10-Q 1 mpc-20220331.htm 10-Q mpc-20220331
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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 March 31, 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 540,994,934 shares of Marathon Petroleum Corporation common stock outstanding as of April 29, 2022.




                            
MARATHON PETROLEUM CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 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
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
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
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 
March 31,
(In millions, except per share data)20222021
Revenues and other income:
Sales and other operating revenues$38,058 $22,711 
Income from equity method investments142 91 
Net gain (loss) on disposal of assets(18)3 
Other income202 77 
Total revenues and other income38,384 22,882 
Costs and expenses:
Cost of revenues (excludes items below)35,068 21,084 
Depreciation and amortization805 844 
Selling, general and administrative expenses603 575 
Other taxes192 162 
Total costs and expenses36,668 22,665 
Income from continuing operations1,716 217 
Net interest and other financial costs262 353 
Income (loss) from continuing operations before income taxes1,454 (136)
Provision for income taxes on continuing operations282 34 
Income (loss) from continuing operations, net of tax1,172 (170)
Income from discontinued operations, net of tax 234 
Net income1,172 64 
Less net income attributable to:
Redeemable noncontrolling interest21 20 
Noncontrolling interests306 286 
Net income (loss) attributable to MPC$845 $(242)
Per share data (See Note 8)
Basic:
Continuing operations$1.50 $(0.73)
Discontinued operations 0.36 
Net income (loss) per share$1.50 $(0.37)
Weighted average shares outstanding564 651 
Diluted:
Continuing operations$1.49 $(0.73)
Discontinued operations 0.36 
Net income (loss) per share$1.49 $(0.37)
Weighted average shares outstanding568 651 
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 
March 31,
(Millions of dollars)20222021
Net income$1,172 $64 
Defined benefit plans:
Actuarial changes, net of tax of $4 and $3, respectively
12 9 
Prior service, net of tax of $(4) and $(3), respectively
(13)(8)
Other, net of tax of $(2) and $, respectively
(6) 
Other comprehensive income (loss)(7)1 
Comprehensive income1,165 65 
Less comprehensive income attributable to:
Redeemable noncontrolling interest21 20 
Noncontrolling interests306 286 
Comprehensive income (loss) attributable to MPC$838 $(241)
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)March 31,
2022
December 31,
2021
Assets
Cash and cash equivalents$7,148 $5,291 
Short-term investments3,449 5,548 
Receivables, less allowance for doubtful accounts of $39 and $40, respectively
15,661 11,034 
Inventories9,482 8,055 
Other current assets648 568 
Total current assets36,388 30,496 
Equity method investments5,514 5,409 
Property, plant and equipment, net37,145 37,440 
Goodwill8,256 8,256 
Right of use assets1,331 1,372 
Other noncurrent assets2,318 2,400 
Total assets$90,952 $85,373 
Liabilities
Accounts payable$19,791 $13,700 
Payroll and benefits payable976 911 
Accrued taxes1,691 1,231 
Debt due within one year1,075 571 
Operating lease liabilities420 438 
Other current liabilities1,167 1,047 
Total current liabilities25,120 17,898 
Long-term debt25,634 24,968 
Deferred income taxes5,571 5,638 
Defined benefit postretirement plan obligations1,063 1,015 
Long-term operating lease liabilities905 927 
Deferred credits and other liabilities1,360 1,346 
Total liabilities59,653 51,792 
Commitments and contingencies (see Note 22)
Redeemable noncontrolling interest965 965 
Equity
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)
  
Common stock:
Issued – 987 million and 984 million shares (par value $0.01 per share, 2 billion shares authorized)
10 10 
Held in treasury, at cost – 442 million and 405 million shares
(22,711)(19,904)
Additional paid-in capital33,327 33,262 
Retained earnings13,420 12,905 
Accumulated other comprehensive loss(74)(67)
Total MPC stockholders’ equity23,972 26,206 
Noncontrolling interests6,362 6,410 
Total equity30,334 32,616 
Total liabilities, redeemable noncontrolling interest and equity$90,952 $85,373 
The accompanying notes are an integral part of these consolidated financial statements.
5



                            
MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 Three Months Ended 
March 31,
(Millions of dollars)20222021
Operating activities:
Net income$1,172 $64 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs and debt discount19 22 
Depreciation and amortization805 844 
Pension and other postretirement benefits, net35 (158)
Deferred income taxes(52)24 
Net (gain) loss on disposal of assets18 (3)
Income from equity method investments(142)(91)
Distributions from equity method investments160 142 
Income from discontinued operations (234)
Changes in income tax receivable(13)54 
Changes in the fair value of derivative instruments(71)(43)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Current receivables(4,627)(1,723)
Inventories(1,423)(408)
Current accounts payable and accrued liabilities6,717 1,821 
Right of use assets and operating lease liabilities, net2 5 
All other, net(87)(51)
Cash provided by operating activities - continuing operations2,513 265 
Cash provided by operating activities - discontinued operations 189 
Net cash provided by operating activities2,513 454 
Investing activities:
Additions to property, plant and equipment(495)(304)
Disposal of assets7 76 
Investments – acquisitions and contributions(112)(51)
 – redemptions, repayments and return of capital 1 
Purchases of short-term investments(364) 
Sales of short-term investments1,014  
Maturities of short-term investments1,443  
All other, net215 98 
Cash provided by (used in) investing activities - continuing operations1,708 (180)
Cash used in investing activities - discontinued operations (87)
Net cash provided by (used in) investing activities1,708 (267)
Financing activities:
Commercial paper – issued 6,049 
                              – repayments (5,356)
Long-term debt – borrowings2,385 6,785 
                          – repayments(1,218)(6,613)
Debt issuance costs(16) 
Issuance of common stock96 23 
Common stock repurchased(2,846) 
Dividends paid(330)(379)
6



                            
 Three Months Ended 
March 31,
(Millions of dollars)20222021
Distributions to noncontrolling interests(311)(320)
Repurchases of noncontrolling interests(100)(155)
All other, net(24)(18)
Net cash provided by (used in) financing activities(2,364)16 
Net change in cash, cash equivalents and restricted cash$1,857 $203 
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 134 
Continuing operations - end of period$7,151 $625 
(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 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, 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 



 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 
The accompanying notes are an integral part of these consolidated financial statements.
8



                            
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 5.
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, 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year.
2. ACCOUNTING STANDARDS
Recently Adopted
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance
In November 2021, the FASB issued guidance requiring disclosures for certain types of government assistance that have been accounted for by analogy to grant or contribution models. Disclosures will include information about the type of transactions, accounting and the impact on financial statements. We prospectively adopted this standard in the first quarter of 2022. The adoption of this standard did not have a material impact on our financial statements or disclosures.
3. SHORT-TERM INVESTMENTS
Investments Components
The components of investments were as follows:
March 31, 2022
(In millions)Fair Value LevelAmortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsShort-term Investments
Available-for-sale debt securities
Commercial paperLevel 2$2,481 $ $(5)$2,476 $270 $2,206 
Certificates of deposit and time depositsLevel 24,540  (3)4,537 3,350 1,187 
U.S. government securitiesLevel 128   28  28 
Corporate notes and bondsLevel 228   28  28 
Total available-for-sale debt securities$7,077 $ $(8)$7,069 $3,620 $3,449 
Cash3,528 3,528  
Total$10,597 $7,148 $3,449 
9



                            
December 31, 2021
(In millions)Fair Value LevelAmortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsShort-term Investments
Available-for-sale debt securities
Commercial paperLevel 2$4,905 $ $(1)$4,904 $868 $4,036 
Certificates of deposit and time depositsLevel 22,024   2,024 750 1,274 
U.S. government securitiesLevel 128   28  28 
Corporate notes and bondsLevel 2271   271 61 210 
Total available-for-sale debt securities$7,228 $ $(1)$7,227 $1,679 $5,548 
Cash3,612 3,612  
Total$10,839 $5,291 $5,548 
Our investment policy includes concentration limits and credit rating requirements which limits our investments to high quality, short term and highly liquid securities.
Unrealized losses on debt investments held from May 14, 2021 to March 31, 2022 were not material. Realized gains/losses were not material. All of our available-for-sale debt securities held as of March 31, 2022 mature within one year or less or are readily available for use.
4. DISCONTINUED OPERATIONS
On May 14, 2021, we completed the sale of Speedway, our company-owned and operated retail transportation fuel and convenience store business, to 7-Eleven for cash proceeds of approximately $21.38 billion. After-tax proceeds were approximately $17.22 billion. This transaction resulted in a pretax gain of $11.68 billion ($8.02 billion after income taxes) after deducting the book value of the net assets and certain other adjustments.
The proceeds and related Speedway sale gain may be adjusted in future periods based on provisions of the purchase and sale agreement that allow for adjustments of working capital amounts and other miscellaneous items subsequent to the transaction closing date of May 14, 2021.
Results of operations for Speedway are reflected through the close of the sale. The following table presents Speedway results and the gain on sale as reported in income from discontinued operations, net of tax, within our consolidated statements of income.
Three Months Ended 
March 31,
(In millions)2021
Total revenues and other income$5,339 
Costs and expenses:
Cost of revenues (excludes items below)4,906 
Depreciation and amortization2 
Selling, general and administrative expenses73 
Other taxes51 
Total costs and expenses5,032 
Income from operations307 
Net interest and other financial costs4 
Income before income taxes303 
Provision for income taxes69 
Income from discontinued operations, net of tax$234 
Fuel Supply Agreements
During the second quarter of 2021, we entered into various 15-year fuel supply agreements through which we continue to supply fuel to Speedway.
10



                            
5. 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. As of March 31, 2022, we owned approximately 64 percent of the outstanding MPLX common units.
Unit Repurchase Program
On November 2, 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.
Total unit repurchases were as follows for the respective periods:
Three Months Ended 
March 31,
(In millions, except per share data)20222021
Number of common units repurchased3 6 
Cash paid for common units repurchased$100 $155 
Average cost per unit$32.06 $24.78 
As of March 31, 2022, MPLX had $237 million remaining under its unit repurchase authorization.
Agreements
We have various long-term, fee-based commercial agreements with MPLX. Under these agreements, MPLX provides transportation, storage, distribution and marketing services to us. With certain exceptions, these agreements generally contain minimum volume commitments. These transactions are eliminated in consolidation but are reflected as intersegment transactions between our Refining & Marketing and Midstream segments. We also have agreements with MPLX that establish fees for operational and management services provided between us and MPLX and for executive management services and certain general and administrative services provided by us to MPLX. These transactions are eliminated in consolidation but are reflected as intersegment transactions between our Corporate and Midstream segments.
Noncontrolling Interest
As a result of equity transactions of MPLX, we are required to adjust non-controlling interest and additional paid-in capital. Changes in MPC’s additional paid-in capital resulting from changes in its ownership interests in MPLX were as follows:
Three Months Ended 
March 31,
(In millions)20222021
Decrease due to change in ownership$(37)$(35)
Tax impact12 31 
Decrease in MPC's additional paid-in capital, net of tax$(25)$(4)
6. 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 22 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.
11



                            
The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our balance sheets.
(In millions)March 31,
2022
December 31,
2021
Assets
Cash and cash equivalents$42 $13 
Receivables, less allowance for doubtful accounts753 660 
Inventories149 142 
Other current assets54 55 
Equity method investments4,079 3,981 
Property, plant and equipment, net19,912 20,042 
Goodwill7,657 7,657 
Right of use assets280 268 
Other noncurrent assets850 891 
Liabilities
Accounts payable$745 $671 
Payroll and benefits payable3 6 
Accrued taxes71 75 
Debt due within one year999 499 
Operating lease liabilities47 59 
Other current liabilities353 304 
Long-term debt18,757 18,072 
Deferred income taxes14 10 
Long-term operating lease liabilities228 205 
Deferred credits and other liabilities570 559 
7. RELATED PARTY TRANSACTIONS
Transactions with related parties were as follows:
Three Months Ended 
March 31,
(In millions)20222021
Sales to related parties$19 $43 
Purchases from related parties282 203 
Sales to related parties, which are included in sales and other operating revenues, consist primarily of refined product 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 from certain of our equity affiliates.
8. EARNINGS (LOSS) PER SHARE
We compute basic earnings (loss) per share by dividing net income (loss) 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 (loss) per share using the two-class method. Diluted income (loss) per share assumes exercise of certain stock-based compensation awards, provided the effect is not anti-dilutive.
12



                            
Three Months Ended 
March 31,
(In millions, except per share data)20222021
Income (loss) from continuing operations, net of tax$1,172 $(170)
Less: Net income attributable to noncontrolling interest327 306 
Net income allocated to participating securities  
Income (loss) from continuing operations available to common stockholders845 (476)
Income from discontinued operations, net of tax 234 
Income (loss) available to common stockholders$845 $(242)
Weighted average common shares outstanding:
Basic564 651 
Effect of dilutive securities4  
Diluted568 651 
Income (loss) available to common stockholders per share:
Basic:
Continuing operations$1.50 $(0.73)
Discontinued operations 0.36 
Net income (loss) per share$1.50 $(0.37)
Diluted:
Continuing operations$1.49 $(0.73)
Discontinued operations 0.36 
Net income (loss) per share$1.49 $(0.37)
The following table summarizes the shares that were anti-dilutive and, therefore, were excluded from the diluted share calculation.
Three Months Ended 
March 31,
(In millions)20222021
Shares issuable under stock-based compensation plans 10 
9. EQUITY
On February 2, 2022, our board of directors approved an incremental $5.0 billion share repurchase authorization. The authorization has 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.
Total share repurchases were as follows for the respective periods:
Three Months Ended 
March 31,
(In millions, except per share data)20222021
Number of shares repurchased37  
Cash paid for shares repurchased$2,846 $ 
Average cost per share$75.88 $ 
13



                            
As of March 31, 2022, MPC has $7.46 billion remaining under its share repurchase authorizations, which reflects the repurchase of 539,000 common shares for $46 million that were transacted in the first quarter of 2022 and settled in the second quarter of 2022.
10. 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 – transports, stores, distributes and markets crude oil and refined products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, towboats and barges; gathers, processes and transports natural gas; and gathers, transports, fractionates, stores and markets NGLs. The Midstream segment primarily reflects the results of MPLX.
During the first quarter of 2022, our chief operating decision maker (“CODM”) began to evaluate the performance of our segments using segment adjusted EBITDA. We have modified our presentation of segment performance to be consistent with this change, including prior periods presented for consistent and comparable presentation. Amounts included in income (loss) from continuing operations 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) are 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.

Three Months Ended 
March 31,
(In millions)20222021
Segment adjusted EBITDA for reportable segments
Refining & Marketing$1,374 $23 
Midstream1,403 1,322 
Total reportable segments$2,777 $1,345 
Reconciliation of segment adjusted EBITDA for reportable segments to income (loss) from continuing operations before income taxes
Total reportable segments$2,777 $1,345 
Corporate