Stock Analysis on Net
Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

$22.49

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

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Marathon Petroleum Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable
Payroll and benefits payable
Accrued taxes
Debt due within one year
Current operating lease liabilities
Environmental credits liability
Accrued interest payable
Other current liabilities
Other current liabilities
Liabilities held for sale
Current liabilities
Long-term debt due after one year
Deferred income taxes
Defined benefit postretirement plan obligations
Long-term operating lease liabilities
Deferred credits and other liabilities
Noncurrent liabilities
Total liabilities
Redeemable noncontrolling interest
Preferred stock, no shares issued and outstanding, par value $0.01 per share
Common stock, issued, par value $0.01 per share
Common stock, held in treasury, at cost
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Total MPC stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interest and equity

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).

The financial data reveals key movements and trends in liabilities, equity, and other financial components over the five-year period.

Current Liabilities
Current liabilities showed an overall increasing trend from 16,147 million USD in 2019 to 20,150 million USD in 2023. Accounts payable fluctuated considerably, declining sharply in 2020 before rising to a peak in 2022 and slightly decreasing in 2023. Debt due within one year was volatile, with a marked increase in 2020, a drop in 2021, and a subsequent rise through 2023. Payroll and benefits payable and accrued taxes remained relatively stable, with minor increases by 2023.
Noncurrent Liabilities
Noncurrent liabilities decreased from 39,302 million USD in 2019 to 34,438 million USD in 2023, with the largest decline occurring between 2020 and 2021. Long-term debt due after one year showed a downward trend, decreasing notably from 28,730 million USD in 2020 to 25,329 million USD in 2023. Deferred income taxes also declined gradually over the period. Defined benefit postretirement plan obligations saw an increase from 2019 to 2020, followed by a significant drop in 2021, and then stabilized. Long-term operating lease liabilities decreased steadily, reflecting potential changes in leasing arrangements or accounting treatments.
Total Liabilities
Total liabilities remained relatively stable but with fluctuations, starting at 55,449 million USD in 2019, dropping to 51,792 million USD in 2021, and then rebounding to approximately 54,588 million USD in 2023. This stability amidst fluctuations appears driven by offsets between current and noncurrent liabilities.
Stockholders' Equity
Stockholders’ equity exhibited variability, declining sharply from 33,694 million USD in 2019 to 22,199 million USD in 2020, likely reflecting impacts from broader economic factors. There was a recovery in subsequent years, peaking at 27,715 million USD in 2022 before decreasing again to 24,404 million USD in 2023. Retained earnings showed an initial decline in 2020 before substantially increasing through 2023. The treasury stock increased significantly (more negative) over the period, indicative of share repurchases or other capital management activities. Additional paid-in capital remained relatively flat, while accumulated other comprehensive income fluctuated near zero, with a small net negative position by 2023.
Total Equity and Capital Structure
Total equity, including noncontrolling interests, followed a similar pattern to stockholders' equity, decreasing sharply in 2020 and partially recovering thereafter. Noncontrolling interests declined steadily over the period. Common stock issuance remained constant, indicating no new shares were issued. The absence of preferred stock during the period suggests no use of this capital class.
Other Observations
New liabilities appeared in 2022 and 2023, such as environmental credits liability and accrued interest payable, reflecting evolving regulatory or operational obligations. The presence and fluctuation of liabilities held for sale show possible divestiture or restructuring activities around 2020. The total combined liabilities, redeemable noncontrolling interest, and equity fluctuated accordingly, with a notable decline from 98,556 million USD in 2019 to 85,987 million USD in 2023.

In summary, the financial data indicates a company managing fluctuating current liabilities alongside a gradual reduction of long-term debt obligations. Equity faced volatility with a notable dip in 2020, followed by partial recovery. Increased treasury stock holdings suggest active share repurchase programs. The appearance of new liabilities in recent years highlights evolving operational and environmental commitments. Overall, the financial structure seems balanced with manageable liabilities and fluctuating but recovering equity.