Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Marathon Petroleum Corp., adjusted current assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current assets	32,131)	35,242)	30,496)	28,287)	20,170)
Adjustments
Add: Allowance for doubtful accounts	44)	29)	40)	18)	17)
Add: LIFO reserve¹	2,770)	3,720)	2,840)	—)	871)
After Adjustment
Adjusted current assets	34,945)	38,991)	33,376)	28,305)	21,058)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ LIFO reserve. See details »

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Marathon Petroleum Corp., adjusted total assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	85,987)	89,904)	85,373)	85,158)	98,556)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for doubtful accounts	44)	29)	40)	18)	17)
Add: LIFO reserve²	2,770)	3,720)	2,840)	—)	871)
Less: Deferred tax assets (classified in Other noncurrent assets)³	1)	1)	2)	3)	20)
After Adjustment
Adjusted total assets	88,800)	93,652)	88,251)	85,173)	99,424)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² LIFO reserve. See details »

³ Deferred tax assets (classified in Other noncurrent assets). See details »

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Marathon Petroleum Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	54,588)	54,817)	51,792)	54,938)	55,449)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	5,834)	5,904)	5,638)	6,203)	6,392)
Less: Restructuring reserve	—)	46)	59)	141)	—)
After Adjustment
Adjusted total liabilities	48,754)	48,867)	46,095)	48,594)	49,057)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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Marathon Petroleum Corp., adjusted total MPC stockholders’ equity

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total MPC stockholders’ equity	24,404)	27,715)	26,206)	22,199)	33,694)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(5,833)	(5,903)	(5,636)	(6,200)	(6,372)
Add: Allowance for doubtful accounts	44)	29)	40)	18)	17)
Add: LIFO reserve²	2,770)	3,720)	2,840)	—)	871)
Add: Restructuring reserve	—)	46)	59)	141)	—)
Add: Redeemable noncontrolling interest	895)	968)	965)	968)	968)
Add: Noncontrolling interests	6,100)	6,404)	6,410)	7,053)	8,445)
After Adjustment
Adjusted total equity	40,046)	44,785)	42,156)	36,579)	50,367)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Net deferred tax assets (liabilities). See details »

² LIFO reserve. See details »

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Marathon Petroleum Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
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 reported debt	27,283)	26,700)	25,539)	31,584)	28,838)
Total MPC stockholders’ equity	24,404)	27,715)	26,206)	22,199)	33,694)
Total reported capital	51,687)	54,415)	51,745)	53,783)	62,532)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liabilities²	454)	368)	438)	497)	604)
Add: Long-term operating lease liabilities³	764)	841)	927)	1,014)	1,875)
Adjusted total debt	28,501)	27,909)	26,904)	33,095)	31,317)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(5,833)	(5,903)	(5,636)	(6,200)	(6,372)
Add: Allowance for doubtful accounts	44)	29)	40)	18)	17)
Add: LIFO reserve⁵	2,770)	3,720)	2,840)	—)	871)
Add: Restructuring reserve	—)	46)	59)	141)	—)
Add: Redeemable noncontrolling interest	895)	968)	965)	968)	968)
Add: Noncontrolling interests	6,100)	6,404)	6,410)	7,053)	8,445)
Adjusted total equity	40,046)	44,785)	42,156)	36,579)	50,367)
After Adjustment
Adjusted total capital	68,547)	72,694)	69,060)	69,674)	81,684)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Long-term operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

⁵ LIFO reserve. See details »

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Marathon Petroleum Corp., adjusted net income (loss) attributable to MPC

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income (loss) attributable to MPC	9,681)	14,516)	9,738)	(9,826)	2,637)
Adjustments
Add: Deferred income tax expense (benefit)¹	(28)	290)	(169)	(241)	1,023)
Add: Increase (decrease) in allowance for doubtful accounts	15)	(11)	22)	1)	8)
Add: Increase (decrease) in LIFO reserve²	(950)	880)	2,840)	(787)	871)
Add: Increase (decrease) in restructuring reserve	(46)	(13)	(82)	141)	—)
Less: Income from discontinued operations, net of tax	—)	72)	8,448)	1,205)	—)
Add: Other comprehensive income (loss)	(133)	69)	445)	(192)	(176)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	1,491)	1,534)	1,263)	(151)	618)
After Adjustment
Adjusted net income (loss)	10,030)	17,193)	5,609)	(12,260)	4,981)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

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Marathon Petroleum Corp. (NYSE:MPC)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income