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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 Income Statement
Quarterly Data

Marathon Petroleum Corp., common-size consolidated income statement (quarterly data)

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3 months ended: 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
Sales and other operating revenues 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
Cost of revenues -91.56 -89.53 -90.48 -89.87 -85.36 -87.40 -84.02 -84.33 -84.79 -82.18 -92.14 -91.08 -91.47 -91.77 -92.84 -95.79 -95.78 -94.32 -91.61 -87.81 -87.94 -88.48 -91.84
Gross margin 8.44% 10.47% 9.52% 10.13% 14.64% 12.60% 15.98% 15.67% 15.21% 17.82% 7.86% 8.92% 8.53% 8.23% 7.16% 4.21% 4.22% 5.68% 8.39% 12.19% 12.06% 11.52% 8.16%
Income (loss) from equity method investments 0.62 0.98 0.62 0.54 0.53 0.55 0.38 0.47 0.39 0.27 0.37 0.43 0.38 0.31 0.40 0.57 0.67 0.65 -5.55 0.21 0.40 0.32 0.35
Net gain (loss) on disposal of assets -0.01 0.00 0.06 0.25 0.27 0.04 0.01 -0.03 2.30 0.07 -0.05 0.05 0.00 0.00 0.01 0.36 0.01 0.02 0.01 0.27 0.01 0.01 0.76
Other income 0.14 0.20 0.86 0.78 0.83 0.74 0.22 0.26 0.48 0.48 0.53 0.29 0.53 0.40 0.34 0.27 0.13 0.20 0.10 0.22 0.10 0.09 0.12
LCM inventory valuation adjustment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.59 3.04 12.05 -14.34 0.00 0.00 0.00 0.00
Impairment expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.81 -2.49 -0.21 -35.23 -3.85 0.00 0.00 0.00
Depreciation and amortization -2.41 -2.21 -2.53 -2.28 -2.07 -2.29 -2.29 -2.00 -1.73 -1.52 -2.12 -2.30 -2.59 -2.94 -3.72 -4.72 -4.77 -6.83 -3.89 -3.15 -2.75 -2.64 -3.25
Selling, general and administrative expenses -2.32 -2.17 -2.38 -2.26 -2.01 -1.94 -1.98 -1.92 -1.56 -1.29 -1.58 -1.86 -2.11 -2.11 -2.53 -3.51 -3.87 -5.45 -3.34 -2.54 -2.68 -2.69 -3.12
Restructuring expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.11 -2.00 0.00 0.00 0.00 0.00 0.00 0.00
Other taxes -0.62 -0.62 -0.70 -0.55 -0.57 -0.60 -0.66 -0.55 -0.49 -0.35 -0.50 -0.50 -0.60 -0.64 -0.71 -0.68 -1.02 -1.39 -0.89 -0.65 -0.61 -0.52 -0.66
Income (loss) from operations 3.84% 6.65% 5.45% 6.61% 11.62% 9.09% 11.65% 11.90% 14.60% 15.48% 4.51% 5.03% 4.15% 3.26% 0.96% 2.17% -6.07% 4.72% -54.74% 2.70% 6.52% 6.09% 2.37%
Net interest and other financial costs -0.63 -0.51 -0.55 -0.31 -0.29 -0.39 -0.44 -0.47 -0.52 -0.58 -0.69 -1.22 -1.01 -1.26 -1.55 -1.85 -2.06 -2.80 -1.50 -0.97 -1.02 -0.96 -1.08
Income (loss) from continuing operations before income taxes 3.21% 6.14% 4.91% 6.30% 11.33% 8.70% 11.21% 11.44% 14.08% 14.90% 3.82% 3.81% 3.13% 2.00% -0.60% 0.32% -8.13% 1.92% -56.24% 1.73% 5.50% 5.13% 1.28%
(Provision) benefit for income taxes on continuing operations -0.32 -0.98 -0.90 -1.12 -2.45 -1.60 -2.36 -2.47 -3.11 -3.34 -0.74 -0.69 0.06 -0.02 -0.15 1.07 2.50 -1.23 8.79 -0.89 -1.10 -1.05 -0.37
Income (loss) from continuing operations, net of tax 2.89% 5.16% 4.01% 5.18% 8.87% 7.10% 8.85% 8.96% 10.96% 11.56% 3.08% 3.13% 3.19% 1.99% -0.75% 1.39% -5.63% 0.69% -47.45% 0.84% 4.40% 4.07% 0.92%
Income from discontinued operations, net of tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.18 0.00 0.00 0.00 0.00 0.00 27.74 1.03 1.80 2.13 1.57 1.43 0.00 0.00 0.00 0.00
Net income (loss) 2.89% 5.16% 4.01% 5.18% 8.87% 7.10% 8.85% 9.15% 10.96% 11.56% 3.08% 3.13% 3.19% 29.72% 0.28% 3.19% -3.50% 2.26% -46.02% 0.84% 4.40% 4.07% 0.92%
Net (income) loss attributable to noncontrolling interests -1.12 -1.16 -1.15 -1.18 -0.86 -0.97 -1.03 -0.80 -1.19 -0.64 -0.86 -0.94 -1.04 -0.98 -1.35 -1.61 -1.59 -2.19 4.43 0.58 -0.88 -0.78 -0.94
Net income (loss) attributable to MPC 1.77% 4.00% 2.86% 4.00% 8.02% 6.12% 7.81% 8.34% 9.78% 10.92% 2.22% 2.19% 2.15% 28.74% -1.07% 1.59% -5.09% 0.07% -41.59% 1.42% 3.53% 3.30% -0.02%

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 financial performance of the entity exhibits significant volatility in profitability and cost structures over the analyzed period, characterized by a severe contraction in early 2020 followed by a period of expansion and subsequent stabilization.

Gross Margin and Cost of Revenues
The cost of revenues remained high, consistently fluctuating between 82% and 96% of total sales. A notable peak in costs occurred between September and December 2020, where expenses reached approximately 95.8%, compressing the gross margin to its lowest levels of roughly 4.2%. Conversely, a significant improvement in margin efficiency was observed in mid-2022, with the gross margin peaking at 17.82% in June 2022, driven by a reduction in the cost of revenues to 82.18%.
Operating Expense Trends
Depreciation and amortization, as well as selling, general, and administrative (SG&A) expenses, demonstrated a general downward trend as a percentage of revenue. SG&A expenses shifted from a range of 2.5% to 3.3% in 2019 to a more efficient range of 1.9% to 2.4% between 2022 and 2024. Similarly, depreciation and amortization declined from peaks of 3.89% in early 2020 to approximately 2.2% to 2.5% in the latter part of the period, suggesting improved operational scaling or asset optimization.
Impact of Extraordinary Items
The first quarter of 2020 was marked by extreme volatility due to non-recurring items. An impairment expense of 35.23% and an LCM inventory valuation adjustment of -14.34% contributed to a substantial operating loss of -54.74% for that quarter. Additionally, a significant spike in net income was recorded in June 2021, where income from discontinued operations contributed 27.74% of total revenues, drastically inflating the net income for that specific period.
Financial Costs and Taxation
Net interest and other financial costs showed a steady decline as a percentage of sales, moving from approximately 1% in 2019 to a low of 0.29% by September 2023, indicating a reduction in the relative burden of debt servicing. The provision for income taxes remained volatile, reflecting the swings in pre-tax income, though it generally aligned with the profitability cycles of the operating segments.
Net Profitability and Attribution
Net income attributable to the parent company mirrored the volatility of the operating results. Following the recovery from the 2020 lows, profitability stabilized between 2% and 11% of revenues from 2022 through September 2024. Net income attributable to non-controlling interests remained relatively stable, typically ranging between -0.6% and -1.2% of sales, slightly offsetting the net results attributable to the parent company.

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