Marathon Petroleum
Q4 2022 Earnings Call
Jan 31, 2023, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the MPC fourth-quarter 2022 earnings call. My name is Sheila, 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.
[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
Welcome to Marathon Petroleum Corporation's fourth-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. Factors that could cause actual results to differ are included there as well as in our filings with the SEC. References to MPC's capital spending during the prepared remarks today reflects stand-alone MPC Capital excluding MPLX.
And with that, I'll turn it over to Mike.
Mike Hennigan -- Chief Executive Officer
Thanks, Kristina. Good morning. Thank you for joining our call. First off, I want to recognize a new director on the MPC board.
Toni Townes-Whitley will be joining our board in March, bringing tremendous experience with her most recent executive position at Microsoft, as well as her board experience on the NASDAQ and PNC boards. Also like to recognize Christine Breves, who was appointed as a new independent director of MPLX in November, and recently served as CFO for U.S. Steel. As we look back at 2022, we've delivered on our strategic commitments.
Full-year cash provided by operating activities was just over $16 billion on a consolidated basis, and over $13 billion, excluding MPLX, reflecting our improving operating and commercial execution. Our commitment to safe and reliable operations resulted in refining utilization of 96%. And our team's dynamic responses to volatile product markets delivered strong commercial performance, resulting in a 98% full-year capture. Our focus on fostering a low-cost culture enable us to sustain our previously achieved $1.5 billion of structural cost reduction throughout the year.