Stock Analysis on Net
Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

$22.49

This company has been moved to the archive! The financial data has not been updated since November 5, 2024.

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Marathon Petroleum Corp., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Sales and other operating revenues
Cost of revenues
Gross margin
Income (loss) from equity method investments
Net gain on disposal of assets
Other income
Impairment expense
Depreciation and amortization
Selling, general and administrative expenses
Restructuring expenses
Other taxes
Income (loss) from operations
Interest income
Interest expense, net of interest capitalized
Pension and other postretirement non-service costs
Gain (loss) on extinguishment of debt
Investments, net (premium) discount amortization
Other financial costs
Net interest and other financial costs
Income (loss) from continuing operations before income taxes
(Provision) benefit for income taxes on continuing operations
Income (loss) from continuing operations, net of tax
Income from discontinued operations, net of tax
Net income (loss)
Net (income) loss attributable to noncontrolling interests
Net income (loss) attributable to MPC

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).

The financial data reveals a dynamic performance pattern over the five-year period from 2019 to 2023.

Revenues and Gross Margin
Sales and other operating revenues experienced a significant decline in 2020 compared to 2019, dropping from approximately 124 billion USD to 69.8 billion USD. This was followed by a strong recovery in 2021 and 2022, peaking at about 177.5 billion USD in 2022, before decreasing again in 2023 to around 148.4 billion USD. Correspondingly, the gross margin mirrored this volatility, dipping sharply in 2020 to about 4 billion USD, improving steadily over the next two years to nearly 25.8 billion USD in 2022, then decreasing to approximately 19.8 billion USD in 2023.
Cost Structure
The cost of revenues followed a similar trajectory as sales, declining steeply in 2020 and then rising through 2022 before a slight reduction in 2023. Selling, general, and administrative expenses showed a gradual decline from 2019 through 2021, then a modest increase by 2023. Depreciation and amortization expenses remained relatively stable throughout the period, ranging between 3.2 and 3.6 billion USD annually. Other taxes showed a gradual upward trend from 751 million USD in 2019 to 881 million USD in 2023.
Profitability and Operating Income
Income from operations starkly reflected the industry's challenges in 2020, with a loss of over 12.2 billion USD. However, operational profitability recovered strongly, reaching 21.5 billion USD in 2022 before moderating to 14.5 billion USD in 2023. Income before income taxes paralleled this movement, showing losses in 2020, recovery in subsequent years, and a decrease in 2023.
Net Income and Related Items
Net income (loss) attributable to the company exhibited similar volatility. A substantial loss occurred in 2020 at about 9.8 billion USD, followed by a return to profitability with peaks above 14.5 billion USD in 2022 and a decline to 9.7 billion USD in 2023. Income from discontinued operations fluctuated, showing significant gains in 2021 and smaller amounts in 2020 and 2022 but no data for 2019 and 2023. Noncontrolling interests slightly reduced net income attributable to the company, especially in later years.
Other Income and Expenses
Income from equity method investments showed a loss in 2020 but improved steadily thereafter, reaching 742 million USD in 2023. Net gains on disposal of assets were modest from 2019 to 2021 but surged to 1.1 billion USD in 2022 before declining to 217 million USD in 2023. Other income increased gradually throughout the period. Impairment expenses were significant only in 2019 and 2020, with notable charges in 2020 of 8.4 billion USD, absent in later years.
Interest and Financial Costs
Interest income increased considerably from a low base in 2019 and 2020 to 530 million USD in 2023. Interest expense remained relatively stable, fluctuating slightly around 1.2 to 1.3 billion USD annually. Net interest and other financial costs decreased over time, especially from 2021 onwards, indicating improved financial cost management or changes in capital structure.
Tax Provisions
The provision for income taxes on continuing operations swung dramatically, with a tax benefit in 2020 reversing to substantial tax expenses in 2022 and 2023, reflecting the return to profitability. This volatility is indicative of the company's shifting taxable income across the observed period.
Other Observations
Restructuring expenses appeared only in 2020, suggesting operational adjustments during that year. Pension and other postretirement non-service costs fluctuated but remained relatively minor in absolute terms. Gains or losses on extinguishment of debt were minimal and inconsistent, exerting limited influence on overall results.

In summary, the company faced a substantial operational and financial downturn in 2020, with marked revenue declines, cost pressures, and profitability losses. The subsequent years showed recovery and growth, peaking in 2022 before experiencing some moderation in 2023. Cost control measures, income diversification, and managing financial costs played roles in this performance evolution. The overall trend indicates resilience and adaptability in a fluctuating market environment.