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Section 1: 10-Q (10-Q)

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Table of Contents
                            

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-35054
Marathon Petroleum Corporation
(Exact name of registrant as specified in its charter)
    
Delaware
 
27-1284632
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
539 South Main Street, Findlay, Ohio 45840-3229
(Address of principal executive offices) (Zip code)
(419) 422-2121
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $.01
MPC
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer          Accelerated Filer     Non-accelerated Filer      Smaller reporting company
Emerging growth company    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes     No  
There were 649,321,709 shares of Marathon Petroleum Corporation common stock outstanding as of October 31, 2019.
 


Table of Contents
                            

MARATHON PETROLEUM CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019
TABLE OF CONTENTS

 
Page
 
 
 
 
 
Unless otherwise stated or the context otherwise indicates, all references in this Form 10-Q to “MPC,” “us,” “our,” “we” or “the Company” mean Marathon Petroleum Corporation and its consolidated subsidiaries.

1


GLOSSARY OF TERMS
Throughout this report, the following company or industry specific terms and abbreviations are used:
ANS
Alaskan North Slope crude oil, an oil index benchmark price
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
barrel
One stock tank barrel, or 42 United States gallons liquid volume, used in reference to crude oil or other liquid hydrocarbons
CARB
California Air Resources Board
CARBOB
California Reformulated Gasoline Blendstock for Oxygenate Blending
CBOB
Conventional Blending for Oxygenate Blending
EBITDA (a non-GAAP financial measure)
Earnings Before Interest, Tax, Depreciation and Amortization
EPA
United States Environmental Protection Agency
FASB
Financial Accounting Standards Board
GAAP
Accounting principles generally accepted in the United States
IDR
Incentive Distribution Right
LCM
Lower of cost or market
LIFO
Last in, first out, an inventory costing method
LIBOR
London Interbank Offered Rate
LLS
Louisiana Light Sweet crude oil, an oil index benchmark price
mbpd
Thousand barrels per day
MMBtu
One million British thermal units, an energy measurement
MMcf/d
One million cubic feet of natural gas per day
NGL
Natural gas liquids, such as ethane, propane, butanes and natural gasoline
NYMEX
New York Mercantile Exchange
OPEC
Organization of Petroleum Exporting Countries
OTC
Over-the-Counter
ppm
Parts per million
RIN
Renewable Identification Number
SEC
United States Securities and Exchange Commission
ULSD
Ultra-low sulfur diesel
USGC
U.S. Gulf Coast
VIE
Variable interest entity
WTI
West Texas Intermediate crude oil, an oil index benchmark price

2



PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
Three Months Ended 
September 30,
 
Nine Months Ended 
September 30,
(Millions of dollars, except per share data)
2019
 
2018
 
2019
 
2018
Revenues and other income:
 
 
 
 
 
 
 
Sales and other operating revenues
$
31,043

 
$
22,988

 
$
92,857

 
$
64,171

Income from equity method investments
124

 
96

 
330

 
262

Net gain on disposal of assets
4

 
1

 
222

 
6

Other income
31

 
47

 
96

 
122

Total revenues and other income
31,202

 
23,132

 
93,505

 
64,561

Costs and expenses:
 
 
 
 
 
 
 
Cost of revenues (excludes items below)
27,300

 
20,606

 
82,942

 
57,772

Depreciation and amortization
855

 
555

 
2,660

 
1,616

Selling, general and administrative expenses
833

 
445

 
2,618

 
1,271

Other taxes
190

 
123

 
550

 
348

Total costs and expenses
29,178

 
21,729

 
88,770

 
61,007

Income from operations
2,024

 
1,403

 
4,735

 
3,554

Net interest and other financial costs
317

 
240

 
945

 
618

Income before income taxes
1,707

 
1,163

 
3,790

 
2,936

Provision for income taxes
340

 
222

 
797

 
525

Net income
1,367

 
941

 
2,993

 
2,411

Less net income attributable to:
 
 
 
 
 
 
 
Redeemable noncontrolling interest
20

 
19

 
61

 
55

Noncontrolling interests
252

 
185

 
738

 
527

Net income attributable to MPC
$
1,095

 
$
737

 
$
2,194

 
$
1,829

Per Share Data (See Note 7)
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Net income attributable to MPC per share
$
1.67

 
$
1.63

 
$
3.31

 
$
3.96

Weighted average shares outstanding
656

 
451

 
663

 
462

Diluted:
 
 
 
 
 
 
 
Net income attributable to MPC per share
$
1.66

 
$
1.62

 
$
3.28

 
$
3.92

Weighted average shares outstanding
660

 
456

 
668

 
466

The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents
                            

MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
Three Months Ended 
September 30,
 
Nine Months Ended 
September 30,
(Millions of dollars)
2019
 
2018
 
2019
 
2018
Net income
$
1,367

 
$
941

 
$
2,993

 
$
2,411

Other comprehensive income (loss):
 
 
 
 
 
 
 
Defined benefit plans:
 
 
 
 
 
 
 
Actuarial changes, net of tax of ($14), $24, ($8) and $29, respectively
(42
)
 
75

 
(46
)
 
89

Prior service credit, net of tax of ($3), ($3), ($14) and ($7), respectively
(8
)
 
(7
)
 
(19
)
 
(21
)
Other, net of tax of $0, ($1), ($1) and ($2), respectively
(1
)
 
(3
)
 
(3
)
 
(5
)
Other comprehensive income (loss)
(51
)
 
65

 
(68
)
 
63

Comprehensive income
1,316

 
1,006

 
2,925

 
2,474

Less comprehensive income attributable to:
 
 
 
 
 
 
 
Redeemable noncontrolling interest
20

 
19

 
61

 
55

Noncontrolling interests
252

 
185

 
738

 
527

Comprehensive income attributable to MPC
$
1,044

 
$
802

 
$
2,126

 
$
1,892

The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents
                            

MARATHON PETROLEUM CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)

(Millions of dollars, except share data)
September 30,
2019
 
December 31,
2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,525

 
$
1,687

Receivables, less allowance for doubtful accounts of $21 and $9, respectively
7,461

 
5,853

Inventories
9,696

 
9,837

Other current assets
457

 
646

Total current assets
19,139

 
18,023

Equity method investments
6,725

 
5,898

Property, plant and equipment, net
45,034

 
45,058

Goodwill
21,277

 
20,184

Right of use assets
2,522

 

Other noncurrent assets
3,442

 
3,777

Total assets
$
98,139

 
$
92,940

Liabilities
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
11,380

 
$
9,366

Payroll and benefits payable
939

 
1,152

Accrued taxes
1,015

 
1,446

Debt due within one year
557

 
544

Operating lease liabilities
586

 

Other current liabilities
862

 
708

Total current liabilities
15,339

 
13,216

Long-term debt
28,282

 
26,980

Deferred income taxes
6,180

 
4,864

Defined benefit postretirement plan obligations
1,487

 
1,509

Long-term operating lease liabilities
1,962

 

Deferred credits and other liabilities
1,265

 
1,318

Total liabilities
54,515

 
47,887

Commitments and contingencies (see Note 23)

 

Redeemable noncontrolling interest
968

 
1,004

Equity
 
 
 
MPC stockholders’ equity:
 
 
 
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized)

 

Common stock:
 
 
 
Issued – 978 million and 975 million shares (par value $0.01 per share, 2 billion shares authorized)
10

 
10

Held in treasury, at cost – 328 million and 295 million shares
(15,076
)
 
(13,175
)
Additional paid-in capital
33,125

 
33,729

Retained earnings
15,891

 
14,755

Accumulated other comprehensive loss
(212
)
 
(144
)
Total MPC stockholders’ equity
33,738

 
35,175

Noncontrolling interests
8,918

 
8,874

Total equity
42,656

 
44,049

Total liabilities, redeemable noncontrolling interest and equity
$
98,139

 
$
92,940

The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents
                            

MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
Nine Months Ended 
September 30,
(Millions of dollars)
2019
 
2018
Operating activities:
 
 
 
Net income
$
2,993

 
$
2,411

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization of deferred financing costs and debt discount
19

 
51

Depreciation and amortization
2,660

 
1,616

Pension and other postretirement benefits, net
(110
)
 
38

Deferred income taxes
772

 
42

Net gain on disposal of assets
(222
)
 
(6
)
Income from equity method investments
(330
)
 
(262
)
Distributions from equity method investments
473

 
345

Changes in the fair value of derivative instruments
(34
)
 
13

Changes in operating assets and liabilities, net of effects of businesses acquired:
 
 
 
Current receivables
(1,615
)
 
(709
)
Inventories
182

 
215

Current accounts payable and accrued liabilities
1,942

 
(316
)
Right of use assets and operating lease liabilities, net
20

 

All other, net
282

 
(7
)
Net cash provided by operating activities
7,032

 
3,431

Investing activities:
 
 
 
Additions to property, plant and equipment
(3,823
)
 
(2,315
)
Acquisitions, net of cash acquired
(129
)
 
(453
)
Disposal of assets
44

 
19

Investments – acquisitions, loans and contributions
(792
)
 
(222
)
 – redemptions, repayments and return of capital
75

 
16

All other, net
50

 
60

Net cash used in investing activities
(4,575
)
 
(2,895
)
Financing activities:
 
 
 
Long-term debt – borrowings
13,774

 
10,735

                          – repayments
(12,554
)
 
(5,401
)
Debt issuance costs
(22
)
 
(53
)
Issuance of common stock
6

 
24

Common stock repurchased
(1,885
)
 
(2,612
)
Dividends paid
(1,054
)
 
(637
)
Distributions to noncontrolling interests
(950
)
 
(599
)
Contributions from noncontrolling interests
95

 
9

All other, net
(64
)
 
(22
)
Net cash provided by (used in) financing activities
(2,654
)
 
1,444

Net increase (decrease) in cash, cash equivalents and restricted cash
(197
)
 
1,980

Cash, cash equivalents and restricted cash at beginning of period
1,725

 
3,015

Cash, cash equivalents and restricted cash at end of period
$
1,528

 
$
4,995

The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents
                            

MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMBALE NONCONTROLLING INTEREST
(Unaudited)

 
MPC Stockholders’ Equity
 
 
 
 
 
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Non-controlling Interests
 
Total Equity
 
Redeemable Non-controlling Interest
(Shares in millions;
amounts in millions of dollars)
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance as of December 31, 2018
975

 
$
10

 
(295
)
 
$
(13,175
)
 
$
33,729

 
$
14,755

 
$
(144
)
 
$
8,874

 
$
44,049

 
$
1,004

Net income (loss)

 

 

 

 

 
(7
)
 

 
246

 
239

 
20

Dividends declared on common stock ($0.53 per share)

 

 

 

 

 
(357
)
 

 

 
(357
)
 

Distributions to noncontrolling interests

 

 

 

 

 

 

 
(305
)
 
(305
)
 
(20
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 
95

 
95

 

Other comprehensive loss

 

 

 

 

 

 
(7
)
 

 
(7
)
 

Shares repurchased

 

 
(14
)
 
(885
)
 

 

 

 

 
(885
)
 

Stock based compensation
1

 

 

 
(3
)
 
32

 

 

 
(1
)
 
28

 

Equity transactions of MPLX & ANDX

 

 

 

 
3

 

 

 
(1
)
 
2

 

Other

 

 

 

 

 

 

 
(1
)
 
(1
)
 

Balance as of March 31, 2019
976

 
$
10

 
(309
)
 
$
(14,063
)
 
$
33,764

 
$
14,391

 
$
(151
)
 
$
8,907

 
$
42,858

 
$
1,004

Net income

 

 

 

 

 
1,106

 

 
240

 
1,346

 
21

Dividends declared on common stock ($0.53 per share)

 

 

 

 

 
(351
)
 

 

 
(351
)
 

Distributions to noncontrolling interests

 

 

 

 

 

 

 
(295
)
 
(295
)
 
(20
)
Other comprehensive loss

 

 

 

 

 

 
(10
)
 

 
(10
)
 

Shares repurchased

 

 
(9
)
 
(500
)
 

 

 

 

 
(500
)
 

Stock based compensation
2

 

 

 
(10
)
 
19

 

 

 
2

 
11

 

Equity transactions of MPLX & ANDX

 

 

 

 
2

 

 

 
(1
)
 
1

 

Other

 

 

 

 

 

 

 
1

 
1

 

Balance as of June 30, 2019
978

 
$
10

 
(318
)
 
$
(14,573
)
 
$
33,785

 
$
15,146

 
$
(161
)
 
$
8,854

 
$
43,061

 
$
1,005

Net income

 

 

 

 

 
1,095

 

 
252

 
1,347

 
20

Dividends declared on common stock ($0.53 per share)

 

 

 

 

 
(350
)
 

 

 
(350
)
 

Distributions to noncontrolling interests

 

 

 

 

 

 

 
(289
)
 
(289
)
 
(21
)
Other comprehensive loss

 

 

 

 

 

 
(51
)
 

 
(51
)
 

Shares repurchased

 

 
(10
)
 
(500
)
 

 

 

 

 
(500
)
 

Stock based compensation

 

 

 
(3
)
 
31

 

 

 
2

 
30

 

Equity transactions of MPLX & ANDX

 

 

 

 
(691
)
 

 

 
95

 
(596
)
 
(36
)
Other

 

 

 

 

 

 

 
4

 
4

 

Balance as of September 30, 2019
978

 
$
10

 
(328
)
 
$
(15,076
)
 
$
33,125

 
$
15,891

 
$
(212
)
 
$
8,918

 
$
42,656

 
$
968


The accompanying notes are an integral part of these consolidated financial statements.














7

Table of Contents
                            

MARATHON PETROLEUM CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMBALE NONCONTROLLING INTEREST
(Unaudited)
 
MPC Stockholders’ Equity
 
 
 
 
 
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Non-controlling Interests
 
Total Equity
 
Redeemable Non-controlling Interest
(Shares in millions;
amounts in millions of dollars)
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance as of December 31, 2017
734

 
$
7

 
(248
)
 
$
(9,869
)
 
$
11,262

 
$
12,864

 
$
(231
)
 
$
6,795

 
$
20,828

 
$
1,000

Cumulative effect of adopting new accounting standards

 

 

 

 

 
63

 

 
1

 
64

 

Net income

 

 

 

 

 
37

 

 
182

 
219

 
16

Dividends declared on common stock ($0.46 per share)

 

 

 

 

 
(219
)
 

 

 
(219
)
 

Distributions to noncontrolling interests

 

 

 

 

 

 

 
(179
)
 
(179
)
 
(16
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 
1

 
1

 

Other comprehensive loss

 

 

 

 

 

 
(2
)
 

 
(2
)
 

Shares repurchased

 

 
(19
)
 
(1,327
)
 

 

 

 

 
(1,327
)
 

Stock based compensation

 

 

 
(4
)
 
27

 

 

 
1

 
24

 

Equity transactions of MPLX & ANDX

 

 

 

 
2,380

 

 

 
(2,926
)
 
(546
)
 

Balance as of March 31, 2018
734

 
$
7

 
(267
)
 
$
(11,200
)
 
$
13,669

 
$
12,745

 
$
(233
)
 
$
3,875

 
$
18,863

 
$
1,000

Net income

 

 

 

 

 
1,055

 

 
160

 
1,215

 
20

Dividends declared on common stock ($0.46 per share)

 

 

 

 

 
(211
)
 

 

 
(211
)
 

Distributions to noncontrolling interests

 

 

 

 

 

 

 
(182
)
 
(182
)
 
(17
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 
4

 
4

 

Shares repurchased

 

 
(12
)
 
(885
)
 

 

 

 

 
(885
)
 

Stock based compensation
1

 

 

 
(8
)
 
18