Marathon Petroleum Corporation (NYSE: MPC) and its midstream affiliate MPLX LP (NYSE: MPLX) have published two joint reports that provide details on their efforts to lead in sustainable energy.
The companies’ Sustainability Report and Perspectives on Climate-Related Scenarios report highlight MPC’s and MPLX’s recent accomplishments and progress toward achieving goals in the environmental, social and governance (ESG) aspects of their business. The Sustainability Report provides insight into their progress on greenhouse gas emissions reductions; low-carbon fuels manufacturing; diversity, equity and inclusion; engaging with communities; board oversight and risk management; and strong compliance and ethics programs, among other topics. The Perspectives on Climate-Related Scenarios publication – MPC’s and MPLX’s seventh annual report aligned with the Task Force on Climate-Related Financial Disclosures framework – details the companies’ analysis of strategic risks and opportunities as the energy industry evolves.
“At MPC and MPLX, we challenge ourselves to lead in sustainable energy across the many components of our business,” said Michael J. Hennigan, president and chief executive officer of both MPC and MPLX. “This challenge drives our analysis of the risks and opportunities we face as the energy industry evolves, which in turn shapes our goals, our everyday work, and how we invest for the future.”
While each report provides distinct sets of data and analyses, they also emphasize common themes. For example, the reports highlight the companies’ time-bound, realistic GHG emissions reduction goals. MPC is on track to achieve its Scope 1 and 2 emissions intensity reduction goal of 30% below 2014 levels by 2030 – as of year-end 2022 it had achieved a 25% reduction. Similarly, MPLX has made significant progress on its methane emissions intensity goal of a 50% reduction from 2016 levels by 2025, and is well on its way to achieving its updated goal of 75% by 2030.
A significant theme of the Climate-Related Scenarios report is MPC’s efforts to optimize its legacy refining portfolio, contribute to a lower-carbon future through its natural gas business, and invest capital in growth opportunities in renewable energy and low-carbon solutions.
“We put tremendous effort into planning these strategic investments, and in balancing them with our annual and longer-term performance goals, as well as our commitment to capital discipline and serving the world’s present-day energy needs,” said Hennigan. “I invite you to learn more about how we are positioning ourselves to lead in sustainable energy.”