in strategic acquisitions. Distributions from MPLX to MPC increased by 12.5% compared to the first quarter of 2024.
Refining Utilization and Strategic Turnarounds
Refining utilization was 89%, with successful completion of significant planned turnarounds focused on the Gulf Coast region. This was strategically planned during a period of seasonally weaker demand.
Commercial Execution and Capture Rate
The company achieved a first-quarter capture rate of 104% due to strong commercial execution and seasonally strong clean product tailwinds.
Positive Market Outlook and Strategic Positioning
The company is optimistic about demand growth, especially in diesel and jet fuel. Strategic investments in the Los Angeles refinery are expected to improve reliability and energy efficiency.
Significant Expansion in NGL and Natural Gas Value Chain
MPLX will acquire the remaining 55% interest in the BANGL NGL pipeline and expand its crude oil value chain by acquiring gathering businesses from Whiptail Midstream.