Marathon Petroleum Corporation (NYSE:MPC) Q2 2024 Earnings Conference Call August 6, 2024 11:00 AM ET
Company Participants
Kristina Kazarian - IR
Maryann Mannen - CEO
John Quaid - CFO
Rick Hessling - Chief Commercial Officer
Timothy Aydt - EVP, MPLX GP LLC
David Heppner - Chief Strategy Officer & SVP, Business Development
Conference Call Participants
Manav Gupta - UBS
Neil Mehta - Goldman Sachs
Paul Cheng - Scotiabank
Roger Read - Wells Fargo
John Royall - JPMorgan
Jason Gabelman - TD Cowen
Carlos Escalante - Wolfe Research
Matthew Blair - TPH
Theresa Chen - Barclays
Operator
Welcome to the MPC Second Quarter 2024 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 Marathon Petroleum Corporation's Second Quarter 2024 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 Maryann Mannen, CEO; John Quaid, 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. With that, I'll turn the call over to Maryann.
Maryann Mannen
Thanks, Kristina, and good morning, everyone. I want to take a moment to recognize Mike Hennigan's leadership as CEO of MPC over the last 4 years. Mike's record of accomplishment has been tremendously valuable. During his tenure, Mike delivered its transformative strategic priorities and returned a peer-leading $40 billion to shareholders. We're fortunate to have Mike as Executive Chairman of MPC's Board going forward.
Moving to the global macro environment. In the second quarter, supply of refined products reached all-time seasonal highs. The margin environment supported assets running at high utilization and new capacity additions continue to ramp. At the same time, demand for refined products set new records globally. We expect 2024 will be another year of record refined product consumption. Within MPC's domestic and export businesses, we are seeing steady demand year-over-year for gasoline and diesel and growing demand for jet fuel. As we look forward, demand growth is expected to outpace near-term capacity additions over time with limited global refining capacity additions expected through the end of the decade. These fundamentals still support an enhanced mid-cycle environment for refining.