Delaware | 001-35054 | 27-1284632 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
539 South Main Street Findlay, Ohio | 45840-3229 | |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit Number | Description | ||
99.1 | Press Release dated October 27, 2016, issued by Marathon Petroleum Corporation |
Marathon Petroleum Corporation | |||
Date: October 27, 2016 | By: | /s/ John J. Quaid | |
Name: John J. Quaid | |||
Title: Vice President and Controller |
• | Reported third-quarter earnings of $145 million, or $0.27 per diluted share |
• | Results include a $267 million impairment charge (or $0.31 per diluted share) related to the Sandpiper Pipeline project |
• | Announced strategic initiatives to enhance shareholder value |
Three Months Ended September 30 | |||||||
(In millions) | 2016 | 2015 | |||||
Income from Operations by Segment | |||||||
Refining & Marketing(a) | $ | 306 | $ | 1,434 | |||
Speedway | 209 | 243 | |||||
Midstream(a) | 258 | 93 | |||||
Items not allocated to segments: | |||||||
Corporate and other unallocated items(a) | (67 | ) | (75 | ) | |||
Pension settlement expenses | (4 | ) | (2 | ) | |||
Impairments | (267 | ) | (144 | ) | |||
Income from operations | $ | 435 | $ | 1,549 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
(In millions, except per-share data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Revenues and other income: | |||||||||||||||
Sales and other operating revenues (including consumer excise taxes) | $ | 16,618 | $ | 18,716 | $ | 46,184 | $ | 56,444 | |||||||
Income (loss) from equity method investments | (208 | ) | 23 | (236 | ) | 58 | |||||||||
Net gain on disposal of assets | 1 | 2 | 26 | 6 | |||||||||||
Other income | 49 | 17 | 106 | 71 | |||||||||||
Total revenues and other income | 16,460 | 18,758 | 46,080 | 56,579 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of revenues (excludes items below) | 12,944 | 14,165 | 35,475 | 43,575 | |||||||||||
Purchases from related parties | 128 | 61 | 359 | 219 | |||||||||||
Inventory market valuation adjustment | — | — | (370 | ) | — | ||||||||||
Consumer excise taxes | 1,914 | 1,988 | 5,633 | 5,759 | |||||||||||
Impairment expense | — | 144 | 130 | 144 | |||||||||||
Depreciation and amortization | 507 | 364 | 1,497 | 1,089 | |||||||||||
Selling, general and administrative expenses | 420 | 392 | 1,199 | 1,143 | |||||||||||
Other taxes | 112 | 95 | 332 | 296 | |||||||||||
Total costs and expenses | 16,025 | 17,209 | 44,255 | 52,225 | |||||||||||
Income from operations | 435 | 1,549 | 1,825 | 4,354 | |||||||||||
Net interest and other financial income (costs) | (141 | ) | (70 | ) | (420 | ) | (215 | ) | |||||||
Income before income taxes | 294 | 1,479 | 1,405 | 4,139 | |||||||||||
Provision for income taxes | 75 | 521 | 481 | 1,439 | |||||||||||
Net income | 219 | 958 | 924 | 2,700 | |||||||||||
Less net income (loss) attributable to: | |||||||||||||||
Redeemable noncontrolling interest | 16 | — | 25 | — | |||||||||||
Noncontrolling interests | 58 | 10 | (48 | ) | 35 | ||||||||||
Net income attributable to MPC | $ | 145 | $ | 948 | $ | 947 | $ | 2,665 | |||||||
Per-share data | |||||||||||||||
Basic: | |||||||||||||||
Net income attributable to MPC per share | $ | 0.28 | $ | 1.77 | $ | 1.79 | $ | 4.93 | |||||||
Weighted average shares:(a) | 527 | 535 | 528 | 540 | |||||||||||
Diluted: | |||||||||||||||
Net income attributable to MPC per share | $ | 0.27 | $ | 1.76 | $ | 1.78 | $ | 4.90 | |||||||
Weighted average shares:(a) | 530 | 538 | 531 | 544 | |||||||||||
Dividends paid | $ | 0.36 | $ | 0.32 | $ | 1.00 | $ | 0.82 | |||||||
(a) | The number of weighted average shares for the period ended September 30, 2016, reflects the impact of our share repurchases. |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Income from Operations by segment | |||||||||||||||
Refining & Marketing(a)(b) | $ | 306 | $ | 1,434 | $ | 1,324 | $ | 3,907 | |||||||
Speedway(a) | 209 | 243 | 569 | 538 | |||||||||||
Midstream(b)(c) | 258 | 93 | 626 | 286 | |||||||||||
Items not allocated to segments: | |||||||||||||||
Corporate and other unallocated items(b) | (67 | ) | (75 | ) | (201 | ) | (229 | ) | |||||||
Pension settlement expenses | (4 | ) | (2 | ) | (7 | ) | (4 | ) | |||||||
Impairments(d) | (267 | ) | (144 | ) | (486 | ) | (144 | ) | |||||||
Income from operations(a) | 435 | 1,549 | 1,825 | 4,354 | |||||||||||
Net interest and other financial income (costs) | (141 | ) | (70 | ) | (420 | ) | (215 | ) | |||||||
Income before income taxes | 294 | 1,479 | 1,405 | 4,139 | |||||||||||
Provision for income taxes | 75 | 521 | 481 | 1,439 | |||||||||||
Net income | 219 | 958 | 924 | 2,700 | |||||||||||
Less net income (loss) attributable to: | |||||||||||||||
Redeemable noncontrolling interest | 16 | — | 25 | — | |||||||||||
Noncontrolling interests | 58 | 10 | (48 | ) | 35 | ||||||||||
Net income attributable to MPC | $ | 145 | $ | 948 | $ | 947 | $ | 2,665 | |||||||
Capital Expenditures and Investments | |||||||||||||||
Refining & Marketing(b) | $ | 267 | $ | 256 | $ | 788 | $ | 686 | |||||||
Speedway | 71 | 130 | 191 | 275 | |||||||||||
Midstream(b)(c) | 394 | 156 | 1,147 | 400 | |||||||||||
Corporate and Other(e) | 29 | 43 | 106 | 121 | |||||||||||
Total | $ | 761 | $ | 585 | $ | 2,232 | $ | 1,482 | |||||||
(a) | Includes a non-cash lower-of-cost-or-market ("LCM") inventory valuation benefit of $370 million for the nine months ended September 30, 2016. The benefit increased Refining & Marketing and Speedway segment income by $345 million and $25 million, respectively, for the nine months ended September 30, 2016. |
(b) | In 2016, segment reporting was revised in connection with the contribution of MPC’s inland marine business to MPLX. The results of the inland marine business are now presented in the Midstream segment. Previously, these results were reported in the Refining & Marketing segment. Comparable prior period information has been recast to reflect this revised segment presentation. |
(c) | Includes the results of MarkWest from the December 4, 2015 merger date. |
(d) | 2016 relates to impairments of goodwill and equity method investments. 2015 relates to the cancellation of the ROUX project. |
(e) | Includes capitalized interest of $15 million, $10 million, $47 million and $26 million, respectively. |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
MPC Consolidated Refined Product Sales Volumes (thousands of barrels per day (mbpd)(a) | 2,316 | 2,359 | 2,274 | 2,316 | |||||||||||
Refining & Marketing (R&M) Operating Statistics | |||||||||||||||
R&M refined product sales volume (mbpd)(b) | 2,307 | 2,345 | 2,265 | 2,303 | |||||||||||
R&M gross margin (dollars per barrel)(c)(d) | $ | 10.75 | $ | 17.27 | $ | 11.20 | $ | 16.08 | |||||||
Crude oil capacity utilization (percent)(e) | 100 | 101 | 95 | 100 | |||||||||||
Refinery throughputs (mbpd):(f) | |||||||||||||||
Crude oil refined | 1,791 | 1,744 | 1,708 | 1,735 | |||||||||||
Other charge and blendstocks | 135 | 168 | 156 | 170 | |||||||||||
Total | 1,926 | 1,912 | 1,864 | 1,905 | |||||||||||
Sour crude oil throughput (percent) | 59 | 56 | 60 | 55 | |||||||||||
WTI-priced crude oil throughput (percent) | 20 | 20 | 20 | 20 | |||||||||||
Refined product yields (mbpd):(f) | |||||||||||||||
Gasoline | 907 | 911 | 908 | 906 | |||||||||||
Distillates | 647 | 611 | 616 | 598 | |||||||||||
Propane | 38 | 33 | 35 | 36 | |||||||||||
Feedstocks and special products | 253 | 292 | 245 | 307 | |||||||||||
Heavy fuel oil | 43 | 32 | 36 | 30 | |||||||||||
Asphalt | 70 | 66 | 58 | 58 | |||||||||||
Total | 1,958 | 1,945 | 1,898 | 1,935 | |||||||||||
Refinery direct operating costs ($/barrel):(g) | |||||||||||||||
Planned turnaround and major maintenance | $ | 1.62 | $ | 1.37 | $ | 1.72 | $ | 0.94 | |||||||
Depreciation and amortization | 1.42 | 1.36 | 1.46 | 1.37 | |||||||||||
Other manufacturing(h) | 4.01 | 4.17 | 4.03 | 4.12 | |||||||||||
Total | $ | 7.05 | $ | 6.90 | $ | 7.21 | $ | 6.43 | |||||||
R&M Operating Statistics by Region - Gulf Coast | |||||||||||||||
Refinery throughputs (mbpd):(i) | |||||||||||||||
Crude oil refined | 1,073 | 1,072 | 1,057 | 1,065 | |||||||||||
Other charge and blendstocks | 185 | 180 | 199 | 177 | |||||||||||
Total | 1,258 | 1,252 | 1,256 | 1,242 | |||||||||||
Sour crude oil throughput (percent) | 72 | 68 | 73 | 68 | |||||||||||
WTI-priced crude oil throughput (percent) | 8 | 6 | 7 | 6 | |||||||||||
Refined product yields (mbpd):(i) | |||||||||||||||
Gasoline | 511 | 544 | 530 | 526 | |||||||||||
Distillates | 411 | 408 | 407 | 386 | |||||||||||
Propane | 27 | 25 | 26 | 26 | |||||||||||
Feedstocks and special products | 289 | 271 | 283 | 299 | |||||||||||
Heavy fuel oil | 30 | 16 | 24 | 14 | |||||||||||
Asphalt | 17 | 19 | 15 | 16 | |||||||||||
Total | 1,285 | 1,283 | 1,285 | 1,267 | |||||||||||
Refinery direct operating costs ($/barrel):(g) | |||||||||||||||
Planned turnaround and major maintenance | $ | 2.05 | $ | 0.80 | $ | 1.87 | $ | 0.70 | |||||||
Depreciation and amortization | 1.14 | 1.07 | 1.13 | 1.09 | |||||||||||
Other manufacturing(h) | 3.70 | 4.00 | 3.62 | 3.92 | |||||||||||
Total | $ | 6.89 | $ | 5.87 | $ | 6.62 | $ | 5.71 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
R&M Operating Statistics by Region - Midwest | |||||||||||||||
Refinery throughputs (mbpd):(i) | |||||||||||||||
Crude oil refined | 718 | 672 | 651 | 670 | |||||||||||
Other charge and blendstocks | 39 | 28 | 37 | 33 | |||||||||||
Total | 757 | 700 | 688 | 703 | |||||||||||
Sour crude oil throughput (percent) | 39 | 36 | 39 | 35 | |||||||||||
WTI-priced crude oil throughput (percent) | 39 | 43 | 41 | 42 | |||||||||||
Refined product yields (mbpd):(i) | |||||||||||||||
Gasoline | 396 | 367 | 378 | 380 | |||||||||||
Distillates | 236 | 203 | 209 | 212 | |||||||||||
Propane | 13 | 10 | 11 | 11 | |||||||||||
Feedstocks and special products | 51 | 59 | 40 | 46 | |||||||||||
Heavy fuel oil | 13 | 16 | 12 | 17 | |||||||||||
Asphalt | 53 | 47 | 43 | 42 | |||||||||||
Total | 762 | 702 | 693 | 708 | |||||||||||
Refinery direct operating costs ($/barrel):(g) | |||||||||||||||
Planned turnaround and major maintenance | $ | 0.72 | $ | 2.30 | $ | 1.26 | $ | 1.32 | |||||||
Depreciation and amortization | 1.72 | 1.80 | 1.90 | 1.79 | |||||||||||
Other manufacturing(h) | 4.04 | 4.25 | 4.29 | 4.24 | |||||||||||
Total | $ | 6.48 | $ | 8.35 | $ | 7.45 | $ | 7.35 | |||||||
Speedway Operating Statistics | |||||||||||||||
Convenience stores at period-end | 2,773 | 2,756 | |||||||||||||
Gasoline and distillate sales (millions of gallons) | 1,575 | 1,555 | 4,605 | 4,501 | |||||||||||
Gasoline and distillate gross margin (dollars per gallon)(d)(j) | $ | 0.1773 | $ | 0.2146 | $ | 0.1668 | $ | 0.1822 | |||||||
Merchandise sales (in millions) | $ | 1,338 | $ | 1,294 | $ | 3,777 | $ | 3,669 | |||||||
Merchandise gross margin (in millions) | $ | 386 | $ | 358 | $ | 1,085 | $ | 1,028 | |||||||
Merchandise gross margin percent | 28.9 | % | 27.7 | % | 28.7 | % | 28.0 | % | |||||||
Same store gasoline sales volume (period over period) | (0.6 | )% | 0.5 | % | 0.2 | % | (0.3 | )% | |||||||
Same store merchandise sales (period over period)(k) | 4.0 | % | 3.6 | % | 3.0 | % | 4.7 | % | |||||||
Midstream Operating Statistics | |||||||||||||||
Crude oil and refined product pipeline throughputs (mbpd)(l) | 2,433 | 2,259 | 2,298 | 2,231 | |||||||||||
Gathering system throughput (million cubic feet per day)(m) | 3,306 | 3,313 | |||||||||||||
Natural gas processed (million cubic feet per day)(m) | 5,906 | 5,691 | |||||||||||||
C2 (ethane) + NGLs fractionated (mbpd)(m) | 348 | 330 | |||||||||||||
(a) | Total average daily volumes of refined product sales to wholesale, branded and retail (Speedway segment) customers. |
(b) | Includes intersegment sales. |
(c) | Sales revenue less cost of refinery inputs and purchased products, divided by total refinery throughputs. |
(d) | Excludes LCM inventory valuation adjustments. |
(e) | Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities. |
(f) | Excludes inter-refinery volumes of 89 mbpd and 40 mbpd for third quarter 2016 and 2015, respectively, and 80 mbpd and 40 mbpd for the nine months ended September 30, 2016, and September 30, 2015, respectively. |
(g) | Per barrel of total refinery throughputs. |
(h) | Includes utilities, labor, routine maintenance and other operating costs. |
(i) | Includes inter-refinery transfer volumes. |
(j) | The price paid by consumers less the cost of refined products, including transportation, consumer excise taxes and bankcard processing fees, divided by gasoline and distillate sales volumes. |
(k) | Excludes cigarettes. Same store sales comparison includes only locations owned at least 13 months. |
(l) | On owned common-carrier pipelines, excluding equity method investments. |
(m) | Includes amounts related to unconsolidated equity method investments. Includes the MarkWest results beginning on the Dec. 4, 2015, merger date. |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Segment EBITDA(a) | |||||||||||||||
Refining & Marketing(b) | $ | 583 | $ | 1,696 | $ | 2,144 | $ | 4,691 | |||||||
Speedway(b) | 280 | 306 | 772 | 726 | |||||||||||
Midstream(c) | 403 | 120 | 1,055 | 365 | |||||||||||
Total Segment EBITDA(a)(b) | 1,266 | 2,122 | 3,971 | 5,782 | |||||||||||
Total segment depreciation & amortization | (493 | ) | (352 | ) | (1,452 | ) | (1,051 | ) | |||||||
Items not allocated to segments(d) | (338 | ) | (221 | ) | (694 | ) | (377 | ) | |||||||
Income from operations | 435 | 1,549 | 1,825 | 4,354 | |||||||||||
Net interest and other financial income (costs) | (141 | ) | (70 | ) | (420 | ) | (215 | ) | |||||||
Income before income taxes | 294 | 1,479 | 1,405 | 4,139 | |||||||||||
Income tax provision | 75 | 521 | 481 | 1,439 | |||||||||||
Net income | 219 | 958 | 924 | 2,700 | |||||||||||
Less net income (loss) attributable to: | |||||||||||||||
Redeemable noncontrolling interest | 16 | — | 25 | — | |||||||||||
Noncontrolling interests | 58 | 10 | (48 | ) | 35 | ||||||||||
Net income attributable to MPC | $ | 145 | $ | 948 | $ | 947 | $ | 2,665 | |||||||
(a) | Segment EBITDA represents segment earnings before interest and financing costs, interest income, income taxes and depreciation and amortization expense. Segment EBITDA is used by some investors and analysts to analyze and compare companies on the basis of operating performance. Segment EBITDA should not be considered as an alternative to net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with accounting principles generally accepted in the United States. Segment EBITDA may not be comparable to similarly titled measures used by other entities. |
(b) | Includes a non-cash LCM inventory valuation benefit of $370 million for the nine months ended September 30, 2016. The benefit increased Refining & Marketing and Speedway segment EBITDA by $345 million and $25 million, respectively, for the nine months ended September 30, 2016. |
(c) | Includes the results of MarkWest from the December 4, 2015 merger date. |
(d) | Includes impairment charges of $267 million, $144 million, $486 million and $144 million, respectively. |
(In millions) | September 30 2016 | June 30 2016 | |||||
Cash and cash equivalents | $ | 709 | $ | 1,754 | |||
MPLX debt | 4,412 | 4,401 | |||||
Total consolidated debt | 10,566 | 11,059 | |||||
Redeemable noncontrolling interest | 1,000 | 993 | |||||
Equity | 19,957 | 19,935 | |||||
Total capitalization | 31,523 | 31,987 | |||||
Debt-to-total-capital ratio (percent) | 34 | 35 | |||||
Shares outstanding | 528 | 528 | |||||
Cash provided from operations (quarter ended) | $ | 405 | $ | 2,263 | |||
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