Stock Analysis on Net
Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

This company has been moved to the archive! The financial data has not been updated since November 5, 2024.

Analysis of Revenues 

Microsoft Excel

Revenues as Reported

Marathon Petroleum Corp., income statement, revenues

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refined products 135,978 163,581 108,935 62,289 109,659
Merchandise — — — — 6,285
Crude oil 7,423 8,962 7,132 4,023 4,402
Services and other 4,978 4,910 3,916 3,467 3,603
Sales and other operating revenues 148,379 177,453 119,983 69,779 123,949

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).

Refined products revenue
The revenue from refined products shows a significant decline from 2019 to 2020, dropping from approximately $109.7 billion to $62.3 billion. This was followed by a strong recovery in 2021 to nearly $108.9 billion. The upward trend continues into 2022, reaching a peak of about $163.6 billion, before slightly decreasing to $136.0 billion in 2023. Overall, this item exhibits volatility with a sharp dip in 2020 due to likely external factors, a rapid rebound, and stabilization at a high level thereafter.
Merchandise revenue
Merchandise revenue is reported only for 2019 at $6.3 billion, with no data available for subsequent years. The absence of data in later periods precludes any trend analysis or conclusions for this category.
Crude oil revenue
Revenue from crude oil shows minor decline from $4.4 billion in 2019 to $4.0 billion in 2020. Afterward, the revenue increases steadily, reaching $7.1 billion in 2021 and peaking at $9.0 billion in 2022. In 2023, there is a slight decline to $7.4 billion. This pattern suggests a recovery and growth in crude oil sales following the 2020 dip, with some fluctuation in the most recent year.
Services and other revenue
The services and other category reveals a generally upward trend throughout the period. Revenue gradually increases from $3.6 billion in 2019 to $3.5 billion in 2020, then continues rising to $3.9 billion in 2021, $4.9 billion in 2022, and reaches $5.0 billion in 2023. This steady growth implies strengthening contributions from non-core activities over the years.
Sales and other operating revenues
The total sales and other operating revenues mirror the trend observed in refined products, beginning with a sharp decline from approximately $124.0 billion in 2019 to $69.8 billion in 2020. Subsequently, there is a recovery to about $120.0 billion in 2021, followed by a substantial increase to $177.5 billion in 2022 before a decline to $148.4 billion in 2023. This overall pattern indicates a significant impact in 2020, followed by strong rebound and partial stabilization in subsequent years.