10-Q 1 mpc-20230930.htm 10-Q mpc-20230930
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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, 2023
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 379,697,277 shares of Marathon Petroleum Corporation common stock outstanding as of October 27, 2023.

Table of Contents

 Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
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
CARBCalifornia Air Resources Board
CARBOBCalifornia Reformulated Gasoline Blendstock for Oxygenate Blending
CBOBConventional Blending for Oxygenate Blending
EBITDAEarnings Before Interest, Tax, Depreciation and Amortization (a non-GAAP financial measure)
EPAU.S. Environmental Protection Agency
FASBFinancial Accounting Standards Board
GAAPAccounting principles generally accepted in the United States
LIFOLast in, first out, an inventory costing method
mbpdThousand barrels per day
MEHMagellan East Houston crude oil, an oil index benchmark price
MMBtuOne million British thermal units
NGLNatural gas liquids, such as ethane, propane, butanes and natural gasoline
NYMEXNew York Mercantile Exchange
RFS2Revised Renewable Fuel Standard program, as required by the Energy Independence and Security Act of 2007
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)2023202220232022
Revenues and other income:
Sales and other operating revenues$40,917 $45,787 $112,124 $137,640 
Income from equity method investments215 180 547 469 
Net gain on disposal of assets110 1,051 126 1,072 
Other income341 219 687 678 
Total revenues and other income41,583 47,237 113,484 139,859 
Costs and expenses:
Cost of revenues (excludes items below)34,928 38,821 95,984 118,096 
Depreciation and amortization845 794 2,479 2,418 
Selling, general and administrative expenses824 712 2,219 2,009 
Other taxes233 224 683 606 
Total costs and expenses36,830 40,551 101,365 123,129 
Income from operations4,753 6,686 12,119 16,730 
Net interest and other financial costs118 240 414 814 
Income before income taxes4,635 6,446 11,705 15,916 
Provision for income taxes1,004 1,426 2,410 3,507 
Net income3,631 5,020 9,295 12,409 
Less net income attributable to:
Redeemable noncontrolling interest25 23 71 65 
Noncontrolling interests326 520 994 1,149 
Net income attributable to MPC$3,280 $4,477 $8,230 $11,195 
Per share data (See Note 7)
Basic:
Net income attributable to MPC per share$8.31 $9.12 $19.66 $21.18 
Weighted average shares outstanding394 491 418 528 
Diluted:
Net income attributable to MPC per share$8.28 $9.06 $19.57 $21.04 
Weighted average shares outstanding396 494 420 532 
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)2023202220232022
Net income$3,631 $5,020 $9,295 $12,409 
Defined benefit plans:
Actuarial changes, net of tax of $(2), $(34), $(3) and $(23), respectively
(6)(104)(10)(71)
Prior service, net of tax of $(5), $(5), $(13) and $(13), respectively
(13)(13)(38)(38)
Other, net of tax of $0, $1, $(1) and $(1), respectively
— 3 (3)(3)
Other comprehensive loss(19)(114)(51)(112)
Comprehensive income3,612 4,906 9,244 12,297 
Less comprehensive income attributable to:
Redeemable noncontrolling interest25 23 71 65 
Noncontrolling interests326 520 994 1,149 
Comprehensive income attributable to MPC$3,261 $4,363 $8,179 $11,083 
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,
2023		December 31,
2022
Assets
Cash and cash equivalents$8,452 $8,625 
Short-term investments4,604 3,145 
Receivables, less allowance for doubtful accounts of $43 and $29, respectively
12,469 13,477 
Inventories10,143 8,827 
Other current assets607 1,168 
Total current assets36,275 35,242 
Equity method investments6,521 6,466 
Property, plant and equipment, net34,690 35,657 
Goodwill8,244 8,244 
Right of use assets1,310 1,214 
Other noncurrent assets2,929 3,081 
Total assets$89,969 $89,904 
Liabilities
Accounts payable$15,839 $15,312 
Payroll and benefits payable979 967 
Accrued taxes1,319 1,140 
Debt due within one year819 1,066 
Operating lease liabilities453 368 
Other current liabilities2,326 1,167 
Total current liabilities21,735 20,020 
Long-term debt26,463 25,634 
Deferred income taxes5,813 5,904 
Defined benefit postretirement plan obligations971 1,114 
Long-term operating lease liabilities848 841 
Deferred credits and other liabilities1,341 1,304 
Total liabilities57,171 54,817 
Commitments and contingencies (see Note 23)
Redeemable noncontrolling interest970 968 
Equity
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)
— — 
Common stock:
Issued – 993 million and 990 million shares (par value $0.01 per share, 2 billion shares authorized)
10 10 
Held in treasury, at cost – 607 million and 536 million shares
(40,949)(31,841)
Additional paid-in capital33,426 33,402 
Retained earnings33,424 26,142 
Accumulated other comprehensive income (loss)(49)2 
Total MPC stockholders’ equity25,862 27,715 
Noncontrolling interests5,966 6,404 
Total equity31,828 34,119 
Total liabilities, redeemable noncontrolling interest and equity$89,969 $89,904 
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)20232022
Operating activities:
Net income$9,295 $12,409 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs and debt discount(51)45 
Depreciation and amortization2,479 2,418 
Pension and other postretirement benefits, net(210)135 
Deferred income taxes(64)38 
Net gain on disposal of assets(126)(1,072)
Income from equity method investments(547)(469)
Distributions from equity method investments686 544 
Changes in income tax receivable454 (142)
Changes in the fair value of derivative instruments40 (148)
Changes in:
Current receivables1,076 (2,371)
Inventories(1,313)(1,795)
Current accounts payable and accrued liabilities1,565 3,045 
Right of use assets and operating lease liabilities, net(3)1 
All other, net(287)(615)
Cash provided by operating activities - continuing operations12,994 12,023 
Cash used in operating activities - discontinued operations— (44)
Net cash provided by operating activities12,994 11,979 
Investing activities:
Additions to property, plant and equipment(1,358)(1,694)
Acquisitions, net of cash acquired— (74)
Disposal of assets33 79 
Investments – acquisitions and contributions(362)(215)
 – redemptions, repayments, return of capital and sales proceeds270 511 
Purchases of short-term investments(7,137)(3,735)
Sales of short-term investments1,874 1,140 
Maturities of short-term investments3,901 4,396 
All other, net648 713 
Net cash provided by (used in) investing activities(2,131)1,121 
Financing activities:
Long-term debt – borrowings1,589 3,379 
                          – repayments(1,062)(2,258)
Debt issuance costs(15)(39)
Issuance of common stock60 184 
Common stock repurchased(9,067)(10,085)
Dividends paid(950)(928)
Distributions to noncontrolling interests(943)(908)
Repurchases of noncontrolling interests— (315)
Redemption of noncontrolling interests - preferred units(600)— 
6
 Nine Months Ended 
September 30,
(Millions of dollars)20232022
All other, net(50)(41)
Net cash used in financing activities(11,038)(11,011)
Net change in cash, cash equivalents and restricted cash(175)2,089 
Cash, cash equivalents and restricted cash at beginning of period(a)
8,631 5,294 
Cash, cash equivalents and restricted cash at end of period(a)
$8,456 $7,383 
(a)Restricted cash is included in other current assets 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 Redeemable 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, 2022990 $10 (536)$(31,841)$33,402 $26,142 $2 $6,404 $34,119 $968 
Net income— — — — — 2,724 — 337 3,061 23 
Dividends declared on common stock ($0.75 per share)
— — — — — (336)— — (336)— 
Distributions to noncontrolling interests— — — — — — — (306)(306)(23)
Other comprehensive loss— — — — — — (11)— (11)— 
Shares repurchased— — (25)(3,238)— — — — (3,238)— 
Share-based compensation1 — — — 3 — — — 3 — 
Equity transactions of MPLX— — — — 3 (2)— (598)(597)— 
Balance as of March 31, 2023991 $10 (561)$(35,079)$33,408 $28,528 $(9)$5,837 $32,695 $968 
Net income— — — — — 2,226 — 331 2,557 23 
Dividends declared on common stock ($0.75 per share)
— — — — — (312)— — (312)— 
Distributions to noncontrolling interests— — — — — — — (283)(283)(23)
Other comprehensive loss— — — — — — (21)— (21)— 
Shares repurchased— — (26)(3,040)— — — — (3,040)— 
Share-based compensation1 — — — 3 — — 1 4 — 
Equity transactions of MPLX— — — — — — — — — — 
Balance as of June 30, 2023992 $10 (587)$(38,119)$33,411 $30,442 $(30)$5,886 $31,600 $968 
Net income— — — — — 3,280 — 326 3,606 25 
Dividends declared on common stock ($0.75 per share)
— — — — — (297)— — (297)— 
Distributions to noncontrolling interests— — — — — — — (285)(285)(23)
Other comprehensive loss— — — — — — (19)— (19)— 
Shares repurchased— — (20)(2,830)— — — — (2,830)— 
Share-based compensation1 — — — 44 (1)— 1 44 — 
Equity transactions of MPLX— — — — (29)— — 38 9 — 
Balance as of September 30, 2023993 $10 (607)$(40,949)$33,426 $33,424 $(49)$5,966 $31,828 $970 

8
Marathon Petroleum Corporation
Consolidated Statements of Equity and Redeemable 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, 2021984 $10 (405)$(19,904)$33,262 $12,905 $(67)$6,410 $32,616 $965 
Net income— — — — — 845 — 306 1,151 21 
Dividends declared on common stock ($0.58 per share)
— — — — — (330)— — (330)— 
Distributions to noncontrolling interests— — — — — — — (290)(290)(21)
Other comprehensive loss— — — — — — (7)— (7)— 
Shares repurchased— — (37)(2,807)— — — — (2,807)— 
Share-based compensation3 — — — 90 — — (1)89 — 
Equity transactions of MPLX— — — — (25)— — (63)(88)— 
Balance as of March 31, 2022987 $10 (442)$(22,711)$33,327 $13,420 $(74)$6,362 $30,334 $965 
Net income— — — — — 5,873 — 323 6,196 21 
Dividends declared on common stock ($0.58 per share)
— — — — — (310)— — (310)— 
Distributions to noncontrolling interests— — — — — — — (267)(267)(21)
Other comprehensive income— — — — — — 9 — 9 — 
Shares repurchased— — (34)(3,285)— — — — (3,285)— 
Share-based compensation2 — — (4)71 — — 2 69 — 
Equity transactions of MPLX— — — — (20)— — (22)(42)— 
Balance as of June 30, 2022989 $10 (476)$(26,000)$33,378 $18,983 $(65)$6,398 $32,704 $965 
Net income— — — — — 4,477 — 520 4,997 23 
Dividends declared on common stock ($0.58 per share)
— — — — — (285)— — (285)— 
Distributions to noncontrolling interests— — — — — — — (288)(288)(21)
Other comprehensive loss— — — — — — (114)— (114)— 
Shares repurchased— — (44)(4,065)— — — — (4,065)— 
Share-based compensation— — — — 29 — — 3 32 — 
Equity transactions of MPLX— — — — (44)— — (129)(173)— 
Balance as of September 30, 2022989 $10 (520)$(30,065)$33,363 $23,175 $(179)$6,504 $32,808 $967 
The accompanying notes are an integral part of these consolidated financial statements.
9
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
All significant intercompany transactions and accounts have been eliminated.
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, 2022. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year.
2. Accounting Standards
Not Yet Adopted
ASU 2023-01, Leases (Topic 842): Common Control Arrangements
In March 2023, the FASB issued an ASU to amend certain provisions of ASC 842 that apply to arrangements between related parties under common control. The ASU amends the accounting for the amortization period of leasehold improvements in common-control leases for all entities and requires certain disclosures when the lease term is shorter than the useful life of the asset. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the application of this ASU to have a material impact on our consolidated financial statements or financial disclosures.
3. Short-Term Investments
Investments Components
The components of investments were as follows:
September 30, 2023
(Millions of dollars)Fair Value LevelAmortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsShort-term Investments
Available-for-sale debt securities
Commercial paperLevel 2$2,588 $— $(1)$2,587 $299 $2,288 
Certificates of deposit and time depositsLevel 24,580 — — 4,580 3,643 937 
U.S. government securitiesLevel 11,389 — (3)1,386 47 1,339 
Corporate notes and bondsLevel 240 — — 40 — 40 
Total available-for-sale debt securities$8,597 $— $(4)$8,593 $3,989 $4,604 
Cash4,463 4,463 — 
Total$13,056 $8,452 $4,604 
10
December 31, 2022
(Millions of dollars)Fair Value LevelAmortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsShort-term Investments
Available-for-sale debt securities
Commercial paperLevel 2$3,074 $— $(1)$3,073 $1,106 $1,967 
Certificates of deposit and time depositsLevel 22,093 — — 2,093 1,500 593 
U.S. government securitiesLevel 11,071 — — 1,071 498 573 
Corporate notes and bondsLevel 266 — — 66 54 12 
Total available-for-sale debt securities$6,304 $— $(1)$6,303 $3,158 $3,145 
Cash5,467 5,467 — 
Total$11,770 $8,625 $3,145 
Our investment policy includes concentration limits and credit rating requirements which limit our investments to high quality, short term and highly liquid securities.
Realized gains/losses were not material. All of our available-for-sale debt securities held as of September 30, 2023 mature within one year or less or are readily available for use.
4. Master Limited Partnership
We own the general partner and a majority limited partner interest in MPLX, which owns and operates crude oil and light product transportation and logistics infrastructure as well as gathering, processing and fractionation assets. We control MPLX through our ownership of the general partner interest and, as of September 30, 2023, we owned approximately 65 percent of the outstanding MPLX common units.
Unit Repurchase Program
In November 2020, MPLX announced the board authorization of a unit repurchase program for the repurchase of up to $1.0 billion of MPLX’s outstanding common units held by the public, which was utilized in 2022. On August 2, 2022, MPLX announced its board of directors approved a $1.0 billion unit repurchase authorization. The unit repurchase authorizations have no expiration date. MPLX may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be discontinued at any time.
Total unit repurchases were as follows for the respective periods:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions, except per unit data)2023202220232022
Number of common units repurchased— 6 — 10 
Cash paid for common units repurchased$— $180 $— $315 
Average cost per unit$— $31.65 $— $31.98 
As of September 30, 2023, MPLX had approximately $846 million remaining under its unit repurchase authorization.
Redemption of the Series B Preferred Units
On February 15, 2023, MPLX exercised its right to redeem all of its 600,000 outstanding preferred units (the “Series B preferred units”). MPLX paid unitholders the Series B preferred unit redemption price of $1,000 per unit. The final semi-annual distribution on the Series B preferred units was paid on February 15, 2023 in the usual manner.
The excess of the total redemption price of $600 million paid to Series B preferred unitholders over the carrying value of the Series B preferred units on the redemption date resulted in a $2 million net reduction to retained earnings. The Series B preferred units were included in noncontrolling interest on our consolidated balance sheet at December 31, 2022.
11
Agreements
We have various long-term, fee-based commercial agreements with MPLX. Under these agreements, MPLX provides transportation, storage, distribution and marketing services to us. With certain exceptions, these agreements generally contain minimum volume commitments. These transactions are eliminated in consolidation but are reflected as intersegment transactions between our Refining & Marketing and Midstream segments. We also have agreements with MPLX that establish fees for operational and management services provided between us and MPLX and for executive management services and certain general and administrative services provided by us to MPLX. These transactions are eliminated in consolidation but are reflected as intersegment transactions between corporate and our Midstream segment.
Noncontrolling Interest
As a result of equity transactions of MPLX, we are required to adjust non-controlling interest and additional paid-in capital. Changes in MPC’s additional paid-in capital resulting from changes in its ownership interests in MPLX were as follows:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(Millions of dollars)2023202220232022
Decrease due to change in ownership$(38)$(67)$(37)$(117)
Tax impact9 23 11 28 
Decrease in MPC's additional paid-in capital, net of tax$(29)$(44)$(26)$(89)
5. Variable Interest Entities
Consolidated VIE
We control MPLX through our ownership of its general partner. MPLX is a VIE because the limited partners do not have substantive kick-out or participating rights over the general partner. We are the primary beneficiary of MPLX because in addition to our significant economic interest, we also have the ability, through our ownership of the general partner, to control the decisions that most significantly impact MPLX. We therefore consolidate MPLX and record a noncontrolling interest for the interest owned by the public. We also record a redeemable noncontrolling interest related to MPLX’s Series A preferred units.
The creditors of MPLX do not have recourse to MPC’s general credit through guarantees or other financial arrangements, except as noted. MPC has effectively guaranteed certain indebtedness of LOOP LLC (“LOOP”) and LOCAP LLC (“LOCAP”), in which MPLX holds an interest. See Note 23 for more information. The assets of MPLX can only be used to settle its own obligations and its creditors have no recourse to our assets, except as noted earlier.
12
The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets.
(Millions of dollars)September 30,
2023		December 31,
2022
Assets
Cash and cash equivalents$960 $238 
Receivables, less allowance for doubtful accounts847 747 
Inventories154 148 
Other current assets33 56 
Equity method investments4,099 4,095 
Property, plant and equipment, net18,620 18,848 
Goodwill7,645 7,645 
Right of use assets271 283 
Other noncurrent assets1,576 1,664 
Liabilities
Accounts payable$653 $664 
Payroll and benefits payable— 4 
Accrued taxes97 67 
Debt due within one year1 988 
Operating lease liabilities48 46 
Other current liabilities263 338 
Long-term debt20,417 18,808 
Deferred income taxes12 13 
Long-term operating lease liabilities219 230 
Deferred credits and other liabilities418 366 
6. Related Party Transactions
Transactions with related parties were as follows:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(Millions of dollars)2023202220232022
Sales to related parties$206 $16 $658 $56 
Purchases from related parties484 315 1,275 894 
Sales to related parties, which are included in sales and other operating revenues, consist primarily of refined product sales and renewable feedstock sales to certain of our equity affiliates.
Purchases from related parties are included in cost of revenues. We obtain utilities, transportation services and purchase ethanol and renewable fuels from certain of our equity affiliates.
13
7. Earnings Per Share
We compute basic earnings per share by dividing net income attributable to MPC less income allocated to participating securities by the weighted average number of shares of common stock outstanding. Since MPC grants certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities, we have calculated our earnings per share using the two-class method. Diluted income per share assumes exercise of certain share-based compensation awards, provided the effect is not anti-dilutive.
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions, except per share data)2023202220232022
Net income$3,631 $5,020 $9,295 $12,409 
Net income attributable to noncontrolling interest(351)(543)(1,065)(1,214)
Net income allocated to participating securities(2)(2)(5)(6)
Redemption of preferred units— — (2)— 
Income available to common stockholders$3,278 $4,475 $8,223 $11,189 
Weighted average common shares outstanding:
Basic394 491 418 528 
Effect of dilutive securities2 3 2 4 
Diluted396 494 420 532 
Income available to common stockholders per share:
Basic:
Net income attributable to MPC per share$8.31 $9.12 $19.66 $21.18 
Diluted:
Net income attributable to MPC per share$8.28 $9.06 $19.57 $21.04 
The following table summarizes the shares that were anti-dilutive and, therefore, were excluded from the diluted share calculation.
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2023202220232022
Shares issuable under share-based compensation plans— — — — 
8. Equity
In May 2021, MPC announced the authorization of a share repurchase program of up to $7.1 billion. Subsequently, in February 2022, MPC announced a $5.0 billion share repurchase authorization. Both these authorizations were utilized in 2022.
In August 2022, MPC announced a $5.0 billion share repurchase authorization and announced additional $5.0 billion share repurchase authorizations in both January 2023 and in May 2023. As of September 30, 2023, $4.31 billion remained available for repurchase under these authorizations. These share repurchase authorizations have no expiration date.
We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, tender offers, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended or discontinued at any time.
14
Total share repurchases were as follows for the respective periods:
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions, except per share data)2023202220232022
Number of shares repurchased20 44 71 115 
Cash paid for shares repurchased$2,819 $3,908 $9,067 $10,085 
Average cost per share(a)
$139.84 $92.54 $127.09 $88.07 
(a)    The average cost per share for the 2023 period includes a 1% excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but does not reduce the share repurchase authorization.
The number of shares repurchased shown above and the amount remaining available under the share repurchase authorizations reflect the repurchase of 291,459 common shares for $45 million that were transacted in the third quarter of 2023 and settled in the fourth quarter of 2023.
9. Segment Information
We have two reportable segments: Refining & Marketing and Midstream. Each of these segments is organized and managed based upon the nature of the products and services it offers.
•Refining & Marketing – refines crude oil and other feedstocks, including renewable feedstocks, at our refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States, purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution and marketing services provided largely by our Midstream segment. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to independent entrepreneurs who operate primarily Marathon® branded outlets and through long-term fuel supply contracts with direct dealers who operate locations mainly under the ARCO® brand.
•Midstream – gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, towboats and barges; gathers, processes and transports natural gas; and transports, fractionates, stores and markets NGLs. The Midstream segment primarily reflects the results of MPLX.
Our chief operating decision maker (“CODM”) evaluates the performance of our segments using segment adjusted EBITDA. Our CODM is the chief executive officer. Amounts included in income before income taxes and excluded from segment adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) turnaround expenses and (iv) other adjustments as deemed necessary. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) not tied to the operational performance of the segment. Assets by segment are not a measure used to assess the performance of the company by the CODM and thus are not reported in our disclosures.

15
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(Millions of dollars)2023202220232022
Segment adjusted EBITDA for reportable segments
Refining & Marketing$4,373 $5,496 $11,389 $14,630 
Midstream1,539 1,498 4,601 4,357 
Total reportable segments$5,912 $6,994 $15,990 $18,987 
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes
Total reportable segments$5,912 $6,994 $15,990 $18,987 
Corporate(204)(160)(533)(454)
Refining planned turnaround costs(153)(384)(902)(680)
Garyville incident response costs(63)— (63)— 
LIFO inventory charge— (28)— (28)