Marathon Petroleum Corp., current enterprise value calculation

Current share price (P)	$149.56
No. shares of common stock outstanding	321,388,952
US$ in millions
Common equity (market value)¹	48,067)
Add: Preferred stock, no shares issued and outstanding, par value $0.01 per share (per books)	—)
Add: Noncontrolling interests (per books)	6,100)
Total equity	54,167)
Add: Debt due within one year (per books)	1,954)
Add: Long-term debt due after one year (per books)	25,329)
Total equity and debt	81,450)
Less: Cash and cash equivalents	5,443)
Less: Short-term investments	4,781)
Enterprise value (EV)	71,226)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 149.56 × 321,388,952

Marathon Petroleum Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$167.16	$125.52	$74.46	$54.62	$47.42
No. shares of common stock outstanding¹	361,358,732	445,546,907	565,212,958	651,274,842	649,503,967
US$ in millions
Common equity (market value)³	60,405)	55,925)	42,086)	35,573)	30,799)
Add: Preferred stock, no shares issued and outstanding, par value $0.01 per share (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	6,100)	6,404)	6,410)	7,053)	8,445)
Total equity	66,505)	62,329)	48,496)	42,626)	39,244)
Add: Debt due within one year (book value)	1,954)	1,066)	571)	2,854)	711)
Add: Long-term debt due after one year (book value)	25,329)	25,634)	24,968)	28,730)	28,127)
Total equity and debt	93,788)	89,029)	74,035)	74,210)	68,082)
Less: Cash and cash equivalents	5,443)	8,625)	5,291)	415)	1,527)
Less: Short-term investments	4,781)	3,145)	5,548)	—)	—)
Enterprise value (EV)	83,564)	77,259)	63,196)	73,795)	66,555)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Marathon Petroleum Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 167.16 × 361,358,732

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Marathon Petroleum Corp. EV increased from 2021 to 2022 and from 2022 to 2023.

Marathon Petroleum Corp. (NYSE:MPC)

Enterprise Value (EV)