Calculation
| Debt to equity | = | Total debt1 | ÷ | Total MPC stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1.12 | = | 27,283) | ÷ | 24,404) |
| Dec 31, 2022 | 0.96 | = | 26,700) | ÷ | 27,715) |
| Dec 31, 2021 | 0.97 | = | 25,539) | ÷ | 26,206) |
| Dec 31, 2020 | 1.42 | = | 31,584) | ÷ | 22,199) |
| Dec 31, 2019 | 0.86 | = | 28,838) | ÷ | 33,694) |
| Dec 31, 2018 | 0.78 | = | 27,524) | ÷ | 35,175) |
| Dec 31, 2017 | 0.92 | = | 12,946) | ÷ | 14,033) |
| Dec 31, 2016 | 0.78 | = | 10,572) | ÷ | 13,557) |
| Dec 31, 2015 | 0.90 | = | 11,925) | ÷ | 13,237) |
| Dec 31, 2014 | 0.62 | = | 6,637) | ÷ | 10,751) |
| Dec 31, 2013 | 0.31 | = | 3,396) | ÷ | 10,920) |
| Dec 31, 2012 | 0.29 | = | 3,361) | ÷ | 11,694) |
| Dec 31, 2011 | 0.35 | = | 3,307) | ÷ | 9,505) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
1 US$ in millions
The capital structure demonstrates a significant transition from a conservative leverage position to a more aggressive financing strategy between 2011 and 2023. An overall upward trend in total debt is evident, while stockholders' equity has experienced periods of extreme volatility, resulting in a fluctuating debt-to-equity profile.
- Total Debt Evolution
- Debt levels remained relatively stable between 2011 and 2013, holding near 3,300 million USD. A period of rapid expansion began in 2014, with total debt increasing to 6,637 million USD and reaching 11,925 million USD by 2015. The most substantial escalation occurred in 2018, where debt surged to 27,524 million USD. Following a peak of 31,584 million USD in 2020, debt levels stabilized in the range of 25,539 million USD to 27,283 million USD through 2023.
- Stockholders' Equity Volatility
- Equity exhibited modest growth from 2011 to 2017, rising from 9,505 million USD to 14,033 million USD. A sharp increase is observed in 2018, with equity peaking at 35,175 million USD. This peak was followed by a significant contraction, reaching a low of 22,199 million USD in 2020, before partially recovering to 24,404 million USD by the end of 2023.
- Debt to Equity Ratio Trends
- The ratio transitioned from a low baseline of 0.29 to 0.35 in the 2011-2013 period to a higher range of 0.62 to 0.92 between 2014 and 2017. Although a temporary decrease to 0.78 occurred in 2018 due to the surge in equity, the ratio reached its maximum of 1.42 in 2020. This peak coincided with the intersection of the highest recorded debt and the lowest recorded equity. From 2021 to 2023, the ratio remained elevated relative to early-period levels, oscillating between 0.96 and 1.12.
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Comparison to Competitors
| Marathon Petroleum Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2023 | 1.12 | 0.13 | 0.38 | 0.20 |
| Dec 31, 2022 | 0.96 | 0.15 | 0.35 | 0.21 |
| Dec 31, 2021 | 0.97 | 0.23 | 0.44 | 0.28 |
| Dec 31, 2020 | 1.42 | 0.34 | 0.51 | 0.43 |
| Dec 31, 2019 | 0.86 | 0.19 | 0.43 | 0.24 |
| Dec 31, 2018 | 0.78 | 0.22 | 0.47 | 0.20 |
| Dec 31, 2017 | 0.92 | 0.26 | 0.64 | 0.23 |
| Dec 31, 2016 | 0.78 | 0.32 | 0.78 | 0.26 |
| Dec 31, 2015 | 0.90 | 0.25 | 0.63 | 0.23 |
| Dec 31, 2014 | 0.62 | 0.18 | 0.43 | 0.17 |
| Dec 31, 2013 | 0.31 | 0.14 | 0.42 | 0.13 |
| Dec 31, 2012 | 0.29 | 0.09 | 0.45 | 0.07 |
| Dec 31, 2011 | 0.35 | 0.08 | 0.35 | 0.11 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Marathon Petroleum Corp., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Marathon Petroleum Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2023 | 1.12 | 0.20 |
| Dec 31, 2022 | 0.96 | 0.20 |
| Dec 31, 2021 | 0.97 | 0.28 |
| Dec 31, 2020 | 1.42 | 0.40 |
| Dec 31, 2019 | 0.86 | 0.24 |
| Dec 31, 2018 | 0.78 | 0.23 |
| Dec 31, 2017 | 0.92 | 0.28 |
| Dec 31, 2016 | 0.78 | 0.33 |
| Dec 31, 2015 | 0.90 | 0.28 |
| Dec 31, 2014 | 0.62 | 0.21 |
| Dec 31, 2013 | 0.31 | 0.17 |
| Dec 31, 2012 | 0.29 | 0.13 |
| Dec 31, 2011 | 0.35 | 0.15 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
Comparison to Industry (Energy)
| Marathon Petroleum Corp. | Energy | |
|---|---|---|
| Dec 31, 2023 | 1.12 | 0.21 |
| Dec 31, 2022 | 0.96 | 0.22 |
| Dec 31, 2021 | 0.97 | 0.31 |
| Dec 31, 2020 | 1.42 | 0.44 |
| Dec 31, 2019 | 0.86 | 0.26 |
| Dec 31, 2018 | 0.78 | 0.25 |
| Dec 31, 2017 | 0.92 | 0.30 |
| Dec 31, 2016 | 0.78 | 0.35 |
| Dec 31, 2015 | 0.90 | 0.30 |
| Dec 31, 2014 | 0.62 | 0.22 |
| Dec 31, 2013 | 0.31 | 0.19 |
| Dec 31, 2012 | 0.29 | 0.15 |
| Dec 31, 2011 | 0.35 | 0.16 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).