Debt to Equity
since 2011
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Marathon Petroleum Corp. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2011
- Analysis of Debt
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Calculation
Marathon Petroleum Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total MPC stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | = | ÷ | |||
| Dec 31, 2022 | = | ÷ | |||
| Dec 31, 2021 | = | ÷ | |||
| Dec 31, 2020 | = | ÷ | |||
| Dec 31, 2019 | = | ÷ | |||
| Dec 31, 2018 | = | ÷ | |||
| Dec 31, 2017 | = | ÷ | |||
| Dec 31, 2016 | = | ÷ | |||
| Dec 31, 2015 | = | ÷ | |||
| Dec 31, 2014 | = | ÷ | |||
| Dec 31, 2013 | = | ÷ | |||
| Dec 31, 2012 | = | ÷ | |||
| Dec 31, 2011 | = | ÷ |
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 analysis of the available financial data exhibits notable trends in the capital structure of the company over the period from 2011 to 2023. The focus is on total debt, stockholders’ equity, and their ratio, which collectively provide insights into the company's financial leverage and risk profile.
- Total Debt
- Total debt displayed a gradual increase in the early years, rising moderately from 3,307 million USD in 2011 to 3,396 million USD by 2013. Subsequently, there was a significant escalation starting in 2014, reaching a peak of 31,584 million USD in 2020. After this peak, total debt decreased notably in 2021 to 25,539 million USD, followed by a slight increase through to 2023, ending at 27,283 million USD. This pattern indicates a strategic increase in leverage around 2014 to 2020, followed by some deleveraging efforts thereafter.
- Total Stockholders’ Equity
- The equity base grew steadily from 9,505 million USD in 2011 to a peak of 35,175 million USD in 2018, reflecting substantial shareholder value creation and capital accumulation during this period. However, equity declined sharply after 2018, dropping to 22,199 million USD in 2020, before partially recovering to 27,715 million USD in 2022. In 2023, equity declined again to 24,404 million USD. The fluctuations, especially the decline post-2018, suggest volatility in retained earnings or possibly significant distributions or market value adjustments.
- Debt to Equity Ratio
- The debt to equity ratio exhibits fluctuations consistent with movements in both debt and equity. Starting at a low level of 0.35 in 2011, the ratio remained below or near 0.3 from 2011 through 2013, indicating conservative leverage. In 2014, the ratio sharply increased to 0.62, and continued rising to 0.9 in 2015. It experienced minor variations between 0.78 and 0.92 through 2016 to 2018. A striking increase occurred in 2020 when the ratio peaked at 1.42, signaling relatively high financial leverage and potentially higher risk. Subsequently, the ratio declined to around 0.96–0.97 in 2021 and 2022, before rising again to 1.12 in 2023. These shifts suggest an overall pattern of increased leverage with attempts at partial deleveraging, yet with a tendency to maintain a leverage level above 1 in the most recent period.
In summary, the company demonstrated a prolonged period of increasing leverage managed through fluctuating equity levels, peaking during and shortly after 2020. The financial structure reflects responding to market or operational conditions with heightened debt use balanced by periods of equity adjustment. The rising debt to equity ratio in recent years may warrant monitoring for potential impacts on financial risk and capital costs.
Comparison to Competitors
Marathon Petroleum Corp., debt to equity, long-term trends, comparison to competitors
| Marathon Petroleum Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
|---|---|---|---|---|---|
| Dec 31, 2023 | |||||
| Dec 31, 2022 | |||||
| Dec 31, 2021 | |||||
| Dec 31, 2020 | |||||
| Dec 31, 2019 | |||||
| Dec 31, 2018 | |||||
| Dec 31, 2017 | |||||
| Dec 31, 2016 | |||||
| Dec 31, 2015 | |||||
| Dec 31, 2014 | |||||
| Dec 31, 2013 | |||||
| Dec 31, 2012 | |||||
| Dec 31, 2011 |
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 | ||
| Dec 31, 2022 | ||
| Dec 31, 2021 | ||
| Dec 31, 2020 | ||
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 |
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., debt to equity, long-term trends, comparison to industry (energy)
| Marathon Petroleum Corp. | Energy | |
|---|---|---|
| Dec 31, 2023 | ||
| Dec 31, 2022 | ||
| Dec 31, 2021 | ||
| Dec 31, 2020 | ||
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 |
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).