Marathon Petroleum Corp. (NYSE:MPC) Q3 2023 Results Conference Call October 31, 2023 11:00 AM ET
Company Participants
Kristina Kazarian - VP, Finance and IR
Mike Hennigan - CEO
Maryann Mannen - CFO
Rick Hessling - SVP, Global Feedstocks
Brian Partee - SVP, Global Clean Products
Dave Heppner - SVP, Strategy and Business Development
Jim Wilkins - SVP, Health, Environment, Safety and Security
Tim Aydt - EVP, Refining
Conference Call Participants
Manav Gupta - UBS
Doug Leggate - Bank of America
Paul Cheng - Scotiabank
Sam Margolin - Wolfe Research
Roger Read - Wells Fargo
John Royall - JPMorgan
Jason Gabelman - TD Cowen
Theresa Chen - Barclays
Matthew Blair - TPH
Ryan Todd - Piper Sandler
Operator
Welcome to the MPC Third Quarter 2023 Earnings Call. My name is Sheila 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
Welcome to the Marathon Petroleum Corporation third quarter 2023 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investors 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 refining utilization for the third quarter, as well as fourth quarter guidance now include the addition of approximately 40,000 barrels a day of capacity related to STAR in our Gulf Coast region. And with that, I’ll turn the call over to Mike.
Mike Hennigan
Thank you, Kristina. Good morning. Thank you for joining our call.
Beginning with our view on the refining environment, in the third quarter, we saw strong demand and global supply tightness supporting refining margins. Diesel cracks led the barrels inventories remain tight and European distillate production ran below capacity.
Globally, oil demand is at a record high as the need for affordable and reliable energy increases throughout the world. In our system, both domestically and within our export business, we are seeing steady demand year-over-year across the gasoline and diesel and demand for jet fuel continues to grow. Global supply remains constrained and global capacity additions have progressed at a slow pace.