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.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Marathon Petroleum Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 15.99 17.44 18.09 16.00 17.60 15.10 14.97 17.03 18.60 23.26 21.76 16.05 13.66 12.91 11.49 9.16 7.98 7.22 9.39 11.79 11.60 11.25 10.96
Payroll and benefits payable 1.21 0.90 1.38 1.30 1.09 0.82 0.73 1.08 0.86 0.64 1.07 1.07 0.90 0.69 0.58 0.86 1.04 0.96 1.28 1.14 0.96 0.80 0.99
Accrued taxes 1.63 1.97 1.45 1.42 1.47 1.34 1.86 1.27 1.16 2.67 1.86 1.44 2.37 5.53 1.19 1.30 1.22 1.50 1.27 1.20 1.03 1.26 1.59
Debt due within one year 5.22 5.75 2.87 2.27 0.91 0.08 0.09 1.19 1.19 1.12 1.18 0.67 0.08 0.07 2.06 3.35 2.98 2.03 1.98 0.72 0.57 0.57 0.57
Current operating lease liabilities 0.61 0.54 0.55 0.53 0.50 0.49 0.46 0.41 0.40 0.40 0.46 0.51 0.50 0.50 0.55 0.58 0.63 0.74 0.73 0.61 0.60 0.63 0.64
Other current liabilities 1.73 1.55 1.13 1.91 2.59 2.37 1.49 1.30 1.56 1.30 1.28 1.23 1.41 0.99 0.86 0.97 1.07 1.14 1.06 0.91 0.88 0.84 0.96
Liabilities 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 0.00 0.00 1.84 2.17 2.04 0.00 0.00 0.00 0.00 0.00 0.00
Current liabilities 26.39% 28.16% 25.47% 23.43% 24.16% 20.21% 19.60% 22.27% 23.76% 29.40% 27.62% 20.96% 18.92% 20.69% 18.56% 18.39% 16.96% 13.60% 15.72% 16.38% 15.63% 15.37% 15.71%
Long-term debt due after one year 30.13 28.20 29.03 29.46 29.41 31.48 31.26 28.51 28.58 26.55 28.18 29.25 30.54 29.96 35.42 33.74 34.96 36.00 34.64 28.54 28.82 28.75 28.58
Deferred income taxes 7.22 6.82 6.82 6.78 6.46 6.84 6.77 6.57 6.25 5.73 6.13 6.60 6.21 6.05 7.17 7.28 6.79 6.99 6.69 6.49 6.30 5.40 5.20
Defined benefit postretirement plan obligations 1.49 1.44 1.38 1.28 1.08 1.37 1.32 1.24 1.45 1.17 1.17 1.19 1.52 1.96 2.26 2.49 2.16 2.09 1.97 1.67 1.52 1.66 1.62
Long-term operating lease liabilities 0.87 0.83 0.90 0.89 0.94 0.99 0.99 0.94 0.94 0.91 1.00 1.09 1.09 1.08 1.16 1.19 1.33 2.19 2.26 1.90 2.00 2.13 2.23
Deferred credits and other liabilities 1.69 1.59 1.58 1.64 1.49 1.44 1.39 1.45 1.35 1.44 1.50 1.58 1.45 1.35 1.40 1.42 1.49 1.52 1.42 1.28 1.29 1.21 1.17
Noncurrent liabilities 41.40% 38.88% 39.72% 40.05% 39.39% 42.12% 41.73% 38.70% 38.58% 35.80% 37.97% 39.70% 40.80% 40.40% 47.42% 46.12% 46.73% 48.79% 46.98% 39.88% 39.92% 39.16% 38.81%
Total liabilities 67.79% 67.04% 65.19% 63.48% 63.55% 62.32% 61.32% 60.97% 62.34% 65.20% 65.59% 60.67% 59.73% 61.09% 65.98% 64.51% 63.68% 62.39% 62.70% 56.26% 55.55% 54.52% 54.52%
Redeemable noncontrolling interest 0.25 0.24 0.66 1.04 1.08 1.12 1.11 1.08 1.08 1.00 1.06 1.13 1.10 1.03 1.12 1.14 1.15 1.14 1.12 0.98 0.99 1.04 1.04
Preferred stock, no shares issued and outstanding, par value $0.01 per share 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, issued, par value $0.01 per share 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Common stock, held in treasury, at cost -64.28 -57.01 -53.40 -50.59 -45.51 -44.10 -40.30 -35.42 -33.52 -26.88 -24.97 -23.31 -19.18 -17.12 -17.49 -17.80 -18.03 -17.91 -17.55 -15.36 -15.36 -15.04 -14.58
Additional paid-in capital 42.13 39.46 39.20 38.92 37.15 38.65 38.38 37.15 37.20 34.50 36.64 38.96 37.24 35.25 38.34 39.00 39.49 39.26 38.43 33.64 33.75 34.87 35.01
Retained earnings 46.06 42.74 41.15 40.19 37.15 35.22 32.78 29.08 25.84 19.62 14.76 15.12 13.98 12.90 4.65 5.46 5.65 7.10 7.39 16.22 16.19 15.63 14.92
Accumulated other comprehensive income (loss) -0.20 -0.18 -0.17 -0.15 -0.05 -0.03 -0.01 0.00 -0.20 -0.07 -0.08 -0.08 -0.39 -0.36 -0.59 -0.60 -0.40 -0.40 -0.38 -0.32 -0.22 -0.17 -0.16
Total MPC stockholders’ equity 23.72% 25.02% 26.80% 28.38% 28.75% 29.75% 30.86% 30.83% 29.33% 27.19% 26.36% 30.70% 31.67% 30.67% 24.92% 26.07% 26.72% 28.06% 27.91% 34.19% 34.38% 35.30% 35.21%
Noncontrolling interests 8.24 7.70 7.35 7.09 6.63 6.81 6.71 7.12 7.25 6.61 6.99 7.51 7.50 7.22 7.98 8.28 8.44 8.40 8.27 8.57 9.09 9.14 9.24
Total equity 31.95% 32.72% 34.15% 35.48% 35.38% 36.56% 37.56% 37.95% 36.58% 33.81% 33.35% 38.20% 39.17% 37.88% 32.90% 34.35% 35.17% 36.47% 36.18% 42.76% 43.46% 44.44% 44.44%
Total liabilities, redeemable noncontrolling interest and equity 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).

Accounts Payable
Accounts payable as a percentage of total liabilities and equity declined markedly from the beginning of 2019 (around 11%) reaching a low near 7% in mid-2020. Following this, it increased sharply peaking at nearly 23% in mid-2022 before gradually retreating to about 16% by mid-2024.
Payroll and Benefits Payable
Payroll and benefits payable consistently remained a small portion of total liabilities and equity, fluctuating narrowly around 1%, with slight peaks observed in early 2024 near 1.4%. This indicates stable management of payroll liabilities over the period.
Accrued Taxes
Accrued taxes trended generally below 2%, except for a significant spike to over 5% around mid-2021, then reverting back to roughly 1.5%-2% levels thereafter, reflecting a one-time or atypical tax accrual event at that time.
Debt Due Within One Year
Short-term debt increased from under 1% early in 2019 to peaks above 3% by late 2020, declined sharply to near zero in mid-2021, then rose notably again, reaching approximately 5-6% by late 2024, indicating variable short-term debt management and refinancing activities.
Current Operating Lease Liabilities
Current operating lease liabilities remained stable and low, fluctuating slightly between 0.4% and 0.7%, demonstrating consistent lease expense recognition relative to total capitalization.
Other Current Liabilities
This category showed modest increases over time, rising from below 1% to over 2.5% at times, with some volatility, indicating either fluctuating accruals or variability in miscellaneous current obligations.
Current Liabilities (Aggregate)
Overall current liabilities showed a moderately increasing trend from around 15-16% during 2019 to a high near 29% in mid-2022, with subsequent declines but remaining elevated near 26-28% into 2024, reflecting an increasing reliance on short-term obligations or accrued expenses.
Long-Term Debt Due After One Year
Long-term debt generally represented a significant portion of total liabilities, initially near 29%, rising above 34% during 2020 before gradually declining again to about 28-30% from 2022 onward, suggesting debt structure adjustments and possible repayments.
Deferred Income Taxes
Deferred income taxes remained stable between 5% and 7.3% throughout the periods, with slight fluctuations but no major trend, indicating steady recognition and management of deferred tax liabilities.
Defined Benefit Postretirement Obligations
The portion of defined benefit postretirement plan obligations remained modest, moving slightly between about 1% and 2.5%, showing gradual reduction after 2019 but with minor increases towards 2024.
Long-Term Operating Lease Liabilities
This liability steadily decreased from 2.2% in early 2019 to under 1% by 2024, reflecting reduced reliance or reclassification of lease arrangements over the period.
Deferred Credits and Other Liabilities
Deferred credits and other liabilities showed a slight upward trend from approximately 1.2% to 1.7%, indicating moderate growth in miscellaneous deferred or noncurrent obligations.
Noncurrent Liabilities
Noncurrent liabilities increased significantly from about 39% in early 2019 to nearly 47% in 2020, then declined gradually to some 39-41% by 2024, indicative of a shift in the maturity profile of liabilities or settlement of some long-term obligations.
Total Liabilities
Total liabilities as a percentage of the funding base rose from roughly 54-56% in 2019 to peaks near 65-67% by 2024, demonstrating an increasing leverage or reliance on debt and liabilities over equity financing in recent years.
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest stayed consistently small, just above 1% until about 2023 when it contracted sharply to nearly zero, suggesting changes in ownership interests or buyouts.
Common Stock and Treasury Stock
The common stock accounted for a negligible percentage, steady at 0.01%. Meanwhile, treasury stock, reflected as a negative percentage, grew substantially in magnitude from about -15% to over -64%, implying significant stock repurchases and treasury stock accumulation over the period.
Additional Paid-in Capital
Additional paid-in capital remained relatively stable around 35-40%, with slight increases towards 42% near late 2024, indicating contributions or adjustments from equity issuance or accounting reclassifications.
Retained Earnings
Retained earnings showed a notable upward trajectory from low single digits in early 2020 to above 46% by late 2024, representing substantial earnings retention and accumulation of profits over this interval.
Accumulated Other Comprehensive Income (Loss)
This metric remained slightly negative throughout, fluctuating between small losses of approximately -0.2% to nearly zero without material swings, reflecting stable unrealized gains or losses in other comprehensive components.
Total Stockholders’ Equity
Overall equity declined sharply from above 44% early in 2019 to a low near 31% by 2024, with fluctuations in between. This decrease reflects elevated liabilities and treasury stock increases outpacing equity growth, despite the rising retained earnings.
Noncontrolling Interests
Noncontrolling interests decreased gradually from roughly 9% to about 6-8% over the period, indicating slight declines in minority ownership stakes relative to the total funding structure.
Total Equity (Including Noncontrolling)
Total equity including noncontrolling interests declined from about 44.4% to near 32% by the end of the period, mirroring the trends in controlling and noncontrolling equity components and underscoring increased leverage.