Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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.

Marathon Petroleum Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	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	12,763)	14,865)	15,471)	13,761)	15,839)	13,052)	13,031)	15,312)	16,682)	22,502)	19,791)	13,700)	12,196)	12,170)	9,953)	7,803)	6,701)	6,110)	8,106)	11,623)	11,380)	10,905)	10,568)
Payroll and benefits payable	967)	766)	1,180)	1,115)	979)	712)	636)	967)	773)	619)	976)	911)	808)	651)	501)	732)	878)	815)	1,107)	1,126)	939)	778)	958)
Accrued taxes	1,302)	1,680)	1,243)	1,221)	1,319)	1,160)	1,617)	1,140)	1,042)	2,584)	1,691)	1,231)	2,114)	5,219)	1,034)	1,105)	1,023)	1,272)	1,098)	1,186)	1,015)	1,223)	1,529)
Debt due within one year	4,167)	4,903)	2,457)	1,954)	819)	72)	75)	1,066)	1,064)	1,087)	1,075)	571)	73)	70)	1,786)	2,854)	2,500)	1,715)	1,710)	711)	557)	554)	550)
Current operating lease liabilities	485)	463)	472)	454)	453)	423)	404)	368)	355)	391)	420)	438)	444)	473)	475)	497)	531)	625)	630)	604)	586)	615)	613)
Other current liabilities	1,384)	1,323)	964)	1,645)	2,326)	2,047)	1,294)	1,167)	1,398)	1,254)	1,167)	1,047)	1,263)	929)	744)	822)	900)	967)	918)	897)	862)	815)	929)
Liabilities held for sale	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,592)	1,850)	1,713)	—)	—)	—)	—)	—)	—)
Current liabilities	21,068)	24,000)	21,787)	20,150)	21,735)	17,466)	17,057)	20,020)	21,314)	28,437)	25,120)	17,898)	16,898)	19,512)	16,085)	15,663)	14,246)	11,504)	13,569)	16,147)	15,339)	14,890)	15,147)
Long-term debt due after one year	24,053)	24,034)	24,832)	25,329)	26,463)	27,211)	27,205)	25,634)	25,638)	25,687)	25,634)	24,968)	27,270)	28,250)	30,694)	28,730)	29,377)	30,451)	29,899)	28,127)	28,282)	27,853)	27,565)
Deferred income taxes	5,766)	5,810)	5,831)	5,834)	5,813)	5,913)	5,893)	5,904)	5,610)	5,542)	5,571)	5,638)	5,545)	5,704)	6,215)	6,203)	5,703)	5,914)	5,772)	6,392)	6,180)	5,235)	5,011)
Defined benefit postretirement plan obligations	1,191)	1,228)	1,182)	1,102)	971)	1,181)	1,147)	1,114)	1,305)	1,133)	1,063)	1,015)	1,354)	1,850)	1,958)	2,121)	1,816)	1,772)	1,703)	1,643)	1,487)	1,610)	1,567)
Long-term operating lease liabilities	691)	711)	770)	764)	848)	859)	858)	841)	839)	879)	905)	927)	975)	1,020)	1,007)	1,014)	1,116)	1,850)	1,949)	1,875)	1,962)	2,068)	2,153)
Deferred credits and other liabilities	1,352)	1,358)	1,355)	1,409)	1,341)	1,244)	1,214)	1,304)	1,213)	1,390)	1,360)	1,346)	1,294)	1,271)	1,213)	1,207)	1,248)	1,285)	1,229)	1,265)	1,265)	1,174)	1,131)
Noncurrent liabilities	33,053)	33,141)	33,970)	34,438)	35,436)	36,408)	36,317)	34,797)	34,605)	34,631)	34,533)	33,894)	36,438)	38,095)	41,087)	39,275)	39,260)	41,272)	40,552)	39,302)	39,176)	37,940)	37,427)
Total liabilities	54,121)	57,141)	55,757)	54,588)	57,171)	53,874)	53,374)	54,817)	55,919)	63,068)	59,653)	51,792)	53,336)	57,607)	57,172)	54,938)	53,506)	52,776)	54,121)	55,449)	54,515)	52,830)	52,574)
Redeemable noncontrolling interest	203)	202)	561)	895)	970)	968)	968)	968)	967)	965)	965)	965)	986)	968)	968)	968)	968)	968)	968)	968)	968)	1,005)	1,004)
Preferred stock, no shares issued and outstanding, par value $0.01 per share	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock, issued, par value $0.01 per share	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)	10)
Common stock, held in treasury, at cost	(51,320)	(48,592)	(45,674)	(43,502)	(40,949)	(38,119)	(35,079)	(31,841)	(30,065)	(26,000)	(22,711)	(19,904)	(17,126)	(16,147)	(15,158)	(15,157)	(15,150)	(15,149)	(15,145)	(15,143)	(15,076)	(14,573)	(14,063)
Additional paid-in capital	33,630)	33,635)	33,530)	33,465)	33,426)	33,411)	33,408)	33,402)	33,363)	33,378)	33,327)	33,262)	33,256)	33,238)	33,222)	33,208)	33,183)	33,208)	33,169)	33,157)	33,125)	33,785)	33,764)
Retained earnings	36,771)	36,423)	35,199)	34,562)	33,424)	30,442)	28,528)	26,142)	23,175)	18,983)	13,420)	12,905)	12,484)	12,160)	4,029)	4,650)	4,744)	6,008)	6,380)	15,990)	15,891)	15,146)	14,391)
Accumulated other comprehensive income (loss)	(158)	(152)	(143)	(131)	(49)	(30)	(9)	2)	(179)	(65)	(74)	(67)	(344)	(340)	(511)	(512)	(334)	(336)	(326)	(320)	(212)	(161)	(151)
Total MPC stockholders’ equity	18,933)	21,324)	22,922)	24,404)	25,862)	25,714)	26,858)	27,715)	26,304)	26,306)	23,972)	26,206)	28,280)	28,921)	21,592)	22,199)	22,453)	23,741)	24,088)	33,694)	33,738)	34,207)	33,951)
Noncontrolling interests	6,576)	6,562)	6,288)	6,100)	5,966)	5,886)	5,837)	6,404)	6,504)	6,398)	6,362)	6,410)	6,698)	6,804)	6,919)	7,053)	7,093)	7,108)	7,140)	8,445)	8,918)	8,854)	8,907)
Total equity	25,509)	27,886)	29,210)	30,504)	31,828)	31,600)	32,695)	34,119)	32,808)	32,704)	30,334)	32,616)	34,978)	35,725)	28,511)	29,252)	29,546)	30,849)	31,228)	42,139)	42,656)	43,061)	42,858)
Total liabilities, redeemable noncontrolling interest and equity	79,833)	85,229)	85,528)	85,987)	89,969)	86,442)	87,037)	89,904)	89,694)	96,737)	90,952)	85,373)	89,300)	94,300)	86,651)	85,158)	84,020)	84,593)	86,317)	98,556)	98,139)	96,896)	96,436)

Current liabilities: The current liabilities showed a decreasing trend from early 2019, dropping from approximately $15.1 billion in March 2019 to a low point near $11.5 billion in June 2020. After this trough, current liabilities generally increased, peaking at around $28.4 billion in June 2022, followed by fluctuations around $20 billion to $21.7 billion in the subsequent quarters up to September 2024. Accounts payable primarily drove this pattern, initially decreasing significantly during 2020, then rising sharply to nearly $22.5 billion in mid-2022 before stabilizing in the $12.7 billion to $15.8 billion range in 2023 and 2024. Other current liabilities showed an overall increase, notably spiking in mid-2023.
Long-term debt and noncurrent liabilities: Long-term debt due after one year remained relatively stable between $24 billion and $30 billion, peaking around $30.7 billion in early 2021 before gradually declining to approximately $24 billion by late 2024. Noncurrent liabilities showed a moderate decrease from a high of about $40.5 billion in March 2020 to roughly $33 billion by the third quarter of 2024. Deferred income taxes remained stable around the $5.7 billion to $6.3 billion range throughout the entire period, showing minor fluctuations without a clear trend.
Debt due within one year: Debt due within one year exhibited significant variability, increasing sharply from below $600 million in early 2019 to a peak exceeding $2.8 billion by the end of 2020. It then fluctuated substantially, reaching highs again in late 2023 at over $4.9 billion and showing somewhat reduced levels near $4.2 billion by the third quarter of 2024. This indicates periodic upticks in short-term debt obligations.
Lease liabilities: Current operating lease liabilities decreased modestly over the observed period, from about $613 million in early 2019 to under $500 million by 2024, reflecting a slow but consistent reduction. Long-term operating lease liabilities similarly trended downward from around $2.1 billion to under $700 million by the end of the examined timeframe.
Total liabilities: Total liabilities peaked in mid-2022 at around $63 billion. This was preceded by a decline during 2020 and early 2021, followed by an increase, and then a steady decline through 2024 to approximately $54 billion. The fluctuations mainly reflect changes in current liabilities, particularly accounts payable and short-term debt.
Equity and stockholders' equity: Stockholders' equity exhibited a substantial decline from about $34 billion in early 2019 to a low near $19 billion by late 2024. Retained earnings experienced significant volatility: dropping sharply from over $15 billion in early 2019 to around $4.6 billion at the end of 2019, then recovering and increasing steadily to nearly $36.8 billion by late 2024. The large negative balance in treasury stock, expanding from about -$14 billion to over -$51 billion, indicates substantial repurchases or treasury holdings which have weighed on total stockholders’ equity. Accumulated other comprehensive income/loss remained negative throughout but fluctuated modestly without a pronounced trend.
Redeemable noncontrolling interests and total equity: Redeemable noncontrolling interests decreased from about $1 billion in early 2019 to approximately $200 million by late 2024. Total equity, encompassing both stockholders’ equity and noncontrolling interests, declined from roughly $43 billion in early 2019 to near $25.5 billion by the third quarter of 2024, demonstrating a downward trajectory consistent with stockholder equity trends.
Overall balance sheet total: The sum of total liabilities, redeemable noncontrolling interest, and equity ranged narrowly between $80 billion and $98 billion, peaking in early 2020 near $98.5 billion and declining steadily thereafter to about $79.8 billion by the third quarter of 2024. This suggests a modest reduction in total company assets or balance sheet size over the examined period.
Summary: The data indicates a period of significant financial adjustment, particularly during 2020, likely prompted by external market conditions or operational challenges. Current liabilities and accounts payable showed substantial variability, with notable peaks in mid-2022. The company reduced certain liabilities and lease obligations over time, yet maintained a relatively high level of both long-term and short-term debt with periodic fluctuations. Meanwhile, equity components reflected mixed effects of treasury stock increases and varying retained earnings, culminating in an overall decline in total equity. The contraction in total balance sheet size suggests strategic repositioning or asset reduction. Collectively, these trends highlight a dynamic financial profile with key pressures on liquidity, leverage, and equity structure over the analyzed quarters.

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Marathon Petroleum Corp. (NYSE:MPC)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data