Analysis of Reportable Segments
Marathon Petroleum Corp. operates in 2 segments: Refining & Marketing and Midstream.
Segment Profit Margin
Marathon Petroleum Corp., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Refining & Marketing | 9.44% | 11.18% | 3.05% | -2.93% | 2.22% |
| Midstream | 58.73% | 54.50% | 56.24% | 59.98% | 41.03% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Refining & Marketing | Refining & Marketing segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Midstream | Midstream segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: Refining & Marketing
Marathon Petroleum Corp.; Refining & Marketing; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment adjusted EBITDA | 13,551) | 19,261) | 3,518) | (1,939) | 2,367) |
| Segment revenues | 143,575) | 172,205) | 115,494) | 66,247) | 106,742) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 9.44% | 11.18% | 3.05% | -2.93% | 2.22% |
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).
1 2023 Calculation
Segment profit margin = 100 × Segment adjusted EBITDA ÷ Segment revenues
= 100 × 13,551 ÷ 143,575 = 9.44%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Refining & Marketing | Refining & Marketing segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Profit Margin: Midstream
Marathon Petroleum Corp.; Midstream; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment adjusted EBITDA | 6,171) | 5,772) | 5,410) | 5,061) | 3,594) |
| Segment revenues | 10,508) | 10,590) | 9,619) | 8,438) | 8,760) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 58.73% | 54.50% | 56.24% | 59.98% | 41.03% |
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).
1 2023 Calculation
Segment profit margin = 100 × Segment adjusted EBITDA ÷ Segment revenues
= 100 × 6,171 ÷ 10,508 = 58.73%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Midstream | Midstream segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Capital Expenditures to Depreciation
Marathon Petroleum Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Refining & Marketing | 0.69 | 0.82 | 0.49 | 0.63 | 1.20 |
| Midstream | 0.84 | 0.82 | 0.55 | 1.03 | 2.60 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Refining & Marketing | Refining & Marketing segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Midstream | Midstream segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Refining & Marketing
Marathon Petroleum Corp.; Refining & Marketing; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment capital expenditures and investments | 1,311) | 1,508) | 911) | 1,170) | 1,999) |
| Segment depreciation and amortization | 1,887) | 1,850) | 1,870) | 1,857) | 1,665) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.69 | 0.82 | 0.49 | 0.63 | 1.20 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Segment capital expenditures and investments ÷ Segment depreciation and amortization
= 1,311 ÷ 1,887 = 0.69
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Refining & Marketing | Refining & Marketing segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Midstream
Marathon Petroleum Corp.; Midstream; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment capital expenditures and investments | 1,105) | 1,069) | 731) | 1,398) | 3,290) |
| Segment depreciation and amortization | 1,320) | 1,310) | 1,329) | 1,353) | 1,267) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.84 | 0.82 | 0.55 | 1.03 | 2.60 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Segment capital expenditures and investments ÷ Segment depreciation and amortization
= 1,105 ÷ 1,320 = 0.84
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Midstream | Midstream segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment adjusted EBITDA
Marathon Petroleum Corp., segment adjusted ebitda by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Refining & Marketing | 13,551) | 19,261) | 3,518) | (1,939) | 2,367) |
| Retail | —) | —) | —) | —) | 1,582) |
| Midstream | 6,171) | 5,772) | 5,410) | 5,061) | 3,594) |
| Total | 19,722) | 25,033) | 8,928) | 3,122) | 7,543) |
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).
Segment revenues
Marathon Petroleum Corp., segment revenues by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Refining & Marketing | 143,575) | 172,205) | 115,494) | 66,247) | 106,742) |
| Retail | —) | —) | —) | —) | 33,067) |
| Midstream | 10,508) | 10,590) | 9,619) | 8,438) | 8,760) |
| Total | 154,083) | 182,795) | 125,113) | 74,685) | 148,569) |
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).
Segment depreciation and amortization
Marathon Petroleum Corp., segment depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Refining & Marketing | 1,887) | 1,850) | 1,870) | 1,857) | 1,665) |
| Retail | —) | —) | —) | —) | 528) |
| Midstream | 1,320) | 1,310) | 1,329) | 1,353) | 1,267) |
| Corporate | 100) | 55) | 165) | 165) | —) |
| Total | 3,307) | 3,215) | 3,364) | 3,375) | 3,460) |
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).
Segment capital expenditures and investments
Marathon Petroleum Corp., segment capital expenditures and investments by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Refining & Marketing | 1,311) | 1,508) | 911) | 1,170) | 1,999) |
| Retail | —) | —) | —) | —) | 607) |
| Midstream | 1,105) | 1,069) | 731) | 1,398) | 3,290) |
| Total | 2,416) | 2,577) | 1,642) | 2,568) | 5,896) |
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).