FINDLAY, Ohio, March 4, 2020 /PRNewswire/ -- Marathon
Petroleum Corp. (NYSE: MPC) has established a companywide goal to
reduce its greenhouse gas (GHG) emissions per barrel of oil
equivalent (BOE) processed to 30% below 2014 levels by 2030. The
company has linked achievement of the goal to its executive
compensation program and certain employee programs.
"Marathon Petroleum has long been a leader in reducing its GHG
emissions intensity, and due to our culture of continual
improvement and responsiveness to stakeholder concerns, setting a
goal and linking further reduction achievements to our compensation
is a logical progression," said MPC Chairman and Chief Executive
Officer Gary R. Heminger. "We have
added GHG emissions intensity reduction as one of our
sustainability metrics for 2020, along with environmental
incidents, safety performance, and process safety."
MPC's GHG emissions intensity reductions encompass Scope 1,
defined as direct emissions from its operations – such as
refineries, trucks, compressors and other equipment – as well as
Scope 2, which are indirect emissions resulting from the
electricity and steam MPC purchases to support its business
activities. These GHG emissions reductions will be measured per BOE
because the company uses a variety of feedstocks, including crude
oil, natural gas and renewable feedstocks, such as soybean oil.
BOE, a unit of measure defined by the U.S. federal government,
allows these different throughputs to be measured on a common
basis.
The 2030 goal builds upon the business strategy MPC highlighted
in its Perspectives on Climate-Related Scenarios report, which has
lowered MPC's GHG emissions intensity by approximately 20% over the
past five years. Additional focus areas to achieve the 2030 goal
include expanding its energy efficiency program, reducing methane
emissions and increasing use of renewable energy. MPC is committed
to reassessing this goal as achievements toward GHG emissions
intensity reductions are realized.
In addition to its GHG emissions intensity reductions, MPC is
also committed to further expanding its renewable fuel
manufacturing and blending capabilities. Current projects include
the conversion of its Dickinson, North
Dakota, refinery into a renewable diesel plant at a cost of
$470 million, and processing of
biocrude generated from municipal waste at its Martinez, California, refinery. In addition,
MPC is actively working with and investing in Virent, Inc., its
wholly owned research and development subsidiary in Madison, Wisconsin, toward the
commercialization of Virent's BioForming® technology for
producing bio-gasoline and bio-jet fuel from various sugars.
Heminger said that MPC's commitment to environmental performance
is long-standing. "We have earned more of the U.S. Environmental
Protection Agency's ENERGY STAR® plant certifications
than all other refining companies combined," he noted. "This
demonstrates our years-long commitment to energy efficiency, and we
look forward to achieving even more in the years ahead."
About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated,
downstream energy company headquartered in Findlay, Ohio. The company operates the
nation's largest refining system with more than 3 million barrels
per day of crude oil capacity across 16 refineries. MPC's marketing
system includes branded locations across the United States, including Marathon brand
retail outlets. Speedway LLC, an MPC subsidiary, owns and operates
retail convenience stores across the
United States. MPC also owns the general partner and
majority limited partner interests in MPLX LP, a midstream company
that owns and operates gathering, processing, and fractionation
assets, as well as crude oil and light product transportation and
logistics infrastructure. More information is available
at www.marathonpetroleum.com.
Investor Relations Contacts: (419)
421-2071
Kristina Kazarian,
Vice President, Investor Relations
Taryn Erie, Manager, Investor
Relations
Brian Worthington, Manager, Investor
Relations
Media Contacts:
Hamish
Banks, Vice President, Corporate Communications (419)
421-2521
Jamal Kheiry, Manager, Corporate Communications (419) 421-3312
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws regarding Marathon Petroleum
Corporation (MPC). These forward-looking statements relate to,
among other things, expectations, estimates and projections
concerning MPC's greenhouse gas emissions intensity goals and
strategies to achieve such goals. In accordance with "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995,
these statements are accompanied by cautionary language identifying
important factors, though not necessarily all such factors, that
could cause future outcomes to differ materially from those set
forth in the forward-looking statements. You can identify our
forward-looking statements by words such as "anticipate,"
"believe," "budget," "commitment," "design," "estimate," "expect,"
"focus," "forecast," "forward," "goal," "guidance," "imply,"
"intend," "look," "objective," "opportunity," "outlook," "plan,"
"policy," "position," "potential," "predict," "priority,"
"project," "projection," "proposition," "prospective," "pursue,"
"schedule," "seek," "strategy," "target," "could," "may," "should,"
"would," "will" or other similar expressions that convey the
uncertainty of future events or outcomes. Such forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties and other factors, some of which are beyond
the company's control and are difficult to predict. Factors that
could cause our actual results to differ materially from those
implied in the forward-looking statements include: the effects of
any divestitures on the business or our financial condition,
results of operations and cash flows; future levels of revenues,
refining and marketing margins, operating costs, retail gasoline
and distillate margins, merchandise margins, income from
operations, net income or earnings per share; the regional,
national and worldwide availability and pricing of refined
products, crude oil, natural gas, NGLs, renewable feedstocks and
other feedstocks; consumer demand for refined products and
renewable fuels; future levels of capital, environmental or
maintenance expenditures, general and administrative and other
expenses; the success or timing of completion of ongoing or
anticipated capital or maintenance projects; the reliability of
processing units and other equipment; business strategies, growth
opportunities and expected investment; the effect of restructuring
or reorganization of business components; the potential effects of
judicial or other proceedings on our business, financial condition,
results of operations and cash flows; continued or further
volatility in and/or degradation of general economic, market,
industry or business conditions; compliance with federal and state
environmental, economic, health and safety, energy and other
policies and regulations, including the cost of compliance with the
Renewable Fuel Standard, and/or enforcement actions initiated
thereunder; the effects of actions of third parties such as
competitors, activist investors or federal, foreign, state or local
regulatory authorities or plaintiffs in litigation; the impact of
adverse market conditions or other similar risks to those
identified herein affecting MPLX; and the factors set forth under
the heading "Risk Factors" in MPC's Annual Report on Form 10-K for
the year ended Dec. 31, 2019, filed
with Securities and Exchange Commission (SEC).
We have based our forward-looking statements on our current
expectations, estimates and projections about our industry. We
caution that these statements are not guarantees of future
performance and you should not rely unduly on them, as they involve
risks, uncertainties and assumptions that we cannot predict. In
addition, we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate.
While our management considers these assumptions to be reasonable,
they are inherently subject to significant business, economic,
competitive, regulatory and other risks, contingencies and
uncertainties, most of which are difficult to predict and many of
which are beyond our control. Accordingly, our actual results may
differ materially from the future performance that we have
expressed or forecast in our forward-looking statements. We
undertake no obligation to update any forward-looking statements
except to the extent required by applicable law. Copies of MPC's
Form 10-K and Forms 10-Q are available on the SEC's website, MPC's
website at https://www.marathonpetroleum.com/Investors/ or by
contacting MPC's Investor Relations office.
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