Name: Marathon Petroleum Corp. (NYSE:MPC) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Marathon Petroleum Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	5,443)	8,625)	5,291)	415)	1,527)
Short-term investments	4,781)	3,145)	5,548)	—)	—)
Receivables, less allowance for doubtful accounts	11,619)	13,477)	11,034)	5,760)	7,872)
Inventories	9,317)	8,827)	8,055)	7,999)	10,243)
Other current assets	971)	1,168)	568)	2,724)	528)
Assets held for sale	—)	—)	—)	11,389)	—)
Current assets	32,131)	35,242)	30,496)	28,287)	20,170)
Equity method investments	6,260)	6,466)	5,409)	5,422)	6,898)
Property, plant and equipment, net	35,112)	35,657)	37,440)	39,035)	45,615)
Goodwill	8,244)	8,244)	8,256)	8,256)	20,040)
Operating lease right of use assets	1,233)	1,214)	1,372)	1,521)	2,459)
Other noncurrent assets	3,007)	3,081)	2,400)	2,637)	3,374)
Noncurrent assets	53,856)	54,662)	54,877)	56,871)	78,386)
Total assets	85,987)	89,904)	85,373)	85,158)	98,556)

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).

Total assets experienced a net decrease from US$ 98,556 million in 2019 to US$ 85,987 million in 2023. This overall decline was primarily characterized by a sharp contraction in noncurrent assets during 2020, followed by a period of relative stabilization with moderate fluctuations in total asset value.

Liquidity and Current Asset Management: Current assets displayed a general upward trend, increasing from US$ 20,170 million in 2019 to a peak of US$ 35,242 million in 2022, before settling at US$ 32,131 million in 2023. This growth was driven largely by a significant expansion in liquid holdings; cash and cash equivalents rose from US$ 1,527 million in 2019 to US$ 5,443 million in 2023, peaking at US$ 8,625 million in 2022. Furthermore, the strategic adoption of short-term investments, which were absent in 2019 and 2020, provided an additional liquidity buffer, reaching US$ 4,781 million by 2023. Receivables also trended upward, peaking in 2022 at US$ 13,477 million.
Fixed Asset and Noncurrent Trend Analysis: Noncurrent assets declined substantially from US$ 78,386 million in 2019 to US$ 53,856 million in 2023. The most consistent downward pressure came from property, plant, and equipment (net), which decreased every year from US$ 45,615 million in 2019 to US$ 35,112 million in 2023. This steady decline suggests a pattern of asset depreciation exceeding new capital expenditures or the divestiture of physical assets.
Structural Balance Sheet Adjustments: A major structural adjustment occurred in 2020, marked by a significant reduction in goodwill, which dropped from US$ 20,040 million in 2019 to US$ 8,256 million, remaining stagnant thereafter. This coincides with the temporary recognition of US$ 11,389 million in assets held for sale in 2020, indicating a period of strategic reorganization or the disposal of specific business units. Operating lease right-of-use assets also showed a gradual decline over the period, falling from US$ 2,459 million in 2019 to US$ 1,233 million in 2023.

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