FINDLAY,
Ohio, Jan. 31, 2023 /PRNewswire/ --
- Fourth-quarter net income attributable to MPC of
$3.3 billion, or $7.09 per diluted share; adj. net income of
$3.1 billion, or $6.65 per diluted share; adj. EBITDA of
$5.8 billion
- Full-year net cash provided by operating activities of
$16.4 billion, reflecting improving
operational and commercial execution
- Returned $13.2 billion of
capital to shareholders in 2022; $11.9
billion through share repurchases and $1.3 billion through dividends
- 2023 MPC standalone capital spending outlook of $1.3 billion; approximately 40% of growth capital
for low carbon projects
- Announced incremental $5
billion share repurchase authorization
Marathon Petroleum Corp. (NYSE: MPC) today reported net income
attributable to MPC of $3.3 billion,
or $7.09 per diluted share, for the
fourth quarter of 2022, compared with net income attributable to
MPC of $774 million, or $1.27 per diluted share, for the fourth quarter
of 2021. Adjusted net income was $3.1
billion, or $6.65 per diluted
share, for the fourth quarter of 2022. This compares to adjusted
net income of $794 million, or
$1.30 per diluted share, for the
fourth quarter of 2021. Adjustments are shown in the accompanying
release tables.
For the full year 2022, net income attributable to MPC was
$14.5 billion, or $28.12 per diluted share, compared with net
income attributable to MPC of $9.7
billion or $15.24 per diluted
share for the full year of 2021. Adjusted net income was
$13.5 billion, or $26.16 per diluted share for the full year of
2022. This compares with adjusted net income attributable to MPC of
$1.6 billion or $2.45 per diluted share for the full year of
2021. Adjustments are shown in the accompanying release
tables.
"In 2022, we delivered on our strategic commitments," said
President and Chief Executive Officer Michael J. Hennigan. "We operated our system at
96% utilization and executed commercially, resulting in
$16.4 billion of net cash from
operations. We returned nearly $12
billion through share repurchases during the year, bringing
total repurchases to almost $17
billion since May 2021. In
addition, back in November, we increased our quarterly dividend by
30%. Today, we announced a 2023 MPC standalone capital spending
outlook of $1.3 billion, and with the
incremental share repurchase authorization we now have $7.6 billion in remaining authorization."
Results from Operations
Adjusted EBITDA from
Continuing and Discontinued Operations (unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
(In
millions)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Refining &
Marketing Segment
|
|
|
|
|
|
|
|
|
|
|
|
Segment income from
operations
|
$
|
3,910
|
|
$
|
881
|
|
$
|
16,437
|
|
$
|
1,016
|
Add: Depreciation and
amortization
|
|
455
|
|
|
464
|
|
|
1,850
|
|
|
1,870
|
Refining planned
turnaround costs
|
|
442
|
|
|
204
|
|
|
1,122
|
|
|
582
|
Storm
impacts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
LIFO inventory
charge
|
|
(176)
|
|
|
—
|
|
|
(148)
|
|
|
—
|
Refining &
Marketing segment adjusted EBITDA
|
|
4,631
|
|
|
1,549
|
|
|
19,261
|
|
|
3,518
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstream
Segment
|
|
|
|
|
|
|
|
|
|
|
|
Segment income from
operations
|
|
1,088
|
|
|
1,070
|
|
|
4,462
|
|
|
4,061
|
Add: Depreciation and
amortization
|
|
327
|
|
|
335
|
|
|
1,310
|
|
|
1,329
|
Storm
impacts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
Midstream segment
adjusted EBITDA
|
|
1,415
|
|
|
1,405
|
|
|
5,772
|
|
|
5,410
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
6,046
|
|
|
2,954
|
|
|
25,033
|
|
|
8,928
|
Corporate
|
|
(259)
|
|
|
(173)
|
|
|
(753)
|
|
|
(696)
|
Add: Depreciation and
amortization
|
|
15
|
|
|
14
|
|
|
55
|
|
|
109
|
Adjusted EBITDA from
continuing operations
|
$
|
5,802
|
|
$
|
2,795
|
|
$
|
24,335
|
|
$
|
8,341
|
|
|
|
|
|
|
|
|
|
|
|
|
Speedway
|
|
|
|
|
|
|
|
|
|
|
|
Speedway
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
613
|
Add: Depreciation and
amortization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
Adjusted EBITDA from
discontinued operations
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
616
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from
continuing and discontinued
operations
|
$
|
5,802
|
|
$
|
2,795
|
|
$
|
24,335
|
|
$
|
8,957
|
Refining & Marketing (R&M)
Segment adjusted EBITDA was $4.6
billion in the fourth quarter of 2022, versus $1.5 billion for the fourth quarter of 2021.
Segment adjusted EBITDA excludes refining planned turnaround costs,
which totaled $442 million in the
fourth quarter of 2022 and $204
million in the fourth quarter of 2021. The increase in
segment adjusted EBITDA was driven by higher R&M margins.
R&M margin was $28.82 per
barrel for the fourth quarter of 2022, versus $15.88 per barrel for the fourth quarter of 2021.
Crude capacity utilization was approximately 94%, resulting in
total throughput of 2.9 million barrels per day for the fourth
quarter of 2022, which is roughly flat year-over-year.
Refining operating costs per barrel were $5.62 for the fourth quarter of 2022, versus
$5.36 for the fourth quarter of
2021. The majority of this increase was primarily driven by
higher energy costs, project expense associated with higher
turnaround activity, as well as a special compensation expense.
Midstream
Segment adjusted EBITDA was $1.4
billion in the fourth quarter of 2022, versus $1.4 billion for the fourth quarter of 2021 as
higher pipeline tariff rates and contributions from joint ventures
were offset largely by higher project related expenses, lower
natural gas liquids prices, and a special compensation
expense.
Corporate and Items Not Allocated
Corporate expenses totaled $259
million in the fourth quarter of 2022, compared with
$173 million in the fourth quarter of
2021. The variance was primarily driven by retroactive
operating tax assessments for prior periods and special
compensation expenses. The company will continue to pursue recovery
of these tax assessments.
Speedway
This business was sold on May 14,
2021. Historic results are reported as discontinued
operations.
Financial Position, Liquidity, and Return of Capital
As of December 31, 2022, MPC had $11.8 billion of cash, cash equivalents, and
short-term investments and $5 billion
available on its bank revolving credit facility. MPC debt at the
end of the fourth quarter of 2022 totaled $6.9 billion, excluding MPLX debt. MPC's gross
debt-to-capital ratio, excluding MPLX debt, was 20% at the end of
the fourth quarter of 2022, which is below the company's stated
target of 25%-30%.
In October 2022, MPC completed its
$15 billion return of capital
commitment, having repurchased approximately 30% of outstanding
shares as of the program commencement in May
2021. In the fourth quarter, the company repurchased
$1.8 billion of company shares, and
since year-end, has repurchased $0.7
billion through January 27,
2023.
Additionally, the Board of Directors has approved an incremental
$5 billion share repurchase
authorization. As of today, the company has approximately
$7.6 billion remaining available
under its current share repurchase authorization. The authorization
has no expiration date. MPC may utilize various methods to effect
the repurchases, which could include open market repurchases,
negotiated block transactions, accelerated share repurchases,
tender offers or open market solicitations for shares, some of
which may be effected through Rule 10b5-1 plans. The timing of
repurchases will depend upon several factors, including market and
business conditions, and repurchases may be discontinued at any
time.
Strategic and Operations Update
MPC's standalone capital spending outlook for 2023 is
$1.3 billion. Approximately 70% of
overall spending is focused on growth capital and 30% on sustaining
capital. Of the $900 million of
growth capital, approximately 40% is allocated to low carbon
opportunities focused on expanding into new commercial
opportunities, improving the efficiency of MPC's assets, and
lowering the company's emissions profile and enhancing its
long-term sustainability.
Phase I of the Martinez Renewable Fuels facility is progressing
start-up activities. The facility is on track to reach full Phase I
production capacity of 260 million gallons per year of renewable
fuels by the end of the first quarter of 2023. Pretreatment
capabilities are expected to come online in the second half of 2023
and the facility is expected to be capable of producing 730 million
gallons per year by the end of 2023.
MPLX announced a capital outlook of $950
million, which includes approximately $800 million of growth capital and $150 million of maintenance capital. The capital
spending plan focuses on expansions and de-bottlenecking of MPLX's
existing Logistics & Storage segment assets, and increasing its
Gathering & Processing segment's capacity to meet customer
demand. MPLX continues to evaluate opportunities to meet the needs
of today and participate in an energy-diverse future.
2023 Capital Plan ($
millions)
|
|
|
|
MPC (excluding
MPLX)
|
|
|
Refining &
Marketing Segment:
|
$
|
1,250
|
Growth -
Traditional
|
|
550
|
Growth -
Low Carbon
|
|
350
|
Maintenance
|
|
350
|
Midstream Segment
(excluding MPLX)
|
|
—
|
Corporate and
Other(a)
|
|
50
|
Total MPC (excluding
MPLX)
|
$
|
1,300
|
|
|
|
MPLX
Total
|
$
|
950
|
(a)
Does not include capitalized
interest
|
First Quarter 2023
Outlook
|
|
Refining &
Marketing Segment:
|
|
|
Refining operating
costs per barrel(a)
|
$
|
5.60
|
Distribution costs (in
millions)
|
$
|
1,350
|
Refining planned
turnaround costs (in millions)
|
$
|
350
|
Depreciation and
amortization (in millions)
|
$
|
460
|
|
|
|
Refinery throughputs
(mbpd):
|
|
|
Crude oil refined
|
|
2,540
|
Other charge and blendstocks
|
|
295
|
Total
|
|
2,835
|
|
|
|
Corporate (in
millions)
|
$
|
175
|
|
|
|
(a)
Excludes refining planned turnaround and depreciation and
amortization expense
|
Conference Call
At 11:00 a.m. ET today, MPC will
hold a conference call and webcast to discuss the reported results
and provide an update on company operations. Interested parties may
listen by visiting MPC's website at www.marathonpetroleum.com.
A replay of the webcast will be available on the company's website
for two weeks. Financial information, including the earnings
release and other investor-related materials, will also be
available online prior to the conference call and webcast
at www.marathonpetroleum.com.
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.
Investor Relations Contacts: (419)
421-2071
Kristina Kazarian,
Vice President, Finance and Investor Relations
Brian Worthington, Director
Kenan Kinsey, Supervisor
Media Contact: (419) 421-3312
Jamal Kheiry,
Communications Manager
References to Earnings and Defined Terms
References to earnings mean net income attributable to MPC
from the statements of income. Unless otherwise indicated,
references to earnings and earnings per share are MPC's share after
excluding amounts attributable to noncontrolling interests.
Forward-Looking Statements
This press release contains forward-looking statements
regarding MPC. These forward-looking statements may relate to,
among other things, MPC's expectations, estimates and projections
concerning its business and operations, financial priorities,
strategic plans and initiatives, capital return plans, capital
expenditure plans, operating cost reduction objectives, and
environmental, social and governance ("ESG") plans and goals,
including those related to greenhouse gas emissions, diversity and
inclusion and ESG reporting. Forward-looking and other statements
regarding our ESG plans and goals are not an indication that these
statements are material to investors. In addition, historical,
current, and forward-looking ESG-related statements may be based on
standards for measuring progress that are still developing,
internal controls and processes that continue to evolve, and
assumptions that are subject to change in the future. You can
identify forward-looking statements by words such as "anticipate,"
"believe," "commitment," "could," "design," "estimate," "expect,"
"forecast," "goal," "guidance," "intend," "may," "objective,"
"opportunity," "outlook," "plan," "policy," "position,"
"potential," "predict," "priority," "project," "prospective,"
"pursue," "seek," "should," "strategy," "target," "will," "would"
or other similar expressions that convey the uncertainty of future
events or outcomes. MPC cautions 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 MPC, that could cause actual results and events to
differ materially from the statements made herein. Factors that
could cause MPC's actual results to differ materially from those
implied in the forward-looking statements include but are not
limited to: the continuance or escalation of the military conflict
between Russia and Ukraine and related sanctions and market
disruptions; general economic, political or regulatory
developments, including inflation, rising interest rates and
changes in governmental policies relating to refined petroleum
products, crude oil, natural gas or NGLs, or taxation; continued or
further volatility in and degradation of general economic, market,
industry or business conditions; the magnitude, duration and extent
of future resurgences of the COVID-19 pandemic and its effects; the
regional, national and worldwide demand for refined products and
related margins; the regional, national or worldwide availability
and pricing of crude oil, natural gas, NGLs and other feedstocks
and related pricing differentials; the success or timing of
completion of ongoing or anticipated projects or transactions,
including the conversion of the Martinez Refinery to a renewable
fuels facility; the timing and ability to obtain necessary
regulatory approvals and permits and to satisfy other conditions
necessary to complete planned projects or to consummate planned
transactions within the expected timeframes if at all; the
availability of desirable strategic alternatives to optimize
portfolio assets and the ability to obtain regulatory and other
approvals with respect thereto; our ability to successfully
implement our sustainable energy strategy and principles, achieve
our ESG plans and goals and realize the expected benefits thereof;
accidents or other unscheduled shutdowns affecting our refineries,
machinery, pipelines, processing, fractionation and treating
facilities or equipment, means of transportation, or those of our
suppliers or customers; the impact of adverse market conditions or
other similar risks to those identified herein affecting MPLX; and
the factors set forth under the heading "Risk Factors" in MPC's and
MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2021, 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.
Consolidated
Statements of Income (unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
(In millions, except
per-share data)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Revenues and other
income:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
other operating revenues
|
$
|
39,813
|
|
$
|
35,336
|
|
$
|
177,453
|
|
$
|
119,983
|
Income from
equity method investments
|
|
186
|
|
|
152
|
|
|
655
|
|
|
458
|
Net gain (loss)
on disposal of assets
|
|
(11)
|
|
|
18
|
|
|
1,061
|
|
|
21
|
Other
income
|
|
105
|
|
|
102
|
|
|
783
|
|
|
468
|
Total revenues
and other income
|
|
40,093
|
|
|
35,608
|
|
|
179,952
|
|
|
120,930
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (excludes items below)
|
|
33,575
|
|
|
32,184
|
|
|
151,671
|
|
|
110,008
|
Depreciation and amortization
|
|
797
|
|
|
813
|
|
|
3,215
|
|
|
3,364
|
Selling,
general and administrative expenses
|
|
763
|
|
|
656
|
|
|
2,772
|
|
|
2,537
|
Other
taxes
|
|
219
|
|
|
177
|
|
|
825
|
|
|
721
|
Total costs and
expenses
|
|
35,354
|
|
|
33,830
|
|
|
158,483
|
|
|
116,630
|
Income from continuing
operations
|
|
4,739
|
|
|
1,778
|
|
|
21,469
|
|
|
4,300
|
Net interest and other
financial costs
|
|
186
|
|
|
430
|
|
|
1,000
|
|
|
1,483
|
Income from continuing
operations before income taxes
|
|
4,553
|
|
|
1,348
|
|
|
20,469
|
|
|
2,817
|
Provision for income
taxes on continuing operations
|
|
984
|
|
|
243
|
|
|
4,491
|
|
|
264
|
Income from continuing
operations, net of tax
|
|
3,569
|
|
|
1,105
|
|
|
15,978
|
|
|
2,553
|
Income from
discontinued operations, net of tax
|
|
72
|
|
|
—
|
|
|
72
|
|
|
8,448
|
Net
income
|
|
3,641
|
|
|
1,105
|
|
|
16,050
|
|
|
11,001
|
Less net income
attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
23
|
|
|
21
|
|
|
88
|
|
|
100
|
Noncontrolling
interests
|
|
297
|
|
|
310
|
|
|
1,446
|
|
|
1,163
|
Net income
attributable to MPC
|
$
|
3,321
|
|
$
|
774
|
|
$
|
14,516
|
|
$
|
9,738
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
data
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
6.98
|
|
$
|
1.28
|
|
$
|
28.17
|
|
$
|
2.03
|
Discontinued
operations
|
|
0.15
|
|
|
—
|
|
|
0.14
|
|
|
13.31
|
Net income per
share
|
$
|
7.13
|
|
$
|
1.28
|
|
$
|
28.31
|
|
$
|
15.34
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding (in millions)
|
|
465
|
|
|
605
|
|
|
512
|
|
|
634
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
6.94
|
|
$
|
1.27
|
|
$
|
27.98
|
|
$
|
2.02
|
Discontinued
operations
|
|
0.15
|
|
|
—
|
|
|
0.14
|
|
|
13.22
|
Net income per
share
|
$
|
7.09
|
|
$
|
1.27
|
|
$
|
28.12
|
|
$
|
15.24
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding (in millions)
|
|
468
|
|
|
609
|
|
|
516
|
|
|
638
|
Income Summary for
Continuing Operations (unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
(In
millions)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Refining &
Marketing
|
$
|
3,910
|
|
$
|
881
|
|
$
|
16,437
|
|
$
|
1,016
|
Midstream
|
|
1,088
|
|
|
1,070
|
|
|
4,462
|
|
|
4,061
|
Corporate
|
|
(259)
|
|
|
(173)
|
|
|
(753)
|
|
|
(696)
|
Income from continuing
operations before items not
allocated to segments
|
|
4,739
|
|
|
1,778
|
|
|
20,146
|
|
|
4,381
|
Items not allocated to
segments:
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
assets
|
|
—
|
|
|
—
|
|
|
1,058
|
|
|
—
|
Renewable volume
obligation requirements
|
|
—
|
|
|
—
|
|
|
238
|
|
|
—
|
Litigation
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
Impairment and idling
expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(81)
|
Income from continuing
operations
|
$
|
4,739
|
|
$
|
1,778
|
|
$
|
21,469
|
|
$
|
4,300
|
Income Summary for
Discontinued Operations (unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
(In
millions)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Speedway
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
613
|
Gain on sale of
assets
|
|
60
|
|
|
—
|
|
|
60
|
|
|
11,682
|
Transaction-related
costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46)
|
Income from
discontinued operations
|
$
|
60
|
|
$
|
—
|
|
$
|
60
|
|
$
|
12,249
|
Capital Expenditures
and Investments (unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
(In
millions)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Refining &
Marketing
|
$
|
504
|
|
$
|
373
|
|
$
|
1,508
|
|
$
|
911
|
Midstream
|
|
297
|
|
|
225
|
|
|
1,069
|
|
|
731
|
Corporate(a)
|
|
48
|
|
|
53
|
|
|
211
|
|
|
173
|
Speedway
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177
|
Total
|
$
|
849
|
|
$
|
651
|
|
$
|
2,788
|
|
$
|
1,992
|
(a)
|
Includes capitalized
interest of $27 million, $20 million, $103 million and $68 million
for the fourth quarter 2022, the fourth quarter 2021, the year 2022
and the year 2021, respectively.
|
Refining &
Marketing Operating Statistics (unaudited)
|
|
Dollar per Barrel
of Net Refinery Throughput
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Refining &
Marketing margin, excluding LIFO inventory
credit(a)
|
$
|
28.16
|
|
$
|
15.88
|
|
$
|
28.10
|
|
$
|
13.36
|
LIFO inventory
credit
|
|
0.66
|
|
|
—
|
|
|
0.14
|
|
|
—
|
Refining &
Marketing margin(a)
|
|
28.82
|
|
|
15.88
|
|
|
28.24
|
|
|
13.36
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Refining operating
costs, excluding storm impacts(b)
|
|
5.62
|
|
|
5.36
|
|
|
5.41
|
|
|
5.02
|
Distribution
costs(c)
|
|
5.12
|
|
|
4.93
|
|
|
4.89
|
|
|
5.04
|
Other
income(d)
|
|
0.03
|
|
|
(0.14)
|
|
|
(0.08)
|
|
|
(0.14)
|
LIFO inventory
credit
|
|
0.66
|
|
|
—
|
|
|
0.14
|
|
|
—
|
Refining &
Marketing adjusted EBITDA
|
|
17.39
|
|
|
5.73
|
|
|
17.88
|
|
|
3.44
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Storm impacts on
refining operating cost(e)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.05
|
Refining planned
turnaround costs
|
|
1.66
|
|
|
0.75
|
|
|
1.04
|
|
|
0.57
|
Depreciation and
amortization
|
|
1.71
|
|
|
1.72
|
|
|
1.72
|
|
|
1.83
|
LIFO inventory
charge
|
|
(0.66)
|
|
|
—
|
|
|
(0.14)
|
|
|
—
|
Refining &
Marketing income from operations
|
$
|
14.68
|
|
$
|
3.26
|
|
$
|
15.26
|
|
$
|
0.99
|
Fees paid to MPLX
included in distribution costs above
|
$
|
3.45
|
|
$
|
3.38
|
|
$
|
3.39
|
|
$
|
3.40
|
(a)
|
Sales revenue less cost
of refinery inputs and purchased products, divided by net refinery
throughput.
|
(b)
|
Excludes refining
planned turnaround and depreciation and amortization
expense.
|
(c)
|
Excludes depreciation
and amortization expense.
|
(d)
|
Includes income (loss)
from equity method investments, net gain (loss) on disposal of
assets and other income.
|
(e)
|
Storms in the first and
third quarters of 2021 resulted in higher costs, including
maintenance and repairs.
|
Refining &
Marketing - Supplemental Operating Data
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Refining &
Marketing refined product sales volume
(mbpd)(a)
|
|
3,532
|
|
|
3,600
|
|
|
3,508
|
|
|
3,425
|
Crude oil refining
capacity (mbpcd)(b)
|
|
2,887
|
|
|
2,874
|
|
|
2,887
|
|
|
2,874
|
Crude oil capacity
utilization (percent)(b)
|
|
94
|
|
|
94
|
|
|
96
|
|
|
91
|
|
|
|
|
|
|
|
|
|
|
|
|
Refinery throughputs
(mbpd):
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil refined
|
|
2,700
|
|
|
2,700
|
|
|
2,761
|
|
|
2,621
|
Other charge and blendstocks
|
|
195
|
|
|
236
|
|
|
190
|
|
|
178
|
Net refinery
throughput
|
|
2,895
|
|
|
2,936
|
|
|
2,951
|
|
|
2,799
|
|
|
|
|
|
|
|
|
|
|
|
|
Sour crude oil
throughput (percent)
|
|
46
|
|
|
48
|
|
|
47
|
|
|
47
|
Sweet crude oil
throughput (percent)
|
|
54
|
|
|
52
|
|
|
53
|
|
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
Refined product yields
(mbpd):
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
|
1,457
|
|
|
1,574
|
|
|
1,494
|
|
|
1,446
|
Distillates
|
|
1,078
|
|
|
1,025
|
|
|
1,079
|
|
|
965
|
Propane
|
|
65
|
|
|
55
|
|
|
70
|
|
|
52
|
NGLs
and petrochemicals
|
|
129
|
|
|
203
|
|
|
178
|
|
|
250
|
Heavy fuel oil
|
|
107
|
|
|
28
|
|
|
73
|
|
|
31
|
Asphalt
|
|
86
|
|
|
84
|
|
|
89
|
|
|
91
|
Total
|
|
2,922
|
|
|
2,969
|
|
|
2,983
|
|
|
2,835
|
Inter-region refinery
transfers excluded from throughput
and yields above (mbpd)
|
|
59
|
|
|
70
|
|
|
73
|
|
|
59
|
(a)
|
Includes intersegment
sales.
|
(b)
|
Based on calendar day
capacity, which is an annual average that includes downtime for
planned maintenance and other normal operating activities. Excludes
idled Martinez and Gallup facilities and our Dickinson plant in
renewable diesel service.
|
Refining & Marketing - Supplemental Operating Data by
Region (unaudited)
The per barrel for Refining & Marketing margin is calculated
based on net refinery throughput (excludes inter-refinery transfer
volumes). The per barrel for the refining operating costs, refining
planned turnaround costs and refining depreciation and amortization
for the regions, as shown in the tables below, is calculated based
on the gross refinery throughput (includes inter-refinery transfer
volumes).
Refining operating costs exclude refining planned turnaround
costs, refining depreciation and amortization expense and the
estimated 2021 storm impacts.
Gulf Coast
Region
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Dollar per barrel of
refinery throughput:
|
|
|
|
|
|
|
|
|
|
|
|
Refining &
Marketing margin
|
$
|
26.86
|
|
$
|
17.13
|
|
$
|
26.88
|
|
$
|
12.46
|
Refining operating
costs
|
|
4.63
|
|
|
4.08
|
|
|
4.27
|
|
|
4.00
|
Refining planned
turnaround costs
|
|
2.93
|
|
|
0.37
|
|
|
1.39
|
|
|
0.44
|
Refining depreciation
and amortization
|
|
1.34
|
|
|
1.25
|
|
|
1.30
|
|
|
1.41
|
|
|
|
|
|
|
|
|
|
|
|
|
Refinery throughputs
(mbpd):
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil refined
|
|
1,069
|
|
|
1,130
|
|
|
1,122
|
|
|
1,041
|
Other charge and blendstocks
|
|
126
|
|
|
173
|
|
|
148
|
|
|
124
|
Gross refinery
throughput
|
|
1,195
|
|
|
1,303
|
|
|
1,270
|
|
|
1,165
|
|
|
|
|
|
|
|
|
|
|
|
|
Sour crude oil
throughput (percent)
|
|
55
|
|
|
62
|
|
|
57
|
|
|
61
|
Sweet crude oil
throughput (percent)
|
|
45
|
|
|
38
|
|
|
43
|
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
Refined product yields
(mbpd):
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
|
560
|
|
|
657
|
|
|
616
|
|
|
554
|
Distillates
|
|
443
|
|
|
426
|
|
|
458
|
|
|
389
|
Propane
|
|
35
|
|
|
30
|
|
|
40
|
|
|
26
|
NGLs
and petrochemicals
|
|
82
|
|
|
193
|
|
|
107
|
|
|
199
|
Heavy fuel oil
|
|
77
|
|
|
8
|
|
|
53
|
|
|
6
|
Asphalt
|
|
16
|
|
|
18
|
|
|
19
|
|
|
19
|
Total
|
|
1,213
|
|
|
1,332
|
|
|
1,293
|
|
|
1,193
|
Inter-region refinery
transfers included in throughput and
yields above (mbpd)
|
|
31
|
|
|
42
|
|
|
43
|
|
|
30
|
Mid-Continent
Region
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Dollar per barrel of
refinery throughput:
|
|
|
|
|
|
|
|
|
|
|
|
Refining &
Marketing margin
|
$
|
29.20
|
|
$
|
11.80
|
|
$
|
27.67
|
|
$
|
13.05
|
Refining operating
costs
|
|
5.25
|
|
|
4.96
|
|
|
5.06
|
|
|
4.47
|
Refining planned
turnaround costs
|
|
0.72
|
|
|
1.40
|
|
|
0.73
|
|
|
0.87
|
Refining depreciation
and amortization
|
|
1.52
|
|
|
1.57
|
|
|
1.54
|
|
|
1.58
|
|
|
|
|
|
|
|
|
|
|
|
|
Refinery throughputs
(mbpd):
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil refined
|
|
1,126
|
|
|
1,074
|
|
|
1,129
|
|
|
1,096
|
Other charge and blendstocks
|
|
74
|
|
|
86
|
|
|
68
|
|
|
63
|
Gross refinery
throughput
|
|
1,200
|
|
|
1,160
|
|
|
1,197
|
|
|
1,159
|
|
|
|
|
|
|
|
|
|
|
|
|
Sour crude oil
throughput (percent)
|
|
27
|
|
|
26
|
|
|
26
|
|
|
26
|
Sweet crude oil
throughput (percent)
|
|
73
|
|
|
74
|
|
|
74
|
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
Refined product yields
(mbpd):
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
|
633
|
|
|
620
|
|
|
619
|
|
|
606
|
Distillates
|
|
440
|
|
|
407
|
|
|
432
|
|
|
398
|
Propane
|
|
22
|
|
|
19
|
|
|
21
|
|
|
19
|
NGLs
and petrochemicals
|
|
24
|
|
|
40
|
|
|
45
|
|
|
57
|
Heavy fuel oil
|
|
15
|
|
|
10
|
|
|
14
|
|
|
12
|
Asphalt
|
|
70
|
|
|
66
|
|
|
69
|
|
|
72
|
Total
|
|
1,204
|
|
|
1,162
|
|
|
1,200
|
|
|
1,164
|
Inter-region refinery
transfers included in throughput and
yields above (mbpd)
|
|
5
|
|
|
15
|
|
|
7
|
|
|
11
|
West Coast
Region
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Dollar per barrel of
refinery throughput:
|
|
|
|
|
|
|
|
|
|
|
|
Refining &
Marketing margin
|
$
|
28.63
|
|
$
|
21.72
|
|
$
|
31.87
|
|
$
|
16.06
|
Refining operating
costs
|
|
7.95
|
|
|
8.64
|
|
|
8.07
|
|
|
7.89
|
Refining planned
turnaround costs
|
|
0.77
|
|
|
0.22
|
|
|
0.78
|
|
|
0.14
|
Refining depreciation
and amortization
|
|
1.24
|
|
|
1.34
|
|
|
1.32
|
|
|
1.46
|
|
|
|
|
|
|
|
|
|
|
|
|
Refinery throughputs
(mbpd):
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil refined
|
|
505
|
|
|
496
|
|
|
510
|
|
|
484
|
Other charge and blendstocks
|
|
54
|
|
|
47
|
|
|
47
|
|
|
50
|
Gross refinery
throughput
|
|
559
|
|
|
543
|
|
|
557
|
|
|
534
|
|
|
|
|
|
|
|
|
|
|
|
|
Sour crude oil
throughput (percent)
|
|
69
|
|
|
63
|
|
|
71
|
|
|
66
|
Sweet crude oil
throughput (percent)
|
|
31
|
|
|
37
|
|
|
29
|
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
Refined product yields
(mbpd):
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
|
282
|
|
|
297
|
|
|
286
|
|
|
286
|
Distillates
|
|
207
|
|
|
192
|
|
|
198
|
|
|
178
|
Propane
|
|
8
|
|
|
6
|
|
|
9
|
|
|
7
|
NGLs
and petrochemicals
|
|
30
|
|
|
33
|
|
|
33
|
|
|
43
|
Heavy fuel oil
|
|
37
|
|
|
17
|
|
|
36
|
|
|
23
|
Asphalt
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
Total
|
|
564
|
|
|
545
|
|
|
563
|
|
|
537
|
Inter-region refinery
transfers included in throughput and
yields above (mbpd)
|
|
23
|
|
|
13
|
|
|
23
|
|
|
18
|
Midstream Operating
Statistics (unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Pipeline throughputs
(mbpd)(a)
|
|
5,688
|
|
|
5,672
|
|
|
5,743
|
|
|
5,542
|
Terminal throughput
(mbpd)
|
|
3,018
|
|
|
2,889
|
|
|
3,022
|
|
|
2,886
|
Gathering system
throughput (million cubic feet per day)(b)
|
|
6,179
|
|
|
5,444
|
|
|
5,794
|
|
|
5,258
|
Natural gas processed
(million cubic feet per day)(b)
|
|
8,588
|
|
|
8,479
|
|
|
8,448
|
|
|
8,401
|
C2 (ethane) + NGLs
fractionated (mbpd)(b)
|
|
583
|
|
|
549
|
|
|
552
|
|
|
551
|
(a)
|
Includes common-carrier
pipelines and private pipelines contributed to MPLX. Excludes
equity method affiliate pipeline volumes.
|
(b)
|
Includes amounts
related to unconsolidated equity method investments on a 100%
basis.
|
Select Financial
Data (unaudited)
|
|
|
|
December
31,
2022
|
|
|
September
30,
2022
|
(In
millions)
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
8,625
|
|
$
|
7,376
|
Short-term
investments
|
|
3,145
|
|
|
3,759
|
MPC debt
|
|
6,904
|
|
|
6,923
|
MPLX debt
|
|
19,796
|
|
|
19,779
|
Total consolidated
debt(a)
|
|
26,700
|
|
|
26,702
|
Redeemable
noncontrolling interest
|
|
968
|
|
|
967
|
Equity
|
|
34,119
|
|
|
32,808
|
Shares
outstanding
|
|
454
|
|
|
469
|
(a)
Net of unamortized debt issuance costs and unamortized
premium/discount, net.
|
Non-GAAP Financial Measures
Management uses certain financial measures to evaluate our
operating performance that are calculated and presented on the
basis of methodologies other than in accordance with GAAP. We
believe these non-GAAP financial measures are useful to investors
and analysts to assess our ongoing financial performance because,
when reconciled to their most comparable GAAP financial measures,
they provide improved comparability between periods through the
exclusion of certain items that we believe are not indicative of
our core operating performance and that may obscure our underlying
business results and trends. These measures should not be
considered a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP, and our calculations
thereof may not be comparable to similarly titled measures reported
by other companies. The non-GAAP financial measures we use are as
follows:
Adjusted Net Income Attributable to MPC
Adjusted net income attributable to MPC is defined as net income
attributable to MPC excluding the items in the table below, along
with their related income tax effect. We have excluded these items
because we believe that they are not indicative of our core
operating performance and that their exclusion results in an
important measure of our ongoing financial performance to better
assess our underlying business results and trends.
Adjusted Diluted Earnings Per Share
Adjusted diluted earnings per share is defined as adjusted net
income attributable to MPC divided by the number of
weighted-average shares outstanding in the applicable period,
assuming dilution.
Reconciliation of
Net Income Attributable to MPC to Adjusted Net Income Attributable
to MPC
(unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
(In
millions)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Net income
attributable to MPC
|
$
|
3,321
|
|
$
|
774
|
|
$
|
14,516
|
|
$
|
9,738
|
Pre-tax
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Speedway
sale
|
|
(60)
|
|
|
—
|
|
|
(60)
|
|
|
(11,682)
|
Gain on sale of
assets
|
|
—
|
|
|
—
|
|
|
(1,058)
|
|
|
—
|
LIFO inventory
credit
|
|
(176)
|
|
|
—
|
|
|
(148)
|
|
|
—
|
Renewable volume
obligation requirements
|
|
—
|
|
|
—
|
|
|
(238)
|
|
|
—
|
Litigation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Senior notes
redemption make-whole premiums
|
|
—
|
|
|
132
|
|
|
—
|
|
|
132
|
Impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81
|
Storm
impacts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
Pension
settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49
|
Transaction-related
costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
Tax impact of
adjustments(a)
|
|
27
|
|
|
(112)
|
|
|
306
|
|
|
3,159
|
Non-controlling
interest impact of adjustments
|
|
—
|
|
|
—
|
|
|
183
|
|
|
(30)
|
Adjusted net income
attributable to MPC
|
$
|
3,112
|
|
$
|
794
|
|
$
|
13,501
|
|
$
|
1,563
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
share
|
$
|
7.09
|
|
$
|
1.27
|
|
$
|
28.12
|
|
$
|
15.24
|
Adjusted diluted
income per share(b)
|
$
|
6.65
|
|
$
|
1.30
|
|
$
|
26.16
|
|
$
|
2.45
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Income taxes for the
three and twelve months ended December 31, 2022 were
calculated by applying a combined federal and state tax rate of 22%
to the pre-tax adjustments, adjusted for the actual tax benefit of
$12 million related to the discontinued operations gain. Income
taxes for adjusted earnings for the three and twelve months ended
December 31, 2021 were calculated by applying a combined
federal and state statutory tax rate of 24% to the adjusted pre-tax
income. The corresponding adjustments to reported income taxes are
shown in the table above.
|
(b)
|
Weighted average
diluted shares used for the adjusted net loss per share
calculations do not assume the conversion of share-based awards, as
the effect would be anti-dilutive.
|
Adjusted EBITDA
Amounts included in net income (loss) attributable to MPC and
excluded from adjusted EBITDA include (i) net interest and other
financial costs; (ii) provision/benefit for income taxes; (iii)
noncontrolling interests; (iv) depreciation and amortization; (v)
refining planned turnaround costs and (vi) other adjustments as
deemed necessary, as shown in the table below. We believe excluding
turnaround costs from this metric is useful for comparability to
other companies as certain of our competitors defer these costs and
amortize them between turnarounds.
Adjusted EBITDA should not be considered as a substitute for, or
superior to income (loss) from operations, net income attributable
to MPC, income before income taxes, cash flows from operating
activities or any other measure of financial performance presented
in accordance with GAAP. Adjusted EBITDA may not be comparable to
similarly titled measures reported by other companies.
Reconciliation of
Net Income Attributable to MPC to Adjusted EBITDA from Continuing
Operations
(unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
(In
millions)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Net income
attributable to MPC
|
$
|
3,321
|
|
$
|
774
|
|
$
|
14,516
|
|
$
|
9,738
|
Net income
attributable to noncontrolling interests
|
|
320
|
|
|
331
|
|
|
1,534
|
|
|
1,263
|
Income from
discontinued operations, net of tax
|
|
(72)
|
|
|
—
|
|
|
(72)
|
|
|
(8,448)
|
Provision for income
taxes on continuing operations
|
|
984
|
|
|
243
|
|
|
4,491
|
|
|
264
|
Net interest and other
financial costs
|
|
186
|
|
|
430
|
|
|
1,000
|
|
|
1,483
|
Depreciation and
amortization
|
|
797
|
|
|
813
|
|
|
3,215
|
|
|
3,364
|
Refining planned
turnaround costs
|
|
442
|
|
|
204
|
|
|
1,122
|
|
|
582
|
Storm
impacts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
LIFO inventory
credit
|
|
(176)
|
|
|
—
|
|
|
(148)
|
|
|
—
|
Gain on sale of
assets
|
|
—
|
|
|
—
|
|
|
(1,058)
|
|
|
—
|
Renewable volume
obligation requirements
|
|
—
|
|
|
—
|
|
|
(238)
|
|
|
—
|
Litigation
|
|
—
|
|
|
—
|
|
|
(27)
|
|
|
—
|
Impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
Adjusted EBITDA from
continuing operations
|
$
|
5,802
|
|
$
|
2,795
|
|
$
|
24,335
|
|
$
|
8,341
|
Reconciliation of
Income from Discontinued Operations, Net of Tax to Adjusted EBITDA
from
Discontinued Operations (unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
(In
millions)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Income from
discontinued operations, net of tax
|
$
|
72
|
|
$
|
—
|
|
$
|
72
|
|
$
|
8,448
|
Provision for income
taxes
|
|
(12)
|
|
|
—
|
|
|
(12)
|
|
|
3,795
|
Net interest and other
financial costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
Depreciation and
amortization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
Gain on sale of
assets
|
|
(60)
|
|
|
—
|
|
|
(60)
|
|
|
(11,682)
|
Transaction-related
costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
Adjusted EBITDA from
discontinued operations
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
616
|
Refining & Marketing Margin
Refining margin is defined as sales revenue less the cost of
refinery inputs and purchased products.
Reconciliation of
Refining & Marketing Income from Operations to Refining &
Marketing Gross
Margin and Refining & Marketing Margin
(unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Twelve Months
Ended
December 31,
|
(In
millions)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
Refining &
Marketing income from operations
|
$
|
3,910
|
|
$
|
881
|
|
$
|
16,437
|
|
$
|
1,016
|
Plus
(Less):
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
598
|
|
|
526
|
|
|
2,294
|
|
|
2,021
|
Income from equity
method investments
|
|
8
|
|
|
(32)
|
|
|
(31)
|
|
|
(59)
|
Net gain on disposal
of assets
|
|
—
|
|
|
—
|
|
|
(37)
|
|
|
(6)
|
Other
income
|
|
(80)
|
|
|
(80)
|
|
|
(686)
|
|
|
(369)
|
Refining &
Marketing gross margin
|
|
4,436
|
|
|
1,295
|
|
|
17,977
|
|
|
2,603
|
Plus
(Less):
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
(excluding depreciation and
amortization)
|
|
2,879
|
|
|
2,699
|
|
|
10,683
|
|
|
9,806
|
Depreciation and
amortization
|
|
455
|
|
|
464
|
|
|
1,850
|
|
|
1,870
|
Gross margin excluded
from and other income included
in Refining & Marketing margin(a)
|
|
(54)
|
|
|
(132)
|
|
|
82
|
|
|
(485)
|
Other taxes included
in Refining & Marketing margin
|
|
(41)
|
|
|
(38)
|
|
|
(173)
|
|
|
(142)
|
Refining &
Marketing margin
|
|
7,675
|
|
|
4,288
|
|
|
30,419
|
|
|
13,652
|
LIFO inventory
credit
|
|
(176)
|
|
|
—
|
|
|
(148)
|
|
|
—
|
Refining &
Marketing margin, excluding LIFO
inventory credit
|
$
|
7,499
|
|
$
|
4,288
|
|
$
|
30,271
|
|
$
|
13,652
|
|
|
|
|
|
|
|
|
|
|
|
|
Refining &
Marketing margin by region:
|
|
|
|
|
|
|
|
|
|
|
|
Gulf Coast
|
$
|
2,877
|
|
$
|
1,987
|
|
$
|
12,038
|
|
$
|
5,163
|
Mid-Continent
|
|
3,212
|
|
|
1,242
|
|
|
12,013
|
|
|
5,465
|
West Coast
|
|
1,410
|
|
|
1,059
|
|
|
6,220
|
|
|
3,024
|
Refining &
Marketing margin, excluding LIFO
inventory credit
|
$
|
7,499
|
|
$
|
4,288
|
|
$
|
30,271
|
|
$
|
13,652
|
(a)
|
Reflects the gross
margin, excluding depreciation and amortization, of other related
operations included in the Refining & Marketing segment and
processing of credit card transactions on behalf of certain of our
marketing customers, net of other income.
|
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SOURCE Marathon Petroleum Corporation