FINDLAY, Ohio, Feb. 14, 2022 /PRNewswire/ -- Marathon
Petroleum Corp. (NYSE: MPC) has established a 2030 target to reduce
absolute Scope 3 – Category 11 greenhouse gas (GHG) emissions by
15% below 2019 levels.
The new Scope 3 target further enhances MPC's GHG disclosures,
which include reporting aligned with the Task Force on
Climate-related Financial Disclosures (since 2017), Scope 1
and 2 GHG emissions intensity target (since 2020), methane
emissions intensity target (since 2020), third-party verification
of Scope 1 and 2 GHG emissions (since 2020), CDP long-form
disclosure (since 2021), Scope 3 disclosure (since 2021), and
third-party verification of Scope 3 emissions (since 2021).
"Our Scope 3 reduction target is part of our commitment to
continuously improve our environmental performance while meeting
society's energy needs sustainably," said MPC President and Chief
Executive Officer Michael J.
Hennigan. "As the energy industry evolves, we are
positioning ourselves to continue delivering positive results in an
energy-diverse future."
MPC's Scope 3 target covers "Category 11: Use of Sold Products,"
for products manufactured at the company's refineries. Informed by
guidance from the Science Based Target Initiative (SBTi) and
IPIECA, the calculation of Scope 3, Category 11 emissions is based
on refinery yields because MPC's refinery yields are larger than
marketed volumes.
Additionally, today MPLX LP (NYSE: MPLX) established a new 2030
target to reduce methane emissions intensity from its natural gas
gathering and processing operations by 75% below 2016 levels. This
expands the existing 2025 target to reduce methane emissions
intensity 50% below 2016 levels.
More information on MPC's targets and actions to reduce
climate-related risks is available on its website at
www.marathonpetroleum.com/Sustainability/.
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. MPC's marketing system includes branded locations across
the United States, including
Marathon brand retail outlets. MPC also owns the general partner
and majority limited partner interest 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.
About MPLX LP
MPLX is a diversified, large-cap master
limited partnership that owns and operates midstream energy
infrastructure and logistics assets and provides fuels distribution
services. MPLX's assets include a network of crude oil and refined
product pipelines; an inland marine business; light-product
terminals; storage caverns; refinery tanks, docks, loading racks,
and associated piping; and crude and light-product marine
terminals. The company also owns crude oil and natural gas
gathering systems and pipelines as well as natural gas and NGL
processing and fractionation facilities in key U.S. supply basins.
More information is available at www.MPLX.com.
Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice
President
Brian Worthington, Manager
Jamie Madere, Manager
Media Contact: (419) 421-3312
Jamal Kheiry, Communications Manager
Forward-Looking Statements
This press release contains forward-looking statements
regarding Marathon Petroleum Corporation (MPC) and MPLX LP (MPLX).
These forward-looking statements may relate to, among other things,
MPC's and MPLX's expectations, estimates and projections concerning
its business and operations, financial priorities, strategic plans
and initiatives, and environmental, social and governance goals.
You can identify forward-looking statements by words such as
"anticipate," "believe," "commitment," "could," "design,"
"estimate," "expect," "forecast," "goal," "guidance," "imply,"
"intend," "may," "objective," "opportunity," "outlook," "plan,"
"policy," "position," "potential," "predict," "priority,"
"project," "proposition," "prospective," "pursue," "scenario,"
"seek," "should," "strategy," "target," "will," "would" or other
similar expressions that convey the uncertainty of future events or
outcomes. MPC and MPLX caution that these statements are based on
management's current knowledge and expectations and are subject to
certain risks and uncertainties, many of which are outside of the
control of management, that could cause actual results and events
to differ materially from the statements made herein. Factors that
could cause actual results to differ materially from those implied
in the forward-looking statements include but are not limited to:
general economic, political or regulatory developments, including
inflation, changes in governmental policies relating to refined
petroleum products, crude oil, natural gas or NGLs or taxation;
other political and regulatory developments, including those
impacting renewable fuels and GHG emissions; the regional, national
and worldwide demand for refined products and related margins; the
regional, national and worldwide demand for renewable fuels and
related margins; the success or timing of completion of ongoing or
anticipated projects or transactions, including ongoing investments
in renewable fuels and the conversion of the Martinez refinery to a
renewable fuels facility and the joint venture with ADM and
projects undertaken by MPC's subsidiary Virent, and the expected
results and benefits thereof; the receipt of relevant third party
and/or regulatory approvals; our ability to successfully implement
our sustainable energy strategy and principles, including our GHG
intensity and emissions, methane intensity and freshwater
withdrawal intensity targets, and realize the expected benefits
thereof; the effect of any future growth opportunities,
acquisitions, divestitures or restructurings; compliance with
federal and state environmental, economic, health and safety,
energy and other policies and regulations, including the costs
thereof; and the factors set forth under the headings "Disclosures
Regarding Forward-Looking Statements" and "Risk Factors" in MPC's
and MPLX's Annual Reports on Form 10-K for the year ended
Dec. 31, 2020, and in other filings
with the SEC. Any forward-looking statement speaks only as of the
date of the applicable communication and we undertake no obligation
to update any forward-looking statement except to the extent
required by applicable law.
Copies of MPC's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and other SEC filings are available on the
SEC's website, MPC's website
at https://www.marathonpetroleum.com/Investors/ or
by contacting MPC's Investor Relations office. Copies of MPLX's
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
other SEC filings are available on the SEC's website, MPLX's
website at http://ir.mplx.com or by
contacting MPLX's Investor Relations office.
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SOURCE Marathon Petroleum Corporation