Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Marathon Petroleum Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial performance shows a marked recovery and subsequent fluctuation over the observed periods. Gross profit margin initially declines from 11.25% in the first quarter of 2020 to a low of 5.42% in the first quarter of 2021. Thereafter, it demonstrates a notable upward trajectory, peaking at 16.28% in the first quarter of 2023 before gradually decreasing to 9.66% by the third quarter of 2024.
Operating profit margin follows a similar pattern, starting with negative values, troughing at -17.55% in the fourth quarter of 2020. It then turns positive in the first quarter of 2021 and steadily rises to a peak of 13.67% in the first quarter of 2023. From this point, the margin declines progressively, reaching 5.67% in the third quarter of 2024.
Net profit margin reflects comparable dynamics with early negative performance reaching -14.08% at the end of 2020, improving sharply to positive territory in early 2021. It peaks at 9.41% in the first quarter of 2023 and then undergoes a moderate decline, decreasing to 3.19% by the end of the observed period.
Return on equity (ROE) reveals the most pronounced volatility. Starting with severe negative returns, bottoming at -44.26% in the last quarter of 2020, it rebounds dramatically to peak at 61.04% in early 2023. Post-peak, ROE declines steadily to 23.9% by the third quarter of 2024. This indicates substantial improvement in shareholders' returns over the medium term despite some recent softness.
Return on assets (ROA) follows a pattern consistent with ROE but with less volatility. It starts at -7.63% in the first quarter of 2020, dips to near -11.54% at year-end 2020, then recovers significantly to reach a high of 18.84% at the start of 2023. Subsequent quarters show a diminishing trend, with ROA falling to 5.67% in the third quarter of 2024.
- Profitability Margins
- The gross, operating, and net profit margins illustrate a strong recovery beginning in 2021 after substantial weakness in 2020. Each margin peaks around the first quarter of 2023, suggesting a period of enhanced pricing power or operational efficiency, before easing gradually in the later quarters.
- Return Measures
- Both ROE and ROA exhibit sharp improvements following poor performance during 2020. The elevated returns maintained into early 2023 imply effective utilization of equity and asset bases during the recovery phase. The subsequent declines may indicate normalization or emerging pressures on profitability.
- Overall Trend
- The data portrays a company navigating through significant headwinds in 2020 with negative profitability and returns, followed by a robust rebound phase peaking in early 2023. The diminishing margins and returns in the final observed periods signal potential challenges or more conservative operating conditions moving forward.
Return on Sales
Return on Investment
Gross Profit Margin
Marathon Petroleum Corp., gross profit margin calculation (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2024 Calculation
Gross profit margin = 100
× (Gross marginQ3 2024
+ Gross marginQ2 2024
+ Gross marginQ1 2024
+ Gross marginQ4 2023)
÷ (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
= 100 × (2,963 + 3,969 + 3,113 + 3,673)
÷ (35,107 + 37,914 + 32,706 + 36,255)
= 9.66%
- Gross Margin
- The gross margin exhibited significant fluctuations over the examined quarters. Initially, there was a marked decline from 1,862 million US dollars in March 2020 to levels below 1,000 million by mid-2020. This was followed by a substantial recovery throughout 2021, peaking above 3,000 million US dollars in December 2021. The margin then reached its highest point in the second quarter of 2022, nearing 9,600 million US dollars. Subsequently, a declining trend is observable through 2023 and into early 2024, with quarterly gross margin values generally falling below 4,000 million US dollars by the third quarter of 2024.
- Sales and Other Operating Revenues
- Sales and operating revenues showed an initial decline from 22,204 million US dollars in March 2020 to a low of approximately 12,195 million in June 2020. Following this trough, a steady upward trend is evident through 2021, culminating in sales exceeding 35,000 million US dollars by the end of that year. The revenues surged dramatically during 2022, reaching above 53,000 million in the second quarter. Post this peak, a downward trajectory continued through late 2022 and 2023, with revenues stabilizing around the 35,000 to 40,000 million US dollars mark in early 2024.
- Gross Profit Margin Percentage
- The gross profit margin percentage started relatively strong in early 2020, around 11.25%, before declining to a low near 5.42% during the first quarter of 2021. Subsequently, an upward trend is visible, with the margin increasing steadily until the end of 2022, where it reached a peak of over 16%. During 2023, the margin percentage gradually decreased but remained elevated compared to earlier periods, hovering between 13% and 14%. Into 2024, there is a further decline, with margin percentages dropping below 10% by the third quarter of 2024.
- Overall Trends and Insights
- The data reveals a recovery cycle from significant downturns in early 2020, with both gross margin and sales rebounding strongly through 2021 and peaking in mid-2022. The gross profit margin percentage follows a similar pattern, indicative of improved profitability during that period. However, a clear downward adjustment is seen from late 2022 onwards, with profitability and revenue levels moderating in 2023 and early 2024. This suggests the presence of external market pressures or internal operational adjustments affecting financial performance in the most recent periods.
Operating Profit Margin
Marathon Petroleum Corp., operating profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Income (loss) from operations | 1,349) | 2,522) | 1,784) | 2,395) | 4,753) | 3,305) | 4,061) | 4,739) | 6,686) | 8,328) | 1,716) | 1,778) | 1,340) | 965) | 217) | 390) | (1,057) | 575) | (12,155) | ||||||
| Sales and other operating revenues | 35,107) | 37,914) | 32,706) | 36,255) | 40,917) | 36,343) | 34,864) | 39,813) | 45,787) | 53,795) | 38,058) | 35,336) | 32,321) | 29,615) | 22,711) | 17,972) | 17,408) | 12,195) | 22,204) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 5.67% | 7.75% | 8.37% | 9.78% | 11.10% | 11.98% | 13.67% | 12.10% | 10.70% | 8.25% | 4.29% | 3.58% | 2.84% | 0.59% | 0.18% | -17.55% | -14.23% | -9.03% | -6.15% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 13.22% | 14.15% | 14.73% | 15.37% | 18.06% | 19.98% | 21.92% | 21.42% | 21.03% | 19.86% | 16.73% | 14.81% | 11.53% | 6.49% | -7.90% | — | — | — | — | ||||||
| ConocoPhillips | 28.67% | 29.76% | 29.79% | 30.57% | 30.06% | 31.80% | 33.89% | 36.80% | 37.27% | 37.07% | 36.63% | 29.84% | 22.86% | 14.26% | 4.66% | — | — | — | — | ||||||
| Exxon Mobil Corp. | 14.99% | 15.19% | 15.03% | 16.24% | 17.15% | 19.54% | 21.37% | 19.07% | 18.60% | 15.93% | 12.25% | 11.91% | -2.07% | -6.88% | -12.46% | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2024 Calculation
Operating profit margin = 100
× (Income (loss) from operationsQ3 2024
+ Income (loss) from operationsQ2 2024
+ Income (loss) from operationsQ1 2024
+ Income (loss) from operationsQ4 2023)
÷ (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
= 100 × (1,349 + 2,522 + 1,784 + 2,395)
÷ (35,107 + 37,914 + 32,706 + 36,255)
= 5.67%
2 Click competitor name to see calculations.
- Income (loss) from operations
- The income from operations demonstrated significant volatility during the observed period. Starting with a substantial loss in early 2020, the figure improved noticeably by mid-2020 and continued to fluctuate through 2021 and 2022. Peaks were observed in mid-2022, with values gradually declining but still remaining positive through 2023 and into early 2024. Despite some quarter-to-quarter decreases, operational income consistently remained above zero from 2021 onward, reflecting an overall recovery and stabilization compared to the initial loss phase.
- Sales and other operating revenues
- Sales revenues showed an overall upward trend throughout the period, beginning at comparatively lower levels in early 2020, ramping up steadily into 2021, and reaching peak values in mid-2022. Revenues saw some contraction during the latter part of 2022 and fluctuated moderately through 2023 and early 2024. Despite some variability, the general trajectory indicates growth and increased market activity over the long term.
- Operating profit margin
- The operating profit margin shifted from negative values during most of 2020 to positive territory starting in early 2021. The margin improved progressively, reaching its highest point in late 2022. Following this peak, the margin exhibited a downward trend but remained positive throughout 2023 and into early 2024. The transition from negative margins to consistent positive margins marks a substantial improvement in operational efficiency and profitability over the timeframe analyzed.
Net Profit Margin
Marathon Petroleum Corp., net profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to MPC | 622) | 1,515) | 937) | 1,451) | 3,280) | 2,226) | 2,724) | 3,321) | 4,477) | 5,873) | 845) | 774) | 694) | 8,512) | (242) | 285) | (886) | 9) | (9,234) | ||||||
| Sales and other operating revenues | 35,107) | 37,914) | 32,706) | 36,255) | 40,917) | 36,343) | 34,864) | 39,813) | 45,787) | 53,795) | 38,058) | 35,336) | 32,321) | 29,615) | 22,711) | 17,972) | 17,408) | 12,195) | 22,204) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 3.19% | 4.86% | 5.40% | 6.52% | 7.60% | 8.13% | 9.41% | 8.18% | 6.92% | 5.13% | 8.00% | 8.12% | 9.01% | 8.74% | -1.19% | -14.08% | -11.66% | -7.96% | -5.59% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 8.60% | 9.50% | 10.43% | 10.85% | 12.57% | 14.09% | 15.41% | 15.05% | 15.05% | 14.09% | 11.60% | 10.04% | 7.36% | 3.09% | -8.10% | — | — | — | — | ||||||
| ConocoPhillips | 18.01% | 18.93% | 19.19% | 19.52% | 18.67% | 19.37% | 20.97% | 23.80% | 24.06% | 24.34% | 23.91% | 17.63% | 12.93% | 6.33% | 0.09% | — | — | — | — | ||||||
| Exxon Mobil Corp. | 9.92% | 10.03% | 9.90% | 10.76% | 11.01% | 13.38% | 14.87% | 13.23% | 13.41% | 11.06% | 8.40% | 8.33% | -2.45% | -6.21% | -10.55% | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2024 Calculation
Net profit margin = 100
× (Net income (loss) attributable to MPCQ3 2024
+ Net income (loss) attributable to MPCQ2 2024
+ Net income (loss) attributable to MPCQ1 2024
+ Net income (loss) attributable to MPCQ4 2023)
÷ (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
= 100 × (622 + 1,515 + 937 + 1,451)
÷ (35,107 + 37,914 + 32,706 + 36,255)
= 3.19%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's performance over the observed periods.
- Net Income (Loss) Attributable to MPC
- The net income exhibits considerable volatility, particularly during 2020 when significant losses were recorded, most notably a substantial loss in the first quarter. Starting from 2021, the company shows a marked improvement with consistent profitability, peaking in the second quarter of 2021. After this peak, net income fluctuates but remains positive, with a declining trend observable from late 2022 onward. The first quarter of 2024 shows a decline compared to prior quarters but remains in positive territory.
- Sales and Other Operating Revenues
- Sales revenue demonstrates a general upward trajectory across the time horizon, with a pronounced dip in the second quarter of 2020 corresponding with broader economic disruptions. Post-2020, there is a steady increase peaking in the second quarter of 2022. However, subsequent quarters display a downward adjustment before stabilizing. This trend suggests recovery following the initial downturn, with periodic fluctuations likely influenced by market conditions or operational factors.
- Net Profit Margin
- The net profit margin mirrors the net income trend, showing negative margins during 2020 with worsening margins towards the end of that year. Improvement begins in early 2021, reaching positive and relatively strong margins in mid to late 2021. The margins then exhibit a gradual decline through 2022 and into 2024, indicating decreasing profitability relative to sales despite remaining above zero.
Overall, the data reflects a company that faced significant profitability challenges in 2020, followed by recovery and sustained profitability in subsequent years. The periods of peak performance around mid-2021 coincide with elevated sales and net income levels. The recent trend indicates some pressure on profit margins and net income, suggesting potential impacts from market or operational factors that warrant further investigation to sustain financial health.
Return on Equity (ROE)
Marathon Petroleum Corp., ROE calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to MPC | 622) | 1,515) | 937) | 1,451) | 3,280) | 2,226) | 2,724) | 3,321) | 4,477) | 5,873) | 845) | 774) | 694) | 8,512) | (242) | 285) | (886) | 9) | (9,234) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 23.90% | 33.69% | 34.44% | 39.67% | 44.66% | 49.58% | 61.04% | 52.38% | 45.50% | 31.12% | 45.16% | 37.16% | 32.71% | 26.52% | -3.86% | -44.26% | -43.06% | -32.38% | -27.36% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 10.68% | 11.76% | 12.64% | 13.28% | 15.41% | 19.05% | 22.44% | 22.27% | 21.53% | 18.92% | 14.02% | 11.24% | 7.29% | 2.69% | -5.89% | — | — | — | — | ||||||
| ConocoPhillips | 19.94% | 21.48% | 21.47% | 22.23% | 23.46% | 27.20% | 33.15% | 38.91% | 36.79% | 31.69% | 26.12% | 17.79% | 10.61% | 4.18% | 0.05% | — | — | — | — | ||||||
| Exxon Mobil Corp. | 12.55% | 12.73% | 15.98% | 17.58% | 19.09% | 24.48% | 29.54% | 27.04% | 27.87% | 21.97% | 15.24% | 13.67% | -3.67% | -8.41% | -12.17% | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2024 Calculation
ROE = 100
× (Net income (loss) attributable to MPCQ3 2024
+ Net income (loss) attributable to MPCQ2 2024
+ Net income (loss) attributable to MPCQ1 2024
+ Net income (loss) attributable to MPCQ4 2023)
÷ Total MPC stockholders’ equity
= 100 × (622 + 1,515 + 937 + 1,451)
÷ 18,933 = 23.90%
2 Click competitor name to see calculations.
The financial data reveals significant fluctuations in net income attributable to the company’s stockholders over the analyzed periods. The initial quarters beginning in early 2020 show substantial net losses, notably a severe loss in the first quarter of 2020. Following this, the company experienced a recovery with profits emerging and peaking in the mid-2021 quarters. Subsequent quarters exhibit variability in net income, with some moderation but generally sustained profitability through 2022 and 2023. Into 2024, net income appears to stabilize at a lower but positive level, indicating a period of more consistent earnings though less robust than the peak periods.
Total stockholders’ equity demonstrated a declining trend from the first quarter of 2020 until early 2021, reflecting possibly the impact of the net losses on retained earnings and overall equity value. Equity then increased sharply from mid-2021 through 2022, suggesting capital injections, retained earnings accretion, or other equity enhancements. However, from late 2022 onward, equity levels showed a gradual decreasing trend again, continuing through 2024, which may indicate distributions, share repurchases, or renewed earnings pressure.
Return on equity (ROE) data aligns with the trend in net income. ROE was heavily negative in 2020, mirroring the net losses, and then shifted sharply positive beginning in 2021, reaching peak values in the range of 40%-60% during 2022 and early 2023. This indicates strong profitability relative to equity during that period. Despite a downward trajectory in ROE during the latter part of the timeline, it remained positive, reflecting ongoing profitability but at a reduced efficiency level compared to the peak periods.
- Net Income
- Initial large losses in early 2020, recovery to strong profits in 2021, fluctuations with sustained profitability through 2023, stabilization at lower positive levels in 2024.
- Total Stockholders’ Equity
- Declining through early 2021, sharp increase through 2022, followed by gradual decline starting late 2022 continuing into 2024.
- Return on Equity (ROE)
- Extremely negative in 2020 correlating with net losses, rapid improvement and peak profitability during 2021-2023, gradual decrease while remaining positive throughout 2024.
Overall, the company experienced a significant turnaround from losses in 2020 to substantial profitability through 2021 to early 2023, followed by a normalization phase with moderated but positive financial performance indicators. This pattern reflects cyclical challenges likely tied to external conditions affecting earnings capacity and equity utilization efficiency.
Return on Assets (ROA)
Marathon Petroleum Corp., ROA calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to MPC | 622) | 1,515) | 937) | 1,451) | 3,280) | 2,226) | 2,724) | 3,321) | 4,477) | 5,873) | 845) | 774) | 694) | 8,512) | (242) | 285) | (886) | 9) | (9,234) | ||||||
| Total assets | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 5.67% | 8.43% | 9.23% | 11.26% | 12.84% | 14.75% | 18.84% | 16.15% | 13.34% | 8.46% | 11.90% | 11.41% | 10.36% | 8.13% | -0.96% | -11.54% | -11.51% | -9.09% | -7.63% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 6.43% | 7.18% | 7.76% | 8.17% | 9.65% | 11.98% | 13.98% | 13.76% | 13.15% | 11.26% | 8.23% | 6.52% | 4.13% | 1.48% | -3.21% | — | — | — | — | ||||||
| ConocoPhillips | 10.29% | 11.13% | 11.10% | 11.42% | 11.96% | 14.43% | 17.32% | 19.91% | 19.04% | 16.98% | 13.78% | 8.91% | 5.36% | 2.17% | 0.02% | — | — | — | — | ||||||
| Exxon Mobil Corp. | 7.30% | 7.41% | 8.68% | 9.57% | 10.24% | 13.41% | 15.89% | 14.29% | 14.01% | 10.59% | 7.27% | 6.80% | -1.75% | -3.95% | -5.72% | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2024 Calculation
ROA = 100
× (Net income (loss) attributable to MPCQ3 2024
+ Net income (loss) attributable to MPCQ2 2024
+ Net income (loss) attributable to MPCQ1 2024
+ Net income (loss) attributable to MPCQ4 2023)
÷ Total assets
= 100 × (622 + 1,515 + 937 + 1,451)
÷ 79,833 = 5.67%
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- Net Income (Loss) Attributable to MPC
- Over the observed periods, net income shows significant volatility with marked negative values in early 2020, followed by a recovery starting mid-2020. Initial quarters of 2020 exhibit substantial losses, including a peak loss of -9,234 million USD in March 2020. A turnaround occurs by the second quarter of 2020, registering positive net income, though fluctuations persist with intermittent negative results in late 2020 and early 2021. From mid-2021 onward, the company reports consistent profitability, peaking at over 5,800 million USD in the second quarter of 2022. Subsequently, net income decreases gradually though remaining positive through to late 2024, with figures generally above 600 million USD, indicating sustained positive earnings albeit at a lower magnitude relative to the 2022 peak.
- Total Assets
- Total assets demonstrate moderate fluctuations across the timeline. Beginning near 86,000 million USD, asset levels slightly decline approaching the end of 2020 but then increase, peaking near 96,700 million USD in mid-2022. Post this peak, total assets display a downward trend, descending to approximately 79,800 million USD by the third quarter of 2024. This suggests a contraction in asset base during the more recent periods, following an earlier phase of asset growth.
- Return on Assets (ROA, %)
- ROA follows a dynamic pattern consistent with income and asset trends. The metric registers negative values throughout much of early 2020, reaching lows below -11%. A marked improvement is notable beginning the second quarter of 2021, with ROA transitioning to positive territory and climbing to a high point above 18% by the first quarter of 2023. After this peak, ROA declines gradually but remains positive, moving down to around 5.7% by the third quarter of 2024. This trajectory reflects improved operational efficiency and profitability relative to asset base during the recovery period, with a subsequent moderation in returns in later periods.
- Overall Analysis
- The financial results present a narrative of recovery from considerable losses in early 2020 to sustained profitability from mid-2021 onward. This recovery is accompanied by growth and then contraction in total assets, indicating potential shifts in investment or asset management strategies. The ROA movement confirms an operational improvement peaking in early 2023, before easing yet maintaining positive returns. The net income’s peak in 2022, followed by a gradual decline, alongside the decreasing asset base and ROA, suggests a phase of consolidation or adjustment after robust performance years.