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Released February 01, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio) plans to spend $1.3 billion on capital items in 2023, with a large chunk of its growth capital allocated for "low-carbon opportunities," the refiner said Tuesday.
About 70% of overall spending is focused on growth capital and 30% on sustaining capital, the company said in its fourth-quarter 2022 earnings announcement. Of the $900 million of growth capital, about 40% is earmarked to low-carbon opportunities "focused on expanding into new commercial opportunities, improving the efficiency of (Marathon's) assets, and lowering the company's emissions profile and enhancing its long-term sustainability."
The company noted that Phase I of the Martinez Renewable Fuels facility in California is in start-up, and is on track to reach its full Phase I production capacity of 260 million gallons per year of renewable fuel by the end of the first quarter of 2023.
"Pretreatment capabilities are expected to come online in the second half of 2023, and the facility is expected to be capable of producing 730 million gallons per year by the end of 2023," according to Marathon.
The $1.2 billion Martinez project in the East Bay region of the California's San Francisco Bay area will breathe new life into the 161,000-barrel-per-day (BBL/d) refinery, which was closed in April 2020 following a COVID-induced drop in demand for refined products.
The Martinez project is part of a 50:50 joint venture partnership with refiner Neste Oyj (Espoo, Finland). Subscribers to Industrial Info's Global Market Intelligence (GMI) Alternative Fuel Project Database can click here for the related Martinez project reports.
On the traditional refining side, Marathon is expected to spend $150 million this year to wrap up its South Texas Asset Repositioning (STAR) project, which will increase the capacity of its 437,000-BBL/d Galveston Bay Complex in Texas by 40,000 BBL/d to improve gas oil and distillate yields. Subscribers to Industrial Info's GMI Petroleum Refining Project Database can learn more by clicking here.
First-quarter turnaround activity in 2023 will total $350 million, with $260 million of that earmarked for Marathon's Gulf Coast-region refineries, executives said during the company's first-quarter earnings conference call.
Marathon reported fourth-quarter 2022 net income of $3.3 billion, compared with $774 million in fourth-quarter 2021. For all of 2022, net income was $14.5 billion, compared with $9.7 billion in 2021.
Industrial Info is tracking more than 170 projects, worth more than $6.6 billion, which are attributable to Marathon. Subscribers can click here for the list of projects.
Subscribers can click here for a list of all project reports referenced in this article, and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
About 70% of overall spending is focused on growth capital and 30% on sustaining capital, the company said in its fourth-quarter 2022 earnings announcement. Of the $900 million of growth capital, about 40% is earmarked to low-carbon opportunities "focused on expanding into new commercial opportunities, improving the efficiency of (Marathon's) assets, and lowering the company's emissions profile and enhancing its long-term sustainability."
The company noted that Phase I of the Martinez Renewable Fuels facility in California is in start-up, and is on track to reach its full Phase I production capacity of 260 million gallons per year of renewable fuel by the end of the first quarter of 2023.
"Pretreatment capabilities are expected to come online in the second half of 2023, and the facility is expected to be capable of producing 730 million gallons per year by the end of 2023," according to Marathon.
The $1.2 billion Martinez project in the East Bay region of the California's San Francisco Bay area will breathe new life into the 161,000-barrel-per-day (BBL/d) refinery, which was closed in April 2020 following a COVID-induced drop in demand for refined products.
The Martinez project is part of a 50:50 joint venture partnership with refiner Neste Oyj (Espoo, Finland). Subscribers to Industrial Info's Global Market Intelligence (GMI) Alternative Fuel Project Database can click here for the related Martinez project reports.
On the traditional refining side, Marathon is expected to spend $150 million this year to wrap up its South Texas Asset Repositioning (STAR) project, which will increase the capacity of its 437,000-BBL/d Galveston Bay Complex in Texas by 40,000 BBL/d to improve gas oil and distillate yields. Subscribers to Industrial Info's GMI Petroleum Refining Project Database can learn more by clicking here.
First-quarter turnaround activity in 2023 will total $350 million, with $260 million of that earmarked for Marathon's Gulf Coast-region refineries, executives said during the company's first-quarter earnings conference call.
Marathon reported fourth-quarter 2022 net income of $3.3 billion, compared with $774 million in fourth-quarter 2021. For all of 2022, net income was $14.5 billion, compared with $9.7 billion in 2021.
Industrial Info is tracking more than 170 projects, worth more than $6.6 billion, which are attributable to Marathon. Subscribers can click here for the list of projects.
Subscribers can click here for a list of all project reports referenced in this article, and click here for the related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
