10-Q 1 mpc-20210930.htm 10-Q mpc-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-35054
Marathon Petroleum Corporation
(Exact name of registrant as specified in its charter)
    
Delaware 27-1284632
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
539 South Main Street, Findlay, Ohio 45840-3229
(Address of principal executive offices) (Zip code)
(419) 422-2121
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01MPCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer          Accelerated Filer     Non-accelerated Filer      Smaller reporting company
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes     No  
There were 615,587,681 shares of Marathon Petroleum Corporation common stock outstanding as of October 29, 2021.




                            
MARATHON PETROLEUM CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS

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



                            
GLOSSARY OF TERMS
Throughout this report, the following company or industry specific terms and abbreviations are used:
ANSAlaska North Slope crude oil, an oil index benchmark price
ASCAccounting Standards Codification
ASUAccounting Standards Update
barrelOne stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to crude oil or other liquid hydrocarbons
CBOBConventional Blending for Oxygenate Blending
EBITDA (a non-GAAP financial measure)Earnings Before Interest, Tax, Depreciation and Amortization
EPAU.S. Environmental Protection Agency
GAAPAccounting principles generally accepted in the United States
LA CARBCalifornia Air Resources Board
LA CARBOBCalifornia Reformulated Gasoline Blendstock for Oxygenate Blending
LCMLower of cost or market
LIFOLast in, first out, an inventory costing method
LLSLouisiana Light Sweet crude oil, an oil index benchmark price
mbpdThousand barrels per day
MEHMagellan East Houston crude oil, an oil index benchmark price
MMBtuOne million British thermal units, an energy measurement
NGLNatural gas liquids, such as ethane, propane, butanes and natural gasoline
NYMEXNew York Mercantile Exchange
OTCOver-the-Counter
PP&EProperty, plant and equipment
RINRenewable Identification Number
SECU.S. Securities and Exchange Commission
ULSDUltra-low sulfur diesel
USGCU.S. Gulf Coast
VIEVariable interest entity
WTIWest Texas Intermediate crude oil, an oil index benchmark price

2



                            
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
(In millions, except per share data)2021202020212020
Revenues and other income:
Sales and other operating revenues$32,321 $17,408 $84,647 $51,807 
Income (loss) from equity method investments(a)
122 117 306 (1,037)
Net gain on disposal of assets 1 3 6 
Other income170 22 366 69 
Total revenues and other income32,613 17,548 85,322 50,845 
Costs and expenses:
Cost of revenues (excludes items below)29,563 16,673 77,824 48,517 
LCM inventory valuation adjustment (530) 1,185 
Impairment expense 433  8,280 
Depreciation and amortization836 830 2,551 2,526 
Selling, general and administrative expenses681 673 1,881 2,080 
Restructuring expenses 348  348 
Other taxes193 178 544 546 
Total costs and expenses31,273 18,605 82,800 63,482 
Income (loss) from continuing operations1,340 (1,057)2,522 (12,637)
Net interest and other financial costs328 359 1,053 1,032 
Income (loss) from continuing operations before income taxes1,012 (1,416)1,469 (13,669)
Provision (benefit) for income taxes on continuing operations(18)(436)21 (2,237)
Income (loss) from continuing operations, net of tax1,030 (980)1,448 (11,432)
Income from discontinued operations, net of tax 371 8,448 881 
Net income (loss)1,030 (609)9,896 (10,551)
Less net income (loss) attributable to:
Redeemable noncontrolling interest38 20 79 61 
Noncontrolling interests298 257 853 (501)
Net income (loss) attributable to MPC$694 $(886)$8,964 $(10,111)
Per share data (See Note 9)
Basic:
Continuing operations$1.10 $(1.93)$0.80 $(16.93)
Discontinued operations 0.57 13.10 1.35 
Net income (loss) per share$1.10 $(1.36)$13.90 $(15.58)
Weighted average shares outstanding633 650 645 649 
Diluted:
Continuing operations$1.09 $(1.93)$0.79 $(16.93)
Discontinued operations 0.57 13.02 1.35 
Net income (loss) per share$1.09 $(1.36)$13.81 $(15.58)
Weighted average shares outstanding637 650 649 649 
(a) The nine months ended September 30, 2021 and September 30, 2020 include impairment expense. See Note 6 for further information.
The accompanying notes are an integral part of these consolidated financial statements.
3



                            
MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
(Millions of dollars)2021202020212020
Net income (loss)$1,030 $(609)$9,896 $(10,551)
Other comprehensive income (loss):
Defined benefit plans:
Actuarial changes, net of tax of $1, $5, $65 and $6, respectively
4 13 196 16 
Prior service, net of tax of $(3), $(2), $(8) and $(8), respectively
(8)(9)(24)(26)
Other, net of tax of $, $, $(2) and $(1), respectively
 (2)(4)(4)
Other comprehensive income (loss)(4)2 168 (14)
Comprehensive income (loss)1,026 (607)10,064 (10,565)
Less comprehensive income (loss) attributable to:
Redeemable noncontrolling interest38 20 79 61 
Noncontrolling interests298 257 853 (501)
Comprehensive income (loss) attributable to MPC$690 $(884)$9,132 $(10,125)
The accompanying notes are an integral part of these consolidated financial statements.
4



                            
MARATHON PETROLEUM CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Millions of dollars, except share data)September 30,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents$5,874 $415 
Short-term investments7,352  
Receivables, less allowance for doubtful accounts of $43 and $18, respectively
9,511 5,760 
Inventories9,211 7,999 
Other current assets2,175 2,724 
Assets held for sale20 11,389 
Total current assets34,143 28,287 
Equity method investments5,384 5,422 
Property, plant and equipment, net37,630 39,035 
Goodwill8,256 8,256 
Right of use assets1,424 1,521 
Other noncurrent assets2,463 2,637 
Total assets$89,300 $85,158 
Liabilities
Current liabilities:
Accounts payable$12,196 $7,803 
Payroll and benefits payable808 732 
Accrued taxes2,114 1,105 
Debt due within one year73 2,854 
Operating lease liabilities444 497 
Other current liabilities1,263 822 
Liabilities held for sale 1,850 
Total current liabilities16,898 15,663 
Long-term debt27,270 28,730 
Deferred income taxes5,545 6,203 
Defined benefit postretirement plan obligations1,354 2,121 
Long-term operating lease liabilities975 1,014 
Deferred credits and other liabilities1,294 1,207 
Total liabilities53,336 54,938 
Commitments and contingencies (see Note 24)
Redeemable noncontrolling interest986 968 
Equity
MPC stockholders’ equity:
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)
  
Common stock:
Issued – 983 million and 980 million shares (par value $0.01 per share, 2 billion shares authorized)
10 10 
Held in treasury, at cost – 361 million and 329 million shares
(17,126)(15,157)
Additional paid-in capital33,256 33,208 
Retained earnings12,484 4,650 
Accumulated other comprehensive loss(344)(512)
Total MPC stockholders’ equity28,280 22,199 
Noncontrolling interests6,698 7,053 
Total equity34,978 29,252 
Total liabilities, redeemable noncontrolling interest and equity$89,300 $85,158 
The accompanying notes are an integral part of these consolidated financial statements.
5



                            
MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 Nine Months Ended 
September 30,
(Millions of dollars)20212020
Operating activities:
Net income (loss)$9,896 $(10,551)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of deferred financing costs and debt discount59 49 
Impairment expense 8,280 
Depreciation and amortization2,551 2,526 
LCM inventory valuation adjustment 1,185 
Pension and other postretirement benefits, net(535)172 
Deferred income taxes(175)(763)
Net gain on disposal of assets(3)(6)
(Income) loss from equity method investments(306)1,037 
Distributions from equity method investments466 428 
Income from discontinued operations(8,448)(881)
Changes in income tax receivable535 (1,172)
Net recognized (gains) losses on investments and derivatives(11)37 
Changes in operating assets and liabilities, net of effects of businesses acquired:
Current receivables(3,765)2,328 
Inventories(1,206)1,165 
Current accounts payable and accrued liabilities4,670 (4,018)
Right of use assets and operating lease liabilities, net5 (2)
All other, net(187)45 
Cash provided by (used in) operating activities - continuing operations3,546 (141)
Cash provided by (used in) operating activities - discontinued operations(2,860)1,232 
Net cash provided by operating activities686 1,091 
Investing activities:
Additions to property, plant and equipment(983)(2,330)
Disposal of assets98 73 
Investments – acquisitions and contributions(150)(436)
 – redemptions, repayments and return of capital39 122 
Purchases of short-term investments(9,457) 
Sales of short-term investments455  
Maturities of short-term investments1,652  
All other, net381 19 
Cash used in investing activities - continuing operations(7,965)(2,552)
Cash provided by (used in) investing activities - discontinued operations21,314 (272)
Net cash provided by (used in) investing activities13,349 (2,824)
Financing activities:
Commercial paper – issued7,414  
                              – repayments(8,437) 
Long-term debt – borrowings10,975 13,212 
                          – repayments(14,274)(10,144)
Debt issuance costs (48)
Issuance of common stock71 6 
Common stock repurchased(1,912) 
Dividends paid(1,130)(1,133)
Distributions to noncontrolling interests(923)(941)
Repurchases of noncontrolling interests(465) 
All other, net(35)(30)
Net cash provided by (used in) financing activities(8,716)922 
6



                            
 Nine Months Ended 
September 30,
(Millions of dollars)20212020
Net change in cash, cash equivalents and restricted cash$5,319 $(811)
Cash, cash equivalents and restricted cash balances:(a)
Continuing operations - beginning of period$416 $1,395 
Discontinued operations - beginning of period(b)
140 134 
Less: Discontinued operations - end of period(b)
 98 
Continuing operations - end of period$5,875 $620 

(a)Restricted cash is included in other current assets on our consolidated balance sheets.
(b)Reported as assets held for sale on our consolidated balance sheets.

The accompanying notes are an integral part of these consolidated financial statements.


7



                            
MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMBALE NONCONTROLLING INTEREST
(Unaudited)
 MPC Stockholders’ Equity 
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestsTotal EquityRedeemable Non-controlling Interest
(Shares in millions;
amounts in millions of dollars)
SharesAmountSharesAmount
Balance as of December 31, 2020980 $10 (329)$(15,157)$33,208 $4,650 $(512)$7,053 $29,252 $968 
Net income (loss)— — — — — (242)— 286 44 20 
Dividends declared on common stock ($0.58 per share)
— — — — — (379)— — (379)— 
Distributions to noncontrolling interests— — — — — — — (300)(300)(20)
Other comprehensive income— — — — — — 1 — 1 — 
Stock-based compensation1 —  (1)18 — —  17 — 
Equity transactions of MPLX— — — — (4)— — (120)(124)— 
Balance as of March 31, 2021981 $10 (329)$(15,158)$33,222 $4,029 $(511)$6,919 $28,511 $968 
Net income— — — — — 8,512 — 269 8,781 21 
Dividends declared on common stock ($0.58 per share)
— — — — — (381)— — (381)— 
Distributions to noncontrolling interests— — — — — — — (272)(272)(21)
Other comprehensive income— — — — — — 171 — 171 — 
Shares repurchased— — (16)(984)— — — — (984)— 
Stock-based compensation2 —  (5)50 — — 2 47 — 
Equity transactions of MPLX— — — — (34)— — (114)(148)— 
Balance as of June 30, 2021983 $10 (345)$(16,147)$33,238 $12,160 $(340)$6,804 $35,725 $968 
Net income— — — — — 694 — 298 992 38 
Dividends declared on common stock ($0.58 per share)
— — — — — (370)— — (370)— 
Distributions to noncontrolling interests— — — — — — — (290)(290)(20)
Other comprehensive loss— — — — — — (4)— (4)— 
Shares repurchased— — (16)(978)— — — — (978)— 
Stock-based compensation —  (1)32 — — 2 33 — 
Equity transactions of MPLX— — — — (14)— — (116)(130)— 
Balance as of September 30, 2021983 $10 (361)$(17,126)$33,256 $12,484 $(344)$6,698 $34,978 $986 
The accompanying notes are an integral part of these consolidated financial statements.

8



                            

MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMBALE NONCONTROLLING INTEREST
(Unaudited)
 MPC Stockholders’ Equity 
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Non-controlling InterestsTotal EquityRedeemable Non-controlling Interest
(Shares in millions;
amounts in millions of dollars)
SharesAmountSharesAmount
Balance as of December 31, 2019978 $10 (329)$(15,143)$33,157 $15,990 $(320)$8,445 $42,139 $968 
Net income (loss)— — — — — (9,234)— (1,004)(10,238)20 
Dividends declared on common stock ($0.58 per share)
— — — — — (377)— — (377)— 
Distributions to noncontrolling interests— — — — — — — (300)(300)(20)
Other comprehensive loss— — — — — — (6)— (6)— 
Stock-based compensation1 —  (2)17 — — 1 16 — 
Equity transactions of MPLX— — — — (5)— — (2)(7)— 
Other— — — — — 1 — — 1 — 
Balance as of March 31, 2020979 $10 (329)$(15,145)$33,169 $6,380 $(326)$7,140 $31,228 $968 
Net income— — — — — 9 — 246 255 21 
Dividends declared on common stock ($0.58 per share)
— — — — — (380)— — (380)— 
Distributions to noncontrolling interests— — — — — — — (279)(279)(21)
Other comprehensive loss— — — — — — (10)— (10)— 
Stock-based compensation —  (4)31 — — 3 30 — 
Equity transactions of MPLX— — — — 8 — — (2)6 — 
Other— — — — — (1)— — (1)— 
Balance as of June 30, 2020979 $10 (