Selected Financial Data
since 2011
Income Statement
Marathon Petroleum Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Sales and other operating revenues | Income (loss) from operations | Net income (loss) attributable to MPC |
|---|---|---|---|
| Dec 31, 2023 | 148,379) | 14,514) | 9,681) |
| Dec 31, 2022 | 177,453) | 21,469) | 14,516) |
| Dec 31, 2021 | 119,983) | 4,300) | 9,738) |
| Dec 31, 2020 | 69,779) | (12,247) | (9,826) |
| Dec 31, 2019 | 123,949) | 5,576) | 2,637) |
| Dec 31, 2018 | 96,504) | 5,571) | 2,780) |
| Dec 31, 2017 | 74,733) | 3,969) | 3,432) |
| Dec 31, 2016 | 63,339) | 2,378) | 1,174) |
| Dec 31, 2015 | 72,051) | 4,692) | 2,852) |
| Dec 31, 2014 | 97,817) | 4,051) | 2,524) |
| Dec 31, 2013 | 100,160) | 3,425) | 2,112) |
| Dec 31, 2012 | 82,243) | 5,347) | 3,389) |
| Dec 31, 2011 | 78,638) | 3,745) | 2,389) |
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).
Financial performance from 2011 to 2023 is characterized by significant volatility in both revenue and profitability, reflecting the cyclical nature of the industry. While long-term revenue growth is evident, the period is marked by sharp contractions followed by rapid recoveries, with a notable shift in profit margins in the final three years of the analysis.
- Revenue Volatility and Growth
- Sales and other operating revenues exhibited a fluctuating trajectory. A period of contraction occurred between 2014 and 2016, where revenues decreased from 97.8 billion to 63.3 billion. A subsequent recovery trend led to a peak of 123.9 billion in 2019. A severe decline was observed in 2020, with revenues dropping to 69.7 billion, followed by an aggressive expansion that culminated in a historical peak of 177.4 billion in 2022, before moderating to 148.3 billion in 2023.
- Operating Income Stability and Anomalies
- Income from operations remained relatively consistent between 2011 and 2019, generally fluctuating within a range of 2.3 billion to 5.5 billion. This stability was interrupted in 2020 by a substantial operating loss of 12.2 billion. A sharp reversal is observed from 2021 onward, with operating income reaching an unprecedented 21.4 billion in 2022 and remaining strong at 14.5 billion in 2023.
- Net Income and Profitability Shifts
- Net income patterns closely mirrored operating income but demonstrated a significant expansion in magnitude after 2020. Following a net loss of 9.8 billion in 2020, net income rose to 9.7 billion in 2021 and peaked at 14.5 billion in 2022. A comparative analysis reveals that the net income realized between 2021 and 2023 consistently exceeded the annual net income levels seen throughout the entire 2011-2019 period, indicating a fundamental increase in bottom-line profitability relative to historical norms.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Balance Sheet: Assets
Marathon Petroleum Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 32,131) | 85,987) |
| Dec 31, 2022 | 35,242) | 89,904) |
| Dec 31, 2021 | 30,496) | 85,373) |
| Dec 31, 2020 | 28,287) | 85,158) |
| Dec 31, 2019 | 20,170) | 98,556) |
| Dec 31, 2018 | 18,023) | 92,940) |
| Dec 31, 2017 | 13,401) | 49,047) |
| Dec 31, 2016 | 10,401) | 44,413) |
| Dec 31, 2015 | 9,471) | 43,115) |
| Dec 31, 2014 | 11,339) | 30,460) |
| Dec 31, 2013 | 12,737) | 28,385) |
| Dec 31, 2012 | 13,029) | 27,223) |
| Dec 31, 2011 | 12,001) | 25,745) |
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).
An analysis of the asset base reveals a significant long-term expansion in the organization's financial scale between 2011 and 2023. Total assets grew from 25,745 million US$ to 85,987 million US$, representing a substantial increase in the overall capital base over the thirteen-year period.
- Total Asset Growth Trajectory
- The expansion of total assets occurred in distinct phases. A period of moderate growth was observed from 2011 to 2014, followed by a sharp increase in 2015, where assets rose to 43,115 million US$. The most pronounced acceleration occurred between 2017 and 2019, with total assets nearly doubling from 49,047 million US$ to a peak of 98,556 million US$. Since 2019, the total asset base has entered a phase of stabilization, fluctuating between approximately 85 billion and 90 billion US$.
- Current Asset Dynamics
- Current assets exhibited a more volatile trend compared to total assets. After a period of decline that reached a low of 9,471 million US$ in 2015, a consistent upward trend was established. This growth peaked in 2022 at 35,242 million US$, nearly triple the 2015 level. A slight contraction was noted in 2023, with current assets decreasing to 32,131 million US$.
- Asset Composition and Liquidity Shift
- The relationship between current assets and total assets indicates a shift in the balance sheet structure. In 2011, current assets comprised approximately 46.6% of total assets. This proportion declined significantly during the expansion phases, reaching a low of roughly 19.4% in 2018, suggesting a heavy investment in non-current assets or long-term infrastructure during that period. However, by 2022, current assets recovered to represent approximately 39.2% of the total asset base, indicating an increase in short-term liquidity relative to the total balance sheet.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Balance Sheet: Liabilities and Stockholders’ Equity
Marathon Petroleum Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total MPC stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2023 | 20,150) | 54,588) | 27,283) | 24,404) |
| Dec 31, 2022 | 20,020) | 54,817) | 26,700) | 27,715) |
| Dec 31, 2021 | 17,898) | 51,792) | 25,539) | 26,206) |
| Dec 31, 2020 | 15,663) | 54,938) | 31,584) | 22,199) |
| Dec 31, 2019 | 16,147) | 55,449) | 28,838) | 33,694) |
| Dec 31, 2018 | 13,216) | 47,887) | 27,524) | 35,175) |
| Dec 31, 2017 | 10,478) | 27,219) | 12,946) | 14,033) |
| Dec 31, 2016 | 7,146) | 23,210) | 10,572) | 13,557) |
| Dec 31, 2015 | 6,345) | 23,440) | 11,925) | 13,237) |
| Dec 31, 2014 | 8,579) | 19,070) | 6,637) | 10,751) |
| Dec 31, 2013 | 9,824) | 17,053) | 3,396) | 10,920) |
| Dec 31, 2012 | 8,203) | 15,118) | 3,361) | 11,694) |
| Dec 31, 2011 | 9,591) | 16,240) | 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).
An examination of the balance sheet trends from 2011 to 2023 reveals a significant expansion in the company's capital structure, characterized by a substantial increase in both total liabilities and stockholders' equity. The most prominent shift occurred in 2018, marking a transition from a period of gradual growth to one of high-volume obligations and equity valuation.
- Liability Trends and Composition
- Total liabilities grew steadily from 16,240 million USD in 2011 to 27,219 million USD in 2017, followed by a sharp increase to 47,887 million USD in 2018. This trajectory peaked in 2019 at 55,449 million USD and has since remained relatively stable, closing 2023 at 54,588 million USD. Current liabilities followed a similar upward trend, particularly after 2017, rising from 10,478 million USD to 20,150 million USD by 2023, indicating a doubling of short-term obligations over the final six years of the period.
- Debt Accumulation and Management
- Total debt remained stable at approximately 3.3 billion USD between 2011 and 2013 before entering a phase of escalation. Debt levels rose to 11,925 million USD by 2015 and experienced a dramatic surge in 2018, reaching 27,524 million USD. While debt peaked in 2020 at 31,584 million USD, a subsequent reduction and stabilization period is evident, with 2023 levels standing at 27,283 million USD.
- Stockholders' Equity Volatility
- Equity exhibited modest growth between 2011 and 2017, moving from 9,505 million USD to 14,033 million USD. A substantial increase to 35,175 million USD was recorded in 2018, representing a significant shift in the company's net asset value. However, this figure has since shown volatility, declining to 22,199 million USD in 2020 before recovering to 27,715 million USD in 2022 and ending at 24,404 million USD in 2023.
- Capital Structure Observations
- The relationship between debt and equity shifted fundamentally in 2018. Prior to 2018, the company maintained a conservative debt-to-equity profile. Post-2018, the balance sheet reflects a more leveraged position. The convergence of total liabilities and stockholders' equity in the latter years indicates a more complex financing strategy, with the 2020 dip in equity contrasting with the peak in total debt, suggesting a temporary increase in financial leverage during that period.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Cash Flow Statement
Marathon Petroleum Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 14,117) | (3,095) | (14,207) |
| Dec 31, 2022 | 16,319) | 623) | (13,647) |
| Dec 31, 2021 | 8,384) | (6,517) | (14,419) |
| Dec 31, 2020 | 807) | (2,922) | (135) |
| Dec 31, 2019 | 9,441) | (6,261) | (3,376) |
| Dec 31, 2018 | 6,158) | (7,670) | 222) |
| Dec 31, 2017 | 6,609) | (3,394) | (1,091) |
| Dec 31, 2016 | 3,986) | (2,941) | (1,285) |
| Dec 31, 2015 | 4,061) | (3,441) | (987) |
| Dec 31, 2014 | 3,110) | (4,543) | 635) |
| Dec 31, 2013 | 3,405) | (2,756) | (3,217) |
| Dec 31, 2012 | 4,492) | (1,452) | (1,259) |
| Dec 31, 2011 | 3,309) | 1,295) | (1,643) |
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).
Analysis of cash flow trends reveals a significant expansion in liquidity generation and a strategic shift in capital allocation over the period from 2011 to 2023.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities demonstrated a long-term upward trajectory, rising from US$ 3,309 million in 2011 to US$ 14,117 million in 2023. A period of relative stability was observed between 2011 and 2016, where values fluctuated between US$ 3.1 billion and US$ 4.1 billion. A notable growth phase occurred between 2017 and 2019, peaking at US$ 9,441 million. A severe contraction was recorded in 2020, with cash flow dropping to US$ 807 million, before a rapid recovery led to a period high of US$ 16,319 million in 2022.
- Investing Activity Patterns
- Investing activities were characterized by consistent net outflows for the majority of the period, reflecting ongoing capital expenditures or acquisitions. From 2012 to 2021, net cash used in investing activities remained negative, with a significant peak in outflows in 2018 reaching US$ 7,670 million. An anomaly occurred in 2022, when the company recorded a net cash inflow of US$ 623 million, before returning to a net outflow of US$ 3,095 million in 2023.
- Financing Activity Shifts
- Financing activities shifted from modest outflows to aggressive capital returns or debt reduction in later years. Between 2011 and 2020, financing cash flows were generally low, typically ranging from small inflows to outflows of approximately US$ 3.4 billion. However, starting in 2021, there was a dramatic increase in net cash used in financing activities, with outflows consistently exceeding US$ 13 billion annually from 2021 through 2023, peaking at US$ 14,419 million in 2021.
The correlation between these three components indicates a transition in financial strategy. While the mid-period was defined by heavy investment in assets, the most recent three-year window shows that the substantial increase in operating cash flow has been primarily directed toward financing activities, suggesting a prioritized focus on shareholder distributions or balance sheet deleveraging.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Per Share Data
Marathon Petroleum Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 23.73 | 23.63 | 3.08 |
| Dec 31, 2022 | 28.31 | 28.12 | 2.49 |
| Dec 31, 2021 | 15.34 | 15.24 | 2.32 |
| Dec 31, 2020 | -15.13 | -15.13 | 2.32 |
| Dec 31, 2019 | 4.00 | 3.97 | 2.12 |
| Dec 31, 2018 | 5.36 | 5.28 | 1.84 |
| Dec 31, 2017 | 6.76 | 6.70 | 1.52 |
| Dec 31, 2016 | 2.22 | 2.21 | 1.36 |
| Dec 31, 2015 | 5.29 | 5.26 | 1.14 |
| Dec 31, 2014 | 4.42 | 4.39 | 0.92 |
| Dec 31, 2013 | 3.34 | 3.32 | 0.77 |
| Dec 31, 2012 | 4.97 | 4.95 | 0.60 |
| Dec 31, 2011 | 3.35 | 3.34 | 0.23 |
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, 2, 3 Data adjusted for splits and stock dividends.
An analysis of the per-share financial metrics from 2011 through 2023 reveals a stark divergence between the volatility of earnings and the consistency of dividend distributions. While earnings experienced extreme fluctuations, particularly in the latter part of the decade, the dividend policy maintained a linear growth trajectory.
- Earnings Per Share (EPS) Volatility
- Between 2011 and 2019, basic and diluted earnings per share remained relatively stable, generally fluctuating between 2.21 and 6.76. A significant disruption occurred in 2020, characterized by a sharp decline to a basic EPS of -15.13. This downturn was followed by an aggressive recovery phase, with earnings surging to 15.34 in 2021 and reaching a peak of 28.31 in 2022, before moderating to 23.73 in 2023. The narrow gap between basic and diluted figures throughout the period indicates minimal dilution from outstanding convertible securities.
- Dividend Growth Trends
- The dividend per share demonstrates a continuous upward trend, increasing from 0.23 in 2011 to 3.08 in 2023. This growth remained uninterrupted for thirteen consecutive years. Notably, the dividend continued to rise in 2020 despite the substantial net loss reported in the earnings per share, suggesting a corporate strategy focused on maintaining shareholder distributions regardless of short-term earnings volatility.
- Earnings-to-Dividend Relationship
- The relationship between earnings and dividends shifted significantly over the analyzed period. From 2011 to 2019, dividends represented a smaller fraction of annual earnings. However, the period from 2020 to 2023 highlights a high degree of resilience in payout policy during the 2020 crash, followed by a period of exceptionally high coverage as earnings peaked in 2022 and 2023.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?