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Marathon Petroleum Corp (MPC) SEC Filing 10-Q Quarterly Report for the period ending Saturday, September 30, 2023

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Marathon Petroleum Corp

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CIK: 1510295 Ticker: MPC
Exhibit 99.1
mpcnewsreleaseletterheada05.jpg
Marathon Petroleum Corp. Reports Third-Quarter 2023 Results
•Third-quarter net income attributable to MPC of $3.3 billion, or $8.28 per diluted share; adjusted net income of $3.2 billion, or $8.14 per adjusted diluted share
•Adjusted EBITDA of $5.7 billion; net cash provided by operating activities of $5.0 billion, reflecting continued strong cash generation
•MPLX increases distribution 10%; MPC expects to receive an incremental $200 million, for a total of $2.2 billion annually
•Returned $3.1 billion of capital through $2.8 billion of share repurchases and $297 million of dividends
•Announced quarterly dividend increase of approximately 10% to $0.825 per share and additional $5 billion share repurchase authorization

FINDLAY, Ohio, Oct. 31, 2023 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $3.3 billion, or $8.28 per diluted share, for the third quarter of 2023, compared with net income attributable to MPC of $4.5 billion, or $9.06 per diluted share, for the third quarter of 2022.
Adjusted net income was $3.2 billion, or $8.14 per diluted share, for the third quarter of 2023. This compares to adjusted net income of $3.9 billion, or $7.81 per diluted share, for the third quarter of 2022. Adjustments are shown in the accompanying release tables.

The third quarter of 2023 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $5.7 billion, compared with $6.8 billion for the third quarter of 2022. Adjustments are shown in the accompanying release tables.

“Our third quarter results reflect our commitment to growing shareholder value,” said President and Chief Executive Officer Michael J. Hennigan. “The business generated $5 billion of net cash provided by operating activities and we returned $3.1 billion through share repurchases and dividends during the quarter. Demonstrating our commitment to return capital, we increased our quarterly dividend by 10% and increased our share repurchase authorization by $5 billion.”

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The following information was filed by Marathon Petroleum Corp (MPC) on Tuesday, October 31, 2023 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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Definitive Proxy Statement (Form DEF 14A)
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Marathon Petroleum Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
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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 Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Changes In Accumulated Other Comprehensive Loss By Component) (Detail)
Accumulated Other Comprehensive Income (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)
Earnings Per Share
Earnings Per Share (Anti-Dilutive Shares) (Details)
Earnings Per Share (Summary Of Earnings Per Share) (Details)
Earnings Per Share (Tables)
Equity
Equity (Share Repurchase Authorizations) (Details)
Equity (Share Repurchases) (Details)
Equity (Tables)
Equity Method Investments
Equity Method Investments (Lf Bioenergy Acquisition) (Details)
Equity Method Investments (Martinez Renewables Llc) (Details)
Equity Method Investments (South Texas Gateway Terminal Llc) (Details)
Equity Method Investments (Watson Cogeneration Company) (Details)
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 (Gain/Loss Included In Earnings Relating To Assets Still Held At End Of Period) (Details)
Fair Value Measurements (Level 3) (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)
Insider Trading Arrangements
Inventories
Inventories (Summary Of Inventories) (Details)
Inventories (Tables)
Master Limited Partnership
Master Limited Partnership (Details)
Master Limited Partnership (Noncontrolling Interest) (Details)
Master Limited Partnership (Redemption Of The Series B Preferred Units) (Details)
Master Limited Partnership (Tables)
Master Limited Partnership (Unit Repurchase Program) (Details)
Net Interest And Other Financial Costs
Net Interest And Other Financial Costs (Details)
Net Interest And Other Financial Costs (Tables)
Other Current Liabilities
Other Current Liabilities (Details)
Other Current Liabilities (Tables)
Pay Vs Performance Disclosure
Pension And Other Postretirement Benefits
Pension And Other Postretirement Benefits (Additional Information) (Details)
Pension And Other Postretirement Benefits (Components Of Net Periodic Benefit Costs) (Details)
Pension And Other Postretirement Benefits (Tables)
Property, Plant And Equipment (Pp&Amp;E)
Property, Plant And Equipment (Pp&Amp;E) (Summary Of Property, Plant And Equipment) (Detail)
Property, Plant And Equipment (Pp&Amp;E) (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) (Details)
Segment Information (Capital Expenditures) (Details)
Segment Information (Depreciation And Amortization) (Details)
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)
Subsequent Events
Subsequent Events (Details)
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 Vie) (Details)
Variable Interest Entities (Tables)

Material Contracts, Statements, Certifications & more

Marathon Petroleum Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: MPC
CIK: 1510295
Form Type: 10-Q Quarterly Report
Accession Number: 0001510295-23-000078
Submitted to the SEC: Tue Oct 31 2023 1:01:35 PM EST
Accepted by the SEC: Tue Oct 31 2023
Period: Saturday, September 30, 2023
Industry: Petroleum Refining

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