Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Entity Central Index Key | 0001510295 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | FY | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-35054 | ||
Entity Registrant Name | Marathon Petroleum Corporation | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-1284632 | ||
Entity Address, Address Line One | 539 South Main Street | ||
Entity Address, City or Town | Findlay | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 45840-3229 | ||
City Area Code | 419 | ||
Local Phone Number | 422-2121 | ||
Title of 12(b) Security | Common Stock, par value $.01 | ||
Trading Symbol | MPC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 47.2 | ||
Entity Common Stock, Shares Outstanding | 361,358,732 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Toledo, Ohio |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues and other income: | |||
Sales and other operating revenues | $ 148,379 | $ 177,453 | $ 119,983 |
Income from equity method investments | 742 | 655 | 458 |
Net gain on disposal of assets | 217 | 1,061 | 21 |
Other income | 969 | 783 | 468 |
Revenues and other income | 150,307 | 179,952 | 120,930 |
Costs and expenses: | |||
Cost of revenues (excludes items below) | 128,566 | 151,671 | 110,008 |
Depreciation and amortization | 3,307 | 3,215 | 3,364 |
Selling, general and administrative expenses | 3,039 | 2,772 | 2,537 |
Other taxes | 881 | 825 | 721 |
Total costs and expenses | 135,793 | 158,483 | 116,630 |
Income from continuing operations | 14,514 | 21,469 | 4,300 |
Net interest and other financial costs | 525 | 1,000 | 1,483 |
Income from continuing operations before income taxes | 13,989 | 20,469 | 2,817 |
Provision for income taxes on continuing operations | 2,817 | 4,491 | 264 |
Income from continuing operations, net of tax | 11,172 | 15,978 | 2,553 |
Income from discontinued operations, net of tax | 0 | 72 | 8,448 |
Net income | 11,172 | 16,050 | 11,001 |
Less net income attributable to: | |||
Redeemable noncontrolling interest | 94 | 88 | 100 |
Noncontrolling interests | 1,397 | 1,446 | 1,163 |
Net income attributable to MPC | $ 9,681 | $ 14,516 | $ 9,738 |
Basic: | |||
Continuing operations | $ 23.73 | $ 28.17 | $ 2.03 |
Discontinued operations | 0 | 0.14 | 13.31 |
Net income per share | $ 23.73 | $ 28.31 | $ 15.34 |
Weighted average shares outstanding | 407 | 512 | 634 |
Diluted: | |||
Continuing operations | $ 23.63 | $ 27.98 | $ 2.02 |
Discontinued operations | 0 | 0.14 | 13.22 |
Net income per share | $ 23.63 | $ 28.12 | $ 15.24 |
Weighted average shares outstanding | 409 | 516 | 638 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net income | $ 11,172 | $ 16,050 | $ 11,001 |
Other comprehensive income (loss) | (133) | 69 | 445 |
Comprehensive income | 11,039 | 16,119 | 11,446 |
Less comprehensive income attributable to: | |||
Redeemable noncontrolling interest | 94 | 88 | 100 |
Noncontrolling interests | 1,397 | 1,446 | 1,163 |
Comprehensive income attributable to MPC | 9,548 | 14,585 | 10,183 |
Actuarial changes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) | (85) | 122 | 276 |
Prior service | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) | (49) | (52) | 175 |
Other | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) | $ 1 | $ (1) | $ (6) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Actuarial changes | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
OCI, tax expense (benefit) | $ (24) | $ 36 | $ 91 |
Prior service | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
OCI, tax expense (benefit) | (18) | (15) | 58 |
Other | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
OCI, tax expense (benefit) | $ 0 | $ 0 | $ (2) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and cash equivalents | $ 5,443 | $ 8,625 | |
Short-term investments | 4,781 | 3,145 | |
Receivables, less allowance for doubtful accounts of $44 and $29, respectively | 11,619 | 13,477 | |
Inventories | 9,317 | 8,827 | |
Other current assets | 971 | 1,168 | |
Total current assets | 32,131 | 35,242 | |
Equity method investments | 6,260 | 6,466 | |
Property, plant and equipment, net | [1] | 35,112 | 35,657 |
Goodwill | 8,244 | 8,244 | |
Right of use assets | 1,233 | 1,214 | |
Other noncurrent assets | 3,007 | 3,081 | |
Total assets | 85,987 | 89,904 | |
Liabilities | |||
Accounts payable | 13,761 | 15,312 | |
Payroll and benefits payable | 1,115 | 967 | |
Accrued taxes | 1,221 | 1,140 | |
Debt due within one year | 1,954 | 1,066 | |
Operating lease liabilities | 454 | 368 | |
Other current liabilities | 1,645 | 1,167 | |
Total current liabilities | 20,150 | 20,020 | |
Long-term debt | 25,329 | 25,634 | |
Deferred income taxes | 5,834 | 5,904 | |
Defined benefit postretirement plan obligations | 1,102 | 1,114 | |
Long-term operating lease liabilities | 764 | 841 | |
Deferred credits and other liabilities | 1,409 | 1,304 | |
Total liabilities | 54,588 | 54,817 | |
Commitments and contingencies (see Note 28) | |||
Redeemable noncontrolling interest | 895 | 968 | |
Equity | |||
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized) | 0 | 0 | |
Common stock: | |||
Issued – 993 million and 990 million shares (par value $0.01 per share, 2 billion shares authorized) | 10 | 10 | |
Held in treasury, at cost – 625 million and 536 million shares | (43,502) | (31,841) | |
Additional paid-in capital | 33,465 | 33,402 | |
Retained earnings | 34,562 | 26,142 | |
Accumulated other comprehensive income (loss) | (131) | 2 | |
Total MPC stockholders’ equity | 24,404 | 27,715 | |
Noncontrolling interests | 6,100 | 6,404 | |
Total equity | 30,504 | 34,119 | |
Total liabilities, redeemable noncontrolling interest and equity | $ 85,987 | $ 89,904 | |
[1] Includes finance leases. See Note 27. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts, current | $ 44 | $ 29 |
Preferred Stock: | ||
Shares issued | 0 | 0 |
Shares outstanding | 0 | 0 |
Par value per share | $ 0.01 | |
Shares authorized | 30 | |
Common stock: | ||
Shares issued | 993 | 990 |
Par value per share | $ 0.01 | |
Shares authorized | 2,000 | |
Treasury stock, common, shares | (625) | (536) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating activities: | ||||
Net income | $ 11,172 | $ 16,050 | $ 11,001 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Amortization of deferred financing costs and debt discount | (78) | 50 | 79 | |
Depreciation and amortization | 3,307 | 3,215 | 3,364 | |
Pension and other postretirement benefits, net | (191) | 172 | (499) | |
Deferred income taxes | (28) | 290 | (169) | |
Net gain on disposal of assets | (217) | (1,061) | (21) | |
Income from equity method investments | (742) | (655) | (458) | |
Distributions from equity method investments | 941 | 772 | 652 | |
Income from discontinued operations | 0 | (72) | (8,448) | |
Changes in income tax receivable | 135 | (555) | 2,089 | |
Changes in the fair value of derivative instruments | 70 | (147) | 16 | |
Changes in: | ||||
Current receivables | 1,972 | (2,315) | (5,299) | |
Inventories | (489) | (787) | (33) | |
Current accounts payable and accrued liabilities | (1,316) | 1,909 | 6,260 | |
Right of use assets and operating lease liabilities, net | (7) | 0 | 3 | |
All other, net | (412) | (547) | (153) | |
Cash provided by operating activities - continuing operations | 14,117 | 16,319 | 8,384 | |
Cash provided by (used in) operating activities - discontinued operations | 0 | 42 | (4,024) | |
Net cash provided by operating activities | 14,117 | 16,361 | 4,360 | |
Investing activities: | ||||
Additions to property, plant and equipment | (1,890) | (2,420) | (1,464) | |
Acquisitions, net of cash acquired | (246) | (413) | 0 | |
Disposal of assets | 36 | 90 | 153 | |
Investments – acquisitions and contributions | (480) | (405) | (210) | |
Investments - redemptions, repayments, return of capital and sales proceeds | 275 | 515 | 39 | |
Purchases of short-term investments | (8,622) | (6,023) | (12,498) | |
Sales of short-term investments | 2,082 | 1,296 | 1,544 | |
Maturities of short-term investments | 5,048 | 7,159 | 5,406 | |
All other, net | 702 | 824 | 513 | |
Cash provided by (used in) investing activities - continuing operations | (3,095) | 623 | (6,517) | |
Cash provided by investing activities - discontinued operations | 0 | 0 | 21,314 | |
Net cash provided by (used in) investing activities | (3,095) | 623 | 14,797 | |
Financing activities: | ||||
Commercial paper – issued | 0 | 0 | 7,414 | |
Commercial paper - repayments | 0 | 0 | (8,437) | |
Long-term debt – borrowings | 1,589 | 3,379 | 12,150 | |
Long-term debt – repayments | (1,079) | (2,280) | (17,400) | |
Debt issuance costs | (15) | (39) | 0 | |
Issuance of common stock | 62 | 243 | 106 | |
Common stock repurchased | (11,572) | (11,922) | (4,654) | |
Dividends paid | (1,261) | (1,279) | (1,484) | |
Distributions to noncontrolling interests | (1,281) | (1,214) | (1,449) | |
Repurchases of noncontrolling interests | 0 | (491) | (630) | |
Redemption of noncontrolling interests - preferred units | (600) | 0 | 0 | |
All other, net | (50) | (44) | (35) | |
Net cash used in financing activities | (14,207) | (13,647) | (14,419) | |
Net change in cash, cash equivalents and restricted cash | (3,185) | 3,337 | 4,738 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents, ending balance | [1] | 5,446 | 8,631 | 5,294 |
Cash, cash equivalents, restricted cash and restricted cash equivalents, discontinued operations, beginning balance | 0 | 0 | 140 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents, discontinued operations, ending balance | 0 | 0 | 0 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning balance | [1] | $ 8,631 | $ 5,294 | $ 416 |
[1]Restricted cash is included in other current assets on our consolidated balance sheets. |
Consolidated Statements of Equi
Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Consolidated Statements of Equity) - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests |
Beginning balance at Dec. 31, 2020 | $ 29,252 | $ 10 | $ (15,157) | $ 33,208 | $ 4,650 | $ (512) | $ 7,053 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 10,901 | 9,738 | 1,163 | ||||
Dividends declared on common stock | (1,483) | (1,483) | |||||
Distributions to noncontrolling interests | (1,349) | (1,349) | |||||
Other comprehensive income (loss) | 445 | 445 | |||||
Shares repurchased | (4,740) | (4,740) | |||||
Shares returned - share-based compensation | (7) | ||||||
Shares issued - share-based compensation | 147 | ||||||
Share-based compensation | 144 | 4 | |||||
Equity transactions of MPLX | (554) | (93) | (461) | ||||
Ending balance at Dec. 31, 2021 | 32,616 | 10 | (19,904) | 33,262 | 12,905 | (67) | 6,410 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 15,962 | 14,516 | 1,446 | ||||
Dividends declared on common stock | (1,279) | (1,279) | |||||
Distributions to noncontrolling interests | (1,129) | (1,129) | |||||
Other comprehensive income (loss) | 69 | 69 | |||||
Shares repurchased | (11,933) | (11,933) | |||||
Shares returned - share-based compensation | (4) | ||||||
Shares issued - share-based compensation | 260 | ||||||
Share-based compensation | 260 | 4 | |||||
Equity transactions of MPLX | (447) | (120) | (327) | ||||
Ending balance at Dec. 31, 2022 | 34,119 | 10 | (31,841) | 33,402 | 26,142 | 2 | 6,404 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 11,078 | 9,681 | 1,397 | ||||
Dividends declared on common stock | (1,261) | (1,261) | |||||
Distributions to noncontrolling interests | (1,187) | (1,187) | |||||
Other comprehensive income (loss) | (133) | (133) | |||||
Shares repurchased | (11,661) | (11,661) | |||||
Shares returned - share-based compensation | 0 | ||||||
Shares issued - share-based compensation | 67 | 2 | |||||
Share-based compensation | 75 | 6 | |||||
Equity transactions of MPLX | (526) | (4) | (2) | (520) | |||
Ending balance at Dec. 31, 2023 | $ 30,504 | $ 10 | $ (43,502) | $ 33,465 | $ 34,562 | $ (131) | $ 6,100 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Shares of Common Stock) - shares shares in Millions | Total | Common Stock |
Beginning balance at Dec. 31, 2020 | 980 | |
Shares issued - stock-based compensation | 4 | |
Ending balance at Dec. 31, 2021 | 984 | |
Shares issued - stock-based compensation | 6 | |
Ending balance at Dec. 31, 2022 | 990 | 990 |
Shares issued - stock-based compensation | 3 | |
Ending balance at Dec. 31, 2023 | 993 | 993 |
Consolidated Statements of Eq_3
Consolidated Statements of Equity ad Redeemable Noncontrolling Interest (Shares of Treasury Stock) - shares shares in Millions | Total | Treasury Stock |
Beginning balance at Dec. 31, 2020 | (329) | |
Number of shares repurchased | (76) | (76) |
Ending balance at Dec. 31, 2021 | (405) | |
Number of shares repurchased | (131) | (131) |
Ending balance at Dec. 31, 2022 | (536) | (536) |
Number of shares repurchased | (89) | (89) |
Ending balance at Dec. 31, 2023 | (625) | (625) |
Consolidated Statements of Eq_4
Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Redeemable Noncontrolling Interest) - USD ($) $ in Millions | Total | Redeemable Non-controlling Interest |
Beginning balance at Dec. 31, 2020 | $ 968 | |
Net income attributable to redeemable noncontrolling interest | $ 100 | 100 |
Distributions to noncontrolling interests | (100) | |
Equity transactions of MPLX | (3) | |
Ending balance at Dec. 31, 2021 | 965 | |
Net income attributable to redeemable noncontrolling interest | 88 | 88 |
Distributions to noncontrolling interests | (85) | |
Equity transactions of MPLX | 0 | |
Ending balance at Dec. 31, 2022 | 968 | 968 |
Net income attributable to redeemable noncontrolling interest | 94 | 94 |
Distributions to noncontrolling interests | (94) | |
Equity transactions of MPLX | (73) | |
Ending balance at Dec. 31, 2023 | $ 895 | $ 895 |
Consolidated Statements of Eq_5
Consolidated Statements of Equity and Redeemable Noncontrolling Interest (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share of common stock (in dollars per share) | $ 3.075 | $ 2.49 | $ 2.32 |
Description of the Business and
Description of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business and Basis of Presentation | Description of the Business and Basis of Presentation Description of the Business We are a leading, integrated, downstream energy company headquartered in Findlay, Ohio. We operate one of the nation's largest refining systems. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market and to independent entrepreneurs who operate branded outlets. We also sell transportation fuel to consumers through direct dealer locations under long-term supply contracts. MPC’s midstream operations are primarily conducted through MPLX LP (“MPLX”), which owns and operates crude oil and light product transportation and logistics infrastructure as well as gathering, processing and fractionation assets. We own the general partner and a majority limited partner interest in MPLX. On May 14, 2021, we completed the sale of Speedway, our company-owned and operated retail transportation fuel and convenience store business, to 7-Eleven, Inc. (“7-Eleven”). Speedway’s results are reported separately as discontinued operations, net of tax, in our consolidated statements of income for all periods presented. In addition, we separately disclosed the operating and investing cash flows of Speedway as discontinued operations within our consolidated statements of cash flow. See Note 5 for discontinued operations disclosures. Refer to Notes 6 and 11 for additional information about our operations. Basis of Presentation All significant intercompany transactions and accounts have been eliminated. |
Summary of Principal Accounting
Summary of Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Principal Accounting Policies | Summary of Principal Accounting Policies Principles Applied in Consolidation These consolidated financial statements include the accounts of our majority-owned, controlled subsidiaries and MPLX. As of December 31, 2023, we owned the general partner and approximately 65 percent of the outstanding MPLX common units. Due to our ownership of the general partner interest, we have determined that we control MPLX and therefore we consolidate MPLX and record a noncontrolling interest for the interest owned by the public. Changes in ownership interest in consolidated subsidiaries that do not result in a change in control are recorded as equity transactions. Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. This includes entities in which we hold majority ownership but the minority shareholders have substantive participating rights. Income from equity method investments represents our proportionate share of net income generated by the equity method investees. Differences in the basis of the investments and the separate net asset values of the investees, if any, are amortized into net income over the remaining useful lives of the underlying assets and liabilities, except for any excess related to goodwill. Equity method investments are evaluated for impairment whenever changes in the facts and circumstances indicate an other than temporary loss in value has occurred. When the loss is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value. Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Actual results could differ from those estimates. Revenue Recognition We recognize revenue based on consideration specified in contracts or agreements with customers when we satisfy our performance obligations by transferring control over products or services to a customer. We made an accounting policy election that all taxes assessed by a governmental authority that are both imposed on and concurrent with a revenue-producing transaction and collected from our customers will be recognized on a net basis within sales and other operating revenues. Our revenue recognition patterns are described below by reportable segment: • Refining & Marketing - The vast majority of our Refining & Marketing contracts contain pricing that is based on the market price for the product at the time of delivery. Our obligations to deliver product volumes are typically satisfied and revenue is recognized when control of the product transfers to our customers. Concurrent with the transfer of control, we typically receive the right to payment for the delivered product, the customer accepts the product and the customer has significant risks and rewards of ownership of the product. Payment terms require customers to pay shortly after delivery and do not contain significant financing components. • Midstream - Midstream revenue transactions typically are defined by contracts under which we sell a product or provide a service. Revenues from sales of product are recognized when control of the product transfers to the customer. Revenues from services are recognized over time when the performance obligation is satisfied as services are provided in a series. We have elected to use the output measure of progress to recognize revenue based on the units delivered, processed or transported. The transaction prices in our Midstream contracts often have both fixed components, related to minimum volume commitments, and variable components, which are primarily dependent on volumes. Variable consideration will generally not be estimated at contract inception as the transaction price is specifically allocable to the services provided at each period end. Refer to Note 21 for disclosure of our revenue disaggregated by segment and product line and to Note 11 for a description of our reportable segment operations. Crude Oil and Refined Product Exchanges and Matching Buy/Sell Transactions We enter into exchange contracts and matching buy/sell arrangements whereby we agree to deliver a particular quantity and quality of crude oil or refined products at a specified location and date to a particular counterparty and to receive from the same counterparty the same commodity at a specified location on the same or another specified date. The exchange receipts and deliveries are nonmonetary transactions, with the exception of associated grade or location differentials that are settled in cash. The matching buy/sell purchase and sale transactions are settled in cash. No revenues are recorded for exchange and matching buy/sell transactions as they are accounted for as exchanges of inventory. The exchange transactions are recognized at the carrying amount of the inventory transferred. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit and investments in highly liquid debt instruments with maturities of three months or less. Short-Term Investments Investments with a maturity date greater than three months that we intend to convert to cash or cash equivalents within a year or less are classified as short-term investments in our consolidated balance sheets. Additionally, in accordance with ASC 320, Investments - Debt Securities , we have classified all short-term investments as available-for-sale securities and changes in fair market value are reported in other comprehensive income. Accounts Receivable and Allowance for Doubtful Accounts Our receivables primarily consist of customer accounts receivable. Customer receivables are recorded at the invoiced amounts and generally do not bear interest. Allowances for doubtful accounts are generally recorded when it becomes probable the receivable will not be collected and are booked to bad debt expense. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in customer accounts receivable. We review the allowance quarterly and past-due balances over 150 days are reviewed individually for collectability. We mitigate credit risk with master netting agreements with companies engaged in the crude oil or refinery feedstock trading and supply business or the petroleum refining industry. A master netting agreement generally provides for a once per month net cash settlement of the accounts receivable from and the accounts payable to a particular counterparty. Leases Contracts with a term greater than one year that convey the right to direct the use of and obtain substantially all of the economic benefit of an asset are accounted for as right of use assets. Right of use asset and lease liability balances are recorded at the commencement date at present value of the fixed lease payments using a secured incremental borrowing rate with a maturity similar to the lease term because our leases do not provide implicit rates. We have elected to include both lease and non-lease components in the present value of the lease payments for all lessee asset classes with the exception of our marine and third-party contractor service equipment leases. The lease component of the payment for the marine and equipment asset classes is determined using a relative standalone selling price. See Note 27 for additional disclosures about our lease contracts. As a lessor under ASU No. 2016-02, Leases (“ASC 842”), MPLX may be required to re-classify existing operating leases to sales-type leases upon modification and related reassessment of the leases. See Note 27 for further information regarding our ongoing evaluation of the impacts of lease reassessments as modifications occur. The net investment in sales-type leases is recorded within receivables, net and other noncurrent assets on the consolidated balance sheets. These amounts are comprised of the present value of the sum of the future minimum lease payments representing the value of the lease receivable and the unguaranteed residual value of the lease assets. Management assesses the net investment in sales-type leases for recoverability quarterly. Inventories Inventories are carried at the lower of cost or market value. Cost of inventories is determined primarily under the LIFO method. Costs for crude oil and refined product inventories are aggregated on a consolidated basis for purposes of assessing if the LIFO cost basis of these inventories may have to be written down to market value. Fair Value We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: • Level 1 – inputs are based upon unadjusted quoted prices for identical instruments in active markets. Our Level 1 derivative assets and liabilities include exchange-traded contracts for crude oil and refined products measured at fair value with a market approach using the close-of-day settlement prices for the market. Commodity derivatives are covered under master netting agreements with an unconditional right to offset. Collateral deposits in futures commission merchant accounts covered by master netting agreements related to Level 1 commodity derivatives are classified as Level 1. • Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, and forward and spot prices for currencies. Our Level 2 investments include commercial paper, certificates of deposit, time deposits and corporate notes and bonds. Our Level 2 derivative assets and liabilities primarily include certain OTC contracts. • Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Our Level 3 assets and liabilities include goodwill, long-lived assets and intangible assets, when they are recorded at fair value due to an impairment charge and an embedded derivative liability relates to a natural gas purchase agreement embedded in a keep‑whole processing agreement. Unobservable inputs used in the models are significant to the fair values of the assets and liabilities. Derivative Instruments We use derivatives to economically hedge a portion of our exposure to commodity price risk and, historically, to interest rate risk. Our use of selective derivative instruments that assume market risk is limited. All derivative instruments (including derivative instruments embedded in other contracts) are recorded at fair value. Certain commodity derivatives are reflected on the consolidated balance sheets on a net basis by counterparty as they are governed by master netting agreements. Cash flows related to derivatives used to hedge commodity price risk and interest rate risk are classified in operating activities with the underlying transactions. Derivatives not designated as accounting hedges Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of foreign-sourced crude oil, (4) the acquisition of ethanol for blending with refined products, (5) the sale of NGLs, (6) the purchase of natural gas, (7) the purchase of soybean oil and (8) the sale of propane. Changes in the fair value of derivatives not designated as accounting hedges are recognized immediately in net income. Concentrations of credit risk All of our financial instruments, including derivatives, involve elements of credit and market risk. The most significant portion of our credit risk relates to nonperformance by counterparties. The counterparties to our financial instruments consist primarily of major financial institutions and companies within the energy industry. To manage counterparty risk associated with financial instruments, we select and monitor counterparties based on an assessment of their financial strength and on credit ratings, if available. Additionally, we limit the level of exposure with any single counterparty. Property, Plant and Equipment Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets, generally 10 to 40 years for refining and midstream assets, 25 years for office buildings and 4 to 7 years for other miscellaneous fixed assets. Such assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset group and its eventual disposition is less than the carrying amount of the asset group, an impairment assessment is performed and the excess of the book value over the fair value of the asset group is recorded as an impairment loss. When items of property, plant and equipment are sold or otherwise disposed of, any gains or losses are reported in net income. Gains on the disposal of property, plant and equipment are recognized when earned, which is generally at the time of closing. If a loss on disposal is expected, such losses are recognized when the assets are classified as held for sale. Interest expense is capitalized for qualifying assets under construction. Capitalized interest costs are included in property, plant and equipment and are depreciated over the useful life of the related asset. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment at the reporting unit level annually and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below carrying value. If we determine, based on a qualitative assessment, that it is not more likely than not that a reporting unit’s fair value is less than its carrying amount, no further impairment testing is required. If we do not perform a qualitative assessment or if that assessment indicates that further impairment testing is required, the fair value of each reporting unit is determined using an income and/or market approach which is compared to the carrying value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The fair value under the income approach is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future volumes, discount rates, and future capital requirements. Amortization of intangibles with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Intangibles not subject to amortization are tested for impairment annually and when circumstances indicate that the fair value is less than the carrying amount of the intangible. If the fair value is less than the carrying value, an impairment is recorded for the difference. Major Maintenance Activities Costs for planned turnaround and other major maintenance activities are expensed in the period incurred. These types of costs include contractor repair services, materials and supplies, equipment rentals and our labor costs. Environmental Costs Environmental expenditures for additional equipment that mitigates or prevents future contamination or improves environmental safety or efficiency of the existing assets are capitalized. We recognize remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs can be reasonably estimated. The timing of remediation accruals coincides with completion of a feasibility study or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of known environmental exposure and are discounted when the estimated amounts are reasonably fixed and determinable. If recoveries of remediation costs from third parties are probable, a receivable is recorded and is discounted when the estimated amount is reasonably fixed and determinable. Asset Retirement Obligations The fair value of asset retirement obligations is recognized in the period in which the obligations are incurred if a reasonable estimate of fair value can be made. The majority of our recognized asset retirement liability relates to conditional asset retirement obligations for removal and disposal of fire-retardant material from certain refining facilities. The remaining recognized asset retirement liability relates to other refining assets, certain pipelines and processing facilities and other related pipeline assets. The fair values recorded for such obligations are based on the most probable current cost projections. Asset retirement obligations have not been recognized for some assets because the fair value cannot be reasonably estimated since the settlement dates of the obligations are indeterminate. Such obligations will be recognized in the period when sufficient information becomes available to estimate a range of potential settlement dates. The asset retirement obligations principally include the hazardous material disposal and removal or dismantlement requirements associated with the closure of certain refining, terminal, pipeline and processing assets. Our practice is to keep our assets in good operating condition through routine repair and maintenance of component parts in the ordinary course of business and by continuing to make improvements based on technological advances. As a result, we believe that generally these assets have no expected settlement date for purposes of estimating asset retirement obligations since the dates or ranges of dates upon which we would retire these assets cannot be reasonably estimated at this time. Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases. Deferred tax assets are recorded when it is more likely than not that they will be realized. The realization of deferred tax assets is assessed periodically based on several factors, primarily our expectation to generate sufficient future taxable income. Share-Based Compensation Arrangements The fair value of stock options granted to our employees is estimated on the date of grant using the Black-Scholes option pricing model. The model employs various assumptions based on management’s estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the vesting period of the stock option award. Of the required assumptions, the expected life of the stock option award and the expected volatility of our stock price have the most significant impact on the fair value calculation. The average expected life is based on our historical employee exercise behavior. The assumption for expected volatility of our stock price reflects a weighting of 50 percent of our common stock implied volatility and 50 percent of our common stock historical volatility. The fair value of restricted stock awards granted to our employees is determined based on the fair market value of our common stock on the date of grant. The fair value of performance awards granted to our employees is determined using a Monte Carlo valuation model, which is updated quarterly, with appropriate mark-to-market adjustments made. Our share-based compensation expense is recognized based on management’s estimate of the awards that are expected to vest, using the straight-line attribution method for all service-based awards with a graded vesting feature. Awards expected to vest are estimated using the historical data of our own employees. If actual forfeiture results are different than expected, adjustments to recognized compensation expense may be required in future periods. Unearned share-based compensation is charged to equity when restricted stock awards are granted. Compensation expense is recognized over the requisite service period and is adjusted if conditions of the restricted stock award are not met. Business Combinations We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Any excess or deficiency of the purchase consideration when compared to the fair value of the net tangible assets acquired, if any, is recorded as goodwill or gain from a bargain purchase. For material acquisitions, management engages an independent valuation specialist to assist with the determination of fair value of the assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of revenue and operating expenses; (ii) long-term growth rates; and (iii) appropriate discount rates. The market valuation method uses prices paid for a reasonably similar asset by other purchasers in the market, with adjustments relating to any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at prices at the time of the acquisition reduced for depreciation of the asset. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period of the adjustment. Acquisition-related costs are expensed as incurred in connection with each business combination. Environmental Credits and Obligations In order to comply with certain regulations, specifically the RFS2 requirements implemented by EPA and the cap-and-trade emission reduction program and low carbon fuel standard implemented by state programs, we are required to reduce our emissions, blend certain levels of biofuels or obtain allowances or credits to offset the obligations created by our operations. In regard to each program, we record an asset, included in other current assets or other noncurrent assets on the consolidated balance sheets, for allowances or credits owned in excess of our anticipated current period compliance requirements. The asset value is based on the product of the excess allowances or credits as of the balance sheet date, if any, and the weighted average cost of those allowances or credits. We record a liability, included in other current liabilities or deferred credits and other liabilities on the consolidated balance sheets, when we are deficient allowances or credits based on the product of the deficient amount as of the balance sheet date, if any, based on either the fixed contract price or the market price of the allowances or credits at the balance sheet date. The cost of allowances or credits used for compliance is reflected in cost of revenues on the consolidated statements of income. Any gains or losses on the sale or expiration of allowances or credits are classified as other income on the consolidated statements of income. Proceeds from the sale of allowances or credits are reported in investing activities - all other, net on the consolidated statements of cash flow. |
Accounting Standards
Accounting Standards | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards | Accounting Standards Recently Adopted During 2023, we adopted ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The adoption of this accounting standard update did not have a material impact on our financial statements. Not Yet Adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued an ASU to update income tax disclosure requirements to provide consistent categories and greater disaggregation of information in the rate reconciliation and to disaggregate income taxes paid by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact this ASU will have on our disclosures. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued an ASU to update reportable segment disclosure requirements primarily by requiring enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this ASU will have on our disclosures. ASU 2023-01, Leases (Topic 842): Common Control Arrangements In March 2023, the FASB issued an ASU to amend certain provisions of ASC 842 that apply to arrangements between related parties under common control. The ASU amends the accounting for the amortization period of leasehold improvements in common-control leases for all entities and requires certain disclosures when the lease term is shorter than the useful life of the asset. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the application of this ASU to have a material impact on our consolidated financial statements or disclosures. |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-term Investments | Short-Term Investments Investments Components The components of investments were as follows: December 31, 2023 (Millions of dollars) Fair Value Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Available-for-sale debt securities Commercial paper Level 2 $ 3,154 $ 2 $ — $ 3,156 $ 281 $ 2,875 Certificates of deposit and time deposits Level 2 1,836 1 — 1,837 800 1,037 U.S. government securities Level 1 785 — (1) 784 — 784 Corporate notes and bonds Level 2 85 — — 85 — 85 Total available-for-sale debt securities $ 5,860 $ 3 $ (1) $ 5,862 $ 1,081 $ 4,781 Cash 4,362 4,362 — Total $ 10,224 $ 5,443 $ 4,781 December 31, 2022 (Millions of dollars) Fair Value Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Available-for-sale debt securities Commercial paper Level 2 $ 3,074 $ — $ (1) $ 3,073 $ 1,106 $ 1,967 Certificates of deposit and time deposits Level 2 2,093 — — 2,093 1,500 593 U.S. government securities Level 1 1,071 — — 1,071 498 573 Corporate notes and bonds Level 2 66 — — 66 54 12 Total available-for-sale debt securities $ 6,304 $ — $ (1) $ 6,303 $ 3,158 $ 3,145 Cash 5,467 5,467 — Total $ 11,770 $ 8,625 $ 3,145 Our investment policy includes concentration limits and credit rating requirements which limits our investments to high quality, short term and highly liquid securities. Realized gains/losses were not material. All of our available-for-sale debt securities held as of December 31, 2023 mature within one year or less or are readily available for use. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Assets Held for Sale | Discontinued Operations On May 14, 2021, we completed the sale of Speedway, our company-owned and operated retail transportation fuel and convenience store business, to 7-Eleven for cash proceeds of approximately $21.38 billion. After-tax proceeds were approximately $17.22 billion. This transaction resulted in a pretax gain of $11.68 billion ($ 8.02 billion The transaction provided for adjustments for working capital and other miscellaneous items, which were finalized with 7-Eleven in the fourth quarter of 2022, resulting in an additional pretax gain of $60 million. Fuel Supply Agreements |
Master Limited Partnership
Master Limited Partnership | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Master Limited Partnerships | Master Limited Partnership We own the general partner and a majority limited partner interest in MPLX, which owns and operates crude oil and light product transportation and logistics infrastructure as well as gathering, processing and fractionation assets. We control MPLX through our ownership of the general partner interest and, as of December 31, 2023, we owned approximately 65 percent of the outstanding MPLX common units. Unit Repurchase Program In November 2020, MPLX announced the board authorization of a unit repurchase program for the repurchase of up to $1.0 billion of MPLX’s outstanding common units held by the public, which was exhausted in 2022. On August 2, 2022 , MPLX announced its board of directors approved a $1.0 billion unit repurchase authorization. This unit repurchase authorization has no expiration date. MPLX may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be discontinued at any time. Total unit repurchases were as follows for the respective periods: (In millions, except per unit data) 2023 2022 2021 Number of common units repurchased — 15 23 Cash paid for common units repurchased $ — $ 491 $ 630 Average cost per unit $ — $ 31.96 $ 27.52 As of December 31, 2023, MPLX had approximately $846 million remaining under its unit repurchase authorization. Redemption of the Series B Preferred Units On February 15, 2023, MPLX exercised its right to redeem all of its 600,000 outstanding preferred units (the “Series B preferred units”). MPLX paid unitholders the Series B preferred unit redemption price of $1,000 per unit. The final semi-annual distribution on the Series B preferred units was paid on February 15, 2023 in the usual manner. The excess of the total redemption price of $600 million paid to Series B preferred unitholders over the carrying value of the Series B preferred units on the redemption date resulted in a $2 million net reduction to retained earnings. The Series B preferred units were included in noncontrolling interest on our consolidated balance sheet at December 31, 2022. Agreements We have various long-term, fee-based commercial agreements with MPLX. Under these agreements, MPLX provides transportation, storage, distribution and marketing services to us. With certain exceptions, these agreements generally contain minimum volume commitments. These transactions are eliminated in consolidation but are reflected as intersegment transactions between our Refining & Marketing and Midstream segments. We also have agreements with MPLX that establish fees for operational and management services provided between us and MPLX and for executive management services and certain general and administrative services provided by us to MPLX. These transactions are eliminated in consolidation but are reflected as intersegment transactions between corporate and our Midstream segment. Noncontrolling Interest As a result of equity transactions of MPLX, we are required to adjust non-controlling interest and additional paid-in capital. Changes in MPC’s additional paid-in capital resulting from changes in its ownership interest in MPLX were as follows: (Millions of dollars) 2023 2022 2021 Decrease due to change in ownership $ (4) $ (164) $ (166) Tax impact — 44 73 Decrease in MPC's additional paid-in capital, net of tax $ (4) $ (120) $ (93) |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIE We control MPLX through our ownership of its general partner. MPLX is a VIE because the limited partners do not have substantive kick-out or participating rights over the general partner. We are the primary beneficiary of MPLX because in addition to our significant economic interest, we also have the ability, through our ownership of the general partner, to control the decisions that most significantly impact MPLX. We therefore consolidate MPLX and record a noncontrolling interest for the interest owned by the public. We also record a redeemable noncontrolling interest related to MPLX’s Series A preferred units. The creditors of MPLX do not have recourse to MPC’s general credit through guarantees or other financial arrangements, except as noted. MPC has effectively guaranteed certain indebtedness of LOOP LLC (“LOOP”) and LOCAP LLC (“LOCAP”), in which MPLX holds an interest. See Note 28 for more information. The assets of MPLX can only be used to settle its own obligations and its creditors have no recourse to our assets, except as noted earlier. The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets. (Millions of dollars) December 31, December 31, Assets Cash and cash equivalents $ 1,048 $ 238 Receivables, less allowance for doubtful accounts 836 747 Inventories 159 148 Other current assets 33 56 Equity method investments 3,743 4,095 Property, plant and equipment, net 19,264 18,848 Goodwill 7,645 7,645 Right of use assets 264 283 Other noncurrent assets 1,644 1,664 (Millions of dollars) December 31, December 31, Liabilities Accounts payable $ 723 $ 664 Payroll and benefits payable — 4 Accrued taxes 79 67 Debt due within one year 1,135 988 Operating lease liabilities 45 46 Other current liabilities 336 338 Long-term debt 19,296 18,808 Deferred income taxes 16 13 Long-term operating lease liabilities 211 230 Deferred credits and other liabilities 476 366 Non-Consolidated VIEs Green Bison Soy Processing, LLC We formed a joint venture with Archer-Daniels-Midland Company (“ADM”) for the production of soybean oil to supply rapidly growing demand for renewable diesel fuel. The joint venture, which is named Green Bison Soy Processing, LLC, owns and operates a soybean processing complex in Spiritwood, North Dakota, with ADM owning 75 percent of the joint venture and MPC owning 25 percent. Green Bison Soy Processing, LLC is a VIE since it is unable to fund its operations without financial support from its equity owners. We are not the primary beneficiary of this VIE because we do not have the ability to control the activities that significantly influence the economic outcomes of the entity and, therefore, do not consolidate the entity. LF Bioenergy Acquisition On March 8, 2023, MPC announced the acquisition of a 49.9 percent interest in LF Bioenergy. LF Bioenergy is a VIE since it is unable to fund its operations without financial support from its equity owners. We are not the primary beneficiary of this VIE because we do not have the ability to control the activities that significantly influence the economic outcomes of the entity and, therefore, do not consolidate the entity. Martinez Renewables LLC On September 21, 2022, MPC closed on the formation of the Martinez Renewables LLC joint venture. We determined that, as of the closing date, Martinez Renewables LLC is a VIE because the entity does not have sufficient equity to complete the modification of the plant to produce renewable fuels without additional financial support from its owners. We are not the primary beneficiary of this VIE because we do not have the ability to control the activities that significantly influence the economic outcomes of the entity and, therefore, do not consolidate the entity. Crowley Coastal Partners We have determined that Crowley Coastal Partners LLC (“Crowley Coastal Partners”) is a VIE based on the terms of the existing financing arrangement for Crowley Blue Water Partners LLC (“Crowley Blue Water Partners”) and the associated debt guarantee by MPC and Crowley Maritime Corporation. Our maximum exposure to loss includes our equity method investment in Crowley Coastal Partners and the debt guarantees provided to each of the lenders to Crowley Blue Water Partners. We are not the primary beneficiary of this VIE because we do not have the ability to control the activities that significantly influence the economic outcomes of the entity and, therefore, do not consolidate the entity. MPLX VIEs For those entities that have been deemed to be VIEs, neither MPLX nor any of its subsidiaries have been deemed to be the primary beneficiary due to voting rights on significant matters. While we have the ability to exercise influence through participation in the management committees which make all significant decisions, we have equal influence over each committee as a joint interest partner and all significant decisions require the consent of the other investors without regard to economic interest and as such we have determined that these entities should not be consolidated and apply the equity method of accounting with respect to our investments in each entity. Sherwood Midstream LLC (“Sherwood Midstream”) has been deemed the primary beneficiary of Sherwood Midstream Holdings LLC (“Sherwood Midstream Holdings”) due to its controlling financial interest through its authority to manage the joint venture. As a result, Sherwood Midstream consolidates Sherwood Midstream Holdings. MPLX’s maximum exposure to loss as a result of its involvement with equity method investments includes its equity investment, any additional capital contribution commitments and any operating expenses incurred by the subsidiary operator in excess of its compensation received for the performance of the operating services. We account for our ownership interest in each of these investments as an equity method investment. See Note 15 for ownership percentages and investment balances and Note 28 for our exposure to guarantees related to our non-consolidated VIEs. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Transactions with related parties were as follows: (Millions of dollars) 2023 2022 2021 Sales to related parties $ 915 $ 144 $ 93 Purchases from related parties 1,818 1,175 962 Sales to related parties, which are included in sales and other operating revenues, consist primarily of refined product sales and renewable feedstock sales to certain of our equity affiliates. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings Per Share We compute basic earnings per share by dividing net income attributable to MPC less income allocated to participating securities by the weighted average number of shares of common stock outstanding. Since MPC grants certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities, we have calculated our earnings per share using the two-class method. Diluted income per share assumes exercise of certain share-based compensation awards, provided the effect is not anti-dilutive. (In millions, except per share data) 2023 2022 2021 Income from continuing operations, net of tax $ 11,172 $ 15,978 $ 2,553 Net income attributable to noncontrolling interest (1,491) (1,534) (1,263) Net income allocated to participating securities (7) (8) (2) Redemption of preferred units (2) — — Income from continuing operations available to common stockholders 9,672 14,436 1,288 Income from discontinued operations, net of tax — 72 8,448 Income available to common stockholders $ 9,672 $ 14,508 $ 9,736 Weighted average common shares outstanding: Basic 407 512 634 Effect of dilutive securities 2 4 4 Diluted 409 516 638 Income available to common stockholders per share: Basic: Continuing operations $ 23.73 $ 28.17 $ 2.03 Discontinued operations — 0.14 13.31 Net income per share $ 23.73 $ 28.31 $ 15.34 Diluted: Continuing operations $ 23.63 $ 27.98 $ 2.02 Discontinued operations — 0.14 13.22 Net income per share $ 23.63 $ 28.12 $ 15.24 The following table summarizes the shares that were anti-dilutive, and therefore, were excluded from the diluted share calculation. (In millions) 2023 2022 2021 Shares issuable under share-based compensation plans — — 3 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Equity On October 25, 2023, MPC announced that our board of directors approved a $5.0 billion share repurchase authorization in addition to the $5.0 billion share authorizations announced on January 31, 2023 and May 2, 2023. Share repurchase authorizations since 2012 totaled $50.05 billion. As of December 31, 2023, $6.78 billion remained available for repurchase under these share repurchase authorizations. These share repurchase authorizations have no expiration date. We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, tender offers, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended or discontinued at any time. Total share repurchases were as follows for the respective periods: (In millions, except per share data) 2023 2022 2021 Number of shares repurchased 89 131 76 Cash paid for shares repurchased $ 11,572 $ 11,922 $ 4,654 Average cost per share (a) $ 131.27 $ 91.20 $ 62.65 (a) The average cost per share for the 2023 period includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but does not reduce the share repurchase authorization. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have two reportable segments: Refining & Marketing and Midstream. Each of these segments is organized and managed based upon the nature of the products and services it offers. • Refining & Marketing – refines crude oil and other feedstocks, including renewable feedstocks, at our refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States, purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution and marketing services provided largely by our Midstream segment. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to independent entrepreneurs who operate primarily Marathon ® branded outlets and through long-term fuel supply contracts with direct dealers who operate locations mainly under the ARCO ® brand. • Midstream – gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, towboats and barges; gathers, processes and transports natural gas; and transports, fractionates, stores and markets NGLs. The Midstream segment primarily reflects the results of MPLX. Our chief operating decision maker (“CODM”) evaluates the performance of our segments using segment adjusted EBITDA. Our CODM is the chief executive officer. Amounts included in income from continuing operations before income taxes and excluded from adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) turnaround expenses and (iv) other adjustments as deemed necessary. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) not tied to the operational performance of the segment. Assets by segment are not a measure used to assess the performance of the company by the CODM and thus are not reported in our disclosures. (Millions of dollars) 2023 2022 2021 Segment adjusted EBITDA for reportable segments Refining & Marketing 13,551 $ 19,261 $ 3,518 Midstream 6,171 5,772 5,410 Total reportable segments $ 19,722 $ 25,033 $ 8,928 (Millions of dollars) 2023 2022 2021 Reconciliation of segment adjusted EBITDA for reportable segments to income from continuing operations before income taxes Total reportable segments $ 19,722 $ 25,033 $ 8,928 Corporate (737) (698) (587) Refining planned turnaround costs (1,201) (1,122) (582) Garyville incident response costs (16) — — Storm impacts — — (70) LIFO inventory (charge) credit (145) 148 — Gain on sale of assets (a) 198 1,058 — Renewable volume obligation requirements (b) — 238 — Litigation — 27 — Impairments (c) — — (13) Idling facility expenses — — (12) Depreciation and amortization (3,307) (3,215) (3,364) Net interest and other financial costs (525) (1,000) (1,483) Income from continuing operations before income taxes $ 13,989 $ 20,469 $ 2,817 (a) 2023 includes the gain associated with the remeasurement of MPLX’s existing equity investment in MarkWest Torñado GP, L.L.C., arising from the acquisition of the remaining 40 percent interest and the gain on the sale of our interest in South Texas Gateway Terminal LLC. 2022 includes the $549 million gain related to the contribution of assets by MPC on the formation of the Martinez Renewables LLC joint venture and the $509 million gain on lease reclassification. See Notes 15 and 27 for additional information. (b) Represents retroactive changes in renewable volume obligation requirements published by EPA in June 2022 for the 2020 and 2021 annual obligations. (c) 2021 reflects impairments of equity method investments. (Millions of dollars) 2023 2022 2021 Sales and other operating revenues Refining & Marketing Revenues from external customers (a) $ 143,468 $ 172,087 $ 115,350 Intersegment revenues 107 118 144 Refining & Marketing segment revenues 143,575 172,205 115,494 Midstream Revenues from external customers (a) 4,911 5,366 4,633 Intersegment revenues 5,597 5,224 4,986 Midstream segment revenues 10,508 10,590 9,619 Total segment revenues 154,083 182,795 125,113 Less: intersegment revenues 5,704 5,342 5,130 Consolidated sales and other operating revenues $ 148,379 $ 177,453 $ 119,983 (a) Includes Refining & Marketing intercompany sales to Speedway prior to May 14, 2021 and related party sales. See Notes 5 and 8 for additional information. (Millions of dollars) 2023 2022 2021 Income from equity method investments Refining & Marketing $ 7 $ 31 $ 59 Midstream 735 624 412 Corporate (a) — — (13) Consolidated income from equity method investments $ 742 $ 655 $ 458 (Millions of dollars) 2023 2022 2021 Depreciation and amortization Refining & Marketing $ 1,887 $ 1,850 $ 1,870 Midstream 1,320 1,310 1,329 Corporate (b) 100 55 165 Consolidated depreciation and amortization $ 3,307 $ 3,215 $ 3,364 Capital expenditures Refining & Marketing $ 1,311 $ 1,508 $ 911 Midstream 1,105 1,069 731 Segment capital expenditures and investments 2,416 2,577 1,642 Less investments in equity method investees 480 405 210 Plus: Corporate 83 108 105 Capitalized interest 55 103 68 Consolidated capital expenditures (c) $ 2,074 $ 2,383 $ 1,605 (a) Impairment of equity method investment. (b) 2021 includes an impairment of $ 56 million (c) Includes changes in capital expenditure accruals. See Note 22 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows. No single customer accounted for more than 10 percent of annual revenues for the year ended December 31, 2023. Sales to Speedway/7-Eleven from the Refining & Marketing segment represented 10 percent and 11 percent of our total annual revenues for the years ended December 31, 2022 and 2021, respectively. See Note 21 for the disaggregation of our revenue by segment and product line. We do not have significant operations in foreign countries. Therefore, revenues in foreign countries and long-lived assets located in foreign countries, including property, plant and equipment and investments, are not material to our operations. |
Net Interest and Other Financia
Net Interest and Other Financial Costs | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Net Interest and Other Financial Costs | Net Interest and Other Financial Costs Net interest and other financial costs were as follows: (Millions of dollars) 2023 2022 2021 Interest income $ (530) $ (191) $ (14) Interest expense 1,325 1,299 1,340 Interest capitalized (60) (104) (73) Pension and other postretirement non-service costs (a) (89) 3 64 Loss on extinguishment of debt 9 2 133 Investments - net premium (discount) amortization (142) (30) (1) Other financial costs 12 21 34 Net interest and other financial costs $ 525 $ 1,000 $ 1,483 (a) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes from continuing operations consisted of: (Millions of dollars) 2023 2022 2021 Current: Federal $ 2,359 $ 3,565 $ 380 State and local 475 629 48 Foreign 11 7 5 Total current 2,845 4,201 433 Deferred: Federal 18 191 (164) State and local (46) 98 (6) Foreign — 1 1 Total deferred (28) 290 (169) Income tax provision $ 2,817 $ 4,491 $ 264 Our effective tax rate for the year ended December 31, 2023 was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests, partially offset by state taxes. Our effective tax rate for the year ended December 31, 2022 was higher than the U.S. statutory rate primarily due to state taxes, partially offset by permanent tax benefits related to net income attributable to noncontrolling interests. Our effective tax rate for the year ended December 31, 2021 was lower than the U.S. statutory rate primarily due to permanent tax benefits related to net income attributable to noncontrolling interests and an increase in benefit related to the net operating loss (“NOL”) carryback provided under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), partially offset by state taxes. A reconciliation of the federal statutory income tax rate to the effective tax rate applied to income from continuing operations before income taxes follows: 2023 2022 2021 Federal statutory rate 21 % 21 % 21 % State and local income taxes, net of federal income tax effects 2 3 2 Noncontrolling interests (2) (2) (9) Legislation — — (3) Other (1) — (2) Effective tax rate applied to income from continuing operations before income taxes 20 % 22 % 9 % Deferred tax assets and liabilities resulted from the following: December 31, (Millions of dollars) 2023 2022 Deferred tax assets: Employee benefits $ 549 $ 481 Environmental remediation 89 84 Finance lease obligations 365 371 Operating lease liabilities 229 224 Net operating loss carryforwards 44 44 Tax credit carryforwards 10 20 Goodwill and other intangibles 71 56 Other 68 44 Total deferred tax assets 1,425 1,324 Deferred tax liabilities: Property, plant and equipment 2,684 2,656 Inventories 627 686 Investments in subsidiaries and affiliates 3,706 3,660 Right of use assets 230 223 Other 11 2 Total deferred tax liabilities 7,258 7,227 Net deferred tax liabilities $ 5,833 $ 5,903 Net deferred tax liabilities were classified in the consolidated balance sheets as follows: December 31, (Millions of dollars) 2023 2022 Assets: Other noncurrent assets $ 1 $ 1 Liabilities: Deferred income taxes 5,834 5,904 Net deferred tax liabilities $ 5,833 $ 5,903 At December 31, 2023 and 2022, federal operating loss carryforwards were $3 million and $4 million, respectively, which includes a mix of indefinite carryforward ability and expiration periods ranging from 2032 through 2034. As of December 31, 2023 and 2022, state and local operating loss and tax credit carryforwards were $31 million and $40 million, respectively, which includes a mix of indefinite carryforward ability and expiration periods ranging from 2025 through 2040. At both December 31, 2023 and December 31, 2022, foreign operating loss carryforwards were $20 million, which includes expiration periods ranging from 2027 through 2043. As of December 31, 2023 and 2022, $28 million and $49 million of valuation allowances have been recorded related to income taxes, primarily related to realizability of foreign tax operating losses and related deferred tax assets. MPC is continuously undergoing examination of its U.S. federal income tax returns by the Internal Revenue Service (“IRS”). Since 2012, we have continued to participate in the Compliance Assurance Process (“CAP”). CAP is a real-time audit of the U.S. federal income tax return that allows the IRS, working in conjunction with MPC, to determine tax return compliance with the U.S. federal tax law prior to filing the return. This program provides us with greater certainty about our tax liability for years under examination by the IRS. MPLX and its subsidiaries are undergoing examination of its U.S. federal income tax returns by the IRS for the tax year 2019 and tax year 2021. We do not believe the eventual outcome of such audits will have a material impact on our financial statements as of December 31, 2023. Further, we are routinely involved in U.S. state income tax audits. We believe all other audits will be resolved with the amounts provided for these liabilities. As of December 31, 2023, we have various state and local income tax returns subject to examination for years 2006 through 2022, depending on jurisdiction. The following table summarizes the activity in unrecognized tax benefits: (Millions of dollars) 2023 2022 2021 January 1 balance $ 57 $ 37 $ 23 Additions for tax positions of current year — — 6 Additions for tax positions of prior years 8 38 19 Reductions for tax positions of prior years (6) (2) (4) Settlements (20) (15) (6) Statute of limitations (1) (1) (1) December 31 balance $ 38 $ 57 $ 37 If the unrecognized tax benefits as of December 31, 2023 were recognized, $32 million would affect our effective income tax rate. There were $4 million of uncertain tax positions as of December 31, 2023 for which it is reasonably possible that the amount of unrecognized tax benefits would significantly decrease during the next twelve months. Interest and penalties related to income taxes are recorded as part of the provision for income taxes. Such interest and penalties were net expenses (benefits) of less than $(1) million, $1 million and $(2) million in 2023, 2022 and 2021, respectively. At both December 31, 2023 and December 31, 2022, $4 million of interest and penalties receivables (payables) were accrued related to income taxes, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories December 31, (Millions of dollars) 2023 2022 Crude oil $ 3,211 $ 3,047 Refined products 4,940 4,748 Materials and supplies 1,166 1,032 Total $ 9,317 $ 8,827 The LIFO method accounted for 87 percent and 88 percent of total inventory value at December 31, 2023 and 2022, respectively. Current acquisition costs were estimated to exceed the LIFO inventory value at December 31, 2023 and 2022 by $2.77 billion and $3.72 billion, respectively. The cost of inventories of crude oil and refined products is determined primarily under the LIFO method. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments MarkWest Torñado GP, L.L.C. On December 15, 2023, MPLX used $303 million of cash on hand to purchase the remaining 40 percent interest in MarkWest Torñado GP, L.L.C. (“Torñado”) for approximately $270 million, including cash paid for working capital, and to extend the term of a gathering and processing agreement for approximately $33 million. As a result of this transaction, this entity is now consolidated and included in our consolidated financial results. It was previously accounted for as an equity method investment. Torñado provides natural gas gathering and processing related services in the Permian basin. The results for this business are reported within our Midstream segment. At December 15, 2023, the carrying value of MPLX’s 60 percent equity investment in Torñado was $311 million. Upon acquisition of the remaining 40 percent member interest, the existing equity investment was remeasured to fair value resulting in the recognition of a $92 million gain, which was presented in the net gain on disposal of assets line on the accompanying consolidated statements of income. The fair value of the previously-held equity method investment was primarily based on the price negotiated for the 40 percent interest in Torñado. The acquisition was accounted for as a business combination. While the purchase price for the 40 percent interest was $270 million, all of the Torñado assets and liabilities were remeasured to fair value resulting in a consolidated fair value of net assets and liabilities of $673 million, consisting primarily of property, plant and equipment and identifiable intangible assets. The fair value of property, plant and equipment was based primarily on the cost approach. The fair value of the identifiable intangible assets, consisting of various customer contracts, was primarily based on the multi-period excess earnings method, which is an income approach. South Texas Gateway Terminal LLC On August 1, 2023, MPC sold its 25 percent interest in South Texas Gateway Terminal LLC (“South Texas Gateway”) to an affiliate of Gibson Energy Inc. (“Gibson Energy”). Gibson Energy paid $1.1 billion in cash to acquire 100 percent of the membership interests of South Texas Gateway from MPC and its other members. South Texas Gateway owns an oil export facility in the U.S. Gulf Coast. MPC’s proceeds were $270 million, resulting in a gain of $106 million, which is included in the net gain on disposal of assets line of the accompanying consolidated statements of income. LF Bioenergy Acquisition On March 8, 2023, MPC announced the acquisition of a 49.9 percent interest in LF Bioenergy, an emerging producer of renewable natural gas (“RNG”) in the U.S., for approximately $56 million, which included funding for on-going operations and project development. LF Bioenergy has been focused on developing and growing a portfolio of dairy farm-based, low carbon intensity RNG projects. MPC accounts for our ownership interest in LF Bioenergy as an equity method investment. Crowley Ocean Partners Crowley Coastal Partners was formed in May 2016 to own both Crowley Ocean Partners LLC (“Crowley Ocean Partners”) and Crowley Blue Waters Partners. MPC accounts for our 50 percent ownership in Crowley Coastal Partners as an equity method investment. On December 1, 2022, MPC purchased all of Crowley Coastal Partner’s interest in Crowley Ocean Partners and its four subsidiaries for approximately $485 million, which included $196 million to pay off the debt associated with the four tankers. As a result of the transaction, Crowley Ocean Partners is now included in our consolidated results. MPC will continue to account for its 50 percent interest in Crowley Coastal Partners as an equity method investment. The excess of the $144 million fair value over the $125 million book value of our 50 percent indirect interest in Crowley Ocean Partners resulted in a $19 million gain, which is included in the income from equity method investments line of the accompanying consolidated statements of income. Martinez Renewables LLC On September 21, 2022, MPC closed on the formation of the Martinez Renewables LLC joint venture. MPC contributed property, plant and equipment, inventory, and working capital with an estimated fair value of $1.471 billion and Neste contributed $728 million in cash. MPC recorded a gain of $549 million resulting from the difference between the carrying value and fair value of the contributed property, plant and equipment and inventory. Subsequent to the closing, the joint venture paid a special distribution to MPC of $500 million, which is reflected as a return of capital in MPC’s consolidated statements of cash flows. After the special distribution, MPC’s investment value in the entity was approximately $971 million. We apply the equity method of accounting with respect to our investment in the entity. Watson Cogeneration Company On June 1, 2022, MPC purchased the remaining 49 percent interest in Watson Cogeneration Company from NRG Energy, Inc. for approximately $59 million. This entity is now consolidated and included in our consolidated results. It was previously accounted for as an equity method investment. The excess of the $62 million fair value over the $25 million book value of our 51 percent ownership interest in Watson Cogeneration Company resulted in a $37 million gain, which is included in the net gain on disposal of assets line of the accompanying consolidated statements of income. Ownership as of Carrying value at December 31, December 31, (In millions of dollars, except ownership percentages) VIE 2023 2023 2022 Refining & Marketing The Andersons Marathon Holdings LLC 50% $ 227 $ 204 Martinez Renewables LLC X 50% 1,266 1,070 Other (a) X 168 54 Refining & Marketing Total $ 1,661 $ 1,328 Midstream MPLX Andeavor Logistics Rio Pipeline LLC X 67% $ 171 $ 177 Centrahoma Processing LLC 40% 114 131 Illinois Extension Pipeline Company, L.L.C 35% 228 236 LOOP LLC 41% 314 287 MarEn Bakken Company LLC 25% 449 475 MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C. X 67% 336 335 MarkWest Torñado GP, L.L.C. (b) 100% — 306 MarkWest Utica EMG, L.L.C. X 58% 676 669 Minnesota Pipe Line Company, LLC 17% 174 178 Rendezvous Gas Services, L.L.C. X 78% 129 137 Sherwood Midstream Holdings LLC X 51% 113 125 Sherwood Midstream LLC X 50% 500 512 Whistler Pipeline LLC 38% 214 211 Other (a) X 325 316 MPLX Total $ 3,743 $ 4,095 MPC-Retained Capline Pipeline Company LLC 33% $ 402 $ 404 Crowley Coastal Partners, LLC X 50% 53 55 Gray Oak Pipeline, LLC 25% 284 302 LOOP LLC 10% 78 71 South Texas Gateway Terminal LLC (c) —% — 170 Other (a) X 39 41 MPC-Retained Total $ 856 $ 1,043 Midstream Total $ 4,599 $ 5,138 Total $ 6,260 $ 6,466 (a) Some investments included within “Other” have been deemed to be VIEs. (b) MPLX purchased the remaining interest in MarkWest Torñado GP, L.L.C. during 2023. This entity is now consolidated and included in our consolidated results. (c) MPC sold its interest in South Texas Gateway Terminal LLC in 2023. Summarized financial information for all equity method investments in affiliated companies, combined, was as follows: (Millions of dollars) 2023 2022 2021 Income statement data: Revenues and other income $ 6,544 $ 5,069 $ 4,343 Income from operations 2,428 1,907 1,389 Net income 2,089 1,740 1,230 Balance sheet data – December 31: Current assets $ 2,610 $ 1,811 Noncurrent assets 21,098 20,324 Current liabilities 1,569 1,478 Noncurrent liabilities 6,719 4,750 As of December 31, 2023, the carrying value of our equity method investments was $301 million higher than the underlying net assets of investees. This basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets, except for $208 million of excess related to goodwill and other non-depreciable assets. Dividends and partnership distributions received from equity method investees (excluding distributions that represented a return of capital previously contributed) were $941 million, $772 million and $652 million in 2023, 2022 and 2021, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment (PP&E) December 31, 2023 December 31, 2022 (Millions of dollars) Gross Accumulated Depreciation Net Gross Accumulated Depreciation Net Refining & Marketing $ 32,496 $ 17,992 $ 14,504 $ 32,292 $ 16,745 $ 15,547 Midstream 29,620 9,589 20,031 27,659 8,118 19,541 Corporate 1,632 1,055 577 1,550 981 569 Total (a) $ 63,748 $ 28,636 $ 35,112 $ 61,501 $ 25,844 $ 35,657 (a) Includes finance leases. See Note 27. Property, plant and equipment includes construction in progress of $1.40 billion and $2.29 billion at December 31, 2023 and 2022, respectively, which primarily relates to capital projects at our refineries and midstream facilities. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill MPC annually evaluates goodwill for impairment as of November 30, as well as whenever events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit with goodwill is less than its carrying amount. There were no impairments of goodwill required based on our annual test of goodwill in 2023 and 2022. At December 31, 2023, MPC had four reporting units with goodwill totaling approximately $8.24 billion. For the annual impairment assessment as of November 30, 2023, management performed only a qualitative assessment for three reporting units as we determined it was more likely than not that the fair value of the reporting units exceeded the carrying value. A quantitative assessment was performed for the remaining reporting unit, which resulted in the fair value of the reporting unit exceeding its carrying value by greater than 10 percent. The changes in the carrying amount of goodwill for 2023 were as follows: (Millions of dollars) Refining & Marketing Midstream Total Balance as of December 31, 2021 $ 561 $ 7,695 $ 8,256 Impairment losses — — — Disposal of assets — (12) (12) Balance as of December 31, 2022 561 7,683 8,244 Impairment losses — — — Balance as of December 31, 2023 $ 561 $ 7,683 $ 8,244 Gross goodwill as of December 31, 2023 $ 6,141 $ 10,824 $ 16,965 Accumulated impairment losses (5,580) (3,141) (8,721) Balance as of December 31, 2023 $ 561 $ 7,683 $ 8,244 Intangible Assets Our definite lived intangible assets as of December 31, 2023 and 2022 are as shown below. December 31, 2023 December 31, 2022 (Millions of dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer contracts and relationships $ 3,838 $ 2,132 $ 1,706 $ 3,624 $ 1,825 $ 1,799 Brand rights and tradenames 101 79 22 100 64 36 Royalty agreements 173 142 31 138 103 35 Other 41 35 6 36 30 6 Total $ 4,153 $ 2,388 $ 1,765 $ 3,898 $ 2,022 $ 1,876 At both December 31, 2023 and December 31, 2022, we had indefinite lived intangible assets of $71 million, which are emission allowance credits. Amortization expense was $316 million for both 2023 and 2022. Estimated future amortization expense for the next five years related to the intangible assets at December 31, 2023 is as follows: (Millions of dollars) 2024 $ 265 2025 250 2026 230 2027 201 2028 179 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Values – Recurring The following tables present assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2023 and 2022 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables. December 31, 2023 Fair Value Hierarchy (Millions of dollars) Level 1 Level 2 Level 3 Netting and Collateral (a) Net Carrying Value on Balance Sheet (b) Collateral Pledged Not Offset Assets: Commodity contracts $ 244 $ — $ — $ (220) $ 24 $ 73 Liabilities: Commodity contracts $ 249 $ — $ — $ (249) $ — $ — Embedded derivatives in commodity contracts — — 61 — 61 — December 31, 2022 Fair Value Hierarchy (Millions of dollars) Level 1 Level 2 Level 3 Netting and Collateral (a) Net Carrying Value on Balance Sheet (b) Collateral Pledged Not Offset Assets: Commodity contracts $ 310 $ — $ — $ (243) $ 67 $ 100 Liabilities: Commodity contracts $ 301 $ — $ — $ (301) $ — $ — Embedded derivatives in commodity contracts — — 61 — 61 — (a) Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of December 31, 2023, cash collateral of $29 million was netted with mark-to-market derivative liabilities. As of December 31, 2022, cash collateral of $58 million was netted with mark-to-market derivative liabilities. (b) We have no derivative contracts which are subject to master netting arrangements reflected gross on the balance sheet. Level 3 instruments relate to an embedded derivative liability for a natural gas purchase commitment embedded in a keep‑whole processing agreement. The fair value calculation for these Level 3 instruments at December 31, 2023 used significant unobservable inputs including: (1) NGL prices interpolated and extrapolated due to inactive markets ranging from $0.61 to $1.44 per gallon with a weighted average of $0.76 per gallon and (2) the probability of renewal of 100 percent for the five-year term of the natural gas purchase agreement and the related keep-whole processing agreement. Increases or decreases in the fractionation spread result in an increase or decrease in the fair value of the embedded derivative liability. The following is a reconciliation of the beginning and ending balances recorded for net liabilities classified as Level 3 in the fair value hierarchy. (Millions of dollars) 2023 2022 Beginning balance $ 61 $ 108 Unrealized and realized (gain) loss included in net income 11 (35) Settlements of derivative instruments (11) (12) Ending balance $ 61 $ 61 The amount of total (gain)/loss for the period included in earnings attributable to the change in unrealized (gain)/loss relating to liabilities still held at the end of period: $ 9 $ (33) See Note 19 for the income statement impacts of our derivative instruments. Fair Values – Non-recurring Non-recurring fair value measurements and disclosures in 2023 relate primarily to the acquisition of the remaining interest in MarkWest Torñado GP, L.L.C. as discussed in Note 15. Non-recurring fair value measurements and disclosures in 2022 relate primarily to sales-type leases discussed in Note 27 and the Martinez Renewables LLC equity method investment discussed in Note 15. The net investment in sales-type leases was recorded at the estimated fair value of the underlying leased assets at contract modification date. The leased assets were valued using a cost method valuation approach which utilizes Level 3 inputs. The fair value of the Martinez Renewables LLC equity method investment was primarily based on the cash consideration received from Neste for their 50 percent ownership. Fair Values – Reported We believe the carrying value of our other financial instruments, including cash and cash equivalents, receivables, accounts payable and certain accrued liabilities, approximate fair value. Our fair value assessment incorporates a variety of considerations, including the short-term duration of the instruments and the expected insignificance of bad debt expense, which includes an evaluation of counterparty credit risk. The borrowings under our revolving credit facilities, which include variable interest rates, approximate fair value. The fair value of our long-term debt is based on prices from recent trade activity and is categorized in Level 3 of the fair value hierarchy. The carrying and fair values of our debt were approximately $27.0 billion and $25.5 billion at December 31, 2023, respectively, and approximately $26.3 billion and $24.0 billion at December 31, 2022, respectively. These carrying and fair values of our debt exclude the unamortized issuance costs which are netted against our total debt. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Derivative Instruments [Abstract] | |
Derivatives | Derivatives For further information regarding the fair value measurement of derivative instruments, including any effect of master netting agreements or collateral, see Note 18. See Note 2 for a discussion of the types of derivatives we use and the reasons for them. We do not designate any of our commodity derivative instruments as hedges for accounting purposes. The following table presents the fair value of derivative instruments as of December 31, 2023 and 2022 and the line items in the consolidated balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets. (Millions of dollars) December 31, 2023 December 31, 2022 Balance Sheet Location Asset Liability Asset Liability Commodity derivatives Other current assets $ 244 $ 249 $ 310 $ 301 Other current liabilities (a) — 11 — 10 Deferred credits and other liabilities (a) — 50 — 51 (a) Includes embedded derivatives. The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of December 31, 2023. Percentage of contracts that expire next quarter Position (Units in thousands of barrels) Long Short Exchange-traded (a) Crude oil 71.2% 42,455 44,998 Refined products 90.7% 17,657 18,996 Blending products 89.3% 6,030 5,938 Soybean oil 82.7% 4,339 5,088 (a) Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 10,866 long and 10,986 short; Refined products - 615 long and 386 short. There are no spread contracts for blending products or soybean oil. The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: (Millions of dollars) Gain (Loss) Income Statement Location 2023 2022 2021 Sales and other operating revenues $ 7 $ — $ (47) Cost of revenues (15) (58) (333) Other income 2 — — Total $ (6) $ (58) $ (380) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our outstanding borrowings at December 31, 2023 and 2022 consisted of the following: (Millions of dollars) December 31, December 31, Marathon Petroleum Corporation: Senior notes $ 6,449 $ 6,449 Notes payable 1 1 Finance lease obligations 464 522 Total 6,914 6,972 MPLX LP: Senior notes 20,700 20,100 Finance lease obligations 6 8 Total 20,706 20,108 Total debt 27,620 27,080 Unamortized debt issuance costs (141) (142) Unamortized discount, net of unamortized premium (196) (238) Amounts due within one year (1,954) (1,066) Total long-term debt due after one year $ 25,329 $ 25,634 Commercial Paper We have in place a commercial paper program that allows us to have a maximum of $2.0 billion in commercial paper outstanding, with maturities up to 397 days from the date of issuance. We do not intend to have outstanding commercial paper borrowings in excess of available capacity under the MPC Credit Agreement. MPC Senior Notes December 31, (Millions of dollars) 2023 2022 Senior notes, 3.625% due September 2024 750 750 Senior notes, 4.700% due May 2025 1,250 1,250 Senior notes, 5.125% due December 2026 719 719 Senior notes, 3.800% due April 2028 496 496 Senior notes, 6.500% due March 2041 1,250 1,250 Senior notes, 4.750% due September 2044 800 800 Senior notes, 5.850% due December 2045 250 250 Senior notes, 4.500% due April 2048 498 498 Andeavor senior notes, 3.800% - 5.125% due 2026 – 2048 36 36 Senior notes, 5.000%, due September 2054 400 400 Total $ 6,449 $ 6,449 Interest on each series of senior notes is payable semi-annually in arrears. The MPC senior notes are unsecured and unsubordinated obligations of MPC and rank equally with all of MPC’s other existing and future unsecured and unsubordinated indebtedness. The MPC senior notes are non-recourse to our subsidiaries and structurally subordinated to the indebtedness of our subsidiaries, including the outstanding indebtedness of Andeavor and MPLX. The Andeavor senior notes are unsecured, unsubordinated obligations of Andeavor and are non-recourse to MPC and any of MPC’s subsidiaries other than Andeavor. MPLX Senior Notes December 31, (Millions of dollars) 2023 2022 Senior notes, 4.500% due July 2023 $ — $ 989 Senior notes, 4.875% due December 2024 1,149 1,149 Senior notes, 4.000% due February 2025 500 500 Senior notes, 4.875% due June 2025 1,189 1,189 MarkWest senior notes, 4.500% - 4.875% due 2023 – 2025 12 23 Senior notes, 1.750% due March 2026 1,500 1,500 Senior notes, 4.125% due March 2027 1,250 1,250 Senior notes, 4.250% due December 2027 732 732 Senior notes, 4.000% due March 2028 1,250 1,250 Senior notes, 4.800% due February 2029 750 750 Senior notes, 2.650% due August 2030 1,500 1,500 Senior notes, 4.950% due September 2032 1,000 1,000 Senior notes, 5.000% due March 2033 1,100 — Senior notes, 4.500% due April 2038 1,750 1,750 Senior notes, 5.200% due March 2047 1,000 1,000 Senior notes, 5.200% due December 2047 487 487 ANDX senior notes, 4.250% - 5.200% due 2027 – 2047 31 31 Senior notes, 4.700% due April 2048 1,500 1,500 Senior notes, 5.500% due February 2049 1,500 1,500 Senior notes, 4.950% due March 2052 1,500 1,500 Senior notes, 5.650% due March 2053 500 — Senior notes, 4.900% due April 2058 500 500 Total $ 20,700 $ 20,100 2023 Activity On February 9, 2023, MPLX issued $1.6 billion aggregate principal amount of senior notes in a public offering, consisting of $1.1 billion aggregate principal amount of 5.00 percent senior notes due March 2033 and $500 million aggregate principal amount of 5.65 percent senior notes due March 2053. On February 15, 2023, MPLX used $600 million of the net proceeds to redeem all of the outstanding Series B preferred units. On March 13, 2023, MPLX used the remaining proceeds to redeem all of MPLX’s and MarkWest’s $1.0 billion aggregate principal amount of 4.50 percent senior notes due July 2023.The redemption resulted in a loss on extinguishment of debt of $9 million due to the immediate expense recognition of unamortized debt discount and issuance costs. 2022 Activity On March 14, 2022, MPLX issued $1.5 billion aggregate principal amount of 4.950 percent senior notes due March 2052 in an underwritten public offering. The net proceeds were used to repay amounts outstanding under the MPC intercompany loan agreement and under the previous MPLX credit agreement. On August 11, 2022, MPLX issued $1.0 billion aggregate principal amount of 4.950 percent senior notes due September 2032 in an underwritten public offering. The net proceeds were used to redeem all of the $500 million aggregate principal amount of 3.500 percent senior notes due December 2022, $14 million of which was issued by Andeavor Logistics LP, and to redeem all of the $500 million aggregate principal amount of 3.375 percent senior notes due March 2023. Interest on each series of MPLX fixed rate senior notes is payable semi-annually in arrears. The MPLX senior notes are unsecured, unsubordinated obligations of MPLX and are non-recourse to MPC and its subsidiaries other than MPLX and MPLX GP LLC, as the general partner of MPLX. The MPLX senior notes are non-recourse to MPLX’s subsidiaries and structurally subordinated to the indebtedness of MPLX’s subsidiaries. Schedule of Maturities Principal maturities of long-term debt, excluding finance lease obligations, as of December 31, 2023 for the next five years are as follows: (Millions of dollars) 2024 $ 1,901 2025 2,950 2026 2,249 2027 2,000 2028 1,750 Available Capacity under our Facilities as of December 31, 2023 (Millions of dollars) Total Outstanding Outstanding Available Weighted Expiration MPC, excluding MPLX MPC bank revolving credit facility $ 5,000 $ — $ 1 $ 4,999 — July 2027 MPC trade receivables securitization facility (a) 100 — — 100 — September 2024 MPLX MPLX bank revolving credit facility 2,000 — — 2,000 — July 2027 (a) The committed borrowing and letter of credit issuance capacity of the trade receivables securitization facility is $100 million. In addition, the facility allows for the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks. MPC Bank Revolving Credit Facility On July 7, 2022, MPC entered into a new five-year revolving credit agreement (the “MPC Credit Agreement”) to replace its previous $5.0 billion credit facility that was scheduled to expire in October 2023. The MPC Credit Agreement, among other things, provides for a $5.0 billion unsecured revolving credit facility that matures in July 2027 and letter of credit issuing capacity under the facility of up to $2.2 billion. Letters of credit issuing capacity is included in, not in addition to, the $5.0 billion borrowing capacity. The financial covenants of the MPC Credit Agreement are substantially the same as those contained in the previous credit agreement. MPC has an option under the MPC Credit Agreement to increase the aggregate commitments by up to an additional $1.0 billion, subject to, among other conditions, the consent of the lenders whose commitments would be increased. In addition, the maturity date may be extended, for up to two additional one year periods, subject to, among other conditions, the approval of lenders holding the majority of the commitments then outstanding, provided that the commitments of any non-consenting lenders will terminate on the then-effective maturity date. The MPC Credit Agreement includes sub-facilities for swing-line loans of up to $250 million and letters of credit of up to $2.2 billion (which may be increased to up to $3.0 billion upon receipt of additional letter of credit issuing commitments). Borrowings under the MPC Credit Agreement bear interest, at our election, at either the Adjusted Term SOFR or the Alternate Base Rate, both as defined in the MPC Credit Agreement, plus an applicable margin. We are charged various fees and expenses in connection with the agreement, including administrative agent fees, commitment fees on the unused portion of the commitments and fees with respect to issued and outstanding letters of credit. The applicable margins to the benchmark interest rates and the commitment fees payable under the MPC Credit Agreement fluctuate based on changes, if any, to our credit ratings. The MPC Credit Agreement contains certain representations and warranties, affirmative and restrictive covenants and events of default that we consider to be usual and customary for arrangements of this type, including a financial covenant that requires us to maintain a ratio of Consolidated Net Debt to Total Capitalization, each as defined in the MPC Credit Agreement, of no greater than 0.65 to 1.00 as of the last day of each fiscal quarter. The covenants also restrict, among other things, our ability and/or the ability of certain of our subsidiaries to incur debt, create liens on assets or enter into transactions with affiliates. As of December 31, 2023, we were in compliance with the covenants contained in the MPC Credit Agreement. Trade Receivables Securitization Facility On September 30, 2021, we entered into a Loan and Security Agreement and related documentation with a group of lenders providing for a new trade receivables securitization facility having $100 million of committed borrowing and letter of credit issuance capacity and uncommitted borrowing and letter of credit issuance capacity that can be extended at the discretion of the lenders, provided that at no time may outstanding borrowings and letters of credit issued under the facility exceed the balance of eligible trade receivables (as calculated in accordance with the Loan and Security Agreement) that are pledged as collateral under the facility. In September 2023, the trade receivables securitization facility was amended to, among other things, extend its term until September 30, 2024. The trade receivables facility consists of certain of our wholly owned subsidiaries (“Originators”) selling or contributing on an on-going basis all of the trade receivables generated by them (the “Pool Receivables”), together with all related security and interests in the proceeds thereof, without recourse, to another wholly owned, bankruptcy-remote special purpose subsidiary, MPC Trade Receivables Company I LLC (“TRC”), in exchange for a combination of cash, equity and/or borrowings under a subordinated note issued by TRC to one or more of the Originators. TRC may request borrowings and extensions of credit under the Loan and Security Agreement for up to the lesser of the maximum capacity under the facility or the eligible trade receivables balance of the Pool Receivables. TRC and each of the Originators have granted a security interest in all of their rights, title and interests in and to the Pool Receivables, together with all related security and interests in the proceeds thereof, to the lenders to secure the performance of TRC’s and the Originators’ payment and other obligations under the facility. In addition, MPC has issued a performance guaranty in favor of the lenders guaranteeing the performance by TRC and the Originators of their obligations under the facility. To the extent that TRC retains an ownership interest in the Pool Receivables, such interest will be included in our consolidated financial statements solely as a result of the consolidation of the financial statements of TRC with those of MPC. The receivables sold or contributed to TRC are available first and foremost to satisfy claims of the creditors of TRC and are not available to satisfy the claims of creditors of MPC. TRC has granted a security interest in all of its assets to the lenders to secure its obligations under the Loan and Security Agreement. TRC pays floating-rate interest charges and usage fees on amounts outstanding under the trade receivables facility, if any, unused fees on the portion of unused commitments and certain other fees related to the administration of the facility and letters of credit that are issued and outstanding under the trade receivables facility. The Loan and Security Agreement and other documents comprising the facility contain representations and covenants that we consider usual and customary for arrangements of this type. Trade receivables are subject to customary criteria, limits and reserves before being deemed to be eligible receivables that count towards the borrowing base under the trade receivables facility. In addition, the lender’s commitments to extend loans and credits under the facility are subject to termination, and TRC may be subject to default fees, upon the occurrence of certain events of default that are included in the Loan and Security Agreement and other facility documentation, all of which we consider to be usual and customary for arrangements of this type. As of December 31, 2023, we were in compliance with the covenants contained in the Loan and Security Agreement and other facility documentation. MPLX Bank Revolving Credit Facility On July 7, 2022, MPLX entered into a new five-year revolving credit agreement (the “MPLX Credit Agreement”) to replace its previous $3.5 billion credit facility that was scheduled to expire in July 2024. The MPLX Credit Agreement, among other things, provides for a $2.0 billion unsecured revolving credit facility that matures in July 2027 and letter of credit issuing capacity under the facility of up to $150 million. Letters of credit issuing capacity is included in, not in addition to, the $2.0 billion borrowing capacity. The borrowing capacity under the MPLX Credit Agreement may be increased by up to an additional $1.0 billion, subject to certain conditions, including the consent of the lenders whose commitments would increase. In addition, the maturity date may be extended, for up to two additional one year periods, subject to, among other conditions, the approval of lenders holding the majority of the commitments then outstanding, provided that the commitments of any non-consenting lenders will terminate on the then-effective maturity date. Borrowings under the MPLX Credit Agreement bear interest, at MPLX’s election, at either the Adjusted Term SOFR or the Alternate Base Rate, both as defined in the MPLX Credit Agreement, plus an applicable margin. MPLX is charged various fees and expenses in connection with the agreement, including administrative agent fees, commitment fees on the unused portion of the commitments and fees with respect to issued and outstanding letters of credit. The applicable margins to the benchmark interest rates and the commitment fees payable under the MPLX Credit Agreement fluctuate based on changes, if any, to MPLX’s credit ratings. The MPLX Credit Agreement contains certain representations and warranties, affirmative and restrictive covenants and events of default that we consider to be usual and customary for an agreement of this type, including a financial covenant that requires MPLX to maintain a ratio of Consolidated Total Debt as of the end of each fiscal quarter to Consolidated EBITDA, both as defined in the MPLX Credit Agreement, for the prior four fiscal quarters of no greater than 5.0 to 1.0 (or 5.5 to 1.0 for up to two fiscal quarters following certain acquisitions). Consolidated EBITDA is subject to adjustments for certain acquisitions completed and capital projects undertaken during the relevant period. The covenants also restrict, among other things, MPLX’s ability and/or the ability of certain of its subsidiaries to incur debt, create liens on assets and enter into transactions with affiliates. As of December 31, 2023, MPLX was in compliance with the covenants contained in the MPLX Credit Agreement. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table presents our revenues from external customers disaggregated by segment and product line: (Millions of dollars) 2023 2022 2021 Refining & Marketing Refined products $ 134,303 $ 161,362 $ 107,345 Crude oil 7,423 8,962 7,132 Services and other 1,742 1,763 873 Total revenues from external customers 143,468 172,087 115,350 Midstream Refined products 1,675 2,219 1,590 Services and other (a) 3,236 3,147 3,043 Total revenues from external customers 4,911 5,366 4,633 Sales and other operating revenues $ 148,379 $ 177,453 $ 119,983 (a) Includes sales-type lease revenue. See Note 27. We do not disclose information on the future performance obligations for any contract with expected duration of one year or less at inception. As of December 31, 2023, we do not have future performance obligations that are material to future periods. Receivables |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information (Millions of dollars) 2023 2022 2021 Net cash provided by operating activities included: Interest paid (net of amounts capitalized) $ 1,200 $ 1,060 $ 1,231 Income taxes paid to taxing authorities 2,751 4,869 2,436 Cash paid for amounts included in the measurement of lease liabilities Payments on operating leases 493 498 569 Interest payments under finance lease obligations 25 24 21 Net cash provided by financing activities included: Principal payments under finance lease obligations 79 79 71 Non-cash investing and financing activities: Right of use assets obtained in exchange for new operating lease obligations 465 367 349 Right of use assets obtained in exchange for new finance lease obligations 21 60 37 Contribution of assets (a) — 818 — Book value of equity method investment (b) 311 150 — (a) Represents the book value of property, plant and equipment, inventory and working capital contributed by MPC to Martinez Renewables LLC. See Note 15 for additional information. (b) 2023 represents the book value of MPLX’s equity method investment in Torñado. prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Crowley Ocean Partners of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 15 for additional information. The consolidated statements of cash flows exclude changes to the consolidated balance sheets that did not affect cash. The following is a reconciliation of additions to property, plant and equipment to total capital expenditures: (Millions of dollars) 2023 2022 2021 Additions to property, plant and equipment per the consolidated statements of cash flows $ 1,890 $ 2,420 $ 1,464 Increase (decrease) in capital accruals 184 (37) 141 Total capital expenditures $ 2,074 $ 2,383 $ 1,605 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure | Other Current Liabilities The following summarizes the components of other current liabilities: December 31, (Millions of dollars) 2023 2022 Environmental credits liability $ 778 $ 429 Accrued interest payable 316 315 Other current liabilities 551 423 Total other current liabilities $ 1,645 $ 1,167 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Income (Loss) The following table shows the changes in accumulated other comprehensive income (loss) by component. Amounts in parentheses indicate debits. (Millions of dollars) Pension Benefits Other Benefits Other Total Balance as of December 31, 2021 $ (117) $ 49 $ 1 $ (67) Other comprehensive income (loss) before reclassifications, net of tax of $11 (70) 129 (1) 58 Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service credit (a) (45) (22) — (67) Amortization of actuarial loss (a) 4 6 — 10 Settlement loss (a) 79 — — 79 Tax effect (14) 3 — (11) Other comprehensive income (loss) (46) 116 (1) 69 Balance as of December 31, 2022 $ (163) $ 165 $ — $ 2 (Millions of dollars) Pension Benefits Other Benefits Other Total Balance as of December 31, 2022 $ (163) $ 165 $ — $ 2 Other comprehensive income (loss) before reclassifications, net of tax of $(22) (60) (21) 2 (79) Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service credit (a) (45) (22) — (67) Amortization of actuarial gain (a) (5) — — (5) Settlement gain (a) (1) — — (1) Other — — (1) (1) Tax effect 13 7 — 20 Other comprehensive income (loss) (98) (36) 1 (133) Balance as of December 31, 2023 $ (261) $ 129 $ 1 $ (131) (a) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 25. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Defined Benefit Pension and Other Postretirement Plans | Pension and Other Postretirement Benefits We have two noncontributory defined benefit pension plans. One plan is frozen and covered certain employees of our former Speedway LLC subsidiary. The other plan is active and covers substantially all of our employees. Benefits under these plans are based on a now frozen final average pay type of benefit based on age, years of service and final average pensionable earnings, and a cash balance type of benefit. The years of service component for the final average pay type of benefit was frozen as of December 31, 2009, and certain of the pensionable earnings components were frozen as of December 31, 2012. Benefits for the cash balance type of benefit began on January 1, 2010 for our continuing active plan, and began on January 1, 2016 for our frozen plan, and are based on a cash balance formula with an annual percentage of eligible pay credited based upon age and years of service or at a flat rate of eligible pay, depending on covered employee group. Substantially all of our employees also accrue benefits under a defined contribution plan. (Millions of dollars) 2023 2022 2021 Cash balance weighted average interest crediting rates 3.57 % 3.00 % 3.00 % We also have other postretirement benefits covering most employees. Retiree health care benefits are provided through comprehensive hospital, surgical, major medical benefit, prescription drug and related health benefit provisions subject to various cost sharing features. Retiree life insurance benefits are provided to a closed group of retirees. Other postretirement benefits are not funded in advance. In connection with the Andeavor acquisition, we assumed a number of additional qualified and nonqualified noncontributory benefit pension plans, covering substantially all former Andeavor employees. Benefits under these plans are determined based on final average compensation and years of service through December 31, 2010 and a cash balance formula for service beginning January 1, 2011. These plans were frozen as of December 31, 2018. Further, as of December 31, 2019, the qualified plans were merged with our existing qualified plans in which the actuarial assumptions were materially the same between the plans. We also assumed a number of additional postretirement benefits covering eligible employees. These benefits were merged with our existing benefits beginning January 1, 2019. Obligations and Funded Status The accumulated benefit obligation for all defined benefit pension plans was $2,441 million and $2,272 million as of December 31, 2023 and 2022. The following summarizes the projected benefit obligations and funded status for our defined benefit pension and other postretirement plans: Pension Benefits Other Benefits (Millions of dollars) 2023 2022 2023 2022 Benefit obligations at January 1 $ 2,359 $ 3,295 $ 650 $ 828 Service cost 195 228 18 26 Interest cost 116 102 31 21 Actuarial loss/(gain) 184 (653) 31 (168) Benefits paid (a) (291) (613) (51) (57) Benefit obligations at December 31 2,563 2,359 679 650 Fair value of plan assets at January 1 1,838 3,043 — — Actual return on plan assets 266 (622) — — Employer contributions 269 30 51 57 Benefits paid from plan assets (291) (613) (51) (57) Fair value of plan assets at December 31 2,082 1,838 — — Funded status at December 31 $ (481) $ (521) $ (679) $ (650) (a) Of the $613 million in benefits paid in 2022, $285 million is related to the pension annuity lift-out. Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Pension Benefits Other Benefits (Millions of dollars) 2023 2022 2023 2022 Current liabilities (8) (7) (50) (50) Noncurrent liabilities (473) (514) (629) (600) Accrued benefit cost $ (481) $ (521) $ (679) $ (650) Included in accumulated other comprehensive loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Pension Benefits Other Benefits (Millions of dollars) 2023 2022 2023 2022 Net actuarial loss $ 467 $ 386 $ 50 $ 19 Prior service credit (69) (114) (202) (224) Amounts exclude those related to LOOP and Explorer, equity method investees with defined benefit pension and postretirement plans for which net losses (gains) of $10 million and $(5) million were recorded in accumulated other comprehensive income (loss) in 2023, reflecting our ownership share. Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive loss (pretax) for our defined benefit pension and other postretirement plans. Pension Benefits Other Benefits (Millions of dollars) 2023 2022 2021 2023 2022 2021 Service cost $ 201 $ 230 $ 287 $ 18 $ 26 $ 34 Interest cost 116 102 93 31 21 30 Expected return on plan assets (163) (142) (139) — — — Amortization of prior service cost (credit) (45) (45) (45) (22) (22) 2 Amortization of actuarial (gain) loss (5) 4 37 — 6 10 Settlement (gain) loss (1) 79 75 — — 1 Net periodic benefit cost (a) $ 103 $ 228 $ 308 $ 27 $ 31 $ 77 Actuarial (gain) loss $ 75 $ 109 $ (227) $ 31 $ (167) $ (16) Prior service credit — — — — — (276) Amortization of actuarial (gain) loss 6 (83) (112) — (6) (11) Amortization of prior service (cost) credit 45 45 45 22 22 (2) Total recognized in other comprehensive (income) loss $ 126 $ 71 $ (294) $ 53 $ (151) $ (305) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 229 $ 299 $ 14 $ 80 $ (120) $ (228) (a) Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years. For certain of our pension plans, lump sum payments to employees retiring in 2023, 2022 and 2021 exceeded the plan’s total service and interest costs expected for those years. Settlement losses are required to be recorded when lump sum payments exceed total service and interest costs. As a result, pension settlement expenses were recorded in 2023, 2022 and 2021. Plan Assumptions The following summarizes the assumptions used to determine the benefit obligations at December 31, and net periodic benefit cost for the defined benefit pension and other postretirement plans for 2023, 2022 and 2021. Pension Benefits Other Benefits 2023 2022 2021 2023 2022 2021 Benefit obligation: Discount rate 4.85 % 5.04 % 2.82 % 4.88 % 5.08 % 2.93 % Rate of compensation increase 4.18 % 4.18 % 5.70 % 4.18 % 4.18 % 5.70 % Net periodic benefit cost: Discount rate 5.10 % 3.33 % 2.70 % 5.08 % 2.93 % 2.55 % Expected long-term return on plan assets 7.00 % 5.75 % 5.75 % — % — % — % Rate of compensation increase 4.18 % 4.18 % 5.70 % 4.18 % 4.18 % 5.70 % Expected Long-term Return on Plan Assets The overall expected long-term return on plan assets assumption is determined based on an asset rate-of-return modeling tool developed by a third-party investment group. The tool utilizes underlying assumptions based on actual returns by asset category and inflation and takes into account our asset allocation to derive an expected long-term rate of return on those assets. Capital market assumptions reflect the long-term capital market outlook. The assumptions for equity and fixed income investments are developed using a building-block approach, reflecting observable inflation information and interest rate information available in the fixed income markets. Long-term assumptions for other asset categories are based on historical results, current market characteristics and the professional judgment of our internal and external investment teams. Assumed Health Care Cost Trend The following summarizes the assumed health care cost trend rates. December 31, 2023 2022 2021 Health care cost trend rate assumed for the following year: Medical: Pre-65 7.70 % 6.60 % 5.80 % Prescription drugs 10.80 % 8.90 % 6.40 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate): Medical: Pre-65 4.50 % 4.50 % 4.50 % Prescription drugs 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate: Medical: Pre-65 2032 2031 2030 Prescription drugs 2032 2031 2030 Increases in the post-65 medical plan premium for the Marathon Petroleum Health Plan and the Marathon Petroleum Retiree Health Plan have been permanently eliminated. Plan Investment Policies and Strategies The investment policies for our pension plan assets reflect the funded status of the plans and expectations regarding our future ability to make further contributions. Long-term investment goals are to: (1) manage the assets in accordance with the legal requirements of all applicable laws; (2) diversify plan investments across asset classes to achieve an optimal balance between risk and return and between income and growth of assets through capital appreciation; and (3) source benefit payments primarily through existing plan assets and anticipated future returns. The investment goals are implemented to manage the plans’ funded status volatility and minimize future cash contributions. The asset allocation strategy will change over time in response to changes primarily in funded status, which is dictated by current and anticipated market conditions, the independent actions of our investment committee, required cash flows to and from the plans and other factors deemed appropriate. Such changes in asset allocation are intended to allocate additional assets to the fixed income asset class should the funded status improve. The fixed income asset class shall be invested in such a manner that its interest rate sensitivity correlates highly with that of the plans’ liabilities. Other asset classes are intended to provide additional return with associated higher levels of risk. Investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies. At December 31, 2023, the primary plan’s targeted asset allocation was 50 percent equity, private equity, real estate, and timber securities and 50 percent fixed income securities. Fair Value Measurements Plan assets are measured at fair value. The following provides a description of the valuation techniques employed for each major plan asset category at December 31, 2023 and 2022. Cash and cash equivalents Cash and cash equivalents include a collective fund serving as the investment vehicle for the cash reserves and cash held by third-party investment managers. The collective fund is valued at net asset value (“NAV”) on a scheduled basis using a cost approach, and is considered a Level 2 asset. Cash and cash equivalents held by third-party investment managers are valued using a cost approach and are considered Level 2. Equity Equity investments includes common stock, mutual and pooled funds. Common stock investments are valued using a market approach, which are priced daily in active markets and are considered Level 1. Mutual and pooled equity funds are well diversified portfolios, representing a mix of strategies in domestic, international and emerging market strategies. Mutual funds are publicly registered, valued at NAV on a daily basis using a market approach and are considered Level 1 assets. Pooled funds are valued at NAV using a market approach and are considered Level 2. Fixed Income Fixed income investments include corporate bonds, U.S. dollar treasury bonds and municipal bonds. These securities are priced on observable inputs using a combination of market, income and cost approaches. These securities are considered Level 2 assets. Fixed income also includes a well diversified bond portfolio structured as a pooled fund. This fund is valued at NAV on a daily basis using a market approach and is considered Level 2. Other investments classified as Level 1 include mutual funds that are publicly registered, valued at NAV on a daily basis using a market approach. Private Equity Private equity investments include interests in limited partnerships which are valued using information provided by external managers for each individual investment held in the fund. These holdings are considered Level 3. Real Estate Real estate investments consist of interests in limited partnerships. These holdings are either appraised or valued using the investment manager’s assessment of assets held. These holdings are considered Level 3. Other Other investments include two limited liability companies (“LLCs”) with no public market. The LLCs were formed to acquire timberland in the northwest U.S. These holdings are either appraised or valued using the investment manager’s assessment of assets held. These holdings are considered Level 3. Other investments classified as Level 1 include publicly traded depository receipts, while Level 2 include derivative transactions. The following tables present the fair values of our defined benefit pension plans’ assets, by level within the fair value hierarchy, as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 (Millions of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ 63 $ — $ 63 $ — $ 3 $ — $ 3 Equity: Common stocks 50 — — 50 40 — — 40 Mutual funds 115 — — 115 104 — — 104 Pooled funds — 791 — 791 — 742 — 742 Fixed income: Corporate — 588 — 588 — 582 — 582 Government — 330 — 330 211 41 — 252 Pooled funds — 118 — 118 — 79 — 79 Private equity — — 10 10 — — 13 13 Real estate — — 12 12 — — 14 14 Other — 2 3 5 — 5 4 9 Total investments, at fair value $ 165 $ 1,892 $ 25 $ 2,082 $ 355 $ 1,452 $ 31 $ 1,838 Cash Flows Contributions to defined benefit plans Our funding policy with respect to the funded pension plans is to contribute amounts necessary to satisfy minimum pension funding requirements, including requirements of the Pension Protection Act of 2006, plus such additional, discretionary, amounts from time to time as determined appropriate by management. In 2023, we made contributions totaling $258 million to our funded pension plans. For 2024, we do not project any required funding, but we may make voluntary contributions to our funded pension plans at our discretion. Cash contributions to be paid from our general assets for the unfunded pension and postretirement plans are estimated to be approximately $8 million and $50 million, respectively, in 2024. Estimated future benefit payments The following gross benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated. (Millions of dollars) Pension Benefits Other Benefits 2024 $ 147 $ 50 2025 168 51 2026 177 51 2027 183 52 2028 194 52 2029 through 2033 1,100 266 Contributions to defined contribution plan We also contribute to a defined contribution plan for eligible employees. Contributions to this plan totaled $176 million, $167 million and $165 million in 2023, 2022 and 2021, respectively. Multiemployer Pension Plan We contribute to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covers some of our union-represented employees. The risks of participating in this multiemployer plan are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we choose to stop participating in the multiemployer plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. Our participation in this plan for 2023, 2022 and 2021 is outlined in the table below. The “EIN” column provides the Employee Identification Number for the plan. The most recent Pension Protection Act zone status available in 2023 and 2022 is for the plan years ending on December 31, 2022 and December 31, 2021, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded. The “FIP/RP Status Pending/Implemented” column indicates a financial improvement plan or a rehabilitation plan has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. There have been no significant changes that affect the comparability of 2023, 2022 and 2021 contributions. Our portion of the contributions does not make up more than five percent of total contributions to the plan. Pension FIP/RP Status MPC Contributions Millions of dollars ) Surcharge Expiration Date of Pension Fund EIN 2023 2022 2023 2022 2021 Central States, Southeast and Southwest Areas Pension Plan (a)(b) 366044243 Red Red Implemented $ 5 $ 5 $ 5 No January 31, 2024 (a) This agreement has a minimum contribution requirement of $338 per week per employee for 2024. A total of 278 employees participated in the plan as of December 31, 2023. (b) The parties to the expired agreement continue operating under the relevant terms of the expired agreement while negotiating a successor agreement. Multiemployer Health and Welfare Plan We contribute to one multiemployer health and welfare plan that covers both active employees and retirees. Through the health and welfare plan, employees receive medical, dental, vision, prescription and disability coverage. Our contributions to this plan totaled $7 million, $7 million and $7 million for 2023, 2022 and 2021, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Share-Based Compensation Description of the Incentive Plans Our employees and non-employee directors are eligible to receive share, share-based and other types of awards under the Marathon Petroleum Corporation 2021 Incentive Compensation Plan (“MPC 2021 Plan”). The MPC 2021 Plan authorizes the Compensation and Organization Development Committee of our board of directors (“Committee”) to grant nonqualified or incentive stock options, stock appreciation rights, share and share-based awards (including restricted stock and restricted stock unit awards), cash awards and performance awards to our employees and non-employee directors. The maximum number of shares of our common stock available for awards under the MPC 2021 Plan is 20.5 million shares. The MPC 2021 Plan became effective upon shareholder approval on April 28, 2021. Prior to that date, our employees and non-employee directors were eligible to receive share, share-based and other types of awards under the Amended and Restated Marathon Petroleum Corporation 2012 Incentive Compensation Plan (“MPC 2012 Plan”), effective April 26, 2012, and prior to that date, the Marathon Petroleum Corporation 2011 Second Amended and Restated Incentive Compensation Plan (“MPC 2011 Plan”). Shares issued as a result of awards granted under these plans are funded through the issuance of new MPC common shares. Share-Based Awards under the Plans Stock Options Prior to 2021, we granted stock options to certain officer and non-officer employees under the MPC 2011 Plan and the MPC 2012 Plan. Stock options represent the right to purchase shares of our common stock at an exercise price equal to the closing price of our common stock on the date of grant. Stock options generally vest over a service period of three years and expire ten years after the grant date. We expensed stock options based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures. We used the Black Scholes option-pricing model to estimate the fair value of stock options granted, which requires the input of subjective assumptions. Restricted Stock and Restricted Stock Units We grant restricted stock units to certain employees and to our non-employee directors. Prior to 2021, we granted restricted stock to certain employees and to our non-employee directors. In general, restricted stock and restricted stock units granted to employees vest over a requisite service period of three years. Restricted stock awards and restricted stock unit awards granted to officers prior to 2022 are subject to an additional one Performance Units and Performance Share Units We grant performance share unit awards to certain officer and non-officer employees. At grant, a performance share unit has a target value equal to the MPC common stock average 30-day closing price prior to the grant date. The actual payout value of a performance share unit is based on company performance (which can range from 0 percent to 200 percent) for the three-year performance period beginning January 1 of the year of grant, multiplied by, for the awards granted in 2021 and 2022, MPC’s closing share price on the date the Committee certifies performance; and for the awards granted in 2023, MPC’s average closing share price for the final thirty calendar days at the end of the performance period. Company performance for purposes of payout will be determined by the relative ranking of the total shareholder return (“TSR”) of MPC common stock over the three-year performance period compared to the TSR of a select group of peer companies, the Standard & Poor’s 500 Index, the Alerian MLP Index, as well as the median of MPC’s compensation reference group applicable for the year the award is granted. These awards settle 100 percent in cash and are accounted for as liability awards. We expense liability-classified performance share unit awards at fair value over the requisite service period, with mark-to-market adjustments made each quarter until payout occurs. The fair value is determined using a Monte Carlo valuation model. Significant assumptions used in our Monte Carlo valuation models include: 1) risk free interest rate, for which we utilize the treasury rate for the time period closest to the remaining performance period of the award being valued; 2) look-back period (in years), for which we utilize the remaining performance period of the award being valued; and 3) expected volatility, for which we utilize the historical volatility of our own stock and the stock of our peer group for the look-back period previously discussed. In general, performance share units granted to officers have a vesting service period beginning on the grant date and ending on the last day of the three-year performance period, and performance share units granted to employees outside of our senior management vest in one-third increments at the end of each calendar year of the performance period. However, certain employees are eligible to vest in some awards earlier, subject to reaching certain age and employment milestones, with payout still occurring at the end of the original performance period. No performance share unit awards were granted prior to 2021. Prior to 2021, we granted performance unit awards to certain officer employees under the MPC 2012 Plan. Performance units were dollar-denominated. The target value of all performance units was $1.00, with actual payout up to $2.00 per unit (up to 200 percent of target). Performance unit awards had a 36-month requisite service period. The payout value of these awards was determined by the relative ranking of the TSR of MPC common stock compared to the TSR of a select group of peer companies, as well as the Standard & Poor’s 500 Energy Index fund over an average of four measurement periods. These awards were settled 25 percent in MPC common stock and 75 percent in cash. The number of shares actually distributed was determined as 25 percent of the final payout divided by the closing price of MPC common stock on the day the Committee certifies the final TSR rankings, or the next trading day if the certification is made outside of normal trading hours. The performance units paying out in cash were accounted for as liability awards and recorded at fair value with a mark-to-market adjustment made each quarter, as determined using a Monte Carlo valuation model. The performance units that settle in shares were accounted for as share awards, did not receive dividend equivalents and were expensed at grant date fair value, over the requisite service period. The grant date fair value was determined using a Monte Carlo valuation model. All outstanding performance unit awards were paid out during 2023; no performance unit awards remain outstanding at December 31, 2023. Total Share-Based Compensation Expense The following table reflects activity related to our share-based compensation arrangements: (Millions of dollars) 2023 2022 2021 Share-based compensation expense $ 211 $ 153 $ 88 Tax benefit recognized on share-based compensation expense 51 37 22 Cash received by MPC upon exercise of stock option awards 62 243 106 Tax benefit received for tax deductions for stock awards exercised 49 53 13 Stock Option Awards The following is a summary of our common stock option activity in 2023: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value (Millions of dollars) Outstanding at December 31, 2022 2,489,234 $ 46.78 Exercised (1,445,223) 42.95 Forfeited or expired — — Outstanding at December 31, 2023 (a) 1,044,011 52.07 2.2 $ 101 (a) All options outstanding at December 31, 2023 are fully vested and exercisable. The intrinsic value of options exercised by MPC employees during 2023, 2022 and 2021 was $136 million, $247 million and $88 million, respectively. As of December 31, 2023, there was no unrecognized compensation cost related to stock option awards. Restricted Stock and Restricted Stock Unit Awards The following is a summary of restricted stock and restricted stock unit award activity of our common stock in 2023: Restricted Stock Restricted Stock Units Number of Weighted Number of Weighted Unvested at December 31, 2022 691 $ 54.60 1,786,150 $ 50.36 Granted — — 601,161 133.94 Vested (691) 54.60 (1,115,810) 41.78 Forfeited — — (78,797) 85.85 Unvested at December 31, 2023 — — 1,192,704 98.16 The following is a summary of the values related to restricted stock and restricted stock unit awards held by MPC employees and non-employee directors: Restricted Stock Restricted Stock Units Intrinsic Value of Awards Vested During the Period (Millions of dollars) Weighted Average Grant Date Fair Value of Awards Granted During the Period Intrinsic Value of Awards Vested During the Period (Millions of dollars) Weighted Average Grant Date Fair Value of Awards Granted During the Period 2023 $ — $ — $ 144 $ 133.94 2022 17 — 99 75.81 2021 20 — 90 55.27 As of December 31, 2023, there was no unrecognized compensation cost related to restricted stock awards. Unrecognized compensation cost related to restricted stock unit awards was $75 million, which is expected to be recognized over a weighted average period of 2.0 years. Performance Awards The following is a summary of performance share unit awards activity in 2023: Number of Performance Share Units Unvested at December 31, 2022 862,313 Granted 295,296 Vested (549,905) Forfeited (27,038) Unvested at December 31, 2023 580,666 We paid $14 million, $26 million and $10 million during the years ended 2023, 2022 and 2021, respectively, to settle performance unit awards. No cash was paid during the same years to settle performance share unit awards. As of December 31, 2023, unrecognized compensation cost related to performance awards was $55 million, which is expected to be recognized over a weighted average period of 1.3 years. As of December 31, 2023, the total liability associated with performance awards was $279 million. MPLX Awards Compensation expense for awards of MPLX units are not material to our consolidated financial statements for 2023. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | Lessee We lease a wide variety of facilities and equipment including land and building space, office and field equipment, storage facilities and transportation equipment. Our remaining lease terms range from less than one year to 95 years. Most long-term leases include renewal options ranging from less than one year to 49 years and, in certain leases, also include purchase options. The lease term included in the measurement of right of use assets and lease liabilities includes options to extend or terminate our leases that we are reasonably certain to exercise. Under ASC 842, the components of lease cost are shown below. Lease costs for operating leases are recognized on a straight line basis and are reflected in the income statement based on the leased asset’s use. Lease costs for finance leases are reflected in depreciation and amortization and in net interest and other financial costs. (Millions of dollars) 2023 2022 2021 Finance lease cost: Amortization of right of use assets $ 73 $ 81 $ 78 Interest on lease liabilities 25 29 31 Operating lease cost 489 490 565 Variable lease cost 54 59 62 Short-term lease cost 881 772 446 Total lease cost $ 1,522 $ 1,431 $ 1,182 Supplemental consolidated balance sheet data related to leases were as follows: December 31, (Millions of dollars) 2023 2022 Operating leases Assets Right of use assets $ 1,233 $ 1,214 Liabilities Operating lease liabilities $ 454 $ 368 Long-term operating lease liabilities 764 841 Total operating lease liabilities $ 1,218 $ 1,209 Weighted average remaining lease term (in years) 4 5 Weighted average discount rate 4.1 % 3.5 % Finance leases Assets Property, plant and equipment, gross $ 765 $ 818 Less accumulated depreciation 413 412 Property, plant and equipment, net $ 352 $ 406 Liabilities Debt due within one year $ 69 $ 79 Long-term debt 401 451 Total finance lease liabilities $ 470 $ 530 Weighted average remaining lease term (in years) 9 9 Weighted average discount rate 5.1 % 5.1 % As of December 31, 2023, maturities of lease liabilities for operating lease obligations and finance lease obligations having initial or remaining non-cancellable lease terms in excess of one year are as follows: (Millions of dollars) Operating Finance 2024 $ 494 $ 91 2025 356 82 2026 181 79 2027 100 63 2028 66 47 2029 and thereafter 128 228 Gross lease payments 1,325 590 Less: imputed interest 107 120 Total lease liabilities $ 1,218 $ 470 |
Lessor, Operating Leases | Lessor MPLX is considered to be the lessor under several operating lease agreements in accordance with GAAP related to certain fee-based natural gas transportation and processing agreements in the Marcellus and Southern Appalachia region. The primary term of these agreements expire between 2026 and 2036, however, these contracts either have renewal options or will continue thereafter on a year-to-year basis until terminated by either party. MPLX did not elect to use the practical expedient to combine lease and non-lease components for lessor arrangements. The tables below represent the portion of the contract allocated to the lease component based on relative standalone selling price. MPLX elected the practical expedient to carry forward historical classification conclusions until a modification of an existing agreement occurs. Once a modification occurs, the amended agreement is required to be assessed under ASC 842 to determine whether a reclassification of the lease is required. During the third quarter of 2022, the approved expansion of a gathering and compression system triggered the first assessment of a third party agreement under ASC 842. As a result of the assessment during the period, the lease was reclassified from an operating lease to a sales-type lease. Accordingly, the underlying property, plant and equipment of $745 million and associated deferred revenue of $277 million were derecognized. The present value of the future lease payments of $914 million and the unguaranteed residual value of $63 million were recorded as the net investment in the lease within receivables and other noncurrent assets. This resulted in a gain of approximately $509 million, which was recorded as a net gain on disposal of assets in the consolidated statements of income. This transaction was a non-cash transaction. Lease revenues are included in sales and other operating revenues on the consolidated statements of income. Lease revenues were as follows: (Millions of dollars) 2023 2022 2021 Operating leases: Rental income $ 243 $ 327 $ 376 Sales-type leases: Interest income (Sales-type rental revenue-fixed minimum) 114 46 — Interest income (Revenue from variable lease payments) 22 16 — Sales-type lease revenue $ 136 $ 62 $ — The following is a schedule of minimum future rentals on the non-cancelable operating leases as of December 31, 2023: (Millions of dollars) 2024 $ 117 2025 95 2026 75 2027 53 2028 46 2029 and thereafter 250 Total minimum future rentals $ 636 Annual minimum undiscounted lease payment receipts under our sales-type leases were as follows as of December 31, 2023: (Millions of dollars) 2024 $ 175 2025 161 2026 150 2027 141 2028 132 2029 and thereafter 959 Total minimum future rentals 1,718 Less: imputed interest 778 Lease receivables (a) $ 940 Current lease receivables (b) $ 102 Long-term lease receivables (c) 838 Unguaranteed residual assets 78 Total sales-type lease assets $ 1,018 (a) This amount does not include the unguaranteed residual assets. (b) Presented in receivables, net on the consolidated balance sheets. (c) Presented in other noncurrent assets on the consolidated balance sheets. Capital expenditures related to assets subject to sales-type lease arrangements were $50 million for the year ended December 31, 2023. These amounts are reflected as additions to property, plant and equipment in the consolidated statements of cash flows. The following schedule summarizes our investment in assets held under operating lease by major classes as of December 31, 2023 and 2022: December 31, (Millions of dollars) 2023 2022 Gathering and transportation $ 86 $ 94 Processing and fractionation 1,000 973 Pipelines 12 — Terminals 129 128 Land, building and other 10 10 Property, plant and equipment 1,237 1,205 Less accumulated depreciation 396 330 Total property, plant and equipment, net $ 841 $ 875 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are the subject of, or a party to, a number of pending or threatened legal actions, contingencies and commitments involving a variety of matters, including laws and regulations relating to the environment. Some of these matters are discussed below. For matters for which we have not recorded a liability, we are unable to estimate a range of possible loss because the issues involved have not been fully developed through pleadings, discovery or court proceedings. However, the ultimate resolution of some of these contingencies could, individually or in the aggregate, be material. Environmental Matters We are subject to federal, state, local and foreign laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites and certain other locations including presently or formerly owned or operated retail marketing sites. Penalties may be imposed for noncompliance. At both December 31, 2023 and December 31, 2022, accrued liabilities for remediation totaled $ 387 million Governmental and other entities in various states have filed climate-related lawsuits against a number of energy companies, including MPC. Although each suit is separate and unique, the lawsuits generally allege defendants made knowing misrepresentations about knowingly concealing, or failing to warn of the impacts of their petroleum products, which led to increased demand and worsened climate change. Plaintiffs are seeking unspecified damages and abatement under various tort theories, as well as breaches of consumer protection and unfair trade statutes. We are currently subject to such proceedings in federal or state courts in California, Delaware, Maryland, Hawaii, Rhode Island, South Carolina and Oregon. Similar lawsuits may be filed in other jurisdictions. At this early stage, the ultimate outcome of these matters remain uncertain, and neither the likelihood of an unfavorable outcome nor the ultimate liability, if any, can be determined. We are involved in a number of environmental enforcement matters arising in the ordinary course of business. While the outcome and impact on us cannot be predicted with certainty, management believes the resolution of these environmental matters will not, individually or collectively, have a material adverse effect on our consolidated results of operations, financial position or cash flows. Asset Retirement Obligations Our short-term asset retirement obligations were $24 million and $27 million at December 31, 2023 and 2022, respectively, and are included in other current liabilities in our consolidated balance sheets. Our long-term asset retirement obligations were $218 million and $186 million at December 31, 2023 and 2022, respectively, which are included in deferred credits and other liabilities in our consolidated balance sheets. Other Legal Proceedings In July 2020, Tesoro High Plains Pipeline Company, LLC (“THPP”), a subsidiary of MPLX, received a Notification of Trespass Determination from the Bureau of Indian Affairs (“BIA”) relating to a portion of the Tesoro High Plains Pipeline that crosses the Fort Berthold Reservation in North Dakota. The notification demanded the immediate cessation of pipeline operations and assessed trespass damages of approximately $187 million. After subsequent appeal proceedings and in compliance with a new order issued by the BIA, in December 2020, THPP paid approximately $4 million in assessed trespass damages and ceased use of the portion of the pipeline that crosses the property at issue. In March 2021, the BIA issued an order purporting to vacate the BIA's prior orders related to THPP’s alleged trespass and direct the Regional Director of the BIA to reconsider the issue of THPP’s alleged trespass and issue a new order. In April 2021, THPP filed a lawsuit in the District of North Dakota against the United States of America, the U.S. Department of the Interior and the BIA (collectively, the “U.S. Government Parties”) challenging the March 2021 order purporting to vacate all previous orders related to THPP’s alleged trespass. On February 8, 2022, the U.S. Government Parties filed their answer and counterclaims to THPP’s suit claiming THPP is in continued trespass with respect to the pipeline and seek disgorgement of pipeline profits from June 1, 2013 to present, removal of the pipeline and remediation. On November 8, 2023, the Court granted THPP’s motion to sever and stay the U.S. Government Parties’ counterclaims. The case will proceed on the merits of THPP’s challenge to the March 2021 order purporting to vacate all previous orders related to THPP’s alleged trespass. We are also a party to a number of other lawsuits and other proceedings arising in the ordinary course of business. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe that the resolution of these other lawsuits and proceedings will not, individually or collectively, have a material adverse effect on our consolidated financial position, results of operations or cash flows. Guarantees We have provided certain guarantees, direct and indirect, of the indebtedness of other companies. Under the terms of most of these guarantee arrangements, we would be required to perform should the guaranteed party fail to fulfill its obligations under the specified arrangements. In addition to these financial guarantees, we also have various performance guarantees related to specific agreements. Guarantees related to indebtedness of equity method investees LOOP and LOCAP MPC and MPLX hold interests in an offshore oil port, LOOP, and MPLX holds an interest in a crude oil pipeline system, LOCAP. Both LOOP and LOCAP have secured various project financings with throughput and deficiency agreements. Under the agreements, MPC, as a shipper, is required to advance funds if the investees are unable to service their debt. Any such advances are considered prepayments of future transportation charges. The duration of the agreements varies but tend to follow the terms of the underlying debt, which extend through 2040. Our maximum potential undiscounted payments under these agreements for the debt principal totaled $222 million as of December 31, 2023. Dakota Access Pipeline MPLX holds a 9.19 percent indirect interest in Dakota Access, which owns and operates the Bakken Pipeline system. In 2020, the U.S. District Court for the District of Columbia (the “D.D.C.”) ordered the U.S. Army Corps of Engineers (“Army Corps”), which granted permits and an easement for the Bakken Pipeline system, to prepare an environmental impact statement (“EIS”) relating to an easement under Lake Oahe in North Dakota. The D.D.C. later vacated the easement. The Army Corps issued a draft EIS in September 2023 detailing various options for the easement going forward, including denying the easement, approving the easement with additional measures, rerouting the easement, or approving the easement with no changes. The Army Corps has not selected a preferred alternative, but will make a decision in its final review, after considering input from the public and other agencies. The pipeline remains operational while the Army Corps finalizes its decision which is expected to be issued by the end of 2024. MPLX has entered into a Contingent Equity Contribution Agreement whereby it, along with the other joint venture owners in the Bakken Pipeline system, has agreed to make equity contributions to the joint venture upon certain events occurring to allow the entities that own and operate the Bakken Pipeline system to satisfy their senior note payment obligations. The senior notes were issued to repay amounts owed by the pipeline companies to fund the cost of construction of the Bakken Pipeline system. If the vacation of the easement results in a temporary shutdown of the pipeline, MPLX would have to contribute its 9.19 percent pro rata share of funds required to pay interest accruing on the notes and any portion of the principal that matures while the pipeline is shutdown. MPLX also expects to contribute its 9.19 percent pro rata share of any costs to remediate any deficiencies to reinstate the easement and/or return the pipeline into operation. If the vacation of the easement results in a permanent shutdown of the pipeline, MPLX would have to contribute its 9.19 percent pro rata share of the cost to redeem the bonds (including the 1 percent redemption premium required pursuant to the indenture governing the notes) and any accrued and unpaid interest. As of December 31, 2023, our maximum potential undiscounted payments under the Contingent Equity Contribution Agreement were approximately $170 million. Crowley Blue Water Partners In connection with our 50 percent indirect interest in Crowley Blue Water Partners, we have agreed to provide a conditional guarantee of up to 50 percent of its outstanding debt balance in the event there is no charter agreement in place with an investment grade customer for the entity’s three vessels as well as other financial support in certain circumstances. As of December 31, 2023, our maximum potential undiscounted payments under this arrangement were $94 million. Marathon Oil indemnifications The separation and distribution agreement and other agreements with Marathon Oil to effect our spinoff provide for cross-indemnities between Marathon Oil and us. In general, Marathon Oil is required to indemnify us for any liabilities relating to Marathon Oil’s historical oil and gas exploration and production operations, oil sands mining operations and integrated gas operations, and we are required to indemnify Marathon Oil for any liabilities relating to Marathon Oil’s historical refining, marketing and transportation operations. The terms of these indemnifications are indefinite and the amounts are not capped. Other guarantees We have entered into other guarantees with maximum potential undiscounted payments totaling $113 million as of December 31, 2023, which primarily consist of a commitment to contribute cash to an equity method investee for certain catastrophic events, in lieu of procuring insurance coverage, a commitment to fund a share of the bonds issued by a government entity for construction of public utilities in the event that other industrial users of the facility default on their utility payments, a commitment to pay a termination fee on a supply agreement if terminated during the initial term, and leases of assets containing general lease indemnities and guaranteed residual values. General guarantees associated with dispositions Over the years, we have sold various assets in the normal course of our business. Certain of the related agreements contain performance and general guarantees, including guarantees regarding inaccuracies in representations, warranties, covenants and agreements, and environmental and general indemnifications that require us to perform upon the occurrence of a triggering event or condition. These guarantees and indemnifications are part of the normal course of selling assets. We are typically not able to calculate the maximum potential amount of future payments that could be made under such contractual provisions because of the variability inherent in the guarantees and indemnities. Most often, the nature of the guarantees and indemnities is such that there is no appropriate method for quantifying the exposure because the underlying triggering event has little or no past experience upon which a reasonable prediction of the outcome can be based. Contractual Commitments and Contingencies At December 31, 2023, our contractual commitments to acquire property, plant and equipment totaled $281 million. Our contractual commitments to acquire property, plant and equipment totaled $289 million at December 31, 2022. Certain natural gas processing and gathering arrangements require us to construct natural gas processing plants, natural gas gathering pipelines and NGL pipelines and contain certain fees and charges if specified construction milestones are not achieved for reasons other than force majeure. In certain cases, certain producer customers may have the right to cancel the processing arrangements if there are significant delays that are not due to force majeure. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) Attributable to Parent | $ 9,681 | $ 14,516 | $ 9,738 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the quarter ended December 31, 2023, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of MPC adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K). |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Principal Accounti_2
Summary of Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles applied in consolidation | Principles Applied in Consolidation These consolidated financial statements include the accounts of our majority-owned, controlled subsidiaries and MPLX. As of December 31, 2023, we owned the general partner and approximately 65 percent of the outstanding MPLX common units. Due to our ownership of the general partner interest, we have determined that we control MPLX and therefore we consolidate MPLX and record a noncontrolling interest for the interest owned by the public. Changes in ownership interest in consolidated subsidiaries that do not result in a change in control are recorded as equity transactions. Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. This includes entities in which we hold majority ownership but the minority shareholders have substantive participating rights. Income from equity method investments represents our proportionate share of net income generated by the equity method investees. Differences in the basis of the investments and the separate net asset values of the investees, if any, are amortized into net income over the remaining useful lives of the underlying assets and liabilities, except for any excess related to goodwill. Equity method investments are evaluated for impairment whenever changes in the facts and circumstances indicate an other than temporary loss in value has occurred. When the loss is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value. |
Use of estimates | Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Actual results could differ from those estimates. |
Revenue recognition | Revenue Recognition We recognize revenue based on consideration specified in contracts or agreements with customers when we satisfy our performance obligations by transferring control over products or services to a customer. We made an accounting policy election that all taxes assessed by a governmental authority that are both imposed on and concurrent with a revenue-producing transaction and collected from our customers will be recognized on a net basis within sales and other operating revenues. Our revenue recognition patterns are described below by reportable segment: • Refining & Marketing - The vast majority of our Refining & Marketing contracts contain pricing that is based on the market price for the product at the time of delivery. Our obligations to deliver product volumes are typically satisfied and revenue is recognized when control of the product transfers to our customers. Concurrent with the transfer of control, we typically receive the right to payment for the delivered product, the customer accepts the product and the customer has significant risks and rewards of ownership of the product. Payment terms require customers to pay shortly after delivery and do not contain significant financing components. • Midstream - Midstream revenue transactions typically are defined by contracts under which we sell a product or provide a service. Revenues from sales of product are recognized when control of the product transfers to the customer. Revenues from services are recognized over time when the performance obligation is satisfied as services are provided in a series. We have elected to use the output measure of progress to recognize revenue based on the units delivered, processed or transported. The transaction prices in our Midstream contracts often have both fixed components, related to minimum volume commitments, and variable components, which are primarily dependent on volumes. Variable consideration will generally not be estimated at contract inception as the transaction price is specifically allocable to the services provided at each period end. Refer to Note 21 for disclosure of our revenue disaggregated by segment and product line and to Note 11 for a description of our reportable segment operations. |
Crude oil and refined product exchanges and matching buy/sell transactions | Crude Oil and Refined Product Exchanges and Matching Buy/Sell Transactions We enter into exchange contracts and matching buy/sell arrangements whereby we agree to deliver a particular quantity and quality of crude oil or refined products at a specified location and date to a particular counterparty and to receive from the same counterparty the same commodity at a specified location on the same or another specified date. The exchange receipts and deliveries are nonmonetary transactions, with the exception of associated grade or location differentials that are settled in cash. The matching buy/sell purchase and sale transactions are settled in cash. No revenues are recorded for exchange and matching buy/sell transactions as they are accounted for as exchanges of inventory. The exchange transactions are recognized at the carrying amount of the inventory transferred. |
Cash and cash equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit and investments in highly liquid debt instruments with maturities of three months or less. |
Short-term investments | Short-Term Investments Investments with a maturity date greater than three months that we intend to convert to cash or cash equivalents within a year or less are classified as short-term investments in our consolidated balance sheets. Additionally, in accordance with ASC 320, Investments - Debt Securities , we have classified all short-term investments as available-for-sale securities and changes in fair market value are reported in other comprehensive income. |
Accounts receivable and allowance for doubtful accounts | Accounts Receivable and Allowance for Doubtful Accounts Our receivables primarily consist of customer accounts receivable. Customer receivables are recorded at the invoiced amounts and generally do not bear interest. Allowances for doubtful accounts are generally recorded when it becomes probable the receivable will not be collected and are booked to bad debt expense. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses in customer accounts receivable. We review the allowance quarterly and past-due balances over 150 days are reviewed individually for collectability. We mitigate credit risk with master netting agreements with companies engaged in the crude oil or refinery feedstock trading and supply business or the petroleum refining industry. A master netting agreement generally provides for a once per month net cash settlement of the accounts receivable from and the accounts payable to a particular counterparty. |
Lessee, Leases | Leases Contracts with a term greater than one year that convey the right to direct the use of and obtain substantially all of the economic benefit of an asset are accounted for as right of use assets. Right of use asset and lease liability balances are recorded at the commencement date at present value of the fixed lease payments using a secured incremental borrowing rate with a maturity similar to the lease term because our leases do not provide implicit rates. We have elected to include both lease and non-lease components in the present value of the lease payments for all lessee asset classes with the exception of our marine and third-party contractor service equipment leases. The lease component of the payment for the marine and equipment asset classes is determined using a relative standalone selling price. See Note 27 for additional disclosures about our lease contracts. |
Lessor, Leases | As a lessor under ASU No. 2016-02, Leases (“ASC 842”), MPLX may be required to re-classify existing operating leases to sales-type leases upon modification and related reassessment of the leases. See Note 27 for further information regarding our ongoing evaluation of the impacts of lease reassessments as modifications occur. The net investment in sales-type leases is recorded within receivables, net and other noncurrent assets on the consolidated balance sheets. These amounts are comprised of the present value of the sum of the future minimum lease payments representing the value of the lease receivable and the unguaranteed residual value of the lease assets. Management assesses the net investment in sales-type leases for recoverability quarterly. |
Inventories | Inventories Inventories are carried at the lower of cost or market value. Cost of inventories is determined primarily under the LIFO method. Costs for crude oil and refined product inventories are aggregated on a consolidated basis for purposes of assessing if the LIFO cost basis of these inventories may have to be written down to market value. |
Fair Value | Fair Value We account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. We categorize each of our fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: • Level 1 – inputs are based upon unadjusted quoted prices for identical instruments in active markets. Our Level 1 derivative assets and liabilities include exchange-traded contracts for crude oil and refined products measured at fair value with a market approach using the close-of-day settlement prices for the market. Commodity derivatives are covered under master netting agreements with an unconditional right to offset. Collateral deposits in futures commission merchant accounts covered by master netting agreements related to Level 1 commodity derivatives are classified as Level 1. • Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, and forward and spot prices for currencies. Our Level 2 investments include commercial paper, certificates of deposit, time deposits and corporate notes and bonds. Our Level 2 derivative assets and liabilities primarily include certain OTC contracts. • Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Our Level 3 assets and liabilities include goodwill, long-lived assets and intangible assets, when they are recorded at fair value due to an impairment charge and an embedded derivative liability relates to a natural gas purchase agreement embedded in a keep‑whole processing agreement. Unobservable inputs used in the models are significant to the fair values of the assets and liabilities. |
Derivative instruments | Derivative Instruments We use derivatives to economically hedge a portion of our exposure to commodity price risk and, historically, to interest rate risk. Our use of selective derivative instruments that assume market risk is limited. All derivative instruments (including derivative instruments embedded in other contracts) are recorded at fair value. Certain commodity derivatives are reflected on the consolidated balance sheets on a net basis by counterparty as they are governed by master netting agreements. Cash flows related to derivatives used to hedge commodity price risk and interest rate risk are classified in operating activities with the underlying transactions. Derivatives not designated as accounting hedges Derivatives that are not designated as accounting hedges may include commodity derivatives used to hedge price risk on (1) inventories, (2) fixed price sales of refined products, (3) the acquisition of foreign-sourced crude oil, (4) the acquisition of ethanol for blending with refined products, (5) the sale of NGLs, (6) the purchase of natural gas, (7) the purchase of soybean oil and (8) the sale of propane. Changes in the fair value of derivatives not designated as accounting hedges are recognized immediately in net income. Concentrations of credit risk All of our financial instruments, including derivatives, involve elements of credit and market risk. The most significant portion of our credit risk relates to nonperformance by counterparties. The counterparties to our financial instruments consist primarily of major financial institutions and companies within the energy industry. To manage counterparty risk associated with financial instruments, we select and monitor counterparties based on an assessment of their financial strength and on credit ratings, if available. Additionally, we limit the level of exposure with any single counterparty. |
Concentration of credit risk | Concentrations of credit risk All of our financial instruments, including derivatives, involve elements of credit and market risk. The most significant portion of our credit risk relates to nonperformance by counterparties. The counterparties to our financial instruments consist primarily of major financial institutions and companies within the energy industry. To manage counterparty risk associated with financial instruments, we select and monitor counterparties based on an assessment of their financial strength and on credit ratings, if available. Additionally, we limit the level of exposure with any single counterparty. |
Property, plant and equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets, generally 10 to 40 years for refining and midstream assets, 25 years for office buildings and 4 to 7 years for other miscellaneous fixed assets. Such assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset group and its eventual disposition is less than the carrying amount of the asset group, an impairment assessment is performed and the excess of the book value over the fair value of the asset group is recorded as an impairment loss. When items of property, plant and equipment are sold or otherwise disposed of, any gains or losses are reported in net income. Gains on the disposal of property, plant and equipment are recognized when earned, which is generally at the time of closing. If a loss on disposal is expected, such losses are recognized when the assets are classified as held for sale. Interest expense is capitalized for qualifying assets under construction. Capitalized interest costs are included in property, plant and equipment and are depreciated over the useful life of the related asset. |
Goodwill and intangible assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment at the reporting unit level annually and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below carrying value. If we determine, based on a qualitative assessment, that it is not more likely than not that a reporting unit’s fair value is less than its carrying amount, no further impairment testing is required. If we do not perform a qualitative assessment or if that assessment indicates that further impairment testing is required, the fair value of each reporting unit is determined using an income and/or market approach which is compared to the carrying value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The fair value under the income approach is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future volumes, discount rates, and future capital requirements. Amortization of intangibles with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Intangibles not subject to amortization are tested for impairment annually and when circumstances indicate that the fair value is less than the carrying amount of the intangible. If the fair value is less than the carrying value, an impairment is recorded for the difference. |
Major maintenance activities | Major Maintenance Activities Costs for planned turnaround and other major maintenance activities are expensed in the period incurred. These types of costs include contractor repair services, materials and supplies, equipment rentals and our labor costs. |
Environmental costs | Environmental Costs Environmental expenditures for additional equipment that mitigates or prevents future contamination or improves environmental safety or efficiency of the existing assets are capitalized. We recognize remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs can be reasonably estimated. The timing of remediation accruals coincides with completion of a feasibility study or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of known environmental exposure and are discounted when the estimated amounts are reasonably fixed and determinable. If recoveries of remediation costs from third parties are probable, a receivable is recorded and is discounted when the estimated amount is reasonably fixed and determinable. |
Asset retirement obligations | Asset Retirement Obligations The fair value of asset retirement obligations is recognized in the period in which the obligations are incurred if a reasonable estimate of fair value can be made. The majority of our recognized asset retirement liability relates to conditional asset retirement obligations for removal and disposal of fire-retardant material from certain refining facilities. The remaining recognized asset retirement liability relates to other refining assets, certain pipelines and processing facilities and other related pipeline assets. The fair values recorded for such obligations are based on the most probable current cost projections. Asset retirement obligations have not been recognized for some assets because the fair value cannot be reasonably estimated since the settlement dates of the obligations are indeterminate. Such obligations will be recognized in the period when sufficient information becomes available to estimate a range of potential settlement dates. The asset retirement obligations principally include the hazardous material disposal and removal or dismantlement requirements associated with the closure of certain refining, terminal, pipeline and processing assets. Our practice is to keep our assets in good operating condition through routine repair and maintenance of component parts in the ordinary course of business and by continuing to make improvements based on technological advances. As a result, we believe that generally these assets have no expected settlement date for purposes of estimating asset retirement obligations since the dates or ranges of dates upon which we would retire these assets cannot be reasonably estimated at this time. |
Income taxes | Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases. Deferred tax assets are recorded when it is more likely than not that they will be realized. The realization of deferred tax assets is assessed periodically based on several factors, primarily our expectation to generate sufficient future taxable income. |
Stock-based compensation arrangements | Share-Based Compensation Arrangements The fair value of stock options granted to our employees is estimated on the date of grant using the Black-Scholes option pricing model. The model employs various assumptions based on management’s estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the vesting period of the stock option award. Of the required assumptions, the expected life of the stock option award and the expected volatility of our stock price have the most significant impact on the fair value calculation. The average expected life is based on our historical employee exercise behavior. The assumption for expected volatility of our stock price reflects a weighting of 50 percent of our common stock implied volatility and 50 percent of our common stock historical volatility. The fair value of restricted stock awards granted to our employees is determined based on the fair market value of our common stock on the date of grant. The fair value of performance awards granted to our employees is determined using a Monte Carlo valuation model, which is updated quarterly, with appropriate mark-to-market adjustments made. |
Business combinations | Business Combinations |
Environmental credits and obligations | Environmental Credits and Obligations In order to comply with certain regulations, specifically the RFS2 requirements implemented by EPA and the cap-and-trade emission reduction program and low carbon fuel standard implemented by state programs, we are required to reduce our emissions, blend certain levels of biofuels or obtain allowances or credits to offset the obligations created by our operations. In regard to each program, we record an asset, included in other current assets or other noncurrent assets on the consolidated balance sheets, for allowances or credits owned in excess of our anticipated current period compliance requirements. The asset value is based on the product of the excess allowances or credits as of the balance sheet date, if any, and the weighted average cost of those allowances or credits. We record a liability, included in other current liabilities or deferred credits and other liabilities on the consolidated balance sheets, when we are deficient allowances or credits based on the product of the deficient amount as of the balance sheet date, if any, based on either the fixed contract price or the market price of the allowances or credits at the balance sheet date. The cost of allowances or credits used for compliance is reflected in cost of revenues on the consolidated statements of income. Any gains or losses on the sale or expiration of allowances or credits are classified as other income on the consolidated statements of income. Proceeds from the sale of allowances or credits are reported in investing activities - all other, net on the consolidated statements of cash flow. |
Short-term Investments (Tables)
Short-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The components of investments were as follows: December 31, 2023 (Millions of dollars) Fair Value Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Available-for-sale debt securities Commercial paper Level 2 $ 3,154 $ 2 $ — $ 3,156 $ 281 $ 2,875 Certificates of deposit and time deposits Level 2 1,836 1 — 1,837 800 1,037 U.S. government securities Level 1 785 — (1) 784 — 784 Corporate notes and bonds Level 2 85 — — 85 — 85 Total available-for-sale debt securities $ 5,860 $ 3 $ (1) $ 5,862 $ 1,081 $ 4,781 Cash 4,362 4,362 — Total $ 10,224 $ 5,443 $ 4,781 December 31, 2022 (Millions of dollars) Fair Value Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-term Investments Available-for-sale debt securities Commercial paper Level 2 $ 3,074 $ — $ (1) $ 3,073 $ 1,106 $ 1,967 Certificates of deposit and time deposits Level 2 2,093 — — 2,093 1,500 593 U.S. government securities Level 1 1,071 — — 1,071 498 573 Corporate notes and bonds Level 2 66 — — 66 54 12 Total available-for-sale debt securities $ 6,304 $ — $ (1) $ 6,303 $ 3,158 $ 3,145 Cash 5,467 5,467 — Total $ 11,770 $ 8,625 $ 3,145 |
Master Limited Partnership (Tab
Master Limited Partnership (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Line Items] | |
Unit Repurchases | Total share repurchases were as follows for the respective periods: (In millions, except per share data) 2023 2022 2021 Number of shares repurchased 89 131 76 Cash paid for shares repurchased $ 11,572 $ 11,922 $ 4,654 Average cost per share (a) $ 131.27 $ 91.20 $ 62.65 (a) The average cost per share for the 2023 period includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but does not reduce the share repurchase authorization. |
Noncontrolling Interest | As a result of equity transactions of MPLX, we are required to adjust non-controlling interest and additional paid-in capital. Changes in MPC’s additional paid-in capital resulting from changes in its ownership interest in MPLX were as follows: (Millions of dollars) 2023 2022 2021 Decrease due to change in ownership $ (4) $ (164) $ (166) Tax impact — 44 73 Decrease in MPC's additional paid-in capital, net of tax $ (4) $ (120) $ (93) |
MPLX | |
Noncontrolling Interest [Line Items] | |
Unit Repurchases | Total unit repurchases were as follows for the respective periods: (In millions, except per unit data) 2023 2022 2021 Number of common units repurchased — 15 23 Cash paid for common units repurchased $ — $ 491 $ 630 Average cost per unit $ — $ 31.96 $ 27.52 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Balance Sheet Information of VIEs | The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets. (Millions of dollars) December 31, December 31, Assets Cash and cash equivalents $ 1,048 $ 238 Receivables, less allowance for doubtful accounts 836 747 Inventories 159 148 Other current assets 33 56 Equity method investments 3,743 4,095 Property, plant and equipment, net 19,264 18,848 Goodwill 7,645 7,645 Right of use assets 264 283 Other noncurrent assets 1,644 1,664 (Millions of dollars) December 31, December 31, Liabilities Accounts payable $ 723 $ 664 Payroll and benefits payable — 4 Accrued taxes 79 67 Debt due within one year 1,135 988 Operating lease liabilities 45 46 Other current liabilities 336 338 Long-term debt 19,296 18,808 Deferred income taxes 16 13 Long-term operating lease liabilities 211 230 Deferred credits and other liabilities 476 366 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Transactions with related parties were as follows: (Millions of dollars) 2023 2022 2021 Sales to related parties $ 915 $ 144 $ 93 Purchases from related parties 1,818 1,175 962 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Common Share | Since MPC grants certain incentive compensation awards to employees and non-employee directors that are considered to be participating securities, we have calculated our earnings per share using the two-class method. Diluted income per share assumes exercise of certain share-based compensation awards, provided the effect is not anti-dilutive. (In millions, except per share data) 2023 2022 2021 Income from continuing operations, net of tax $ 11,172 $ 15,978 $ 2,553 Net income attributable to noncontrolling interest (1,491) (1,534) (1,263) Net income allocated to participating securities (7) (8) (2) Redemption of preferred units (2) — — Income from continuing operations available to common stockholders 9,672 14,436 1,288 Income from discontinued operations, net of tax — 72 8,448 Income available to common stockholders $ 9,672 $ 14,508 $ 9,736 Weighted average common shares outstanding: Basic 407 512 634 Effect of dilutive securities 2 4 4 Diluted 409 516 638 Income available to common stockholders per share: Basic: Continuing operations $ 23.73 $ 28.17 $ 2.03 Discontinued operations — 0.14 13.31 Net income per share $ 23.73 $ 28.31 $ 15.34 Diluted: Continuing operations $ 23.63 $ 27.98 $ 2.02 Discontinued operations — 0.14 13.22 Net income per share $ 23.63 $ 28.12 $ 15.24 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table summarizes the shares that were anti-dilutive, and therefore, were excluded from the diluted share calculation. (In millions) 2023 2022 2021 Shares issuable under share-based compensation plans — — 3 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Share Repurchases | Total share repurchases were as follows for the respective periods: (In millions, except per share data) 2023 2022 2021 Number of shares repurchased 89 131 76 Cash paid for shares repurchased $ 11,572 $ 11,922 $ 4,654 Average cost per share (a) $ 131.27 $ 91.20 $ 62.65 (a) The average cost per share for the 2023 period includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but does not reduce the share repurchase authorization. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Adjusted EBITDA | (Millions of dollars) 2023 2022 2021 Segment adjusted EBITDA for reportable segments Refining & Marketing 13,551 $ 19,261 $ 3,518 Midstream 6,171 5,772 5,410 Total reportable segments $ 19,722 $ 25,033 $ 8,928 (Millions of dollars) 2023 2022 2021 Reconciliation of segment adjusted EBITDA for reportable segments to income from continuing operations before income taxes Total reportable segments $ 19,722 $ 25,033 $ 8,928 Corporate (737) (698) (587) Refining planned turnaround costs (1,201) (1,122) (582) Garyville incident response costs (16) — — Storm impacts — — (70) LIFO inventory (charge) credit (145) 148 — Gain on sale of assets (a) 198 1,058 — Renewable volume obligation requirements (b) — 238 — Litigation — 27 — Impairments (c) — — (13) Idling facility expenses — — (12) Depreciation and amortization (3,307) (3,215) (3,364) Net interest and other financial costs (525) (1,000) (1,483) Income from continuing operations before income taxes $ 13,989 $ 20,469 $ 2,817 (a) 2023 includes the gain associated with the remeasurement of MPLX’s existing equity investment in MarkWest Torñado GP, L.L.C., arising from the acquisition of the remaining 40 percent interest and the gain on the sale of our interest in South Texas Gateway Terminal LLC. 2022 includes the $549 million gain related to the contribution of assets by MPC on the formation of the Martinez Renewables LLC joint venture and the $509 million gain on lease reclassification. See Notes 15 and 27 for additional information. (b) Represents retroactive changes in renewable volume obligation requirements published by EPA in June 2022 for the 2020 and 2021 annual obligations. (c) 2021 reflects impairments of equity method investments. |
Reconciliation of Revenue from Segments to Consolidated | (Millions of dollars) 2023 2022 2021 Sales and other operating revenues Refining & Marketing Revenues from external customers (a) $ 143,468 $ 172,087 $ 115,350 Intersegment revenues 107 118 144 Refining & Marketing segment revenues 143,575 172,205 115,494 Midstream Revenues from external customers (a) 4,911 5,366 4,633 Intersegment revenues 5,597 5,224 4,986 Midstream segment revenues 10,508 10,590 9,619 Total segment revenues 154,083 182,795 125,113 Less: intersegment revenues 5,704 5,342 5,130 Consolidated sales and other operating revenues $ 148,379 $ 177,453 $ 119,983 (a) Includes Refining & Marketing intercompany sales to Speedway prior to May 14, 2021 and related party sales. See Notes 5 and 8 for additional information. |
Other Significant Reconciling Items from Segments to Consolidated | (Millions of dollars) 2023 2022 2021 Income from equity method investments Refining & Marketing $ 7 $ 31 $ 59 Midstream 735 624 412 Corporate (a) — — (13) Consolidated income from equity method investments $ 742 $ 655 $ 458 (Millions of dollars) 2023 2022 2021 Depreciation and amortization Refining & Marketing $ 1,887 $ 1,850 $ 1,870 Midstream 1,320 1,310 1,329 Corporate (b) 100 55 165 Consolidated depreciation and amortization $ 3,307 $ 3,215 $ 3,364 Capital expenditures Refining & Marketing $ 1,311 $ 1,508 $ 911 Midstream 1,105 1,069 731 Segment capital expenditures and investments 2,416 2,577 1,642 Less investments in equity method investees 480 405 210 Plus: Corporate 83 108 105 Capitalized interest 55 103 68 Consolidated capital expenditures (c) $ 2,074 $ 2,383 $ 1,605 (a) Impairment of equity method investment. (b) 2021 includes an impairment of $ 56 million (c) Includes changes in capital expenditure accruals. See Note 22 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows. |
Net Interest and Other Financ_2
Net Interest and Other Financial Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Net Interest And Other Financial Income (Costs) | Net interest and other financial costs were as follows: (Millions of dollars) 2023 2022 2021 Interest income $ (530) $ (191) $ (14) Interest expense 1,325 1,299 1,340 Interest capitalized (60) (104) (73) Pension and other postretirement non-service costs (a) (89) 3 64 Loss on extinguishment of debt 9 2 133 Investments - net premium (discount) amortization (142) (30) (1) Other financial costs 12 21 34 Net interest and other financial costs $ 525 $ 1,000 $ 1,483 (a) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components Of Income Tax Provisions (Benefits) | The provision for income taxes from continuing operations consisted of: (Millions of dollars) 2023 2022 2021 Current: Federal $ 2,359 $ 3,565 $ 380 State and local 475 629 48 Foreign 11 7 5 Total current 2,845 4,201 433 Deferred: Federal 18 191 (164) State and local (46) 98 (6) Foreign — 1 1 Total deferred (28) 290 (169) Income tax provision $ 2,817 $ 4,491 $ 264 |
Reconciliation Of Federal Statutory Income Tax Rate | A reconciliation of the federal statutory income tax rate to the effective tax rate applied to income from continuing operations before income taxes follows: 2023 2022 2021 Federal statutory rate 21 % 21 % 21 % State and local income taxes, net of federal income tax effects 2 3 2 Noncontrolling interests (2) (2) (9) Legislation — — (3) Other (1) — (2) Effective tax rate applied to income from continuing operations before income taxes 20 % 22 % 9 % |
Components Of Deferred Tax Assets And Liabilities | Deferred tax assets and liabilities resulted from the following: December 31, (Millions of dollars) 2023 2022 Deferred tax assets: Employee benefits $ 549 $ 481 Environmental remediation 89 84 Finance lease obligations 365 371 Operating lease liabilities 229 224 Net operating loss carryforwards 44 44 Tax credit carryforwards 10 20 Goodwill and other intangibles 71 56 Other 68 44 Total deferred tax assets 1,425 1,324 Deferred tax liabilities: Property, plant and equipment 2,684 2,656 Inventories 627 686 Investments in subsidiaries and affiliates 3,706 3,660 Right of use assets 230 223 Other 11 2 Total deferred tax liabilities 7,258 7,227 Net deferred tax liabilities $ 5,833 $ 5,903 Net deferred tax liabilities were classified in the consolidated balance sheets as follows: December 31, (Millions of dollars) 2023 2022 Assets: Other noncurrent assets $ 1 $ 1 Liabilities: Deferred income taxes 5,834 5,904 Net deferred tax liabilities $ 5,833 $ 5,903 |
Summary Of Activity In Unrecognized Tax Benefits | The following table summarizes the activity in unrecognized tax benefits: (Millions of dollars) 2023 2022 2021 January 1 balance $ 57 $ 37 $ 23 Additions for tax positions of current year — — 6 Additions for tax positions of prior years 8 38 19 Reductions for tax positions of prior years (6) (2) (4) Settlements (20) (15) (6) Statute of limitations (1) (1) (1) December 31 balance $ 38 $ 57 $ 37 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary Of Inventories | December 31, (Millions of dollars) 2023 2022 Crude oil $ 3,211 $ 3,047 Refined products 4,940 4,748 Materials and supplies 1,166 1,032 Total $ 9,317 $ 8,827 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule Of Equity Method Investments | Ownership as of Carrying value at December 31, December 31, (In millions of dollars, except ownership percentages) VIE 2023 2023 2022 Refining & Marketing The Andersons Marathon Holdings LLC 50% $ 227 $ 204 Martinez Renewables LLC X 50% 1,266 1,070 Other (a) X 168 54 Refining & Marketing Total $ 1,661 $ 1,328 Midstream MPLX Andeavor Logistics Rio Pipeline LLC X 67% $ 171 $ 177 Centrahoma Processing LLC 40% 114 131 Illinois Extension Pipeline Company, L.L.C 35% 228 236 LOOP LLC 41% 314 287 MarEn Bakken Company LLC 25% 449 475 MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C. X 67% 336 335 MarkWest Torñado GP, L.L.C. (b) 100% — 306 MarkWest Utica EMG, L.L.C. X 58% 676 669 Minnesota Pipe Line Company, LLC 17% 174 178 Rendezvous Gas Services, L.L.C. X 78% 129 137 Sherwood Midstream Holdings LLC X 51% 113 125 Sherwood Midstream LLC X 50% 500 512 Whistler Pipeline LLC 38% 214 211 Other (a) X 325 316 MPLX Total $ 3,743 $ 4,095 MPC-Retained Capline Pipeline Company LLC 33% $ 402 $ 404 Crowley Coastal Partners, LLC X 50% 53 55 Gray Oak Pipeline, LLC 25% 284 302 LOOP LLC 10% 78 71 South Texas Gateway Terminal LLC (c) —% — 170 Other (a) X 39 41 MPC-Retained Total $ 856 $ 1,043 Midstream Total $ 4,599 $ 5,138 Total $ 6,260 $ 6,466 (a) Some investments included within “Other” have been deemed to be VIEs. (b) MPLX purchased the remaining interest in MarkWest Torñado GP, L.L.C. during 2023. This entity is now consolidated and included in our consolidated results. (c) MPC sold its interest in South Texas Gateway Terminal LLC in 2023. |
Investment Company, Nonconsolidated Subsidiary, Summarized Financial Information | Summarized financial information for all equity method investments in affiliated companies, combined, was as follows: (Millions of dollars) 2023 2022 2021 Income statement data: Revenues and other income $ 6,544 $ 5,069 $ 4,343 Income from operations 2,428 1,907 1,389 Net income 2,089 1,740 1,230 Balance sheet data – December 31: Current assets $ 2,610 $ 1,811 Noncurrent assets 21,098 20,324 Current liabilities 1,569 1,478 Noncurrent liabilities 6,719 4,750 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Plant And Equipment | December 31, 2023 December 31, 2022 (Millions of dollars) Gross Accumulated Depreciation Net Gross Accumulated Depreciation Net Refining & Marketing $ 32,496 $ 17,992 $ 14,504 $ 32,292 $ 16,745 $ 15,547 Midstream 29,620 9,589 20,031 27,659 8,118 19,541 Corporate 1,632 1,055 577 1,550 981 569 Total (a) $ 63,748 $ 28,636 $ 35,112 $ 61,501 $ 25,844 $ 35,657 (a) Includes finance leases. See Note 27. |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for 2023 were as follows: (Millions of dollars) Refining & Marketing Midstream Total Balance as of December 31, 2021 $ 561 $ 7,695 $ 8,256 Impairment losses — — — Disposal of assets — (12) (12) Balance as of December 31, 2022 561 7,683 8,244 Impairment losses — — — Balance as of December 31, 2023 $ 561 $ 7,683 $ 8,244 Gross goodwill as of December 31, 2023 $ 6,141 $ 10,824 $ 16,965 Accumulated impairment losses (5,580) (3,141) (8,721) Balance as of December 31, 2023 $ 561 $ 7,683 $ 8,244 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Our definite lived intangible assets as of December 31, 2023 and 2022 are as shown below. December 31, 2023 December 31, 2022 (Millions of dollars) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer contracts and relationships $ 3,838 $ 2,132 $ 1,706 $ 3,624 $ 1,825 $ 1,799 Brand rights and tradenames 101 79 22 100 64 36 Royalty agreements 173 142 31 138 103 35 Other 41 35 6 36 30 6 Total $ 4,153 $ 2,388 $ 1,765 $ 3,898 $ 2,022 $ 1,876 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization expense for the next five years related to the intangible assets at December 31, 2023 is as follows: (Millions of dollars) 2024 $ 265 2025 250 2026 230 2027 201 2028 179 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Accounted for at Fair Value on Recurring Basis | The following tables present assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2023 and 2022 by fair value hierarchy level. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty, including any related cash collateral as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the following tables. December 31, 2023 Fair Value Hierarchy (Millions of dollars) Level 1 Level 2 Level 3 Netting and Collateral (a) Net Carrying Value on Balance Sheet (b) Collateral Pledged Not Offset Assets: Commodity contracts $ 244 $ — $ — $ (220) $ 24 $ 73 Liabilities: Commodity contracts $ 249 $ — $ — $ (249) $ — $ — Embedded derivatives in commodity contracts — — 61 — 61 — December 31, 2022 Fair Value Hierarchy (Millions of dollars) Level 1 Level 2 Level 3 Netting and Collateral (a) Net Carrying Value on Balance Sheet (b) Collateral Pledged Not Offset Assets: Commodity contracts $ 310 $ — $ — $ (243) $ 67 $ 100 Liabilities: Commodity contracts $ 301 $ — $ — $ (301) $ — $ — Embedded derivatives in commodity contracts — — 61 — 61 — (a) Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of December 31, 2023, cash collateral of $29 million was netted with mark-to-market derivative liabilities. As of December 31, 2022, cash collateral of $58 million was netted with mark-to-market derivative liabilities. (b) We have no derivative contracts which are subject to master netting arrangements reflected gross on the balance sheet. |
Reconciliation of Net Beginning and Ending Balances Recorded for Net Assets and Liabilities Classified as Level 3 | The following is a reconciliation of the beginning and ending balances recorded for net liabilities classified as Level 3 in the fair value hierarchy. (Millions of dollars) 2023 2022 Beginning balance $ 61 $ 108 Unrealized and realized (gain) loss included in net income 11 (35) Settlements of derivative instruments (11) (12) Ending balance $ 61 $ 61 The amount of total (gain)/loss for the period included in earnings attributable to the change in unrealized (gain)/loss relating to liabilities still held at the end of period: $ 9 $ (33) |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Derivative Instruments [Abstract] | |
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral | The following table presents the fair value of derivative instruments as of December 31, 2023 and 2022 and the line items in the consolidated balance sheets in which the fair values are reflected. The fair value amounts below are presented on a gross basis and do not reflect the netting of asset and liability positions permitted under the terms of our master netting arrangements including cash collateral on deposit with, or received from, brokers. We offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. As a result, the asset and liability amounts below will not agree with the amounts presented in our consolidated balance sheets. (Millions of dollars) December 31, 2023 December 31, 2022 Balance Sheet Location Asset Liability Asset Liability Commodity derivatives Other current assets $ 244 $ 249 $ 310 $ 301 Other current liabilities (a) — 11 — 10 Deferred credits and other liabilities (a) — 50 — 51 (a) Includes embedded derivatives. |
Schedule of Notional Amounts of Outstanding Derivative Positions | The table below summarizes open commodity derivative contracts for crude oil, refined products, blending products and soybean oil as of December 31, 2023. Percentage of contracts that expire next quarter Position (Units in thousands of barrels) Long Short Exchange-traded (a) Crude oil 71.2% 42,455 44,998 Refined products 90.7% 17,657 18,996 Blending products 89.3% 6,030 5,938 Soybean oil 82.7% 4,339 5,088 (a) Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 10,866 long and 10,986 short; Refined products - 615 long and 386 short. There are no spread contracts for blending products or soybean oil. |
Effect of Commodity Derivative Instruments in Statements of Income | The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income: (Millions of dollars) Gain (Loss) Income Statement Location 2023 2022 2021 Sales and other operating revenues $ 7 $ — $ (47) Cost of revenues (15) (58) (333) Other income 2 — — Total $ (6) $ (58) $ (380) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Outstanding Borrowings | Our outstanding borrowings at December 31, 2023 and 2022 consisted of the following: (Millions of dollars) December 31, December 31, Marathon Petroleum Corporation: Senior notes $ 6,449 $ 6,449 Notes payable 1 1 Finance lease obligations 464 522 Total 6,914 6,972 MPLX LP: Senior notes 20,700 20,100 Finance lease obligations 6 8 Total 20,706 20,108 Total debt 27,620 27,080 Unamortized debt issuance costs (141) (142) Unamortized discount, net of unamortized premium (196) (238) Amounts due within one year (1,954) (1,066) Total long-term debt due after one year $ 25,329 $ 25,634 |
Schedule Of Debt Payments | Principal maturities of long-term debt, excluding finance lease obligations, as of December 31, 2023 for the next five years are as follows: (Millions of dollars) 2024 $ 1,901 2025 2,950 2026 2,249 2027 2,000 2028 1,750 |
Schedule of Line of Credit Facilities | (Millions of dollars) Total Outstanding Outstanding Available Weighted Expiration MPC, excluding MPLX MPC bank revolving credit facility $ 5,000 $ — $ 1 $ 4,999 — July 2027 MPC trade receivables securitization facility (a) 100 — — 100 — September 2024 MPLX MPLX bank revolving credit facility 2,000 — — 2,000 — July 2027 (a) The committed borrowing and letter of credit issuance capacity of the trade receivables securitization facility is $100 million. In addition, the facility allows for the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks. |
Marathon Petroleum Corporation | Senior Notes | |
Debt Instrument [Line Items] | |
Outstanding Borrowings | December 31, (Millions of dollars) 2023 2022 Senior notes, 3.625% due September 2024 750 750 Senior notes, 4.700% due May 2025 1,250 1,250 Senior notes, 5.125% due December 2026 719 719 Senior notes, 3.800% due April 2028 496 496 Senior notes, 6.500% due March 2041 1,250 1,250 Senior notes, 4.750% due September 2044 800 800 Senior notes, 5.850% due December 2045 250 250 Senior notes, 4.500% due April 2048 498 498 Andeavor senior notes, 3.800% - 5.125% due 2026 – 2048 36 36 Senior notes, 5.000%, due September 2054 400 400 Total $ 6,449 $ 6,449 |
MPLX | Senior Notes | |
Debt Instrument [Line Items] | |
Outstanding Borrowings | December 31, (Millions of dollars) 2023 2022 Senior notes, 4.500% due July 2023 $ — $ 989 Senior notes, 4.875% due December 2024 1,149 1,149 Senior notes, 4.000% due February 2025 500 500 Senior notes, 4.875% due June 2025 1,189 1,189 MarkWest senior notes, 4.500% - 4.875% due 2023 – 2025 12 23 Senior notes, 1.750% due March 2026 1,500 1,500 Senior notes, 4.125% due March 2027 1,250 1,250 Senior notes, 4.250% due December 2027 732 732 Senior notes, 4.000% due March 2028 1,250 1,250 Senior notes, 4.800% due February 2029 750 750 Senior notes, 2.650% due August 2030 1,500 1,500 Senior notes, 4.950% due September 2032 1,000 1,000 Senior notes, 5.000% due March 2033 1,100 — Senior notes, 4.500% due April 2038 1,750 1,750 Senior notes, 5.200% due March 2047 1,000 1,000 Senior notes, 5.200% due December 2047 487 487 ANDX senior notes, 4.250% - 5.200% due 2027 – 2047 31 31 Senior notes, 4.700% due April 2048 1,500 1,500 Senior notes, 5.500% due February 2049 1,500 1,500 Senior notes, 4.950% due March 2052 1,500 1,500 Senior notes, 5.650% due March 2053 500 — Senior notes, 4.900% due April 2058 500 500 Total $ 20,700 $ 20,100 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our revenues from external customers disaggregated by segment and product line: (Millions of dollars) 2023 2022 2021 Refining & Marketing Refined products $ 134,303 $ 161,362 $ 107,345 Crude oil 7,423 8,962 7,132 Services and other 1,742 1,763 873 Total revenues from external customers 143,468 172,087 115,350 Midstream Refined products 1,675 2,219 1,590 Services and other (a) 3,236 3,147 3,043 Total revenues from external customers 4,911 5,366 4,633 Sales and other operating revenues $ 148,379 $ 177,453 $ 119,983 (a) Includes sales-type lease revenue. See Note 27. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Summary of Supplemental Cash Flow Information | (Millions of dollars) 2023 2022 2021 Net cash provided by operating activities included: Interest paid (net of amounts capitalized) $ 1,200 $ 1,060 $ 1,231 Income taxes paid to taxing authorities 2,751 4,869 2,436 Cash paid for amounts included in the measurement of lease liabilities Payments on operating leases 493 498 569 Interest payments under finance lease obligations 25 24 21 Net cash provided by financing activities included: Principal payments under finance lease obligations 79 79 71 Non-cash investing and financing activities: Right of use assets obtained in exchange for new operating lease obligations 465 367 349 Right of use assets obtained in exchange for new finance lease obligations 21 60 37 Contribution of assets (a) — 818 — Book value of equity method investment (b) 311 150 — (a) Represents the book value of property, plant and equipment, inventory and working capital contributed by MPC to Martinez Renewables LLC. See Note 15 for additional information. (b) 2023 represents the book value of MPLX’s equity method investment in Torñado. prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Crowley Ocean Partners of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 15 for additional information. |
Schedule Of Reconciliation Of Additions To Property Plant And Equipment To Total Capital Expenditures | The consolidated statements of cash flows exclude changes to the consolidated balance sheets that did not affect cash. The following is a reconciliation of additions to property, plant and equipment to total capital expenditures: (Millions of dollars) 2023 2022 2021 Additions to property, plant and equipment per the consolidated statements of cash flows $ 1,890 $ 2,420 $ 1,464 Increase (decrease) in capital accruals 184 (37) 141 Total capital expenditures $ 2,074 $ 2,383 $ 1,605 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | The following summarizes the components of other current liabilities: December 31, (Millions of dollars) 2023 2022 Environmental credits liability $ 778 $ 429 Accrued interest payable 316 315 Other current liabilities 551 423 Total other current liabilities $ 1,645 $ 1,167 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | The following table shows the changes in accumulated other comprehensive income (loss) by component. Amounts in parentheses indicate debits. (Millions of dollars) Pension Benefits Other Benefits Other Total Balance as of December 31, 2021 $ (117) $ 49 $ 1 $ (67) Other comprehensive income (loss) before reclassifications, net of tax of $11 (70) 129 (1) 58 Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service credit (a) (45) (22) — (67) Amortization of actuarial loss (a) 4 6 — 10 Settlement loss (a) 79 — — 79 Tax effect (14) 3 — (11) Other comprehensive income (loss) (46) 116 (1) 69 Balance as of December 31, 2022 $ (163) $ 165 $ — $ 2 (Millions of dollars) Pension Benefits Other Benefits Other Total Balance as of December 31, 2022 $ (163) $ 165 $ — $ 2 Other comprehensive income (loss) before reclassifications, net of tax of $(22) (60) (21) 2 (79) Amounts reclassified from accumulated other comprehensive loss: Amortization of prior service credit (a) (45) (22) — (67) Amortization of actuarial gain (a) (5) — — (5) Settlement gain (a) (1) — — (1) Other — — (1) (1) Tax effect 13 7 — 20 Other comprehensive income (loss) (98) (36) 1 (133) Balance as of December 31, 2023 $ (261) $ 129 $ 1 $ (131) (a) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 25. |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Defined Contribution Plan Disclosures | (Millions of dollars) 2023 2022 2021 Cash balance weighted average interest crediting rates 3.57 % 3.00 % 3.00 % |
Summary Of Projected Benefit Obligations And Funded Status For Defined Benefit Pension And Other Postretirement Plans | The following summarizes the projected benefit obligations and funded status for our defined benefit pension and other postretirement plans: Pension Benefits Other Benefits (Millions of dollars) 2023 2022 2023 2022 Benefit obligations at January 1 $ 2,359 $ 3,295 $ 650 $ 828 Service cost 195 228 18 26 Interest cost 116 102 31 21 Actuarial loss/(gain) 184 (653) 31 (168) Benefits paid (a) (291) (613) (51) (57) Benefit obligations at December 31 2,563 2,359 679 650 Fair value of plan assets at January 1 1,838 3,043 — — Actual return on plan assets 266 (622) — — Employer contributions 269 30 51 57 Benefits paid from plan assets (291) (613) (51) (57) Fair value of plan assets at December 31 2,082 1,838 — — Funded status at December 31 $ (481) $ (521) $ (679) $ (650) (a) Of the $613 million in benefits paid in 2022, $285 million is related to the pension annuity lift-out. |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheet for our pension and other postretirement benefit plans at December 31 include: Pension Benefits Other Benefits (Millions of dollars) 2023 2022 2023 2022 Current liabilities (8) (7) (50) (50) Noncurrent liabilities (473) (514) (629) (600) Accrued benefit cost $ (481) $ (521) $ (679) $ (650) |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Included in accumulated other comprehensive loss at December 31 were the following before-tax amounts that had not been recognized in net periodic benefit cost: Pension Benefits Other Benefits (Millions of dollars) 2023 2022 2023 2022 Net actuarial loss $ 467 $ 386 $ 50 $ 19 Prior service credit (69) (114) (202) (224) Amounts exclude those related to LOOP and Explorer, equity method investees with defined benefit pension and postretirement plans for which net losses (gains) of $10 million and $(5) million were recorded in accumulated other comprehensive income (loss) in 2023, reflecting our ownership share. |
Components of Net Periodic Benefit Costs | The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive loss (pretax) for our defined benefit pension and other postretirement plans. Pension Benefits Other Benefits (Millions of dollars) 2023 2022 2021 2023 2022 2021 Service cost $ 201 $ 230 $ 287 $ 18 $ 26 $ 34 Interest cost 116 102 93 31 21 30 Expected return on plan assets (163) (142) (139) — — — Amortization of prior service cost (credit) (45) (45) (45) (22) (22) 2 Amortization of actuarial (gain) loss (5) 4 37 — 6 10 Settlement (gain) loss (1) 79 75 — — 1 Net periodic benefit cost (a) $ 103 $ 228 $ 308 $ 27 $ 31 $ 77 Actuarial (gain) loss $ 75 $ 109 $ (227) $ 31 $ (167) $ (16) Prior service credit — — — — — (276) Amortization of actuarial (gain) loss 6 (83) (112) — (6) (11) Amortization of prior service (cost) credit 45 45 45 22 22 (2) Total recognized in other comprehensive (income) loss $ 126 $ 71 $ (294) $ 53 $ (151) $ (305) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 229 $ 299 $ 14 $ 80 $ (120) $ (228) (a) Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years. |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Pretax) | The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive loss (pretax) for our defined benefit pension and other postretirement plans. Pension Benefits Other Benefits (Millions of dollars) 2023 2022 2021 2023 2022 2021 Service cost $ 201 $ 230 $ 287 $ 18 $ 26 $ 34 Interest cost 116 102 93 31 21 30 Expected return on plan assets (163) (142) (139) — — — Amortization of prior service cost (credit) (45) (45) (45) (22) (22) 2 Amortization of actuarial (gain) loss (5) 4 37 — 6 10 Settlement (gain) loss (1) 79 75 — — 1 Net periodic benefit cost (a) $ 103 $ 228 $ 308 $ 27 $ 31 $ 77 Actuarial (gain) loss $ 75 $ 109 $ (227) $ 31 $ (167) $ (16) Prior service credit — — — — — (276) Amortization of actuarial (gain) loss 6 (83) (112) — (6) (11) Amortization of prior service (cost) credit 45 45 45 22 22 (2) Total recognized in other comprehensive (income) loss $ 126 $ 71 $ (294) $ 53 $ (151) $ (305) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 229 $ 299 $ 14 $ 80 $ (120) $ (228) (a) Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years. |
Plan Assumptions | The following summarizes the assumptions used to determine the benefit obligations at December 31, and net periodic benefit cost for the defined benefit pension and other postretirement plans for 2023, 2022 and 2021. Pension Benefits Other Benefits 2023 2022 2021 2023 2022 2021 Benefit obligation: Discount rate 4.85 % 5.04 % 2.82 % 4.88 % 5.08 % 2.93 % Rate of compensation increase 4.18 % 4.18 % 5.70 % 4.18 % 4.18 % 5.70 % Net periodic benefit cost: Discount rate 5.10 % 3.33 % 2.70 % 5.08 % 2.93 % 2.55 % Expected long-term return on plan assets 7.00 % 5.75 % 5.75 % — % — % — % Rate of compensation increase 4.18 % 4.18 % 5.70 % 4.18 % 4.18 % 5.70 % |
Assumed Health Care Cost Trend Rates | The following summarizes the assumed health care cost trend rates. December 31, 2023 2022 2021 Health care cost trend rate assumed for the following year: Medical: Pre-65 7.70 % 6.60 % 5.80 % Prescription drugs 10.80 % 8.90 % 6.40 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate): Medical: Pre-65 4.50 % 4.50 % 4.50 % Prescription drugs 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate: Medical: Pre-65 2032 2031 2030 Prescription drugs 2032 2031 2030 |
Fair Values Of Defined Benefit Pension Plan Assets | The following tables present the fair values of our defined benefit pension plans’ assets, by level within the fair value hierarchy, as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 (Millions of dollars) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ 63 $ — $ 63 $ — $ 3 $ — $ 3 Equity: Common stocks 50 — — 50 40 — — 40 Mutual funds 115 — — 115 104 — — 104 Pooled funds — 791 — 791 — 742 — 742 Fixed income: Corporate — 588 — 588 — 582 — 582 Government — 330 — 330 211 41 — 252 Pooled funds — 118 — 118 — 79 — 79 Private equity — — 10 10 — — 13 13 Real estate — — 12 12 — — 14 14 Other — 2 3 5 — 5 4 9 Total investments, at fair value $ 165 $ 1,892 $ 25 $ 2,082 $ 355 $ 1,452 $ 31 $ 1,838 |
Estimated Future Benefit Payment | The following gross benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated. (Millions of dollars) Pension Benefits Other Benefits 2024 $ 147 $ 50 2025 168 51 2026 177 51 2027 183 52 2028 194 52 2029 through 2033 1,100 266 |
Multiemployer Plan | Our participation in this plan for 2023, 2022 and 2021 is outlined in the table below. The “EIN” column provides the Employee Identification Number for the plan. The most recent Pension Protection Act zone status available in 2023 and 2022 is for the plan years ending on December 31, 2022 and December 31, 2021, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded. The “FIP/RP Status Pending/Implemented” column indicates a financial improvement plan or a rehabilitation plan has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. There have been no significant changes that affect the comparability of 2023, 2022 and 2021 contributions. Our portion of the contributions does not make up more than five percent of total contributions to the plan. Pension FIP/RP Status MPC Contributions Millions of dollars ) Surcharge Expiration Date of Pension Fund EIN 2023 2022 2023 2022 2021 Central States, Southeast and Southwest Areas Pension Plan (a)(b) 366044243 Red Red Implemented $ 5 $ 5 $ 5 No January 31, 2024 (a) This agreement has a minimum contribution requirement of $338 per week per employee for 2024. A total of 278 employees participated in the plan as of December 31, 2023. (b) The parties to the expired agreement continue operating under the relevant terms of the expired agreement while negotiating a successor agreement. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table reflects activity related to our share-based compensation arrangements: (Millions of dollars) 2023 2022 2021 Share-based compensation expense $ 211 $ 153 $ 88 Tax benefit recognized on share-based compensation expense 51 37 22 Cash received by MPC upon exercise of stock option awards 62 243 106 Tax benefit received for tax deductions for stock awards exercised 49 53 13 |
Summary of Stock Option Award Activity | The following is a summary of our common stock option activity in 2023: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value (Millions of dollars) Outstanding at December 31, 2022 2,489,234 $ 46.78 Exercised (1,445,223) 42.95 Forfeited or expired — — Outstanding at December 31, 2023 (a) 1,044,011 52.07 2.2 $ 101 (a) All options outstanding at December 31, 2023 are fully vested and exercisable. |
Summary of Restricted Stock Award Activity | The following is a summary of restricted stock and restricted stock unit award activity of our common stock in 2023: Restricted Stock Restricted Stock Units Number of Weighted Number of Weighted Unvested at December 31, 2022 691 $ 54.60 1,786,150 $ 50.36 Granted — — 601,161 133.94 Vested (691) 54.60 (1,115,810) 41.78 Forfeited — — (78,797) 85.85 Unvested at December 31, 2023 — — 1,192,704 98.16 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity, Vested And Unvested | The following is a summary of the values related to restricted stock and restricted stock unit awards held by MPC employees and non-employee directors: Restricted Stock Restricted Stock Units Intrinsic Value of Awards Vested During the Period (Millions of dollars) Weighted Average Grant Date Fair Value of Awards Granted During the Period Intrinsic Value of Awards Vested During the Period (Millions of dollars) Weighted Average Grant Date Fair Value of Awards Granted During the Period 2023 $ — $ — $ 144 $ 133.94 2022 17 — 99 75.81 2021 20 — 90 55.27 |
Share-Based Payment Arrangement, Performance Shares, Activity | The following is a summary of performance share unit awards activity in 2023: Number of Performance Share Units Unvested at December 31, 2022 862,313 Granted 295,296 Vested (549,905) Forfeited (27,038) Unvested at December 31, 2023 580,666 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost | Under ASC 842, the components of lease cost are shown below. Lease costs for operating leases are recognized on a straight line basis and are reflected in the income statement based on the leased asset’s use. Lease costs for finance leases are reflected in depreciation and amortization and in net interest and other financial costs. (Millions of dollars) 2023 2022 2021 Finance lease cost: Amortization of right of use assets $ 73 $ 81 $ 78 Interest on lease liabilities 25 29 31 Operating lease cost 489 490 565 Variable lease cost 54 59 62 Short-term lease cost 881 772 446 Total lease cost $ 1,522 $ 1,431 $ 1,182 |
Assets and Liabilities Lessee | Supplemental consolidated balance sheet data related to leases were as follows: December 31, (Millions of dollars) 2023 2022 Operating leases Assets Right of use assets $ 1,233 $ 1,214 Liabilities Operating lease liabilities $ 454 $ 368 Long-term operating lease liabilities 764 841 Total operating lease liabilities $ 1,218 $ 1,209 Weighted average remaining lease term (in years) 4 5 Weighted average discount rate 4.1 % 3.5 % Finance leases Assets Property, plant and equipment, gross $ 765 $ 818 Less accumulated depreciation 413 412 Property, plant and equipment, net $ 352 $ 406 Liabilities Debt due within one year $ 69 $ 79 Long-term debt 401 451 Total finance lease liabilities $ 470 $ 530 Weighted average remaining lease term (in years) 9 9 Weighted average discount rate 5.1 % 5.1 % |
Operating & Finance Leases, Liability, Maturity | As of December 31, 2023, maturities of lease liabilities for operating lease obligations and finance lease obligations having initial or remaining non-cancellable lease terms in excess of one year are as follows: (Millions of dollars) Operating Finance 2024 $ 494 $ 91 2025 356 82 2026 181 79 2027 100 63 2028 66 47 2029 and thereafter 128 228 Gross lease payments 1,325 590 Less: imputed interest 107 120 Total lease liabilities $ 1,218 $ 470 |
Operating Lease, Lease Income | Lease revenues are included in sales and other operating revenues on the consolidated statements of income. Lease revenues were as follows: (Millions of dollars) 2023 2022 2021 Operating leases: Rental income $ 243 $ 327 $ 376 Sales-type leases: Interest income (Sales-type rental revenue-fixed minimum) 114 46 — Interest income (Revenue from variable lease payments) 22 16 — Sales-type lease revenue $ 136 $ 62 $ — |
Sales-type Lease, Lease Income | Lease revenues are included in sales and other operating revenues on the consolidated statements of income. Lease revenues were as follows: (Millions of dollars) 2023 2022 2021 Operating leases: Rental income $ 243 $ 327 $ 376 Sales-type leases: Interest income (Sales-type rental revenue-fixed minimum) 114 46 — Interest income (Revenue from variable lease payments) 22 16 — Sales-type lease revenue $ 136 $ 62 $ — |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | The following is a schedule of minimum future rentals on the non-cancelable operating leases as of December 31, 2023: (Millions of dollars) 2024 $ 117 2025 95 2026 75 2027 53 2028 46 2029 and thereafter 250 Total minimum future rentals $ 636 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Annual minimum undiscounted lease payment receipts under our sales-type leases were as follows as of December 31, 2023: (Millions of dollars) 2024 $ 175 2025 161 2026 150 2027 141 2028 132 2029 and thereafter 959 Total minimum future rentals 1,718 Less: imputed interest 778 Lease receivables (a) $ 940 Current lease receivables (b) $ 102 Long-term lease receivables (c) 838 Unguaranteed residual assets 78 Total sales-type lease assets $ 1,018 (a) This amount does not include the unguaranteed residual assets. (b) Presented in receivables, net on the consolidated balance sheets. (c) Presented in other noncurrent assets on the consolidated balance sheets. Capital expenditures related to assets subject to sales-type lease arrangements were $50 million for the year ended December 31, 2023. These amounts are reflected as additions to property, plant and equipment in the consolidated statements of cash flows. |
Schedule of Property Subject to or Available for Operating Lease | The following schedule summarizes our investment in assets held under operating lease by major classes as of December 31, 2023 and 2022: December 31, (Millions of dollars) 2023 2022 Gathering and transportation $ 86 $ 94 Processing and fractionation 1,000 973 Pipelines 12 — Terminals 129 128 Land, building and other 10 10 Property, plant and equipment 1,237 1,205 Less accumulated depreciation 396 330 Total property, plant and equipment, net $ 841 $ 875 |
Summary of Principal Accounti_3
Summary of Principal Accounting Policies (Principal Accounting Policies) (Details) | Dec. 31, 2023 |
Refining and midstream assets | Minimum | |
Estimated useful lives (in years) | 10 years |
Refining and midstream assets | Maximum | |
Estimated useful lives (in years) | 40 years |
Office building | |
Estimated useful lives (in years) | 25 years |
Other miscellaneous fixed assets | Minimum | |
Estimated useful lives (in years) | 4 years |
Other miscellaneous fixed assets | Maximum | |
Estimated useful lives (in years) | 7 years |
MPC | MPLX | |
MPC's partnership interest in MLPs (in percentage) | 65% |
Short-term Investments (Investm
Short-term Investments (Investments Components) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 5,860 | $ 6,304 |
Unrealized Gains | 3 | 0 |
Unrealized Losses | (1) | (1) |
Available-for-sale debt securities | 5,862 | 6,303 |
Cash | 4,362 | 5,467 |
Cash and short-term investments | 10,224 | 11,770 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 1,081 | 3,158 |
Cash | 4,362 | 5,467 |
Cash and short-term investments | 5,443 | 8,625 |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 4,781 | 3,145 |
Cash | 0 | 0 |
Cash and short-term investments | 4,781 | 3,145 |
Commercial paper | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,154 | 3,074 |
Unrealized Gains | 2 | 0 |
Unrealized Losses | 0 | (1) |
Available-for-sale debt securities | 3,156 | 3,073 |
Commercial paper | Level 2 | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 281 | 1,106 |
Commercial paper | Level 2 | Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 2,875 | 1,967 |
Certificates of deposit and time deposits | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,836 | 2,093 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | 0 | 0 |
Available-for-sale debt securities | 1,837 | 2,093 |
Certificates of deposit and time deposits | Level 2 | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 800 | 1,500 |
Certificates of deposit and time deposits | Level 2 | Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 1,037 | 593 |
U.S. government securities | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 785 | 1,071 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1) | 0 |
Available-for-sale debt securities | 784 | 1,071 |
U.S. government securities | Level 1 | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 0 | 498 |
U.S. government securities | Level 1 | Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 784 | 573 |
Corporate notes and bonds | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 85 | 66 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Available-for-sale debt securities | 85 | 66 |
Corporate notes and bonds | Level 2 | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | 0 | 54 |
Corporate notes and bonds | Level 2 | Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities | $ 85 | $ 12 |
Discontinued Operations (Detail
Discontinued Operations (Details) - Speedway - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions | 12 Months Ended | |
May 14, 2021 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash proceeds from sale of Speedway | $ 21,380 | |
Proceeds from the sale of Speedway, net of tax | 17,220 | |
Gain from disposal of discontinued operation, before income tax | $ 11,680 | $ 60 |
Discontinued operation, gain (loss) on disposal, statement of income or comprehensive income [extensible enumeration] | Income from discontinued operations, net of tax |
Master Limited Partnership (Det
Master Limited Partnership (Details) | Dec. 31, 2023 |
MPC | MPLX | |
Noncontrolling Interest [Line Items] | |
MPC's partnership interest in MLPs (in percentage) | 65% |
Master Limited Partnership (Uni
Master Limited Partnership (Unit Repurchase Program) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Aug. 02, 2022 | Nov. 02, 2020 |
Noncontrolling Interest [Line Items] | |||
Stock repurchase program, authorized amount | $ 50,050 | ||
Stock repurchase plan remaining authorized amount | 6,780 | ||
MPLX | |||
Noncontrolling Interest [Line Items] | |||
Stock repurchase plan remaining authorized amount | $ 846 | ||
MPLX | Share Repurchase Authorization November 2020 | |||
Noncontrolling Interest [Line Items] | |||
Stock repurchase program, authorized amount | $ 1,000 | ||
MPLX | Share Repurchase Authorization August 2022 | |||
Noncontrolling Interest [Line Items] | |||
Stock repurchase program, authorized amount | $ 1,000 |
Master Limited Partnership (U_2
Master Limited Partnership (Unit Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Noncontrolling Interest [Line Items] | ||||
Average cost per unit | $ 131.27 | [1] | $ 91.20 | $ 62.65 |
MPLX | ||||
Noncontrolling Interest [Line Items] | ||||
Number of common units repurchased | 0 | 15 | 23 | |
Cash paid for common units repurchased | $ 0 | $ 491 | $ 630 | |
Average cost per unit | $ 0 | $ 31.96 | $ 27.52 | |
[1] The average cost per share for the 2023 period includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but does not reduce the share repurchase authorization. |
Master Limited Partnership (Red
Master Limited Partnership (Redemption of the Series B Preferred Units) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Feb. 15, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Line Items] | ||||
Redemption of preferred units | $ 600 | $ 0 | $ 0 | |
Preferred stock redemption premium | $ (2) | $ 0 | $ 0 | |
Series B Preferred Stock | MPLX | ||||
Noncontrolling Interest [Line Items] | ||||
Preferred units, outstanding | 600,000 | |||
Preferred stock, redemption price per share | $ 1,000 | |||
Redemption of preferred units | $ 600 | |||
Series B Preferred Stock | MPLX | Retained Earnings | ||||
Noncontrolling Interest [Line Items] | ||||
Preferred stock redemption premium | $ 2 |
Master Limited Partnership (Non
Master Limited Partnership (Noncontrolling Interest) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Decrease in MPC's additional paid-in capital, net of tax | $ (526) | $ (447) | $ (554) |
Additional Paid-in Capital | |||
Decrease due to change in ownership | (4) | (164) | (166) |
Tax impact | 0 | 44 | 73 |
Decrease in MPC's additional paid-in capital, net of tax | $ (4) | $ (120) | $ (93) |
Variable Interest Entities (Bal
Variable Interest Entities (Balance Sheet Information for Consolidated VIEs) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | ||||
Cash and cash equivalents | $ 5,443 | $ 8,625 | ||
Receivables | 11,619 | 13,477 | ||
Inventories | 9,317 | 8,827 | ||
Other current assets | 971 | 1,168 | ||
Equity method investments | 6,260 | 6,466 | ||
Property, plant and equipment, net | [1] | 35,112 | 35,657 | |
Goodwill | 8,244 | 8,244 | $ 8,256 | |
Right of use assets | 1,233 | 1,214 | ||
Other noncurrent assets | 3,007 | 3,081 | ||
Liabilities | ||||
Accounts payable | 13,761 | 15,312 | ||
Payroll and benefits payable | 1,115 | 967 | ||
Accrued taxes | 1,221 | 1,140 | ||
Debt due within one year | 1,954 | 1,066 | ||
Operating lease liabilities | 454 | 368 | ||
Total other current liabilities | 1,645 | 1,167 | ||
Long-term debt | 25,329 | 25,634 | ||
Deferred income taxes | 5,834 | 5,904 | ||
Long-term operating lease liabilities | 764 | 841 | ||
Deferred credits and other liabilities | 1,409 | 1,304 | ||
VIE, Primary Beneficiary | MPLX | ||||
Assets | ||||
Cash and cash equivalents | 1,048 | 238 | ||
Receivables | 836 | 747 | ||
Inventories | 159 | 148 | ||
Other current assets | 33 | 56 | ||
Equity method investments | 3,743 | 4,095 | ||
Property, plant and equipment, net | 19,264 | 18,848 | ||
Goodwill | 7,645 | 7,645 | ||
Right of use assets | 264 | 283 | ||
Other noncurrent assets | 1,644 | 1,664 | ||
Liabilities | ||||
Accounts payable | 723 | 664 | ||
Payroll and benefits payable | 0 | 4 | ||
Accrued taxes | 79 | 67 | ||
Debt due within one year | 1,135 | 988 | ||
Operating lease liabilities | 45 | 46 | ||
Total other current liabilities | 336 | 338 | ||
Long-term debt | 19,296 | 18,808 | ||
Deferred income taxes | 16 | 13 | ||
Long-term operating lease liabilities | 211 | 230 | ||
Deferred credits and other liabilities | $ 476 | $ 366 | ||
[1] Includes finance leases. See Note 27. |
Variable Interest Entities (Non
Variable Interest Entities (Non-Consolidated VIEs) (Details) | Dec. 31, 2023 | Mar. 08, 2023 |
Green Bison Soy Processing, LLC | Archer-Daniels-Midland Company | ||
Variable Interest Entity [Line Items] | ||
Equity method investments, ownership percentage | 75% | |
Green Bison Soy Processing, LLC | MPC | ||
Variable Interest Entity [Line Items] | ||
Equity method investments, ownership percentage | 25% | |
LF Bioenergy | ||
Variable Interest Entity [Line Items] | ||
Equity method investments, ownership percentage | 49.90% |
Related Party Transactions (Rel
Related Party Transactions (Related Party Transactions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Sales and other operating revenues | $ 148,379 | $ 177,453 | $ 119,983 |
Purchases from related parties | 1,818 | 1,175 | 962 |
Related Party | |||
Related Party Transaction [Line Items] | |||
Sales and other operating revenues | $ 915 | $ 144 | $ 93 |
Earnings per Share (Summary Of
Earnings per Share (Summary Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations, net of tax | $ 11,172 | $ 15,978 | $ 2,553 |
Net income attributable to noncontrolling interest | (1,491) | (1,534) | (1,263) |
Net income allocated to participating securities | (7) | (8) | (2) |
Redemption of preferred units | (2) | 0 | 0 |
Income from continuing operations available to common stockholders | 9,672 | 14,436 | 1,288 |
Income from discontinued operations, net of tax | 0 | 72 | 8,448 |
Income available to common stockholders | $ 9,672 | $ 14,508 | $ 9,736 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 407 | 512 | 634 |
Effect of dilutive securities (in shares) | 2 | 4 | 4 |
Diluted (in shares) | 409 | 516 | 638 |
Basic: | |||
Continuing operations | $ 23.73 | $ 28.17 | $ 2.03 |
Discontinued operations | 0 | 0.14 | 13.31 |
Net income per share | 23.73 | 28.31 | 15.34 |
Diluted: | |||
Continuing operations | 23.63 | 27.98 | 2.02 |
Discontinued operations | 0 | 0.14 | 13.22 |
Net income per share | $ 23.63 | $ 28.12 | $ 15.24 |
Earnings per Share (Anti-diluti
Earnings per Share (Anti-dilutive Shares) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 3 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 25, 2023 | May 02, 2023 | Jan. 31, 2023 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 50,050 | ||||||
Stock repurchase plan remaining authorized amount | $ 6,780 | ||||||
Treasury Stock, Shares, Acquired | 89,000,000 | 131,000,000 | 76,000,000 | ||||
Cash paid for shares repurchased | $ 11,572 | $ 11,922 | $ 4,654 | ||||
Subsequent Event | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 489,190 | ||||||
Cash paid for shares repurchased | $ 73 | ||||||
Share Repurchase Authorization October 2023 | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 5,000 | ||||||
Share Repurchase Authorization January 2023 | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 5,000 | ||||||
Share Repurchase Authorization May 2023 | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 5,000 |
Equity (Share Repurchases) (Det
Equity (Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Equity [Abstract] | ||||
Treasury Stock, Shares, Acquired | 89 | 131 | 76 | |
Cash paid for shares repurchased | $ 11,572 | $ 11,922 | $ 4,654 | |
Shares Acquired, Average Cost Per Share | $ 131.27 | [1] | $ 91.20 | $ 62.65 |
[1] The average cost per share for the 2023 period includes excise tax on share repurchases resulting from the Inflation Reduction Act of 2022, but does not reduce the share repurchase authorization. |
Segment Information (Number of
Segment Information (Number of Reportable Segments) (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Segment ad
Segment Information (Segment adjusted EBITDA) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Sep. 21, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Segment Reporting Information [Line Items] | ||||||
Refining planned turnaround costs | $ (1,201) | $ (1,122) | $ (582) | |||
Garyville incident response costs | (16) | 0 | 0 | |||
Storm impacts | 0 | 0 | (70) | |||
LIFO inventory (charge) credit | (145) | 148 | 0 | |||
Gain on sales of assets | 198 | 1,058 | [1] | 0 | ||
Renewable volume obligation requirements(b) | 0 | 238 | [2] | 0 | ||
Litigation | 0 | 27 | 0 | |||
Impairments | 0 | 0 | (13) | [3] | ||
Idling expenses | 0 | 0 | (12) | |||
Depreciation and amortization | (3,307) | (3,215) | (3,364) | |||
Net interest and other financial costs | (525) | (1,000) | (1,483) | |||
Income from continuing operations before income taxes | 13,989 | 20,469 | 2,817 | |||
Net gain on disposal of assets | 217 | 1,061 | 21 | |||
Sales-type lease, selling profit (loss) | 509 | |||||
Martinez Renewables LLC | ||||||
Segment Reporting Information [Line Items] | ||||||
Net gain on disposal of assets | $ 549 | |||||
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | 19,722 | 25,033 | 8,928 | |||
Operating Segments | Refining & Marketing | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | 13,551 | 19,261 | 3,518 | |||
Depreciation and amortization | (1,887) | (1,850) | (1,870) | |||
Operating Segments | Midstream | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | 6,171 | 5,772 | 5,410 | |||
Depreciation and amortization | (1,320) | (1,310) | (1,329) | |||
Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Corporate | (737) | (698) | (587) | |||
Depreciation and amortization | $ (100) | $ (55) | $ (165) | [4] | ||
[1] 2023 includes the gain associated with the remeasurement of MPLX’s existing equity investment in MarkWest Torñado GP, L.L.C., arising from the acquisition of the remaining 40 percent interest and the gain on the sale of our interest in South Texas Gateway Terminal LLC. 2022 includes the $549 million gain related to the contribution of assets by MPC on the formation of the Martinez Renewables LLC joint venture and the $509 million gain on lease reclassification. See Notes 15 and 27 for additional information. Represents retroactive changes in renewable volume obligation requirements published by EPA in June 2022 for the 2020 and 2021 annual obligations. 2021 reflects impairments of equity method investments. 56 million |
Segment Information (Recon of S
Segment Information (Recon of Segment Revenues to Sales and Other Operating Revenues) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ 148,379 | $ 177,453 | $ 119,983 | |
Refining & Marketing | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | [1] | 143,468 | 172,087 | 115,350 |
Midstream | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | [1] | 4,911 | 5,366 | 4,633 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 5,704 | 5,342 | 5,130 | |
Intersegment Eliminations | Refining & Marketing | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 107 | 118 | 144 | |
Intersegment Eliminations | Midstream | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 5,597 | 5,224 | 4,986 | |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 154,083 | 182,795 | 125,113 | |
Operating Segments | Refining & Marketing | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | 143,575 | 172,205 | 115,494 | |
Operating Segments | Midstream | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenues | $ 10,508 | $ 10,590 | $ 9,619 | |
[1] Includes Refining & Marketing intercompany sales to Speedway prior to May 14, 2021 and related party sales. See Notes 5 and 8 for additional information. |
Segment Information (Equity Met
Segment Information (Equity Method Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Income from equity method investments | $ 742 | $ 655 | $ 458 | |
Operating Segments | Refining & Marketing | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Income from equity method investments | 7 | 31 | 59 | |
Operating Segments | Midstream | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Income from equity method investments | 735 | 624 | 412 | |
Corporate | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Income from equity method investments | $ 0 | $ 0 | $ (13) | [1] |
[1]Impairment of equity method investment. |
Segment Information (Depreciati
Segment Information (Depreciation and Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 3,307 | $ 3,215 | $ 3,364 | |
Depreciation and amortization | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Depreciation and amortization | |||
Operating Segments | Refining & Marketing | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 1,887 | 1,850 | $ 1,870 | |
Operating Segments | Midstream | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | 1,320 | 1,310 | 1,329 | |
Corporate | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization | $ 100 | $ 55 | $ 165 | [1] |
[1]2021 includes an impairment of $ 56 million |
Segment Information (Recon of O
Segment Information (Recon of Other Significant Items from Segments to Consolidated) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Investments in equity method investments | $ 480 | $ 405 | $ 210 | |
Plus: | ||||
Total capital expenditures | [1] | 2,074 | 2,383 | 1,605 |
Operating Segments | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment capital expenditures and investments | 2,416 | 2,577 | 1,642 | |
Investments in equity method investments | 480 | 405 | 210 | |
Operating Segments | Refining & Marketing | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment capital expenditures and investments | 1,311 | 1,508 | 911 | |
Operating Segments | Midstream | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Segment capital expenditures and investments | 1,105 | 1,069 | 731 | |
Corporate | ||||
Plus: | ||||
Corporate | 83 | 108 | 105 | |
Capitalized interest | $ 55 | $ 103 | $ 68 | |
[1]Includes changes in capital expenditure accruals. See Note 22 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows |
Segment Information (Major Cust
Segment Information (Major Customer) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Segment Reporting, Disclosure of Major Customers | No single customer accounted for more than 10 percent of annual revenues for the year ended December 31, 2023. Sales to Speedway/7-Eleven from the Refining & Marketing segment represented 10 percent and 11 percent of our total annual revenues for the years ended December 31, 2022 and 2021, respectively. | ||
7-Eleven | Customer Concentration Risk | Revenue Benchmark | |||
Segment Reporting Information [Line Items] | |||
Percent of annual revenues | 10% | ||
Speedway/7-Eleven | Customer Concentration Risk | Revenue Benchmark | |||
Segment Reporting Information [Line Items] | |||
Percent of annual revenues | 11% |
Net Interest and Other Financ_3
Net Interest and Other Financial Costs (Net Interest and Other Financial Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Other Income and Expenses [Abstract] | ||||
Interest income | $ (530) | $ (191) | $ (14) | |
Interest expense | 1,325 | 1,299 | 1,340 | |
Interest capitalized | (60) | (104) | (73) | |
Pension and other postretirement non-service costs | [1] | (89) | 3 | 64 |
Loss on extinguishment of debt | 9 | 2 | 133 | |
Investments - net premium (discount) amortization | (142) | (30) | (1) | |
Other financial costs | 12 | 21 | 34 | |
Net interest and other financial costs | $ 525 | $ 1,000 | $ 1,483 | |
[1]See Note 25. |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Tax Provisions (Benefits)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 2,359 | $ 3,565 | $ 380 |
State and local | 475 | 629 | 48 |
Foreign | 11 | 7 | 5 |
Total current | 2,845 | 4,201 | 433 |
Deferred: | |||
Federal | 18 | 191 | (164) |
State and local | (46) | 98 | (6) |
Foreign | 0 | 1 | 1 |
Total deferred | (28) | 290 | (169) |
Income tax provision | $ 2,817 | $ 4,491 | $ 264 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Federal Statutory Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21% | 21% | 21% |
State and local income taxes, net of federal income tax effects | 2% | 3% | 2% |
Noncontrolling interests | (2.00%) | (2.00%) | (9.00%) |
Legislation | 0% | 0% | (3.00%) |
Other | (1.00%) | 0% | (2.00%) |
Effective tax rate applied to income from continuing operations before income taxes | 20% | 22% | 9% |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Employee benefits | $ 549 | $ 481 |
Environmental remediation | 89 | 84 |
Finance lease obligations | 365 | 371 |
Operating lease liabilities | 229 | 224 |
Net operating loss carryforwards | 44 | 44 |
Tax credit carryforwards | 10 | 20 |
Goodwill and other intangibles | 71 | 56 |
Other | 68 | 44 |
Total deferred tax assets | 1,425 | 1,324 |
Deferred tax liabilities: | ||
Property, plant and equipment | 2,684 | 2,656 |
Inventories | 627 | 686 |
Investments in subsidiaries and affiliates | 3,706 | 3,660 |
Right of use assets | 230 | 223 |
Other | 11 | 2 |
Total deferred tax liabilities | 7,258 | 7,227 |
Net deferred tax liabilities | $ 5,833 | $ 5,903 |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Tax Liabilities Classified In Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Net deferred tax liabilities | $ 5,833 | $ 5,903 |
Other noncurrent assets | ||
Net deferred tax liabilities | 1 | 1 |
Deferred income taxes | ||
Net deferred tax liabilities | $ 5,834 | $ 5,904 |
Income Taxes (Operating Loss Ca
Income Taxes (Operating Loss Carryforwards, Tax Credit Carryforwards and Valuation Allowances) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 28 | $ 49 |
Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 3 | 4 |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss and tax credit carryforward | 31 | 40 |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 20 | $ 20 |
Income Taxes (Summary Of Activi
Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 57 | $ 37 | $ 23 |
Additions for tax positions of current year | 0 | 0 | 6 |
Additions for tax positions of prior years | 8 | 38 | 19 |
Reductions for tax positions of prior years | (6) | (2) | (4) |
Settlements, decrease | (20) | (15) | (6) |
Statute of limitations | (1) | (1) | (1) |
Unrecognized tax benefits, ending balance | 38 | 57 | 37 |
Unrecognized tax benefits that would impact effective income tax rate | 32 | ||
Uncertain tax positions, reasonably possible increase or decrease during the next twelve months | 4 | ||
Unrecognized tax benefits income tax net penalties and interest expense (benefits) | (1) | 1 | $ (2) |
Interest and penalties accrued | $ 4 | $ 4 |
Inventories (Summary Of Invento
Inventories (Summary Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Crude oil | $ 3,211 | $ 3,047 |
Refined products | 4,940 | 4,748 |
Materials and supplies | 1,166 | 1,032 |
Total | $ 9,317 | $ 8,827 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Total inventory LIFO percentage | 87% | 88% |
Excess of current acquisition costs over stated LIFO value | $ 2,770 | $ 3,720 |
Equity Method Investments (Mark
Equity Method Investments (MarkWest Torñado GP, L.L.C.) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 15, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Book value of equity method investment | $ 311 | $ 150 | [1] | $ 0 | |
Net gain on disposal of assets | $ 217 | $ 1,061 | $ 21 | ||
Markwest Tornado GP, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Payments to acquire additional interest in subsidiaries | $ 303 | ||||
Equity method investment, remaining ownership interest purchased | 40% | ||||
Cash payment for acquisition | $ 270 | ||||
Contract with customer, asset, before allowance for credit loss, noncurrent | $ 33 | ||||
Equity method investments, ownership percentage | 60% | ||||
Book value of equity method investment | $ 311 | ||||
Net gain on disposal of assets | 92 | ||||
Recognized identifiable assets acquired and liabilities assumed, net | $ 673 | ||||
[1]2023 represents the book value of MPLX’s equity method investment in Torñado. prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Crowley Ocean Partners of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 15 for additional information. |
Equity Method Investments (Sout
Equity Method Investments (South Texas Gateway Terminal LLC) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net gain on disposal of assets | $ 217 | $ 1,061 | $ 21 | |
South Texas Gateway Terminal | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments, ownership percentage | 25% | |||
Proceeds from sale of equity method investments | $ 270 | |||
Net gain on disposal of assets | 106 | |||
South Texas Gateway Terminal | Gibson Energy | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payments to acquire assets, investing activities | $ 1,100 |
Equity Method Investments (LF B
Equity Method Investments (LF Bioenergy Acquisition) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 08, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Payments to acquire businesses, net of cash acquired | $ 246 | $ 413 | $ 0 | |
LF Bioenergy | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments, ownership percentage | 49.90% | |||
Payments to acquire businesses, net of cash acquired | $ 56 |
Equity Method Investments (Crow
Equity Method Investments (Crowley Ocean Partners) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Payments to acquire businesses, net of cash acquired | $ 246 | $ 413 | $ 0 | ||
Book value of equity method investment | 311 | 150 | [1] | 0 | |
Net gain on disposal of assets | $ 217 | $ 1,061 | $ 21 | ||
Crowley Coastal Partners, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 50% | ||||
Crowley Ocean Partners | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 50% | ||||
Payments to acquire businesses, net of cash acquired | $ 485 | ||||
Repayments of other debt | 196 | ||||
Fair value of assets contributed | 144 | ||||
Book value of equity method investment | 125 | ||||
Net gain on disposal of assets | $ 19 | ||||
[1]2023 represents the book value of MPLX’s equity method investment in Torñado. prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Crowley Ocean Partners of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 15 for additional information. |
Equity Method Investments (Mart
Equity Method Investments (Martinez Renewables LLC) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Sep. 21, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||||
Net gain on disposal of assets | $ 217 | $ 1,061 | $ 21 | ||
Proceeds from equity method investment, distribution, return of capital | 275 | 515 | $ 39 | ||
Equity method investments | $ 6,260 | $ 6,466 | |||
Martinez Renewables LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Fair value of assets contributed | $ 1,471 | ||||
Net gain on disposal of assets | 549 | ||||
Proceeds from equity method investment, distribution, return of capital | 500 | ||||
Equity method investments | $ 971 | ||||
Martinez Renewables LLC | Neste | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Payments to acquire interest in joint venture | $ 728 |
Equity Method Investments (Wats
Equity Method Investments (Watson Cogeneration Company) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Jun. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Payments to acquire businesses, net of cash acquired | $ 246 | $ 413 | $ 0 | ||
Book value of equity method investment | 311 | 150 | [1] | 0 | |
Net gain on disposal of assets | $ 217 | $ 1,061 | $ 21 | ||
Watson Cogeneration Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, remaining ownership interest purchased | 49% | ||||
Payments to acquire businesses, net of cash acquired | $ 59 | ||||
Fair value of assets contributed | 62 | ||||
Book value of equity method investment | $ 25 | ||||
Equity method investments, ownership percentage | 51% | ||||
Net gain on disposal of assets | $ 37 | ||||
[1]2023 represents the book value of MPLX’s equity method investment in Torñado. prior to MPLX buying out the remaining interest in this entity. 2022 represents the book value of MPC’s equity method investment in Watson Cogeneration Company and Crowley Ocean Partners of $25 million and $125 million, respectively, prior to MPC buying out the remaining interest in these entities. See Note 15 for additional information. |
Equity Method Investments (Sche
Equity Method Investments (Schedule Of Equity Method Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 15, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 6,260 | $ 6,466 | |||
Martinez Renewables LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 971 | ||||
Markwest Tornado GP, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 60% | ||||
Crowley Coastal Partners, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 50% | ||||
Refining & Marketing | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 1,661 | $ 1,328 | |||
Refining & Marketing | The Andersons Marathon Holdings LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 50% | ||||
Equity method investments | $ 227 | 204 | |||
Refining & Marketing | Martinez Renewables LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 50% | ||||
Equity method investments | $ 1,266 | 1,070 | |||
Refining & Marketing | Other equity method investees | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | [1] | 168 | 54 | ||
Midstream | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | 4,599 | 5,138 | |||
MPLX | Midstream | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 3,743 | 4,095 | |||
MPLX | Midstream | Andeavor Logistics Rio Pipeline | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 67% | ||||
Equity method investments | $ 171 | 177 | |||
MPLX | Midstream | Centrahoma Processing LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 40% | ||||
Equity method investments | $ 114 | 131 | |||
MPLX | Midstream | Illinois Extension Pipeline | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 35% | ||||
Equity method investments | $ 228 | 236 | |||
MPLX | Midstream | LOOP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 41% | ||||
Equity method investments | $ 314 | 287 | |||
MPLX | Midstream | MarEn Bakken Company LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 25% | ||||
Equity method investments | $ 449 | 475 | |||
MPLX | Midstream | MarkWest EMG Jefferson Dry Gas | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 67% | ||||
Equity method investments | $ 336 | 335 | |||
MPLX | Midstream | Markwest Tornado GP, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | [2] | 100% | |||
Equity method investments | $ 0 | 306 | |||
MPLX | Midstream | MarkWest Utica EMG | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 58% | ||||
Equity method investments | $ 676 | 669 | |||
MPLX | Midstream | Minnesota Pipe Line Company, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 17% | ||||
Equity method investments | $ 174 | 178 | |||
MPLX | Midstream | Rendezvous Gas Services, L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 78% | ||||
Equity method investments | $ 129 | 137 | |||
MPLX | Midstream | Sherwood Midstream Holdings | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 51% | ||||
Equity method investments | $ 113 | 125 | |||
MPLX | Midstream | Sherwood Midstream | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 50% | ||||
Equity method investments | $ 500 | 512 | |||
MPLX | Midstream | Whistler Pipeline LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 38% | ||||
Equity method investments | $ 214 | 211 | |||
MPLX | Midstream | Other equity method investees | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | [1] | 325 | 316 | ||
Marathon Petroleum Corporation | Midstream | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 856 | 1,043 | |||
Marathon Petroleum Corporation | Midstream | LOOP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 10% | ||||
Equity method investments | $ 78 | 71 | |||
Marathon Petroleum Corporation | Midstream | Capline LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 33% | ||||
Equity method investments | $ 402 | 404 | |||
Marathon Petroleum Corporation | Midstream | Crowley Coastal Partners, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 50% | ||||
Equity method investments | $ 53 | 55 | |||
Marathon Petroleum Corporation | Midstream | Gray Oak Pipeline LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | 25% | ||||
Equity method investments | $ 284 | 302 | |||
Marathon Petroleum Corporation | Midstream | South Texas Gateway Terminal LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments, ownership percentage | [3] | 0% | |||
Equity method investments | $ 0 | 170 | |||
Marathon Petroleum Corporation | Midstream | Other equity method investees | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | [1] | $ 39 | $ 41 | ||
[1] Some investments included within “Other” have been deemed to be VIEs. MPLX purchased the remaining interest in MarkWest Torñado GP, L.L.C. during 2023. This entity is now consolidated and included in our consolidated results. MPC sold its interest in South Texas Gateway Terminal LLC in 2023. |
Equity Method Investments (Summ
Equity Method Investments (Summarized Financial Information For Equity Method Investees) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income statement data: | |||
Revenues and other income | $ 150,307 | $ 179,952 | $ 120,930 |
Income from operations | 14,514 | 21,469 | 4,300 |
Net income | 11,172 | 16,050 | 11,001 |
Balance sheet data – December 31: | |||
Current assets | 32,131 | 35,242 | |
Current liabilities | 20,150 | 20,020 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Income statement data: | |||
Revenues and other income | 6,544 | 5,069 | 4,343 |
Income from operations | 2,428 | 1,907 | 1,389 |
Net income | 2,089 | 1,740 | $ 1,230 |
Balance sheet data – December 31: | |||
Current assets | 2,610 | 1,811 | |
Noncurrent assets | 21,098 | 20,324 | |
Current liabilities | 1,569 | 1,478 | |
Noncurrent liabilities | $ 6,719 | $ 4,750 |
Equity Method Investments (Basi
Equity Method Investments (Basis differences and distributions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Equity method investment difference between carrying amount and underlying equity | $ 301 | ||
Equity method investment difference between carrying amount and underlying equity portion related to goodwill and other assets not amortized | 208 | ||
Distributions from equity method investments | $ 941 | $ 772 | $ 652 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Gross PP&E | [1] | $ 63,748 | $ 61,501 |
Accumulated depreciation | [1] | 28,636 | 25,844 |
Property, plant and equipment, net | [1] | 35,112 | 35,657 |
Operating Segments | Refining & Marketing | |||
Property, Plant and Equipment [Line Items] | |||
Gross PP&E | 32,496 | 32,292 | |
Accumulated depreciation | 17,992 | 16,745 | |
Property, plant and equipment, net | 14,504 | 15,547 | |
Operating Segments | Midstream | |||
Property, Plant and Equipment [Line Items] | |||
Gross PP&E | 29,620 | 27,659 | |
Accumulated depreciation | 9,589 | 8,118 | |
Property, plant and equipment, net | 20,031 | 19,541 | |
Corporate | |||
Property, Plant and Equipment [Line Items] | |||
Gross PP&E | 1,632 | 1,550 | |
Accumulated depreciation | 1,055 | 981 | |
Property, plant and equipment, net | $ 577 | $ 569 | |
[1] Includes finance leases. See Note 27. |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Gross PP&E | [1] | $ 63,748 | $ 61,501 |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Gross PP&E | $ 1,400 | $ 2,290 | |
[1] Includes finance leases. See Note 27. |
Goodwill and Intangibles (Chang
Goodwill and Intangibles (Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Beginning balance | $ 8,244 | $ 8,256 |
Impairments | 0 | 0 |
Disposal of assets | (12) | |
Ending balance | 8,244 | 8,244 |
Refining & Marketing | ||
Goodwill [Line Items] | ||
Beginning balance | 561 | 561 |
Impairments | 0 | 0 |
Disposal of assets | 0 | |
Ending balance | 561 | 561 |
Midstream | ||
Goodwill [Line Items] | ||
Beginning balance | 7,683 | 7,695 |
Impairments | 0 | 0 |
Disposal of assets | (12) | |
Ending balance | $ 7,683 | $ 7,683 |
Goodwill and Intangibles (Accum
Goodwill and Intangibles (Accumulated Impairment Losses) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | |||
Gross goodwill | $ 16,965 | ||
Accumulated impairment losses | (8,721) | ||
Goodwill | 8,244 | $ 8,244 | $ 8,256 |
Refining & Marketing | |||
Goodwill [Line Items] | |||
Gross goodwill | 6,141 | ||
Accumulated impairment losses | (5,580) | ||
Goodwill | 561 | 561 | 561 |
Midstream | |||
Goodwill [Line Items] | |||
Gross goodwill | 10,824 | ||
Accumulated impairment losses | (3,141) | ||
Goodwill | $ 7,683 | $ 7,683 | $ 7,695 |
Goodwill and Intangibles (Intan
Goodwill and Intangibles (Intangible Assets by Major Class) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 4,153 | $ 3,898 |
Accumulated amortization | 2,388 | 2,022 |
Net | 1,765 | 1,876 |
Customer contracts and relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 3,838 | 3,624 |
Accumulated amortization | 2,132 | 1,825 |
Net | 1,706 | 1,799 |
Brand rights and tradenames | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 101 | 100 |
Accumulated amortization | 79 | 64 |
Net | 22 | 36 |
Royalty agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 173 | 138 |
Accumulated amortization | 142 | 103 |
Net | 31 | 35 |
Other intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 41 | 36 |
Accumulated amortization | 35 | 30 |
Net | $ 6 | $ 6 |
Goodwill and Intangibles (Int_2
Goodwill and Intangibles (Intangibles Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Indefinite-lived intangible assets | $ 71 | $ 71 |
Amortization expense | $ 316 | $ 316 |
Goodwill and Intangibles (Estim
Goodwill and Intangibles (Estimated Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 265 |
2025 | 250 |
2026 | 230 |
2027 | 201 |
2028 | $ 179 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Accounted For At Fair Value On Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash collateral netted with derivative liabilities | $ 29 | $ 58 |
Fair Value, Measurements, Recurring | Commodity derivative instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivative instruments, assets - collateral and netting | (220) | (243) |
Derivative asset, subject to master netting arrangement, after offset | 24 | 67 |
Commodity derivative instruments, assets - collateral pledged not offset | 73 | 100 |
Commodity derivative instruments, liabilities - netting and collateral | (249) | (301) |
Derivative liability, subject to master netting arrangement, after offset | 0 | 0 |
Commodity derivative instruments, liabilities - collateral pledged not offset | 0 | 0 |
Fair Value, Measurements, Recurring | Commodity derivative instruments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivative instruments, assets - gross | 244 | 310 |
Commodity derivative instruments, liabilities - gross | 249 | 301 |
Fair Value, Measurements, Recurring | Commodity derivative instruments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivative instruments, assets - gross | 0 | 0 |
Commodity derivative instruments, liabilities - gross | 0 | 0 |
Fair Value, Measurements, Recurring | Commodity derivative instruments | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivative instruments, assets - gross | 0 | 0 |
Commodity derivative instruments, liabilities - gross | 0 | 0 |
Fair Value, Measurements, Recurring | Embedded derivative in commodity contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivative instruments, liabilities - netting and collateral | 0 | 0 |
Derivative liability, subject to master netting arrangement, after offset | 61 | 61 |
Commodity derivative instruments, liabilities - collateral pledged not offset | 0 | 0 |
Fair Value, Measurements, Recurring | Embedded derivative in commodity contracts | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivative instruments, liabilities - gross | 0 | 0 |
Fair Value, Measurements, Recurring | Embedded derivative in commodity contracts | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivative instruments, liabilities - gross | 0 | 0 |
Fair Value, Measurements, Recurring | Embedded derivative in commodity contracts | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity derivative instruments, liabilities - gross | $ 61 | $ 61 |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring Narrative) (Details) - Level 3 | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / gal | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative, average forward price | $ / gal | 0.76 |
Probability of renewal second term | 100% |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative, forward price | 0.61 |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative, forward price | 1.44 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation Of Net Beginning And Ending Balances Recorded For Net Assets And Liabilities Classified As Level 3) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Beginning balance | $ 61 | $ 108 |
Unrealized and realized (gain) loss included in net income | $ 11 | $ (35) |
Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of revenues (excludes items below) | Cost of revenues (excludes items below) |
Settlements of derivative instruments | $ (11) | $ (12) |
Ending balance | $ 61 | $ 61 |
Fair Value Measurements (Gains_
Fair Value Measurements (Gains/Losses Included In Earnings Relating to Assets Still Held at the End of Period) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
The amount of total (gain)/loss for the period included in earnings attributable to the change in unrealized (gain)/loss relating to liabilities still held at the end of period: | $ 9 | $ (33) |
Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of revenues (excludes items below) | Cost of revenues (excludes items below) |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Values - Reported) (Details) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 27 | $ 26.3 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 25.5 | $ 24 |
Derivatives (Classification Of
Derivatives (Classification Of Gross Fair Values Of Derivative Instruments, Excluding Cash Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commodity derivative instruments | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset | $ 244 | $ 310 |
Liability | 249 | 301 |
Embedded derivative in commodity contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | 11 | 10 |
Embedded derivative in commodity contracts | Deferred credits and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | $ 50 | $ 51 |
Derivatives (Open Commodity Der
Derivatives (Open Commodity Derivative Contracts) (Details) - Exchange Traded bbl in Thousands | 12 Months Ended | |
Dec. 31, 2023 bbl | ||
Crude oil | ||
Derivative [Line Items] | ||
Percentage of derivative contracts expiring next quarter | 71.20% | |
Crude oil | Long | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 42,455 | [1] |
Crude oil | Long | Spread contracts | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 10,866 | |
Crude oil | Short | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 44,998 | [1] |
Crude oil | Short | Spread contracts | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 10,986 | |
Refined products | ||
Derivative [Line Items] | ||
Percentage of derivative contracts expiring next quarter | 90.70% | |
Refined products | Long | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 17,657 | [1] |
Refined products | Long | Spread contracts | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 615 | |
Refined products | Short | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 18,996 | [1] |
Refined products | Short | Spread contracts | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 386 | |
Blending products | ||
Derivative [Line Items] | ||
Percentage of derivative contracts expiring next quarter | 89.30% | |
Blending products | Long | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 6,030 | [1] |
Blending products | Short | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 5,938 | [1] |
Soybean oil | ||
Derivative [Line Items] | ||
Percentage of derivative contracts expiring next quarter | 82.70% | |
Soybean oil | Long | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 4,339 | |
Soybean oil | Short | ||
Derivative [Line Items] | ||
Notional contracts (contract volumes) | 5,088 | |
[1] Included in exchange-traded are spread contracts in thousands of barrels: Crude oil - 10,866 long and 10,986 short; Refined products - 615 long and 386 short. There are no spread contracts for blending products or soybean oil. |
Derivatives (Effect Of Commodit
Derivatives (Effect Of Commodity Derivative Instruments In Statements Of Income) (Details) - Commodity Contract [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | $ (6) | $ (58) | $ (380) |
Sales and other operating revenues | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | 7 | 0 | (47) |
Cost of revenues | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | (15) | (58) | (333) |
Other income | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | $ 2 | $ 0 | $ 0 |
Debt (Outstanding Borrowings) (
Debt (Outstanding Borrowings) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total finance lease liabilities | $ 470 | $ 530 |
Total debt | 27,620 | 27,080 |
Unamortized debt issuance costs | (141) | (142) |
Unamortized discount, net of unamortized premium | (196) | (238) |
Amounts due within one year | (1,954) | (1,066) |
Total long-term debt due after one year | 25,329 | 25,634 |
Marathon Petroleum Corporation | ||
Debt Instrument [Line Items] | ||
Notes payable | 1 | 1 |
Total debt | 6,914 | 6,972 |
Marathon Petroleum Corporation | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 6,449 | 6,449 |
Marathon Petroleum Corporation | Finance Lease | ||
Debt Instrument [Line Items] | ||
Total finance lease liabilities | 464 | 522 |
MPLX | ||
Debt Instrument [Line Items] | ||
Total debt | 20,706 | 20,108 |
MPLX | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 20,700 | 20,100 |
MPLX | Finance Lease | ||
Debt Instrument [Line Items] | ||
Total finance lease liabilities | $ 6 | $ 8 |
Debt (Commercial Paper) (Detail
Debt (Commercial Paper) (Details) - Commercial paper $ in Billions | Feb. 26, 2016 USD ($) |
Debt Instrument [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 2 |
Debt instrument, term | 397 days |
Debt (MPC Senior Notes) (Detail
Debt (MPC Senior Notes) (Details) - Marathon Petroleum Corporation - Senior Notes - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt outstanding | $ 6,449 | $ 6,449 |
Senior notes, 3.625% due September 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 750 | 750 |
Senior notes, 4.700% due May 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 1,250 | 1,250 |
Senior notes, 5.125% due December 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 719 | 719 |
Senior notes, 3.800% due April 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 496 | 496 |
Senior notes, 6.500% due March 2041 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 1,250 | 1,250 |
Senior notes, 4.750% due September 2044 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 800 | 800 |
Senior notes, 5.850% due December 2045 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 250 | 250 |
Senior notes, 4.500% due April 2048 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 498 | 498 |
Senior notes, 5.000%, due September 2054 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 400 | 400 |
Andeavor | Andeavor senior notes, 3.800% - 5.125% due 2026 – 2048 | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | $ 36 | $ 36 |
Debt (MPLX Senior Notes) (Detai
Debt (MPLX Senior Notes) (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Feb. 15, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 09, 2023 | Aug. 11, 2022 | Mar. 14, 2022 | |
Debt Instrument [Line Items] | |||||||||
Redemption of preferred units | $ 600 | $ 0 | $ 0 | ||||||
Loss on extinguishment of debt | 9 | 2 | $ 133 | ||||||
MPLX | Series B Preferred Stock | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption of preferred units | $ 600 | ||||||||
Senior Notes | Senior notes, 4.500% due July 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | 9 | ||||||||
MPLX | MPLX | Series B Preferred Stock | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption of preferred units | $ 600 | ||||||||
MPLX | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 20,700 | 20,100 | |||||||
Debt instrument, face amount | $ 1,600 | ||||||||
MPLX | Senior Notes | Senior notes, 4.500% due July 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 0 | 989 | |||||||
Repayments of debt | $ 1,000 | ||||||||
MPLX | Senior Notes | Senior notes, 4.875% due December 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,149 | 1,149 | |||||||
MPLX | Senior Notes | Senior notes, 4.000% due February 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 500 | 500 | |||||||
MPLX | Senior Notes | Senior notes, 4.875% due June 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,189 | 1,189 | |||||||
MPLX | Senior Notes | Senior notes, 1.750% due March 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,500 | 1,500 | |||||||
MPLX | Senior Notes | Senior notes, 4.125% due March 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,250 | 1,250 | |||||||
MPLX | Senior Notes | Senior notes, 4.250% due December 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 732 | 732 | |||||||
MPLX | Senior Notes | Senior notes, 4.000% due March 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,250 | 1,250 | |||||||
MPLX | Senior Notes | Senior notes, 4.800% due February 2029 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 750 | 750 | |||||||
MPLX | Senior Notes | Senior notes, 2.650% due August 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,500 | 1,500 | |||||||
MPLX | Senior Notes | Senior notes, 4.950% due September 2032 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,000 | 1,000 | |||||||
Debt instrument, face amount | $ 1,000 | ||||||||
MPLX | Senior Notes | Senior notes, 5.000% due March 2033 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,100 | 0 | |||||||
Debt instrument, face amount | 1,100 | ||||||||
MPLX | Senior Notes | Senior notes, 4.500% due April 2038 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,750 | 1,750 | |||||||
MPLX | Senior Notes | Senior notes, 5.200% due March 2047 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,000 | 1,000 | |||||||
MPLX | Senior Notes | Senior notes, 5.200% due December 2047 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 487 | 487 | |||||||
MPLX | Senior Notes | Senior notes, 4.700% due April 2048 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,500 | 1,500 | |||||||
MPLX | Senior Notes | Senior notes, 5.500% due February 2049 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,500 | 1,500 | |||||||
MPLX | Senior Notes | Senior notes, 4.950% due March 2052 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 1,500 | 1,500 | |||||||
Debt instrument, face amount | $ 1,500 | ||||||||
MPLX | Senior Notes | Senior notes, 5.65% due March 2053 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 500 | 0 | |||||||
Debt instrument, face amount | $ 500 | ||||||||
MPLX | Senior Notes | Senior notes, 4.900% due April 2058 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 500 | 500 | |||||||
MPLX | Senior Notes | Senior notes, 3.500% due December 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | $ 500 | ||||||||
MPLX | Senior Notes | Senior notes, 3.500% due December 2022 | ANDX | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | 14 | ||||||||
MPLX | Senior Notes | Senior notes, 3.375% due March 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | $ 500 | ||||||||
MPLX | Senior Notes | MarkWest | MarkWest senior notes, 4.500% - 4.875% due 2023 - 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | 12 | 23 | |||||||
MPLX | Senior Notes | ANDX | ANDX senior notes, 4.250% - 5.200% due 2027 - 2047 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt outstanding | $ 31 | $ 31 |
Debt (Schedule Of Debt Payments
Debt (Schedule Of Debt Payments) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 1,901 |
2025 | 2,950 |
2026 | 2,249 |
2027 | 2,000 |
2028 | $ 1,750 |
Debt (Available Capacity under
Debt (Available Capacity under our Facilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Jul. 31, 2022 | Jul. 07, 2022 | |
MPC bank revolving credit facility due July 2027 | ||||
Line of Credit Facility [Line Items] | ||||
Total Capacity | $ 5,000 | |||
Outstanding Borrowings | 0 | |||
Outstanding Letters of Credit | 1 | |||
Available Capacity | $ 4,999 | |||
Weighted Average Interest Rate | 0% | |||
Trade Receivables Securitization due September 2024 | ||||
Line of Credit Facility [Line Items] | ||||
Total Capacity | $ 100 | |||
Outstanding Borrowings | 0 | |||
Outstanding Letters of Credit | 0 | |||
Available Capacity | [1] | $ 100 | ||
Weighted Average Interest Rate | 0% | |||
Line of credit facility, maximum borrowing capacity | $ 100 | $ 100 | ||
MPLX revolving credit facility due July 2027 | ||||
Line of Credit Facility [Line Items] | ||||
Available Capacity | 2,000 | |||
MPLX revolving credit facility due July 2027 | MPLX | ||||
Line of Credit Facility [Line Items] | ||||
Total Capacity | 2,000 | |||
Outstanding Borrowings | 0 | |||
Outstanding Letters of Credit | $ 0 | |||
Weighted Average Interest Rate | 0% | |||
Line of credit facility, maximum borrowing capacity | $ 2,000 | |||
[1] The committed borrowing and letter of credit issuance capacity of the trade receivables securitization facility is $100 million. In addition, the facility allows for the issuance of letters of credit in excess of the committed capacity at the discretion of the issuing banks. |
Debt (MPC Bank Revolving Credit
Debt (MPC Bank Revolving Credit Facility) (Details) $ in Millions | Jul. 07, 2022 USD ($) Period | Dec. 31, 2023 USD ($) |
MPC bank revolving credit facility due July 2027 | ||
Line of Credit Facility [Line Items] | ||
Total capacity | $ 5,000 | |
Marathon Petroleum Corporation | MPC revolving credit facility due October 2023 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 5,000 | |
Marathon Petroleum Corporation | MPC bank revolving credit facility due July 2027 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 5,000 | |
Number of renewal periods | Period | 2 | |
Debt instrument, description of variable rate basis | at either the Adjusted Term SOFR or the Alternate Base Rate, both as defined in the MPC Credit Agreement, plus an applicable margin | |
Marathon Petroleum Corporation | MPC bank revolving credit facility due July 2027 | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Total capacity | $ 2,200 | |
Marathon Petroleum Corporation | MPC bank revolving credit facility due July 2027 | Maximum | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility additional borrowing capacity | $ 1,000 | |
Ratio of indebtedness to net capital | 0.65 | |
Marathon Petroleum Corporation | MPC bank revolving credit facility due July 2027 | Maximum | Bridge Loan | ||
Line of Credit Facility [Line Items] | ||
Total capacity | $ 250 | |
Marathon Petroleum Corporation | MPC bank revolving credit facility due July 2027 | Maximum | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Total capacity | $ 3,000 |
Debt (Trade Receivables Securit
Debt (Trade Receivables Securitization Facility) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Jul. 31, 2022 |
Trade Receivables Securitization due September 2024 | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 100 | $ 100 |
Debt (MPLX Bank Revolving Credi
Debt (MPLX Bank Revolving Credit Facility) (Details) - MPLX $ in Millions | Jul. 07, 2022 USD ($) Period | Dec. 31, 2023 USD ($) |
MPLX revolving credit facility due July 2024 | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 3,500 | |
MPLX revolving credit facility due July 2027 | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 2,000 | |
Total capacity | $ 2,000 | |
Number of renewal periods | Period | 2 | |
Debt instrument, description of variable rate basis | at MPLX’s election, at either the Adjusted Term SOFR or the Alternate Base Rate, both as defined in the MPLX Credit Agreement, plus an applicable margin | |
MPLX revolving credit facility due July 2027 | Maximum | ||
Debt Instrument [Line Items] | ||
Line of credit facility additional borrowing capacity | $ 1,000 | |
Number of prior quarterly reporting periods covenant | 4 | |
Covenant ratio debt to EBITDA | 5 | |
Covenant ratio debt to EBITDA post acquisition | 5.5 | |
MPLX revolving credit facility due July 2027 | Letter of Credit | Maximum | ||
Debt Instrument [Line Items] | ||
Total capacity | $ 150 |
Revenue (Disaggregated by Segme
Revenue (Disaggregated by Segment and Product Line) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Sales and other operating revenues | $ 148,379 | $ 177,453 | $ 119,983 | |||
Refining & Marketing | ||||||
Sales and other operating revenues | [1] | 143,468 | 172,087 | 115,350 | ||
Refining & Marketing | Refined products | ||||||
Sales and other operating revenues | 134,303 | 161,362 | 107,345 | |||
Refining & Marketing | Crude oil | ||||||
Sales and other operating revenues | 7,423 | 8,962 | 7,132 | |||
Refining & Marketing | Services and other | ||||||
Sales and other operating revenues | 1,742 | 1,763 | 873 | |||
Midstream | ||||||
Sales and other operating revenues | [1] | 4,911 | 5,366 | 4,633 | ||
Midstream | Refined products | ||||||
Sales and other operating revenues | 1,675 | 2,219 | 1,590 | |||
Midstream | Services and other | ||||||
Sales and other operating revenues | $ 3,236 | [2] | $ 3,147 | [2] | $ 3,043 | |
[1] Includes Refining & Marketing intercompany sales to Speedway prior to May 14, 2021 and related party sales. See Notes 5 and 8 for additional information. Includes sales-type lease revenue. See Note 27. |
Revenue (Receivables) (Details)
Revenue (Receivables) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Matching buy/sell receivables | $ 4,700 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Summary Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 01, 2022 | Jun. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net cash provided by operating activities included: | ||||||
Interest paid (net of amounts capitalized) | $ 1,200 | $ 1,060 | $ 1,231 | |||
Income taxes paid to taxing authorities | 2,751 | 4,869 | 2,436 | |||
Payments on operating leases | 493 | 498 | 569 | |||
Interest payments under finance lease obligations | 25 | 24 | 21 | |||
Net cash provided by financing activities included: | ||||||
Principal payments under finance lease obligations | 79 | 79 | 71 | |||
Non-cash investing and financing activities: | ||||||
Right of use assets obtained in exchange for new operating lease obligations | 465 | 367 | 349 | |||
Right of use assets obtained in exchange for new finance lease obligations | 21 | 60 | 37 | |||
Contribution of net assets | 0 | 818 | [1] | 0 | ||
Book value of equity method investment | $ 311 | $ 150 | [2] | $ 0 | ||
Watson Cogeneration Company | ||||||
Non-cash investing and financing activities: | ||||||
Book value of equity method investment | $ 25 | |||||
Crowley Ocean Partners | ||||||
Non-cash investing and financing activities: | ||||||
Book value of equity method investment | $ 125 | |||||
[1] Represents the book value of property, plant and equipment, inventory and working capital contributed by MPC to Martinez Renewables LLC. See Note 15 for additional information. |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Reconciliation Of Additions To Property, Plant And Equipment To Total Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Supplemental Cash Flow Information [Abstract] | ||||
Additions to property, plant and equipment per the consolidated statements of cash flows | $ 1,890 | $ 2,420 | $ 1,464 | |
Increase (decrease) in capital accruals | 184 | (37) | 141 | |
Total capital expenditures | [1] | $ 2,074 | $ 2,383 | $ 1,605 |
[1]Includes changes in capital expenditure accruals. See Note 22 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Environmental credits liability | $ 778 | $ 429 |
Accrued interest payable | 316 | 315 |
Other current liabilities | 551 | 423 |
Total other current liabilities | $ 1,645 | $ 1,167 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 2 | $ (67) | ||
Other comprehensive income (loss) before reclassifications, net of tax | (79) | 58 | ||
Amounts reclassified from accumulated other comprehensive loss: | ||||
Amortization of prior service cost (credit) | (67) | (67) | ||
Amortization of actuarial loss | (5) | 10 | ||
Settlement (gain) loss | (1) | 79 | ||
Other | (1) | |||
Tax effect | 20 | (11) | ||
Other comprehensive income (loss) | (133) | 69 | $ 445 | |
Ending balance | (131) | 2 | (67) | |
Other comprehensive income (loss) before reclassifications, tax | (22) | 11 | ||
Pension Benefits | ||||
Amounts reclassified from accumulated other comprehensive loss: | ||||
Amortization of prior service cost (credit) | (45) | (45) | (45) | |
Other Benefits | ||||
Amounts reclassified from accumulated other comprehensive loss: | ||||
Amortization of prior service cost (credit) | (22) | (22) | 2 | |
Accumulated Defined Benefit Plans Adjustment | Pension Benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (163) | (117) | ||
Other comprehensive income (loss) before reclassifications, net of tax | (60) | (70) | ||
Amounts reclassified from accumulated other comprehensive loss: | ||||
Amortization of prior service cost (credit) | [1] | (45) | (45) | |
Amortization of actuarial loss | [1] | (5) | 4 | |
Settlement (gain) loss | [1] | (1) | 79 | |
Tax effect | 13 | (14) | ||
Other comprehensive income (loss) | (98) | (46) | ||
Ending balance | (261) | (163) | (117) | |
Accumulated Defined Benefit Plans Adjustment | Other Benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 165 | 49 | ||
Other comprehensive income (loss) before reclassifications, net of tax | (21) | 129 | ||
Amounts reclassified from accumulated other comprehensive loss: | ||||
Amortization of prior service cost (credit) | [1] | (22) | (22) | |
Amortization of actuarial loss | [1] | 0 | 6 | |
Settlement (gain) loss | [1] | 0 | 0 | |
Tax effect | 7 | 3 | ||
Other comprehensive income (loss) | (36) | 116 | ||
Ending balance | 129 | 165 | 49 | |
Other | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | 0 | 1 | ||
Other comprehensive income (loss) before reclassifications, net of tax | 2 | (1) | ||
Amounts reclassified from accumulated other comprehensive loss: | ||||
Other | (1) | |||
Tax effect | 0 | 0 | ||
Other comprehensive income (loss) | 1 | (1) | (6) | |
Ending balance | $ 1 | $ 0 | $ 1 | |
[1] These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 25. |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Cash Balance Pension Plan) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Cash balance weighted average interest crediting rates | 3.57% | 3% | 3% |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits (Accumulated Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Accumulated benefit obligation | $ 2,441 | $ 2,272 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefits (Summary Of Projected Benefit Obligations And Funded Status For Defined Benefit Pension And Other Postretirement Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at January 1 | $ 1,838 | |||
Fair value of plan assets at December 31 | 2,082 | $ 1,838 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit obligations at January 1 | 2,359 | 3,295 | ||
Service cost | 195 | 228 | ||
Interest cost | 116 | 102 | $ 93 | |
Actuarial gain | 184 | (653) | ||
Benefits paid | (291) | (613) | [1] | |
Benefit obligations at December 31 | 2,563 | 2,359 | 3,295 | |
Fair value of plan assets at January 1 | 1,838 | 3,043 | ||
Actual return on plan assets | 266 | (622) | ||
Employer contributions | 269 | 30 | ||
Benefits paid from plan assets | (291) | (613) | ||
Fair value of plan assets at December 31 | 2,082 | 1,838 | 3,043 | |
Funded status at December 31 | (481) | (521) | ||
Pension Benefits | Pension annuity lift-out | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefits paid | (285) | |||
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit obligations at January 1 | 650 | 828 | ||
Service cost | 18 | 26 | ||
Interest cost | 31 | 21 | 30 | |
Actuarial gain | 31 | (168) | ||
Benefits paid | (51) | (57) | ||
Benefit obligations at December 31 | 679 | 650 | 828 | |
Fair value of plan assets at January 1 | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 51 | 57 | ||
Benefits paid from plan assets | (51) | (57) | ||
Fair value of plan assets at December 31 | 0 | 0 | $ 0 | |
Funded status at December 31 | $ (679) | $ (650) | ||
[1] Of the $613 million in benefits paid in 2022, $285 million is related to the pension annuity lift-out. |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefits (Amounts Recognized in Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (1,102) | $ (1,114) |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | (8) | (7) |
Noncurrent liabilities | (473) | (514) |
Accrued benefit cost | (481) | (521) |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | (50) | (50) |
Noncurrent liabilities | (629) | (600) |
Accrued benefit cost | $ (679) | $ (650) |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefits (Before Tax Amounts Unrecognized in Net Periodic Benefit Cost Included in AOCI) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | $ 467 | $ 386 |
Prior service credit | (69) | (114) |
Pension Benefits | LOOP LLC and Explorer Pipeline | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | 10 | |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | 50 | 19 |
Prior service credit | (202) | $ (224) |
Other Benefits | LOOP LLC and Explorer Pipeline | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | $ (5) |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefits (Components Of Net Periodic Benefit Cost And Other Comprehensive (Income) Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service (cost) credit | $ 67 | $ 67 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 201 | 230 | $ 287 | |
Interest cost | 116 | 102 | 93 | |
Expected return on plan assets | (163) | (142) | (139) | |
Amortization of prior service cost (credit) | (45) | (45) | (45) | |
Amortization of actuarial (gain) loss | (5) | 4 | 37 | |
Settlement (gain) loss | (1) | 79 | 75 | |
Net periodic benefit cost | [1] | 103 | 228 | 308 |
Actuarial (gain) loss | 75 | 109 | (227) | |
Prior service credit | 0 | 0 | 0 | |
Amortization of actuarial (gain) loss | 6 | (83) | (112) | |
Amortization of prior service (cost) credit | 45 | 45 | 45 | |
Total recognized in other comprehensive (income) loss | 126 | 71 | (294) | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 229 | 299 | 14 | |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 18 | 26 | 34 | |
Interest cost | 31 | 21 | 30 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of prior service cost (credit) | (22) | (22) | 2 | |
Amortization of actuarial (gain) loss | 0 | 6 | 10 | |
Settlement (gain) loss | 0 | 0 | 1 | |
Net periodic benefit cost | [1] | 27 | 31 | 77 |
Actuarial (gain) loss | 31 | (167) | (16) | |
Prior service credit | 0 | 0 | (276) | |
Amortization of actuarial (gain) loss | 0 | (6) | (11) | |
Amortization of prior service (cost) credit | 22 | 22 | (2) | |
Total recognized in other comprehensive (income) loss | 53 | (151) | (305) | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ 80 | $ (120) | $ (228) | |
[1] Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years. |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefits (Summary Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Benefit obligation: | |||
Discount rate | 4.85% | 5.04% | 2.82% |
Rate of compensation increase | 4.18% | 4.18% | 5.70% |
Net periodic benefit cost: | |||
Discount rate | 5.10% | 3.33% | 2.70% |
Expected long-term return on plan assets | 7% | 5.75% | 5.75% |
Rate of compensation increase | 4.18% | 4.18% | 5.70% |
Other Benefits | |||
Benefit obligation: | |||
Discount rate | 4.88% | 5.08% | 2.93% |
Rate of compensation increase | 4.18% | 4.18% | 5.70% |
Net periodic benefit cost: | |||
Discount rate | 5.08% | 2.93% | 2.55% |
Expected long-term return on plan assets | 0% | 0% | 0% |
Rate of compensation increase | 4.18% | 4.18% | 5.70% |
Pension and Other Postretire_10
Pension and Other Postretirement Benefits (Expected Long-Term Return on Plan Assets) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Defined benefit plan, plan assets, expected long-term rate-of-return, description | The overall expected long-term return on plan assets assumption is determined based on an asset rate-of-return modeling tool developed by a third-party investment group. The tool utilizes underlying assumptions based on actual returns by asset category and inflation and takes into account our asset allocation to derive an expected long-term rate of return on those assets. Capital market assumptions reflect the long-term capital market outlook. The assumptions for equity and fixed income investments are developed using a building-block approach, reflecting observable inflation information and interest rate information available in the fixed income markets. Long-term assumptions for other asset categories are based on historical results, current market characteristics and the professional judgment of our internal and external investment teams |
Pension and Other Postretire_11
Pension and Other Postretirement Benefits (Summarizes Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Medical Pre-65 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for the following year: | 7.70% | 6.60% | 5.80% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate): | 4.50% | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate: | 2032 | 2031 | 2030 |
Prescription drugs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for the following year: | 10.80% | 8.90% | 6.40% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate): | 4.50% | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate: | 2032 | 2031 | 2030 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefits (Plan Investment Policies And Strategies) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, investment goals | The investment policies for our pension plan assets reflect the funded status of the plans and expectations regarding our future ability to make further contributions. Long-term investment goals are to: (1) manage the assets in accordance with the legal requirements of all applicable laws; (2) diversify plan investments across asset classes to achieve an optimal balance between risk and return and between income and growth of assets through capital appreciation; and (3) source benefit payments primarily through existing plan assets and anticipated future returns.The investment goals are implemented to manage the plans’ funded status volatility and minimize future cash contributions. The asset allocation strategy will change over time in response to changes primarily in funded status, which is dictated by current and anticipated market conditions, the independent actions of our investment committee, required cash flows to and from the plans and other factors deemed appropriate. Such changes in asset allocation are intended to allocate additional assets to the fixed income asset class should the funded status improve. The fixed income asset class shall be invested in such a manner that its interest rate sensitivity correlates highly with that of the plans’ liabilities. Other asset classes are intended to provide additional return with associated higher levels of risk. Investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies |
Equity Securities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Targeted asset allocation | 50% |
Fixed Income Securities | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Targeted asset allocation | 50% |
Pension and Other Postretire_13
Pension and Other Postretirement Benefits (Fair Values Of Defined Benefit Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | $ 2,082 | $ 1,838 |
Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 165 | 355 |
Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 1,892 | 1,452 |
Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 25 | 31 |
Cash and Cash Equivalents | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 63 | 3 |
Cash and Cash Equivalents | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Cash and Cash Equivalents | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 63 | 3 |
Cash and Cash Equivalents | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Common stocks | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 50 | 40 |
Common stocks | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 50 | 40 |
Common stocks | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Common stocks | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Mutual funds | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 115 | 104 |
Mutual funds | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 115 | 104 |
Mutual funds | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Mutual funds | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Pooled funds | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 791 | 742 |
Pooled funds | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Pooled funds | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 791 | 742 |
Pooled funds | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Corporate notes and bonds | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 588 | 582 |
Corporate notes and bonds | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Corporate notes and bonds | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 588 | 582 |
Corporate notes and bonds | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Government | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 330 | 252 |
Government | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 211 |
Government | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 330 | 41 |
Government | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Pooled funds | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 118 | 79 |
Pooled funds | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Pooled funds | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 118 | 79 |
Pooled funds | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Private equity | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 10 | 13 |
Private equity | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Private equity | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Private equity | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 10 | 13 |
Real estate | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 12 | 14 |
Real estate | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Real estate | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Real estate | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 12 | 14 |
Other | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 5 | 9 |
Other | Level 1 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 0 | 0 |
Other | Level 2 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | 2 | 5 |
Other | Level 3 | ||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Plan asset investments, at fair value | $ 3 | $ 4 |
Pension and Other Postretire_14
Pension and Other Postretirement Benefits (Contributions To Defined Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions to defined contribution plans | $ 176 | $ 167 | $ 165 |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension contributions | $ 258 | ||
Expected future employer contributions, next fiscal year, description | For 2024, we do not project any required funding, but we may make voluntary contributions to our funded pension plans at our discretion. | ||
Unfunded Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plans, estimated future employer contributions in next fiscal year | $ 8 | ||
Other Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plans, estimated future employer contributions in next fiscal year | $ 50 |
Pension and Other Postretire_15
Pension and Other Postretirement Benefits (Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | $ 147 |
2025 | 168 |
2026 | 177 |
2027 | 183 |
2028 | 194 |
2029 through 2033 | 1,100 |
Other Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 50 |
2025 | 51 |
2026 | 51 |
2027 | 52 |
2028 | 52 |
2029 through 2033 | $ 266 |
Pension and Other Postretire_16
Pension and Other Postretirement Benefits (Multiemployer Pension Plan) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) employee | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Multiemployer Plan [Line Items] | ||||
Multiemployer Plan, Pension, Insignificant, Certified Zone Status [Fixed List] | Red | Red | ||
Funding improvement plan and rehabilitation plan | Implemented | |||
Surcharge - imposed | No | |||
Multiemployer Plans, Minimum Contribution, Description | This agreement has a minimum contribution requirement of $338 per week per employee for 2024. | |||
Number of employees participated in the plan | employee | 278 | |||
Pension Benefits | ||||
Multiemployer Plan [Line Items] | ||||
Multiemployer Plans, General Nature | We contribute to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covers some of our union-represented employees. The risks of participating in this multiemployer plan are different from single-employer plans in the following aspects:•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.•If we choose to stop participating in the multiemployer plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||
Pension Benefits | Central States, Southeast and Southwest Pension Plan | ||||
Multiemployer Plan [Line Items] | ||||
Multiemployer Plan, Pension, Insignificant, Employer Contribution, Cost | $ | $ 5 | [1],[2] | $ 5 | $ 5 |
[1] The parties to the expired agreement continue operating under the relevant terms of the expired agreement while negotiating a successor agreement. This agreement has a minimum contribution requirement of $338 per week per employee for 2024. A total of 278 employees participated in the plan as of December 31, 2023. |
Pension and Other Postretire_17
Pension and Other Postretirement Benefits (Multiemployer Health and Welfare Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution cost | $ 7 | $ 7 | $ 7 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2023 shares | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period of awards | 3 years |
Expiration period of awards | 10 years |
Terms of award | Prior to 2021, we granted stock options to certain officer and non-officer employees under the MPC 2011 Plan and the MPC 2012 Plan. Stock options represent the right to purchase shares of our common stock at an exercise price equal to the closing price of our common stock on the date of grant. Stock options generally vest over a service period of three years and expire ten years after the grant date. We expensed stock options based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures. We used the Black Scholes option-pricing model to estimate the fair value of stock options granted, which requires the input of subjective assumptions |
Restricted Stock Awards and Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period of awards | 3 years |
Restricted stock and restricted stock unit awards granted in 2012, additional holding period | 1 year |
Terms of award | We grant restricted stock units to certain employees and to our non-employee directors. Prior to 2021, we granted restricted stock to certain employees and to our non-employee directors. In general, restricted stock and restricted stock units granted to employees vest over a requisite service period of three years. Restricted stock awards and restricted stock unit awards granted to officers prior to 2022 are subject to an additional one-year holding period after the three-year vesting period. Restricted stock recipients have the right to vote such stock; however, dividends are accrued and when vested are payable at the dates specified in the awards. The non-vested shares are not transferable and are held by our transfer agent. Restricted stock units granted to non-employee directors are considered to vest immediately at the time of the grant for accounting purposes, as they are non-forfeitable, but are not issued until the director’s departure from the board of directors. Restricted stock unit recipients do not have the right to vote any shares of stock and accrue dividend equivalents which when vested are payable at the dates specified in the awards. We expense restricted stock and restricted stock units based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures. The fair values of restricted stock and restricted stock units are equal to the market price of our common stock on the grant date. |
Performance Share Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award requisite service period | 36 months |
MPC 2021 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares of common stock authorized to be delivered under the compensation plan | 20.5 |
MPC 2021 Plan | Performance Share Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Terms of award | We grant performance share unit awards to certain officer and non-officer employees. At grant, a performance share unit has a target value equal to the MPC common stock average 30-day closing price prior to the grant date. The actual payout value of a performance share unit is based on company performance (which can range from 0 percent to 200 percent) for the three-year performance period beginning January 1 of the year of grant, multiplied by, for the awards granted in 2021 and 2022, MPC’s closing share price on the date the Committee certifies performance; and for the awards granted in 2023, MPC’s average closing share price for the final thirty calendar days at the end of the performance period. Company performance for purposes of payout will be determined by the relative ranking of the total shareholder return (“TSR”) of MPC common stock over the three-year performance period compared to the TSR of a select group of peer companies, the Standard & Poor’s 500 Index, the Alerian MLP Index, as well as the median of MPC’s compensation reference group applicable for the year the award is granted. These awards settle 100 percent in cash and are accounted for as liability awards. We expense liability-classified performance share unit awards at fair value over the requisite service period, with mark-to-market adjustments made each quarter until payout occurs. The fair value is determined using a Monte Carlo valuation model. Significant assumptions used in our Monte Carlo valuation models include: 1) risk free interest rate, for which we utilize the treasury rate for the time period closest to the remaining performance period of the award being valued; 2) look-back period (in years), for which we utilize the remaining performance period of the award being valued; and 3) expected volatility, for which we utilize the historical volatility of our own stock and the stock of our peer group for the look-back period previously discussed. In general, performance share units granted to officers have a vesting service period beginning on the grant date and ending on the last day of the three-year performance period, and performance share units granted to employees outside of our senior management vest in one-third increments at the end of each calendar year of the performance period. However, certain employees are eligible to vest in some awards earlier, subject to reaching certain age and employment milestones, with payout still occurring at the end of the original performance period. |
MPC 2012 Plan | Performance Share Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Terms of award | No performance share unit awards were granted prior to 2021. Prior to 2021, we granted performance unit awards to certain officer employees under the MPC 2012 Plan. Performance units were dollar-denominated. The target value of all performance units was $1.00, with actual payout up to $2.00 per unit (up to 200 percent of target). Performance unit awards had a 36-month requisite service period. The payout value of these awards was determined by the relative ranking of the TSR of MPC common stock compared to the TSR of a select group of peer companies, as well as the Standard & Poor’s 500 Energy Index fund over an average of four measurement periods. These awards were settled 25 percent in MPC common stock and 75 percent in cash. The number of shares actually distributed was determined as 25 percent of the final payout divided by the closing price of MPC common stock on the day the Committee certifies the final TSR rankings, or the next trading day if the certification is made outside of normal trading hours. The performance units paying out in cash were accounted for as liability awards and recorded at fair value with a mark-to-market adjustment made each quarter, as determined using a Monte Carlo valuation model. The performance units that settle in shares were accounted for as share awards, did not receive dividend equivalents and were expensed at grant date fair value, over the requisite service period. The grant date fair value was determined using a Monte Carlo valuation model. All outstanding performance unit awards were paid out during 2023; no performance unit awards remain outstanding at December 31, 2023. |
Share-Based Compensation (Stock
Share-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 211 | $ 153 | $ 88 |
Tax benefit recognized on share-based compensation expense | 51 | 37 | 22 |
Cash received by MPC upon exercise of stock option awards | 62 | 243 | 106 |
Tax benefit received for tax deductions for stock awards exercised | $ 49 | $ 53 | $ 13 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Stock Option Award Activity) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Intrinsic value of options exercised | $ 136 | $ 247 | $ 88 | ||
Unrecognized compensation cost | $ 0 | ||||
Number of Shares | |||||
Outstanding, beginning balance | 2,489,234 | ||||
Exercised | (1,445,223) | ||||
Forfeited or expired | 0 | ||||
Outstanding, ending balance | 1,044,011 | [1] | 2,489,234 | ||
Vested and expected to vest at December 31, 2023 (in shares) | [1] | 1,044,011 | |||
Exercisable at December 31, 2023 (in shares) | [1] | 1,044,011 | |||
Weighted Average Exercise Price | |||||
Outstanding, beginning balance (in USD per share) | $ 46.78 | ||||
Exercised (in USD per share) | 42.95 | ||||
Forfeited or expired (in USD per share) | 0 | ||||
Outstanding, ending balance (in USD per share) | 52.07 | [1] | $ 46.78 | ||
Vested and expected to vest at December 31, 2023 (in USD per share) | [1] | 52.07 | |||
Exercisable at December 31, 2023 (in USD per share) | [1] | $ 52.07 | |||
Weighted Average Remaining Contractual Terms (in years) | |||||
Vested and expected to vest at December 31, 2023 | [1] | 2 years 2 months 12 days | |||
Exercisable at December 31, 2023 (in years) | [1] | 2 years 2 months 12 days | |||
Aggregate Intrinsic Value (Millions of dollars) | |||||
Vested and expected to vest at December 31, 2023 (in USD) | [1] | $ 101 | |||
Exercisable at December 31, 2023 (in USD) | [1] | $ 101 | |||
[1]All options outstanding at December 31, 2023 are fully vested and exercisable |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary Of Restricted Stock Award Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock | |||
Number of Shares | |||
Unvested, beginning balance | 691 | ||
Granted | 0 | ||
Vested | (691) | ||
Forfeited | 0 | ||
Unvested, ending balance | 0 | 691 | |
Weighted Average Grant Date Fair Value | |||
Unvested, beginning balance (in USD per share) | $ 54.60 | ||
Granted (in USD per share) | 0 | $ 0 | $ 0 |
Vested (in USD per share) | 54.60 | ||
Forfeited (in USD per share) | 0 | ||
Unvested, ending balance (in USD per share) | $ 0 | $ 54.60 | |
Restricted Stock Units (RSUs) [Member] | |||
Number of Shares | |||
Unvested, beginning balance | 1,786,150 | ||
Granted | 601,161 | ||
Vested | (1,115,810) | ||
Forfeited | (78,797) | ||
Unvested, ending balance | 1,192,704 | 1,786,150 | |
Weighted Average Grant Date Fair Value | |||
Unvested, beginning balance (in USD per share) | $ 50.36 | ||
Granted (in USD per share) | 133.94 | $ 75.81 | $ 55.27 |
Vested (in USD per share) | 41.78 | ||
Forfeited (in USD per share) | 85.85 | ||
Unvested, ending balance (in USD per share) | $ 98.16 | $ 50.36 |
Share-Based Compensation (Sum_3
Share-Based Compensation (Summary Of Values Related To Vested And Unvested Restricted Stock Awards) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic Value of Awards Vested During the Period (Millions of dollars) | $ 0 | $ 17 | $ 20 |
Granted (in USD per share) | $ 0 | $ 0 | $ 0 |
Unrecognized compensation cost | $ 0 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic Value of Awards Vested During the Period (Millions of dollars) | $ 144 | $ 99 | $ 90 |
Granted (in USD per share) | $ 133.94 | $ 75.81 | $ 55.27 |
Unrecognized compensation cost | $ 75 | ||
Weighted average recognition period, in years | 2 years |
Share-Based Compensation (Sum_4
Share-Based Compensation (Summary of Performance Award Activity) (Details) - Performance Share Unit Awards | 12 Months Ended |
Dec. 31, 2023 shares | |
Number of Shares | |
Unvested, beginning balance | 862,313 |
Granted | 295,296 |
Vested | (549,905) |
Forfeited | (27,038) |
Unvested, ending balance | 580,666 |
Share-Based Compensation (Perfo
Share-Based Compensation (Performance Awards) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based liabilities paid | $ 14 | $ 26 | $ 10 |
Performance Share Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based liabilities paid | 0 | $ 0 | $ 0 |
Unrecognized compensation cost | $ 55 | ||
Weighted average recognition period, in years | 1 year 3 months 18 days | ||
Deferred compensation share-based arrangements, liability, current and noncurrent | $ 279 |
Leases (Lessee Narrative) (Deta
Leases (Lessee Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Term of agreements | 1 year |
Renewal term agreement | 1 year |
Maximum | |
Term of agreements | 95 years |
Renewal term agreement | 49 years |
Leases (Components of Lease Cos
Leases (Components of Lease Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease cost: | |||
Amortization of right of use assets | $ 73 | $ 81 | $ 78 |
Interest on lease liabilities | 25 | 29 | 31 |
Operating lease cost | 489 | 490 | 565 |
Variable lease cost | 54 | 59 | 62 |
Short-term lease cost | 881 | 772 | 446 |
Total lease cost | $ 1,522 | $ 1,431 | $ 1,182 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Right of use assets | $ 1,233 | $ 1,214 |
Liabilities | ||
Operating lease liabilities | 454 | 368 |
Long-term operating lease liabilities | 764 | 841 |
Total operating lease liabilities | $ 1,218 | $ 1,209 |
Weighted average remaining lease term (in years) | 4 years | 5 years |
Weighted average discount rate | 4.10% | 3.50% |
Assets | ||
Property, plant and equipment, gross | $ 765 | $ 818 |
Less accumulated depreciation | 413 | 412 |
Property, plant and equipment, net | $ 352 | $ 406 |
Liabilities | ||
Debt due within one year | Debt due within one year | Debt due within one year |
Finance lease, liability, current | $ 69 | $ 79 |
Long-term debt | Long-term debt | Long-term debt |
Finance lease, liability, noncurrent | $ 401 | $ 451 |
Finance lease obligations | Long-term debt, Debt due within one year | Long-term debt, Debt due within one year |
Finance lease obligations | $ 470 | $ 530 |
Weighted average remaining lease term (in years) | 9 years | 9 years |
Weighted average discount rate | 5.10% | 5.10% |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Commitments) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating | ||
2024 | $ 494 | |
2025 | 356 | |
2026 | 181 | |
2027 | 100 | |
2028 | 66 | |
2029 and thereafter | 128 | |
Gross lease payments | 1,325 | |
Less: imputed interest | 107 | |
Total operating lease liabilities | 1,218 | $ 1,209 |
Finance | ||
2024 | 91 | |
2025 | 82 | |
2026 | 79 | |
2027 | 63 | |
2028 | 47 | |
2029 and thereafter | 228 | |
Gross lease payments | 590 | |
Less: imputed interest | 120 | |
Total finance lease liabilities | $ 470 | $ 530 |
Leases (Lessor Narrative) (Deta
Leases (Lessor Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2023 | Jul. 31, 2022 | ||
Leases [Abstract] | ||||
Total property, plant and equipment, net | $ 875 | $ 841 | $ 745 | |
Deferred revenue | 277 | |||
Lease receivables | 940 | [1] | 914 | |
Unguaranteed residual assets | $ 78 | $ 63 | ||
Sales-type lease, selling profit (loss) | $ 509 | |||
[1]This amount does not include the unguaranteed residual assets. |
Leases (Lessor -Lease Revenues)
Leases (Lessor -Lease Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating leases: | ||||
Rental income | $ 243 | $ 327 | $ 376 | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Sales and other operating revenues | Sales and other operating revenues | Sales and other operating revenues | |
Sales-type leases: | ||||
Interest income (Sales-type rental revenue-fixed minimum) | $ 114 | $ 46 | $ 0 | |
Interest income (Revenue from variable lease payments) | 22 | 16 | 0 | |
Sales-type lease revenue | $ 136 | $ 62 | $ 0 |
Leases (Minimum Future Rentals
Leases (Minimum Future Rentals On The Non-Cancellable Operating Leases) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 117 |
2025 | 95 |
2026 | 75 |
2027 | 53 |
2028 | 46 |
2029 and thereafter | 250 |
Total minimum future rentals | $ 636 |
Leases (Lease Receivables - Sal
Leases (Lease Receivables - Sales-type Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Jul. 31, 2022 | |||
2024 | $ 175 | |||
2025 | 161 | |||
2026 | 150 | |||
2027 | 141 | |||
2028 | 132 | |||
2029 and thereafter | 959 | |||
Total minimum future rentals | 1,718 | |||
Less: imputed interest | 778 | |||
Lease receivables | 940 | [1] | $ 914 | |
Unguaranteed residual assets | 78 | $ 63 | ||
Total sales-type lease assets | 1,018 | |||
Reclassification, Other | ||||
Capital expenditures related to assets subject to sales-type lease arrangements | 50 | |||
Receivables | ||||
Lease receivables | [2] | 102 | ||
Other noncurrent assets | ||||
Lease receivables | [3] | $ 838 | ||
[1]This amount does not include the unguaranteed residual assets.[2]Presented in receivables, net on the consolidated balance sheets.[3]Presented in other noncurrent assets on the consolidated balance sheets. |
Leases (Investments In Assets H
Leases (Investments In Assets Held For Operating Lease By Major Classes) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 31, 2022 |
Operating Leased Assets [Line Items] | |||
Property, plant and equipment | $ 1,237 | $ 1,205 | |
Less accumulated depreciation | 396 | 330 | |
Total property, plant and equipment, net | 841 | 875 | $ 745 |
Gathering and transportation | |||
Operating Leased Assets [Line Items] | |||
Property, plant and equipment | 86 | 94 | |
Processing and fractionation | |||
Operating Leased Assets [Line Items] | |||
Property, plant and equipment | 1,000 | 973 | |
Pipelines | |||
Operating Leased Assets [Line Items] | |||
Property, plant and equipment | 12 | 0 | |
Terminals | |||
Operating Leased Assets [Line Items] | |||
Property, plant and equipment | 129 | 128 | |
Land, building and other | |||
Operating Leased Assets [Line Items] | |||
Property, plant and equipment | $ 10 | $ 10 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Pending Litigation | |
Loss Contingencies [Line Items] | |
Loss contingency, inestimable loss | For matters for which we have not recorded a liability, we are unable to estimate a range of possible loss because the issues involved have not been fully developed through pleadings, discovery or court proceedings |
Commitments and Contingencies_2
Commitments and Contingencies (Environmental Matters) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued liabilities for remediation | $ 387 | $ 387 |
Environmental loss contingency, statement of financial position [extensible enumeration] | Deferred credits and other liabilities, Other current liabilities | Deferred credits and other liabilities, Other current liabilities |
Receivables for recoverable costs | $ 5 | $ 5 |
Commitments and Contingencies_3
Commitments and Contingencies (Asset Retirement Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Asset retirement obligation, current | $ 24 | $ 27 |
Asset retirement obligations, noncurrent | $ 218 | $ 186 |
Commitments and Contingencies_4
Commitments and Contingencies (Other Legal Proceedings) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jul. 31, 2020 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Loss contingency, damages sought, value | $ 187 | |
Loss contingency, damages paid, value | $ 4 |
Commitments and Contingencies_5
Commitments and Contingencies (Guarantees) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Crowley Blue Water Partners | |
Loss Contingencies [Line Items] | |
Equity method investments, ownership percentage | 50% |
Financial Guarantee | Guarantee of Indebtedness of Others | LOOP and LOCAP LLC | |
Loss Contingencies [Line Items] | |
Maximum potential undiscounted payments | $ 222 |
Financial Guarantee | Guarantee of Indebtedness of Others | Bakken Pipeline System | |
Loss Contingencies [Line Items] | |
Maximum potential undiscounted payments | 170 |
Financial Guarantee | Guarantee of Indebtedness of Others | Crowley Blue Water Partners | |
Loss Contingencies [Line Items] | |
Maximum potential undiscounted payments | 94 |
Other Guarantees | |
Loss Contingencies [Line Items] | |
Maximum potential undiscounted payments | $ 113 |
Indirect | Bakken Pipeline System | |
Loss Contingencies [Line Items] | |
Equity method investments, ownership percentage | 9.19% |
Commitments and Contingencies_6
Commitments and Contingencies (Contractual Commitments and Contingencies) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Contractual commitments to acquire property, plant and equipment and advance funds to equity method investees | $ 281 | $ 289 |