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Marathon Petroleum Corp (MPC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Marathon Petroleum Corp

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CIK: 1510295 Ticker: MPC
Exhibit 99.1
mpcnewsreleaseletterheada05.jpg
Marathon Petroleum Corp. Reports First-Quarter 2022 Results
•Net income attributable to MPC of $845 million, or $1.49 per diluted share
•Adjusted EBITDA of $2.6 billion, of which $1.4 billion is Refining and Marketing
•Net cash provided by operating activities of $2.5 billion, inclusive of $0.6 billion of favorable changes in working capital
•~$8 billion of shares repurchased since inception of capital return program
•Announced 15% Scope 3 absolute greenhouse gas emission reduction target by 2030

FINDLAY, Ohio, May 3, 2022 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $845 million, or $1.49 per diluted share, for the first quarter of 2022, compared with a net loss of $242 million, or $(0.37) per diluted share, for the first quarter of 2021.
Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $2.6 billion in the first quarter of 2022, compared with $1.6 billion for the first quarter of 2021. The first quarter of 2021 includes $332 million of adjusted EBITDA from discontinued operations.
“MPC first quarter results reflect our team’s ability to execute on our strategic pillars in these market conditions,” said President and Chief Executive Officer Michael J. Hennigan. “This quarter we advanced our low carbon strategy with the announcement of our intent to form a joint venture with Neste at our Martinez Renewable Fuels Facility and a 15% Scope 3 absolute GHG emission reduction target. We have now completed approximately $8 billion of MPC share repurchases since the inception of our $10 billion return of capital program.”


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The following information was filed by Marathon Petroleum Corp (MPC) on Tuesday, May 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Marathon Petroleum Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Equity And Redeemable Noncontrolling Interest (Consolidated Statements Of Equity)
Consolidated Statements Of Equity And Redeemable Noncontrolling Interest (Parenthetical)
Consolidated Statements Of Equity And Redeemable Noncontrolling Interest (Redeemable Noncontrolling Interest)
Consolidated Statements Of Equity And Redeemable Noncontrolling Interest (Shares Of Common Stock)
Consolidated Statements Of Equity And Redeemable Noncontrolling Interest (Shares Of Treasury Stock)
Consolidated Statements Of Income
Accounting Standards
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive Loss By Component) (Detail)
Accumulated Other Comprehensive Loss (Tables)
Commitments And Contingencies
Commitments And Contingencies (Detail)
Commitments And Contingencies (Environmental Matters) (Details)
Commitments And Contingencies (Guarantees) (Details)
Commitments And Contingencies (Other Legal Proceedings) (Details)
Debt
Debt (Available Capacity Under Our Facilities) (Details)
Debt (Mplx Senior Notes) (Details)
Debt (Outstanding Borrowings) (Detail)
Debt (Tables)
Derivatives
Derivatives (Classification Of Gross Fair Values Of Derivative Instruments, Excluding Cash Collateral) (Detail)
Derivatives (Effect Of Commodity Derivative Instruments In Statements Of Income) (Detail)
Derivatives (Open Commodity Derivative Contracts) (Details)
Derivatives (Tables)
Description Of The Business And Basis Of Presentation
Description Of The Business And Basis Of Presentation (Policies)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Results Of Operations Associated With Discontinued Operations) (Details)
Discontinued Operations (Tables)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Anti-Dilutive Shares) (Details)
Earnings (Loss) Per Share (Summary Of Earnings (Loss) Per Share) (Detail)
Earnings (Loss) Per Share (Tables)
Equity
Equity (Details)
Equity (Share Repurchases) (Details)
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Accounted For At Fair Value On Recurring Basis) (Detail)
Fair Value Measurements (Fair Values - Reported) (Detail)
Fair Value Measurements (Level 3) (Details)
Fair Value Measurements (Losses Included In Earnings Relating To Assets Still Held At End Of Period) (Details)
Fair Value Measurements (Reconciliation Of Net Beginning And Ending Balances Recorded For Net Assets And Liabilities Classified As Level 3) (Detail)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Summary Of Inventories) (Detail)
Inventories (Tables)
Master Limited Partnership
Master Limited Partnership (Details)
Master Limited Partnership (Noncontrolling Interest) (Details)
Master Limited Partnership (Tables)
Master Limited Partnership (Unit Repurchase Program) (Details)
Net Interest And Other Financial Costs
Net Interest And Other Financial Costs (Detail)
Net Interest And Other Financial Costs (Tables)
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (Additional Information) (Detail)
Pension And Other Postretirement Benefits (Components Of Net Periodic Benefit Costs) (Detail)
Pension And Other Postretirement Benefits (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Summary Of Property, Plant And Equipment) (Detail)
Property, Plant And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Revenue
Revenue (Details)
Revenue (Disaggregated By Product Line) (Details)
Revenue (Tables)
Segment Information
Segment Information (Additional Information) (Detail)
Segment Information (Capital Expenditures (Details)
Segment Information (Depreciation And Amortization) (Detail)
Segment Information (Income From Equity Method Investments) (Details)
Segment Information (Reconciliation Of Segment Revenues To Sales And Other Operating Revenues) (Detail)
Segment Information (Segment Adjusted Ebitda To Income (Loss) From Continuing Operations Before Income Taxes) (Detail)
Segment Information (Tables)
Short-Term Investments
Short-Term Investments (Components Of Investments) (Details)
Short-Term Investments (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Reconciliation Of Additions To Property, Plant And Equipment To Total Capital Expenditures) (Detail)
Supplemental Cash Flow Information (Tables)
Variable Interest Entities
Variable Interest Entities (Consolidated Vies) (Details)
Variable Interest Entities (Tables)
Ticker: MPC
CIK: 1510295
Form Type: 10-Q Quarterly Report
Accession Number: 0001510295-22-000039
Submitted to the SEC: Tue May 03 2022 2:59:31 PM EST
Accepted by the SEC: Tue May 03 2022
Period: Thursday, March 31, 2022
Industry: Petroleum Refining

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