Marathon Petroleum MPC Q3 2. Results Earnings Call Transcript. Marathon Petroleum Corp. NYSE MPCQ3 2. 01. Watch breaking news videos, viral videos and original video clips on CNN. Online Magazines Country Music A Step by Step Guide For Making Pemmican ONLINE MAGAZINES COUNTRY MUSIC FREE Video Watch Video Now tom brown. This update will see the death of the old email program Outlook Express, as well as the depreciation of the popular Paint application. As Microsoft told Gizmodo back. Zero Hedge Deutsche survival food manufacturers. Top 10 Survival Skills You Need to Know ZERO HEDGE DEUTSCHE Step By Step Watch Video NowEarnings Call. October 2. ETExecutives. Lisa Wilson Marathon Petroleum Corp. Gary R. Heminger Marathon Petroleum Corp. Donald C. Templin Marathon Petroleum Corp. Timothy T. Griffith Marathon Petroleum Corp. C. Michael Palmer Marathon Petroleum Corp. Raymond L. Brooks Marathon Petroleum Corp. Analysts. Phil M. Gresh JPMorgan Securities LLCChi Chow Tudor, Pickering, Holt Co. Securities, Inc. Paul Cheng Barclays Capital, Inc. Make-a-Cracked-Minecraft-Server-Step-8-Version-3.jpg/aid2469422-v4-728px-Make-a-Cracked-Minecraft-Server-Step-8-Version-3.jpg' alt='Build A Lot 3 Crack Deutsche' title='Build A Lot 3 Crack Deutsche' />Brad Heffern RBC Capital Markets LLCFaisel H. Khan Citigroup Global Markets, Inc. Trump and the information cascade created a cultural reckoning The internet of things helps spark a rust belt revival The blood and. Corey Goldman Jefferies LLCPaul Sankey Wolfe Research LLCDoug Leggate Bank of America Merrill Lynch. Spiro M. Dounis UBS Securities LLCJustin S. Jenkins Raymond James Associates, Inc. Ryan Todd Deutsche Bank Securities, Inc. Operator. Welcome to the MPCs Third Quarter Earnings Call. My name is Elon, and I will be your operator for todays call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. Please note that this conference is being recorded. I will now turn the call over to Lisa Wilson. Lisa, you may begin. Lisa Wilson Marathon Petroleum Corp. Welcome to Marathon Petroleum Corporations third quarter 2. Best Green Screen Software Pc. The synchronized slides that accompany this call can be found on our website at marathonpetroleum. Investor Center tab. On the call today are Gary Heminger, Chairman and CEO Don Templin, President Tim Griffith, Senior Vice President and Chief Financial Officer Mike Hennigan, President of the general partner of MPLX and other members of MPCs executive team. We invite you to read the Safe Harbor statements on slide 2. Its a reminder that we will be making forward looking statements during the call and during the question and answer session. Actual results may differ materially from what we expect today. Factors that could cause actual results to differ are included there, as well as in our filings with the SEC. Now, I will turn the call over to Gary Heminger for opening remarks. Gary R. Heminger Marathon Petroleum Corp. Thank you, Lisa, and good morning to everyone. If you please turn to slide 3. Earlier today, we reported strong financial and operational performance across the business with third quarter earnings of 9. An important part of our success this quarter was our employees and their dedication to operate our facilities safely and reliably throughout the quarter, and notably under the extremely challenging weather conditions during the recent hurricanes. This focus enabled us to meet the needs of our customers and the market at a critical time. During Hurricane Harvey, our system did not experience material flooding or damage, but we did operate at a reduced rate at our Galveston Bay Refinery for a few days to enable pipelines, marine vessels and other logistics assets to resume normal operation. After the storm passed, our team resumed normal refinery production rates rapidly and restarted critical logistics infrastructure, positioning MPC as the first to resume dock shipments to a market in need of supply for recovery efforts. Also to help supply the markets needs, we temporarily delayed turnaround activity at our Catlettsburg, Garyville and Robinson refineries. Shortly after Harvey, we were preparing for the landfall of Hurricane Irma. In preparation for the evacuation of Floridas residents, our logistics team focused on transporting as much fuel as possible to Speedway and Marathon brand locations along the evacuation route, utilizing our trucks, barges, as well as additional third party assets. We staged fuel for resupply in strategic locations and we were well positioned to supply the Florida market as soon it was safe to operate. Within three days of the storms passing, 9. Speedway stores in Florida were operating as were all four of our live product terminals. We were pleased to be recognized by the state and government officials for our efforts in getting supply into these critical markets. In both hurricanes, our response and recovery efforts went beyond our fence line. MPC along with our employees donated to local municipalities and charities in both Texas and Florida to aid with storm recovery. MPC volunteers also spent countless hours helping their fellow employees and other flood victims. To our employees, Im grateful for your contributions to this critical work, and Im proud of our role in manufacturing and transporting and marketing fuels and other products that millions of people use to make their lives better every day. Turning to our strategic actions designed to further enhance shareholder value, we have been sharply focused on executing our plan. Since the beginning of the year, including the third quarter dropdown, we have contributed assets to MPLX with a combined transaction value of 3. MPLX units. In total for the year, we have returned 2. We expect to repurchase at least 5. As part of the strategic actions, a full thorough review of Speedway was completed. As we reported in early September, our board was unanimous in its conclusion that the greatest long term value for shareholders is optimized with Speedway remaining a fully integrated business within MPC. Having a strong retail business in Speedway is a valuable differentiator for MPC, and we see significant opportunities for maximizing value creation at Speedway. This will be done by continuing to deliver on past organic investment and through additional investments to grow the business. Looking forward, our strategic plan remains on track. We have offered the remaining identified dropdown to MPLX and the offer is currently under review by the boards independent conflicts committee. This last dropdown includes refining logistics assets and fuels distribution services, which are projected to generate 1 billion in annual EBITDA. We expect this dropdown to close in the first quarter of 2. Once the terms of the dropdown are finalized, MPC will immediately initiate the offer of its GP economic interests, including its IDR rights to the partnership in exchange for newly issued LP common units. Both transactions would then close in the first quarter. The GP transaction will provide a clear valuation for MPCs GP economic interest and is intended to reduce MPLXs cost of capital for the long term. All transactions are subject to market and other conditions, as well as requisite approvals. In summary, we remain committed to driving shareholder value through execution of our strategic actions and are confident that our value creation plan, combined with our proven operational excellence will further drive substantial long term shareholder value. With that, let me turn the call over to Don to cover additional highlights for the third quarter. Donald C. Templin Marathon Petroleum Corp. Thanks, Gary. We reported third quarter earnings of 9. Gary mentioned earlier. Our Midstream segment, which largely reflects the financial results of MPLX, reported record third quarter earnings. The outstanding performance in the quarter and the increase over the third quarter of last year was primarily driven by record gathered, processed, and fractionated volumes. MPLX continues to build on its strong footprint in the Marcellus, Permian, and STACK shale plays.