Marathon Petroleum Corporation

Welcome to the MPC first quarter 2026 earnings call. My name is Julie and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Press star 1 on your touchtone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Christina Kazarian. Christina, you may begin.

Welcome to Marathon Petroleum Corporation's first quarter 2026 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, Maria Currie, 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 filings with the SEC. With that, I will turn the call over to Mary Ann.

Good morning. Our first quarter results demonstrated the impact of our strategy and the capability of our integrated system. Operationally, we delivered. Our refineries ran at 89% utilization with nearly 100% capture. This was our strongest first quarter on process safety, as well as our lowest level of unplanned downtime this decade, all while completing approximately 40% of our full year planned maintenance activity. Given the constructive macro backdrop for the remainder of 2026, we proactively made decisions to enhance operational readiness. As a result, we are well positioned to respond to the strong level of demand we are seeing across the system. Late in the first quarter, geopolitical events tightened global markets, disrupted trade flows, and drove global cracks higher. While estimates vary, we believe approximately 6 million barrels per day, representing close to 6% of global refined products capacity, has come offline during the conflict in the Middle East. And the timeline for return of supply remains dependent on the extent of any damage to facilities and resumption of crude flows to those refineries. Against that backdrop, domestic demand for gasoline, diesel, and jet fuel remained strong, with exports providing incremental upside. We are largely insulated from global crude supply disruptions, given our crude sourcing comes mainly from the United States and Canada. Combined with the depth and sophistication of our highly integrated value chains, we are well positioned to optimize through volatility. This market environment underscores the strength of our refining system, and it showed in our financial results this quarter. We invested nearly $330 million in our refining and marketing business this quarter, with near-term projects focused on increasing jet optionality. High expected returns clear line of sight and disciplined deployment. We are directing capital toward advantage assets with visible demand pool and a clearly defined path to monetization. Approximately 25% of our 2026 refining value enhancing capital is directed to our Garyville refinery. In March, we brought more than 30,000 barrels per day of incremental jet production capacity online at our Garyville refinery. This investment strengthens one of the most competitive refining assets in the world and positions us to meet growing global jet demand. As we move into the second quarter, our El Paso yield improvement investment is expected to enhance the refinery's ability to produce specialty gasoline for the El Paso, Phoenix, and Mexico markets. reinforcing its geographic advantage and its competitive position. Our Robinson Jet flexibility investment is expected to come online in the third quarter, enabling approximately 10,000 barrels per day of incremental jet fuel production and helping to address growing regional demand. Taken together, these investments strengthen our competitive position and support our commitment to peer-leading profitability across the regions where we operate. Over the past two years, we have meaningfully expanded our international LPG trading footprint, executing delivered business across Europe, Latin America, and Asia. Building on that momentum through an agreement with our South Korean customer, E1, We have secured long-term delivered demand for up to 40% of the volumes MPC will purchase from MPLX's new Gulf Coast Fractionation Facilities, which are adjacent to MPC's Galveston Bay Refinery. Construction of MPLX Fractionators, as well as the JV Export Facility, progress on time and on budget and are expected to enter service in 2028 and 2029. 2026 is a year of both execution and growth for MPLX. The business is investing over $2.4 billion with multiple investments anticipated to transition from construction to cash generation in the second half of the year. Approximately 90% of that growth capital is focused on natural gas and NGL opportunities. Against a backdrop of ongoing geopolitical uncertainty, global demand for secure and reliable energy continues to grow. with international customers increasingly turning to the United States as a preferred supplier. U.S. natural gas and NGLs offer a compelling combination of supply abundance and demand visibility, driven by LNG exports, power generation, and industrial growth, supporting disciplined infrastructure investment. In the Permian, Secretariat I processing plant has entered service and is expected to ramp steadily over the next 9 to 12 months. increasing regional system processing capacity to 1.4 billion cubic feet per day. Building on that progress, MPLX's sour gas treating expansion, Titan, remains firmly on schedule with expectations to exit 2026 with more than 400 million cubic feet per day of treating capacity. In the Northeast, Diamond Creek III remains on track for startup in the third quarter of bringing regional system processing capacity to 8.1 billion cubic feet per day. Collectively, these investments provide a clear path to distribution growth, strengthen cash flow durability for MPC, and demonstrate our leadership in capital returns. In the first quarter, we returned over $1 billion to shareholders, and today we announced an additional $5 billion share repurchase authorization reinforcing our commitment to delivering industry-leading returns through cycle. We will execute safely, invest strategically, and generate significant cash all at the same time. With that, I'll turn it over to Maria to walk through our financial performance.