Marathon Petroleum Corp., balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Refining & Marketing	32,496)	32,292)	31,089)	30,306)	29,037)
Retail	—)	—)	—)	—)	7,104)
Midstream	29,620)	27,659)	28,098)	27,677)	27,193)
Corporate	1,632)	1,550)	1,446)	1,356)	1,289)
Gross PP&E	63,748)	61,501)	60,633)	59,339)	64,623)
Accumulated depreciation	(28,636)	(25,844)	(23,193)	(20,304)	(19,008)
Net PP&E	35,112)	35,657)	37,440)	39,035)	45,615)

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Item	Description	The company
Gross PP&E	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Marathon Petroleum Corp. gross PP&E increased from 2021 to 2022 and from 2022 to 2023.
Net PP&E	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Marathon Petroleum Corp. net PP&E decreased from 2021 to 2022 and from 2022 to 2023.

Marathon Petroleum Corp., asset age ratios

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Average age ratio	44.92%	42.02%	38.25%	34.22%	29.41%

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Marathon Petroleum Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation	28,636)	25,844)	23,193)	20,304)	19,008)
Gross PP&E	63,748)	61,501)	60,633)	59,339)	64,623)
Asset Age Ratio
Average age¹	44.92%	42.02%	38.25%	34.22%	29.41%

2023 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ Gross PP&E
= 100 × 28,636 ÷ 63,748 = 44.92%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Marathon Petroleum Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 and from 2022 to 2023.

Marathon Petroleum Corp. (NYSE:MPC)

Analysis of Property, Plant and Equipment