Marathon Petroleum Corporation

now turn the call over to Christina Kazarian. Christina, you may begin.

Welcome to Marathon Petroleum Corporation's third quarter 2025 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 Marianne Manin, CEO, John Quaid, 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 SEC filing. With that, I will turn the call over to Mary Ann.

Thanks, Christina, and good morning. I'd like to take a moment to recognize Mike Hennigan. At the end of the year, Mike will be stepping down as executive chairman. Mike's guidance has been tremendously valuable to our board, to me, and our entire leadership team. We thank him for his service, as well as all of his contributions. He will be missed. In the third quarter, we delivered strong cash generation of $2.4 billion. Utilization in the quarter was 95% as we executed our planned refinery turnarounds safely and on time. Our team delivered 96% capture despite significant market-driven headwinds. Year-to-date, capture is 102%. This compares to the prior year's level of 95%. We believe this demonstrates our commitment to deliver sustainable, improving commercial performance in varying market conditions. We have generated $6 billion of operating cash flow, excluding changes in working capital, and have returned $3.2 billion to shareholders through the third quarter. Last week, we announced a 10% increase to MPC's dividend reflecting our confidence in our business outlook. We believe that we should be able to lead in cash generation through cycle, delivering peer leading results. In October, our blended crack was over $15 per barrel, which is seasonally strong and more than $5 per barrel or 50% higher than the same time period last year. Diesel and jet demand are up modestly across our system while gasoline is flat to slightly lower. The product inventory draws reported last week signal strong demand. Gasoline and distillate inventory levels remain below five-year averages. Current market fundamentals are indicative of tightness in supply and supportive demand, which we believe will persist into 2026. Throughout the quarter, we completed several transactions, advancing our strategic objectives and optimizing our portfolio. We sold our interest in an ethanol production joint venture. As the partner's strategic goals evolved and diverged, an opportunity came for MPC to exit the partnership at a compelling multiple. MPLX acquired a Delaware Basin sour gas treating business and the remaining 55% interest in the Bengal NGL pipeline. These transactions further MPLX's growth profile. MPLX increased its distribution this quarter, Reflecting conviction in its growth outlook, we now expect to receive $2.8 billion annually from MPLX. MPLX continues to target a distribution growth rate of 12.5% over the next couple of years, which would imply annual cash distributions to MPC of over $3.5 billion. We are driving value and positioning MPC to be industry leading in its own capital return program. With our competitive integrated refining and marketing value chains and durable midstream growth driving increasing distributions from MPLX, we believe MPC is positioned to deliver industry-leading cash generation through all parts of the cycle. Now, I'll hand it over to John to discuss our financial performance.