Total Asset Turnover
since 2011
Calculation
Marathon Petroleum Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Sales and other operating revenues1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1.73 | = | 148,379) | ÷ | 85,987) |
| Dec 31, 2022 | 1.97 | = | 177,453) | ÷ | 89,904) |
| Dec 31, 2021 | 1.41 | = | 119,983) | ÷ | 85,373) |
| Dec 31, 2020 | 0.82 | = | 69,779) | ÷ | 85,158) |
| Dec 31, 2019 | 1.26 | = | 123,949) | ÷ | 98,556) |
| Dec 31, 2018 | 1.04 | = | 96,504) | ÷ | 92,940) |
| Dec 31, 2017 | 1.52 | = | 74,733) | ÷ | 49,047) |
| Dec 31, 2016 | 1.43 | = | 63,339) | ÷ | 44,413) |
| Dec 31, 2015 | 1.67 | = | 72,051) | ÷ | 43,115) |
| Dec 31, 2014 | 3.21 | = | 97,817) | ÷ | 30,460) |
| Dec 31, 2013 | 3.53 | = | 100,160) | ÷ | 28,385) |
| Dec 31, 2012 | 3.02 | = | 82,243) | ÷ | 27,223) |
| Dec 31, 2011 | 3.05 | = | 78,638) | ÷ | 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).
1 US$ in millions
The analysis of total asset turnover reveals a distinct three-phase trajectory characterized by initial high efficiency, a period of ratio compression driven by asset expansion, and a subsequent recovery phase. The company experienced a fundamental shift in its operational leverage as the asset base grew substantially, altering the relationship between invested capital and revenue generation.
- High Efficiency Phase (2011–2014)
- During this period, the total asset turnover ratio remained consistently high, ranging between 3.02 and 3.53. This indicates a high capacity to generate sales from the asset base, with revenues growing from $78.6 billion in 2011 to $97.8 billion in 2014 while total assets grew modestly from $25.7 billion to $30.5 billion.
- Asset Base Expansion and Ratio Decline (2015–2020)
- A significant downward trend in asset turnover is observed beginning in 2015, with the ratio falling from 3.21 in 2014 to a low of 0.82 in 2020. This decline was primarily driven by a massive expansion of the asset base, which increased from $30.5 billion in 2014 to a peak of $98.6 billion in 2019. The rapid accumulation of assets far outpaced the growth of operating revenues during this interval, resulting in a dilution of asset productivity.
- Revenue-Led Recovery (2021–2023)
- A recovery in asset utilization is evident from 2021 through 2023. The ratio increased from 0.82 in 2020 to 1.97 in 2022, coinciding with a surge in sales and other operating revenues to a peak of $177.5 billion. Although the ratio moderated to 1.73 in 2023 as revenues normalized to $148.4 billion, the efficiency levels remain substantially higher than those recorded during the 2018–2020 trough.
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Comparison to Competitors
Marathon Petroleum Corp., total asset turnover, long-term trends, comparison to competitors
| Marathon Petroleum Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2023 | 1.73 | 0.75 | 0.59 | 0.89 |
| Dec 31, 2022 | 1.97 | 0.91 | 0.84 | 1.08 |
| Dec 31, 2021 | 1.41 | 0.65 | 0.51 | 0.82 |
| Dec 31, 2020 | 0.82 | 0.39 | 0.30 | 0.54 |
| Dec 31, 2019 | 1.26 | 0.59 | 0.46 | 0.70 |
| Dec 31, 2018 | 1.04 | 0.63 | 0.52 | 0.81 |
| Dec 31, 2017 | 1.52 | 0.53 | 0.40 | 0.68 |
| Dec 31, 2016 | 1.43 | 0.42 | 0.26 | 0.66 |
| Dec 31, 2015 | 1.67 | 0.49 | 0.30 | 0.77 |
| Dec 31, 2014 | 3.21 | 0.75 | 0.45 | 1.13 |
| Dec 31, 2013 | 3.53 | 0.87 | 0.46 | 1.21 |
| Dec 31, 2012 | 3.02 | 0.99 | 0.49 | 1.36 |
| Dec 31, 2011 | 3.05 | 1.17 | 1.60 | 1.41 |
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., total asset turnover, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Marathon Petroleum Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2023 | 1.73 | 0.80 |
| Dec 31, 2022 | 1.97 | 0.99 |
| Dec 31, 2021 | 1.41 | 0.71 |
| Dec 31, 2020 | 0.82 | 0.46 |
| Dec 31, 2019 | 1.26 | 0.64 |
| Dec 31, 2018 | 1.04 | 0.71 |
| Dec 31, 2017 | 1.52 | 0.59 |
| Dec 31, 2016 | 1.43 | 0.52 |
| Dec 31, 2015 | 1.67 | 0.60 |
| Dec 31, 2014 | 3.21 | 0.88 |
| Dec 31, 2013 | 3.53 | 0.97 |
| Dec 31, 2012 | 3.02 | 1.08 |
| Dec 31, 2011 | 3.05 | 1.38 |
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., total asset turnover, long-term trends, comparison to industry (energy)
| Marathon Petroleum Corp. | Energy | |
|---|---|---|
| Dec 31, 2023 | 1.73 | 0.79 |
| Dec 31, 2022 | 1.97 | 0.97 |
| Dec 31, 2021 | 1.41 | 0.71 |
| Dec 31, 2020 | 0.82 | 0.47 |
| Dec 31, 2019 | 1.26 | 0.63 |
| Dec 31, 2018 | 1.04 | 0.69 |
| Dec 31, 2017 | 1.52 | 0.58 |
| Dec 31, 2016 | 1.43 | 0.50 |
| Dec 31, 2015 | 1.67 | 0.59 |
| Dec 31, 2014 | 3.21 | 0.87 |
| Dec 31, 2013 | 3.53 | 0.94 |
| Dec 31, 2012 | 3.02 | 1.05 |
| Dec 31, 2011 | 3.05 | 1.33 |
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).