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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, 2024
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 321,388,952 shares of Marathon Petroleum Corporation common stock outstanding as of October 31, 2024.


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
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 Gasoline Blendstock for Oxygenate Blending
CECCalifornia Energy Commission
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)2024202320242023
Revenues and other income:
Sales and other operating revenues$35,107 $40,917 $105,727 $112,124 
Income from equity method investments219 215 796 547 
Net gain (loss) on disposal of assets(2)110 17 126 
Other income49 341 406 687 
Total revenues and other income35,373 41,583 106,946 113,484 
Costs and expenses:
Cost of revenues (excludes items below)32,144 34,928 95,682 95,984 
Depreciation and amortization846 845 2,511 2,479 
Selling, general and administrative expenses815 824 2,417 2,219 
Other taxes219 233 681 683 
Total costs and expenses34,024 36,830 101,291 101,365 
Income from operations1,349 4,753 5,655 12,119 
Net interest and other financial costs221 118 594 414 
Income before income taxes1,128 4,635 5,061 11,705 
Provision for income taxes113 1,004 779 2,410 
Net income1,015 3,631 4,282 9,295 
Less net income attributable to:
Redeemable noncontrolling interest6 25 21 71 
Noncontrolling interests387 326 1,187 994 
Net income attributable to MPC$622 $3,280 $3,074 $8,230 
Per share data (See Note 7)
Basic:
Net income attributable to MPC per share$1.88 $8.31 $8.85 $19.66 
Weighted average shares outstanding331 394 347 418 
Diluted:
Net income attributable to MPC per share$1.87 $8.28 $8.83 $19.57 
Weighted average shares outstanding332 396 348 420 
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)2024202320242023
Net income$1,015 $3,631 $4,282 $9,295 
Defined benefit plans:
Actuarial changes, net of tax of $1, $(2), $2 and $(3), respectively
2 (6)5 (10)
Prior service, net of tax of $(3), $(5), $(10) and $(13), respectively
(10)(13)(31)(38)
Other, net of tax of $1, $, $ and $(1), respectively
2  (1)(3)
Other comprehensive loss(6)(19)(27)(51)
Comprehensive income1,009 3,612 4,255 9,244 
Less comprehensive income attributable to:
Redeemable noncontrolling interest6 25 21 71 
Noncontrolling interests387 326 1,187 994 
Comprehensive income attributable to MPC$616 $3,261 $3,047 $8,179 
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,
2024
December 31,
2023
Assets
Cash and cash equivalents$4,002 $5,443 
Short-term investments1,141 4,781 
Receivables, less allowance for doubtful accounts of $72 and $44, respectively
10,180 12,187 
Inventories9,886 9,317 
Other current assets740 403 
Total current assets25,949 32,131 
Equity method investments6,976 6,260 
Property, plant and equipment, net34,542 35,112 
Goodwill8,244 8,244 
Right of use assets1,192 1,233 
Other noncurrent assets2,930 3,007 
Total assets$79,833 $85,987 
Liabilities
Accounts payable$12,763 $13,761 
Payroll and benefits payable967 1,115 
Accrued taxes1,302 1,221 
Debt due within one year4,167 1,954 
Operating lease liabilities485 454 
Other current liabilities1,384 1,645 
Total current liabilities21,068 20,150 
Long-term debt24,053 25,329 
Deferred income taxes5,766 5,834 
Defined benefit postretirement plan obligations1,191 1,102 
Long-term operating lease liabilities691 764 
Deferred credits and other liabilities1,352 1,409 
Total liabilities54,121 54,588 
Commitments and contingencies (see Note 23)
Redeemable noncontrolling interest203 895 
Equity
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)
  
Common stock:
Issued – 994 million and 993 million shares (par value $0.01 per share, 2 billion shares authorized)
10 10 
Held in treasury, at cost – 669 million and 625 million shares
(51,320)(43,502)
Additional paid-in capital33,630 33,465 
Retained earnings36,771 34,562 
Accumulated other comprehensive loss(158)(131)
Total MPC stockholders’ equity18,933 24,404 
Noncontrolling interests6,576 6,100 
Total equity25,509 30,504 
Total liabilities, redeemable noncontrolling interest and equity$79,833 $85,987 
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)20242023
Operating activities:
Net income$4,282 $9,295 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs and debt discount(44)(51)
Depreciation and amortization2,511 2,479 
Pension and other postretirement benefits, net18 (210)
Deferred income taxes(132)(64)
Net gain on disposal of assets(17)(126)
Income from equity method investments(796)(547)
Distributions from equity method investments882 686 
Changes in the fair value of derivative instruments47 40 
Changes in:
Current receivables2,061 1,533 
Inventories(588)(1,313)
Current liabilities and other current assets(1,546)1,636 
Right of use assets and operating lease liabilities, net(1)(3)
All other, net(219)(361)
Net cash provided by operating activities6,458 12,994 
Investing activities:
Additions to property, plant and equipment(1,723)(1,358)
Acquisitions, net of cash acquired(622) 
Disposal of assets4 33 
Investments – acquisitions and contributions(450)(362)
 – redemptions, repayments, return of capital and sales proceeds141 270 
Purchases of short-term investments(2,949)(7,137)
Sales of short-term investments2,295 1,874 
Maturities of short-term investments4,384 3,901 
All other, net147 648 
Net cash provided by (used in) investing activities1,227 (2,131)
Financing activities:
Long-term debt – borrowings1,631 1,589 
                          – repayments(811)(1,062)
Debt issuance costs(15)(15)
Issuance of common stock19 60 
Common stock repurchased(7,815)(9,067)
Dividends paid(862)(950)
Distributions to noncontrolling interests(1,005)(943)
Repurchases of noncontrolling interests(226) 
Redemption of noncontrolling interests - preferred units (600)
All other, net(43)(50)
Net cash used in financing activities(9,127)(11,038)
Net change in cash, cash equivalents and restricted cash(1,442)(175)
Cash, cash equivalents and restricted cash at beginning of period(a)
5,446 8,631 
Cash, cash equivalents and restricted cash at end of period(a)
$4,004 $8,456 
(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.
6

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, 2023993 $10 (625)$(43,502)$33,465 $34,562 $(131)$6,100 $30,504 $895 
Net income— — — — — 937 — 365 1,302 10 
Dividends declared on common stock ($0.825 per share)
— — — — — (299)— — (299)— 
Distributions to noncontrolling interests— — — — — — — (314)(314)(23)
Other comprehensive loss— — — — — — (12)— (12)— 
Shares repurchased— — (13)(2,172)— — — — (2,172)— 
Share-based compensation — — — (7)(1)— (1)(9)— 
Equity transactions of MPLX— — — — 72 — — 138 210 (321)
Balance as of March 31, 2024993 $10 (638)$(45,674)$33,530 $35,199 $(143)$6,288 $29,210 $561 
Net income— — — — — 1,515 — 435 1,950 5 
Dividends declared on common stock ($0.825 per share)
— — — — — (290)— — (290)— 
Distributions to noncontrolling interests— — — — — — — (325)(325)(10)
Other comprehensive loss— — — — — — (9)— (9)— 
Shares repurchased— — (15)(2,918)— — — — (2,918)— 
Share-based compensation1 — — — 26 (1)— 4 29 — 
Equity transactions of MPLX— — — — 79 — — 160 239 (354)
Balance as of June 30, 2024994 $10 (653)$(48,592)$33,635 $36,423 $(152)$6,562 $27,886 $202 
Net income— — — — — 622 — 387 1,009 6 
Dividends declared on common stock ($0.825 per share)
— — — — — (273)— — (273)— 
Distributions to noncontrolling interests— — — — — — — (328)(328)(5)
Other comprehensive loss— — — — — — (6)— (6)— 
Shares repurchased— — (16)(2,728)— — — — (2,728)— 
Share-based compensation — — — 15 (1)— 3 17 — 
Equity transactions of MPLX— — — — (20)— — (48)(68)— 
Balance as of September 30, 2024994 $10 (669)$(51,320)$33,630 $36,771 $(158)$6,576 $25,509 $203 

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 

The accompanying notes are an integral part of these consolidated financial statements.
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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
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, 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year.
These consolidated financial statements include the accounts of our majority-owned, controlled subsidiaries, including MPLX. All significant intercompany transactions and accounts have been eliminated. Due to our ownership of the general partner interest of MPLX, we have determined that we control MPLX and therefore we consolidate MPLX and record a noncontrolling interest for the interest owned by the public. Changes in ownership interest in consolidated subsidiaries that do not result in a change in control are recorded as equity transactions. Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. This includes entities in which we hold majority ownership but the minority shareholders have substantive participating rights.
Certain prior period financial statement amounts have been reclassified to conform to current period presentation.
2. Accounting Standards and Disclosure Rules
Recently Adopted
During the first quarter of 2024, we adopted ASU 2023-01, Leases (Topic 842): Common Control Arrangements. The adoption of this ASU did not have a material impact on our financial statements or disclosures.
Not Yet Adopted
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
In November 2024, the FASB issued an ASU to require more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this ASU will have on our disclosures.
SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors
In March 2024, the SEC adopted rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their annual reports. As part of the disclosures, material impacts from severe weather events and other natural conditions will be required in the audited financial statements. In April 2024, the SEC voluntarily stayed the rules pending judicial review. Pending the results of the judicial review, the disclosure requirements are effective for the Company’s Annual Report on Form 10-K for the fiscal year
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ending December 31, 2025. We are evaluating the impact these rules will have on our disclosures and monitoring the status of the judicial review.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued an ASU to update income tax disclosure requirements to provide consistent categories and greater disaggregation of information in the rate reconciliation and to disaggregate income taxes paid by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. This standard will have no impact on the consolidated financial statements but will result in additional disclosure.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued an ASU to update reportable segment disclosure requirements primarily by requiring enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. This standard will have no impact on the consolidated financial statements but will result in additional disclosure.
3. Short-Term Investments
Investments Components
The components of investments were as follows:
September 30, 2024
(Millions of dollars)Fair Value LevelAmortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsShort-term Investments
Available-for-sale debt securities
Commercial paperLevel 2$813 $ $ $813 $64 $749 
Certificates of deposit and time depositsLevel 21,284   1,284 1,000 284 
U.S. government securitiesLevel 189   89  89 
Corporate notes and bondsLevel 219   19  19 
Total available-for-sale debt securities$2,205 $ $ $2,205 $1,064 $1,141 
Cash2,938 2,938  
Total$5,143 $4,002 $1,141 
December 31, 2023
(Millions of dollars)Fair Value LevelAmortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsShort-term Investments
Available-for-sale debt securities
Commercial paperLevel 2$3,154 $2 $ $3,156 $281 $2,875 
Certificates of deposit and time depositsLevel 21,836 1  1,837 800 1,037 
U.S. government securitiesLevel 1785  (1)784  784 
Corporate notes and bondsLevel 285   85  85 
Total available-for-sale debt securities$5,860 $3 $(1)$5,862 $1,081 $4,781 
Cash4,362 4,362  
Total$10,224 $5,443 $4,781 
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, 2024 mature within one year or less or are readily available for use.
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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, 2024, we owned approximately 64 percent of the outstanding MPLX common units compared to 65 percent as of December 31, 2023. Our ownership was impacted by changes in the redeemable non-controlling interest and unit repurchases.
Unit Repurchase Program
On August 2, 2022, MPLX announced its board of directors approved a $1.0 billion unit repurchase authorization. This unit repurchase authorization has 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 suspended, discontinued or restarted 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)2024202320242023
Number of common units repurchased2  6  
Cash paid for common units repurchased$76 $ $226 $ 
Average cost per unit$42.89 $ $41.32 $ 
As of September 30, 2024, MPLX had approximately $620 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 $2 million net reduction to retained earnings.
Agreements
We have various long-term, fee-based commercial agreements with MPLX. Under these agreements, MPLX provides transportation, storage, distribution and marketing services to us. With certain exceptions, these agreements generally contain minimum volume commitments. These transactions are eliminated in consolidation but are reflected as intersegment transactions between our Refining & Marketing and Midstream segments. We also have agreements with MPLX that establish fees for operational and management services provided between us and MPLX and for executive management services and certain general and administrative services provided by us to MPLX. These transactions are eliminated in consolidation but are reflected as intersegment transactions between corporate and our Midstream segment.
Noncontrolling Interest
As a result of equity transactions of MPLX, we are required to adjust non-controlling interest and additional paid-in capital. Changes in MPC’s additional paid-in capital resulting from changes in its ownership interests in MPLX were as follows:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
(Millions of dollars)2024202320242023
Increase (decrease) due to change in ownership$(29)$(38)$198 $(37)
Tax impact9 9 (67)11 
Increase (decrease) in MPC's additional paid-in capital, net of tax$(20)$(29)$131 $(26)
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
11

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.
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,
2024
December 31,
2023
Assets
Cash and cash equivalents$2,426 $1,048 
Receivables, less allowance for doubtful accounts757 836 
Inventories171 159 
Other current assets37 33 
Equity method investments4,558 3,743 
Property, plant and equipment, net19,153 19,264 
Goodwill7,645 7,645 
Right of use assets271 264 
Other noncurrent assets1,536 1,644 
Liabilities
Accounts payable$648 $723 
Accrued taxes105 79 
Debt due within one year2,836 1,135 
Operating lease liabilities49 45 
Other current liabilities343 336 
Long-term debt19,250 19,296 
Deferred income taxes16 16 
Long-term operating lease liabilities217 211 
Deferred credits and other liabilities467 476 
6. Related Party Transactions
Transactions with related parties were as follows:
Three Months Ended 
September 30,
Nine Months Ended 
September 30,
(Millions of dollars)2024202320242023
Sales to related parties$213 $206 $711 $658 
Purchases from related parties624 484 1,778 1,275 
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.
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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)2024202320242023
Net income$1,015 $3,631 $4,282 $9,295 
Net income attributable to noncontrolling interest(393)(351)(1,208)(1,065)
Net income allocated to participating securities (2)(2)(5)
Redemption of preferred units   (2)
Income available to common stockholders$622 $3,278 $3,072 $8,223 
Weighted average common shares outstanding:
Basic331 394 347 418 
Effect of dilutive securities1 2 1 2 
Diluted332 396 348 420 
Income available to common stockholders per share:
Basic:
Net income attributable to MPC per share$1.88 $8.31 $8.85 $19.66 
Diluted:
Net income attributable to MPC per share$1.87 $8.28 $8.83 $19.57 
Potential common shares that were anti-dilutive and, therefore, omitted from the diluted share calculation, were immaterial for all periods.
8. Equity
On April 30, 2024, MPC announced that our board of directors approved a $5.0 billion share repurchase authorization. As of September 30, 2024, $4.04 billion remained available for repurchase under the share repurchase authorization. This share repurchase authorization has no expiration date.
We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended, discontinued or restarted at any time.
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)2024202320242023
Number of shares repurchased16 20 44 71 
Cash paid for shares repurchased$2,701 $2,819 $7,815 $9,067 
Average cost per share(a)
$170.99 $139.84 $175.20 $127.09 
(a)    The average cost per share includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but the excise tax does not reduce the remaining share repurchase authorization.
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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.

Three Months Ended 
September 30,
Nine Months Ended 
September 30,
(Millions of dollars)2024202320242023
Segment adjusted EBITDA for reportable segments
Refining & Marketing$1,053 $4,373 $4,899 $11,389 
Midstream1,628 1,539 4,837 4,601 
Total reportable segments$2,681 $5,912 $9,736 $15,990 
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes
Total reportable segments$2,681 $5,912 $9,736 $15,990 
Corporate(196)(204)(600)(533)
Refining planned turnaround costs(290)(153)(1,121)(902)
Garyville incident response costs (63) (63)
Gain on sale of assets(a)
 106 151