Marathon Petroleum Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to MPC	9,681)	14,516)	9,738)	(9,826)	2,637)
Net (income) loss attributable to noncontrolling interests	1,491)	1,534)	1,263)	(151)	618)
Net noncash charges	2,785)	1,462)	(3,548)	10,515)	6,060)
Changes in operating assets and liabilities, net of effects of businesses acquired	160)	(1,193)	931)	269)	126)
Net cash provided by operating activities	14,117)	16,319)	8,384)	807)	9,441)
Additions to property, plant and equipment	(1,890)	(2,420)	(1,464)	(2,787)	(5,374)
Commercial paper, issued	—)	—)	7,414)	2,055)	—)
Commercial paper, repayments	—)	—)	(8,437)	(1,031)	—)
Long-term debt, borrowings	1,589)	3,379)	12,150)	17,082)	14,274)
Long-term debt, repayments	(1,079)	(2,280)	(17,400)	(15,380)	(13,073)
Debt issuance costs	(15)	(39)	—)	(50)	(22)
Free cash flow to equity (FCFE)	12,722)	14,959)	647)	696)	5,246)

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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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Marathon Petroleum Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Marathon Petroleum Corp. FCFE increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Marathon Petroleum Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	321,388,952
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	12,722)
FCFE per share	39.58
Current share price (P)	158.80
Valuation Ratio
P/FCFE	4.01
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	18.24
ConocoPhillips	11.70
Exxon Mobil Corp.	15.70
Occidental Petroleum Corp.	7.94
Valero Energy Corp.	5.58
P/FCFE, Sector
Oil, Gas & Consumable Fuels	12.46
P/FCFE, Industry
Energy	12.66

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Marathon Petroleum Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	361,358,732	445,546,907	565,212,958	651,274,842	649,503,967
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	12,722)	14,959)	647)	696)	5,246)
FCFE per share³	35.21	33.57	1.14	1.07	8.08
Share price^1, 4	167.16	125.52	74.46	54.62	47.42
Valuation Ratio
P/FCFE⁵	4.75	3.74	65.05	51.11	5.87
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	18.24	10.59	32.05	21.61	38.28
ConocoPhillips	11.74	8.93	10.61	497.58	14.36
Exxon Mobil Corp.	12.46	8.73	19.82	13.70	16.01
Occidental Petroleum Corp.	8.44	18.76	66.22	—	1.84
Valero Energy Corp.	5.77	6.12	12.51	9.57	7.61
P/FCFE, Sector
Oil, Gas & Consumable Fuels	11.39	8.65	20.61	19.80	11.93
P/FCFE, Industry
Energy	11.77	9.32	21.56	19.35	12.49

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 12,722,000,000 ÷ 361,358,732 = 35.21

⁴ Closing price as at the filing date of Marathon Petroleum Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 167.16 ÷ 35.21 = 4.75

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Marathon Petroleum Corp. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Marathon Petroleum Corp. (NYSE:MPC)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical