Marathon Petroleum Corporation (NYSE:MPC) Q4 2018 Earnings Conference Call Transcript
Feb 07, 2019 • 09:00 am ET
Welcome to the MPC Fourth Quarter Earnings call. My name is Elan, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later we will conduct a 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 A. Kazarian
Welcome to the Marathon Petroleum Corp's Fourth Quarter 2018 Earnings Conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investor Center tab. On the call today are Gary Heminger, Chairman and CEO; Greg Goff Executive Vice Chairman; Tim Griffith, CFO; Don Templin, President of Refining, Marketing and Supply; Mike Hennigan, President of MPLX, as well as other members of the executive team.
We invite you to read the Safe Harbor statements on Slide 2. It's a reminder that we will be making forward-looking statements during the call, and during the question-and-answer session. Actual results may differ materially from what we expect today. Factors that could cause actual results to differ are included there as well as in our filings with the SEC.
I will now turn the call over to Gary Heminger, for opening remarks on Slide 3.
Gary R. Heminger
Thanks, Christina. Good morning and thank you for joining our call. Earlier today, we reported an extraordinary first financial update as a combined company and we believe these results are early indication of the tremendous value potential of this powerful combination. Earnings for the quarter were $951 million or $1.35 per diluted share. Results included cost of $1.06 per diluted share primarily from transaction-related items. Tim will walk through these costs in detail later on the call. As we review our performance for 2018, it is important to highlight that we have built a culture focused on operational excellence and safety.
We received multiple awards and accolades over the last year, including an EPA Energy Star Partner of the year award and VPP recognition at multiple facilities. We remain committed to a culture of continuous improvement that positions our company to safely grow our earnings and create long-term value for our shareholders. This quarter, we were pleased to report over $2 billion in income from operations, and adjusted consolidated EBITDA of approximately $4.1 billion, with our segments performing well.
Our expanded integrated business model created significant opportunities for us to capture value. We optimized crude purchases and utilized our larger logistics and diversified marketing footprint to place over 70% of our gasoline volume on a daily basis. Refining throughput was strong during the quarter at 3.1 million barrels per day. This exceeded our expectations and was impressive considering our Detroit, St. Paul Park and Martinez turnarounds during the quarter, all of which were completed on time and under budget.
Our Midstream businesses both performed well this quarter. ANDX reported 2018 EBITDA of $1.2 billion, which increased $250 million year-over-year. For MPLX, 2018 marked the single largest increase in annual EBITDA since it