Marathon Petroleum Corp. Establishes 2030 Target to Reduce Absolute Scope 3 Greenhouse Gas Emissions
FINDLAY, Ohio, February 16, 2022 /3BL Media/ - 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.
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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.