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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, 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 352,330,482 shares of Marathon Petroleum Corporation common stock outstanding as of April 26, 2024.


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 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 
March 31,
(In millions, except per share data)20242023
Revenues and other income:
Sales and other operating revenues$32,706 $34,864 
Income from equity method investments204 133 
Net gain on disposal of assets20 3 
Other income281 77 
Total revenues and other income33,211 35,077 
Costs and expenses:
Cost of revenues (excludes items below)29,593 29,294 
Depreciation and amortization827 800 
Selling, general and administrative expenses779 691 
Other taxes228 231 
Total costs and expenses31,427 31,016 
Income from operations1,784 4,061 
Net interest and other financial costs179 154 
Income before income taxes1,605 3,907 
Provision for income taxes293 823 
Net income1,312 3,084 
Less net income attributable to:
Redeemable noncontrolling interest10 23 
Noncontrolling interests365 337 
Net income attributable to MPC$937 $2,724 
Per share data (See Note 7)
Basic:
Net income attributable to MPC per share$2.59 $6.13 
Weighted average shares outstanding361 444 
Diluted:
Net income attributable to MPC per share$2.58 $6.09 
Weighted average shares outstanding362 447 
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)20242023
Net income$1,312 $3,084 
Defined benefit plans:
Actuarial changes, net of tax of $1 and $1, respectively
2 2 
Prior service, net of tax of $(3) and $(4), respectively
(11)(13)
Other, net of tax of $(1) and $0, respectively
(3) 
Other comprehensive loss(12)(11)
Comprehensive income1,300 3,073 
Less comprehensive income attributable to:
Redeemable noncontrolling interest10 23 
Noncontrolling interests365 337 
Comprehensive income attributable to MPC$925 $2,713 
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,
2024
December 31,
2023
Assets
Cash and cash equivalents$3,175 $5,443 
Short-term investments4,399 4,781 
Receivables, less allowance for doubtful accounts of $50 and $44, respectively
13,171 12,187 
Inventories9,781 9,317 
Other current assets734 403 
Total current assets31,260 32,131 
Equity method investments6,831 6,260 
Property, plant and equipment, net34,963 35,112 
Goodwill8,244 8,244 
Right of use assets1,255 1,233 
Other noncurrent assets2,975 3,007 
Total assets$85,528 $85,987 
Liabilities
Accounts payable$15,471 $13,761 
Payroll and benefits payable1,180 1,115 
Accrued taxes1,243 1,221 
Debt due within one year2,457 1,954 
Operating lease liabilities472 454 
Other current liabilities964 1,645 
Total current liabilities21,787 20,150 
Long-term debt24,832 25,329 
Deferred income taxes5,831 5,834 
Defined benefit postretirement plan obligations1,182 1,102 
Long-term operating lease liabilities770 764 
Deferred credits and other liabilities1,355 1,409 
Total liabilities55,757 54,588 
Commitments and contingencies (see Note 23)
Redeemable noncontrolling interest561 895 
Equity
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)
  
Common stock:
Issued – 993 million and 993 million shares (par value $0.01 per share, 2 billion shares authorized)
10 10 
Held in treasury, at cost – 638 million and 625 million shares
(45,674)(43,502)
Additional paid-in capital33,530 33,465 
Retained earnings35,199 34,562 
Accumulated other comprehensive loss(143)(131)
Total MPC stockholders’ equity22,922 24,404 
Noncontrolling interests6,288 6,100 
Total equity29,210 30,504 
Total liabilities, redeemable noncontrolling interest and equity$85,528 $85,987 
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)20242023
Operating activities:
Net income$1,312 $3,084 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs and debt discount(24)(10)
Depreciation and amortization827 800 
Pension and other postretirement benefits, net33 14 
Deferred income taxes(35)(5)
Net gain on disposal of assets(20)(3)
Income from equity method investments(204)(133)
Distributions from equity method investments262 183 
Changes in the fair value of derivative instruments37 95 
Changes in:
Current receivables(964)3,828 
Inventories(462)(1,441)
Current liabilities and other current assets999 (2,105)
Right of use assets and operating lease liabilities, net1 (2)
All other, net(230)(248)
Net cash provided by operating activities1,532 4,057 
Investing activities:
Additions to property, plant and equipment(585)(457)
Acquisitions, net of cash acquired(622) 
Disposal of assets1 3 
Investments – acquisitions and contributions(125)(207)
Purchases of short-term investments(1,661)(2,112)
Sales of short-term investments193 631 
Maturities of short-term investments1,885 1,162 
All other, net90 164 
Net cash used in investing activities(824)(816)
Financing activities:
Long-term debt – borrowings 1,589 
                          – repayments(17)(1,021)
Debt issuance costs (15)
Issuance of common stock11 17 
Common stock repurchased(2,218)(3,180)
Dividends paid(299)(337)
Distributions to noncontrolling interests(337)(329)
Repurchases of noncontrolling interests(75) 
Redemption of noncontrolling interests - preferred units (600)
All other, net(42)(31)
Net cash used in financing activities(2,977)(3,907)
Net change in cash, cash equivalents and restricted cash(2,269)(666)
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)
$3,177 $7,965 
(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 


 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 
The accompanying notes are an integral part of these consolidated financial statements.
7

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 months ended March 31, 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
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 ended 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. We are currently evaluating the impact this ASU will have on our disclosures.

8

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. We are currently evaluating the impact this ASU will have on our disclosures.
3. Short-Term Investments
Investments Components
The components of investments were as follows:
March 31, 2024
(Millions of dollars)Fair Value LevelAmortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsShort-term Investments
Available-for-sale debt securities
Commercial paperLevel 2$2,774 $ $(1)$2,773 $210 $2,563 
Certificates of deposit and time depositsLevel 21,256  (1)1,255 224 1,031 
U.S. government securitiesLevel 1637  (1)636  636 
Corporate notes and bondsLevel 2169   169  169 
Total available-for-sale debt securities$4,836 $ $(3)$4,833 $434 $4,399 
Cash2,741 2,741  
Total$7,574 $3,175 $4,399 
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 March 31, 2024 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 March 31, 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.
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
9

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 
March 31,
(In millions, except per unit data)20242023
Number of common units repurchased2  
Cash paid for common units repurchased$75 $ 
Average cost per unit$40.04 $ 
As of March 31, 2024, MPLX had approximately $771 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 
March 31,
(Millions of dollars)20242023
Increase due to change in ownership$108 $1 
Tax impact(36)2 
Increase in MPC's additional paid-in capital, net of tax$72 $3 
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.
10

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)March 31,
2024
December 31,
2023
Assets
Cash and cash equivalents$385 $1,048 
Receivables, less allowance for doubtful accounts766 836 
Inventories163 159 
Other current assets36 33 
Equity method investments4,343 3,743 
Property, plant and equipment, net19,299 19,264 
Goodwill7,645 7,645 
Right of use assets290 264 
Other noncurrent assets1,594 1,644 
Liabilities
Accounts payable$601 $723 
Accrued taxes71 79 
Debt due within one year1,639 1,135 
Operating lease liabilities50 45 
Other current liabilities304 336 
Long-term debt18,805 19,296 
Deferred income taxes16 16 
Long-term operating lease liabilities231 211 
Deferred credits and other liabilities485 476 
6. Related Party Transactions
Transactions with related parties were as follows:
Three Months Ended 
March 31,
(Millions of dollars)20242023
Sales to related parties$271 $189 
Purchases from related parties580 311 
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.
11

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 
March 31,
(In millions, except per share data)20242023
Net income$1,312 $3,084 
Net income attributable to noncontrolling interest(375)(360)
Net income allocated to participating securities(1)(2)
Redemption of preferred units (2)
Income available to common stockholders$936 $2,720 
Weighted average common shares outstanding:
Basic361 444 
Effect of dilutive securities1 3 
Diluted362 447 
Income available to common stockholders per share:
Basic:
Net income attributable to MPC per share$2.59 $6.13 
Diluted:
Net income attributable to MPC per share$2.58 $6.09 
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)20242023
Shares issuable under share-based compensation plans  
8. Equity
On October 25, 2023, MPC announced that our board of directors approved a $5.0 billion share repurchase authorization in addition to the $5.0 billion share repurchase authorizations announced on January 31, 2023 and May 2, 2023. As of March 31, 2024, $4.63 billion remained available for repurchase under these share repurchase 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, 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.
12

Total share repurchases were as follows for the respective periods:
Three Months Ended 
March 31,
(In millions, except per share data)20242023
Number of shares repurchased13 25 
Cash paid for shares repurchased$2,218 $3,180 
Average cost per share(a)
$168.05 $126.56 
(a)    The average cost per share includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but does not reduce the share repurchase authorization.
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 
March 31,
(Millions of dollars)20242023
Segment adjusted EBITDA for reportable segments
Refining & Marketing$1,874 $3,853 
Midstream1,589 1,530 
Total reportable segments$3,463 $5,383 
Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes
Total reportable segments$3,463 $5,383 
Corporate(204)(165)
Refining planned turnaround costs(648)(357)
Depreciation and amortization(827)(800)
Net interest and other financial costs(179)(154)
Income before income taxes$1,605 $3,907 


13

Three Months Ended 
March 31,
(Millions of dollars)20242023
Sales and other operating revenues
Refining & Marketing
Revenues from external customers(a)
$31,485 $33,663 
Intersegment revenues37 27 
Refining & Marketing segment revenues31,522 33,690 
Midstream
Revenues from external customers(a)
1,221 1,201 
Intersegment revenues1,403 1,362 
Midstream segment revenues2,624 2,563 
Total segment revenues34,146 36,253 
Less: intersegment revenues1,440 1,389 
Consolidated sales and other operating revenues(a)
$32,706 $34,864 
(a)    Includes related party sales. See Note 6 for additional information.

Three Months Ended 
March 31,
(Millions of dollars)20242023
Income (loss) from equity method investments
Refining & Marketing$23 $(36)
Midstream181 169 
Consolidated income from equity method investments$204 $133 
Depreciation and amortization
Refining & Marketing$460 $464 
Midstream343 317 
Corporate24 19 
Consolidated depreciation and amortization$827 $800 
Capital expenditures
Refining & Marketing$291 $421 
Midstream327 241 
Segment capital expenditures and investments618 662 
Less investments in equity method investees125 207 
Plus:
Corporate6 7 
Capitalized interest12 21 
Consolidated capital expenditures(a)
$511 $483 
(a)Includes changes in capital expenditure accruals. See Note 19 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the three months ended March 31, 2024 and 2023 as reported in the consolidated statements of cash flows.
14

10. Net Interest and Other Financial Costs
Net interest and other financial costs were as follows:
Three Months Ended 
March 31,
(Millions of dollars)20242023
Interest income$(101)$(121)
Interest expense341 334 
Interest capitalized(12)(23)
Pension and other postretirement non-service costs(a)
(11)(23)
Loss on extinguishment of debt 9 
Investments - net premium (discount) amortization(39)(28)
Other financial costs1 6 
Net interest and other financial costs$179 $154 
(a)See Note 22.
11. Income Taxes
We recorded a combined federal, state and foreign income tax provision of $293 million for the three months ended March 31, 2024, which was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests offset by state taxes.
We recorded a combined federal, state and foreign income tax provision of $823 million for the three months ended March 31, 2023, which was higher than the U.S. statutory rate primarily due to state taxes offset by permanent tax benefits related to net income attributable to noncontrolling interests.
12. Inventories
(Millions of dollars)March 31,
2024
December 31,
2023
Crude oil $3,434 $3,211 
Refined products5,273 4,940 
Materials and supplies1,074 1,166 
Total$9,781 $9,317 
Inventories are carried at the lower of cost or market value. Costs of crude oil and refined products are aggregated on a consolidated basis for purposes of assessing whether the LIFO cost basis of these inventories may have to be written down to market values.
13. Equity Method Investments
Midstream Acquisition
On March 22, 2024, MPLX used $625 million of cash on hand to purchase additional ownership interest in existing joint ventures and gathering assets which will enhance our position in the Utica basin. Prior to the acquisition, MPLX owned an indirect interest in Ohio Gathering Company, L.L.C. (“OGC”) and a direct interest in Ohio Condensate Company, L.L.C. (“OCC”) and now owns a combined 73 percent interest in OGC and a 100 percent interest in OCC, and a dry gas gathering system in the Utica basin. OGC continues to be accounted for as an equity method investment as MPLX did not obtain control of OGC as a result of the transaction. OGC is considered a VIE as MPLX is not deemed to be the primary beneficiary due to voting rights on significant matters. The acquisition date fair value of our investment in OGC exceeded our portion of the underlying net assets of the joint venture by approximately $86 million. OCC was previously accounted for as an equity method investment, and it is now consolidated and included in our consolidated financial results.
The acquisition was accounted for as a business combination requiring all the acquired assets and liabilities to be remeasured to fair value resulting in a consolidated fair value of net assets and liabilities of $625 million. The preliminary determination of the fair value includes $518 million related to acquired interests in the joint ventures and the remaining balance related to other acquired assets and liabilities. The revaluation of MPLX’s existing 62 percent equity method investment in OCC resulted in a
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$20 million gain, which is included in the net gain on disposal of assets line of the accompanying consolidated statements of income. The fair value of equity method investments was based on a discounted cash flow model.
LF Bioenergy Acquisition
On March 8, 2023, MPC announced the acquisition of a 49.9 percent interest in LF Bioenergy, an emerging producer of renewable natural gas (“RNG”) in the U.S., for approximately $56 million, which included funding for on-going operations and project development. LF Bioenergy has been focused on developing and growing a portfolio of dairy farm-based, low carbon intensity RNG projects.
LF Bioenergy is a VIE since it is unable to fund its operations without financial support from its equity owners. We are not the primary beneficiary of this VIE because we do not have the ability to control the activities that significantly influence the economic outcomes of the entity and, therefore, do not consolidate the entity. MPC accounts for our ownership interest in LF Bioenergy as an equity method investment.
14. Property, Plant and Equipment (PP&E)
March 31, 2024December 31, 2023
(Millions of dollars)Gross
PP&E
Accumulated DepreciationNet
PP&E
Gross
PP&E
Accumulated DepreciationNet
PP&E
Refining & Marketing$32,441 $18,099 $14,342 $32,496 $17,992 $14,504 
Midstream29,950 9,889 20,061 29,620 9,589 20,031 
Corporate1,638 1,078 560 1,632 1,055 577 
Total$64,029 $29,066 $34,963 $63,748 $28,636 $35,112 
15. Fair Value Measurements
Fair Values—Recurring
The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables.
March 31, 2024
Fair Value Hierarchy
(Millions of dollars)Level 1Level 2Level 3
Netting and Collateral(a)
Net Carrying Value on Balance Sheet(b)
Collateral Pledged Not Offset
Assets:
Commodity contracts$197 $ $ $(197)$ $67 
Liabilities:
Commodity contracts$231 $ $ $(231)$ $ 
Embedded derivatives in commodity contracts  69  69  
December 31, 2023
Fair Value Hierarchy
(Millions of dollars)Level 1Level 2Level 3
Netting and Collateral(a)
Net Carrying Value on Balance Sheet(b)
Collateral Pledged Not Offset
Assets:
Commodity contracts$244 $ $ $(220)$24 $73 
Liabilities:
Commodity contracts$249 $ $ $(249)$ $ 
Embedded derivatives in commodity contracts  61  61  
(a)Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of March 31, 2024, cash collateral of $34 million was netted with mark-to-market derivative liabilities. As of December 31, 2023, cash collateral of $29 million was netted with mark-to-market derivative liabilities.
(b)We have no derivative contracts which are subject to master netting arrangements reflected gross on the balance sheet.
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Level 3 instruments relate to an embedded derivative liability for a natural gas purchase commitment embedded in a keep‑whole processing agreement. The fair value calculation for these Level 3 instruments at March 31, 2024 used significant unobservable inputs including: (1) NGL prices interpolated and extrapolated due to inactive markets ranging from $0.66 to $1.61 per gallon with a weighted average of $0.83 per gallon and (2) the probability of renewal of 100 percent for the five-year term of the natural gas purchase commitment and related keep-whole processing agreement. Increases or decreases in the fractionation spread result in an increase or decrease in the fair value of the embedded derivative liability.
The following is a reconciliation of the beginning and ending balances recorded for net liabilities classified as Level 3 in the fair value hierarchy.
Three Months Ended 
March 31,
(Millions of dollars)20242023
Beginning balance$61 $61 
Unrealized and realized loss included in net income(a)
12  
Settlements of derivative instruments(4)(3)
Ending balance$69 $58 
The amount of total loss for the period included in earnings attributable to the change in unrealized loss relating to liabilities still held at the end of period(a):
$11 $ 
(a)    The loss is included in cost of revenues on the consolidated statements of income.
Fair Values – Non-recurring
Non-recurring fair value measurements and disclosures in 2024 relate to the purchase of additional ownership interest in existing joint ventures and gathering assets as discussed in Note 13.
Fair Values – Reported
We believe the carrying value of our other financial instruments, including cash and cash equivalents, receivables, accounts payable and certain accrued liabilities, approximate fair value. Our fair value assessment incorporates a variety of considerations, including the short-term duration of the instruments and the expected insignificance of bad debt expense, which includes an evaluation of counterparty credit risk. The borrowings under our revolving credit facilities, which include variable interest rates, approximate fair value. The fair value of our long-term debt is based on prices from recent trade activity and is categorized in level 3 of the fair value hierarchy. The carrying and fair values of our debt were approximately $27.0 billion and $25.3 billion at March 31, 2024, respectively, and approximately $27.0 billion and $25.5 billion at December 31, 2023, respectively. These carrying and fair values of our debt exclude the unamortized issuance costs which are netted against our total debt.
16. Derivatives
For further information regarding the fair value measurement of derivative instruments, including any effect of master netting agreements or collateral, see Note 15. We do not designate any of our commodity derivative instruments as hedges for accounting purposes.
Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of foreign-sourced crude oil, (4) the acquisition of ethanol for blending with refined products, (5) the sale of NGLs, (6) the purchase of natural gas and (7) the purchase of soybean oil.
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The following table presents the fair value of derivative instruments as of March 31, 2024 and December 31, 2023 and the line items in the consolidated balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets.

(Millions of dollars)March 31, 2024December 31, 2023
Balance Sheet LocationAssetLiabilityAssetLiability
Commodity derivatives
Other current assets$197 $231 $244 $249 
Other current liabilities(a)
 13  11 
Deferred credits and other liabilities(a)
 56  50 
(a)     Includes embedded derivatives.
The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of March 31, 2024.
Percentage of contracts
that expire next quarter
Position
(Units in thousands of barrels)LongShort
Exchange-traded(a)
Crude oil68.1%44,665 52,077 
Refined products94.8%19,575 20,404 
Blending products80.1%7,186 3,983 
Soybean oil67.3%4,282 4,806 
(a)    Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 12,308 long and 12,188 short; Refined products - 445 long and 614 short. There are no spread contracts for blending products or soybean oil.

The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: 
Gain (Loss)
(Millions of dollars)Three Months Ended 
March 31,
Income Statement Location20242023
Sales and other operating revenues$ $2 
Cost of revenues(74)61 
Other income 1 
Total$(74)$64 
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17. Debt
Our outstanding borrowings at March 31, 2024 and December 31, 2023 consisted of the following:
(Millions of dollars)March 31,
2024
December 31,
2023
Marathon Petroleum Corporation:
Senior notes$6,449 $6,449 
Notes payable1 1 
Finance lease obligations457 464 
Total6,907 6,914 
MPLX LP:
Senior notes20,700 20,700 
Finance lease obligations6 6 
Total20,706 20,706 
Total debt27,613 27,620 
Unamortized debt issuance costs(138)(141)
Unamortized discount, net of unamortized premium(186)(196)
Amounts due within one year(2,457)(1,954)
Total long-term debt due after one year$24,832 $25,329 


Available Capacity under our Credit Facilities as of March 31, 2024
(Millions of dollars)Total
Capacity
Outstanding
Borrowings
Outstanding
Letters
of Credit
Available
Capacity
Weighted
Average
Interest
Rate
Expiration
MPC, excluding MPLX
MPC bank revolving credit facility$5,000 $ $1 $4,999  %July 2027
MPC trade receivables securitization facility(a)
100   100  September 2024
MPLX
MPLX bank revolving credit facility2,000   2,000  %July 2027
(a)    The committed borrowing and letter of credit issuance capacity under the trade receivables securitization facility is $100 million. In addition, the facility allows for the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks.
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18. Revenue
The following table presents our revenues from external customers disaggregated by segment and product line.

Three Months Ended 
March 31,
(Millions of dollars)20242023
Refining & Marketing
Refined products$29,247 $31,923 
Crude oil1,788 1,330 
Services and other450 410 
Total revenues from external customers31,485 33,663 
Midstream
Refined products373 420 
Services and other848 781 
Total revenues from external customers1,221 1,201 
Sales and other operating revenues$32,706 $34,864 
We do not disclose information on the future performance obligations for any contract with expected duration of one year or less at inception. As of March 31, 2024, we do not have future performance obligations that are material to future periods.
Receivables
On the accompanying consolidated balance sheets, receivables, less allowance for doubtful accounts primarily consists of customer receivables. Significant, non-customer balances included in our receivables at March 31, 2024 include matching buy/sell receivables of $5.43 billion.
19. Supplemental Cash Flow Information
Three Months Ended 
March 31,
(Millions of dollars)20242023
Net cash provided by operating activities included:
Interest paid (net of amounts capitalized)$359 $342 
Net income taxes paid to (received from) taxing authorities(22)(18)

The consolidated statements of cash flows exclude changes to the consolidated balance sheets that did not affect cash. The following is a reconciliation of additions to property, plant and equipment to total capital expenditures:
Three Months Ended 
March 31,
(Millions of dollars)20242023
Additions to property, plant and equipment per the consolidated statements of cash flows$585 $457 
Increase (decrease) in capital accruals(74)26 
Total capital expenditures$511 $483 
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20. Other Current Liabilities
The following summarizes the components of other current liabilities:
(Millions of dollars)March 31,
2024
December 31,
2023
Environmental credits liability$331 $778 
Accrued interest payable258 316 
Other current liabilities375 551 
Total other current liabilities$964 $1,645 
21. Accumulated Other Comprehensive Income (Loss)
The following table shows the changes in accumulated other comprehensive income (loss) by component. Amounts in parentheses indicate debits.
(Millions of dollars)Pension BenefitsOther BenefitsOtherTotal
Balance as of December 31, 2022$(163)$165 $ $2 
Other comprehensive gain before reclassifications, net of tax of $1
 3</