Marathon Petroleum Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Marathon Petroleum Corp. has submitted its Q1 2024 10-Q filing, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

Marathon Petroleum Corp (MPC) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Marathon Petroleum Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Marathon Petroleum Corp. is classified under Petroleum Refining (SIC 2911). The filing was submitted on April 30, 2024.

Why It Matters

For investors and stakeholders tracking Marathon Petroleum Corp, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational updates for Marathon Petroleum Corp., crucial for assessing the company's performance and future outlook. Understanding the details within this report is essential for making informed investment decisions regarding MPC stock, as it reflects the company's financial health and strategic positioning in the energy sector.

Risk Assessment

Risk Level: low — Marathon Petroleum Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Monitor future filings for specific financial performance metrics and segment results to gauge the company's profitability and market position.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly Report)
• 2024-04-30 — Filing Date (10-Q Submission)
• 2024-01-01 — Quarter Start Date (Fiscal Year 2024)
• 2023-03-31 — Prior Year Quarter End (Comparative Period)

Key Players & Entities

• Marathon Petroleum Corp. (company) — Filer
• MPC (company) — Ticker Symbol
• 2024-03-31 (date) — Period of Report
• 2024-04-30 (date) — Filed As Of Date
• 2024-01-01 (date) — Quarterly Period Start
• 2023-03-31 (date) — Prior Year Quarter End

FAQ

Industry Context

Marathon Petroleum Corp. operates within the petroleum refining industry, a sector characterized by significant capital investment, commodity price volatility, and regulatory oversight.

Regulatory Implications

The petroleum refining industry is subject to various environmental, safety, and operational regulations from agencies like the EPA and OSHA, impacting compliance costs and operational procedures.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze segment performance within the report to understand revenue drivers and profitability by business unit.
3. Compare Q1 2024 results against prior periods and analyst expectations to identify trends and potential investment opportunities.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial information compared to the previous fiscal year's filings.

Filing Documents

• mpc-20240331.htm (10-Q) — 1525KB
• mpc-20240331xex101.htm (EX-10.1) — 45KB
• mpc-20240331xex102.htm (EX-10.2) — 25KB
• mpc-20240331xex311.htm (EX-31.1) — 10KB
• mpc-20240331xex312.htm (EX-31.2) — 10KB
• mpc-20240331xex321.htm (EX-32.1) — 5KB
• mpc-20240331xex322.htm (EX-32.2) — 5KB
• mpc-20240331_g1.jpg (GRAPHIC) — 35KB
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• mpc-20240331_g8.jpg (GRAPHIC) — 31KB
• mpc-20240331_g9.jpg (GRAPHIC) — 25KB
• 0001510295-24-000047.txt (&nbsp;) — 9810KB
• mpc-20240331.xsd (EX-101.SCH) — 59KB
• mpc-20240331_cal.xml (EX-101.CAL) — 86KB
• mpc-20240331_def.xml (EX-101.DEF) — 304KB
• mpc-20240331_lab.xml (EX-101.LAB) — 683KB
• mpc-20240331_pre.xml (EX-101.PRE) — 556KB
• mpc-20240331_htm.xml (XML) — 1351KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Consolidated Statements of Income (Unaudited) 3 Consolidated Statements of Comprehensive Income (Unaudited) 4 Consolidated Balance Sheets (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6 Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Unaudited) 7 Notes to the Consolidated Financial Statements (Unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Other Information

Item 5. Other Information 47

Exhibits

Item 6. Exhibits 48

Signatures

Signatures 49 Unless otherwise stated or the context otherwise indicates, all references in this Form 10-Q to "MPC," "us," "our," "we" or "the Company" mean Marathon Petroleum Corporation and its consolidated subsidiaries. 1 Table of Contents Glossary of Terms Throughout this report, the following company or industry specific terms and abbreviations are used: ANS Alaska North Slope crude oil, an oil index benchmark price ASU Accounting Standards Update barrel One stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to crude oil or other liquid hydrocarbons CARB California Air Resources Board CARBOB California Reformulated Gasoline Blendstock for Oxygenate Blending CBOB Conventional Gasoline Blendstock for Oxygenate Blending CEC California Energy Commission EBITDA Earnings Before Interest, Tax, Depreciation and Amortization (a non-GAAP financial measure) EPA U.S. Environmental Protection Agency FASB Financial Accounting Standards Board GAAP Accounting principles generally accepted in the United States LIFO Last in, first out, an inventory costing method mbpd Thousand barrels per day MEH Magellan East Houston crude oil, an oil index benchmark price MMBtu One million British thermal units NGL Natural gas liquids, such as ethane, propane, butanes and natural gasoline NYMEX New York Mercantile Exchange RFS2 Revised Renewable Fuel Standard program, as required by the Energy Independence and Security Act of 2007 RIN Renewable Identification Number SEC U.S. Securities and Exchange Commission ULSD Ultra-low sulfur diesel USGC U.S. Gulf Coast VIE Variable interest entity WTI West Texas Intermediate crude oil, an oil index benchmark price 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Marathon Petroleum Corporation Consolidated Statements of Income (Unaudited) Three Months Ended March 31, (In millions, except per share data) 2024 2023 Revenues and other income: Sales and other operating revenues $ 32,706 $ 34,864 Income from equity method investments 204 133 Net gain on disposal of assets 20 3 Other income 281 77 Total revenues and other income 33,211 35,077 Costs and expenses: Cost of revenues (excludes items below) 29,593 29,294 Depreciation and amortization 827 800 Selling, general and administrative expenses 779 691 Other taxes 228 231 Total costs and expenses 31,427 31,016 Income from operations 1,784 4,061 Net interest and other financial costs 179 154 Income before income taxes 1,605 3,907 Provision for income taxes 293 823 Net income 1,312 3,084 Less net income attributable to: Redeemable noncontrolling interest 10 23 Noncontrolling interests 365 337 Net income attributable to MPC $ 937 $ 2,724 Per share data (See Note 7) Basic: Net income attributable to MPC per share $ 2.59 $ 6.13 Weighted average shares outstanding 361 444 Diluted: Net income attributable to MPC per share $ 2.58 $ 6.09 Weighted average shares outstanding 362 447 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents Marathon Petroleum Corporation Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended March 31, (Millions of dollars) 2024 2023 Net income $ 1,312 $ 3,084 Defined benefit plans: Actuarial changes, net of tax of $ 1 and $ 1 , respectively 2 2 Prior service, net of tax of $( 3 ) and $( 4 ), respectively ( 11 ) ( 13 ) Other, net of tax of $( 1 ) and $ 0 , respectively ( 3 ) — Other comprehensive loss ( 12 ) ( 11 ) Comprehensive income 1,300 3,073 Less comprehensive income attributable to: Redeemable noncontrolling interest 10 23 Noncontrolling interests 365 337 Comprehensive income attributa

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 1 . Description of the Business and Basis of Presentation Description of the Business We are a leading, integrated, downstream energy company headquartered in Findlay, Ohio. We operate the nation's largest refining system. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market and to independent entrepreneurs who operate branded outlets. We also sell transportation fuel to consumers through direct dealer locations under long-term supply contracts. MPC's midstream operations are primarily conducted through MPLX LP ("MPLX"), which owns and operates crude oil and light product transportation and logistics infrastructure as well as gathering, processing and fractionation assets. We own the general partner and a majority limited partner interest in MPLX. See Note 4. Basis of Presentation These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. Certain information and disclosures derived from our audited annual financial statements, prepared in accordance with GAAP, have been condensed or omitted from these interim financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for the three months ended March 31,

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View this 10-Q filing on SEC EDGAR