Marathon Petroleum Corp., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Debt due within one year	1,954)	1,066)	571)	2,854)	711)
Long-term debt due after one year	25,329)	25,634)	24,968)	28,730)	28,127)
Total debt (carrying amount)	27,283)	26,700)	25,539)	31,584)	28,838)

Download chart

Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Marathon Petroleum Corp. total debt increased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Debt, excluding finance lease obligations	25,500)
Marathon Petroleum Corporation finance lease obligations	464)
MPLX LP finance lease obligations	6)
Total debt (fair value)	25,970)
Financial Ratio
Debt, fair value to carrying amount ratio	0.95

Weighted-average interest rate on debt: 4.54%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.63%	750)	27)
4.70%	1,250)	59)
5.13%	719)	37)
3.80%	496)	19)
6.50%	1,250)	81)
4.75%	800)	38)
5.85%	250)	15)
4.50%	498)	22)
5.13%	36)	2)
5.00%	400)	20)
4.88%	1,149)	56)
4.00%	500)	20)
4.88%	1,189)	58)
4.88%	12)	1)
1.75%	1,500)	26)
4.13%	1,250)	52)
4.25%	732)	31)
4.00%	1,250)	50)
4.80%	750)	36)
2.65%	1,500)	40)
4.95%	1,000)	50)
5.00%	1,100)	55)
4.50%	1,750)	79)
5.20%	1,000)	52)
5.20%	487)	25)
5.20%	31)	2)
4.70%	1,500)	71)
5.50%	1,500)	83)
4.95%	1,500)	74)
5.65%	500)	28)
4.90%	500)	25)
5.10%	470)	24)
Total	27,619)	1,255)
4.54%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,255 ÷ 27,619 = 4.54%

Marathon Petroleum Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense, net of interest capitalized	1,265)	1,195)	1,267)	1,333)	1,238)
Interest capitalized	60)	104)	73)	129)	158)
Interest expense	1,325)	1,299)	1,340)	1,462)	1,396)

Download chart

Debt item	Description	The company
Interest expense, net of interest capitalized	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Marathon Petroleum Corp. interest expense, net of interest capitalized decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Marathon Petroleum Corp. interest capitalized increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Interest expense	Total interest costs incurred during the period and either capitalized or charged against earnings.	Marathon Petroleum Corp. interest expense decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to MPC	9,681)	14,516)	9,738)	(9,826)	2,637)
Add: Net income attributable to noncontrolling interest	1,491)	1,534)	1,263)	(151)	618)
Less: Income from discontinued operations, net of tax	—)	72)	8,448)	1,205)	—)
Add: Income tax expense	2,817)	4,491)	264)	(2,430)	1,074)
Add: Interest expense, net of interest capitalized	1,265)	1,195)	1,267)	1,333)	1,238)
Earnings before interest and tax (EBIT)	15,254)	21,664)	4,084)	(12,279)	5,567)

Interest expense	1,325)	1,299)	1,340)	1,462)	1,396)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	12.06	18.13	3.22	-9.21	4.50
Adjusted interest coverage ratio (with capitalized interest)²	11.51	16.68	3.05	-8.40	3.99

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of interest capitalized
= 15,254 ÷ 1,265 = 12.06

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense
= 15,254 ÷ 1,325 = 11.51

Download chart

Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Marathon Petroleum Corp. adjusted interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Marathon Petroleum Corp. (NYSE:MPC)

Analysis of Debt