Marathon Petroleum Corporation

Welcome to the MPC second 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 one on your touch tone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Brian Worthington. Brian, you may begin.

Welcome to Marathon Petroleum Corporation's second quarter 2026 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the investors tab. Joining me today on the call are Maryann Mannen, CEO, Maria Khoury, 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 filings. With that, I will turn the call over to Maryann.

Thank you, Brian. Good morning. In the second quarter, we delivered $8.5 billion of adjusted EBITDA. Safety and reliability are fundamental. This performance reflects more than market strength. It demonstrates our planning, commercial, and operational capabilities which enable safe and reliable operations to meet resilient consumer demand. Our results reflect the differentiated capabilities of our value chains and the execution of our optimization strategies. Year to date, we have operated with our lowest level of unplanned downtime this decade. On the US Gulf Coast, we ran at 100% utilization in the second quarter. Across the system, We achieved R&M margin capture of over $1 billion, the strongest on an absolute basis. Through the first half of 2026, we achieved capture of 108%. We are sourcing economically advantaged barrels, optimizing our feedstock to improve clean product yields, increasing margins in all markets we participate in. Consumer Demand remains a core strength. Extensive pipelines and logistics provide abundant access to crude, limiting our exposure to Brent price crudes, which were more significantly impacted by the Persian Gulf conflict. In the second quarter, we also completed two high return yield enhancing refining investments, further positioning us to deliver incremental value. The Robinson Product Flexibility Investment enables approximately 10,000 barrels per day of incremental jet fuel production, supporting growing regional demand. And the El Paso Yield Improvement Investment enhances the refinery's ability to produce specialty gasoline for key markets. These disciplined investments yield high returns aligned with our targeted return of 25% or above Extending the competitive position of these refining assets, the refining macro environment remains constructive. Globally, there is over 9 million barrels per day of planned and unplanned refined capacity downtime, approximately 4 million barrels per day above historical norms, reflecting ongoing Persian Gulf disruptions and accelerated Ukrainian attacks on Russian infrastructure. Against this backdrop, U.S. gasoline inventory remains well below the five-year range, while distillate inventory is at the bottom of its five-year range, underscoring continued market tightness. Within our system, consumer demand remains strong across gasoline, diesel, and jet, supported by both domestic and international markets. Looking ahead, We expect to remain in an enhanced mid-cycle environment through the end of the year and into 2027. MPC's advantage is sustainable, a diversified and integrated U.S. refining system across three regions built for optimization with access to advantage crude supply, low-cost natural gas, and the ability to supply both domestic and global consumer demand. In the second quarter, our midstream business continued to advance its natural gas and NGL growth strategy. In April, MPLX placed the Secretariat One processing plant into service. In July, the Blackcomb natural gas pipeline began commissioning activities. The joint venture partners continue to progress the pipeline as planned with Blackcomb expected to achieve full commercial service in the fourth quarter. This week MPLX is beginning operations at the Harmon Creek III processing plant in line with its strategy to add processing capacity on a just-in-time basis. This increases MPLX's total processing capacity to 8.1 billion cubic feet per day and de-ethanization capacity to over 800,000 barrels per day. In the Permian Sour gas treating volumes exceeded 150 million cubic feet per day for the second consecutive quarter as MPLX continues to optimize operations at our Titan treating facility. And sour gas treating capacity is expected to expand to over 400 million cubic feet per day by the end of the year. Natural gas and NGL fundamentals remain robust, creating compelling opportunities to support growing domestic and global demand for U.S. energy. This morning, MPLX announced it is increasing its 2026 capital growth spending outlook by $500 million to $2.9 billion. The increase primarily reflects the accelerated execution of the ongoing Gulf Coast Fractionation Project, pulling forward capital MPLX previously expected to deploy in early 2027. With multiple investments transitioning from construction to operations this year, MPLX is on track to deliver mid-single-digit adjusted EBITDA growth in 2026, weighted towards the second half of the year. This also positions MPLX for strong adjusted EBITDA growth in 2027. These investments are expected to support 12.5% annual distribution growth in 2026 and 2027, positioning MPC to lead in capital returns. During the second quarter, we returned $2.8 billion of capital inclusive of $2.5 billion of share repurchases reflecting strong cash generation and discipline execution of our capital allocation priorities. We are maintaining balance sheet discipline with a targeted cash framework that allows flexibility while supporting return of capital. 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 you through our financial performance.