10-Q 1 mpc-20220930.htm 10-Q mpc-20220930
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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, 2022
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 468,660,833 shares of Marathon Petroleum Corporation common stock outstanding as of October 28, 2022.




                            
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
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
LCMLower of cost or market
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, an energy measurement
NGLNatural gas liquids, such as ethane, propane, butanes and natural gasoline
NYMEXNew York Mercantile Exchange
PP&EProperty, plant and equipment
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
SOFRSecured overnight financing rate
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)2022202120222021
Revenues and other income:
Sales and other operating revenues$45,787 $32,321 $137,640 $84,647 
Income from equity method investments180 122 469 306 
Net gain on disposal of assets1,051  1,072 3 
Other income219 170 678 366 
Total revenues and other income47,237 32,613 139,859 85,322 
Costs and expenses:
Cost of revenues (excludes items below)38,821 29,563 118,096 77,824 
Depreciation and amortization794 836 2,418 2,551 
Selling, general and administrative expenses712 681 2,009 1,881 
Other taxes224 193 606 544 
Total costs and expenses40,551 31,273 123,129 82,800 
Income from continuing operations6,686 1,340 16,730 2,522 
Net interest and other financial costs240 328 814 1,053 
Income from continuing operations before income taxes6,446 1,012 15,916 1,469 
Provision (benefit) for income taxes on continuing operations1,426 (18)3,507 21 
Income from continuing operations, net of tax5,020 1,030 12,409 1,448 
Income from discontinued operations, net of tax   8,448 
Net income5,020 1,030 12,409 9,896 
Less net income attributable to:
Redeemable noncontrolling interest23 38 65 79 
Noncontrolling interests520 298 1,149 853 
Net income attributable to MPC$4,477 $694 $11,195 $8,964 
Per share data (See Note 8)
Basic:
Continuing operations$9.12 $1.10 $21.18 $0.80 
Discontinued operations   13.10 
Net income per share$9.12 $1.10 $21.18 $13.90 
Weighted average shares outstanding491 633 528 645 
Diluted:
Continuing operations$9.06 $1.09 $21.04 $0.79 
Discontinued operations   13.02 
Net income per share$9.06 $1.09 $21.04 $13.81 
Weighted average shares outstanding494 637 532 649 
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)2022202120222021
Net income$5,020 $1,030 $12,409 $9,896 
Defined benefit plans:
Actuarial changes, net of tax of $(34), $1, $(23) and $65, respectively
(104)4 (71)196 
Prior service, net of tax of $(5), $(3), $(13) and $(8), respectively
(13)(8)(38)(24)
Other, net of tax of $1, $, $(1) and $(2), respectively
3  (3)(4)
Other comprehensive income (loss)(114)(4)(112)168 
Comprehensive income4,906 1,026 12,297 10,064 
Less comprehensive income attributable to:
Redeemable noncontrolling interest23 38 65 79 
Noncontrolling interests520 298 1,149 853 
Comprehensive income attributable to MPC$4,363 $690 $11,083 $9,132 
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,
2022
December 31,
2021
Assets
Cash and cash equivalents$7,376 $5,291 
Short-term investments3,759 5,548 
Receivables, less allowance for doubtful accounts of $39 and $40, respectively
13,458 11,034 
Inventories9,834 8,055 
Other current assets858 568 
Total current assets35,285 30,496 
Equity method investments6,493 5,409 
Property, plant and equipment, net35,384 37,440 
Goodwill8,244 8,256 
Right of use assets1,200 1,372 
Other noncurrent assets3,088 2,400 
Total assets$89,694 $85,373 
Liabilities
Accounts payable$16,682 $13,700 
Payroll and benefits payable773 911 
Accrued taxes1,042 1,231 
Debt due within one year1,064 571 
Operating lease liabilities355 438 
Other current liabilities1,398 1,047 
Total current liabilities21,314 17,898 
Long-term debt25,638 24,968 
Deferred income taxes5,610 5,638 
Defined benefit postretirement plan obligations1,305 1,015 
Long-term operating lease liabilities839 927 
Deferred credits and other liabilities1,213 1,346 
Total liabilities55,919 51,792 
Commitments and contingencies (see Note 24)
Redeemable noncontrolling interest967 965 
Equity
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)
  
Common stock:
Issued – 989 million and 984 million shares (par value $0.01 per share, 2 billion shares authorized)
10 10 
Held in treasury, at cost – 520 million and 405 million shares
(30,065)(19,904)
Additional paid-in capital33,363 33,262 
Retained earnings23,175 12,905 
Accumulated other comprehensive loss(179)(67)
Total MPC stockholders’ equity26,304 26,206 
Noncontrolling interests6,504 6,410 
Total equity32,808 32,616 
Total liabilities, redeemable noncontrolling interest and equity$89,694 $85,373 
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)20222021
Operating activities:
Net income$12,409 $9,896 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs and debt discount45 59 
Depreciation and amortization2,418 2,551 
Pension and other postretirement benefits, net135 (535)
Deferred income taxes38 (175)
Net gain on disposal of assets(1,072)(3)
Income from equity method investments(469)(306)
Distributions from equity method investments544 466 
Income from discontinued operations (8,448)
Changes in income tax receivable(142)535 
Changes in the fair value of derivative instruments(148)(11)
Changes in:
Current receivables(2,371)(3,765)
Inventories(1,795)(1,206)
Current accounts payable and accrued liabilities3,045 4,670 
Right of use assets and operating lease liabilities, net1 5 
All other, net(615)(187)
Cash provided by operating activities - continuing operations12,023 3,546 
Cash used in operating activities - discontinued operations(44)(2,860)
Net cash provided by operating activities11,979 686 
Investing activities:
Additions to property, plant and equipment(1,694)(983)
Acquisitions, net of cash acquired(74) 
Disposal of assets79 98 
Investments – acquisitions and contributions(215)(150)
 – redemptions, repayments and return of capital511 39 
Purchases of short-term investments(3,735)(9,457)
Sales of short-term investments1,140 455 
Maturities of short-term investments4,396 1,652 
All other, net713 381 
Cash provided by (used in) investing activities - continuing operations1,121 (7,965)
Cash provided by investing activities - discontinued operations 21,314 
Net cash provided by investing activities1,121 13,349 
Financing activities:
Commercial paper – issued 7,414 
                              – repayments (8,437)
Long-term debt – borrowings3,379 10,975 
                          – repayments(2,258)(14,274)
Debt issuance costs(39) 
Issuance of common stock184 71 
Common stock repurchased(10,085)(1,912)
6



                            
 Nine Months Ended 
September 30,
(Millions of dollars)20222021
Dividends paid(928)(1,130)
Distributions to noncontrolling interests(908)(923)
Repurchases of noncontrolling interests(315)(465)
All other, net(41)(35)
Net cash used in financing activities(11,011)(8,716)
Net change in cash, cash equivalents and restricted cash$2,089 $5,319 
Cash, cash equivalents and restricted cash balances:(a)
Continuing operations - beginning of period$5,294 $416 
Discontinued operations - beginning of period 140 
Less: Discontinued operations - end of period  
Continuing operations - end of period$7,383 $5,875 
(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, 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)— 
Stock-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)— 
Stock-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)— 
Stock-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 














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, 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— — — — $— 694 — 298 992 38 
Dividends declared on common stock ($