Marathon Petroleum Corp. (MPC) expects about 70% of its $1.3 billion 2023 budget (excluding MPLX) to be allocated as growth capital and 30% sustaining capital. Of the $900 million of growth capital, some 40% is expected to be allocated to low carbon opportunities focused on expanding into new commercial opportunities, improving efficiency, and lowering the company's emissions profile.
MPLX provided a capital outlook of $950 million includes some $800 million of growth capital and $150 million of maintenance capital. The spending plan focuses on expansions and de-bottlenecking of MPLX's existing logistics and storage segment assets and increasing its gathering and processing segment's capacity to meet customer demand.
The company provided the update as part of its fourth-quarter 2022 earnings on Jan. 31.
Marathon Petroleum reported net income attributable to MPC of $3.3 billion for fourth-quarter 2022, compared with net income attributable to MPC of $774 million for fourth-quarter 2021. Adjusted net income was $3.1 billion for the quarter compared with adjusted net income of $794 million for fourth-quarter 2021.
For the full year 2022, net income attributable to MPC was $14.5 billion compared with net income attributable to MPC of $9.7 billion for full year 2021. Adjusted net income was $13.5 billion for the year compared with adjusted net income attributable to MPC of $1.6 billion for full year 2021.
"We operated our system at 96% utilization and executed commercially, resulting in $16.4 billion of net cash from operations. We returned nearly $12 billion through share repurchases during the year, bringing total repurchases to almost $17 billion since May 2021,” said president and chief executive officer Michael J. Hennigan.
