Last10K.com

Marathon Petroleum Corp (MPC) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

SEC Filings

MPC Valuations

Intrinsic Value
Financial Stability
Financial Ratios
Insider Trades
Manager Portfolios
Notifications

MPC Annual Reports

MPC Quarterly Reports

MPC Corporate News

Marathon Petroleum Corp

HISTORY TOOLS
CIK: 1510295 Ticker: MPC
Exhibit 99.1
mpcnewsreleaseletterheada05.jpg
Marathon Petroleum Corp. Reports Fourth-Quarter 2023 Results
•Fourth-quarter net income attributable to MPC of $1.5 billion, or $3.84 per diluted share; adjusted net income of $1.5 billion, or $3.98 per adjusted diluted share
•Full-year 2023 net income attributable to MPC of $9.7 billion, or $23.63 per diluted share; adjusted net income of $9.7 billion, or $23.63 per adjusted diluted share
•Full-year net cash provided by operating activities of $14.1 billion, supporting the return of $12.8 billion of capital to shareholders in 2023
•2024 MPC standalone (excluding MPLX) capital spending outlook of $1.25 billion

FINDLAY, Ohio, Jan. 30, 2024 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $1.5 billion, or $3.84 per diluted share, for the fourth quarter of 2023. This compares to net income attributable to MPC of $3.3 billion, or $7.09 per diluted share, for the fourth quarter of 2022.
Adjusted net income was $1.5 billion, or $3.98 per diluted share, for the fourth quarter of 2023. This compares to adjusted net income of $3.1 billion, or $6.65 per diluted share, for the fourth quarter of 2022. Adjustments are shown in the accompanying release tables.
The fourth quarter of 2023 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $3.5 billion, compared with $5.8 billion for the fourth quarter of 2022. Adjustments are shown in the accompanying release tables.

For the full year 2023, net income attributable to MPC was $9.7 billion, or $23.63 per diluted share, compared with net income attributable to MPC of $14.5 billion, or $28.12 per diluted share for the full year 2022. Adjusted net income was $9.7 billion, or $23.63 per diluted share for the full year 2023. This compares to adjusted net income of $13.5 billion, or $26.16 per diluted share for the full year 2022. Adjustments are shown in the accompanying release tables.

“In 2023, the business generated $14.1 billion of net cash from operations, driven by strong operational performance and commercial execution,” said Chief Executive Officer Michael J. Hennigan. “This enabled the return of $12.8 billion of capital to shareholders. We believe MPC is positioned to generate strong through-cycle cash flow with the ability to deliver superior returns to our shareholders.”


1

The following information was filed by Marathon Petroleum Corp (MPC) on Tuesday, January 30, 2024 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Marathon Petroleum Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Marathon Petroleum Corp.

Continue

Assess how Marathon Petroleum Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Marathon Petroleum Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Legal
Revenue
M & A
Other
Filter Subcategory:
All
Debt
Product
Earnings
Shares
Expense
Cash Flow
Income
Dividend
Geography
Other
Inside Marathon Petroleum Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
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 Ad Redeemable Noncontrolling Interest (Shares Of Treasury Stock)
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 Income
Accounting Standards
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive Loss By Component) (Details)
Accumulated Other Comprehensive Loss (Tables)
Commitments And Contingencies
Commitments And Contingencies (Asset Retirement Obligations) (Details)
Commitments And Contingencies (Contractual Commitments And Contingencies) (Details)
Commitments And Contingencies (Details)
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 (Commercial Paper) (Details)
Debt (Mpc Bank Revolving Credit Facility) (Details)
Debt (Mpc Senior Notes) (Details)
Debt (Mplx Bank Revolving Credit Facility) (Details)
Debt (Mplx Senior Notes) (Details)
Debt (Outstanding Borrowings) (Details)
Debt (Schedule Of Debt Payments) (Details)
Debt (Tables)
Debt (Trade Receivables Securitization Facility) (Details)
Derivatives
Derivatives (Classification Of Gross Fair Values Of Derivative Instruments, Excluding Cash Collateral) (Details)
Derivatives (Effect Of Commodity Derivative Instruments In Statements Of Income) (Details)
Derivatives (Open Commodity Derivative Contracts) (Details)
Derivatives (Tables)
Description Of The Business And Basis Of Presentation
Discontinued Operations
Discontinued Operations (Details)
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 (Narrative) (Details)
Equity (Share Repurchases) (Details)
Equity (Tables)
Equity Method Investments
Equity Method Investments (Basis Differences And Distributions) (Details)
Equity Method Investments (Crowley Ocean Partners) (Details)
Equity Method Investments (Lf Bioenergy Acquisition) (Details)
Equity Method Investments (Markwest Tor??Ado Gp, L.L.C.) (Details)
Equity Method Investments (Martinez Renewables Llc) (Details)
Equity Method Investments (Schedule Of Equity Method Investments) (Details)
Equity Method Investments (South Texas Gateway Terminal Llc) (Details)
Equity Method Investments (Summarized Financial Information For Equity Method Investees) (Details)
Equity Method Investments (Tables)
Equity Method Investments (Watson Cogeneration Company) (Details)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Accounted For At Fair Value On Recurring Basis) (Details)
Fair Value Measurements (Fair Values - Reported) (Details)
Fair Value Measurements (Gains/Losses Included In Earnings Relating To Assets Still Held At The End Of Period) (Details)
Fair Value Measurements (Reconciliation Of Net Beginning And Ending Balances Recorded For Net Assets And Liabilities Classified As Level 3) (Details)
Fair Value Measurements (Recurring Narrative) (Details)
Fair Value Measurements (Tables)
Goodwill And Intangibles
Goodwill And Intangibles (Accumulated Impairment Losses) (Details)
Goodwill And Intangibles (Changes In Carrying Amount Of Goodwill) (Details)
Goodwill And Intangibles (Estimated Future Amortization Expense) (Details)
Goodwill And Intangibles (Intangible Assets By Major Class) (Details)
Goodwill And Intangibles (Intangibles Narrative) (Details)
Goodwill And Intangibles (Tables)
Income Taxes
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Components Of Income Tax Provisions (Benefits)) (Details)
Income Taxes (Components Of Net Deferred Tax Liabilities Classified In Consolidated Balance Sheets) (Details)
Income Taxes (Operating Loss Carryforwards, Tax Credit Carryforwards And Valuation Allowances) (Details)
Income Taxes (Reconciliation Of Federal Statutory Income Tax Rate) (Details)
Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Insider Trading Arrangements
Inventories
Inventories (Narrative) (Details)
Inventories (Summary Of Inventories) (Details)
Inventories (Tables)
Leases
Leases (Components Of Lease Costs) (Details)
Leases (Investments In Assets Held For Operating Lease By Major Classes) (Details)
Leases (Lease Receivables - Sales-Type Leases) (Details)
Leases (Lessee Narrative) (Details)
Leases (Lessor -Lease Revenues) (Details)
Leases (Lessor Narrative) (Details)
Leases (Minimum Future Rentals On The Non-Cancellable Operating Leases) (Details)
Leases (Schedule Of Future Minimum Commitments) (Details)
Leases (Supplemental Balance Sheet Disclosure) (Details)
Leases (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)
Master Limited Partnership (Unit Repurchases) (Details)
Net Interest And Other Financial Costs
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 (Accumulated Benefit Obligations) (Details)
Pension And Other Postretirement Benefits (Amounts Recognized In Consolidated Balance Sheet) (Details)
Pension And Other Postretirement Benefits (Before Tax Amounts Unrecognized In Net Periodic Benefit Cost Included In Aoci) (Details)
Pension And Other Postretirement Benefits (Cash Balance Pension Plan) (Details)
Pension And Other Postretirement Benefits (Components Of Net Periodic Benefit Cost And Other Comprehensive (Income) Loss) (Details)
Pension And Other Postretirement Benefits (Contributions To Defined Plans) (Details)
Pension And Other Postretirement Benefits (Estimated Future Benefit Payments) (Details)
Pension And Other Postretirement Benefits (Expected Long-Term Return On Plan Assets) (Details)
Pension And Other Postretirement Benefits (Fair Values Of Defined Benefit Pension Plan Assets) (Details)
Pension And Other Postretirement Benefits (Multiemployer Health And Welfare Plans) (Details)
Pension And Other Postretirement Benefits (Multiemployer Pension Plan) (Details)
Pension And Other Postretirement Benefits (Plan Investment Policies And Strategies) (Details)
Pension And Other Postretirement Benefits (Summarizes Assumed Health Care Cost Trend Rates) (Details)
Pension And Other Postretirement Benefits (Summary Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost) (Details)
Pension And Other Postretirement Benefits (Summary Of Projected Benefit Obligations And Funded Status For Defined Benefit Pension And Other Postretirement Plans) (Details)
Pension And Other Postretirement Benefits (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Narrative) (Details)
Property, Plant And Equipment (Summary Of Property, Plant And Equipment) (Details)
Property, Plant And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Related Party Transactions) (Details)
Related Party Transactions (Tables)
Revenue
Revenue (Disaggregated By Segment And Product Line) (Details)
Revenue (Receivables) (Details)
Revenue (Tables)
Segment Information
Segment Information (Depreciation And Amortization) (Details)
Segment Information (Equity Method Investments) (Details)
Segment Information (Major Customer) (Details)
Segment Information (Number Of Reportable Segments) (Details)
Segment Information (Recon Of Other Significant Items From Segments To Consolidated) (Details)
Segment Information (Recon Of Segment Revenues To Sales And Other Operating Revenues) (Details)
Segment Information (Segment Adjusted Ebitda) (Details)
Segment Information (Tables)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Performance Awards) (Details)
Share-Based Compensation (Stock-Based Compensation Expense) (Details)
Share-Based Compensation (Summary Of Performance Award Activity) (Details)
Share-Based Compensation (Summary Of Restricted Stock Award Activity) (Details)
Share-Based Compensation (Summary Of Stock Option Award Activity) (Details)
Share-Based Compensation (Summary Of Values Related To Vested And Unvested Restricted Stock Awards) (Details)
Share-Based Compensation (Tables)
Short-Term Investments
Short-Term Investments (Investments Components) (Details)
Short-Term Investments (Tables)
Summary Of Principal Accounting Policies
Summary Of Principal Accounting Policies (Policies)
Summary Of Principal Accounting Policies (Principal Accounting Policies) (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Reconciliation Of Additions To Property, Plant And Equipment To Total Capital Expenditures) (Details)
Supplemental Cash Flow Information (Summary Of Supplemental Cash Flow Information) (Details)
Supplemental Cash Flow Information (Tables)
Variable Interest Entities
Variable Interest Entities (Balance Sheet Information For Consolidated Vies) (Details)
Variable Interest Entities (Non-Consolidated Vies) (Details)
Variable Interest Entities (Tables)
Ticker: MPC
CIK: 1510295
Form Type: 10-K Annual Report
Accession Number: 0001510295-24-000015
Submitted to the SEC: Wed Feb 28 2024 2:31:30 PM EST
Accepted by the SEC: Wed Feb 28 2024
Period: Sunday, December 31, 2023
Industry: Petroleum Refining

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/mpc/0001510295-24-000015.htm