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Marathon Petroleum Corporation (MPC) CEO Mike Hennigan on Q1 2020 Results - Earnings Call Transcript

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Marathon Petroleum Corporation (NYSE:MPC) Q1 2020 Earnings Conference Call May 5, 2020 9:30 AM ET

Company Participants

Kristina Kazarian - Vice President, Investor Relations

Mike Hennigan - CEO

Don Templin - CFO

Ray Brooks - Senior Vice President, Refining

Tim Griffith - President, Speedway

Brian Partee - Senior Vice President, Marketing

Conference Call Participants

Neil Mehta - Goldman Sachs

Doug Legate - Bank of America

Manav Gupta - Credit Suisse

Paul Cheng - Barclays Capital

Roger Read - Wells Fargo

Phil Gresh - JP Morgan

Prashant Rao - Citi

Brad Heffern - RBC Capital Markets


Welcome to the MPC First Quarter 2020 Earnings Call. My name is Jacqueline and I will be your operator for today's call. At this time, all participants are in listen-only mode. Later we will conduct the question-and-answer session [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

Good morning. And welcome to Marathon Petroleum Corporation's First Quarter 2020 Earnings Conference Call. The slides that accompany this call can be found on our Web site at marathonpetroleum.com under the Investors tab. Joining me on the call today are Mike Hennigan, CEO; Don Templin, CFO and other members of the Executive Team.

We also 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 SEC filings.

With that, I will turn the call over to Mike.

Mike Hennigan

Thanks, Kristina. Good morning, everyone and thank you for joining our call today. As everyone is aware, the global pandemic became the focus in the quarter and that continues today, with our immediate priority on safely operating our assets

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Comments (6)

Do I understand correctly, Speedway stores is the only unit that is making money, but no longer wanted by MPC? If so, what is the rationalization for spinning out?
Speedway stores earnings will pay all of MPC quarterly dividend.
Medusa's Head profile picture
They've been pressured by big investors and analysts to get rid of Speedway because they believe it'll raise the stock price in the short term if the companies are valued separately. I would agree that the company is stronger with Speedway, but it's all about that short term stock pump and dump, not about long term company health.
Medusa's Head profile picture
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