☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-1284632 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Securities registered pursuant to Section 12(b) of the Act | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $.01 | MPC | New York Stock Exchange |
Page | |||||
ANS | |||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
barrel | One stock tank barrel, or 42 United States gallons liquid volume, used in reference to crude oil or other liquid hydrocarbons | ||||
Conventional Blending for Oxygenate Blending | |||||
EBITDA (a non-GAAP financial measure) | Earnings Before Interest, Tax, Depreciation and Amortization | ||||
EPA | United States Environmental Protection Agency | ||||
Accounting principles generally accepted in the United States | |||||
California Air Resources Board | |||||
LA CARBOB | California Reformulated Gasoline Blendstock for Oxygenate Blending | ||||
LCM | Lower of cost or market | ||||
LIFO | Last in, first out, an inventory costing method | ||||
Louisiana Light Sweet crude oil, an oil index benchmark price | |||||
mbpd | Thousand barrels per day | ||||
Magellan East Houston crude oil, an oil index benchmark price | |||||
MMBtu | One million British thermal units, an energy measurement | ||||
Natural gas liquids, such as ethane, propane, butanes and natural gasoline | |||||
NYMEX | New York Mercantile Exchange | ||||
OTC | Over-the-Counter | ||||
Property, plant and equipment | |||||
RIN | Renewable Identification Number | ||||
SEC | United States Securities and Exchange Commission | ||||
ULSD | Ultra-low sulfur diesel | ||||
USGC | U.S. Gulf Coast | ||||
VIE | Variable interest entity | ||||
WTI | West Texas Intermediate crude oil, an oil index benchmark price |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions, except per share data) | 2021 | 2020 | |||||||||||||||||||||
Revenues and other income: | |||||||||||||||||||||||
Sales and other operating revenues | $ | 22,711 | $ | 22,204 | |||||||||||||||||||
Income (loss) from equity method investments(a) | 91 | (1,233) | |||||||||||||||||||||
Net gain on disposal of assets | 3 | 3 | |||||||||||||||||||||
Other income | 77 | 23 | |||||||||||||||||||||
Total revenues and other income | 22,882 | 20,997 | |||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues (excludes items below) | 21,084 | 20,342 | |||||||||||||||||||||
LCM inventory valuation adjustment | 0 | 3,185 | |||||||||||||||||||||
Impairment expense | 0 | 7,822 | |||||||||||||||||||||
Depreciation and amortization | 844 | 863 | |||||||||||||||||||||
Selling, general and administrative expenses | 575 | 742 | |||||||||||||||||||||
Other taxes | 162 | 198 | |||||||||||||||||||||
Total costs and expenses | 22,665 | 33,152 | |||||||||||||||||||||
Income (loss) from continuing operations | 217 | (12,155) | |||||||||||||||||||||
Net interest and other financial costs | 353 | 332 | |||||||||||||||||||||
Loss from continuing operations before income taxes | (136) | (12,487) | |||||||||||||||||||||
Provision (benefit) for income taxes on continuing operations | 34 | (1,951) | |||||||||||||||||||||
Loss from continuing operations, net of tax | (170) | (10,536) | |||||||||||||||||||||
Income from discontinued operations, net of tax | 234 | 318 | |||||||||||||||||||||
Net income (loss) | 64 | (10,218) | |||||||||||||||||||||
Less net income (loss) attributable to: | |||||||||||||||||||||||
Redeemable noncontrolling interest | 20 | 20 | |||||||||||||||||||||
Noncontrolling interests | 286 | (1,004) | |||||||||||||||||||||
Net loss attributable to MPC | $ | (242) | $ | (9,234) | |||||||||||||||||||
Per share data (See Note 8) | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Continuing operations | $ | (0.73) | $ | (14.74) | |||||||||||||||||||
Discontinued operations | 0.36 | 0.49 | |||||||||||||||||||||
Net loss per share | $ | (0.37) | $ | (14.25) | |||||||||||||||||||
Weighted average shares outstanding | 651 | 648 | |||||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Continuing operations | $ | (0.73) | $ | (14.74) | |||||||||||||||||||
Discontinued operations | 0.36 | 0.49 | |||||||||||||||||||||
Net loss per share | $ | (0.37) | $ | (14.25) | |||||||||||||||||||
Weighted average shares outstanding | 651 | 648 |
Three Months Ended March 31, | |||||||
(In millions, except per share data) | 2020 | 2019 | |||||
Revenues and other income: | |||||||
Sales and other operating revenues | $ | 25,215 | $ | 28,253 | |||
Income (loss) from equity method investments(a) | (1,210 | ) | 99 | ||||
Net gain on disposal of assets | 4 | 214 | |||||
Other income | 71 | 35 | |||||
Total revenues and other income | 24,080 | 28,601 | |||||
Costs and expenses: | |||||||
Cost of revenues (excludes items below) | 22,821 | 25,960 | |||||
Inventory market valuation adjustment | 3,220 | — | |||||
Impairment expense | 7,822 | — | |||||
Depreciation and amortization | 962 | 919 | |||||
Selling, general and administrative expenses | 821 | 867 | |||||
Other taxes | 251 | 186 | |||||
Total costs and expenses | 35,897 | 27,932 | |||||
Income (loss) from operations | (11,817 | ) | 669 | ||||
Net interest and other financial costs | 338 | 306 | |||||
Income (loss) before income taxes | (12,155 | ) | 363 | ||||
Provision (benefit) for income taxes | (1,937 | ) | 104 | ||||
Net income (loss) | (10,218 | ) | 259 | ||||
Less net income (loss) attributable to: | |||||||
Redeemable noncontrolling interest | 20 | 20 | |||||
Noncontrolling interests | (1,004 | ) | 246 | ||||
Net loss attributable to MPC | $ | (9,234 | ) | $ | (7 | ) | |
Per Share Data (See Note 7) | |||||||
Basic: | |||||||
Net loss attributable to MPC per share | $ | (14.25 | ) | $ | (0.01 | ) | |
Weighted average shares outstanding | 648 | 673 | |||||
Diluted: | |||||||
Net loss attributable to MPC per share | $ | (14.25 | ) | $ | (0.01 | ) | |
Weighted average shares outstanding | 648 | 673 |
Three Months Ended March 31, | |||||||
(Millions of dollars) | 2020 | 2019 | |||||
Net income (loss) | $ | (10,218 | ) | $ | 259 | ||
Other comprehensive income (loss): | |||||||
Defined benefit plans: | |||||||
Actuarial changes, net of tax of $1 and $6, respectively | 4 | (3 | ) | ||||
Prior service credit, net of tax of ($3) and ($8), respectively | (9 | ) | (3 | ) | |||
Other, net of tax of $0 and $0, respectively | (1 | ) | (1 | ) | |||
Other comprehensive loss | (6 | ) | (7 | ) | |||
Comprehensive income (loss) | (10,224 | ) | 252 | ||||
Less comprehensive income (loss) attributable to: | |||||||
Redeemable noncontrolling interest | 20 | 20 | |||||
Noncontrolling interests | (1,004 | ) | 246 | ||||
Comprehensive loss attributable to MPC | $ | (9,240 | ) | $ | (14 | ) |
(Millions of dollars, except share data) | March 31, 2020 | December 31, 2019 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,690 | $ | 1,527 | |||
Receivables, less allowance for doubtful accounts of $18 and $17, respectively | 5,583 | 7,479 | |||||
Inventories | 7,445 | 10,243 | |||||
Other current assets | 975 | 921 | |||||
Total current assets | 15,693 | 20,170 | |||||
Equity method investments | 5,656 | 6,898 | |||||
Property, plant and equipment, net | 45,333 | 45,615 | |||||
Goodwill | 12,710 | 20,040 | |||||
Right of use assets | 2,562 | 2,459 | |||||
Other noncurrent assets | 4,363 | 3,374 | |||||
Total assets | $ | 86,317 | $ | 98,556 | |||
Liabilities | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 8,106 | $ | 11,623 | |||
Payroll and benefits payable | 1,107 | 1,126 | |||||
Accrued taxes | 1,098 | 1,186 | |||||
Debt due within one year | 1,710 | 711 | |||||
Operating lease liabilities | 630 | 604 | |||||
Other current liabilities | 918 | 897 | |||||
Total current liabilities | 13,569 | 16,147 | |||||
Long-term debt | 29,899 | 28,127 | |||||
Deferred income taxes | 5,772 | 6,392 | |||||
Defined benefit postretirement plan obligations | 1,703 | 1,643 | |||||
Long-term operating lease liabilities | 1,949 | 1,875 | |||||
Deferred credits and other liabilities | 1,229 | 1,265 | |||||
Total liabilities | 54,121 | 55,449 | |||||
Commitments and contingencies (see Note 22) | |||||||
Redeemable noncontrolling interest | 968 | 968 | |||||
Equity | |||||||
MPC stockholders’ equity: | |||||||
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized) | — | — | |||||
Common stock: | |||||||
Issued – 979 million and 978 million shares (par value $0.01 per share, 2 billion shares authorized) | 10 | 10 | |||||
Held in treasury, at cost – 329 million and 329 million shares | (15,145 | ) | (15,143 | ) | |||
Additional paid-in capital | 33,169 | 33,157 | |||||
Retained earnings | 6,380 | 15,990 | |||||
Accumulated other comprehensive loss | (326 | ) | (320 | ) | |||
Total MPC stockholders’ equity | 24,088 | 33,694 | |||||
Noncontrolling interests | 7,140 | 8,445 | |||||
Total equity | 31,228 | 42,139 | |||||
Total liabilities, redeemable noncontrolling interest and equity | $ | 86,317 | $ | 98,556 |
Three Months Ended March 31, | |||||||
(Millions of dollars) | 2020 | 2019 | |||||
Operating activities: | |||||||
Net income (loss) | $ | (10,218 | ) | $ | 259 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Amortization of deferred financing costs and debt discount | 14 | — | |||||
Impairment expense | 7,822 | — | |||||
Depreciation and amortization | 962 | 919 | |||||
Inventory market valuation adjustment | 3,220 | — | |||||
Pension and other postretirement benefits, net | 55 | 52 | |||||
Deferred income taxes | (625 | ) | 127 | ||||
Net gain on disposal of assets | (4 | ) | (214 | ) | |||
(Income) loss from equity method investments(a) | 1,210 | (99 | ) | ||||
Distributions from equity method investments | 175 | 148 | |||||
Changes in income tax receivable | (1,335 | ) | (19 | ) | |||
Changes in the fair value of derivative instruments | (47 | ) | 29 | ||||
Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||
Current receivables | 1,899 | (1,018 | ) | ||||
Inventories | (422 | ) | (4 | ) | |||
Current accounts payable and accrued liabilities | (3,453 | ) | 1,483 | ||||
Right of use assets and operating lease liabilities, net | (4 | ) | (1 | ) | |||
All other, net | (17 | ) | (39 | ) | |||
Net cash provided by (used in) operating activities | (768 | ) | 1,623 | ||||
Investing activities: | |||||||
Additions to property, plant and equipment | (1,062 | ) | (1,241 | ) | |||
Disposal of assets | 56 | 24 | |||||
Investments – acquisitions, loans and contributions | (169 | ) | (325 | ) | |||
– redemptions, repayments and return of capital | 77 | 2 | |||||
All other, net | 10 | 20 | |||||
Net cash used in investing activities | (1,088 | ) | (1,520 | ) | |||
Financing activities: | |||||||
Long-term debt – borrowings | 4,250 | 2,604 | |||||
– repayments | (1,521 | ) | (2,031 | ) | |||
Issuance of common stock | 4 | 2 | |||||
Common stock repurchased | — | (885 | ) | ||||
Dividends paid | (377 | ) | (354 | ) | |||
Distributions to noncontrolling interests | (320 | ) | (325 | ) | |||
Contributions from noncontrolling interests | — | 95 | |||||
All other, net | (15 | ) | (26 | ) | |||
Net cash provided by (used in) financing activities | 2,021 | (920 | ) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 165 | (817 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,529 | 1,725 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,694 | $ | 908 |
Three Months Ended March 31, | |||||||||||||||||||||||
(Millions of dollars) | 2021 | 2020 | |||||||||||||||||||||
Net income (loss) | $ | 64 | $ | (10,218) | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||
Actuarial changes, net of tax of $3 and $1, respectively | 9 | 4 | |||||||||||||||||||||
Prior service, net of tax of $(3) and $(3), respectively | (8) | (9) | |||||||||||||||||||||
Other, net of tax of $0 and $0, respectively | 0 | (1) | |||||||||||||||||||||
Other comprehensive income (loss) | 1 | (6) | |||||||||||||||||||||
Comprehensive income (loss) | 65 | (10,224) | |||||||||||||||||||||
Less comprehensive income (loss) attributable to: | |||||||||||||||||||||||
Redeemable noncontrolling interest | 20 | 20 | |||||||||||||||||||||
Noncontrolling interests | 286 | (1,004) | |||||||||||||||||||||
Comprehensive loss attributable to MPC | $ | (241) | $ | (9,240) |
(Millions of dollars, except share data) | March 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 624 | $ | 415 | |||||||
Receivables, less allowance for doubtful accounts of $44 and $18, respectively | 7,468 | 5,760 | |||||||||
Inventories | 8,407 | 7,999 | |||||||||
Other current assets | 2,695 | 2,724 | |||||||||
Assets held for sale | 11,167 | 11,389 | |||||||||
Total current assets | 30,361 | 28,287 | |||||||||
Equity method investments | 5,435 | 5,422 | |||||||||
Property, plant and equipment, net | 38,491 | 39,035 | |||||||||
Goodwill | 8,256 | 8,256 | |||||||||
Right of use assets | 1,514 | 1,521 | |||||||||
Other noncurrent assets | 2,594 | 2,637 | |||||||||
Total assets | $ | 86,651 | $ | 85,158 | |||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 9,953 | $ | 7,803 | |||||||
Payroll and benefits payable | 501 | 732 | |||||||||
Accrued taxes | 1,034 | 1,105 | |||||||||
Debt due within one year | 1,786 | 2,854 | |||||||||
Operating lease liabilities | 475 | 497 | |||||||||
Other current liabilities | 744 | 822 | |||||||||
Liabilities held for sale | 1,592 | 1,850 | |||||||||
Total current liabilities | 16,085 | 15,663 | |||||||||
Long-term debt | 30,694 | 28,730 | |||||||||
Deferred income taxes | 6,215 | 6,203 | |||||||||
Defined benefit postretirement plan obligations | 1,958 | 2,121 | |||||||||
Long-term operating lease liabilities | 1,007 | 1,014 | |||||||||
Deferred credits and other liabilities | 1,213 | 1,207 | |||||||||
Total liabilities | 57,172 | 54,938 | |||||||||
Commitments and contingencies (see Note 22) | 0 | 0 | |||||||||
Redeemable noncontrolling interest | 968 | 968 | |||||||||
Equity | |||||||||||
MPC stockholders’ equity: | |||||||||||
Preferred stock, 0 shares issued and outstanding (par value $0.01 per share, 30 million shares authorized) | 0 | 0 | |||||||||
Common stock: | |||||||||||
Issued – 981 million and 980 million shares (par value $0.01 per share, 2 billion shares authorized) | 10 | 10 | |||||||||
Held in treasury, at cost – 329 million and 329 million shares | (15,158) | (15,157) | |||||||||
Additional paid-in capital | 33,222 | 33,208 | |||||||||
Retained earnings | 4,029 | 4,650 | |||||||||
Accumulated other comprehensive loss | (511) | (512) | |||||||||
Total MPC stockholders’ equity | 21,592 | 22,199 | |||||||||
Noncontrolling interests | 6,919 | 7,053 | |||||||||
Total equity | 28,511 | 29,252 | |||||||||
Total liabilities, redeemable noncontrolling interest and equity | $ | 86,651 | $ | 85,158 |
Three Months Ended March 31, | |||||||||||
(Millions of dollars) | 2021 | 2020 | |||||||||
Operating activities: | |||||||||||
Net income (loss) | $ | 64 | $ | (10,218) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Amortization of deferred financing costs and debt discount | 22 | 14 | |||||||||
Impairment expense | 0 | 7,822 | |||||||||
Depreciation and amortization | 844 | 863 | |||||||||
LCM inventory valuation adjustment | 0 | 3,185 | |||||||||
Pension and other postretirement benefits, net | (158) | 55 | |||||||||
Deferred income taxes | 24 | (691) | |||||||||
Net gain on disposal of assets | (3) | (3) | |||||||||
(Income) loss from equity method investments(a) | (91) | 1,233 | |||||||||
Distributions from equity method investments | 142 | 147 | |||||||||
Income from discontinued operations | (234) | (318) | |||||||||
Changes in income tax receivable | 54 | (1,335) | |||||||||
Changes in the fair value of derivative instruments | (43) | (47) | |||||||||
Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||||||
Current receivables | (1,723) | 1,856 | |||||||||
Inventories | (408) | (397) | |||||||||
Current accounts payable and accrued liabilities | 1,821 | (3,375) | |||||||||
Right of use assets and operating lease liabilities, net | 5 | (6) | |||||||||
All other, net | (51) | (1) | |||||||||
Cash provided by (used in) operating activities - continuing operations | 265 | (1,216) | |||||||||
Cash provided by operating activities - discontinued operations | 189 | 448 | |||||||||
Net cash provided by (used in) operating activities | 454 | (768) | |||||||||
Investing activities: | |||||||||||
Additions to property, plant and equipment | (304) | (951) | |||||||||
Disposal of assets | 76 | 48 | |||||||||
Investments – acquisitions and contributions | (51) | (169) | |||||||||
– redemptions, repayments and return of capital | 1 | 77 | |||||||||
All other, net | 98 | 10 | |||||||||
Cash used in investing activities - continuing operations | (180) | (985) | |||||||||
Cash used in investing activities - discontinued operations | (87) | (103) | |||||||||
Net cash used in investing activities | (267) | (1,088) | |||||||||
Financing activities: | |||||||||||
Commercial paper – issued | 6,049 | 0 | |||||||||
– repayments | (5,356) | 0 | |||||||||
Long-term debt – borrowings | 6,785 | 4,250 | |||||||||
– repayments | (6,613) | (1,521) | |||||||||
Issuance of common stock | 23 | 4 | |||||||||
Dividends paid | (379) | (377) | |||||||||
Distributions to noncontrolling interests | (320) | (320) | |||||||||
Repurchases of noncontrolling interests | (155) | 0 | |||||||||
All other, net | (18) | (15) | |||||||||
Net cash provided by financing activities | 16 | 2,021 | |||||||||
Net change in cash, cash equivalents and restricted cash | $ | 203 | $ | 165 |
Three Months Ended March 31, | |||||||||||
(Millions of dollars) | 2021 | 2020 | |||||||||
Cash, cash equivalents and restricted cash balances: | |||||||||||
Continuing operations - beginning of period | $ | 416 | $ | 1,395 | |||||||
Discontinued operations - beginning of period(a) | 140 | 134 | |||||||||
Less: Discontinued operations - end of period(a) | 134 | 89 | |||||||||
Continuing operations - end of period | $ | 625 | $ | 1,605 |
MPC Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | Total Equity | Redeemable Non-controlling Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in millions; amounts in millions of dollars) | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 980 | $ | 10 | (329) | $ | (15,157) | $ | 33,208 | $ | 4,650 | $ | (512) | $ | 7,053 | $ | 29,252 | $ | 968 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | (242) | — | 286 | 44 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.58 per share) | — | — | — | — | — | (379) | — | — | (379) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (300) | (300) | (20) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 1 | — | 0 | (1) | 18 | — | — | 0 | 17 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity transactions of MPLX | — | — | — | — | (4) | — | — | (120) | (124) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 981 | $ | 10 | (329) | $ | (15,158) | $ | 33,222 | $ | 4,029 | $ | (511) | $ | 6,919 | $ | 28,511 | $ | 968 | |||||||||||||||||||||||||||||||||||||||||
MPC Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | Total Equity | Redeemable Non-controlling Interest | ||||||||||||||||||||||||||||||
(Shares in millions; amounts in millions of dollars) | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 978 | $ | 10 | (329 | ) | $ | (15,143 | ) | $ | 33,157 | $ | 15,990 | $ | (320 | ) | $ | 8,445 | $ | 42,139 | $ | 968 | ||||||||||||||||
Net income (loss) | — | — | — | — | — | (9,234 | ) | — | (1,004 | ) | (10,238 | ) | 20 | ||||||||||||||||||||||||
Dividends declared on common stock ($0.58 per share) | — | — | — | — | — | (377 | ) | — | — | (377 | ) | — | |||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (300 | ) | (300 | ) | (20 | ) | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (6 | ) | — | (6 | ) | — | |||||||||||||||||||||||||
Stock based compensation | 1 | — | — | (2 | ) | 17 | — | — | 1 | 16 | — | ||||||||||||||||||||||||||
Equity transactions of MPLX | — | — | — | — | (5 | ) | — | — | (2 | ) | (7 | ) | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | — | 1 | — | |||||||||||||||||||||||||||
Balance as of March 31, 2020 | 979 | $ | 10 | (329 | ) | $ | (15,145 | ) | $ | 33,169 | $ | 6,380 | $ | (326 | ) | $ | 7,140 | $ | 31,228 | $ | 968 |
MPC Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | Total Equity | Redeemable Non-controlling Interest | ||||||||||||||||||||||||||||||
(Shares in millions; amounts in millions of dollars) | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 975 | $ | 10 | (295 | ) | $ | (13,175 | ) | $ | 33,729 | $ | 14,755 | $ | (144 | ) | $ | 8,874 | $ | 44,049 | $ | 1,004 | ||||||||||||||||
Net income (loss) | — | — | — | — | — | (7 | ) | — | 246 | 239 | 20 | ||||||||||||||||||||||||||
Dividends declared on common stock ($0.53 per share) | — | — | — | — | — | (357 | ) | — | — | (357 | ) | — | |||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (305 | ) | (305 | ) | (20 | ) | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 95 | 95 | — | |||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (7 | ) | — | (7 | ) | — | |||||||||||||||||||||||||
Shares repurchased | — | — | (14 | ) | (885 | ) | — | — | — | — | (885 | ) | — | ||||||||||||||||||||||||
Stock based compensation | 1 | — | — | (3 | ) | 32 | — | — | (1 | ) | 28 | — | |||||||||||||||||||||||||
Equity transactions of MPLX & ANDX | — | — | — | — | 3 | — | — | (1 | ) | 2 | — | ||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (1 | ) | (1 | ) | — | |||||||||||||||||||||||||
Balance as of March 31, 2019 | 976 | $ | 10 | (309 | ) | $ | (14,063 | ) | $ | 33,764 | $ | 14,391 | $ | (151 | ) | $ | 8,907 | $ | 42,858 | $ | 1,004 |
MPC Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests | Total Equity | Redeemable Non-controlling Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in millions; amounts in millions of dollars) | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 978 | $ | 10 | (329) | $ | (15,143) | $ | 33,157 | $ | 15,990 | $ | (320) | $ | 8,445 | $ | 42,139 | $ | 968 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | (9,234) | — | (1,004) | (10,238) | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.58 per share) | — | — | — | — | — | (377) | — | — | (377) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (300) | (300) | (20) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (6) | — | (6) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | 1 | — | 0 | (2) | 17 | — | — | 1 | 16 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity transactions of MPLX | — | — | — | — | (5) | — | — | (2) | (7) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | 0 | 1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 979 | $ | 10 | (329) | $ | (15,145) | $ | 33,169 | $ | 6,380 | $ | (326) | $ | 7,140 | $ | 31,228 | $ | 968 | |||||||||||||||||||||||||||||||||||||||||
ASU | Effective Date | ||||||||||
2019-12 | Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | January 1, 2021 | |||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Total revenues and other income | $ | 5,339 | $ | 5,560 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues (excludes items below) | 4,906 | 4,956 | |||||||||||||||||||||
LCM inventory valuation adjustment | 0 | 35 | |||||||||||||||||||||
Depreciation and amortization | 2 | 99 | |||||||||||||||||||||
Selling, general and administrative expenses | 73 | 79 | |||||||||||||||||||||
Other taxes | 51 | 53 | |||||||||||||||||||||
Total costs and expenses | 5,032 | 5,222 | |||||||||||||||||||||
Income from operations | 307 | 338 | |||||||||||||||||||||
Net interest and other financial costs | 4 | 6 | |||||||||||||||||||||
Income before income taxes | 303 | 332 | |||||||||||||||||||||
Provision for income taxes | 69 | 14 | |||||||||||||||||||||
Income from discontinued operations, net of tax | $ | 234 | $ | 318 | |||||||||||||||||||
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 134 | $ | 140 | |||||||
Receivables | 244 | 217 | |||||||||
Inventories | 417 | 438 | |||||||||
Other current assets | 36 | 34 | |||||||||
Equity method investments | 305 | 311 | |||||||||
Property, plant and equipment, net | 4,885 | 4,784 | |||||||||
Goodwill | 4,390 | 4,390 | |||||||||
Right of use assets | 587 | 719 | |||||||||
Other noncurrent assets | 169 | 168 | |||||||||
Total assets classified as held for sale | $ | 11,167 | $ | 11,201 | |||||||
Liabilities | |||||||||||
Accounts payable | $ | 352 | $ | 300 | |||||||
Payroll and benefits payable | 129 | 168 | |||||||||
Accrued taxes | 160 | 178 | |||||||||
Debt due within one year | 9 | 8 | |||||||||
Operating lease liabilities | 77 | 94 | |||||||||
Other current liabilities | 154 | 170 | |||||||||
Long-term debt | 120 | 122 | |||||||||
Defined benefit postretirement plan obligations | 27 | 25 | |||||||||
Long-term operating lease liabilities | 486 | 598 | |||||||||
Deferred credits and other liabilities | 78 | 86 | |||||||||
Total liabilities classified as held for sale | $ | 1,592 | $ | 1,749 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Increase (decrease) due to issuance/(repurchase) of MPLX common units | $ | (35) | $ | 2 | |||||||
Tax impact | 31 | (7) | |||||||||
Decrease in MPC's additional paid-in capital, net of tax | $ | (4) | $ | (5) |
Three Months Ended March 31, | |||||||
(In millions) | 2020 | 2019 | |||||
Increase due to the issuance of MPLX & ANDX common units | $ | 2 | $ | 4 | |||
Tax impact | (7 | ) | (1 | ) | |||
Increase (decrease) in MPC's additional paid-in capital, net of tax | $ | (5 | ) | $ | 3 |
Three Months Ended March 31, | ||||||||||||||
(In millions) | Income Statement Line | 2020 | ||||||||||||
Goodwill | Impairment expense | $ | 7,330 | |||||||||||
Equity method investments | Income (loss) from equity method investments | 1,315 | ||||||||||||
Long-lived assets | Impairment expense | 492 | ||||||||||||
Total impairments | $ | 9,137 |
(In millions) | Income Statement Line | Impairment | ||
Goodwill | Impairment expense | $ | 7,330 | |
Equity method investments | Income (loss) from equity method investments | 1,315 | ||
Long-lived assets | Impairment expense | 492 | ||
Total impairments | $ | 9,137 |
(In millions) | Refining & Marketing | Retail | Midstream | Total | |||||||||||
Balance at January 1, 2020 | $ | 5,572 | $ | 4,951 | $ | 9,517 | $ | 20,040 | |||||||
Impairments | (5,516 | ) | — | (1,814 | ) | (7,330 | ) | ||||||||
Transfers | (56 | ) | — | 56 | — | ||||||||||
Balance at March 31, 2020 | $ | — | $ | 4,951 | $ | 7,759 | $ | 12,710 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 24 | $ | 15 | |||||||
Receivables, less allowance for doubtful accounts | 536 | 478 | |||||||||
Inventories | 128 | 118 | |||||||||
Other current assets | 49 | 67 | |||||||||
Assets held for sale | 0 | 188 | |||||||||
Equity method investments | 4,040 | 4,036 | |||||||||
Property, plant and equipment, net | 21,205 | 21,418 | |||||||||
Goodwill | 7,657 | 7,657 | |||||||||
Right of use assets | 296 | 309 | |||||||||
Other noncurrent assets | 991 | 1,006 | |||||||||
Liabilities | |||||||||||
Accounts payable | $ | 474 | $ | 468 | |||||||
Payroll and benefits payable | 5 | 4 | |||||||||
Accrued taxes | 67 | 76 | |||||||||
Debt due within one year | 2 | 764 | |||||||||
Operating lease liabilities | 63 | 63 | |||||||||
Liabilities held for sale | 0 | 101 | |||||||||
Other current liabilities | 274 | 297 | |||||||||
Long-term debt | 20,052 | 19,375 | |||||||||
Deferred income taxes | 11 | 12 | |||||||||
Long-term operating lease liabilities | 230 | 244 | |||||||||
Deferred credits and other liabilities | 451 | 437 |
(In millions) | March 31, 2020 | December 31, 2019 | |||||
Assets | |||||||
Cash and cash equivalents | $ | 57 | $ | 15 | |||
Receivables, less allowance for doubtful accounts | 544 | 615 | |||||
Inventories | 105 | 110 | |||||
Other current assets | 45 | 110 | |||||
Equity method investments | 3,992 | 5,275 | |||||
Property, plant and equipment, net | 22,030 | 22,174 | |||||
Goodwill | 7,722 | 9,536 | |||||
Right of use assets | 352 | 365 | |||||
Other noncurrent assets | 1,105 | 1,323 | |||||
Liabilities | |||||||
Accounts payable | $ | 521 | $ | 744 | |||
Payroll and benefits payable | 1 | 5 | |||||
Accrued taxes | 72 | 80 | |||||
Debt due within one year | 4 | 9 | |||||
Operating lease liabilities | 67 | 66 | |||||
Other current liabilities | 268 | 259 | |||||
Long-term debt | 20,467 | 19,704 | |||||
Deferred income taxes | 11 | 12 | |||||
Long-term operating lease liabilities | 284 | 302 | |||||
Deferred credits and other liabilities | 422 | 409 |
Three Months Ended March 31, | |||||||
(In millions) | 2020 | 2019 | |||||
Sales to related parties | $ | 165 | $ | 186 | |||
Purchases from related parties | 195 | 204 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Sales to related parties | $ | 43 | $ | 30 | |||||||||||||||||||
Purchases from related parties | 203 | 195 |
Three Months Ended March 31, | |||||||
(In millions, except per share data) | 2020 | 2019 | |||||
Basic loss per share: | |||||||
Allocation of loss: | |||||||
Net loss attributable to MPC | $ | (9,234 | ) | $ | (7 | ) | |
Income allocated to participating securities | — | — | |||||
Loss available to common stockholders – basic | $ | (9,234 | ) | $ | (7 | ) | |
Weighted average common shares outstanding | 648 | 673 | |||||
Basic loss per share | $ | (14.25 | ) | $ | (0.01 | ) | |
Diluted loss per share: | |||||||
Allocation of loss: | |||||||
Net loss attributable to MPC | $ | (9,234 | ) | $ | (7 | ) | |
Income allocated to participating securities | — | — | |||||
Loss available to common stockholders – diluted | $ | (9,234 | ) | $ | (7 | ) | |
Weighted average common shares outstanding | 648 | 673 | |||||
Effect of dilutive securities | — | — | |||||
Weighted average common shares, including dilutive effect | 648 | 673 | |||||
Diluted loss per share | $ | (14.25 | ) | $ | (0.01 | ) |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions, except per share data) | 2021 | 2020 | |||||||||||||||||||||
Loss from continuing operations, net of tax | $ | (170) | $ | (10,536) | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 306 | (984) | |||||||||||||||||||||
Net income allocated to participating securities | 0 | 0 | |||||||||||||||||||||
Loss from continuing operations available to common stockholders | $ | (476) | $ | (9,552) | |||||||||||||||||||
Income from discontinued operations, net of tax | 234 | 318 | |||||||||||||||||||||
Loss available to common stockholders | $ | (242) | $ | (9,234) | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 651 | 648 | |||||||||||||||||||||
Effect of dilutive securities | 0 | 0 | |||||||||||||||||||||
Diluted | 651 | 648 | |||||||||||||||||||||
Income (loss) available to common stockholders per share: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Continuing operations | $ | (0.73) | $ | (14.74) | |||||||||||||||||||
Discontinued operations | 0.36 | 0.49 | |||||||||||||||||||||
Net loss per share | $ | (0.37) | $ | (14.25) | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Continuing operations | $ | (0.73) | $ | (14.74) | |||||||||||||||||||
Discontinued operations | 0.36 | 0.49 | |||||||||||||||||||||
Net loss per share | $ | (0.37) | $ | (14.25) |
Three Months Ended March 31, | |||||
(In millions) | 2020 | 2019 | |||
Shares issuable under stock-based compensation plans | 10 | 7 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Shares issuable under stock-based compensation plans | 10 | 10 |
Three Months Ended March 31, | |||||||
(In millions, except per share data) | 2020 | 2019 | |||||
Number of shares repurchased | — | 14 | |||||
Cash paid for shares repurchased | $ | — | $ | 885 | |||
Average cost per share | $ | — | $ | 62.98 |
• |
(In millions) | Refining & Marketing | Midstream | Total | ||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||
Revenues: | |||||||||||||||||
Third party(a) | $ | 21,661 | $ | 1,050 | $ | 22,711 | |||||||||||
Intersegment | 28 | 1,199 | 1,227 | ||||||||||||||
Segment revenues | $ | 21,689 | $ | 2,249 | $ | 23,938 | |||||||||||
Segment income (loss) from operations | $ | (598) | $ | 972 | $ | 374 | |||||||||||
Supplemental Data | |||||||||||||||||
Depreciation and amortization(b) | $ | 478 | $ | 334 | $ | 812 | |||||||||||
Capital expenditures and investments(c) | 134 | 138 | 272 |
(In millions) | Refining & Marketing | Midstream | Total | ||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||
Revenues: | |||||||||||||||||
Third party(a) | $ | 21,284 | $ | 920 | $ | 22,204 | |||||||||||
Intersegment | 25 | 1,241 | 1,266 | ||||||||||||||
Segment revenues | $ | 21,309 | $ | 2,161 | $ | 23,470 | |||||||||||
Segment income (loss) from operations | $ | (497) | $ | 905 | $ | 408 | |||||||||||
Supplemental Data | |||||||||||||||||
Depreciation and amortization(b) | $ | 473 | $ | 345 | $ | 818 | |||||||||||
Capital expenditures and investments(c) | 470 | 474 | 944 |
(In millions) | Refining & Marketing | Retail | Midstream | Total | |||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||
Revenues: | |||||||||||||||
Third party(a) | $ | 17,528 | $ | 6,769 | $ | 918 | $ | 25,215 | |||||||
Intersegment | 3,617 | 2 | 1,242 | 4,861 | |||||||||||
Segment revenues | $ | 21,145 | $ | 6,771 | $ | 2,160 | $ | 30,076 | |||||||
Segment income (loss) from operations | $ | (622 | ) | $ | 519 | $ | 905 | $ | 802 | ||||||
Supplemental Data | |||||||||||||||
Depreciation and amortization(b) | $ | 447 | $ | 125 | $ | 345 | $ | 917 | |||||||
Capital expenditures and investments(c) | 459 | 76 | 474 | 1,009 |
(In millions) | Refining & Marketing | Retail | Midstream | Total | |||||||||||
Three Months Ended March 31, 2019 | |||||||||||||||
Revenues: | |||||||||||||||
Third party(a) | $ | 19,920 | $ | 7,376 | $ | 957 | $ | 28,253 | |||||||
Intersegment | 4,416 | 2 | 1,232 | 5,650 | |||||||||||
Segment revenues | $ | 24,336 | $ | 7,378 | $ | 2,189 | $ | 33,903 | |||||||
Segment income (loss) from operations | $ | (334 | ) | $ | 170 | $ | 908 | $ | 744 | ||||||
Supplemental Data | |||||||||||||||
Depreciation and amortization(b) | $ | 427 | $ | 126 | $ | 307 | $ | 860 | |||||||
Capital expenditures and investments(c) | 394 | 73 | 823 | 1,290 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Segment income from operations | $ | 374 | $ | 408 | |||||||||||||||||||
Corporate(a) | (157) | (233) | |||||||||||||||||||||
Items not allocated to segments: | |||||||||||||||||||||||
Transaction-related costs(b) | 0 | (8) | |||||||||||||||||||||
Impairments(c) | 0 | (9,137) | |||||||||||||||||||||
LCM inventory valuation adjustment | 0 | (3,185) | |||||||||||||||||||||
Income (loss) from continuing operations | 217 | (12,155) | |||||||||||||||||||||
Net interest and other financial costs | 353 | 332 | |||||||||||||||||||||
Loss from continuing operations before income taxes | $ | (136) | $ | (12,487) |
Three Months Ended March 31, | |||||||
(In millions) | 2020 | 2019 | |||||
Segment income from operations | $ | 802 | $ | 744 | |||
Items not allocated to segments: | |||||||
Corporate and other unallocated items(a) | (227 | ) | (191 | ) | |||
Equity method investment restructuring gain(b) | — | 207 | |||||
Transaction-related costs(c) | (35 | ) | (91 | ) | |||
Impairments(d) | (9,137 | ) | — | ||||
Inventory market valuation adjustment(e) | (3,220 | ) | — | ||||
Income (loss) from operations | (11,817 | ) | 669 | ||||
Net interest and other financial costs | 338 | 306 | |||||
Income (loss) before income taxes | $ | (12,155 | ) | $ | 363 |
(b)Includes costs incurred in connection with the Midstream strategic review. Costs incurred in connection with the Speedway separation are included in discontinued operations. See Note 3. (c)Includes impairment of goodwill, equity method investments and long lived assets. See Note 5 for additional information. |
Three Months Ended March 31, | |||||||
(In millions) | 2020 | 2019 | |||||
Segment capital expenditures and investments | $ | 1,009 | $ | 1,290 | |||
Less investments in equity method investees | 169 | 325 | |||||
Plus items not allocated to segments: | |||||||
Corporate | 27 | 10 | |||||
Capitalized interest | 29 | 31 | |||||
Total capital expenditures(a) | $ | 896 | $ | 1,006 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Segment capital expenditures and investments | $ | 272 | $ | 944 | |||||||||||||||||||
Less investments in equity method investees | 51 | 169 | |||||||||||||||||||||
Plus items not allocated to segments: | |||||||||||||||||||||||
Corporate | 21 | 27 | |||||||||||||||||||||
Capitalized interest | 14 | 29 | |||||||||||||||||||||
Total capital expenditures(a) | $ | 256 | $ | 831 |
(a)Includes changes in capital expenditure accruals. See Note 19 for a reconciliation of total capital expenditures to additions to property, plant and equipment for the three months ended March 31, 2021 and 2020 as reported in the consolidated statements of cash flows. |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Interest income | $ | (1) | $ | (6) | |||||||||||||||||||
Interest expense | 351 | 355 | |||||||||||||||||||||
Interest capitalized | (17) | (37) | |||||||||||||||||||||
Pension and other postretirement non-service costs(a) | 0 | (3) | |||||||||||||||||||||
Other financial costs | 20 | 23 | |||||||||||||||||||||
Net interest and other financial costs | $ | 353 | $ | 332 |
Three Months Ended March 31, | |||||||
(In millions) | 2020 | 2019 | |||||
Interest income | $ | (6 | ) | $ | (9 | ) | |
Interest expense | 357 | 340 | |||||
Interest capitalized | (36 | ) | (32 | ) | |||
Pension and other postretirement non-service credits(a) | (3 | ) | (3 | ) | |||
Other financial costs | 26 | 10 | |||||
Net interest and other financial costs | $ | 338 | $ | 306 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Tax computed at statutory rate | $ | (29) | $ | (2,622) | |||||||||||||||||||
State and local income taxes, net of federal income tax effects | 15 | (244) | |||||||||||||||||||||
Goodwill impairment | 0 | 1,157 | |||||||||||||||||||||
Noncontrolling interests | 31 | 101 | |||||||||||||||||||||
Legislation(a) | 0 | (343) | |||||||||||||||||||||
Unrecognized tax benefits | 14 | 0 | |||||||||||||||||||||
Other | 3 | 0 | |||||||||||||||||||||
Total provision (benefit) for income tax from continuing operations | $ | 34 | $ | (1,951) |
Three Months Ended March 31, | |||||
2020 | 2019 | ||||
Statutory rate applied to income before income taxes | 21 | % | 21 | % | |
State and local income taxes, net of federal income tax effects | 2 | 12 | |||
Goodwill impairment | (10 | ) | — | ||
Noncontrolling interests | (1 | ) | (4 | ) | |
CARES Act legislation | 3 | — | |||
Other | 1 | — | |||
Effective tax rate | 16 | % | 29 | % |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
Crude oil | $ | 2,715 | $ | 2,588 | |||||||
Refined products | 4,786 | 4,478 | |||||||||
Materials and supplies | 906 | 933 | |||||||||
Total | $ | 8,407 | $ | 7,999 |
(In millions) | March 31, 2020 | December 31, 2019 | |||||
Crude oil | $ | 3,717 | $ | 3,472 | |||
Refined products | 5,700 | 5,548 | |||||
Materials and supplies | 1,000 | 996 | |||||
Merchandise | 248 | 227 | |||||
Inventories before LCM inventory valuation reserve | 10,665 | 10,243 | |||||
LCM inventory valuation reserve | (3,220 | ) | — | ||||
Total | $ | 7,445 | $ | 10,243 |
Three Months Ended March 31, | |||||||
(In millions) | 2020 | 2019 | |||||
Revenues and other income | $ | 1,072 | $ | 1,628 | |||
Income (loss) from operations | (20 | ) | 336 | ||||
Net income (loss) | (44 | ) | 314 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Gross PP&E | Accumulated Depreciation | Net PP&E | Gross PP&E | Accumulated Depreciation | Net PP&E | |||||||||||||||||||||||||||||||||||
Refining & Marketing | $ | 30,416 | $ | 13,679 | $ | 16,737 | $ | 30,306 | $ | 13,257 | $ | 17,049 | |||||||||||||||||||||||||||||
Midstream | 27,758 | 6,508 | 21,250 | 27,677 | 6,217 | 21,460 | |||||||||||||||||||||||||||||||||||
Corporate | 1,365 | 861 | 504 | 1,356 | 830 | 526 | |||||||||||||||||||||||||||||||||||
Total | $ | 59,539 | $ | 21,048 | $ | 38,491 | $ | 59,339 | $ | 20,304 | $ | 39,035 |
(In millions) | Employee separation costs | Exit and disposal costs | Total | |||||||||||||||||
Restructuring reserve balance at September 30, 2020(a) | $ | 158 | $ | 133 | $ | 291 | ||||||||||||||
Adjustments | 14 | 5 | 19 | |||||||||||||||||
Cash payments | (134) | (35) | (169) | |||||||||||||||||
Restructuring reserve balance at December 31, 2020 | $ | 38 | $ | 103 | $ | 141 | ||||||||||||||
Cash payments | (32) | (16) | (48) | |||||||||||||||||
Restructuring reserve balance at March 31, 2021 | $ | 6 | $ | 87 | $ | 93 |
(In millions) | March 31, 2020 | December 31, 2019 | |||||
Refining & Marketing | $ | 29,511 | $ | 29,037 | |||
Retail | 7,161 | 7,104 | |||||
Midstream | 27,490 | 27,193 | |||||
Corporate and Other | 1,308 | 1,289 | |||||
Total | 65,470 | 64,623 | |||||
Less accumulated depreciation(a) | 20,137 | 19,008 | |||||
Property, plant and equipment, net | $ | 45,333 | $ | 45,615 |
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Netting and Collateral(a) | Net Carrying Value on Balance Sheet(b) | Collateral Pledged Not Offset | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Commodity contracts | $ | 247 | $ | 2 | $ | 0 | $ | (238) | $ | 11 | $ | 73 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Commodity contracts | $ | 247 | $ | 2 | $ | 0 | $ | (249) | $ | 0 | $ | 0 | |||||||||||||||||||||||
Embedded derivatives in commodity contracts | 0 | 0 | 66 | 0 | 66 | 0 |
March 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Netting and Collateral(a) | Net Carrying Value on Balance Sheet(b) | Collateral Pledged Not Offset | (In millions) | Level 1 | Level 2 | Level 3 | Netting and Collateral(a) | Net Carrying Value on Balance Sheet(b) | Collateral Pledged Not Offset | |||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | 754 | $ | 32 | $ | — | $ | (679 | ) | $ | 107 | $ | 7 | Commodity contracts | $ | 82 | $ | 6 | $ | 0 | $ | (80) | $ | 8 | $ | 31 | ||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | 610 | $ | 19 | $ | — | $ | (628 | ) | $ | 1 | $ | — | Commodity contracts | $ | 81 | $ | 10 | $ | 0 | $ | (91) | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||
Embedded derivatives in commodity contracts | — | — | 45 | — | 45 | — | Embedded derivatives in commodity contracts | 0 | 0 | 63 | 0 | 63 | 0 |
December 31, 2019 | |||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Netting and Collateral(a) | Net Carrying Value on Balance Sheet(b) | Collateral Pledged Not Offset | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodity contracts | $ | 57 | $ | 6 | $ | — | $ | (55 | ) | $ | 8 | $ | 73 | ||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity contracts | $ | 95 | $ | 11 | $ | — | $ | (106 | ) | $ | — | $ | — | ||||||||||
Embedded derivatives in commodity contracts | — | — | 60 | — | 60 | — |
Three Months Ended March 31, | |||||||
(In millions) | 2020 | 2019 | |||||
Beginning balance | $ | 60 | $ | 61 | |||
Unrealized and realized (gains) losses included in net income | (14 | ) | 6 | ||||
Settlements of derivative instruments | (1 | ) | (2 | ) | |||
Ending balance | $ | 45 | $ | 65 | |||
The amount of total (gains) losses for the period included in earnings attributable to the change in unrealized losses relating to assets still held at the end of period: | $ | (13 | ) | $ | 5 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Beginning balance | $ | 63 | $ | 60 | |||||||||||||||||||
Unrealized and realized (gains) losses included in net income | 6 | (14) | |||||||||||||||||||||
Settlements of derivative instruments | (3) | (1) | |||||||||||||||||||||
Ending balance | $ | 66 | $ | 45 | |||||||||||||||||||
The amount of total losses/(gains) for the period included in earnings attributable to the change in unrealized losses/(gains) relating to assets still held at the end of period: | $ | 5 | $ | (13) |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||
Balance Sheet Location | Asset | Liability | Asset | Liability | |||||||||||||||||||
Commodity derivatives | |||||||||||||||||||||||
Other current assets | $ | 249 | $ | 249 | $ | 88 | $ | 91 | |||||||||||||||
Other current liabilities(a) | 0 | 10 | 0 | 7 | |||||||||||||||||||
Deferred credits and other liabilities(a) | 0 | 56 | 0 | 56 |
(In millions) | March 31, 2020 | ||||||
Balance Sheet Location | Asset | Liability | |||||
Commodity derivatives | |||||||
Other current assets | $ | 786 | $ | 629 | |||
Other current liabilities(a) | — | 2 | |||||
Deferred credits and other liabilities(a) | — | 43 |
(In millions) | December 31, 2019 | ||||||
Balance Sheet Location | Asset | Liability | |||||
Commodity derivatives | |||||||
Other current assets | $ | 63 | $ | 106 | |||
Other current liabilities(a) | — | 5 | |||||
Deferred credits and other liabilities(a) | — | 55 |
Percentage of contracts that expire next quarter | Position | ||||||||||||||||
(Units in thousands of barrels) | Long | Short | |||||||||||||||
Exchange-traded(a) | |||||||||||||||||
Crude oil | 81.8% | 36,471 | 43,279 | ||||||||||||||
Refined products | 91.1% | 22,131 | 21,546 | ||||||||||||||
Blending products | 96.4% | 5,080 | 3,033 | ||||||||||||||
Soybean oil | 72.5% | 310 | 755 |
Percentage of contracts that expire next quarter | Position | ||||||
(Units in thousands of barrels) | Long | Short | |||||
Exchange-traded(a) | |||||||
Crude oil | 94.8% | 29,202 | 46,121 | ||||
Refined products | 84.3% | 20,370 | 16,960 | ||||
Blending products | 100.0% | 3,581 | 3,359 |
Gain (Loss) | |||||||||||||||||||||||
(In millions) | Three Months Ended March 31, | ||||||||||||||||||||||
Income Statement Location | 2021 | 2020 | |||||||||||||||||||||
Sales and other operating revenues | $ | (10) | $ | 84 | |||||||||||||||||||
Cost of revenues | (65) | 131 | |||||||||||||||||||||
Total | $ | (75) | $ | 215 |
Gain (Loss) | |||||||
(In millions) | Three Months Ended March 31, | ||||||
Income Statement Location | 2020 | 2019 | |||||
Sales and other operating revenues | $ | 84 | $ | (20 | ) | ||
Cost of revenues | 131 | (80 | ) | ||||
Total | $ | 215 | $ | (100 | ) |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
Marathon Petroleum Corporation: | |||||||||||
Commercial paper | $ | 1,717 | $ | 1,024 | |||||||
Bank revolving credit facility | 1,300 | 0 | |||||||||
Senior notes | 8,849 | 9,849 | |||||||||
Notes payable | 1 | 1 | |||||||||
Finance lease obligations | 623 | 634 | |||||||||
MPLX LP: | |||||||||||
Bank revolving credit facility | 835 | 175 | |||||||||
Senior notes | 19,600 | 20,350 | |||||||||
Finance lease obligations | 10 | 11 | |||||||||
Total debt | $ | 32,935 | $ | 32,044 | |||||||
Unamortized debt issuance costs | (149) | (154) | |||||||||
Unamortized (discount) premium, net | (306) | (306) | |||||||||
Amounts due within one year | (1,786) | (2,854) | |||||||||
Total long-term debt due after one year | $ | 30,694 | $ | 28,730 |
(In millions) | March 31, 2020 | December 31, 2019 | |||||
Marathon Petroleum Corporation: | |||||||
Bank revolving credit facility | $ | 2,000 | $ | — | |||
Senior notes | 8,474 | 8,474 | |||||
Notes payable | 10 | 10 | |||||
Finance lease obligations | 692 | 679 | |||||
MPLX LP: | |||||||
Bank revolving credit facility | 750 | — | |||||
Term loan facility | 1,000 | 1,000 | |||||
Senior notes | 19,100 | 19,100 | |||||
Finance lease obligations | 14 | 19 | |||||
Total debt | $ | 32,040 | $ | 29,282 | |||
Unamortized debt issuance costs | (129 | ) | (134 | ) | |||
Unamortized (discount) premium, net | (302 | ) | (310 | ) | |||
Amounts due within one year | (1,710 | ) | (711 | ) | |||
Total long-term debt due after one year | $ | 29,899 | $ | 28,127 |
(Dollars in millions) | Total Capacity | Outstanding Borrowings | Outstanding Letters of Credit | Available Capacity | Weighted Average Interest Rate | Expiration | ||||||||||||||||||||||||||||||||
MPC, excluding MPLX | ||||||||||||||||||||||||||||||||||||||
MPC 364-day bank revolving credit facility | $ | 1,000 | $ | 0 | $ | 0 | $ | 1,000 | 0 | September 2021 | ||||||||||||||||||||||||||||
MPC bank revolving credit facility(a) | 5,000 | 1,300 | 1 | 3,699 | 1.35 | % | October 2023 | |||||||||||||||||||||||||||||||
MPC trade receivables securitization facility(b) | 750 | 0 | 0 | 750 | 0 | July 2021 | ||||||||||||||||||||||||||||||||
MPLX | ||||||||||||||||||||||||||||||||||||||
MPLX bank revolving credit facility(c) | 3,500 | 835 | 0 | 2,665 | 1.35 | % | July 2024 |
(Dollars in millions) | Total Capacity | Outstanding Borrowings | Outstanding Letters of Credit | Available Capacity | Weighted Average Interest Rate | Expiration | |||||||||||||||
MPC 364-day bank revolving credit facility | $ | 1,000 | $ | — | $ | — | $ | 1,000 | — | September 2020 | |||||||||||
MPC bank revolving credit facility(a) | 5,000 | 2,000 | 1 | 2,999 | 1.89 | % | October 2023 | ||||||||||||||
MPC trade receivables securitization facility(b) | 750 | — | — | 750 | — | July 2021 | |||||||||||||||
MPLX bank revolving credit facility(c) | 3,500 | 750 | — | 2,750 | 1.94 | % | July 2024 |
(In millions) | Refining & Marketing | Retail | Midstream | Total | |||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||
Refined products | $ | 16,539 | $ | 5,289 | $ | 169 | $ | 21,997 | |||||||
Merchandise | 1 | 1,456 | — | 1,457 | |||||||||||
Crude oil | 875 | — | — | 875 | |||||||||||
Midstream services and other | 113 | 24 | 749 | 886 | |||||||||||
Sales and other operating revenues | $ | 17,528 | $ | 6,769 | $ | 918 | $ | 25,215 |
(In millions) | Refining & Marketing | Retail | Midstream | Total | |||||||||||
Three Months Ended March 31, 2019 | |||||||||||||||
Refined products | $ | 18,750 | $ | 5,947 | $ | 216 | $ | 24,913 | |||||||
Merchandise | 1 | 1,409 | — | 1,410 | |||||||||||
Crude oil | 1,071 | — | — | 1,071 | |||||||||||
Midstream services and other | 98 | 20 | 741 | 859 | |||||||||||
Sales and other operating revenues | $ | 19,920 | $ | 7,376 | $ | 957 | $ | 28,253 |
(In millions) | Refining & Marketing | Midstream | Total | ||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||
Refined products | $ | 19,809 | $ | 282 | $ | 20,091 | |||||||||||
Crude oil | 1,446 | 0 | 1,446 | ||||||||||||||
Midstream services and other | 406 | 768 | 1,174 | ||||||||||||||
Sales and other operating revenues | $ | 21,661 | $ | 1,050 | $ | 22,711 |
(In millions) | Refining & Marketing | Midstream | Total | ||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||
Refined products | $ | 20,269 | $ | 171 | $ | 20,440 | |||||||||||
Crude oil | 875 | 0 | 875 | ||||||||||||||
Midstream services and other | 140 | 749 | 889 | ||||||||||||||
Sales and other operating revenues | $ | 21,284 | $ | 920 | $ | 22,204 |
Three Months Ended March 31, | |||||||
(In millions) | 2020 | 2019 | |||||
Net cash provided by operating activities included: | |||||||
Interest paid (net of amounts capitalized) | $ | 303 | $ | 269 | |||
Net income taxes paid to taxing authorities | (9 | ) | 42 | ||||
Non-cash investing and financing activities: | |||||||
Contribution of assets(a) | — | 143 | |||||
Fair value of assets acquired(b) | — | 350 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Net cash provided by operating activities included: | |||||||||||
Interest paid (net of amounts capitalized) | $ | 336 | $ | 300 | |||||||
Net income taxes paid to (received from) taxing authorities | 1 | (9) |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
Cash and cash equivalents(a) | $ | 624 | $ | 415 | |||||||
Restricted cash(b) | 1 | 1 | |||||||||
Cash, cash equivalents and restricted cash | $ | 625 | $ | 416 |
(In millions) | March 31, 2020 | December 31, 2019 | |||||
Cash and cash equivalents | $ | 1,690 | $ | 1,527 | |||
Restricted cash(a) | 4 | 2 | |||||
Cash, cash equivalents and restricted cash | $ | 1,694 | $ | 1,529 |
Three Months Ended March 31, | |||||||
(In millions) | 2020 | 2019 | |||||
Additions to property, plant and equipment per the consolidated statements of cash flows | $ | 1,062 | $ | 1,241 | |||
Decrease in capital accruals | (166 | ) | (235 | ) | |||
Total capital expenditures | $ | 896 | $ | 1,006 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Additions to property, plant and equipment per the consolidated statements of cash flows | $ | 304 | $ | 951 | |||||||
Decrease in capital accruals | (48) | (120) | |||||||||
Total capital expenditures | $ | 256 | $ | 831 |
(In millions) | Pension Benefits | Other Benefits | Gain on Cash Flow Hedge | Workers Compensation | Total | ||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | (212) | $ | (116) | $ | 1 | $ | 7 | $ | (320) | |||||||||||||||||||
Other comprehensive loss before reclassifications, net of tax of $(1) | (2) | (2) | 0 | 0 | (4) | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||||||||||||
Amortization – prior service credit(a) | (11) | 0 | — | — | (11) | ||||||||||||||||||||||||
– actuarial loss(a) | 8 | 1 | — | — | 9 | ||||||||||||||||||||||||
– settlement loss(a) | 0 | 0 | — | — | 0 | ||||||||||||||||||||||||
Other | — | — | — | (1) | (1) | ||||||||||||||||||||||||
Tax effect | 1 | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||
Other comprehensive loss | (4) | (1) | 0 | (1) | (6) | ||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | (216) | $ | (117) | $ | 1 | $ | 6 | $ | (326) |
(In millions) | Pension Benefits | Other Benefits | Gain on Cash Flow Hedge | Workers Compensation | Total | ||||||||||||||
Balance as of December 31, 2018 | $ | (132 | ) | $ | (23 | ) | $ | 2 | $ | 9 | $ | (144 | ) | ||||||
Other comprehensive loss before reclassifications, net of tax of $0 | (1 | ) | — | — | — | (1 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||
Amortization – prior service credit(a) | (11 | ) | — | — | — | (11 | ) | ||||||||||||
– actuarial loss(a) | 4 | — | — | — | 4 | ||||||||||||||
– settlement loss(a) | — | — | — | — | — | ||||||||||||||
Other | — | — | — | (1 | ) | (1 | ) | ||||||||||||
Tax effect | 2 | — | — | — | 2 | ||||||||||||||
Other comprehensive loss | (6 | ) | — | — | (1 | ) | (7 | ) | |||||||||||
Balance as of March 31, 2019 | $ | (138 | ) | $ | (23 | ) | $ | 2 | $ | 8 | $ | (151 | ) |
(In millions) | Pension Benefits | Other Benefits | Gain on Cash Flow Hedge | Workers Compensation | Total | ||||||||||||||
Balance as of December 31, 2019 | $ | (212 | ) | $ | (116 | ) | $ | 1 | $ | 7 | $ | (320 | ) | ||||||
Other comprehensive loss before reclassifications, net of tax of ($1) | (2 | ) | (2 | ) | — | — | (4 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||
Amortization – prior service credit(a) | (11 | ) | — | — | — | (11 | ) | ||||||||||||
– actuarial loss(a) | 8 | 1 | — | — | 9 | ||||||||||||||
– settlement loss(a) | — | — | — | — | — | ||||||||||||||
Other | — | — | — | (1 | ) | (1 | ) | ||||||||||||
Tax effect | 1 | — | — | — | 1 | ||||||||||||||
Other comprehensive loss | (4 | ) | (1 | ) | — | (1 | ) | (6 | ) | ||||||||||
Balance as of March 31, 2020 | $ | (216 | ) | $ | (117 | ) | $ | 1 | $ | 6 | $ | (326 | ) |
(In millions) | Pension Benefits | Other Benefits | Gain on Cash Flow Hedge | Workers Compensation | Total | ||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | (338) | $ | (181) | $ | 1 | $ | 6 | $ | (512) | |||||||||||||||||||
Other comprehensive loss before reclassifications, net of tax of $0 | (2) | 0 | 0 | 0 | (2) | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||||||||||||
Amortization – prior service credit(a) | (11) | 1 | — | — | (10) | ||||||||||||||||||||||||
– actuarial loss(a) | 12 | 2 | — | — | 14 | ||||||||||||||||||||||||
– settlement loss(a) | 0 | 0 | — | — | 0 | ||||||||||||||||||||||||
Other | — | — | — | (1) | (1) | ||||||||||||||||||||||||
Tax effect | (1) | 0 | 0 | 1 | 0 | ||||||||||||||||||||||||
Other comprehensive income (loss) | (2) | 3 | 0 | 0 | 1 | ||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | (340) | $ | (178) | $ | 1 | $ | 6 | $ | (511) |
Three Months Ended March 31, | |||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service cost | $ | 69 | $ | 58 | $ | 9 | $ | 8 | |||||||
Interest cost | 25 | 28 | 8 | 9 | |||||||||||
Expected return on plan assets | (34 | ) | (32 | ) | — | — | |||||||||
Amortization – prior service credit | (11 | ) | (11 | ) | — | — | |||||||||
– actuarial loss | 8 | 4 | 1 | — | |||||||||||
– settlement loss | — | — | — | — | |||||||||||
Net periodic benefit cost | $ | 57 | $ | 47 | $ | 18 | $ | 17 |
Three Months Ended March 31, | |||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | 76 | $ | 63 | $ | 10 | $ | 9 | |||||||||||||||
Interest cost | 23 | 25 | 7 | 8 | |||||||||||||||||||
Expected return on plan assets | (33) | (34) | 0 | 0 | |||||||||||||||||||
Amortization – prior service credit | (11) | (11) | 1 | 0 | |||||||||||||||||||
– actuarial loss | 11 | 8 | 2 | 1 | |||||||||||||||||||
– settlement loss | 0 | 0 | 0 | 0 | |||||||||||||||||||
Net periodic benefit cost | $ | 66 | $ | 51 | $ | 20 | $ | 18 |
(Dollars in millions) | Total Capacity | Outstanding Borrowings | Outstanding Letters of Credit | Available Capacity | Expiration | |||||||||||||
MPC 364-day bank revolving credit facility | $ | 1,000 | $ | — | $ | — | $ | 1,000 | September 2020 | |||||||||
MPC 364-day bank revolving credit facility | 1,000 | — | — | 1,000 | April 2021 | |||||||||||||
MPC bank revolving credit facility(a) | 5,000 | 750 | 1 | 4,249 | October 2023 | |||||||||||||
MPC trade receivables securitization facility(b) | 517 | — | — | 517 | July 2021 | |||||||||||||
Available capacity, excluding MPLX, as of May 5, 2020 | 6,766 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | ||||||||||||||||||||||||
Income (loss) from continuing operations by segment | ||||||||||||||||||||||||||
Refining & Marketing | $ | (598) | $ | (497) | ||||||||||||||||||||||
Midstream | 972 | 905 | ||||||||||||||||||||||||
Corporate | (157) | (233) | ||||||||||||||||||||||||
Items not allocated to segments: | ||||||||||||||||||||||||||
Transaction-related costs(a) | — | (8) | ||||||||||||||||||||||||
Impairments(b) | — | (9,137) | ||||||||||||||||||||||||
LCM inventory valuation adjustment | — | (3,185) | ||||||||||||||||||||||||
Income (loss) from continuing operations | 217 | (12,155) | ||||||||||||||||||||||||
Net interest and other financial costs | 353 | 332 | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (136) | (12,487) | ||||||||||||||||||||||||
Provision (benefit) for income taxes on continuing operations | 34 | (1,951) | ||||||||||||||||||||||||
Income (loss) from continuing operations, net of tax | (170) | (10,536) |
Three Months Ended March 31, | ||||||||
(In millions, except per share data) | 2020 | 2019 | ||||||
Income (loss) from operations by segment | ||||||||
Refining & Marketing | $ | (622 | ) | $ | (334 | ) | ||
Retail | 519 | 170 | ||||||
Midstream | 905 | 908 | ||||||
Items not allocated to segments | (12,619 | ) | (75 | ) | ||||
Income from operations | $ | (11,817 | ) | $ | 669 | |||
Net loss attributable to MPC | $ | (9,234 | ) | $ | (7 | ) | ||
Net income attributable to MPC per diluted share | $ | (14.25 | ) | $ | (0.01 | ) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | ||||||||||||||||||||||||
Income from discontinued operations | ||||||||||||||||||||||||||
Speedway | $ | 330 | $ | 400 | ||||||||||||||||||||||
Transaction-related costs(a) | (23) | (27) | ||||||||||||||||||||||||
LCM inventory valuation adjustment | — | (35) | ||||||||||||||||||||||||
Income from discontinued operations | 307 | 338 | ||||||||||||||||||||||||
Net interest and other financial costs | 4 | 6 | ||||||||||||||||||||||||
Income from discontinued operations before income taxes | 303 | 332 | ||||||||||||||||||||||||
Provision for income taxes on discontinued operations | 69 | 14 | ||||||||||||||||||||||||
Income from discontinued operations, net of tax | $ | 234 | $ | 318 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Net income (loss) per diluted share | ||||||||||||||||||||||||||
Continuing operations | $ | (0.73) | $ | (14.74) | ||||||||||||||||||||||
Discontinued operations | 0.36 | 0.49 | ||||||||||||||||||||||||
Net income (loss) attributable to MPC | $ | (0.37) | $ | (14.25) |
March 31, 2021 | ||||||||||||||||||||
(In millions) | Total Capacity | Outstanding Borrowings | Available Capacity | |||||||||||||||||
Bank revolving credit facility(a) | $ | 5,000 | $ | 1,301 | $ | 3,699 | ||||||||||||||
364-day bank revolving credit facility | 1,000 | — | 1,000 | |||||||||||||||||
Trade receivables facility(b) | 750 | — | 750 | |||||||||||||||||
Commercial paper borrowings(c) | — | — | (1,717) | |||||||||||||||||
Total | $ | 6,750 | $ | 1,301 | $ | 3,732 | ||||||||||||||
Cash and cash equivalents(d) | 734 | |||||||||||||||||||
Total liquidity | $ | 4,466 |
(In millions, after-tax) | ||||
Blended crack spread sensitivity(a) (per $1.00/barrel change) | $ | 910 | ||
Sour differential sensitivity(b) (per $1.00/barrel change) | 420 | |||
Sweet differential sensitivity(c) (per $1.00/barrel change) | 420 | |||
Natural gas price sensitivity(d) (per $1.00/MMBtu) | 325 |
(In millions, after-tax) | ||||||||
Blended crack spread sensitivity(a) (per $1.00/barrel change) | $ | 838 | ||||||
396 | |||||||
381 | |||||||
275 | |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||||||||
Revenues and other income: | ||||||||||||||||||||||||||||||||||||||
Sales and other operating revenues(a) | $ | 22,711 | $ | 22,204 | $ | 507 | ||||||||||||||||||||||||||||||||
Income (loss) from equity method investments | 91 | (1,233) | 1,324 | |||||||||||||||||||||||||||||||||||
Net gain on disposal of assets | 3 | 3 | — | |||||||||||||||||||||||||||||||||||
Other income | 77 | 23 | 54 | |||||||||||||||||||||||||||||||||||
Total revenues and other income | 22,882 | 20,997 | 1,885 | |||||||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||
Cost of revenues (excludes items below) | 21,084 | 20,342 | 742 | |||||||||||||||||||||||||||||||||||
LCM inventory valuation adjustment | — | 3,185 | (3,185) | |||||||||||||||||||||||||||||||||||
Impairment expense | — | 7,822 | (7,822) | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 844 | 863 | (19) | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 575 | 742 | (167) | |||||||||||||||||||||||||||||||||||
Other taxes | 162 | 198 | (36) | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 22,665 | 33,152 | (10,487) | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | 217 | (12,155) | 12,372 | |||||||||||||||||||||||||||||||||||
Net interest and other financial costs | 353 | 332 | 21 | |||||||||||||||||||||||||||||||||||
Loss from continuing operations before income taxes | (136) | (12,487) | 12,351 | |||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes on continuing operations | 34 | (1,951) | 1,985 | |||||||||||||||||||||||||||||||||||
Loss from continuing operations, net of tax | (170) | (10,536) | 10,366 | |||||||||||||||||||||||||||||||||||
Income from discontinued operations, net of tax | 234 | 318 | (84) | |||||||||||||||||||||||||||||||||||
Net income (loss) | 64 | (10,218) | 10,282 | |||||||||||||||||||||||||||||||||||
Less net income (loss) attributable to: | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest | 20 | 20 | — | |||||||||||||||||||||||||||||||||||
Noncontrolling interests | 286 | (1,004) | 1,290 | |||||||||||||||||||||||||||||||||||
Net loss attributable to MPC | $ | (242) | $ | (9,234) | $ | 8,992 |
Three Months Ended March 31, | ||||||||||||
(In millions) | 2020 | 2019 | Variance | |||||||||
Revenues and other income: | ||||||||||||
Sales and other operating revenues | $ | 25,215 | $ | 28,253 | $ | (3,038 | ) | |||||
Income (loss) from equity method investments(a) | (1,210 | ) | 99 | (1,309 | ) | |||||||
Net gain on disposal of assets | 4 | 214 | (210 | ) | ||||||||
Other income | 71 | 35 | 36 | |||||||||
Total revenues and other income | 24,080 | 28,601 | (4,521 | ) | ||||||||
Costs and expenses: | ||||||||||||
Cost of revenues (excludes items below) | 22,821 | 25,960 | (3,139 | ) | ||||||||
Inventory market valuation adjustment | 3,220 | — | 3,220 | |||||||||
Impairment expense | 7,822 | — | 7,822 | |||||||||
Depreciation and amortization | 962 | 919 | 43 | |||||||||
Selling, general and administrative expenses | 821 | 867 | (46 | ) | ||||||||
Other taxes | 251 | 186 | 65 | |||||||||
Total costs and expenses | 35,897 | 27,932 | 7,965 | |||||||||
Income (loss) from operations | (11,817 | ) | 669 | (12,486 | ) | |||||||
Net interest and other financial costs | 338 | 306 | 32 | |||||||||
Income (loss) before income taxes | (12,155 | ) | 363 | (12,518 | ) | |||||||
Provision (benefit) for income taxes | (1,937 | ) | 104 | (2,041 | ) | |||||||
Net income (loss) | (10,218 | ) | 259 | (10,477 | ) | |||||||
Less net income (loss) attributable to: | ||||||||||||
Redeemable noncontrolling interest | 20 | 20 | — | |||||||||
Noncontrolling interests | (1,004 | ) | 246 | (1,250 | ) | |||||||
Net loss attributable to MPC | $ | (9,234 | ) | $ | (7 | ) | $ | (9,227 | ) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Key Financial and Operating Data | 2021 | 2020 | ||||||||||||||||||||||||
Speedway fuel sales (millions of gallons) | 1,436 | 1,636 | ||||||||||||||||||||||||
Speedway fuel margin (dollars per gallon)(a)(b) | $ | 0.2567 | $ | 0.3540 | ||||||||||||||||||||||
Merchandise sales (in millions) | $ | 1,512 | $ | 1,461 | ||||||||||||||||||||||
Merchandise margin (in millions)(b)(c) | $ | 442 | $ | 414 | ||||||||||||||||||||||
Merchandise margin percent | 29.3 | % | 28.3 | % | ||||||||||||||||||||||
Same store gasoline sales volume (period over period)(d) | (12.3) | % | (8.3) | % | ||||||||||||||||||||||
Same store merchandise sales (period over period)(d)(e) | 7.0 | % | 0.7 | % | ||||||||||||||||||||||
Convenience stores at period-end | 3,833 | 3,881 |
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Refining & Marketing Operating Statistics | ||||||||
Net refinery throughput (mbpd) | 2,994 | 3,084 | ||||||
Refining & Marketing margin per barrel(a)(b) | $ | 11.30 | $ | 11.17 | ||||
Less: | ||||||||
Refining operating costs per barrel(c) | 6.00 | 5.58 | ||||||
Distribution costs per barrel(d) | 4.73 | 4.65 | ||||||
Refining planned turnaround costs per barrel | 1.21 | 0.68 | ||||||
Depreciation and amortization per barrel | 1.64 | 1.54 | ||||||
Plus: | ||||||||
Other per barrel(e) | — | 0.07 | ||||||
Refining & Marketing segment loss per barrel | $ | (2.28 | ) | $ | (1.21 | ) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||
Net refinery throughput (mbpd) | 2,565 | 2,994 | ||||||||||||||||||||||||
Refining & Marketing margin per barrel(a)(b) | 10.16 | 11.86 | ||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Refining operating costs per barrel, excluding winter storm effect(c) | 5.16 | 6.00 | ||||||||||||||||||||||||
Winter storm effect on refining operating cost(d) | 0.13 | — | ||||||||||||||||||||||||
Distribution costs per barrel | 5.18 | 4.74 | ||||||||||||||||||||||||
Refining planned turnaround costs per barrel | 0.48 | 1.21 | ||||||||||||||||||||||||
Depreciation and amortization per barrel | 2.07 | 1.74 | ||||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||
Other per barrel(e) | 0.27 | 0.01 | ||||||||||||||||||||||||
Refining & Marketing segment income (loss) per barrel | $ | (2.59) | $ | (1.82) | ||||||||||||||||||||||
Fees paid to MPLX included in distribution costs above | $ | 3.66 | $ | 3.15 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Benchmark Spot Prices (dollars per gallon) | 2021 | 2020 | ||||||||||||||||||||||||
Chicago CBOB unleaded regular gasoline | $ | 1.65 | $ | 1.21 | ||||||||||||||||||||||
Chicago ULSD | 1.74 | 1.43 | ||||||||||||||||||||||||
USGC CBOB unleaded regular gasoline | 1.70 | 1.25 | ||||||||||||||||||||||||
USGC ULSD | 1.70 | 1.47 | ||||||||||||||||||||||||
LA CARBOB | 1.85 | 1.54 | ||||||||||||||||||||||||
LA CARB diesel | 1.78 | 1.63 | ||||||||||||||||||||||||
Market Indicators (dollars per barrel) | ||||||||||||||||||||||||||
WTI | $ | 58.14 | $ | 45.78 | ||||||||||||||||||||||
MEH | 59.51 | — | ||||||||||||||||||||||||
LLS | — | 47.65 | ||||||||||||||||||||||||
ANS | 61.07 | 51.03 | ||||||||||||||||||||||||
Crack Spreads: | ||||||||||||||||||||||||||
Mid-Continent WTI 3-2-1 | $ | 7.83 | $ | 7.39 | ||||||||||||||||||||||
USGC MEH 3-2-1 | 6.66 | — | ||||||||||||||||||||||||
USGC LLS 3-2-1 | — | 6.48 | ||||||||||||||||||||||||
West Coast ANS 3-2-1 | 10.63 | 12.68 | ||||||||||||||||||||||||
Blended 3-2-1(a) | 7.92 | 8.31 | ||||||||||||||||||||||||
Crude Oil Differentials: | ||||||||||||||||||||||||||
Sweet | $ | (1.02) | $ | (0.70) | ||||||||||||||||||||||
Sour | (3.12) | (4.90) |
Three Months Ended March 31, | ||||||||
Benchmark Spot Prices (dollars per gallon) | 2020 | 2019 | ||||||
Chicago CBOB unleaded regular gasoline | $ | 1.21 | $ | 1.51 | ||||
Chicago ULSD | 1.43 | 1.84 | ||||||
USGC CBOB unleaded regular gasoline | 1.25 | 1.52 | ||||||
USGC ULSD | 1.47 | 1.88 | ||||||
LA CARBOB | 1.54 | 1.82 | ||||||
LA CARB diesel | 1.63 | 1.92 | ||||||
Market Indicators (dollars per barrel) | ||||||||
LLS | $ | 47.65 | $ | 62.34 | ||||
WTI | 45.78 | 54.90 | ||||||
ANS | 51.03 | 64.48 | ||||||
Crack Spreads: | ||||||||
Mid-Continent WTI 3-2-1 | $ | 7.39 | $ | 11.70 | ||||
USGC LLS 3-2-1 | 6.48 | 5.23 | ||||||
West Coast ANS 3-2-1 | 12.68 | 11.91 | ||||||
Blended 3-2-1(a) | 8.31 | 9.29 | ||||||
Crude Oil Differentials: | ||||||||
Sweet | $ | (0.70 | ) | $ | (3.30 | ) | ||
Sour | (4.90 | ) | (3.13 | ) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Refining & Marketing Operating Statistics | |||||||||||||||||||||||
Crude oil capacity utilization percent(a) | 83 | 91 | |||||||||||||||||||||
Refinery throughputs (mbpd): | |||||||||||||||||||||||
Crude oil refined | 2,381 | 2,784 | |||||||||||||||||||||
Other charge and blendstocks | 184 | 210 | |||||||||||||||||||||
Net refinery throughput | 2,565 | 2,994 | |||||||||||||||||||||
Sour crude oil throughput percent | 48 | 49 | |||||||||||||||||||||
Sweet crude oil throughput percent | 52 | 51 | |||||||||||||||||||||
Refined product yields (mbpd): | |||||||||||||||||||||||
Gasoline | 1,324 | 1,488 | |||||||||||||||||||||
Distillates | 881 | 1,020 | |||||||||||||||||||||
Propane | 45 | 58 | |||||||||||||||||||||
Feedstocks and petrochemicals | 222 | 352 | |||||||||||||||||||||
Heavy fuel oil | 36 | 37 | |||||||||||||||||||||
Asphalt | 97 | 80 | |||||||||||||||||||||
Total | 2,605 | 3,035 | |||||||||||||||||||||
Refined product export sales volumes (mbpd)(b) | 243 | 383 |
Three Months Ended March 31, | |||||
2020 | 2019 | ||||
Refining & Marketing Operating Statistics | |||||
Refined product export sales volumes (mbpd)(a) | 383 | 430 | |||
Crude oil capacity utilization percent(b) | 91 | 95 | |||
Refinery throughputs (mbpd):(c) | |||||
Crude oil refined | 2,784 | 2,869 | |||
Other charge and blendstocks | 210 | 215 | |||
Net refinery throughput | 2,994 | 3,084 | |||
Sour crude oil throughput percent | 49 | 52 | |||
Sweet crude oil throughput percent | 51 | 48 | |||
Refined product yields (mbpd):(c) | |||||
Gasoline | 1,488 | 1,533 | |||
Distillates | 1,020 | 1,091 | |||
Propane | 58 | 53 | |||
Feedstocks and petrochemicals | 352 | 330 | |||
Heavy fuel oil | 37 | 45 | |||
Asphalt | 80 | 80 | |||
Total | 3,035 | 3,132 |
Three Months Ended March 31, | ||||||||
Key Financial and Operating Data | 2020 | 2019 | ||||||
Average fuel sales prices (dollars per gallon) | $ | 2.41 | $ | 2.58 | ||||
Merchandise sales (in millions) | $ | 1,461 | $ | 1,413 | ||||
Merchandise margin (in millions)(a)(b) | $ | 414 | $ | 407 | ||||
Same store gasoline sales volume (period over period)(c) | (8.3 | )% | (3.2 | )% | ||||
Same store merchandise sales (period over period)(c)(d) | 0.7 | % | 5.4 | % | ||||
Convenience stores at period-end | 3,881 | 3,918 | ||||||
Direct dealer locations at period-end | 1,070 | 1,062 |
Three Months Ended March 31, | ||||||||
Benchmark Prices | 2020 | 2019 | ||||||
Natural Gas NYMEX HH ($ per MMBtu) | $ | 1.87 | $ | 2.87 | ||||
C2 + NGL Pricing ($ per gallon)(a) | $ | 0.40 | $ | 0.62 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Benchmark Prices | 2021 | 2020 | ||||||||||||||||||||||||
Natural Gas NYMEX HH ($ per MMBtu) | $ | 2.72 | $ | 1.87 | ||||||||||||||||||||||
C2 + NGL Pricing ($ per gallon)(a) | $ | 0.73 | $ | 0.40 |
Key Financial Information (in millions) | Three Months Ended March 31, | |||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Corporate(a) | $ | (157) | $ | (233) |
Key Financial Information (in millions) | Three Months Ended March 31, | |||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Items not allocated to segments: | ||||||||||||||||||||||||||
Transaction-related costs(a) | — | (8) | ||||||||||||||||||||||||
Impairments | — | (9,137) | ||||||||||||||||||||||||
LCM inventory valuation adjustment | — | (3,185) |
Key Financial Information (in millions) | Three Months Ended March 31, | |||||||
2020 | 2019 | |||||||
Items not allocated to segments: | ||||||||
Corporate and other unallocated items(a) | $ | (227 | ) | $ | (191 | ) | ||
Capline restructuring gain | — | 207 | ||||||
Transaction-related costs | (35 | ) | (91 | ) | ||||
Impairments | (9,137 | ) | — | |||||
Inventory market valuation adjustment | (3,220 | ) | — |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||||||||
Refining & Marketing income from operations(a) | $ | (598) | $ | (497) | |||||||||||||||||||||||||
Plus (Less): | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 456 | 556 | |||||||||||||||||||||||||||
LCM inventory valuation adjustment | — | (3,185) | |||||||||||||||||||||||||||
(Income) loss from equity method investments | (5) | 3 | |||||||||||||||||||||||||||
Net gain on disposal of assets | (3) | — | |||||||||||||||||||||||||||
Other income | (54) | (4) | |||||||||||||||||||||||||||
Refining & Marketing gross margin | (204) | (3,127) | |||||||||||||||||||||||||||
Plus (Less): | |||||||||||||||||||||||||||||
Operating expenses (excluding depreciation and amortization) | 2,275 | 2,833 | |||||||||||||||||||||||||||
LCM inventory valuation adjustment | — | 3,185 | |||||||||||||||||||||||||||
Depreciation and amortization | 478 | 473 | |||||||||||||||||||||||||||
Gross margin excluded from Refining & Marketing margin(b) | (179) | (109) | |||||||||||||||||||||||||||
Other taxes included in Refining & Marketing margin | (24) | (24) | |||||||||||||||||||||||||||
Refining & Marketing margin(a) | 2,346 | 3,231 | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||
Reconciliation of Refining & Marketing income from operations to Refining & Marketing margin (in millions) | 2020 | 2019 | |||||||
Refining & Marketing income from operations | $ | (622 | ) | $ | (334 | ) | |||
Plus (Less): | |||||||||
Refining operating costs(a) | 1,636 | 1,552 | |||||||
Refining depreciation and amortization | 401 | 387 | |||||||
Refining planned turnaround costs | 329 | 186 | |||||||
Distribution costs(b) | 1,290 | 1,290 | |||||||
Distribution depreciation and amortization | 46 | 40 | |||||||
(Income) loss from equity method investments | 3 | (1 | ) | ||||||
Net gain on disposal of assets | — | (6 | ) | ||||||
Other income | (4 | ) | (14 | ) | |||||
Refining & Marketing margin | $ | 3,079 | $ | 3,100 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
Reconciliation of Retail income from operations to Retail total margin (in millions) | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Retail income from operations | $ | 519 | $ | 170 | ||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Income from discontinued operations(a) | Income from discontinued operations(a) | $ | 307 | $ | 338 | |||||||||||||||||||||||||||||||||
Plus (Less): | Plus (Less): | Plus (Less): | ||||||||||||||||||||||||||||||||||||
Operating, selling, general and administrative expenses | Operating, selling, general and administrative expenses | 598 | 583 | Operating, selling, general and administrative expenses | 570 | 606 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 125 | 126 | ||||||||||||||||||||||||||||||||||||
Income from equity method investments | Income from equity method investments | (22 | ) | (17 | ) | Income from equity method investments | (19) | (22) | ||||||||||||||||||||||||||||||
Net gain on disposal of assets | Net gain on disposal of assets | (1 | ) | (2 | ) | Net gain on disposal of assets | — | (1) | ||||||||||||||||||||||||||||||
Other income | Other income | (49 | ) | (2 | ) | Other income | (38) | (49) | ||||||||||||||||||||||||||||||
Retail total margin | $ | 1,170 | $ | 858 | ||||||||||||||||||||||||||||||||||
Speedway gross margin | Speedway gross margin | 820 | 872 | |||||||||||||||||||||||||||||||||||
Plus: | Plus: | |||||||||||||||||||||||||||||||||||||
LCM inventory valuation adjustment | LCM inventory valuation adjustment | — | 35 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 2 | 99 | |||||||||||||||||||||||||||||||||||
Speedway margin(a) | Speedway margin(a) | $ | 822 | $ | 1,006 | |||||||||||||||||||||||||||||||||
Retail total margin: | ||||||||||||||||||||||||||||||||||||||
Speedway margin: | Speedway margin: | |||||||||||||||||||||||||||||||||||||
Fuel margin | Fuel margin | $ | 731 | $ | 429 | Fuel margin | $ | 369 | $ | 579 | ||||||||||||||||||||||||||||
Merchandise margin | Merchandise margin | 414 | 407 | Merchandise margin | 442 | 414 | ||||||||||||||||||||||||||||||||
Other margin | Other margin | 25 | 22 | Other margin | 11 | 13 | ||||||||||||||||||||||||||||||||
Retail total margin | $ | 1,170 | $ | 858 | ||||||||||||||||||||||||||||||||||
Speedway margin | Speedway margin | $ | 822 | $ | 1,006 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||
(In millions) | 2020 | 2019 | (In millions) | 2021 | 2020 | |||||||||||||||||
Net cash provided by (used in): | Net cash provided by (used in): | Net cash provided by (used in): | ||||||||||||||||||||
Operating activities | Operating activities | $ | (768 | ) | $ | 1,623 | Operating activities | $ | 454 | $ | (768) | |||||||||||
Investing activities | Investing activities | (1,088 | ) | (1,520 | ) | Investing activities | (267) | (1,088) | ||||||||||||||
Financing activities | Financing activities | 2,021 | (920 | ) | Financing activities | 16 | 2,021 | |||||||||||||||
Total increase (decrease) in cash | Total increase (decrease) in cash | $ | 165 | $ | (817 | ) | Total increase (decrease) in cash | $ | 203 | $ | 165 |
Three Months Ended March 31, | ||||||||
(In millions) | 2020 | 2019 | ||||||
Additions to property, plant and equipment per the consolidated statements of cash flows | $ | 1,062 | $ | 1,241 | ||||
Decrease in capital accruals | (166 | ) | (235 | ) | ||||
Total capital expenditures | 896 | 1,006 | ||||||
Investments in equity method investees (excludes acquisitions) | 169 | 325 | ||||||
Total capital expenditures and investments | $ | 1,065 | $ | 1,331 |
Three Months Ended March 31, | ||||||||||||||
(In millions) | 2021 | 2020 | ||||||||||||
Additions to property, plant and equipment per the consolidated statements of cash flows | $ | 304 | $ | 951 | ||||||||||
Decrease in capital accruals | (48) | (120) | ||||||||||||
Total capital expenditures | 256 | 831 | ||||||||||||
Investments in equity method investees (excludes acquisitions) | 51 | 169 | ||||||||||||
Total capital expenditures and investments | $ | 307 | $ | 1,000 |
March 31, 2021 | ||||||||||||||||||||
(In millions) | Total Capacity | Outstanding Borrowings | Available Capacity | |||||||||||||||||
Bank revolving credit facility(a) | $ | 5,000 | $ | 1,301 | $ | 3,699 | ||||||||||||||
364-day bank revolving credit facility | 1,000 | — | 1,000 | |||||||||||||||||
Trade receivables facility(b) | 750 | — | 750 | |||||||||||||||||
Commercial paper borrowings(c) | — | $ | — | (1,717) | ||||||||||||||||
Total | $ | 6,750 | $ | 1,301 | $ | 3,732 | ||||||||||||||
Cash and cash equivalents(d) | 734 | |||||||||||||||||||
Total liquidity | $ | 4,466 |
March 31, 2020 | ||||||||||||
(In millions) | Total Capacity | Outstanding Borrowings | Available Capacity | |||||||||
Bank revolving credit facility(a)(b) | $ | 5,000 | $ | 2,001 | $ | 2,999 | ||||||
364-day bank revolving credit facility | 1,000 | — | $ | 1,000 | ||||||||
Trade receivables facility(c) | 750 | — | 750 | |||||||||
Total | $ | 6,750 | $ | 2,001 | $ | 4,749 | ||||||
Cash and cash equivalents(d) | 1,633 | |||||||||||
Total liquidity | $ | 6,382 |
(b)Availability under our $750 million trade receivables facility is a function of eligible trade receivables, which will be lower in a sustained lower price environment for refined products. (c)We do not intend to have outstanding commercial paper borrowings in excess of available capacity under bank revolving credit facilities. (d)Includes cash and cash equivalents classified as assets held for sale of $134 million (see Note 3 to the unaudited consolidated financial statements) and excludes cash and cash equivalents of MPLX of $24 million. |
(Dollars in millions) | Total Capacity | Outstanding Borrowings | Outstanding Letters of Credit | Available Capacity | Expiration | |||||||||||||
MPC 364-day bank revolving credit facility | $ | 1,000 | $ | — | $ | — | $ | 1,000 | September 2020 | |||||||||
MPC 364-day bank revolving credit facility | 1,000 | — | — | 1,000 | April 2021 | |||||||||||||
MPC bank revolving credit facility(a) | 5,000 | 750 | 1 | 4,249 | October 2023 | |||||||||||||
MPC trade receivables securitization facility(b) | 517 | — | — | 517 | July 2021 | |||||||||||||
Available capacity, excluding MPLX, as of May 5, 2020 | 6,766 |
Company | Rating Agency | Rating | ||||||
MPC | Moody’s | Baa2 (negative outlook) | ||||||
Standard & Poor’s | BBB (negative outlook) | |||||||
Fitch | BBB |
March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||
(In millions) | Total Capacity | Outstanding Borrowings | Available Capacity | (In millions) | Total Capacity | Outstanding Borrowings | Available Capacity | |||||||||||||||||||||||||
MPLX LP - bank revolving credit facility | MPLX LP - bank revolving credit facility | $ | 3,500 | $ | 750 | $ | 2,750 | MPLX LP - bank revolving credit facility | $ | 3,500 | $ | 835 | $ | 2,665 | ||||||||||||||||||
MPC Intercompany Loan Agreement | MPC Intercompany Loan Agreement | 1,500 | — | 1,500 | MPC Intercompany Loan Agreement | 1,500 | — | 1,500 | ||||||||||||||||||||||||
Total | Total | $ | 5,000 | $ | 750 | $ | 4,250 | Total | $ | 5,000 | $ | 835 | $ | 4,165 | ||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 57 | Cash and cash equivalents | 24 | ||||||||||||||||||||||||||||
Total liquidity | Total liquidity | $ | 4,307 | Total liquidity | $ | 4,189 |
Company | Rating Agency | Rating | ||||||
MPLX | Moody’s | Baa2 (negative outlook) | ||||||
Standard & Poor’s | BBB (negative outlook) | |||||||
Fitch | BBB |
Capital Investment Plan | ||||||||||||
(In millions) | Revised 2020 Outlook | Original 2020 Guidance | Reduction | |||||||||
MPC, excluding MPLX | ||||||||||||
Refining & Marketing | $ | 1,300 | $ | 1,550 | $ | (250 | ) | |||||
Retail | 300 | 550 | (250 | ) | ||||||||
Midstream - Other | 230 | 300 | (70 | ) | ||||||||
Corporate and Other | 120 | 200 | (80 | ) | ||||||||
Total MPC, excluding MPLX | $ | 1,950 | $ | 2,600 | $ | (650 | ) | |||||
Midstream - MPLX | $ | 1,050 | $ | 1,750 | $ | (700 | ) |
Three Months Ended March 31, | ||||||||||||||
(In millions) | 2021 | 2020 | ||||||||||||
Capital expenditures and investments:(a) | ||||||||||||||
MPC continuing operations, excluding MPLX | ||||||||||||||
Refining & Marketing | $ | 134 | $ | 470 | ||||||||||
Midstream - Other | 16 | 76 | ||||||||||||
Corporate and Other(b) | 21 | 27 | ||||||||||||
Total MPC continuing operations, excluding MPLX | $ | 171 | $ | 573 | ||||||||||
MPC discontinued operations - Speedway | $ | 103 | $ | 65 | ||||||||||
Midstream - MPLX | $ | 122 | $ | 398 |
Three Months Ended March 31, | ||||||||
(In millions) | 2020 | 2019 | ||||||
MPC, excluding MPLX | ||||||||
Refining & Marketing | $ | 459 | $ | 394 | ||||
Retail | 76 | 73 | ||||||
Midstream - Other | 76 | 194 | ||||||
Corporate and Other(a) | 56 | 41 | ||||||
Total MPC, excluding MPLX | $ | 667 | $ | 702 | ||||
Midstream - MPLX | $ | 398 | $ | 629 |
(b) Excludes capitalized interest of $14 million and $29 million for the three months ended March 31, 2021 and 2020, respectively. |
Three Months Ended March 31, | |||||||
(In millions, except per share data) | 2020 | 2019 | |||||
Number of shares repurchased | — | 14 | |||||
Cash paid for shares repurchased | $ | — | $ | 885 | |||
Average cost per share | $ | — | $ | 62.98 |
Three Months Ended March 31, | ||||||||
(In millions) | 2020 | 2019 | ||||||
Realized gain on settled derivative positions | $ | 2 | $ | 39 | ||||
Unrealized gain (loss) on open net derivative positions | 213 | (139 | ) | |||||
Net gain (loss) | $ | 215 | $ | (100 | ) |
Three Months Ended March 31, | ||||||||||||||
(In millions) | 2021 | 2020 | ||||||||||||
Realized gain (loss) on settled derivative positions | $ | (76) | $ | 2 | ||||||||||
Unrealized gain on open net derivative positions | 1 | 213 | ||||||||||||
Net gain (loss) | $ | (75) | $ | 215 |
Change in IFO from a Hypothetical Price Increase of | Change in IFO from a Hypothetical Price Decrease of | |||||||||||||||
(In millions) | 10% | 25% | 10% | 25% | ||||||||||||
As of March 31, 2020 | ||||||||||||||||
Crude | $ | (56 | ) | $ | (140 | ) | $ | 58 | $ | 144 | ||||||
Refined products | 12 | 29 | (12 | ) | (29 | ) | ||||||||||
Blending products | (2 | ) | (5 | ) | 2 | 5 | ||||||||||
Embedded derivatives | (5 | ) | (11 | ) | 5 | 11 |
Change in IFO from a Hypothetical Price Increase of | Change in IFO from a Hypothetical Price Decrease of | |||||||||||||||||||||||||
(In millions) | 10% | 25% | 10% | 25% | ||||||||||||||||||||||
As of March 31, 2021 | ||||||||||||||||||||||||||
Crude | $ | (38) | $ | (96) | $ | 38 | $ | 96 | ||||||||||||||||||
Refined products | 1 | 4 | (1) | (4) | ||||||||||||||||||||||
Blending products | 10 | 25 | (10) | (25) | ||||||||||||||||||||||
Soybean oil | (13) | (32) | 13 | 32 | ||||||||||||||||||||||
Embedded derivatives | (7) | (17) | 7 | 17 |
(In millions) | Fair Value as of March 31, 2021(a) | Change in Fair Value(b) | Change in Net Income for the Three Months Ended March 31, 2021(c) | |||||||||||||||||
Long-term debt | ||||||||||||||||||||
Fixed-rate | $ | 30,195 | $ | 2,648 | n/a | |||||||||||||||
Variable-rate | 4,852 | n/a | 8 |
(In millions) | Fair Value as of March 31, 2020(a) | Change in Fair Value(b) | Change in Net Income for the Three Months Ended March 31, 2020(c) | ||||||||
Long-term debt | |||||||||||
Fixed-rate | $ | 22,289 | $ | 1,772 | n/a | ||||||
Variable-rate | 3,751 | n/a | 8 |
(b) |
Assumes a 100-basis-point decrease in the weighted average yield-to-maturity at |
Period | Total Number of Shares Purchased(a) | Average Price Paid per Share(b) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(c) | ||||||||||||||||||||||
01/01/2021-01/31/2021 | 61 | $ | 41.26 | — | $ | 2,954,604,016 | ||||||||||||||||||||
02/01/2021-02/28/2021 | 440 | 43.19 | — | $ | 2,954,604,016 | |||||||||||||||||||||
03/01/2021-03/31/2021 | — | — | — | $ | 2,954,604,016 | |||||||||||||||||||||
Total | 501 | 42.96 | — |
Period | Total Number of Shares Purchased(a) | Average Price Paid per Share(b) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(c) | ||||||||||
01/01/2020-01/31/2020 | — | $ | — | — | $ | 2,954,604,016 | ||||||||
02/01/2020-02/29/2020 | 1,572 | 53.37 | — | 2,954,604,016 | ||||||||||
03/01/2020-03/31/2020 | 22,722 | 46.95 | — | 2,954,604,016 | ||||||||||
Total | 24,294 | 47.37 | — |
Incorporated by Reference | Filed Herewith | Furnished Herewith | ||||||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | SEC File No. | |||||||||||||||||||||||||||||||||||||||
2.1† | 8-K | 2.1 | 4/30/2018 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
2.2 | S-4/A | 2.2 | 7/5/2018 | 333-225244 | ||||||||||||||||||||||||||||||||||||||||
2.3 | 8-K | 2.1 | 9/18/2018 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
2.4† | 8-K | 2.1 | 5/8/2019 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
2.5† | 8-K | 2.1 | 8/3/2020 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
2.6 | 10-K | 2.7 | 2/26/2021 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
10.1 | 10-K | 10.73 | 2/26/2021 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
10.2 | 10-K | 10.74 | 2/26/2021 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
3.1 | 8-K | 3.2 | 10/1/2018 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
3.2 | 10-K | 3.2 | 2/28/2019 | 001-35054 | ||||||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded with the Inline XBRL document. | |||||||||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Incorporated by Reference | Filed Herewith | Furnished Herewith | ||||||||||||
Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | SEC File No. | |||||||||
2.1* | 8-K | 2.1 | 4/30/2018 | 001-35054 | ||||||||||
2.2 | S-4/A | 2.2 | 7/5/2018 | 333-225244 | ||||||||||
2.3 | 8-K | 2.1 | 9/18/2018 | 001-35054 | ||||||||||
2.4 * | 8-K | 2.1 | 5/8/2019 | 001-35054 | ||||||||||
3.1 | 8-K | 3.2 | 10/1/2018 | 001-35054 | ||||||||||
3.2 | 10-K | 3.2 | 2/28/2019 | 001-35054 | ||||||||||
4.1 | 8-K | 4.1 | 4/27/2020 | 001-35054 | ||||||||||
10.1 | 8-K | 10.1 | 4/27/2020 | 001-35054 | ||||||||||
10.2 | X | |||||||||||||
10.3 | X | |||||||||||||
10.4 | X | |||||||||||||
10.5 | X | |||||||||||||
10.6 | X | |||||||||||||
31.1 | X | |||||||||||||
31.2 | X | |||||||||||||
32.1 | X | |||||||||||||
32.2 | X | |||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded with the Inline XBRL document. | |||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | X | ||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
May 6, 2021 | MARATHON PETROLEUM CORPORATION | |||||||
By: | ||||||||
/s/ John J. Quaid | ||||||||
John J. Quaid Senior Vice President and Controller |