Marathon Petroleum
Q3 2022 Earnings Call
Nov 01, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the MPC third quarter 2022 earnings call. My name is KC, and I will be your operator for today's call. [Operator instructions] Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian.
Kristina, you may begin.
Kristina Kazarian -- Managing Director
Sounds great. Welcome to Marathon Petroleum Corporation's third quarter 2022 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 Mike Hennigan, CEO; Maryann Mannen, CFO; and other members of the executive team.
We invite you to read the safe harbor statements on Slide 2. We will be making forward-looking statements today. Actual results may differ, and factors that could cause actual results to differ are included there as well as in our filings with the SEC. And with that, I'll turn it over to Mike.
Mike Hennigan -- Chief Executive Officer
Thanks, Kristina. Good morning, everyone. First, I'd like to introduce Tim Aydt, who will be joining our call as a new executive vice president of refining. Tim has over 37 years of experience in leadership roles across our midstream and refining organizations.
Most recently, he was executive vice president of pipelines, terminals and marine and chief commercial officer, where he oversaw the business development for the MLP. Now, turning to the macro environment. Roughly 4 million barrels per day of refining capacity has come offline globally in the last couple of years. Yet demand for the transportation fuels we manufacture remains robust and continues to grow.
In the U.S., demand is still below 2019 pre-COVID levels, and we believe there will be a continued recovery. As supply remains constrained and demand continues to rebound, we maintain a bullish outlook toward the refining environment as we look into 2023. Our third quarter results reflect the team's operational and commercial execution as we focused on delivering products for consumers in this very tight market. In our refining segment, we ran near full rates while maintaining our steadfast commitment to safely operating our assets, protect the health and safety of our employees and support the communities in which we operate.