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Marathon Petroleum Corp. (NYSE:MPC)

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

Common-Size Balance Sheet: Assets
Quarterly Data

Marathon Petroleum Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 5.01 5.21 3.71 6.33 9.39 8.50 9.15 9.59 8.22 9.38 7.86 6.20 6.58 12.55 0.72 0.49 0.74 1.29 1.96 1.55 1.55 1.29 0.91
Short-term investments 1.43 4.76 5.14 5.56 5.12 4.75 4.01 3.50 4.19 4.38 3.79 6.50 8.23 5.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Receivables, less allowance for doubtful accounts 12.75 14.44 15.40 13.51 13.86 11.89 11.65 14.99 15.00 17.89 17.22 12.92 10.65 10.36 8.62 6.76 5.85 5.16 6.47 7.99 7.60 7.85 7.15
Inventories 12.38 11.50 11.44 10.84 11.27 11.03 11.80 9.82 10.96 11.42 10.43 9.44 10.31 9.42 9.70 9.39 8.81 9.56 8.63 10.39 9.88 9.38 10.20
Other current assets 0.93 0.87 0.86 1.13 0.67 1.10 0.72 1.30 0.96 0.77 0.71 0.67 2.44 2.85 3.11 3.20 2.62 1.31 1.13 0.54 0.47 0.47 0.57
Assets held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 12.89 13.37 13.17 0.00 0.00 0.00 0.00 0.00 0.00
Current assets 32.50% 36.78% 36.55% 37.37% 40.32% 37.27% 37.32% 39.20% 39.34% 43.84% 40.01% 35.72% 38.23% 40.92% 35.04% 33.22% 31.18% 17.31% 18.18% 20.47% 19.50% 18.99% 18.82%
Equity method investments 8.74 8.00 7.99 7.28 7.25 7.71 7.61 7.19 7.24 5.69 6.06 6.34 6.03 5.75 6.27 6.37 6.50 6.79 6.55 7.00 6.85 6.94 6.80
Property, plant and equipment, net 43.27 40.70 40.88 40.83 38.56 40.56 40.66 39.66 39.45 38.31 40.84 43.85 42.14 40.29 44.42 45.84 47.32 53.23 52.52 46.28 45.89 46.79 46.76
Goodwill 10.33 9.67 9.64 9.59 9.16 9.54 9.47 9.17 9.19 8.52 9.08 9.67 9.25 8.76 9.53 9.69 9.83 15.02 14.72 20.33 21.68 20.93 20.98
Operating lease right of use assets 1.49 1.39 1.47 1.43 1.46 1.49 1.46 1.35 1.34 1.32 1.46 1.61 1.59 1.59 1.75 1.79 1.95 2.90 2.97 2.50 2.57 2.67 2.78
Other noncurrent assets 3.67 3.45 3.48 3.50 3.26 3.44 3.47 3.43 3.44 2.31 2.55 2.81 2.76 2.69 2.99 3.10 3.22 4.75 5.05 3.42 3.51 3.69 3.86
Noncurrent assets 67.50% 63.22% 63.45% 62.63% 59.68% 62.73% 62.68% 60.80% 60.66% 56.16% 59.99% 64.28% 61.77% 59.08% 64.96% 66.78% 68.82% 82.69% 81.82% 79.53% 80.50% 81.01% 81.18%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The asset structure has undergone a significant strategic shift between March 2019 and September 2024, transitioning from a heavily fixed-asset weighted balance sheet to one with substantially higher liquidity.

Liquidity and Current Asset Evolution
Current assets as a percentage of total assets increased from a baseline of approximately 18-20% in 2019 to a peak of 43.84% in June 2022. This expansion was primarily driven by a surge in cash and cash equivalents, which rose from under 2% in 2019 to a peak of 12.55% in June 2021. The liquidity profile was further enhanced by the introduction of short-term investments starting in mid-2021, which have since fluctuated between 1.4% and 8.2% of total assets. Receivables also showed a marked upward trend, rising from approximately 7% in early 2019 to peak at 17.89% in June 2022, eventually stabilizing between 12% and 15% through 2024.
Noncurrent Asset Contraction
Noncurrent assets declined from approximately 81% of the total asset mix in 2019 to a range of 59% to 67% between 2021 and 2024. A primary contributor to this decline was Property, Plant and Equipment (PPE), which shifted from a high of 53.23% in June 2020 to a lower range of 38% to 43% in the latter half of the period. Goodwill experienced a sharp structural reduction, falling from approximately 21% in 2019 to stabilize around 9% to 10% from 2020 onward, indicating a significant write-down or divestiture of acquired entities.
Operational Stability and Strategic Transitions
Inventories have remained remarkably consistent as a percentage of total assets, generally fluctuating between 8% and 12% throughout the entire period. A notable transitional phase occurred between September 2020 and March 2021, during which assets held for sale briefly represented a significant portion of the balance sheet, peaking at 13.37%. This period of divestment coincides with the sharp drop in goodwill and the subsequent increase in cash and short-term investment positions.

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