Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

Analysis of Property, Plant and Equipment

Microsoft Excel

Property, Plant and Equipment Disclosure

Marathon Petroleum Corp., balance sheet: property, plant and equipment

US$ in millions

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining & Marketing 32,496 32,292 31,089 30,306 29,037
Retail 7,104
Midstream 29,620 27,659 28,098 27,677 27,193
Corporate 1,632 1,550 1,446 1,356 1,289
Gross PP&E 63,748 61,501 60,633 59,339 64,623
Accumulated depreciation (28,636) (25,844) (23,193) (20,304) (19,008)
Net PP&E 35,112 35,657 37,440 39,035 45,615

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
Gross PP&E Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Marathon Petroleum Corp. gross PP&E increased from 2021 to 2022 and from 2022 to 2023.
Net PP&E Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Marathon Petroleum Corp. net PP&E decreased from 2021 to 2022 and from 2022 to 2023.

Asset Age Ratios (Summary)

Marathon Petroleum Corp., asset age ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Average age ratio 44.92% 42.02% 38.25% 34.22% 29.41%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Asset age ratio Description The company
Average age ratio As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient. Marathon Petroleum Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 and from 2022 to 2023.

Average Age

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation 28,636 25,844 23,193 20,304 19,008
Gross PP&E 63,748 61,501 60,633 59,339 64,623
Asset Age Ratio
Average age1 44.92% 42.02% 38.25% 34.22% 29.41%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Average age = 100 × Accumulated depreciation ÷ Gross PP&E
= 100 × 28,636 ÷ 63,748 = 44.92%

Asset age ratio Description The company
Average age As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient. Marathon Petroleum Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 and from 2022 to 2023.