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.

Marathon Petroleum Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Sales and other operating revenues	148,379)	177,453)	119,983)	69,779)	123,949)
Cost of revenues	(128,566)	(151,671)	(110,008)	(65,733)	(110,243)
Gross margin	19,813)	25,782)	9,975)	4,046)	13,706)
Income (loss) from equity method investments	742)	655)	458)	(935)	394)
Net gain on disposal of assets	217)	1,061)	21)	70)	307)
Other income	969)	783)	468)	118)	163)
Impairment expense	—)	—)	—)	(8,426)	(1,197)
Depreciation and amortization	(3,307)	(3,215)	(3,364)	(3,375)	(3,638)
Selling, general and administrative expenses	(3,039)	(2,772)	(2,537)	(2,710)	(3,408)
Restructuring expenses	—)	—)	—)	(367)	—)
Other taxes	(881)	(825)	(721)	(668)	(751)
Income (loss) from operations	14,514)	21,469)	4,300)	(12,247)	5,576)
Interest income	530)	191)	14)	9)	40)
Interest expense, net of interest capitalized	(1,265)	(1,195)	(1,267)	(1,333)	(1,238)
Pension and other postretirement non-service costs	89)	(3)	(64)	(11)	(3)
Gain (loss) on extinguishment of debt	(9)	(2)	(133)	9)	—)
Investments, net (premium) discount amortization	142)	30)	1)	—)	—)
Other financial costs	(12)	(21)	(34)	(39)	(46)
Net interest and other financial costs	(525)	(1,000)	(1,483)	(1,365)	(1,247)
Income (loss) from continuing operations before income taxes	13,989)	20,469)	2,817)	(13,612)	4,329)
(Provision) benefit for income taxes on continuing operations	(2,817)	(4,491)	(264)	2,430)	(1,074)
Income (loss) from continuing operations, net of tax	11,172)	15,978)	2,553)	(11,182)	3,255)
Income from discontinued operations, net of tax	—)	72)	8,448)	1,205)	—)
Net income (loss)	11,172)	16,050)	11,001)	(9,977)	3,255)
Net (income) loss attributable to noncontrolling interests	(1,491)	(1,534)	(1,263)	151)	(618)
Net income (loss) attributable to MPC	9,681)	14,516)	9,738)	(9,826)	2,637)

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).

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Income statement item	Description	The company
Sales and other operating revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Marathon Petroleum Corp. sales and other operating revenues increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Income (loss) from operations	The net result for the period of deducting operating expenses from operating revenues.	Marathon Petroleum Corp. income (loss) from operations increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Income (loss) from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Marathon Petroleum Corp. income (loss) from continuing operations before income taxes increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Net income (loss) attributable to MPC	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Marathon Petroleum Corp. net income (loss) attributable to MPC increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Marathon Petroleum Corp. (NYSE:MPC)

Income Statement