Marathon Petroleum
Q1 2022 Earnings Call
May 03, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the MPC first quarter 2022 earnings call. My name is Elan, and I will be your operator for today's call. [Operator instructions] Please note that this conference is being recorded. And I would now like to turn the call over to Kristina Kazarian.
Kristina, you may begin.
Kristina Kazarian -- Managing Director
Welcome to Marathon Petroleum Corporation's first quarter 2022 earnings conference call. The slides that accompany this call can be found on the 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 SEC filings. With that, I'll turn the call over to Mike.
Mike Hennigan -- Chief Executive Officer
Thanks, Kristina. Before we get into our results for the quarter, we wanted to provide a brief update on the macro environment. Year over year, demand trends have been, for the most part, positive and the market seems to have reached a post-COVID point of stability. Distillate remains stable, Jet continues to recover, and gasoline has been more resilient than we would have expected given normal seasonality and recent geopolitical events.
The biggest factor outside of our control is changes in global supply and demand. At the end of 2021, Global light product inventories were already tight. Sanctions and boycotts following the Russian invasion of Ukraine have increased supply uncertainties. Product margins have risen to cover the higher cost structure of marginal supply particularly in European regions where there's a high reliance on Russian natural gas.
We expect continued volatility in 2022 with an advantage for safe, reliable, and low-cost operators. We are focused on optimizing our maintenance schedules to maximize uptime and allow us to do what we can to produce volumes to meet the market demand. As we do this, we remain steadfast in our commitment to safely operate our assets, protect the health and safety of our employees and support the communities in which we operate. With this in mind, we anticipate the U.S.