Marathon Petroleum (NYSE: MPC) announced its 2015 capital investment plan of $2.53 billion. The plan includes $1.28 billion for the refining and marketing segment, $452 million for the Speedway segment, $659 million for the pipeline transportation segment and $140 million for corporate and other.

"MPC's 2015 capital investment plan demonstrates our commitment to execute on our corporate strategies," said MPC President and Chief Executive Officer Gary R. Heminger. "In addition to maintaining top-tier safety and environmental performance, MPC's capital plan reflects our continued emphasis on investments to develop value-enhancing projects and more stable cash-flow businesses, which further enable sustained capital returns to shareholders."

The refining and marketing segment's capital plan of $1.28 billion includes approximately $235 million for midstream investments, approximately $370 million for refining margin enhancement projects and approximately $675 million for refinery-sustaining capital. "Our focus for refining in 2015 is to invest in projects that enhance our overall return," said Heminger. "For example, we are continuing to invest in projects to improve connectivity between our Galveston Bay and Texas City refineries, which will allow us to realize additional synergies through the integration of these two refineries."

With respect to the residual oil upgrader expansion (ROUX) project at MPC's Garyville refinery, Heminger stated, "We believe this project has great potential returns, but we are deferring a final investment decision as we further evaluate the implications of current market conditions on the project."

Heminger also highlighted the approximately $235 million of capital investments planned for midstream included in the refining and marketing total, commenting that MPC's intent is to grow its base of MLP-eligible earnings to support the accelerated growth profile of the company's sponsored master limited partnership MPLX LP (NYSE: MPLX).

In the pipeline transportation segment, MPC plans to invest $659 million in projects to support the changing energy landscape in the United States. "MPC will continue to work with Enbridge on the new Sandpiper and Southern Access Extension pipelines to bring Bakken crude oil to our Midwest refineries," he said. "Due to permitting delays on these projects, we will defer approximately $440 million of capital spending originally intended for 2015." Heminger noted investments in this segment also include growth projects undertaken by MPLX, such as the proposed Cornerstone Pipeline and other associated build-out projects, which completed a non-binding open season in the second half of 2014, with a binding open season expected in the first quarter of 2015.

Speedway's capital plan of $452 million is focused on continued growth and integrating the Hess retail operations into Speedway. The budget includes approximately $240 million for the Hess retail outlets primarily associated with store conversions and remodels, which will drive incremental merchandise sales.