Marathon Petroleum Corp. (NYSE:MPC)

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Marathon Petroleum Corp., adjusted total assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	85,987)	89,904)	85,373)	85,158)	98,556)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for doubtful accounts	44)	29)	40)	18)	17)
Add: LIFO reserve²	2,770)	3,720)	2,840)	—)	871)
Less: Deferred tax assets (classified in Other noncurrent assets)³	1)	1)	2)	3)	20)
After Adjustment
Adjusted total assets	88,800)	93,652)	88,251)	85,173)	99,424)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² LIFO reserve. See details »

³ Deferred tax assets (classified in Other noncurrent assets). See details »

An analysis of the asset base between 2019 and 2023 reveals a period of volatility characterized by a significant contraction in 2020 followed by a fluctuating recovery. Total assets decreased sharply from 98,556 million in 2019 to 85,158 million in 2020, establishing a lower baseline for the subsequent three years.

Asset Trend Trajectory: Following the 2020 decline, total assets showed a gradual recovery, peaking at 89,904 million in 2022 before retreating to 85,987 million in 2023. Adjusted total assets followed a similar trajectory but remained consistently higher than the reported figures, peaking at 93,652 million in 2022.
Adjustment Variance Analysis: A widening gap is observed between reported total assets and adjusted total assets starting in 2021. While the adjustment was minimal in 2020 at 15 million, the variance increased substantially to 2,878 million in 2021 and reached a maximum of 3,748 million in 2022. By 2023, this variance moderated to 2,813 million.
Comparative Valuation Patterns: The divergence indicates that the adjustments applied to the total assets became increasingly significant after 2020. The adjusted figures suggest a higher valuation of the asset base than what is reported on the standard financial statements, particularly during the 2021-2023 period.

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Marathon Petroleum Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	54,588)	54,817)	51,792)	54,938)	55,449)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	5,834)	5,904)	5,638)	6,203)	6,392)
Less: Restructuring reserve	—)	46)	59)	141)	—)
After Adjustment
Adjusted total liabilities	48,754)	48,867)	46,095)	48,594)	49,057)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

The liability profile from 2019 through 2023 exhibits moderate volatility, characterized by a mid-period decline followed by a partial recovery and subsequent stabilization. Both total and adjusted liabilities follow a closely synchronized trajectory, indicating that the factors necessitating the adjustments remained proportionally consistent over the five-year period.

Total Liabilities Trend: Total liabilities began at 55,449 million US$ in 2019 and experienced a steady decline over the next two years, reaching a period low of 51,792 million US$ by December 31, 2021. This downward trend reversed in 2022, with liabilities increasing to 54,817 million US$, before marginally decreasing to 54,588 million US$ in 2023.
Adjusted Total Liabilities Trend: Adjusted total liabilities mirrored the movements of the nominal figures, starting at 49,057 million US$ in 2019 and decreasing to 46,095 million US$ in 2021. A recovery was observed in 2022, where the value rose to 48,867 million US$, ending the period at 48,754 million US$ in 2023.
Adjustment Variance and Consistency: The variance between total and adjusted liabilities remained relatively stable, suggesting a consistent accounting treatment or a steady level of specific liability exclusions. The difference peaked in 2019 at 6,392 million US$ and reached its lowest point in 2021 at 5,697 million US$. By 2023, the adjustment amount stood at 5,834 million US$, representing approximately 10.7% of the total liabilities.

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Marathon Petroleum Corp., adjusted total MPC stockholders’ equity

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total MPC stockholders’ equity	24,404)	27,715)	26,206)	22,199)	33,694)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(5,833)	(5,903)	(5,636)	(6,200)	(6,372)
Add: Allowance for doubtful accounts	44)	29)	40)	18)	17)
Add: LIFO reserve²	2,770)	3,720)	2,840)	—)	871)
Add: Restructuring reserve	—)	46)	59)	141)	—)
Add: Redeemable noncontrolling interest	895)	968)	965)	968)	968)
Add: Noncontrolling interests	6,100)	6,404)	6,410)	7,053)	8,445)
After Adjustment
Adjusted total equity	40,046)	44,785)	42,156)	36,579)	50,367)

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).

¹ Net deferred tax assets (liabilities). See details »

² LIFO reserve. See details »

The equity position exhibited significant volatility between 2019 and 2023, characterized by a sharp contraction in 2020, a period of gradual recovery through 2022, and a subsequent decline in 2023. Both total stockholders' equity and adjusted total equity followed a synchronized movement pattern, maintaining a consistent relationship over the five-year period.

Trend Analysis of Total Stockholders' Equity: A substantial decrease was recorded from 2019 to 2020, with equity falling from 33,694 million USD to 22,199 million USD. Following this trough, a two-year upward trend was observed, reaching 27,715 million USD in 2022, before a final reduction to 24,404 million USD was noted in 2023.
Trend Analysis of Adjusted Total Equity: Adjusted total equity mirrored the trajectory of the base equity, declining from 50,367 million USD in 2019 to 36,579 million USD in 2020. This metric recovered to 44,785 million USD by the end of 2022 and subsequently decreased to 40,046 million USD in 2023.
Evaluation of Equity Adjustments: The adjusted total equity remained consistently higher than the total stockholders' equity throughout the analyzed period. The absolute difference between the two metrics fluctuated, reaching its lowest point of 14,380 million USD in 2020 and its highest point of 17,070 million USD in 2022, indicating a persistent and significant adjustment to the equity base.

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Marathon Petroleum Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Debt due within one year	1,954)	1,066)	571)	2,854)	711)
Long-term debt due after one year	25,329)	25,634)	24,968)	28,730)	28,127)
Total reported debt	27,283)	26,700)	25,539)	31,584)	28,838)
Total MPC stockholders’ equity	24,404)	27,715)	26,206)	22,199)	33,694)
Total reported capital	51,687)	54,415)	51,745)	53,783)	62,532)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liabilities²	454)	368)	438)	497)	604)
Add: Long-term operating lease liabilities³	764)	841)	927)	1,014)	1,875)
Adjusted total debt	28,501)	27,909)	26,904)	33,095)	31,317)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(5,833)	(5,903)	(5,636)	(6,200)	(6,372)
Add: Allowance for doubtful accounts	44)	29)	40)	18)	17)
Add: LIFO reserve⁵	2,770)	3,720)	2,840)	—)	871)
Add: Restructuring reserve	—)	46)	59)	141)	—)
Add: Redeemable noncontrolling interest	895)	968)	965)	968)	968)
Add: Noncontrolling interests	6,100)	6,404)	6,410)	7,053)	8,445)
Adjusted total equity	40,046)	44,785)	42,156)	36,579)	50,367)
After Adjustment
Adjusted total capital	68,547)	72,694)	69,060)	69,674)	81,684)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Long-term operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

⁵ LIFO reserve. See details »

The capital structure of the entity exhibits significant variance between reported figures and adjusted metrics, particularly regarding stockholders' equity. From 2019 to 2023, there is an overall trend of capital contraction, with adjusted total capital decreasing from 81,684 million US$ to 68,547 million US$.

Debt Obligations and Adjustments: Total reported debt experienced a peak in 2020 at 31,584 million US$ before declining to a low of 25,539 million US$ in 2021. Since then, a gradual upward trend has been observed, reaching 27,283 million US$ by the end of 2023. Adjusted total debt consistently tracks higher than reported debt, maintaining a premium that suggests the inclusion of additional liabilities or lease obligations in the adjusted calculation.
Equity Volatility and Valuation Gaps: Stockholders' equity showed substantial volatility, characterized by a sharp decline between 2019 and 2020, where reported equity fell from 33,694 million US$ to 22,199 million US$. While a recovery occurred through 2022, reported equity declined again to 24,404 million US$ in 2023. A notable discrepancy exists between reported and adjusted equity; adjusted equity remains significantly higher across all periods, peaking at 44,785 million US$ in 2022, indicating that the adjusted capitalization table recognizes a substantially larger equity base than what is reported on the primary financial statements.
Total Capitalization Trends: The total capital base, both reported and adjusted, has trended downward over the five-year period. Reported total capital decreased from 62,532 million US$ in 2019 to 51,687 million US$ in 2023. Adjusted total capital followed a similar trajectory, starting at 81,684 million US$ and ending at 68,547 million US$. The narrowing of the gap between these two metrics over time suggests a shift in the components necessitating adjustment within the capitalization structure.

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Marathon Petroleum Corp., adjusted net income (loss) attributable to MPC

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income (loss) attributable to MPC	9,681)	14,516)	9,738)	(9,826)	2,637)
Adjustments
Add: Deferred income tax expense (benefit)¹	(28)	290)	(169)	(241)	1,023)
Add: Increase (decrease) in allowance for doubtful accounts	15)	(11)	22)	1)	8)
Add: Increase (decrease) in LIFO reserve²	(950)	880)	2,840)	(787)	871)
Add: Increase (decrease) in restructuring reserve	(46)	(13)	(82)	141)	—)
Less: Income from discontinued operations, net of tax	—)	72)	8,448)	1,205)	—)
Add: Other comprehensive income (loss)	(133)	69)	445)	(192)	(176)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	1,491)	1,534)	1,263)	(151)	618)
After Adjustment
Adjusted net income (loss)	10,030)	17,193)	5,609)	(12,260)	4,981)

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).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

The financial performance from 2019 to 2023 is characterized by extreme volatility, featuring a severe contraction in 2020 followed by a sharp recovery and a subsequent period of stabilization.

Reported Net Income Trends: Reported net income transitioned from a profit of US$ 2,637 million in 2019 to a substantial loss of US$ 9,826 million in 2020. A strong recovery was observed in 2021, with income rising to US$ 9,738 million, which further accelerated to a peak of US$ 14,516 million in 2022. By 2023, reported net income moderated to US$ 9,681 million.
Adjusted Net Income Trends: Adjusted net income mirrored the overall trajectory of reported earnings but exhibited higher magnitude swings. After an initial value of US$ 4,981 million in 2019, adjusted figures dropped to a loss of US$ 12,260 million in 2020. The subsequent recovery led to US$ 5,609 million in 2021 and a peak of US$ 17,193 million in 2022, before settling at US$ 10,030 million in 2023.
Comparative Analysis of Adjustments: The variance between reported and adjusted figures indicates fluctuating impacts from non-recurring items. In 2019, 2022, and 2023, adjusted net income was higher than reported net income, suggesting that adjustments removed negative non-operational impacts. Conversely, in 2020 and 2021, adjusted figures were lower than reported figures, with the 2020 adjustment deepening the net loss by US$ 2,434 million and the 2021 adjustment reducing the reported profit by US$ 4,129 million.

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