x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-1284632 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
539 South Main Street, Findlay, Ohio | 45840-3229 | |
(Address of principal executive offices) | (Zip code) |
Large accelerated filer | x | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ | |||
Emerging growth company | ¨ |
Page | |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
barrel | One stock tank barrel, or 42 United States gallons liquid volume, used in reference to crude oil or other liquid hydrocarbons. |
bcf/d | One billion cubic feet per day |
EPA | United States Environmental Protection Agency |
FASB | Financial Accounting Standards Board |
GAAP | Accounting principles generally accepted in the United States |
IDR | Incentive Distribution Right |
LCM | Lower of cost or market |
LIFO | Last in, first out, an inventory costing method |
LLS | Louisiana Light Sweet crude oil, an oil index benchmark price |
mbpd | Thousand barrels per day |
MMBtu | One million British thermal units, an energy measurement |
MMcf/d | One million cubic feet of natural gas per day |
NGL | Natural gas liquids, such as ethane, propane, butanes and natural gasoline |
OTC | Over-the-Counter |
ppm | Parts per million |
RIN | Renewable Identification Number |
SEC | United States Securities and Exchange Commission |
TCJA | Tax Cuts and Jobs Act of 2017 |
ULSD | Ultra-low sulfur diesel |
USGC | U.S. Gulf Coast |
VIE | Variable interest entity |
WTI | West Texas Intermediate crude oil, an oil index benchmark price |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions, except per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenues and other income: | |||||||||||||||
Sales and other operating revenues(a) | $ | 22,787 | $ | 19,053 | $ | 63,599 | $ | 53,220 | |||||||
Sales to related parties | 201 | 157 | 572 | 458 | |||||||||||
Income from equity method investments | 96 | 84 | 262 | 224 | |||||||||||
Net gain on disposal of assets | 1 | — | 6 | 12 | |||||||||||
Other income | 47 | 92 | 122 | 219 | |||||||||||
Total revenues and other income | 23,132 | 19,386 | 64,561 | 54,133 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of revenues (excludes items below)(a) | 20,457 | 16,617 | 57,344 | 47,664 | |||||||||||
Purchases from related parties | 149 | 148 | 428 | 420 | |||||||||||
Depreciation and amortization | 555 | 517 | 1,616 | 1,574 | |||||||||||
Selling, general and administrative expenses | 445 | 411 | 1,271 | 1,286 | |||||||||||
Other taxes | 123 | 116 | 348 | 339 | |||||||||||
Total costs and expenses | 21,729 | 17,809 | 61,007 | 51,283 | |||||||||||
Income from operations | 1,403 | 1,577 | 3,554 | 2,850 | |||||||||||
Net interest and other financial costs | 240 | 158 | 618 | 465 | |||||||||||
Income before income taxes | 1,163 | 1,419 | 2,936 | 2,385 | |||||||||||
Provision for income taxes | 222 | 415 | 525 | 706 | |||||||||||
Net income | 941 | 1,004 | 2,411 | 1,679 | |||||||||||
Less net income attributable to: | |||||||||||||||
Redeemable noncontrolling interest | 19 | 16 | 55 | 49 | |||||||||||
Noncontrolling interests | 185 | 85 | 527 | 214 | |||||||||||
Net income attributable to MPC | $ | 737 | $ | 903 | $ | 1,829 | $ | 1,416 | |||||||
Per Share Data (See Note 8) | |||||||||||||||
Basic: | |||||||||||||||
Net income attributable to MPC per share | $ | 1.63 | $ | 1.79 | $ | 3.96 | $ | 2.75 | |||||||
Weighted average shares outstanding | 451 | 504 | 462 | 514 | |||||||||||
Diluted: | |||||||||||||||
Net income attributable to MPC per share | $ | 1.62 | $ | 1.77 | $ | 3.92 | $ | 2.73 | |||||||
Weighted average shares outstanding | 456 | 508 | 466 | 518 |
(a) | The 2018 period reflects an election to present certain taxes on a net basis concurrent with our adoption of ASU 2014-09, Revenue - Revenue from Contracts with Customers (“ASC 606”). See Notes 2 and 3 for further information. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net income | $ | 941 | $ | 1,004 | $ | 2,411 | $ | 1,679 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Defined benefit postretirement and post-employment plans: | |||||||||||||||
Actuarial changes, net of tax of $24, $2, $29 and $9, respectively | 75 | 4 | 89 | 15 | |||||||||||
Prior service costs, net of tax of ($3), ($4), ($7) and ($12), respectively | (7 | ) | (7 | ) | (21 | ) | (20 | ) | |||||||
Other, net of tax of ($1), $0, ($2) and $0, respectively | (3 | ) | — | (5 | ) | — | |||||||||
Other comprehensive income (loss) | 65 | (3 | ) | 63 | (5 | ) | |||||||||
Comprehensive income | 1,006 | 1,001 | 2,474 | 1,674 | |||||||||||
Less comprehensive income attributable to: | |||||||||||||||
Redeemable noncontrolling interest | 19 | 16 | 55 | 49 | |||||||||||
Noncontrolling interests | 185 | 85 | 527 | 214 | |||||||||||
Comprehensive income attributable to MPC | $ | 802 | $ | 900 | $ | 1,892 | $ | 1,411 |
(In millions, except share data) | September 30, 2018 | December 31, 2017 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents (MPLX: $37 and $5, respectively) | $ | 4,992 | $ | 3,011 | |||
Receivables, less allowance for doubtful accounts of $10 and $11 (MPLX: $462 and $299, respectively) | 5,408 | 4,695 | |||||
Inventories (MPLX: $81 and $65, respectively) | 5,339 | 5,550 | |||||
Other current assets (MPLX: $33 and $29, respectively) | 134 | 145 | |||||
Total current assets | 15,873 | 13,401 | |||||
Equity method investments (MPLX: $4,104 and $4,010, respectively) | 4,910 | 4,787 | |||||
Property, plant and equipment, net (MPLX: $14,271 and $12,187, respectively) | 27,717 | 26,443 | |||||
Goodwill (MPLX: $2,586 and $2,245, respectively) | 3,713 | 3,586 | |||||
Other noncurrent assets (MPLX: $470 and $479, respectively) | 818 | 830 | |||||
Total assets | $ | 53,031 | $ | 49,047 | |||
Liabilities | |||||||
Current liabilities: | |||||||
Accounts payable (MPLX: $757 and $621, respectively) | $ | 8,016 | $ | 8,297 | |||
Payroll and benefits payable (MPLX: $2 and $1, respectively) | 493 | 591 | |||||
Accrued taxes (MPLX: $53 and $38, respectively) | 657 | 670 | |||||
Debt due within one year (MPLX: $1 and $1, respectively) | 26 | 624 | |||||
Other current liabilities (MPLX: $224 and $130, respectively) | 442 | 296 | |||||
Total current liabilities | 9,634 | 10,478 | |||||
Long-term debt (MPLX: $12,889 and $6,945, respectively) | 18,423 | 12,322 | |||||
Deferred income taxes (MPLX: $13 and $5, respectively) | 3,206 | 2,654 | |||||
Defined benefit postretirement plan obligations | 1,045 | 1,099 | |||||
Deferred credits and other liabilities (MPLX: $274 and $230, respectively) | 689 | 666 | |||||
Total liabilities | 32,997 | 27,219 | |||||
Commitments and contingencies (see Note 22) | |||||||
Redeemable noncontrolling interest | 1,003 | 1,000 | |||||
Equity | |||||||
MPC stockholders’ equity: | |||||||
Preferred stock, no shares issued and outstanding (par value $0.01 per share, 30 million shares authorized) | — | — | |||||
Common stock: | |||||||
Issued – 735 million and 734 million shares (par value $0.01 per share, 1 billion shares authorized) | 7 | 7 | |||||
Held in treasury, at cost – 284 million and 248 million shares | (12,495 | ) | (9,869 | ) | |||
Additional paid-in capital | 13,703 | 11,262 | |||||
Retained earnings | 14,119 | 12,864 | |||||
Accumulated other comprehensive loss | (168 | ) | (231 | ) | |||
Total MPC stockholders’ equity | 15,166 | 14,033 | |||||
Noncontrolling interests | 3,865 | 6,795 | |||||
Total equity | 19,031 | 20,828 | |||||
Total liabilities, redeemable noncontrolling interest and equity | $ | 53,031 | $ | 49,047 |
Nine Months Ended September 30, | |||||||
(In millions) | 2018 | 2017 | |||||
Operating activities: | |||||||
Net income | $ | 2,411 | $ | 1,679 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Amortization of deferred financing costs and debt discount | 51 | 46 | |||||
Depreciation and amortization | 1,616 | 1,574 | |||||
Pension and other postretirement benefits, net | 38 | (32 | ) | ||||
Deferred income taxes | 42 | 57 | |||||
Net gain on disposal of assets | (6 | ) | (12 | ) | |||
Income from equity method investments | (262 | ) | (224 | ) | |||
Distributions from equity method investments | 345 | 256 | |||||
Changes in the fair value of derivative instruments | 13 | 101 | |||||
Changes in: | |||||||
Current receivables | (709 | ) | (296 | ) | |||
Inventories | 215 | 163 | |||||
Current accounts payable and accrued liabilities | (316 | ) | 654 | ||||
All other, net | (7 | ) | (99 | ) | |||
Net cash provided by operating activities | 3,431 | 3,867 | |||||
Investing activities: | |||||||
Additions to property, plant and equipment | (2,315 | ) | (1,928 | ) | |||
Acquisitions, net of cash acquired | (453 | ) | (249 | ) | |||
Disposal of assets | 19 | 64 | |||||
Investments – acquisitions, loans and contributions | (222 | ) | (730 | ) | |||
– redemptions, repayments and return of capital | 16 | 60 | |||||
All other, net | 60 | 166 | |||||
Net cash used in investing activities | (2,895 | ) | (2,617 | ) | |||
Financing activities: | |||||||
Commercial paper – issued | — | 300 | |||||
– repayments | — | (300 | ) | ||||
Long-term debt – borrowings | 10,735 | 2,661 | |||||
– repayments | (5,401 | ) | (470 | ) | |||
Debt issuance costs | (53 | ) | (28 | ) | |||
Issuance of common stock | 24 | 27 | |||||
Common stock repurchased | (2,612 | ) | (1,622 | ) | |||
Dividends paid | (637 | ) | (578 | ) | |||
Issuance of MPLX LP common units | — | 473 | |||||
Distributions to noncontrolling interests | (599 | ) | (505 | ) | |||
Contributions from noncontrolling interests | 9 | 128 | |||||
Contingent consideration payment | — | (89 | ) | ||||
All other, net | (22 | ) | (44 | ) | |||
Net cash provided by (used in) financing activities | 1,444 | (47 | ) | ||||
Net increase in cash, cash equivalents and restricted cash | 1,980 | 1,203 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 3,015 | 892 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 4,995 | $ | 2,095 |
MPC Stockholders’ Equity | |||||||||||||||||||||||||||||||
(In millions) | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Non-controlling Interests | Total Equity | Redeemable Non-controlling Interest | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 7 | $ | (7,482 | ) | $ | 11,060 | $ | 10,206 | $ | (234 | ) | $ | 6,646 | $ | 20,203 | $ | 1,000 | |||||||||||||
Net income | — | — | — | 1,416 | — | 214 | 1,630 | 49 | |||||||||||||||||||||||
Dividends declared | — | — | — | (578 | ) | — | — | (578 | ) | — | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (456 | ) | (456 | ) | (49 | ) | ||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 128 | 128 | — | |||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (5 | ) | — | (5 | ) | — | |||||||||||||||||||||
Shares repurchased | — | (1,622 | ) | — | — | — | — | (1,622 | ) | — | |||||||||||||||||||||
Stock-based compensation | — | (14 | ) | 64 | — | — | 5 | 55 | — | ||||||||||||||||||||||
Impact from equity transactions of MPLX LP | — | — | 112 | — | — | 335 | 447 | — | |||||||||||||||||||||||
Balance as of September 30, 2017 | $ | 7 | $ | (9,118 | ) | $ | 11,236 | $ | 11,044 | $ | (239 | ) | $ | 6,872 | $ | 19,802 | $ | 1,000 | |||||||||||||
Balance as of December 31, 2017 | $ | 7 | $ | (9,869 | ) | $ | 11,262 | $ | 12,864 | $ | (231 | ) | $ | 6,795 | $ | 20,828 | $ | 1,000 | |||||||||||||
Cumulative effect of adopting new accounting standards | — | — | — | 63 | — | 1 | 64 | — | |||||||||||||||||||||||
Net income | — | — | — | 1,829 | — | 527 | 2,356 | 55 | |||||||||||||||||||||||
Dividends declared | — | — | — | (637 | ) | — | — | (637 | ) | — | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (547 | ) | (547 | ) | (52 | ) | ||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 9 | 9 | — | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 63 | — | 63 | — | |||||||||||||||||||||||
Shares repurchased | — | (2,612 | ) | — | — | — | — | (2,612 | ) | — | |||||||||||||||||||||
Stock-based compensation | — | (14 | ) | 59 | — | — | 8 | 53 | — | ||||||||||||||||||||||
Impact from equity transactions of MPLX LP | — | — | 2,382 | — | — | (2,928 | ) | (546 | ) | — | |||||||||||||||||||||
Balance as of September 30, 2018 | $ | 7 | $ | (12,495 | ) | $ | 13,703 | $ | 14,119 | $ | (168 | ) | $ | 3,865 | $ | 19,031 | $ | 1,003 | |||||||||||||
(Shares in millions) | Common Stock | Treasury Stock | |||||||||||||||||||||||||||||
Balance as of December 31, 2016 | 731 | (203 | ) | ||||||||||||||||||||||||||||
Shares repurchased | — | (31 | ) | ||||||||||||||||||||||||||||
Shares issued (returned) – stock-based compensation | 2 | (1 | ) | ||||||||||||||||||||||||||||
Balance as of September 30, 2017 | 733 | (235 | ) | ||||||||||||||||||||||||||||
Balance as of December 31, 2017 | 734 | (248 | ) | ||||||||||||||||||||||||||||
Shares repurchased | — | (36 | ) | ||||||||||||||||||||||||||||
Shares issued – stock-based compensation | 1 | — | |||||||||||||||||||||||||||||
Balance as of September 30, 2018 | 735 | (284 | ) |
• | 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. |
• | Speedway - Revenue is recognized when our customers receive control of the transportation fuels or merchandise. Payments from customers are received at the time sales occur in cash or by credit or debit card. Speedway offers a loyalty rewards program to its customers. We defer a minor portion of revenue on sales to the loyalty program participants until the participants redeem their rewards. The related contract liability, as defined in ASC 606, is not material to our financial statements. |
• | 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 sales of 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. |
• | a reduction of sales and other operating revenues of $1.40 billion for the three months ended September 30, 2018 and $4.01 billion for the nine months ended September 30, 2018 due to our accounting policy election to present taxes incurred concurrently with revenue producing transactions and collected on behalf of our customers on a net basis. For the three and nine months ended September 30, 2017, taxes are reflected on a gross basis in sales and other operating revenues and cost of revenues, and include $1.34 billion and $3.81 billion, respectively, of taxes that are now subject to our net basis accounting policy election. |
• | an increase to both sales and other operating revenues and cost of revenues of $148 million for the three months ended September 30, 2018 and $388 million for the nine months ended September 30, 2018 related to certain Midstream contract provisions for third-party reimbursements, non-cash consideration and imbalances that require gross presentation under ASC 606. Comparative information continues to be reported under the accounting standards in effect for those periods. |
ASU | Effective Date | ||
2017-09 | Stock Compensation - Scope of Modification Accounting | January 1, 2018 | |
2017-07 | Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Cost | January 1, 2018 | |
2017-05 | Gains and Losses from the Derecognition of Nonfinancial Assets - Clarifying the Scope of Asset Derecognition Guidance | January 1, 2018 | |
2017-01 | Business Combinations - Clarifying the Definition of a Business | January 1, 2018 | |
2016-18 | Statement of Cash Flows - Restricted Cash | January 1, 2018 | |
2016-15 | Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments | January 1, 2018 | |
2016-01 | Financial Instruments - Recognition and Measurement of Financial Assets and Liabilities | January 1, 2018 |
Nine Months Ended September 30, | |||||||
(In millions) | 2018 | 2017 | |||||
Increase due to the issuance of MPLX LP common units to the public | $ | 6 | $ | 25 | |||
Increase due to the issuance of MPLX LP common units and general partner units to MPC | 1,114 | 113 | |||||
Increase due to GP/IDR Exchange | 1,808 | — | |||||
Increase in MPC's additional paid-in capital | 2,928 | 138 | |||||
Tax impact | (546 | ) | (26 | ) | |||
Increase in MPC's additional paid-in capital, net of tax | $ | 2,382 | $ | 112 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Sales to related parties(a) | $ | 201 | $ | 157 | $ | 572 | $ | 458 | |||||||
Purchases from related parties(b) | 149 | 148 | 428 | 420 |
(a) | Sales to related parties consists primarily of sales of refined products to PFJ Southeast, an equity affiliate which owns and operates travel plazas primarily in the Southeast region of the United States. |
(b) | We obtain transportation services and purchase ethanol from certain of our equity affiliates, none of which is individually material. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions, except per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Basic earnings per share: | |||||||||||||||
Allocation of earnings: | |||||||||||||||
Net income attributable to MPC | $ | 737 | $ | 903 | $ | 1,829 | $ | 1,416 | |||||||
Income allocated to participating securities | — | — | 1 | 1 | |||||||||||
Income available to common stockholders – basic | $ | 737 | $ | 903 | $ | 1,828 | $ | 1,415 | |||||||
Weighted average common shares outstanding | 451 | 504 | 462 | 514 | |||||||||||
Basic earnings per share | $ | 1.63 | $ | 1.79 | $ | 3.96 | $ | 2.75 | |||||||
Diluted earnings per share: | |||||||||||||||
Allocation of earnings: | |||||||||||||||
Net income attributable to MPC | $ | 737 | $ | 903 | $ | 1,829 | $ | 1,416 | |||||||
Income allocated to participating securities | — | — | 1 | 1 | |||||||||||
Income available to common stockholders – diluted | $ | 737 | $ | 903 | $ | 1,828 | $ | 1,415 | |||||||
Weighted average common shares outstanding | 451 | 504 | 462 | 514 | |||||||||||
Effect of dilutive securities | 5 | 4 | 4 | 4 | |||||||||||
Weighted average common shares, including dilutive effect | 456 | 508 | 466 | 518 | |||||||||||
Diluted earnings per share | $ | 1.62 | $ | 1.77 | $ | 3.92 | $ | 2.73 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||
Shares issuable under stock-based compensation plans | — | 1 | — | 1 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions, except per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Number of shares repurchased | 5 | 8 | 36 | 31 | |||||||||||
Cash paid for shares repurchased | $ | 400 | $ | 452 | $ | 2,612 | $ | 1,622 | |||||||
Average cost per share | $ | 73.03 | $ | 53.85 | $ | 71.80 | $ | 52.16 |
• | Refining & Marketing – refines crude oil and other feedstocks at our six refineries in the Gulf Coast and Midwest regions of the United States, purchases refined products and ethanol for resale and distributes refined products through transportation, storage, distribution and marketing services provided by our Midstream segment. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to our Speedway business segment and to independent entrepreneurs who operate Marathon® retail outlets. |
• | Speedway – sells transportation fuels and convenience merchandise in retail markets in the Midwest, East Coast, Southeast and Gulf Coast regions of the United States. |
• | Midstream – gathers, processes and transports natural gas; gathers, transports, fractionates, stores and markets NGLs; and transports, stores, distributes and markets crude oil and refined products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, towboats and barges. The Midstream segment primarily reflects the results of MPLX, our sponsored master limited partnership. |
(In millions) | Refining & Marketing | Speedway | Midstream | Total | |||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||
Revenues: | |||||||||||||||
Third party | $ | 16,552 | $ | 5,393 | $ | 842 | $ | 22,787 | |||||||
Intersegment | 2,931 | 1 | 787 | 3,719 | |||||||||||
Related party | 199 | 2 | — | 201 | |||||||||||
Segment revenues | $ | 19,682 | $ | 5,396 | $ | 1,629 | $ | 26,707 | |||||||
Segment income from operations | $ | 666 | $ | 161 | $ | 679 | $ | 1,506 | |||||||
Income from equity method investments | 7 | 18 | 71 | 96 | |||||||||||
Depreciation and amortization(a) | 257 | 76 | 205 | 538 | |||||||||||
Capital expenditures and investments(b) | 226 | 98 | 593 | 917 |
(In millions) | Refining & Marketing | Speedway | Midstream | Total | |||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||
Revenues: | |||||||||||||||
Third party | $ | 13,573 | $ | 4,895 | $ | 585 | $ | 19,053 | |||||||
Intersegment(c) | 2,904 | 1 | 369 | 3,274 | |||||||||||
Related party | 155 | 2 | — | 157 | |||||||||||
Segment revenues | $ | 16,632 | $ | 4,898 | $ | 954 | $ | 22,484 | |||||||
Segment income from operations | $ | 1,097 | $ | 208 | $ | 355 | $ | 1,660 | |||||||
Income from equity method investments(a) | 6 | 20 | 57 | 83 | |||||||||||
Depreciation and amortization(a) | 266 | 68 | 169 | 503 | |||||||||||
Capital expenditures and investments(b) | 198 | 108 | 423 | 729 |
(In millions) | Refining & Marketing | Speedway | Midstream | Total | |||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||
Revenues: | |||||||||||||||
Third party | $ | 46,069 | $ | 15,225 | $ | 2,305 | $ | 63,599 | |||||||
Intersegment | 8,181 | 4 | 2,180 | 10,365 | |||||||||||
Related party | 566 | 6 | — | 572 | |||||||||||
Segment revenues | $ | 54,816 | $ | 15,235 | $ | 4,485 | $ | 74,536 | |||||||
Segment income from operations | $ | 1,558 | $ | 415 | $ | 1,863 | $ | 3,836 | |||||||
Income from equity method investments(a) | 14 | 51 | 196 | 261 | |||||||||||
Depreciation and amortization(a) | 761 | 228 | 577 | 1,566 | |||||||||||
Capital expenditures and investments(b) | 613 | 225 | 1,676 | 2,514 |
(In millions) | Refining & Marketing | Speedway | Midstream | Total | |||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||
Revenues: | |||||||||||||||
Third party | $ | 37,485 | $ | 14,070 | $ | 1,665 | $ | 53,220 | |||||||
Intersegment(c) | 8,302 | 3 | 1,076 | 9,381 | |||||||||||
Related party | 452 | 6 | — | 458 | |||||||||||
Segment revenues | $ | 46,239 | $ | 14,079 | $ | 2,741 | $ | 63,059 | |||||||
Segment income from operations | $ | 1,589 | $ | 581 | $ | 996 | $ | 3,166 | |||||||
Income from equity method investments(a) | 10 | 54 | 139 | 203 | |||||||||||
Depreciation and amortization(a) | 805 | 197 | 528 | 1,530 | |||||||||||
Capital expenditures and investments(b) | 570 | 221 | 1,267 | 2,058 |
(a) | Differences between segment totals and MPC totals represent amounts related to corporate and other unallocated items and are included in items not allocated to segments in the reconciliation below. |
(b) | Capital expenditures include changes in capital accruals and investments in affiliates. See reconciliation from segment totals to MPC total capital expenditures below. |
(c) | Management believes intersegment transactions were conducted under terms comparable to those with unaffiliated parties. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Segment income from operations | $ | 1,506 | $ | 1,660 | $ | 3,836 | $ | 3,166 | |||||||
Items not allocated to segments: | |||||||||||||||
Corporate and other unallocated items(a) | (103 | ) | (85 | ) | (283 | ) | (251 | ) | |||||||
Litigation | — | — | — | (86 | ) | ||||||||||
Impairments(b) | — | 2 | 1 | 21 | |||||||||||
Income from operations | 1,403 | 1,577 | 3,554 | 2,850 | |||||||||||
Net interest and other financial costs | 240 | 158 | 618 | 465 | |||||||||||
Income before income taxes | $ | 1,163 | $ | 1,419 | $ | 2,936 | $ | 2,385 |
(a) | Corporate and other unallocated items consists primarily of MPC’s corporate administrative expenses and costs related to certain non-operating assets, except for corporate overhead expenses attributable to MPLX, which are included in the Midstream segment. Corporate overhead expenses are not allocated to the Refining & Marketing and Speedway segments. |
(b) | Includes MPC’s share of gains from the sale of assets remaining from the canceled Sandpiper pipeline project. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Segment capital expenditures and investments | $ | 917 | $ | 729 | $ | 2,514 | $ | 2,058 | |||||||
Less investments in equity method investees | 104 | 53 | 222 | 230 | |||||||||||
Plus items not allocated to segments: | |||||||||||||||
Corporate | 7 | 19 | 42 | 53 | |||||||||||
Capitalized interest | 21 | 13 | 55 | 39 | |||||||||||
Total capital expenditures(a) | $ | 841 | $ | 708 | $ | 2,389 | $ | 1,920 |
(a) | Capital expenditures include changes in capital accruals. See Note 18 for a reconciliation of total capital expenditures to additions to property, plant and equipment as reported in the consolidated statements of cash flows. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Refined products | $ | 19,815 | $ | 16,374 | $ | 55,265 | $ | 45,689 | |||||||
Merchandise | 1,340 | 1,370 | 3,756 | 3,905 | |||||||||||
Crude oil and refinery feedstocks | 1,011 | 878 | 2,872 | 2,389 | |||||||||||
Midstream services, transportation and other | 621 | 431 | 1,706 | 1,237 | |||||||||||
Sales and other operating revenues | $ | 22,787 | $ | 19,053 | $ | 63,599 | $ | 53,220 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Interest income | $ | (26 | ) | $ | (7 | ) | $ | (71 | ) | $ | (16 | ) | |||
Interest expense | 233 | 172 | 675 | 508 | |||||||||||
Interest capitalized | (21 | ) | (14 | ) | (55 | ) | (47 | ) | |||||||
Pension and other postretirement non-service costs(a) | 45 | 1 | 47 | — | |||||||||||
Loss on extinguishment of debt | — | — | 4 | — | |||||||||||
Other financial costs | 9 | 6 | 18 | 20 | |||||||||||
Net interest and other financial costs | $ | 240 | $ | 158 | $ | 618 | $ | 465 |
(a) | See Note 20. |
(In millions) | September 30, 2018 | December 31, 2017 | |||||
Crude oil and refinery feedstocks | $ | 1,717 | $ | 2,056 | |||
Refined products | 3,005 | 2,839 | |||||
Materials and supplies | 465 | 494 | |||||
Merchandise | 152 | 161 | |||||
Total | $ | 5,339 | $ | 5,550 |
(In millions) | September 30, 2018 | December 31, 2017 | |||||
Refining & Marketing(a) | $ | 18,708 | $ | 19,490 | |||
Speedway | 5,520 | 5,358 | |||||
Midstream(a) | 18,213 | 14,898 | |||||
Corporate and Other | 835 | 792 | |||||
Total | 43,276 | 40,538 | |||||
Less accumulated depreciation | 15,559 | 14,095 | |||||
Property, plant and equipment, net | $ | 27,717 | $ | 26,443 |
(a) | On February 1, 2018, we contributed certain refining logistics assets and fuels distribution services to MPLX. In connection with this transaction, approximately $830 million of net property, plant and equipment was recorded to the Midstream segment with an offsetting reduction to the Refining & Marketing segment. |
September 30, 2018 | |||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Netting and Collateral(a) | Net Carrying Value on Balance Sheet(b) | Collateral Pledged Not Offset | |||||||||||||||||
Commodity derivative instruments, assets | $ | 62 | $ | — | $ | — | $ | (62 | ) | $ | — | $ | 20 | ||||||||||
Other assets | 3 | — | — | N/A | 3 | — | |||||||||||||||||
Total assets at fair value | $ | 65 | $ | — | $ | — | $ | (62 | ) | $ | 3 | $ | 20 | ||||||||||
Commodity derivative instruments, liabilities | $ | 99 | $ | — | $ | 2 | $ | (99 | ) | $ | 2 | $ | — | ||||||||||
Embedded derivatives in commodity contracts | — | — | 82 | — | 82 | — | |||||||||||||||||
Total liabilities at fair value | $ | 99 | $ | — | $ | 84 | $ | (99 | ) | $ | 84 | $ | — |
December 31, 2017 | |||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Netting and Collateral(a) | Net Carrying Value on Balance Sheet(b) | Collateral Pledged Not Offset | |||||||||||||||||
Commodity derivative instruments, assets | $ | 127 | $ | — | $ | — | $ | (118 | ) | $ | 9 | $ | 8 | ||||||||||
Other assets | 3 | — | — | N/A | 3 | — | |||||||||||||||||
Total assets at fair value | $ | 130 | $ | — | $ | — | $ | (118 | ) | $ | 12 | $ | 8 | ||||||||||
Commodity derivative instruments, liabilities | $ | 126 | $ | — | $ | 2 | $ | (126 | ) | $ | 2 | $ | — | ||||||||||
Embedded derivatives in commodity contracts | — | — | 64 | — | 64 | — | |||||||||||||||||
Total liabilities at fair value | $ | 126 | $ | — | $ | 66 | $ | (126 | ) | $ | 66 | $ | — |
(a) | Represents the impact of netting assets, liabilities and cash collateral when a legal right of offset exists. As of September 30, 2018, cash collateral of $37 million was netted with the mark-to-market derivative liabilities. As of December 31, 2017, $8 million was netted with mark-to-market derivative liabilities. |
(b) | We have no derivative contracts that are subject to master netting arrangements reflected gross on the balance sheet. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Beginning balance | $ | 68 | $ | 41 | $ | 66 | $ | 190 | |||||||
Contingent consideration payment | — | — | — | (131 | ) | ||||||||||
Unrealized and realized losses included in net income | 20 | 22 | 29 | 8 | |||||||||||
Settlements of derivative instruments | (4 | ) | (6 | ) | (11 | ) | (10 | ) | |||||||
Ending balance | $ | 84 | $ | 57 | $ | 84 | $ | 57 | |||||||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets still held at the end of period: | |||||||||||||||
Derivative instruments | $ | 21 | $ | 17 | $ | 22 | $ | 8 | |||||||
Contingent consideration agreement | — | — | — | 1 | |||||||||||
Total | $ | 21 | $ | 17 | $ | 22 | $ | 9 |
September 30, 2018 | December 31, 2017 | ||||||||||||||
(In millions) | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||
Financial assets: | |||||||||||||||
Environmental receivables and misc. deposits | 23 | 23 | 17 | 17 | |||||||||||
Total financial assets | $ | 23 | $ | 23 | $ | 17 | $ | 17 | |||||||
Financial liabilities: | |||||||||||||||
Long-term debt(a) | $ | 18,421 | $ | 18,036 | $ | 13,893 | $ | 12,642 | |||||||
Deferred credits and other liabilities | 115 | 107 | 122 | 109 | |||||||||||
Total financial liabilities | $ | 18,536 | $ | 18,143 | $ | 14,015 | $ | 12,751 |
(a) | Excludes capital leases and debt issuance costs; includes amount classified as debt due within one year. |
(In millions) | September 30, 2018 | ||||||
Balance Sheet Location | Asset | Liability | |||||
Commodity derivatives | |||||||
Other current assets | $ | 62 | $ | 99 | |||
Other current liabilities(a) | — | 17 | |||||
Deferred credits and other liabilities(a) | — | 67 |
(In millions) | December 31, 2017 | ||||||
Balance Sheet Location | Asset | Liability | |||||
Commodity derivatives | |||||||
Other current assets | $ | 127 | $ | 126 | |||
Other current liabilities(a) | — | 14 | |||||
Deferred credits and other liabilities(a) | — | 52 |
(a) | Includes embedded derivatives. |
Position | Total Barrels (In thousands) | |||
Crude Oil(a) | ||||
Exchange-traded | Long | 14,052 | ||
Exchange-traded | Short | (16,782 | ) |
(a) | 98.7 percent of the exchange-traded contracts expire in the fourth quarter of 2018. |
Position | Total Gallons (In thousands) | |||
Refined Products(a) | ||||
Exchange-traded | Long | 135,408 | ||
Exchange-traded | Short | (320,250 | ) | |
OTC | Short | (28,980 | ) |
(a) | 97.1 percent of the exchange-traded contracts expire in the fourth quarter of 2018. |
Gain (Loss) | Gain (Loss) | ||||||||||||||
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Income Statement Location | 2018 | 2017 | 2018 | 2017 | |||||||||||
Sales and other operating revenues | $ | 3 | $ | (10 | ) | $ | 1 | $ | 8 | ||||||
Cost of revenues | (69 | ) | 1 | (152 | ) | (30 | ) | ||||||||
Total | $ | (66 | ) | $ | (9 | ) | $ | (151 | ) | $ | (22 | ) |
(In millions) | September 30, 2018 | December 31, 2017 | |||||
Marathon Petroleum Corporation: | |||||||
Commercial paper | $ | — | $ | — | |||
364-day bank revolving credit facility due July 2018(a) | — | — | |||||
Trade receivables securitization facility due July 2019 | — | — | |||||
Bank revolving credit facility due 2022 | — | — | |||||
Senior notes, 2.700% due December 2018 | — | 600 | |||||
Senior notes, 3.400% due December 2020 | 650 | 650 | |||||
Senior notes, 5.125% due March 2021 | 1,000 | 1,000 | |||||
Senior notes, 3.625%, due September 2024 | 750 | 750 | |||||
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, 5.000%, due September 2054 | 400 | 400 | |||||
Capital lease obligations due 2018-2033 | 511 | 356 | |||||
MPLX LP: | |||||||
MPLX bank revolving credit facility due 2022 | 1,000 | 505 | |||||
MPLX senior notes, 5.500%, due February 2023 | 710 | 710 | |||||
MPLX senior notes, 3.375%, due March 2023 | 500 | — | |||||
MPLX senior notes, 4.500%, due July 2023 | 989 | 989 | |||||
MPLX senior notes, 4.875%, due December 2024 | 1,149 | 1,149 | |||||
MPLX senior notes, 4.000%, due February 2025 | 500 | 500 | |||||
MPLX senior notes, 4.875%, due June 2025 | 1,189 | 1,189 | |||||
MarkWest senior notes, 4.500% - 5.500%, due 2023 - 2025 | 63 | 63 | |||||
MPLX senior notes, 4.125%, due March 2027 | 1,250 | 1,250 | |||||
MPLX senior notes, 4.000%, due March 2028 | 1,250 | — | |||||
MPLX senior notes, 4.500%, due April 2038 | 1,750 | — | |||||
MPLX senior notes, 5.200%, due March 2047 | 1,000 | 1,000 | |||||
MPLX senior notes, 4.700%, due April 2048 | 1,500 | — | |||||
MPLX senior notes, 4.900%, due April 2058 | 500 | — | |||||
MPLX capital lease obligations due 2020 | 7 | 7 | |||||
Total | 18,968 | 13,418 | |||||
Unamortized debt issuance costs | (105 | ) | (59 | ) | |||
Unamortized discount | (414 | ) | (413 | ) | |||
Amounts due within one year | (26 | ) | (624 | ) | |||
Total long-term debt due after one year | $ | 18,423 | $ | 12,322 |
(a) | The 364-day facility expired on July 20, 2018. |
Nine Months Ended September 30, | |||||||
(In millions) | 2018 | 2017 | |||||
Net cash provided by operating activities included: | |||||||
Interest paid (net of amounts capitalized) | $ | 520 | $ | 446 | |||
Income taxes paid to taxing authorities | 153 | 383 | |||||
Non-cash investing and financing activities: | |||||||
Capital leases | 171 | — | |||||
Contribution of assets to joint venture(a) | — | 337 |
(a) | MarkWest’s contribution of assets to Sherwood Midstream and Sherwood Midstream Holdings. See Note 5. |
(In millions) | September 30, 2018 | December 31, 2017 | |||||
Cash and cash equivalents | $ | 4,992 | $ | 3,011 | |||
Restricted cash(a) | 3 | 4 | |||||
Cash, cash equivalents and restricted cash(b) | $ | 4,995 | $ | 3,015 |
(a) | The restricted cash balance is included within other current assets on the consolidated balance sheets. |
(b) | As a result of the adoption of ASU 2016-18, the consolidated statements of cash flows now explain the change during the period of both cash and cash equivalents and restricted cash. |
Nine Months Ended September 30, | |||||||
(In millions) | 2018 | 2017 | |||||
Additions to property, plant and equipment per the consolidated statements of cash flows | $ | 2,315 | $ | 1,928 | |||
Asset retirement expenditures | 7 | 1 | |||||
Increase (decrease) in capital accruals | 67 | (9 | ) | ||||
Total capital expenditures | $ | 2,389 | $ | 1,920 |
(In millions) | Pension Benefits | Other Benefits | Gain on Cash Flow Hedge | Workers Compensation | Total | ||||||||||||||
Balance as of December 31, 2016 | $ | (233 | ) | $ | (7 | ) | $ | 4 | $ | 2 | $ | (234 | ) | ||||||
Other comprehensive loss before reclassifications | (2 | ) | — | — | — | (2 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||
Amortization – prior service credit(a) | (29 | ) | (2 | ) | — | — | (31 | ) | |||||||||||
– actuarial loss/(gain)(a) | 27 | (1 | ) | — | — | 26 | |||||||||||||
– settlement loss(a) | 2 | — | — | — | 2 | ||||||||||||||
Other(b) | — | — | — | (2 | ) | (2 | ) | ||||||||||||
Tax effect | — | 1 | — | 1 | 2 | ||||||||||||||
Other comprehensive loss | (2 | ) | (2 | ) | — | (1 | ) | (5 | ) | ||||||||||
Balance as of September 30, 2017 | $ | (235 | ) | $ | (9 | ) | $ | 4 | $ | 1 | $ | (239 | ) |
(In millions) | Pension Benefits | Other Benefits | Gain on Cash Flow Hedge | Workers Compensation | Total | ||||||||||||||
Balance as of December 31, 2017 | $ | (190 | ) | $ | (48 | ) | $ | 4 | $ | 3 | $ | (231 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 35 | (1 | ) | (2 | ) | — | 32 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||
Amortization – prior service credit(a) | (25 | ) | (2 | ) | — | — | (27 | ) | |||||||||||
– actuarial loss/(gain)(a) | 26 | (1 | ) | — | — | 25 | |||||||||||||
– settlement loss(a) | 47 | — | — | — | 47 | ||||||||||||||
Other(b) | — | — | — | (4 | ) | (4 | ) | ||||||||||||
Tax effect | (12 | ) | 1 | — | 1 | (10 | ) | ||||||||||||
Other comprehensive income (loss) | 71 | (3 | ) | (2 | ) | (3 | ) | 63 | |||||||||||
Balance as of September 30, 2018 | $ | (119 | ) | $ | (51 | ) | $ | 2 | $ | — | $ | (168 | ) |
(a) | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 20. |
(b) | This amount was reclassified out of accumulated other comprehensive loss and is included in selling, general and administrative expenses on the consolidated statements of income. |
Three Months Ended September 30, | |||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service cost | $ | 36 | $ | 33 | $ | 7 | $ | 6 | |||||||
Interest cost | 18 | 19 | 7 | 8 | |||||||||||
Expected return on plan assets | (25 | ) | (25 | ) | — | — | |||||||||
Amortization – prior service credit | (9 | ) | (10 | ) | — | — | |||||||||
– actuarial loss (gain) | 9 | 9 | (1 | ) | — | ||||||||||
– settlement loss | 45 | 1 | — | — | |||||||||||
Net periodic benefit cost | $ | 74 | $ | 27 | $ | 13 | $ | 14 |
Nine Months Ended September 30, | |||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service cost | $ | 107 | $ | 99 | $ | 22 | $ | 19 | |||||||
Interest cost | 54 | 56 | 22 | 23 | |||||||||||
Expected return on plan assets | (75 | ) | (75 | ) | — | — | |||||||||
Amortization – prior service credit | (25 | ) | (29 | ) | (2 | ) | (2 | ) | |||||||
– actuarial loss (gain) | 26 | 27 | (1 | ) | (1 | ) | |||||||||
– settlement loss | 47 | 2 | — | — | |||||||||||
Net periodic benefit cost | $ | 134 | $ | 80 | $ | 41 | $ | 39 |
Number of Shares | Weighted Average Exercise Price | |||||
Outstanding at December 31, 2017 | 8,465,398 | $ | 33.74 | |||
Granted | 903,797 | 67.71 | ||||
Exercised | (905,914 | ) | 26.30 | |||
Forfeited or expired | (28,664 | ) | 47.54 | |||
Outstanding at September 30, 2018 | 8,434,617 | 38.13 |
Shares of Restricted Stock (“RS”) | Restricted Stock Units (“RSU”) | ||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Units | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding at December 31, 2017 | 1,188,662 | $ | 45.07 | 285,164 | $ | 29.95 | |||||||
Granted | 438,209 | 70.39 | 19,173 | 70.99 | |||||||||
RS Vested/RSUs Issued | (552,217 | ) | 44.88 | (151,170 | ) | 22.95 | |||||||
Forfeited | (51,645 | ) | 49.33 | — | — | ||||||||
Outstanding at September 30, 2018 | 1,023,009 | 55.80 | 153,167 | 42.00 |
Number of Units | Weighted Average Grant Date Fair Value | |||||
Outstanding at December 31, 2017 | 6,851,542 | $ | 0.81 | |||
Granted | 3,830,000 | 0.83 | ||||
Vested | (2,052,959 | ) | 0.95 | |||
Forfeited | (10,000 | ) | 0.92 | |||
Outstanding at September 30, 2018 | 8,618,583 | 0.79 |
• | Refining & Marketing – refines crude oil and other feedstocks at our six refineries in the Gulf Coast and Midwest regions of the United States, purchases refined products and ethanol for resale and distributes refined products through transportation, storage, distribution and marketing services provided by our Midstream segment. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to our Speedway business segment and to independent entrepreneurs who operate Marathon® retail outlets. |
• | Speedway – sells transportation fuels and convenience merchandise in retail markets in the Midwest, East Coast, Southeast and Gulf Coast regions of the United States. |
• | Midstream – gathers, processes and transports natural gas; gathers, transports, fractionates, stores and markets NGLs; and transports, stores, distributes and markets crude oil and refined products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, towboats and barges. The Midstream segment primarily reflects the results of MPLX, our sponsored master limited partnership. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions, except per share data) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Income from operations by segment | ||||||||||||||||
Refining & Marketing | $ | 666 | $ | 1,097 | $ | 1,558 | $ | 1,589 | ||||||||
Speedway | 161 | 208 | 415 | 581 | ||||||||||||
Midstream | 679 | 355 | 1,863 | 996 | ||||||||||||
Items not allocated to segments | (103 | ) | (83 | ) | (282 | ) | (316 | ) | ||||||||
Income from operations | $ | 1,403 | $ | 1,577 | $ | 3,554 | $ | 2,850 | ||||||||
Net income attributable to MPC | $ | 737 | $ | 903 | $ | 1,829 | $ | 1,416 | ||||||||
Net income attributable to MPC per diluted share | $ | 1.62 | $ | 1.77 | $ | 3.92 | $ | 2.73 |
• | On February 1, 2018, we completed the dropdown of the remaining identified assets related to our strategic actions to enhance shareholder value announced in January 2017. We contributed our refining logistics assets and fuels distribution services to MPLX in exchange for $4.1 billion in cash and approximately 114 million newly issued MPLX common units. |
• | Immediately following the dropdown, our IDRs were cancelled and our economic general partner interest was converted into a non-economic general partner interest, all in exchange for 275 million newly issued MPLX common units. |
• | MPLX financed the cash portion of the February 1, 2018 dropdown with its $4.1 billion 364-day term loan facility, which was entered into on January 2, 2018. |
• | On February 8, 2018, MPLX issued $5.5 billion in aggregate principal amount of senior notes in a public offering. MPLX used $4.1 billion of the net proceeds of the offering to repay the 364-day term-loan facility. The remaining proceeds were used to repay outstanding borrowings under MPLX’s revolving credit facility and intercompany loan agreement with us and for general partnership purposes. |
• | On September 1, 2017, we contributed our joint-interest ownership in certain pipelines and storage facilities to MPLX in exchange for $420 million in cash and approximately 19 million MPLX units. |
• | On March 1, 2017, we contributed certain terminal, pipeline and storage assets to MPLX in exchange for $1.5 billion in cash and approximately 13 million MPLX units. |
• | On February 10, 2017, MPLX issued $2.25 billion in aggregate principal amount of senior notes in a public offering. The net proceeds were used to fund the $1.5 billion cash portion of the consideration MPLX paid MPC for the dropdown of assets on March 1, 2017, as well as for general partnership purposes. |
Nine Months Ended September 30, | ||||||||
(In millions) | 2018 | 2017 | ||||||
Cash distributions received from MPLX: | ||||||||
Limited partner distributions | $ | 775 | $ | 143 | ||||
General partner distributions, including IDRs | — | 205 | ||||||
Total | $ | 775 | $ | 348 |
• | On September 26, 2018, MPLX acquired an eastern U.S. Gulf Coast export terminal (the “Mt. Airy Terminal”) from Pin Oak Holdings, LLC, for total consideration of $451 million. The terminal includes 4 million barrels of third-party leased storage capacity and a 120 mbpd dock. The Mt. Airy Terminal is located on the Mississippi River between New Orleans and Baton Rouge, near several Gulf Coast refineries, including our Garyville Refinery, and numerous rail lines and pipelines. |
• | On September 4, 2018, MPLX announced it is jointly developing with Energy Transfer Partners, L.P (“Energy Transfer”), Magellan Midstream Partners, L.P. (“Magellan”) and Delek US Holdings, Inc. a new 30-inch diameter common carrier pipeline to transport crude oil from the Permian Basin to the Texas Gulf Coast region. The 600-mile pipeline system is expected to be operational in mid-2020 with multiple Texas origins and will have the strategic capability to transport crude oil to both Energy Transfer’s Nederland, Texas terminal and Magellan’s East Houston, Texas terminal. The ability to increase the diameter and capacity of the pipeline exists if additional commitments are received. |
• | On March 1, 2017, MPLX purchased the Ozark pipeline from Enbridge Pipelines (Ozark) LLC for approximately $219 million. |
• | On February 15, 2017, MPLX acquired a partial, indirect equity interest in the Dakota Access Pipeline (“DAPL”) and Energy Transfer Crude Oil Company Pipeline (“ETCOP”) projects, collectively referred to as the Bakken Pipeline system, through a joint venture with Enbridge Energy Partners L.P. (“Enbridge Energy Partners”). MPLX holds, through a subsidiary, a 25 percent interest in MarEn Bakken, which equates to an approximate 9.2 percent indirect equity interest in the Bakken Pipeline system. |
• | Effective January 1, 2017, MPLX, through its wholly-owned subsidiary MarkWest, and Antero Midstream formed a joint venture, Sherwood Midstream, to support the development of Antero Resources Corporation’s Marcellus Shale acreage in West Virginia. MPLX has a 50 percent ownership interest in Sherwood Midstream. In connection with this transaction, MPLX contributed certain gas processing plants currently under construction at the Sherwood Complex with a fair value of approximately $134 million and cash of approximately $20 million and sold Class A Interests in MarkWest Ohio Fractionation to Sherwood Midstream for $126 million in cash. Sherwood Midstream Holdings, a joint venture with MPLX and Sherwood Midstream, was also formed to own, operate and maintain certain assets owned by Sherwood Midstream and MPLX. MPLX contributed certain real property, equipment and facilities with a fair value of approximately $209 million to Sherwood Midstream Holdings in exchange for a 79 percent initial ownership interest. During the three months ended March 31, 2018, MarkWest Liberty Midstream sold to Sherwood Midstream six percent of their equity ownership in Sherwood Midstream Holdings for $15 million. |
(In millions, after-tax) | ||||
LLS 6-3-2-1 crack spread sensitivity(a) (per $1.00/barrel change) | $ | 590 | ||
Sweet/sour differential sensitivity(b) (per $1.00/barrel change) | 300 | |||
LLS-WTI differential sensitivity(c) (per $1.00/barrel change) | 90 | |||
Natural gas price sensitivity(d) (per $1.00/million British thermal unit change) | 200 |
(a) | Weighted 40 percent Chicago and 60 percent USGC LLS 6-3-2-1 crack spreads and assumes all other differentials and pricing relationships remain unchanged. |
(b) | LLS (prompt) - [delivered cost of sour crude oil: Arab Light, Kuwait, Maya, Western Canadian Select and Mars] and assumes approximately 58 percent of crude throughput are sour based. |
(c) | Assumes 17 percent of crude oil throughput volumes are WTI-based domestic crude oil. |
(d) | This is consumption based exposure for our Refining & Marketing segment and does not include the sales exposure for our Midstream segment. |
• | the selling prices realized for refined products; |
• | the types of crude oil and other charge and blendstocks processed; |
• | our refinery yields; |
• | the cost of products purchased for resale; |
• | the impact of commodity derivative instruments used to hedge price risk; |
• | the potential impact of LCM adjustments to inventories in periods of declining prices; and |
• | the minimum commitments under certain agreements with MPLX. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
(In millions) | 2018 | 2017 | Variance | 2018 | 2017 | Variance | ||||||||||||||||||
Revenues and other income: | ||||||||||||||||||||||||
Sales and other operating revenues(a) | $ | 22,787 | $ | 19,053 | $ | 3,734 | $ | 63,599 | $ | 53,220 | $ | 10,379 | ||||||||||||
Sales to related parties | 201 | 157 | $ | 44 | 572 | 458 | $ | 114 | ||||||||||||||||
Income from equity method investments | 96 | 84 | 12 | 262 | 224 | 38 | ||||||||||||||||||
Net gain on disposal of assets | 1 | — | 1 | 6 | 12 | (6 | ) | |||||||||||||||||
Other income | 47 | 92 | (45 | ) | 122 | 219 | (97 | ) | ||||||||||||||||
Total revenues and other income | 23,132 | 19,386 | 3,746 | 64,561 | 54,133 | 10,428 | ||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of revenues (excludes items below)(a) | 20,457 | 16,617 | 3,840 | 57,344 | 47,664 | 9,680 | ||||||||||||||||||
Purchases from related parties | 149 | 148 | 1 | 428 | 420 | 8 | ||||||||||||||||||
Depreciation and amortization | 555 | 517 | 38 | 1,616 | 1,574 | 42 | ||||||||||||||||||
Selling, general and administrative expenses | 445 | 411 | 34 | 1,271 | 1,286 | (15 | ) | |||||||||||||||||
Other taxes | 123 | 116 | 7 | 348 | 339 | 9 | ||||||||||||||||||
Total costs and expenses | 21,729 | 17,809 | 3,920 | 61,007 | 51,283 | 9,724 | ||||||||||||||||||
Income from operations | 1,403 | 1,577 | (174 | ) | 3,554 | 2,850 | 704 | |||||||||||||||||
Net interest and other financial costs | 240 | 158 | 82 | 618 | 465 | 153 | ||||||||||||||||||
Income before income taxes | 1,163 | 1,419 | (256 | ) | 2,936 | 2,385 | 551 | |||||||||||||||||
Provision for income taxes | 222 | 415 | (193 | ) | 525 | 706 | (181 | ) | ||||||||||||||||
Net income | 941 | 1,004 | (63 | ) | 2,411 | 1,679 | 732 | |||||||||||||||||
Less net income attributable to: | ||||||||||||||||||||||||
Redeemable noncontrolling interest | 19 | 16 | 3 | 55 | 49 | 6 | ||||||||||||||||||
Noncontrolling interests | 185 | 85 | 100 | 527 | 214 | 313 | ||||||||||||||||||
Net income attributable to MPC | $ | 737 | $ | 903 | $ | (166 | ) | $ | 1,829 | $ | 1,416 | $ | 413 |
(a) | We adopted ASU 2014-09, Revenue - Revenue from Contracts with Customers (“ASC 606”), as of January 1, 2018, and elected to report certain taxes on a net basis. We applied the standard using the modified retrospective method and, therefore, comparative information continues to reflect certain taxes on a gross basis. |
• | increases in refined product cost of sales of $4.58 billion and $12.38 billion, respectively, primarily due to higher raw material costs; and |
• | decreases in certain taxes of $1.40 billion and $4.01 billion, respectively, as a result of our election to present revenues net of certain taxes under ASC 606 prospectively from January 1, 2018. For the third quarter and first nine months of 2017, certain taxes continue to be presented on a gross basis and are included in cost of revenues. See Notes 2 and 3 to the unaudited consolidated financial statements for additional information on recently adopted accounting standards. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Key Financial and Operating Data | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Refining & Marketing revenues (in millions)(a)(b) | $ | 19,682 | $ | 16,632 | $ | 54,816 | $ | 46,239 | ||||||||
Intersegment sales to Speedway (in millions)(a) | $ | 2,931 | $ | 2,904 | $ | 8,181 | $ | 8,302 | ||||||||
Refining & Marketing income from operations (in millions) | $ | 666 | $ | 1,097 | $ | 1,558 | $ | 1,589 | ||||||||
Refined product sales volumes (mbpd)(b) | 2,382 | 2,357 | 2,346 | 2,263 | ||||||||||||
Refined product intersegment sales volumes to Speedway (millions of gallons) | 1,421 | 1,431 | 4,149 | 4,198 | ||||||||||||
Refined product export sales volumes (mbpd)(c) | 280 | 331 | 289 | 291 | ||||||||||||
Average refined product sales prices (dollars per gallon)(d) | $ | 2.20 | $ | 1.72 | $ | 2.10 | $ | 1.68 | ||||||||
Average refined product intersegment sales prices to Speedway (dollars per gallon)(d) | $ | 2.46 | $ | 2.02 | $ | 2.37 | $ | 1.97 | ||||||||
Refinery throughputs (mbpd): | ||||||||||||||||
Crude oil refined | 1,833 | 1,845 | 1,819 | 1,741 | ||||||||||||
Other charge and blendstocks | 199 | 172 | 173 | 176 | ||||||||||||
Total | 2,032 | 2,017 | 1,992 | 1,917 | ||||||||||||
Sour crude oil throughput percent | 52 | 57 | 53 | 61 | ||||||||||||
WTI-priced crude oil throughput percent | 30 | 23 | 28 | 20 | ||||||||||||
Refining & Marketing margin (dollars per barrel)(e) | $ | 14.25 | $ | 14.14 | $ | 13.48 | $ | 12.42 | ||||||||
Intersegment fees paid to Midstream (in millions) | $ | 787 | $ | 369 | $ | 2,180 | $ | 1,076 | ||||||||
Refinery direct operating costs (dollars per barrel)(f): | ||||||||||||||||
Planned turnaround and major maintenance | $ | 1.77 | $ | 1.20 | $ | 1.64 | $ | 1.69 | ||||||||
Depreciation and amortization | 1.29 | 1.34 | 1.31 | 1.44 | ||||||||||||
Other manufacturing(g) | 3.54 | 3.83 | 3.71 | 4.10 | ||||||||||||
Total | $ | 6.60 | $ | 6.37 | $ | 6.66 | $ | 7.23 |
(a) | We adopted ASC 606, as of January 1, 2018, and elected to report certain taxes on a net basis. We applied the standard using the modified retrospective method and, therefore, comparative information continues to reflect certain taxes on a gross basis. |
(b) | Includes intersegment sales and sales destined for export. |
(c) | Represents fully loaded export cargoes for each time period. These sales volumes are included in the total sales volume amounts. |
(d) | Refined product sales prices include consumer excise taxes. |
(e) | Sales revenue less cost of refinery inputs and purchased products, divided by total refinery throughputs. |
(f) | Per barrel of total refinery throughputs. Effective with the February 1, 2018 dropdown, direct operating costs related to certain refining logistics assets are now reported in the Midstream segment. No effect was given to prior periods as these entities were not considered a business prior to February 1, 2018. |
(g) | Includes utilities, labor, routine maintenance and other operating costs. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Reconciliation of Refining & Marketing margin to Refining & Marketing income from operations (in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Refining & Marketing income from operations | $ | 666 | $ | 1,097 | $ | 1,558 | $ | 1,589 | |||||||||
Plus: | |||||||||||||||||
Refinery direct operating costs(a) | 992 | 933 | 2,912 | 3,029 | |||||||||||||
Refinery depreciation and amortization | 241 | 249 | 712 | 755 | |||||||||||||
Other: | |||||||||||||||||
Operating expenses, net(a)(b) | 748 | 328 | 2,101 | 1,075 | |||||||||||||
Depreciation and amortization | 16 | 17 | 49 | 50 | |||||||||||||
Refining & Marketing margin(c) | $ | 2,663 | $ | 2,624 | $ | 7,332 | $ | 6,498 |
(a) | Excludes depreciation and amortization. |
(b) | Includes fees paid to MPLX for various midstream services. MPLX’s results are reported in MPC’s Midstream segment. |
(c) | Sales revenue less cost of refinery inputs and purchased products, excluding any LCM inventory adjustment. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Benchmark Prices (dollars per gallon) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Chicago spot unleaded regular gasoline | $ | 2.06 | $ | 1.58 | $ | 1.94 | $ | 1.52 | ||||||||
Chicago spot ULSD | 2.20 | 1.66 | 2.09 | 1.55 | ||||||||||||
USGC spot unleaded regular gasoline | 2.03 | 1.63 | 1.96 | 1.57 | ||||||||||||
USGC spot ULSD | 2.14 | 1.62 | 2.06 | 1.55 | ||||||||||||
Market Indicators (dollars per barrel) | ||||||||||||||||
Chicago LLS 6-3-2-1 crack spread(a)(b) | $ | 10.65 | $ | 12.38 | $ | 8.90 | $ | 9.34 | ||||||||
USGC LLS 6-3-2-1 crack spread(a) | 9.17 | 12.89 | 8.86 | 10.23 | ||||||||||||
Blended 6-3-2-1 crack spread(a)(c) | 9.76 | 12.69 | 8.88 | 9.87 | ||||||||||||
LLS | 74.14 | 51.61 | 71.06 | 51.72 | ||||||||||||
WTI | 69.43 | 48.20 | 66.79 | 49.36 | ||||||||||||
LLS—WTI crude oil differential(a) | 4.71 | 3.42 | 4.27 | 2.35 | ||||||||||||
Sweet/Sour crude oil differential(a)(d) | 9.09 | 5.42 | 8.78 | 5.91 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Market Indicators impact on Refining & Marketing segment income | 2018 vs. 2017 Variance | 2018 vs. 2017 Variance | ||||||||||||||
(dollars per barrel) | (in millions) | (dollars per barrel) | (in millions) | |||||||||||||
Chicago LLS 6-3-2-1 crack spread(a)(b) | $ | (1.73 | ) | $ | (123 | ) | $ | (0.44 | ) | $ | (18 | ) | ||||
USGC LLS 6-3-2-1 crack spread(a) | (3.72 | ) | (407 | ) | (1.37 | ) | (322 | ) | ||||||||
LLS – WTI crude oil differential(a) | 1.29 | 102 | 1.92 | 379 | ||||||||||||
Sweet/Sour crude oil differential(a)(d) | 3.67 | 283 | 2.87 | 597 | ||||||||||||
LLS Prompt vs LLS Delivered Cost | (0.95 | ) | (33 | ) | (0.12 | ) | (10 | ) | ||||||||
Total | $ | (178 | ) | $ | 626 |
(a) | All spreads and differentials are measured against prompt LLS. |
(b) | Calculation utilizes USGC three percent residual fuel oil price as a proxy for Chicago three percent residual fuel oil price. |
(c) | Blended Chicago/USGC crack spread is 40 percent/60 percent based on our refining capacity by region. |
(d) | LLS (prompt) – [delivered cost of sour crude oil: Arab Light, Kuwait, Maya, Western Canadian Select and Mars]. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Key Financial and Operating Data | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Speedway revenues (in millions)(a) | $ | 5,396 | $ | 4,898 | $ | 15,235 | $ | 14,079 | ||||||||
Speedway income from operations (in millions) | $ | 161 | $ | 208 | $ | 415 | $ | 581 | ||||||||
Convenience stores at period-end | 2,745 | 2,734 | ||||||||||||||
Gasoline & distillate sales (millions of gallons) | 1,474 | 1,464 | 4,317 | 4,332 | ||||||||||||
Average gasoline & distillate sales prices (dollars per gallon) | $ | 2.80 | $ | 2.36 | $ | 2.71 | $ | 2.30 | ||||||||
Gasoline and distillate margin (dollars per gallon)(b) | $ | 0.1651 | $ | 0.1772 | $ | 0.1620 | $ | 0.1727 | ||||||||
Merchandise sales (in millions)(a) | $ | 1,339 | $ | 1,295 | $ | 3,753 | $ | 3,693 | ||||||||
Merchandise margin (in millions)(c) | $ | 384 | $ | 374 | $ | 1,069 | $ | 1,065 | ||||||||
Merchandise margin percent | 28.7 | % | 28.9 | % | 28.5 | % | 28.8 | % | ||||||||
Same store gasoline sales volume (period over period)(d) | (1.2 | %) | (3.1 | %) | (1.8 | )% | (1.6 | )% | ||||||||
Same store merchandise sales (period over period)(d)(e) | 4.9 | % | 0.3 | % | 3.4 | % | 1.5 | % |
(a) | We adopted ASC 606, as of January 1, 2018, and elected to report certain taxes on a net basis. We applied the standard using the modified retrospective method and, therefore, comparative information continues to reflect certain taxes on a gross basis. |
(b) | 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 volume. |
(c) | The price paid by the consumers less the cost of merchandise. |
(d) | Same store comparison includes only locations owned at least 13 months. |
(e) | Excludes cigarettes. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Reconciliation of Speedway total margin to Speedway income from operations (in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||||
Speedway income from operations | $ | 161 | $ | 208 | $ | 415 | $ | 581 | |||||||||
Plus (Less): | |||||||||||||||||
Operating, selling, general and administrative expenses | 418 | 390 | 1,203 | 1,133 | |||||||||||||
Depreciation and amortization | 76 | 68 | 228 | 197 | |||||||||||||
Income from equity method investments | (18 | ) | (20 | ) | (51 | ) | (54 | ) | |||||||||
Net gain on disposal of assets | (1 | ) | (2 | ) | (1 | ) | (12 | ) | |||||||||
Other income | (2 | ) | (3 | ) | (5 | ) | (9 | ) | |||||||||
Speedway total margin | $ | 634 | $ | 641 | $ | 1,789 | $ | 1,836 | |||||||||
Speedway total margin: | |||||||||||||||||
Gasoline and distillate margin(a) | $ | 243 | $ | 259 | $ | 699 | $ | 748 | |||||||||
Merchandise margin(b) | 384 | 374 | 1,069 | 1,065 | |||||||||||||
Other margin | 7 | 8 | 21 | 23 | |||||||||||||
Speedway total margin | $ | 634 | $ | 641 | $ | 1,789 | $ | 1,836 |
(a) | The price paid by consumers less the cost of refined products, including transportation, consumer excise taxes and bankcard processing fees and excluding any LCM inventory adjustment. |
(b) | The price paid by the consumers less the cost of merchandise. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Key Financial and Operating Data | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Midstream third party revenues (in millions)(a) | $ | 842 | $ | 585 | $ | 2,305 | $ | 1,665 | ||||||||
Intersegment revenues - Refining & Marketing (in millions) | 787 | 369 | 2,180 | 1,076 | ||||||||||||
Total Midstream revenues (in millions) | $ | 1,629 | $ | 954 | $ | 4,485 | $ | 2,741 | ||||||||
Midstream income from operations (in millions) | 679 | 355 | 1,863 | 996 | ||||||||||||
Crude oil and refined product pipeline throughputs (mbpd)(b) | 3,829 | 3,562 | 3,694 | 3,299 | ||||||||||||
Average crude oil and refined products tariff rates (dollars per barrel)(c) | $ | 0.63 | $ | 0.60 | $ | 0.60 | $ | 0.62 | ||||||||
Terminal throughput (mbpd) | 1,474 | 1,496 | 1,468 | 1,470 | ||||||||||||
Gathering system throughput (MMcf/d) | 4,737 | 3,729 | 4,403 | 3,415 | ||||||||||||
Natural gas processed (MMcf/d) | 7,171 | 6,581 | 6,874 | 6,336 | ||||||||||||
C2 (ethane) + NGLs (natural gas liquids) fractionated (mbpd) | 488 | 397 | 451 | 384 | ||||||||||||
Benchmark Prices | ||||||||||||||||
Natural Gas NYMEX HH ($ per MMBtu) | $ | 2.86 | $ | 2.96 | $ | 2.85 | $ | 3.05 | ||||||||
C2 + NGL Pricing ($ per gallon)(d) | $ | 0.90 | $ | 0.66 | $ | 0.81 | $ | 0.62 |
(a) | We adopted ASC 606, as of January 1, 2018, using the modified retrospective method. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. |
(b) | On common-carrier pipelines and private pipelines owned and operated by MPLX, excluding equity method investments. |
(c) | Average tariff rates calculated using pipeline transportation revenues divided by pipeline throughput barrels. |
(d) | C2 + NGL pricing based on Mont Belvieu prices assuming an NGL barrel of approximately 35 percent ethane, 35 percent propane, 6 percent Iso-Butane, 12 percent normal butane and 12 percent natural gasoline. |
Key Financial Information (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Items not allocated to segments: | ||||||||||||||
Corporate and other unallocated items(a) | $ | (103 | ) | $ | (85 | ) | (283 | ) | (251 | ) | ||||
Litigation | — | — | — | (86 | ) | |||||||||
Impairments(b) | — | 2 | 1 | 21 |
(a) | Corporate overhead expenses attributable to MPLX are included in the Midstream segment. Corporate overhead expenses are not allocated to the Refining & Marketing and Speedway segments. |
(b) | Includes MPC’s share of gains from the sale of assets remaining from the canceled Sandpiper pipeline project. |
Nine Months Ended September 30, | ||||||||
(In millions) | 2018 | 2017 | ||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | 3,431 | $ | 3,867 | ||||
Investing activities | (2,895 | ) | (2,617 | ) | ||||
Financing activities | 1,444 | (47 | ) | |||||
Total increase in cash | $ | 1,980 | $ | 1,203 |
• | Current receivables increased $713 million from year-end 2017, primarily due to higher refined product and crude prices. |
• | Accounts payable decreased $281 million from year-end 2017, primarily due to a decrease in crude purchases partially offset by an increase in crude prices. |
• | Inventories decreased $211 million from year-end 2017, due to decreases in crude and materials and supplies inventories, partially offset by an increase in refined products inventories. |
• | Accounts payable increased $566 million from year-end 2016, primarily due to higher crude prices and volumes purchased. |
• | Current receivables increased $283 million from year-end 2016, primarily due to higher refined product prices slightly offset by lower volumes. |
• | Inventories decreased $163 million from year-end 2016, primarily due to decreases in refined product and crude inventories. |
• | Increases in additions to property, plant and equipment of $387 million primarily due to increased capital expenditures in the first nine months of 2018 in our Midstream segment; and |
• | MPLX’s acquisition of the Mt. Airy Terminal for $451 million in the first nine months of 2018 as compared to its acquisition of the Ozark pipeline for $220 million in the first nine months of 2017; partially offset by |
• | MPLX’s acquisition of a partial interest in the Bakken Pipeline system for $500 million in the first nine months of 2017; and |
• | a decrease in all other investing activities of $106 million primarily due to a decrease in RIN sales. |
Nine Months Ended September 30, | ||||||||
(In millions) | 2018 | 2017 | ||||||
Additions to property, plant and equipment per the consolidated statements of cash flows | $ | 2,315 | $ | 1,928 | ||||
Asset retirement expenditures | 7 | 1 | ||||||
Increase (decrease) in capital accruals | 67 | (9 | ) | |||||
Total capital expenditures | 2,389 | 1,920 | ||||||
Investments in equity method investees (excludes acquisitions) | 222 | 230 | ||||||
Total capital expenditures and investments | $ | 2,611 | $ | 2,150 |
• | Long-term debt borrowings and repayments, including debt issuance costs, were a net $5.28 billion source of cash in the first nine months of 2018 compared to a net $2.16 billion source of cash in the first nine months of 2017. During the first nine months of 2018, MPLX issued $5.5 billion aggregate principal amount of senior notes and had net borrowings of $495 million outstanding under the MPLX revolving credit facility and we redeemed $600 million aggregate principal amount of our senior notes. During the first nine months of 2017, MPLX issued $2.25 billion aggregate principal amount of senior notes, borrowed $420 million under the MPLX bank revolving credit agreement, repaid the remaining $250 million under the MPLX term loan agreement and we repaid the remaining $200 million balance under the MPC term loan agreement. |
• | Cash used in common stock repurchases increased $990 million in the first nine months of 2018 compared to the first nine months of 2017. Share repurchases totaled $2.61 billion in the first nine months of 2018 compared to $1.62 billion in the first nine months of 2017. See Note 9 to the unaudited consolidated financial statements for further discussion of share repurchases. |
• | Cash provided by the issuance of MPLX common units decreased $473 million in the first nine months of 2018 compared to the first nine months of 2017 as MPLX did not issue any common units for cash in the first nine months of 2018. |
• | Cash provided by contributions from noncontrolling interests decreased $119 million in the first nine months of 2018 compared to the first nine months of 2017, primarily due to MPLX’s sale of a noncontrolling interest in Ohio Fractionation to Sherwood Midstream in the first nine months of 2017 for $126 million. |
• | Cash used in distributions to noncontrolling interests increased $94 million in the first nine months of 2018 compared to the first nine months of 2017, primarily due to an increase in MPLX’s distribution per common unit. |
• | Cash used in dividend payments increased $59 million in the first nine months of 2018 compared to the first nine months of 2017, primarily due to a $0.26 per share increase in our quarterly dividend payment, partially offset by a decrease in the number of outstanding shares of our common stock attributable to share repurchases. Our dividend payments were $1.38 per common share in the first nine months of 2018 compared to $1.12 per common share in the first nine months of 2017. |
September 30, 2018 | ||||||||||||
(In millions) | Total Capacity | Outstanding Borrowings | Available Capacity | |||||||||
Bank revolving credit facility(a) | $ | 2,500 | $ | — | $ | 2,500 | ||||||
Trade receivables facility | 750 | — | 750 | |||||||||
Total | $ | 3,250 | $ | — | $ | 3,250 | ||||||
Cash and cash equivalents(b) | 4,955 | |||||||||||
Total liquidity | $ | 8,205 |
(a) | Excludes MPLX’s $2.25 billion bank revolving credit facility, which had approximately $1.25 billion available as of September 30, 2018. |
(b) | Excludes MPLX’s cash and cash equivalents of $37 million. |
Company | Rating Agency | Rating |
MPC | Moody’s | Baa2 (stable outlook) |
Standard & Poor’s | BBB (stable outlook) | |
Fitch | BBB (stable outlook) | |
MPLX | Moody’s | Baa3 (stable outlook) |
Standard & Poor’s | BBB (stable outlook) | |
Fitch | BBB- (stable outlook) |
Nine Months Ended September 30, | ||||||||
(In millions) | 2018 | 2017 | ||||||
Refining & Marketing | $ | 613 | $ | 570 | ||||
Speedway | 225 | 221 | ||||||
Midstream | 1,676 | 1,267 | ||||||
Corporate and Other(a) | 97 | 92 | ||||||
Total capital expenditures and investments | $ | 2,611 | $ | 2,150 |
(a) | Includes capitalized interest of $55 million and $39 million for the nine months ended September 30, 2018 and 2017, respectively. |
Nine Months Ended September 30, | |||||||
(In millions, except per share data) | 2018 | 2017 | |||||
Number of shares repurchased | 36 | 31 | |||||
Cash paid for shares repurchased | $ | 2,612 | $ | 1,622 | |||
Average cost per share | $ | 71.80 | $ | 52.16 |
Change in IFO from a Hypothetical Price Increase of | Change in IFO from a Hypothetical Price Decrease of | |||||||||||||||
(In millions) | 10% | 25% | 10% | 25% | ||||||||||||
As of September 30, 2018 | ||||||||||||||||
Crude | $ | (41 | ) | $ | (103 | ) | $ | 41 | $ | 103 | ||||||
Refined products | (5 | ) | (13 | ) | 5 | 13 | ||||||||||
Embedded derivatives | (8 | ) | (21 | ) | 8 | 21 |
(In millions) | Fair Value as of September 30, 2018(a) | Change in Fair Value(b) | Change in Net Income for the Nine Months Ended September 30, 2018(c) | ||||||||
Long-term debt | |||||||||||
Fixed-rate | $ | 17,420 | $ | 1,683 | n/a | ||||||
Variable-rate | 1,001 | n/a | 1 |
(a) | Fair value was based on market prices, where available, or current borrowing rates for financings with similar terms and maturities. |
(b) | Assumes a 100-basis-point decrease in the weighted average yield-to-maturity at September 30, 2018. |
(c) | Assumes a 100-basis-point change in interest rates. The change to net income was based on the weighted average balance of debt outstanding for the nine months ended September 30, 2018. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Income from Operations by Segment | |||||||||||||||
Refining & Marketing(a) | $ | 666 | $ | 1,097 | $ | 1,558 | $ | 1,589 | |||||||
Speedway | 161 | 208 | 415 | 581 | |||||||||||
Midstream(a) | 679 | 355 | 1,863 | 996 | |||||||||||
Items not allocated to segments: | |||||||||||||||
Corporate and other unallocated items | (103 | ) | (85 | ) | (283 | ) | (251 | ) | |||||||
Litigation | — | — | — | (86 | ) | ||||||||||
Impairments(b) | — | 2 | 1 | 21 | |||||||||||
Income from operations | $ | 1,403 | $ | 1,577 | $ | 3,554 | $ | 2,850 | |||||||
Capital Expenditures and Investments(c) | |||||||||||||||
Refining & Marketing | $ | 226 | $ | 198 | $ | 613 | $ | 570 | |||||||
Speedway | 98 | 108 | 225 | 221 | |||||||||||
Midstream | 593 | 423 | 1,676 | 1,267 | |||||||||||
Corporate and Other(d) | 28 | 32 | 97 | 92 | |||||||||||
Total capital expenditures and investments | $ | 945 | $ | 761 | $ | 2,611 | $ | 2,150 |
(a) | On February 1, 2018, we contributed certain refining logistics assets and fuels distributions services to MPLX. The results of these new businesses are reported in the Midstream segment prospectively from February 1, resulting in a net reduction of $230 million and $643 million to Refining & Marketing segment results and a net increase to Midstream segment results of the same amount for the three and nine months ended September 30, 2018, respectively. No effect was given to prior periods as these entities were not considered businesses prior to February 1, 2018. |
(b) | Includes MPC’s share of gains from the sales of assets remaining from the canceled Sandpiper pipeline project. |
(c) | Capital expenditures include changes in capital accruals and investments in affiliates and excludes acquisitions. |
(d) | Includes capitalized interest of $21 million and $13 million for the three months ended September 30, 2018 and 2017, respectively, and $55 million and $39 million for the nine months ended September 30, 2018 and 2017, respectively. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
MPC Consolidated Refined Product Sales Volumes (mbpd)(a) | 2,394 | 2,357 | 2,358 | 2,272 | |||||||||||
Refining & Marketing Operating Statistics | |||||||||||||||
Refining & Marketing refined product sales volume (mbpd)(b) | 2,382 | 2,357 | 2,346 | 2,263 | |||||||||||
Export sales volume (mbpd)(c) | 280 | 331 | 289 | 291 | |||||||||||
Refining & Marketing margin (dollars per barrel)(d) | $ | 14.25 | $ | 14.14 | $ | 13.48 | $ | 12.42 | |||||||
Crude oil capacity utilization percent(e) | 97.4 | 101.5 | 96.7 | 95.8 | |||||||||||
Refinery throughputs (mbpd):(f) | |||||||||||||||
Crude oil refined | 1,833 | 1,845 | 1,819 | 1,741 | |||||||||||
Other charge and blendstocks | 199 | 172 | 173 | 176 | |||||||||||
Total | 2,032 | 2,017 | 1,992 | 1,917 | |||||||||||
Sour crude oil throughput percent | 52 | 57 | 53 | 61 | |||||||||||
WTI-priced crude oil throughput percent | 30 | 23 | 28 | 20 | |||||||||||
Refined product yields (mbpd):(f) | |||||||||||||||
Gasoline | 942 | 939 | 942 | 910 | |||||||||||
Distillates | 676 | 673 | 659 | 627 | |||||||||||
Propane | 40 | 38 | 37 | 35 | |||||||||||
Feedstocks and special products | 313 | 298 | 294 | 285 | |||||||||||
Heavy fuel oil | 29 | 45 | 30 | 36 | |||||||||||
Asphalt | 73 | 67 | 68 | 64 | |||||||||||
Total | 2,073 | 2,060 | 2,030 | 1,957 | |||||||||||
Refinery direct operating costs (dollars per barrel):(g) | |||||||||||||||
Planned turnaround and major maintenance | $ | 1.77 | $ | 1.20 | $ | 1.64 | $ | 1.69 | |||||||
Depreciation and amortization | 1.29 | 1.34 | 1.31 | 1.44 | |||||||||||
Other manufacturing(h) | 3.54 | 3.83 | 3.71 | 4.10 | |||||||||||
Total | $ | 6.60 | $ | 6.37 | $ | 6.66 | $ | 7.23 | |||||||
Refining & Marketing Operating Statistics By Region - Gulf Coast | |||||||||||||||
Refinery throughputs (mbpd):(i) | |||||||||||||||
Crude oil refined | 1,150 | 1,123 | 1,121 | 1,041 | |||||||||||
Other charge and blendstocks | 204 | 217 | 187 | 219 | |||||||||||
Total | 1,354 | 1,340 | 1,308 | 1,260 | |||||||||||
Sour crude oil throughput percent | 63 | 69 | 62 | 75 | |||||||||||
WTI-priced crude oil throughput percent | 17 | 14 | 15 | 10 | |||||||||||
Refined product yields (mbpd):(i) | |||||||||||||||
Gasoline | 567 | 538 | 557 | 525 | |||||||||||
Distillates | 442 | 438 | 421 | 393 | |||||||||||
Propane | 27 | 25 | 24 | 25 | |||||||||||
Feedstocks and special products | 314 | 326 | 301 | 310 | |||||||||||
Heavy fuel oil | 16 | 31 | 18 | 24 | |||||||||||
Asphalt | 22 | 19 | 21 | 17 | |||||||||||
Total | 1,388 | 1,377 | 1,342 | 1,294 | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Refinery direct operating costs (dollars per barrel):(g) | |||||||||||||||
Planned turnaround and major maintenance | $ | 0.64 | $ | 0.90 | $ | 1.30 | $ | 1.86 | |||||||
Depreciation and amortization | 1.03 | 1.05 | 1.03 | 1.15 | |||||||||||
Other manufacturing(h) | 3.20 | 3.52 | 3.43 | 3.81 | |||||||||||
Total | $ | 4.87 | $ | 5.47 | $ | 5.76 | $ | 6.82 | |||||||
Refining & Marketing Operating Statistics By Region – Midwest | |||||||||||||||
Refinery throughputs (mbpd):(i) | |||||||||||||||
Crude oil refined | 683 | 722 | 698 | 700 | |||||||||||
Other charge and blendstocks | 49 | 35 | 39 | 31 | |||||||||||
Total | 732 | 757 | 737 | 731 | |||||||||||
Sour crude oil throughput percent | 34 | 38 | 37 | 41 | |||||||||||
WTI-priced crude oil throughput percent | 52 | 38 | 49 | 34 | |||||||||||
Refined product yields (mbpd):(i) | |||||||||||||||
Gasoline | 375 | 401 | 385 | 385 | |||||||||||
Distillates | 234 | 235 | 238 | 234 | |||||||||||
Propane | 13 | 14 | 13 | 11 | |||||||||||
Feedstocks and special products | 53 | 50 | 46 | 47 | |||||||||||
Heavy fuel oil | 13 | 15 | 12 | 13 | |||||||||||
Asphalt | 51 | 48 | 47 | 47 | |||||||||||
Total | 739 | 763 | 741 | 737 | |||||||||||
Refinery direct operating costs (dollars per barrel):(g) | |||||||||||||||
Planned turnaround and major maintenance | $ | 3.74 | $ | 1.60 | $ | 2.13 | $ | 1.22 | |||||||
Depreciation and amortization | 1.68 | 1.72 | 1.70 | 1.80 | |||||||||||
Other manufacturing(h) | 3.89 | 3.96 | 3.96 | 4.19 | |||||||||||
Total | $ | 9.31 | $ | 7.28 | $ | 7.79 | $ | 7.21 | |||||||
Speedway Operating Statistics | |||||||||||||||
Convenience stores at period-end | 2,745 | 2,734 | |||||||||||||
Gasoline and distillate sales (millions of gallons) | 1,474 | 1,464 | 4,317 | 4,332 | |||||||||||
Gasoline and distillate margin (dollars per gallon)(j) | $ | 0.1651 | $ | 0.1772 | $ | 0.1620 | $ | 0.1727 | |||||||
Merchandise sales (in millions) | $ | 1,339 | $ | 1,295 | $ | 3,753 | $ | 3,693 | |||||||
Merchandise margin (in millions) | $ | 384 | $ | 374 | $ | 1,069 | $ | 1,065 | |||||||
Merchandise margin percent | 28.7 | % | 28.9 | % | 28.5 | % | 28.8 | % | |||||||
Same store gasoline sales volume (period over period)(k) | (1.2 | %) | (3.1 | %) | (1.8 | %) | (1.6 | %) | |||||||
Same store merchandise sales (period over period)(k)(l) | 4.9 | % | 0.3 | % | 3.4 | % | 1.5 | % | |||||||
Midstream Operating Statistics | |||||||||||||||
Crude oil and refined product pipeline throughputs (mbpd)(m) | 3,829 | 3,562 | 3,694 | 3,299 | |||||||||||
Terminal throughput (mbpd) | 1,474 | 1,496 | 1,468 | 1,470 | |||||||||||
Gathering system throughput (MMcf/d)(n) | 4,737 | 3,729 | 4,403 | 3,415 | |||||||||||
Natural gas processed (MMcf/d)(n) | 7,171 | 6,581 | 6,874 | 6,336 | |||||||||||
C2 (ethane) + NGLs (natural gas liquids) fractionated (mbpd)(n) | 488 | 397 | 451 | 384 |
(a) | Total average daily volumes of refined product sales to wholesale, branded and retail customers. |
(b) | Includes intersegment sales. |
(c) | Represents fully loaded export cargoes for each time period. These sales volumes are included in the total sales volume amounts. |
(d) | Sales revenue less cost of refinery inputs and purchased products, divided by total refinery throughputs. |
(e) | Based on calendar-day capacity, which is an annual average that includes down time for planned maintenance and other normal operating activities. |
(f) | Excludes inter-refinery volumes of 54 mbpd and 80 mbpd for the three months ended September 30, 2018 and 2017, respectively, and 53 mbpd and 74 mbpd for the nine months ended September 30, 2018 and 2017, respectively. |
(g) | Per barrel of total refinery throughputs. Effective with the February 1, 2018 dropdown, direct operating costs related to certain refining logistics assets are now reported in the Midstream segment. No effect was given to prior periods as this entity was not considered a business prior to February 1, 2018. |
(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 bank card processing fees, divided by gasoline and distillate sales volume. |
(k) | Same store comparison includes only locations owned at least 13 months. |
(l) | Excludes cigarettes. |
(m) | Includes common-carrier pipelines and private pipelines owned or operated by MPLX, excluding equity method investments. |
(n) | Includes amounts related to unconsolidated equity method investments on a 100 percent basis. |
Period | Total Number of Shares Purchased(a) | Average Price Paid per Share(b) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(c) | ||||||||||
07/01/18-07/31/18 | 5,054,017 | $ | 72.30 | 5,053,208 | $ | 5,614,401,759 | ||||||||
08/01/18-08/31/18 | 425,865 | 81.72 | 425,821 | 5,579,603,383 | ||||||||||
09/01/18-09/30/18 | 1,342 | 83.84 | — | 5,579,603,383 | ||||||||||
Total | 5,481,224 | 73.04 | 5,479,029 |
(a) | The amounts in this column include 809, 44 and 1,342 shares of our common stock delivered by employees to MPC, upon vesting of restricted stock, to satisfy tax withholding requirements in July, August and September, respectively. |
(b) | Amounts in this column reflect the weighted average price paid for shares purchased under our share repurchase authorizations and for shares tendered to us in satisfaction of employee tax withholding obligations upon the vesting of restricted stock granted under our stock plans. The weighted average price includes commissions paid to brokers on shares purchased under our share repurchase authorizations. |
(c) | On April 30, 2018, we announced that our board of directors had approved a $5.0 billion share repurchase authorization in addition to the remaining authorization pursuant to the May 31, 2017 announcement. These share repurchase authorizations have no expiration date. The share repurchase authorization announced on April 30, 2018, together with prior authorizations, results in a total of $18.0 billion of share repurchase authorizations since January 1, 2012. |
Incorporated by Reference | Filed Herewith | Furnished Herewith | ||||||||||||
Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | SEC File No. | |||||||||
8-K | 2.1 | 4/30/2018 | 001-35054 | |||||||||||
S-4/A | 2.2 | 7/5/2018 | 333-225244 | |||||||||||
8-K | 2.1 | 9/18/2018 | 001-35054 | |||||||||||
8-K | 3.2 | 10/1/2018 | 001-35054 | |||||||||||
8-K | 3.1 | 5/1/2018 | 001-35054 | |||||||||||
8-K | 4.1 | 10/5/2018 | 001-35054 | |||||||||||
8-K | 4.2 | 10/5/2018 | 001-35054 | |||||||||||
8-K | 4.3 | 10/5/2018 | 001-35054 | |||||||||||
8-K | 4.4 | 10/5/2018 | 001-35054 | |||||||||||
8-K | 4.5 | 10/5/2018 | 001-35054 | |||||||||||
8-K | 4.6 | 10/5/2018 | 001-35054 | |||||||||||
8-K | 4.7 | 10/5/2018 | 001-35054 | |||||||||||
8-K | 10.1 | 8/31/2018 | 001-35054 | |||||||||||
8-K | 10.2 | 8/31/2018 | 001-35054 | |||||||||||
8-K | 10.1 | 10/1/2018 | 001-35054 | |||||||||||
8-K | 10.4 | 12/18/2008 | 001-03473 (Andeavor) | |||||||||||
10-K | 10.68 | 2/21/2018 | 001-03473 (Andeavor) | |||||||||||
S-8 | 99.1 | 5/4/2018 | 333-224688 (Andeavor) |
Incorporated by Reference | Filed Herewith | Furnished Herewith | ||||||||||||
Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | SEC File No. | |||||||||
S-8 | 99.1 | 6/1/2017 | 333-218424 (Andeavor) | |||||||||||
S-8 | 99.2 | 5/11/2011 | 333-174132 (Andeavor) | |||||||||||
X | ||||||||||||||
X | ||||||||||||||
X | ||||||||||||||
X | ||||||||||||||
101.INS | XBRL Instance Document | X | ||||||||||||
101.SCH | XBRL Taxonomy Extension Schema | X | ||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | X | ||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | X | ||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | X | ||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | X |
* | Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Marathon Petroleum Corporation hereby undertakes to furnish supplementally a copy of any omitted schedule upon request by the SEC. |
November 5, 2018 | MARATHON PETROLEUM CORPORATION | |
By: | /s/ John J. Quaid | |
John J. Quaid Vice President and Controller |
1. | I have reviewed this report on Form 10-Q of Marathon Petroleum Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 5, 2018 | /s/ Gary R. Heminger | |
Gary R. Heminger | |||
Chairman of the Board and Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q of Marathon Petroleum Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 5, 2018 | /s/ Timothy T. Griffith | |
Timothy T. Griffith | |||
Senior Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
November 5, 2018 | |
/s/ Gary R. Heminger | |
Gary R. Heminger | |
Chairman of the Board and Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
November 5, 2018 | |
/s/ Timothy T. Griffith | |
Timothy T. Griffith | |
Senior Vice President and Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Nov. 01, 2018 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q3 | |
Trading Symbol | MPC | |
Entity Registrant Name | Marathon Petroleum Corp | |
Entity Central Index Key | 0001510295 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 690,853,526 |
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||||||
Revenues and other income: | |||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | $ 22,787 | [1] | $ 63,599 | ||||||||||
Sales and other operating revenues, including consumer excise taxes | $ 19,053 | [1] | $ 53,220 | ||||||||||
Sales to related parties | [2] | 201 | 157 | 572 | 458 | ||||||||
Income from equity method investments | 96 | 84 | 262 | 224 | |||||||||
Net gain on disposal of assets | 1 | 0 | 6 | 12 | |||||||||
Other income | 47 | 92 | 122 | 219 | |||||||||
Total revenues and other income | 23,132 | 19,386 | 64,561 | 54,133 | |||||||||
Costs and expenses: | |||||||||||||
Cost of revenues (excludes items below) | 20,457 | [1] | 16,617 | [1] | 57,344 | 47,664 | |||||||
Purchases from related parties | [3] | 149 | 148 | 428 | 420 | ||||||||
Depreciation and amortization | 555 | 517 | 1,616 | 1,574 | |||||||||
Selling, general and administrative expenses | 445 | 411 | 1,271 | 1,286 | |||||||||
Other taxes | 123 | 116 | 348 | 339 | |||||||||
Total costs and expenses | 21,729 | 17,809 | 61,007 | 51,283 | |||||||||
Income from operations | 1,403 | 1,577 | 3,554 | 2,850 | |||||||||
Net interest and other financial costs | 240 | 158 | 618 | 465 | |||||||||
Income before income taxes | 1,163 | 1,419 | 2,936 | 2,385 | |||||||||
Provision for income taxes | 222 | 415 | 525 | 706 | |||||||||
Net income | 941 | 1,004 | 2,411 | 1,679 | |||||||||
Less net income attributable to: | |||||||||||||
Redeemable noncontrolling interest | 19 | 16 | 55 | 49 | |||||||||
Noncontrolling interests | 185 | 85 | 527 | 214 | |||||||||
Net income attributable to MPC | $ 737 | $ 903 | $ 1,829 | $ 1,416 | |||||||||
Basic: | |||||||||||||
Net income attributable to MPC per share | $ 1.63 | $ 1.79 | $ 3.96 | $ 2.75 | |||||||||
Weighted average shares outstanding (in shares) | 451 | 504 | 462 | 514 | |||||||||
Diluted: | |||||||||||||
Net income attributable to MPC per share | $ 1.62 | $ 1.77 | $ 3.92 | $ 2.73 | |||||||||
Weighted average shares outstanding (in shares) | 456 | 508 | 466 | 518 | |||||||||
|
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 941 | $ 1,004 | $ 2,411 | $ 1,679 |
Defined benefit postretirement and post-employment plans: | ||||
Actuarial changes, net of tax of $24, $2, $29 and $9, respectively | 75 | 4 | 89 | 15 |
Prior service costs, net of tax of ($3), ($4), ($7) and ($12), respectively | (7) | (7) | (21) | (20) |
Other, net of tax of ($1), $0, ($2) and $0, respectively | (3) | 0 | (5) | 0 |
Other comprehensive income (loss) | 65 | (3) | 63 | (5) |
Comprehensive income | 1,006 | 1,001 | 2,474 | 1,674 |
Less comprehensive income attributable to: | ||||
Redeemable noncontrolling interest | 19 | 16 | 55 | 49 |
Noncontrolling interests | 185 | 85 | 527 | 214 |
Comprehensive income attributable to MPC | $ 802 | $ 900 | $ 1,892 | $ 1,411 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Actuarial changes, tax | $ 24 | $ 2 | $ 29 | $ 9 |
Prior service costs, tax | (3) | (4) | (7) | (12) |
Other, tax | $ (1) | $ 0 | $ (2) | $ 0 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 10 | $ 11 |
Preferred stock: | ||
Shares issued | 0 | 0 |
Shares outstanding | 0 | 0 |
Par value | $ 0.01 | |
Shares authorized | 30,000,000 | |
Common stock: | ||
Shares issued | 735,000,000 | 734,000,000 |
Par value | $ 0.01 | |
Shares authorized | 1,000,000,000 | |
Treasury stock | (284,000,000) | (248,000,000) |
Consolidated Statements of Equity - USD ($) $ in Millions |
Total |
Common Stock |
Treasury Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non-controlling Interests |
---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2016 | $ 20,203 | $ 7 | $ (7,482) | $ 11,060 | $ 10,206 | $ (234) | $ 6,646 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,630 | 1,416 | 214 | ||||
Dividends declared | (578) | (578) | |||||
Distributions to noncontrolling interests | (456) | (456) | |||||
Contributions from noncontrolling interests | 128 | 128 | |||||
Other comprehensive income (loss) | (5) | (5) | |||||
Shares repurchased | (1,622) | (1,622) | |||||
Shares returned - stock based compensation | (14) | ||||||
Shares issued - stock based compensation | 64 | ||||||
Net shares issued - stock based compensation | 55 | 5 | |||||
Impact from equity transactions of MPLX LP | 447 | 112 | 335 | ||||
Ending balance at Sep. 30, 2017 | 19,802 | 7 | (9,118) | 11,236 | 11,044 | (239) | 6,872 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of new accounting principle in period of adoption | 64 | 63 | 1 | ||||
Beginning balance at Dec. 31, 2017 | 20,828 | 7 | (9,869) | 11,262 | 12,864 | (231) | 6,795 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,356 | 1,829 | 527 | ||||
Dividends declared | (637) | (637) | |||||
Distributions to noncontrolling interests | (547) | (547) | |||||
Contributions from noncontrolling interests | 9 | 9 | |||||
Other comprehensive income (loss) | 63 | 63 | |||||
Shares repurchased | (2,612) | (2,612) | |||||
Shares returned - stock based compensation | (14) | ||||||
Shares issued - stock based compensation | 59 | ||||||
Net shares issued - stock based compensation | 53 | 8 | |||||
Impact from equity transactions of MPLX LP | (546) | 2,382 | (2,928) | ||||
Ending balance at Sep. 30, 2018 | $ 19,031 | $ 7 | $ (12,495) | $ 13,703 | $ 14,119 | $ (168) | $ 3,865 |
Consolidated Statement of Equity - Shares - shares shares in Millions |
Total |
Common Stock |
Treasury Stock |
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Number of common shares issued (beginning balance) at Dec. 31, 2016 | 731 | ||
Number of common shares issued - stock compensation | 2 | ||
Number of common shares issued (ending balance) at Sep. 30, 2017 | 733 | ||
Number of shares held in treasury (beginning balance) at Dec. 31, 2016 | (203) | ||
Number of shares repurchased | (31) | (31) | |
Number of shares returned - stock compensation | (1) | ||
Number of shares held in treasury (ending balance) at Sep. 30, 2017 | (235) | ||
Number of common shares issued (beginning balance) at Dec. 31, 2017 | 734 | 734 | |
Number of common shares issued - stock compensation | 1 | ||
Number of common shares issued (ending balance) at Sep. 30, 2018 | 735 | 735 | |
Number of shares held in treasury (beginning balance) at Dec. 31, 2017 | (248) | (248) | |
Number of shares repurchased | (36) | (36) | |
Number of shares returned - stock compensation | 0 | ||
Number of shares held in treasury (ending balance) at Sep. 30, 2018 | (284) | (284) |
Redeemable Noncontrolling Interest - USD ($) $ in Millions |
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Sep. 30, 2017 |
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Temporary Equity [Abstract] | ||
Beginning balance | $ 1,000 | $ 1,000 |
Net income attributable to redeemable noncontrolling interest | 55 | 49 |
Distributions to noncontrolling interests | (52) | (49) |
Ending balance | $ 1,003 | $ 1,000 |
Description of the Business and Basis of Presentation |
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Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Description of the Business and Basis of Presentation | DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business Our business consists of refining and marketing, retail and midstream services conducted primarily in the Midwest, Gulf Coast, East Coast, Northeast and Southeast regions of the United States, through subsidiaries, including Marathon Petroleum Company LP (“MPC LP”), Speedway LLC and its subsidiaries (“Speedway”) and MPLX LP and its subsidiaries (“MPLX”). See Note 10 for additional information about our operations. Basis of Presentation All significant intercompany transactions and accounts have been eliminated. These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the full year. Certain prior period financial statement amounts have been reclassified to conform to current period presentation. |
Summary of Principal Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||
Summary of Principal Accounting Policies | SUMMARY OF PRINCIPAL ACCOUNTING POLICIES Revenue Recognition As described in Note 3, we adopted ASC 606 effective January 1, 2018. 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. Concurrent with our adoption of ASC 606, 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. The adoption of ASC 606 did not materially change our revenue recognition patterns, which are described below by reportable segment:
Refer to Note 10 for disclosure of our revenue disaggregated by segment and product line, as well as a description of our reportable segment operations. |
Accounting Standards |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Recently Adopted | ACCOUNTING STANDARDS Recently Adopted ASU 2014-09, Revenue - Revenue from Contracts with Customers (ASC 606) On January 1, 2018, we adopted the new revenue standard, applying the modified retrospective method, whereby a cumulative effect is recorded to opening retained earnings and ASC 606 is applied prospectively. We recorded a net increase of $1 million to our retained earnings balance as of January 1, 2018 due to the cumulative effect of applying the new revenue standard. Impact of Adoption The adoption of ASC 606 did not materially change our revenue recognition patterns. The most significant impacts of adopting ASC 606 for the three and nine month periods ended September 30, 2018 are as follows:
Practical Expedients We elected the completed contract practical expedient and only applied ASC 606 to contracts that were not completed as of January 1, 2018. 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 September 30, 2018, we do not have future performance obligations that are material to future periods. Receivables On the accompanying consolidated balance sheets, receivables, less allowance for doubtful accounts primarily consists of customer receivables. Significant, non-customer balances included in our receivables at September 30, 2018 include matching buy/sell receivables of $1.73 billion and income tax receivables of $102 million. ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory We adopted this ASU in the first quarter of 2018 and recorded a $61 million cumulative-effect adjustment as an increase to retained earnings as of January 1, 2018 with the offset recorded as a reduction to deferred income taxes. We also adopted the following ASUs during the first nine months of 2018, none of which had a material impact to our financial statements or financial statement disclosures:
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Not Yet Adopted | Not Yet Adopted ASU 2018-02, Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued an ASU allowing an entity the choice to reclassify to retained earnings the tax effects related to the TCJA that are stranded in accumulated other comprehensive income. We do not expect adoption of this standard to have a material impact on our financial statements. The amendment is effective beginning in 2019. ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued an ASU to amend the hedge accounting rules to simplify the application of hedge accounting guidance and better portray the economic results of risk management activities in the financial statements. The guidance expands the ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk, eliminates the requirement to separately measure and report hedge ineffectiveness and eases certain hedge effectiveness assessment requirements. The guidance is effective beginning in 2019. We are currently evaluating the impact of this guidance, including transition elections and required disclosures, on our financial statements and the timing of adoption. However, since we have not historically designated our commodity derivatives as hedges, we do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. ASU 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued an ASU which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, the recognition of an impairment charge is calculated based on the amount by which the carrying amount exceeds the reporting unit’s fair value, which could be different from the amount calculated under the current method using the implied fair value of the goodwill; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance should be applied on a prospective basis, and is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. ASU 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued an ASU related to the accounting for credit losses on certain financial instruments. The guidance requires that for most financial assets, losses be based on an expected loss approach which includes estimates of losses over the life of exposure that considers historical, current and forecasted information. Expanded disclosures related to the methods used to estimate the losses as well as a specific disaggregation of balances for financial assets are also required. The change is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We do not expect application of this ASU to have a material impact on our consolidated financial statements. ASU 2016-02 and 2018-11, Leases In February 2016, the FASB issued an ASU requiring lessees to record virtually all leases on their balance sheets. The ASU also requires expanded disclosures to help financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. For lessors, this amended guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The guidance will be effective for fiscal years beginning after December 15, 2018, and interim periods within those years. We will transition to the new guidance by recording leases on our balance sheet as of January 1, 2019. We continue to evaluate the impact of this standard on our financial statements, disclosures, internal controls and accounting policies. This evaluation process includes reviewing all forms of leases, performing a completeness assessment over the lease population and analyzing the practical expedients in order to determine the best path of implementing changes to existing processes and controls. We are implementing a third-party supported lease accounting information system to account for our lease population in accordance with this new standard and establishing internal controls over the new system. We have completed a significant portion of the design and testing of the new system and commenced lease data loading and testing. We believe the adoption of the standard will have a material impact on our consolidated financial statements as virtually all leases will be recognized as a right of use asset and lease obligation. |
MPLX LP |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MPLX LP | MPLX LP MPLX is a diversified, growth-oriented publicly traded master limited partnership formed by us to own, operate, develop and acquire midstream energy infrastructure assets. MPLX is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the transportation, storage, distribution and marketing of crude oil and refined petroleum products. As of September 30, 2018, we owned 63.6 percent of the outstanding MPLX common units and we control MPLX through our ownership of the general partner of MPLX. MPLX is a VIE because the limited partners of MPLX do not have substantive kick-out or substantive 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 power, through our 100 percent 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 36.4 percent interest owned by the public. We also record a redeemable noncontrolling interest related to MPLX’s preferred units. The creditors of MPLX do not have recourse to MPC’s general credit through guarantees or other financial arrangements. The assets of MPLX are the property of MPLX and cannot be used to satisfy the obligations of MPC. MPC has effectively guaranteed certain indebtedness of LOOP LLC (“LOOP”) and LOCAP LLC (“LOCAP”), in which MPLX holds an interest. See Note 22 for more information. Dropdowns to MPLX and GP/IDR Exchange On February 1, 2018, we contributed our refining logistics assets and fuels distribution services to MPLX in exchange for $4.1 billion in cash and approximately 112 million common units and 2 million general partner units from MPLX. MPLX financed the cash portion of the transaction with its $4.1 billion 364-day term loan facility, which was entered into on January 2, 2018. We agreed to waive approximately one-third of the first quarter 2018 distributions on the common units issued in connection with this transaction. The contributions of these assets were accounted for as transactions between entities under common control and we did not record a gain or loss. Immediately following the February 1, 2018 dropdown to MPLX, our IDRs were cancelled and our economic general partner interest was converted into a non-economic general partner interest, all in exchange for 275 million newly issued MPLX common units (“GP/IDR Exchange”). As a result of this transaction, the general partner units and IDRs were eliminated, are no longer outstanding and no longer participate in distributions of cash from MPLX. On September 1, 2017, we contributed our joint-interest ownership in certain pipelines and storage facilities to MPLX in exchange for $420 million in cash and approximately 19 million common units and 378 thousand general partner units from MPLX. We also agreed to waive approximately two-thirds of the third quarter 2017 common unit distributions, IDRs and general partner distributions with respect to the common units issued in this transaction. The contributions of these assets were accounted for as transactions between entities under common control and we did not record a gain or loss. On March 1, 2017, we contributed certain terminal, pipeline and storage assets to MPLX in exchange for $1.5 billion in cash and approximately 13 million common units and 264 thousand general partner units from MPLX. We also agreed to waive two-thirds of the first quarter 2017 common unit distributions, IDRs and general partner distributions with respect to the common units issued in this transaction. The contributions of these assets were accounted for as transactions between entities under common control and we did not record a gain or loss. Noncontrolling Interest in MPLX 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 interests in MPLX were as follows:
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. Under certain agreements, we commit to provide MPLX with minimum quarterly throughput and distribution volumes of crude oil and refined products and minimum storage volumes of crude oil, refined products and butane. Under certain other agreements, we commit to pay for 100 percent of available capacity for certain marine transportation and refining logistics assets. 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 our Refining & Marketing and Midstream segments. |
Acquisitions |
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Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Investments | ACQUISITIONS Acquisition of Andeavor On October 1, 2018, we completed the acquisition of Andeavor. Under the terms of the merger agreement, Andeavor stockholders had the option to choose 1.87 shares of MPC common stock or $152.27 in cash per share of Andeavor common stock. The merger agreement included election proration provisions that resulted in approximately 22.9 million shares of Andeavor common stock being converted into cash consideration and the remaining 128.2 million shares of Andeavor common stock being converted into stock consideration. Andeavor stockholders received in the aggregate approximately 239.8 million shares of MPC common stock valued at $19.8 billion and approximately $3.5 billion in cash in connection with the Andeavor acquisition. We are completing our analysis of the purchase price consideration and estimating the fair value of assets acquired and liabilities assumed in connection with the Andeavor acquisition, which is likely to result in a significant amount of goodwill. We recognized $14 million in transaction costs related to the Andeavor acquisition, which are reflected in selling, general and administrative expenses for the nine months ended September 30, 2018. Acquisition of Mt. Airy Terminal On September 26, 2018, MPLX acquired an eastern U.S. Gulf Coast export terminal (“Mt. Airy Terminal”) from Pin Oak Holdings, LLC for total consideration of $451 million. The terminal includes 4 million barrels of third-party leased storage capacity and a 120 mbpd dock. The Mt. Airy Terminal is located on the Mississippi River between New Orleans and Baton Rouge, near several Gulf Coast refineries, including our Garyville Refinery, and numerous rail lines and pipelines. The Mt. Airy Terminal will be accounted for within the Midstream segment. MPLX is still in the process of finalizing the fair value of assets acquired and liabilities assumed, however, the provisional amounts that have been recorded are $330 million for property, plant and equipment and $126 million for goodwill with the remaining difference from the acquisition price being attributable primarily to net assumed liabilities. Goodwill represents the significant growth potential of the terminal due to the multiple pipelines and rail lines which cross the property, the terminal’s position as an aggregation point for liquids growth in the region for both ocean-going vessels and inland barges, the proximity of the terminal to our Garyville refinery and other refineries in the region as well as the capability to construct an additional dock at the site. The amount of revenue and income from operations associated with the acquisition from the terminal acquisition date to September 30, 2018 did not have a material impact on the consolidated financial statements. In addition, assuming the terminal acquisition had occurred on January 1, 2017, the consolidated pro forma results would not have been materially different from the reported results. Acquisition of Ozark Pipeline On March 1, 2017, MPLX acquired the Ozark pipeline from Enbridge Pipelines (Ozark) LLC for approximately $219 million, including purchase price adjustments made in the second quarter of 2017. Based on the fair value of assets acquired and liabilities assumed at the acquisition date, the final purchase price was primarily allocated to property, plant and equipment. The Ozark pipeline is a 433-mile, 22-inch diameter crude oil pipeline originating in Cushing, Oklahoma, and terminating in Wood River, Illinois, capable of transporting approximately 230 mbpd. We account for the Ozark pipeline within the Midstream segment. Assuming the acquisition of the Ozark pipeline had occurred on January 1, 2016, the consolidated pro forma results would not have been materially different from reported results. Investment in Pipeline Company On February 15, 2017, MPLX acquired a partial, indirect equity interest in the Dakota Access Pipeline (“DAPL”) and Energy Transfer Crude Oil Company Pipeline (“ETCOP”) projects, collectively referred to as the Bakken Pipeline system, through a joint venture with Enbridge Energy Partners L.P. (“Enbridge Energy Partners”). The Bakken Pipeline system is capable of transporting more than 520 mbpd of crude oil from the Bakken/Three Forks production area in North Dakota to the Midwest through Patoka, Illinois and ultimately to the Gulf Coast. MPLX contributed $500 million of the $2 billion purchase price paid by the joint venture, MarEn Bakken Company LLC (“MarEn Bakken”), to acquire a 36.75 percent indirect equity interest in the Bakken Pipeline system from Energy Transfer Partners, L.P. (“ETP”) and Sunoco Logistics Partners, L.P. (“SXL”). MPLX holds, through a subsidiary, a 25 percent interest in MarEn Bakken, which equates to an approximate 9.2 percent indirect equity interest in the Bakken Pipeline system. We account for the investment in MarEn Bakken as part of our Midstream segment using the equity method of accounting. Formation of Gathering and Processing Joint Venture Effective January 1, 2017, MPLX and Antero Midstream formed a joint venture, Sherwood Midstream LLC (“Sherwood Midstream”), to support the development of Antero Resources Corporation’s Marcellus Shale acreage in West Virginia. MPLX has a 50 percent ownership interest in Sherwood Midstream. In connection with this transaction, MPLX contributed assets then under construction at the Sherwood Complex with a fair value of approximately $134 million and cash of approximately $20 million. Antero Midstream made an initial capital contribution of approximately $154 million. Also effective January 1, 2017, MPLX converted all of its ownership interests in MarkWest Ohio Fractionation Company, L.L.C. (“Ohio Fractionation”), a previously wholly-owned subsidiary, to Class A Interests and amended its LLC Agreement to create Class B-3 Interests, which were sold to Sherwood Midstream for $126 million in cash. The Class B-3 Interests provide Sherwood Midstream with the right to fractionation revenue and the obligation to pay expenses related to 20 mbpd of capacity in the Hopedale 3 fractionator. Effective January 1, 2017, MPLX and Sherwood Midstream formed a joint venture, Sherwood Midstream Holdings LLC (“Sherwood Midstream Holdings”), for the purpose of owning, operating and maintaining all of the shared assets for the benefit of and use in the operation of the gas plants and other assets owned by Sherwood Midstream and the gas plants and deethanization facilities owned by MPLX. MPLX contributed certain real property, equipment and facilities with a fair value of approximately $209 million to Sherwood Midstream Holdings in exchange for a 79 percent initial ownership interest. Sherwood Midstream contributed cash of approximately $44 million to Sherwood Midstream Holdings in exchange for a 21 percent initial ownership interest. The net book value of the contributed assets was approximately $203 million. The contribution was determined to be an in-substance sale of real estate. During the nine months ended September 30, 2018, MPLX sold to Sherwood Midstream six percent of its equity ownership in Sherwood Midstream Holdings for $15 million. We account for our direct interests in Sherwood Midstream and Sherwood Midstream Holdings as part of our Midstream segment using the equity method of accounting. We continue to consolidate Ohio Fractionation and have recognized a noncontrolling interest for Sherwood Midstream’s interest in that entity. See Note 6 for additional information related to the investments in Sherwood Midstream, Ohio Fractionation and Sherwood Midstream Holdings. |
Variable Interest Entities |
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Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES In addition to MPLX, as described in Note 4, the following entities are also VIEs. Crowley Coastal Partners In May 2016, Crowley Coastal Partners LLC (“Crowley Coastal Partners”) was formed to own an interest in both Crowley Ocean Partners LLC (“Crowley Ocean Partners”) and Crowley Blue Water Partners LLC (“Crowley Blue Water Partners”). We have determined that Crowley Coastal Partners is a VIE based on the terms of the existing financing arrangements for Crowley Blue Water Partners and Crowley Ocean Partners and the associated debt guarantees by MPC and Crowley. Our maximum exposure to loss at September 30, 2018 was $483 million, which includes our equity method investment in Crowley Coastal Partners and the debt guarantees provided to each of the lenders to Crowley Blue Water Partners and Crowley Ocean Partners. We are not the primary beneficiary of this VIE because we do not have the power to control the activities that significantly influence the economic outcomes of the entity and, therefore, do not consolidate the entity. MarkWest Utica EMG On January 1, 2012, MarkWest Utica Operating Company, LLC (“Utica Operating”), a wholly-owned and consolidated subsidiary of MarkWest, and EMG Utica, LLC (“EMG Utica”), executed agreements to form a joint venture, MarkWest Utica EMG LLC (“MarkWest Utica EMG”), to develop significant natural gas gathering, processing and NGL fractionation, transportation and marketing infrastructure in eastern Ohio. As of September 30, 2018, MPLX had a 56 percent ownership interest in MarkWest Utica EMG. MarkWest Utica EMG's inability to fund its planned activities without subordinated financial support qualify it as a VIE. Utica Operating is not deemed to be the primary beneficiary due to EMG Utica’s voting rights on significant matters. We account for our ownership interest in MarkWest Utica EMG as an equity method investment. Our maximum exposure to loss as a result of our involvement with MarkWest Utica EMG includes our equity investment, any additional capital contribution commitments and any operating expenses incurred by the subsidiary operator in excess of compensation received for the performance of the operating services. Our equity investment in MarkWest Utica EMG at September 30, 2018 was $2.1 billion. Ohio Gathering Ohio Gathering Company, L.L.C. (“Ohio Gathering”) is a subsidiary of MarkWest Utica EMG and is engaged in providing natural gas gathering services in the Utica Shale in eastern Ohio. Ohio Gathering is a joint venture between MarkWest Utica EMG and Summit Midstream Partners, LLC. As of September 30, 2018, MPLX had a 34 percent indirect ownership interest in Ohio Gathering. As this entity is a subsidiary of MarkWest Utica EMG, which is accounted for as an equity method investment, MPLX reports its portion of Ohio Gathering’s net assets as a component of its investment in MarkWest Utica EMG. Sherwood Midstream As described in Note 5, MPLX and Antero Midstream formed a joint venture, Sherwood Midstream, to support the development of Antero Resources Corporation’s Marcellus Shale acreage in West Virginia. As of September 30, 2018, MPLX had a 50 percent ownership interest in Sherwood Midstream. Sherwood Midstream’s inability to fund its planned activities without additional subordinated financial support qualify it as a VIE. MPLX is not deemed to be the primary beneficiary, due to Antero Midstream’s voting rights on significant matters. We account for our ownership interest in Sherwood Midstream using the equity method of accounting. Our maximum exposure to loss as a result of our involvement with Sherwood Midstream includes our equity investment, any additional capital contribution commitments and any operating expenses incurred by the subsidiary operator in excess of compensation received for the performance of the operating services. Our equity investment in Sherwood Midstream at September 30, 2018 was $325 million. Ohio Fractionation As described in Note 5, MPLX converted all of its ownership interests in Ohio Fractionation to Class A Interests and amended its LLC Agreement to create Class B-3 Interests, which were sold to Sherwood Midstream, providing it with the right to fractionation revenue and the obligation to pay expenses related to 20 mbpd of capacity in the Hopedale 3 fractionator. Ohio Fractionation’s inability to fund its operations without additional subordinated financial support qualify it as a VIE. MPLX has been deemed to be the primary beneficiary of Ohio Fractionation because it has control over decisions that could significantly impact its financial performance, and as a result, consolidates Ohio Fractionation. Sherwood Midstream Holdings As described in Note 5, MPLX and Sherwood Midstream entered into a joint venture, Sherwood Midstream Holdings, for the purpose of owning, operating and maintaining all of the shared assets for the benefit of and use in the operation of the gas plants and other assets owned by Sherwood Midstream and the gas plants and deethanization facilities owned by MPLX. MPLX had an initial 79 percent direct ownership in Sherwood Midstream Holdings, in addition to an initial 10.5 percent indirect interest through its ownership in Sherwood Midstream. Sherwood Midstream Holdings’ inability to fund its operations without additional subordinated financial support qualify it as a VIE. We account for our ownership interest in Sherwood Midstream Holdings using the equity method of accounting as Sherwood Midstream is considered to be the general partner and controls all decisions related to Sherwood Midstream Holdings. Our maximum exposure to loss as a result of our involvement with Sherwood Midstream Holdings includes our equity investment, any additional capital contribution commitments and any operating expenses incurred by the subsidiary operator in excess of compensation received for the performance of the operating services. Our equity investment in Sherwood Midstream Holdings at September 30, 2018 was $155 million. |
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Related Party Transactions | RELATED PARTY TRANSACTIONS We believe that transactions with related parties were conducted on terms comparable to those with unaffiliated parties. Significant transactions with related parties were as follows:
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income per Common Share | INCOME PER COMMON 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 stock-based compensation awards, provided the effect is not anti-dilutive.
The following table summarizes the shares that were anti-dilutive and, therefore, were excluded from the diluted share calculation.
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Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | EQUITY As of September 30, 2018, we had $5.58 billion of share repurchase authorization remaining under authorizations from our board of directors. We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, 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 discontinued at any time. Total share repurchases were as follows:
Our dividend payments were $0.46 and $0.40 per common share for the three months ended September 30, 2018 and 2017, respectively, and $1.38 and $1.12 per common share for the nine months ended September 30, 2018 and 2017, respectively. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION We have three reportable segments: Refining & Marketing; Speedway; and Midstream. Each of these segments is organized and managed based upon the nature of the products and services it offers.
As discussed in Note 4, on February 1, 2018, we contributed certain refining logistics assets and fuels distribution services to MPLX. The results of these new businesses are reported in the Midstream segment prospectively from February 1, 2018, resulting in a net reduction of $230 million and $643 million to Refining & Marketing segment results and a net increase to Midstream segment results of the same amount for the three and nine months ended September 30, 2018, respectively. No effect was given to prior periods as these entities were not considered businesses prior to February 1, 2018. Segment income represents income from operations attributable to the reportable segments. Corporate administrative expenses, except for those attributable to MPLX, and costs related to certain non-operating assets are not allocated to the reportable segments. In addition, certain items that affect comparability (as determined by the chief operating decision maker) are not allocated to the reportable segments. In the third quarter we began reporting segment capital expenditures and investments excluding acquisitions in the current and comparative periods.
The following reconciles segment income from operations to income before income taxes as reported in the consolidated statements of income:
The following reconciles segment capital expenditures and investments to total capital expenditures:
Revenues by product line were as follows:
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Net Interest and Other Financial Costs |
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Net Interest and Other Financial Costs | NET INTEREST AND OTHER FINANCIAL COSTS Net interest and other financial costs were as follows:
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Income Taxes |
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Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The combined federal, state and foreign income tax rate was 19 percent and 29 percent for the three months ended September 30, 2018 and 2017, respectively, and 18 percent and 30 percent for the nine months ended September 30, 2018 and 2017, respectively. The effective tax rate for the three and nine months ended September 30, 2018 was less than the U.S. statutory rate of 21 percent primarily due to certain permanent tax differences related to net income attributable to noncontrolling interest offset by state and local tax expense. The effective tax rate for the three and nine months ended September 30, 2017 was less than the then applicable U.S. statutory rate of 35 percent primarily due to certain permanent tax differences related to net income attributable to noncontrolling interest, the domestic manufacturing deduction and equity compensation offset by state and local tax expense. We are continuously undergoing examination of our income tax returns, which have been completed through the 2007 tax year for state returns and the 2009 tax year for our U.S. federal return. As of September 30, 2018, we had $21 million of unrecognized tax benefits. Prior to its spin-off on June 30, 2011, Marathon Petroleum Corporation was included in the Marathon Oil Corporation (“Marathon Oil”) federal income tax returns for all applicable years. During the third quarter of 2017, Marathon Oil received a notice of Final Partnership Administrative Adjustment (“FPAA”) from the U.S. Internal Revenue Service for taxable year 2010, relating to certain pre-spinoff transactions. Marathon Oil filed a U.S. Tax Court petition disputing these adjustments during the fourth quarter of 2017. We received an FPAA for taxable years 2011-2014 for items resulting from this matter and filed a U.S. Tax Court petition for tax years 2011-2014 to dispute these corollary adjustments in the fourth quarter of 2017. We continue to believe that the issue in dispute is more likely than not to be fully sustained and, therefore, no liability has been accrued for this matter. Pursuant to our tax sharing agreement with Marathon Oil, the unrecognized tax benefits related to pre-spinoff operations for which Marathon Oil was the taxpayer remain the responsibility of Marathon Oil and we have indemnified Marathon Oil accordingly. See Note 22 for indemnification information. |
Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES
Inventories are carried at the lower of cost or market value. The cost of inventories of crude oil and refinery feedstocks, refined products and merchandise is determined primarily under the LIFO method. There were no material LIFO inventory liquidations recognized for the nine months ended September 30, 2018. |
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Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT
We own a 33 percent undivided joint interest in the Capline Pipeline System (“Capline”), a crude oil pipeline that runs from St. James, Louisiana to Patoka, Illinois. We account for this undivided joint interest by recognizing our proportionate share of Capline’s assets on our balance sheet, which are primarily classified as property, plant and equipment. Capline experienced a significant reduction in shipment volumes in the second quarter of 2018 primarily due to recently completed competing pipelines. The pipeline’s owners are proceeding with planning for the reversal of the pipeline to support southbound movements of crude oil as supported by shipper interest indicated during a non-binding open season conducted in 2017. Pending agreement among the owners, southbound service is estimated to commence by the second half of 2022. In the second quarter of 2018, we evaluated our share of Capline assets for impairment in accordance with ASC 360, and determined no impairment existed due to the probability of continuing future cash flows associated with a reversed Capline. We continue to monitor developments in the commercial outlook for Capline and noted no significant changes in the third quarter. As of September 30, 2018, our carrying value was $154 million. |
Fair Value Measurements |
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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 September 30, 2018 and December 31, 2017 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.
Commodity derivatives in Level 1 are 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 in the fair value hierarchy. Level 3 instruments are OTC NGL contracts and embedded derivatives in commodity contracts. The embedded derivative liability relates to a natural gas purchase agreement embedded in a keep‑whole processing agreement. The fair value calculation for these Level 3 instruments used significant unobservable inputs including: (1) NGL prices interpolated and extrapolated due to inactive markets ranging from $0.78 to $1.65 per gallon and (2) the probability of renewal of 80 percent for the first five-year term and 70 percent for the second five-year term of the natural gas purchase agreement and the related keep-whole processing agreement. For these contracts, increases in forward NGL prices result in a decrease in the fair value of the derivative assets and an increase in the fair value of the derivative liabilities. The forward prices for the individual NGL products generally increase or decrease in a positive correlation with one another. Increases or decreases in forward NGL prices result in an increase or decrease in the fair value of the embedded derivative liability. An increase in the probability of renewal would result in an increase in the fair value of the related embedded derivative liability. The following is a reconciliation of the beginning and ending balances recorded for liabilities classified as Level 3 in the fair value hierarchy.
Fair Values – Reported The following table summarizes financial instruments on the basis of their nature, characteristics and risk at September 30, 2018 and December 31, 2017, excluding the derivative financial instruments and contingent consideration reported above.
Our current assets and liabilities include financial instruments, the most significant of which are trade accounts receivable and payables. Fair values of our financial assets and of our financial liabilities included in deferred credits and other liabilities are measured primarily using an income approach and most inputs are internally generated, which results in a Level 3 classification. Estimated future cash flows are discounted using a rate deemed appropriate to obtain the fair value. Deferred credits and other liabilities primarily consist of a liability resulting from a financing arrangement for the construction of MPLX’s steam methane reformer at the Javelina gas processing and fractionation complex in Corpus Christi, Texas, insurance liabilities and environmental remediation liabilities. Fair value of fixed-rate long-term debt is measured using Level 3 inputs. Fair value of variable-rate long-term debt approximates the carrying value. |
Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [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 15. We do not designate any of our commodity derivative instruments as hedges for accounting purposes. 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 and (6) the purchase of natural gas. The following table presents the gross fair values of derivative instruments, excluding cash collateral, and where they appear on the consolidated balance sheets as of September 30, 2018 and December 31, 2017:
The tables below summarize open commodity derivative contracts for crude oil and refined products as of September 30, 2018.
The following table summarizes the effect of all commodity derivative instruments in our consolidated statements of income:
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT Our outstanding borrowings at September 30, 2018 and December 31, 2017 consisted of the following:
Commercial Paper During the nine months ended September 30, 2018, we had no borrowings or repayments under the commercial paper program. At September 30, 2018, we had no amounts outstanding under the commercial paper program. Trade Receivables Securitization Facility At September 30, 2018, we had no amounts outstanding under our trade receivables securitization facility. MPC Revolving Credit Agreements There were no borrowings or letters of credit outstanding under the MPC bank revolving credit facility at September 30, 2018. MPC Senior Notes On March 15, 2018, we redeemed all of the $600 million outstanding aggregate principal amount of our 2.700 percent senior notes due December 2018. The 2018 senior notes were redeemed at a price equal to par plus a make whole premium, plus accrued and unpaid interest. The make whole premium of $2.5 million was calculated based on the market yield of the applicable treasury issue as of the redemption date as determined in accordance with the indenture governing the 2018 senior notes. MPLX Credit Agreement During the nine months ended September 30, 2018, MPLX borrowed $1.175 billion under the MPLX bank revolving credit facility, at an average interest rate of 3.1 percent, and repaid $680 million. At September 30, 2018, MPLX had $1 billion outstanding borrowings and $3 million letters of credit outstanding under the MPLX bank revolving credit facility, resulting in total availability of approximately $1.247 billion. MPLX 364-Day Term Loan On January 2, 2018, MPLX entered into a term loan agreement with a syndicate of lenders providing for a $4.1 billion, 364-day term loan facility. MPLX drew the entire amount of the term loan facility in a single borrowing to fund the cash portion of the consideration for the February 1, 2018 dropdown. On February 8, 2018, MPLX used $4.1 billion of the net proceeds from the issuance of MPLX senior notes to repay the 364-day term-loan facility. MPLX Senior Notes On February 8, 2018, MPLX issued $5.5 billion in aggregate principal amount of senior notes in a public offering, consisting of $500 million aggregate principal amount of 3.375 percent unsecured senior notes due March 2023, $1.25 billion aggregate principal amount of 4.000 percent unsecured senior notes due March 2028, $1.75 billion aggregate principal amount of 4.500 percent unsecured senior notes due April 2038, $1.5 billion aggregate principal amount of 4.700 percent unsecured senior notes due April 2048, and $500 million aggregate principal amount of 4.900 percent unsecured senior notes due April 2058. MPLX used $4.1 billion of the net proceeds of the offering to repay the 364-day term-loan facility. The remaining proceeds were used to repay outstanding borrowings under MPLX’s revolving credit facility and intercompany loan agreement with us and for general partnership purposes. |
Supplemental Cash Flow Information |
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Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW 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 per the consolidated statements of cash flows to total capital expenditures:
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table shows the changes in accumulated other comprehensive loss by component. Amounts in parentheses indicate debits.
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Defined Benefit Pension and Other Postretirement Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension and Other Postretirement Plans | DEFINED BENEFIT PENSION AND OTHER POSTRETIREMENT PLANS The following summarizes the components of net periodic benefit costs:
The components of net periodic benefit cost other than the service cost component are included in net interest and other financial costs on the consolidated statements of income. During the nine months ended September 30, 2018, we chose to make a $100 million voluntary contribution to our funded pension plans. Benefit payments related to unfunded pension and other postretirement benefit plans were $13 million and $25 million, respectively, during the nine months ended September 30, 2018. |
Stock-Based Compensation Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | STOCK-BASED COMPENSATION PLANS Stock Option Awards The following table presents a summary of our stock option award activity for the nine months ended September 30, 2018:
The grant date fair value of stock option awards granted during the nine months ended September 30, 2018 was $17.21 per share. The fair value of stock options granted to our employees is estimated on the date of the grant using the Black Scholes option-pricing model, which employs various assumptions. Restricted Stock Awards The following table presents a summary of restricted stock award activity for the nine months ended September 30, 2018:
Performance Unit Awards The following table presents a summary of the activity for performance unit awards to be settled in shares for the nine months ended September 30, 2018:
The performance unit awards granted during the nine months ended September 30, 2018 have a grant date fair value of $0.83 per unit, as calculated using a Monte Carlo valuation model. MPLX Awards During the nine months ended September 30, 2018, MPLX granted equity-based compensation awards under the MPLX LP 2018 and MPLX LP 2012 Incentive Compensation Plans. The compensation expense for these awards is not material to our consolidated financial statements. |
Commitments and Contingencies |
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Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017, accrued liabilities for remediation totaled $104 million and $114 million, respectively. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties if any that may be imposed. Receivables for recoverable costs from certain states, under programs to assist companies in clean-up efforts related to underground storage tanks at presently or formerly owned or operated retail marketing sites, were $36 million and $45 million at September 30, 2018 and December 31, 2017, respectively. 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. Litigation Relating to the Acquisition of Andeavor Between June 20 and July 11, 2018, six putative class actions (the “Actions”) were filed against some or all of Andeavor, the directors of Andeavor, and MPC, Mahi Inc. (“Merger Sub 1”) and Mahi LLC (n/k/a Andeavor LLC) (“Merger Sub 2” and, together with MPC and Merger Sub 1, the “MPC Defendants”), relating to the Andeavor merger. Two complaints, Malka Raul v. Andeavor, et al., and Stephen Bushansky v. Andeavor, et al., were filed in the U.S. District Court for the Western District of Texas. Four complaints, captioned The Vladimir Gusinsky Rev. Trust v. Andeavor, et al., Lawrence Zucker v. Andeavor, et al., Mel Gross v. Andeavor, et al., and Hudson v. Andeavor, et al. were filed in the U.S. District Court for the District of Delaware. The Actions generally alleged that Andeavor, the directors of Andeavor and the MPC Defendants disseminated a false or misleading registration statement regarding the merger in violation of Section 14(a) of the Securities Exchange Act of 1934 (“the “Exchange Act”) and Rule 14a-9 promulgated thereunder. Specifically, the Actions alleged that the registration statement filed by MPC misstated or omitted material information regarding the parties’ financial projections and the analyses performed by Andeavor’s and MPC’s respective financial advisors, and that disclosure of material information was necessary in light of preclusive deal protection provisions in the merger agreement, the financial interests of Andeavor’s officers and directors in completing the deal, and the financial interests of Andeavor’s and MPC’s respective financial advisors. The Actions further alleged that the directors of Andeavor and/or the MPC Defendants were liable for these violations as “controlling persons” of Andeavor under Section 20(a) of the Exchange Act. The Actions sought injunctive relief, including to enjoin and/or rescind the merger, damages in the event the merger is consummated, and an award of attorneys’ fees, in addition to other relief. On July 5 and July 20, 2018, MPC filed amendments to its Registration Statement on Form S-4, which included certain supplemental disclosures responding to allegations made by the plaintiffs. On August 3, 2018, Andeavor filed its proxy statement, and after that date, the parties had numerous discussions regarding the adequacy of disclosures. The parties ultimately reached an agreement in principle to resolve the Actions in exchange for the supplemental disclosures. Consistent with that agreement, Andeavor and MPC each filed a Current Report on Form 8-K on September 14, 2018 that included certain additional disclosures in response to plaintiffs’ allegations. Between September 21 and September 28, 2018, all the Actions were dismissed as moot, and the parties reserved their rights in the event of any dispute over attorneys’ fees and expenses. The Company does not believe the ultimate resolution of these fee issues will be material. Other Lawsuits In May 2015, the Kentucky attorney general filed a lawsuit against our wholly-owned subsidiary, MPC LP, in the United States District Court for the Western District of Kentucky asserting claims under federal and state antitrust statutes, the Kentucky Consumer Protection Act, and state common law. The complaint, as amended in July 2015, alleges that MPC LP used deed restrictions, supply agreements with customers and exchange agreements with competitors to unreasonably restrain trade in areas within Kentucky and seeks declaratory relief, unspecified damages, civil penalties, restitution and disgorgement of profits. At this stage, the ultimate outcome of this litigation remains uncertain, and neither the likelihood of an unfavorable outcome nor the ultimate liability, if any, can be determined, and we are unable to estimate a reasonably possible loss (or range of loss) for this matter. We intend to vigorously defend ourselves in this matter. In May 2007, the Kentucky attorney general filed a lawsuit against us and Marathon Oil in state court in Franklin County, Kentucky for alleged violations of Kentucky’s emergency pricing and consumer protection laws following Hurricanes Katrina and Rita in 2005. The lawsuit alleges that we overcharged customers by $89 million during September and October 2005. The complaint seeks disgorgement of these sums, as well as penalties, under Kentucky’s emergency pricing and consumer protection laws. We are vigorously defending this litigation. We believe that this is the first lawsuit for damages and injunctive relief under the Kentucky emergency pricing laws to progress this far and it contains many novel issues. In May 2011, the Kentucky attorney general amended his complaint to include a request for immediate injunctive relief as well as unspecified damages and penalties related to our wholesale gasoline pricing in April and May 2011 under statewide price controls that were activated by the Kentucky governor on April 26, 2011 and which have since expired. The court denied the attorney general’s request for immediate injunctive relief, and the remainder of the 2011 claims likely will be resolved along with those dating from 2005. If the lawsuit is resolved unfavorably in its entirety, it could materially impact our consolidated results of operations, financial position or cash flows. However, management does not believe the ultimate resolution of this litigation will have a material adverse effect on our consolidated financial position, results of operations, or cash flows. 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 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—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 vary but tend to follow the terms of the underlying debt, which extend through 2037. Our maximum potential undiscounted payments under these agreements for the debt principal totaled $160 million as of September 30, 2018. We hold an interest in a refined products pipeline through our investment in Centennial Pipeline LLC (“Centennial”), and have guaranteed our portion of the payment of Centennial’s principal, interest and prepayment costs, if applicable, under a Master Shelf Agreement, which is scheduled to expire in 2024. The guarantee arose in order for Centennial to obtain adequate financing. Our maximum potential undiscounted payments under this agreement for debt principal totaled $22 million as of September 30, 2018. In connection with our 50 percent indirect interest in Crowley Ocean Partners, we have agreed to conditionally guarantee our portion of the obligations of the joint venture and its subsidiaries under a senior secured term loan agreement. The term loan agreement provides for loans of up to $325 million to finance the acquisition of four product tankers. MPC’s liability under the guarantee for each vessel is conditioned upon the occurrence of certain events, including if we cease to maintain an investment grade credit rating or the charter for the relevant product tanker ceases to be in effect and is not replaced by a charter with an investment grade company on certain defined commercial terms. As of September 30, 2018, our maximum potential undiscounted payments under this agreement for debt principal totaled $163 million. 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. The maximum exposure under these arrangements is 50 percent of the amount of the debt, which was $128 million as of September 30, 2018. Marathon Oil indemnifications—In conjunction with our spinoff from Marathon Oil, we have entered into arrangements with Marathon Oil providing indemnities and guarantees with recorded values of $3 million as of September 30, 2018, which consist of unrecognized tax benefits related to MPC, its consolidated subsidiaries and the refining, marketing and transportation business operations prior to our spinoff which are not already reflected in the unrecognized tax benefits described in Note 12, and other contingent liabilities Marathon Oil may incur related to taxes. Furthermore, 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 $92 million as of September 30, 2018, which primarily consist of a commitment to contribute cash to an equity method investee for certain catastrophic events, up to $50 million per event, 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 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 September 30, 2018, our contractual commitments to acquire property, plant and equipment and advance funds to equity method investees totaled $1.03 billion. 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 with us if there are significant delays that are not due to force majeure. |
Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Acquisition of Andeavor See Note 5 for additional information on the Andeavor acquisition. Authorized Shares of MPC Common Stock On October 1, 2018, in connection with the Andeavor acquisition, we amended our certification of incorporation to increase the number of authorized shares of MPC common stock from one billion to two billion, as approved by MPC stockholders at MPC’s September 24, 2018 special meeting of stockholders. MPC Revolving Credit Agreements On August 28, 2018, we entered into credit agreements with a syndicate of lenders to replace MPC’s previous five-year $2.5 billion bank revolving credit facility due in 2022 and our previous 364-day $1 billion bank revolving agreement that expired in July 2018. The new credit agreements, which became effective October 1, 2018 in connection with the Andeavor acquisition, provide for a $5 billion five-year revolving credit agreement that expires in 2023 (“new MPC five-year credit agreement”) and a $1 billion 364-day revolving credit agreement that expires in 2019 (“new MPC 364-day credit agreement” and together with the new MPC five-year credit agreement, the “new MPC credit agreements”). MPC has an option under the new MPC five-year credit agreement to increase the aggregate commitments by up to an additional $1 billion, subject to, among other conditions, the consent of the lenders whose commitments would be increased. In addition, MPC may request up to two one-year extensions of the maturity date of the new MPC five-year credit agreement subject to, among other conditions, the consent of lenders holding a majority of the commitments, provided that the commitments of any non-consenting lenders will terminate on the then-effective maturity date. The new MPC five-year 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 billion upon receipt of additional letter of credit issuing commitments). The financial covenants and the interest rate terms contained in the new credit agreements are substantially the same as those contained in the previous bank revolving credit facilities. MPC Senior Notes As a result of the completion of the Andeavor acquisition, we assumed an aggregate principal amount of $3.375 billion senior notes issued by Andeavor. On October 2, 2018, approximately $2.905 billion aggregate principal amount of Andeavor’s outstanding senior notes were exchanged for new unsecured senior notes issued by MPC having the same maturity and interest rates as the Andeavor senior notes and cash in an exchange offer and consent solicitation undertaken by MPC and Andeavor. |
Supplementary Statistics |
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Supplementary Statistics | SUPPLEMENTARY STATISTICS (UNAUDITED)
SUPPLEMENTARY STATISTICS (UNAUDITED)
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Summary of Principal Accounting Policies (Policies) |
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Sep. 30, 2018 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Use of estimates | These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. |
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Revenue recognition | Revenue Recognition As described in Note 3, we adopted ASC 606 effective January 1, 2018. 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. Concurrent with our adoption of ASC 606, 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. The adoption of ASC 606 did not materially change our revenue recognition patterns, which are described below by reportable segment:
Refer to Note 10 for disclosure of our revenue disaggregated by segment and product line, as well as a description of our reportable segment operations. |
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Inventories | Inventories are carried at the lower of cost or market value. The cost of inventories of crude oil and refinery feedstocks, refined products and merchandise is determined primarily under the LIFO method. |
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Derivative instruments | 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 and (6) the purchase of natural gas. |
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Stock-based compensation arrangements | The fair value of stock options granted to our employees is estimated on the date of the grant using the Black Scholes option-pricing model, which employs various assumptions. |
MPLX LP (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | 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 interests in MPLX were as follows:
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Related Party Transactions (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales to Related Parties | Significant transactions with related parties were as follows:
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Income per Common Share (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Earnings Per Common 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 stock-based compensation awards, provided the effect is not anti-dilutive.
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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.
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Equity (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Repurchases | Total share repurchases were as follows:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income From Operations Attributable To Operating Segments | Segment income represents income from operations attributable to the reportable segments. Corporate administrative expenses, except for those attributable to MPLX, and costs related to certain non-operating assets are not allocated to the reportable segments. In addition, certain items that affect comparability (as determined by the chief operating decision maker) are not allocated to the reportable segments. In the third quarter we began reporting segment capital expenditures and investments excluding acquisitions in the current and comparative periods.
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Reconciliation Of Segment Income From Operations To Income Before Income Taxes | The following reconciles segment income from operations to income before income taxes as reported in the consolidated statements of income:
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Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures | The following reconciles segment capital expenditures and investments to total capital expenditures:
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Revenue from External Customers by Products and Services | Revenues by product line were as follows:
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Net Interest and Other Financial Costs (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest And Other Financial Income (Costs) | Net interest and other financial costs were as follows:
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Inventories (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Inventories |
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Property, Plant and Equipment (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Property, Plant And Equipment |
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2018 and December 31, 2017 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.
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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 liabilities classified as Level 3 in the fair value hierarchy.
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Financial Instruments at Fair Value, Excluding Derivative Financial Instruments and Contingent Consideration | The following table summarizes financial instruments on the basis of their nature, characteristics and risk at September 30, 2018 and December 31, 2017, excluding the derivative financial instruments and contingent consideration reported above.
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Derivatives (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification of Fair Values of Derivative Instruments, Excluding Cash Collateral | The following table presents the gross fair values of derivative instruments, excluding cash collateral, and where they appear on the consolidated balance sheets as of September 30, 2018 and December 31, 2017:
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Open Commodity Derivative Contracts | The tables below summarize open commodity derivative contracts for crude oil and refined products as of September 30, 2018.
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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:
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Debt (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Borrowings | Our outstanding borrowings at September 30, 2018 and December 31, 2017 consisted of the following:
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Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Supplemental Cash Flow Information |
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Schedule of Cash and Cash Equivalents |
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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 per the consolidated statements of cash flows to total capital expenditures:
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Accumulated Other Comprehensive Loss (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component | The following table shows the changes in accumulated other comprehensive loss by component. Amounts in parentheses indicate debits.
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Defined Benefit Pension and Other Postretirement Plans (Tables) |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs | The following summarizes the components of net periodic benefit costs:
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Stock-Based Compensation Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Award Activity | The following table presents a summary of our stock option award activity for the nine months ended September 30, 2018:
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Summary of Restricted Stock Award Activity | The following table presents a summary of restricted stock award activity for the nine months ended September 30, 2018:
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Schedule of Performance Unit Awards | The following table presents a summary of the activity for performance unit awards to be settled in shares for the nine months ended September 30, 2018:
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Supplementary Statistics (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Statistics |
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Operating Statistics |
|
ASU 2014-09, Revenue - Revenue from Contracts with Customers (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of new accounting principle in period of adoption | $ 64 | ||||||||
Sales and other operating revenues, excluding consumer excise taxes | $ 22,787 | [1] | $ 63,599 | ||||||
Cost of revenues | 20,457 | [1] | $ 16,617 | [1] | 57,344 | $ 47,664 | |||
Matching buy/sell receivables | 1,730 | 1,730 | |||||||
Income taxes receivables | 102 | 102 | |||||||
Accounting Standards Update 2014-09 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of new accounting principle in period of adoption | $ 1 | ||||||||
Consumer Excise Tax | Accounting Standards Update 2014-09 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Sales and other operating revenues, excluding consumer excise taxes | 1,400 | 4,010 | |||||||
Cost of revenues | 1,400 | 4,010 | |||||||
Third Party Reimbursements, Noncash Consideration and Imbalances | Accounting Standards Update 2014-09 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Sales and other operating revenues, excluding consumer excise taxes | 148 | 388 | |||||||
Cost of revenues | $ 148 | $ 388 | |||||||
Revenue from Contract with Customer | Accounting Standards Update 2014-09 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Excise and sales taxes | 1,340 | 3,810 | |||||||
Cost of Goods, Total | Accounting Standards Update 2014-09 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Excise and sales taxes | $ 1,340 | $ 3,810 | |||||||
|
ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory (Details) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Cumulative effect of new accounting principle in period of adoption | $ 64 |
Accounting Standards Update 2016-16 | |
Cumulative effect of new accounting principle in period of adoption | $ 61 |
MPLX LP (Detail) - MPLX LP |
Sep. 30, 2018 |
---|---|
Noncontrolling Interest [Line Items] | |
MPC's partnership interest in MPLX (in percentage) | 63.60% |
Ownership percentage of general partner interest | 100.00% |
Public's ownership interest in MPLX (in percentage) | 36.40% |
MPLX LP - Dropdowns to MPLX and GP/IDR Exchange (Details) - MPLX LP - USD ($) shares in Thousands, $ in Millions |
Feb. 01, 2018 |
Jan. 02, 2018 |
Sep. 01, 2017 |
Mar. 01, 2017 |
---|---|---|---|---|
MPLX 364-day term loan | ||||
Noncontrolling Interest [Line Items] | ||||
Maximum borrowing capacity | $ 4,100 | $ 4,100 | ||
Debt instrument, term | 364 days | 364 days | ||
Cash and Cash Equivalents | ||||
Noncontrolling Interest [Line Items] | ||||
Cash consideration | $ 4,100 | $ 420 | $ 1,500 | |
Limited Partner | ||||
Noncontrolling Interest [Line Items] | ||||
Units issued, number of units | 112,000 | 19,000 | 13,000 | |
Conversion of stock, shares issued | 275,000 | |||
General Partner | ||||
Noncontrolling Interest [Line Items] | ||||
Units issued, number of units | 2,000 | 378 | 264 |
MPLX LP - Noncontrolling Interest in MPLX (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Increase in MPC's additional paid-in capital, net of tax | $ (546) | $ 447 |
Additional Paid-in Capital | ||
Increase due to the issuance of MPLX LP common units to the public | 6 | 25 |
Increase due to the issuance of MPLX LP common units and general partner units to MPC | 1,114 | 113 |
Increase due to GP/IDR Exchange | 1,808 | 0 |
Increase in MPC's additional paid-in capital | 2,928 | 138 |
Tax impact | (546) | (26) |
Increase in MPC's additional paid-in capital, net of tax | $ 2,382 | $ 112 |
Acquisitions - Acquisition of Andeavor (Details) - Andeavor - USD ($) $ / shares in Units, $ in Millions |
Oct. 01, 2018 |
Sep. 30, 2018 |
---|---|---|
Business Acquisition [Line Items] | ||
Shares converted to cash | 22,900,000 | |
Shares converted | 128,200,000 | |
Shares issued, number of shares | 239,800,000 | |
Consideration transferred, equity interests issued and issuable | $ 19,768 | |
Cash payment to Andeavor stockholders | $ 3,485 | |
Transaction costs | $ 14 | |
Subsequent Event | ||
Business Acquisition [Line Items] | ||
Share conversion rate | 1.87 | |
Cash consideration to unitholders (per share) | $ 152.27 |
Acquisitions - Acquisition of Mt. Airy Terminal (Details) bbl / d in Thousands, bbl in Millions, $ in Millions |
Sep. 26, 2018
USD ($)
bbl / d
bbl
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
---|---|---|---|
Goodwill | $ 3,713 | $ 3,586 | |
Mt. Airy Terminal | |||
Storage capacity | bbl | 4 | ||
Barrels handled | bbl / d | 120 | ||
MPLX LP | |||
Goodwill | $ 2,586 | $ 2,245 | |
MPLX LP | Mt. Airy Terminal | |||
Cash consideration | $ 451 | ||
Property, plant, and equipment acquired | 330 | ||
Goodwill | $ 126 |
Acquisitions - Acquisition of Ozark Pipeline (Details) - Ozark Pipeline bbl / d in Thousands, $ in Millions |
Mar. 01, 2017
USD ($)
bbl / d
in
mi
|
---|---|
Business Acquisition [Line Items] | |
Pipeline length | mi | 433 |
Pipeline diameter | in | 22 |
Crude oil throughput | bbl / d | 230 |
MPLX LP | |
Business Acquisition [Line Items] | |
Cash consideration | $ | $ 219 |
Acquisitions - Investment in Pipeline Company (Details) bbl / d in Thousands, $ in Millions |
Feb. 15, 2017
USD ($)
bbl / d
|
---|---|
Bakken Pipeline System | |
Schedule of Equity Method Investments [Line Items] | |
Crude oil throughput | bbl / d | 520 |
MPLX LP | Bakken Pipeline System | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investments, ownership percentage | 9.20% |
MPLX LP | MarEn Bakken | |
Schedule of Equity Method Investments [Line Items] | |
Cash paid to acquire equity method investments | $ 500 |
Equity method investments, ownership percentage | 25.00% |
MPC & Enbridge Energy Partners | Bakken Pipeline System | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of ownership interest in joint venture acquired | 36.75% |
MPC & Enbridge Energy Partners | MarEn Bakken | |
Schedule of Equity Method Investments [Line Items] | |
Cash paid to acquire equity method investments | $ 2,000 |
Acquisitions - Formation of Gathering and Processing Joint Venture (Details) bbl / d in Thousands, $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 01, 2017
USD ($)
bbl / d
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
[1] | |||
Schedule of Equity Method Investments [Line Items] | ||||||
Contribution of assets to joint venture | $ 0 | $ 337 | ||||
Sherwood Midstream | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments, ownership percentage | 50.00% | |||||
Sherwood Midstream | MPLX LP | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Contribution of assets to joint venture | $ 134 | |||||
Payments to acquire interest in joint venture | 20 | |||||
Sherwood Midstream | Antero Midstream Partners L.P. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to acquire interest in joint venture | $ 154 | |||||
Ohio Fractionation | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Capacity | bbl / d | 20 | |||||
Ohio Fractionation | Sherwood Midstream | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to acquire interest in joint venture | $ 126 | |||||
Sherwood Midstream Holdings | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest In assets sold by company in affiliate | 6.00% | |||||
Proceeds from sale of ownership interest in assets sold by company in affiliate | $ 15 | |||||
Sherwood Midstream Holdings | Direct Ownership Interest | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments, ownership percentage | 79.00% | |||||
Sherwood Midstream Holdings | MPLX LP | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Contribution of assets to joint venture | $ 203 | |||||
Fair value of assets contributed | $ 209 | |||||
Sherwood Midstream Holdings | Sherwood Midstream | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments, ownership percentage | 21.00% | |||||
Payments to acquire interest in joint venture | $ 44 | |||||
|
Variable Interest Entities (Details) bbl / d in Thousands, $ in Millions |
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jan. 01, 2017
bbl / d
|
---|---|---|---|
Variable Interest Entity [Line Items] | |||
Equity method investments | $ 4,910 | $ 4,787 | |
Crowley Coastal Partners | |||
Variable Interest Entity [Line Items] | |||
VIE, maximum loss exposure, amount | $ 483 | ||
MarkWest Utica EMG | |||
Variable Interest Entity [Line Items] | |||
Equity method investments, ownership percentage | 56.00% | ||
Equity method investments | $ 2,100 | ||
Ohio Gathering | |||
Variable Interest Entity [Line Items] | |||
Equity method investments, ownership percentage | 34.00% | ||
Sherwood Midstream | |||
Variable Interest Entity [Line Items] | |||
Equity method investments, ownership percentage | 50.00% | ||
Equity method investments | $ 325 | ||
Ohio Fractionation | |||
Variable Interest Entity [Line Items] | |||
Capacity | bbl / d | 20 | ||
Sherwood Midstream Holdings | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | $ 155 | ||
Sherwood Midstream Holdings | Direct Ownership Interest | |||
Variable Interest Entity [Line Items] | |||
Equity method investments, ownership percentage | 79.00% | ||
Sherwood Midstream Holdings | Indirect Ownership Interest | |||
Variable Interest Entity [Line Items] | |||
Equity method investments, ownership percentage | 10.50% |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||
Related Party Transactions [Abstract] | |||||||||
Sales to related parties | [1] | $ 201 | $ 157 | $ 572 | $ 458 | ||||
Purchases from related parties | [2] | $ 149 | $ 148 | $ 428 | $ 420 | ||||
|
Income Per Common Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Basic earnings per share: | ||||
Net income attributable to MPC | $ 737 | $ 903 | $ 1,829 | $ 1,416 |
Income allocated to participating securities | 0 | 0 | 1 | 1 |
Income available to common stockholders – basic | $ 737 | $ 903 | $ 1,828 | $ 1,415 |
Weighted average common shares outstanding (in shares) | 451 | 504 | 462 | 514 |
Basic (in USD per share) | $ 1.63 | $ 1.79 | $ 3.96 | $ 2.75 |
Diluted earnings per share: | ||||
Net income attributable to MPC | $ 737 | $ 903 | $ 1,829 | $ 1,416 |
Income allocated to participating securities | 0 | 0 | 1 | 1 |
Income available to common stockholders – diluted | $ 737 | $ 903 | $ 1,828 | $ 1,415 |
Weighted average common shares outstanding (in shares) | 451 | 504 | 462 | 514 |
Effect of dilutive securities (in shares) | 5 | 4 | 4 | 4 |
Weighted average common shares, including dilutive effect (in shares) | 456 | 508 | 466 | 518 |
Diluted (in USD per share) | $ 1.62 | $ 1.77 | $ 3.92 | $ 2.73 |
Income Per Common Share - Anti-dilutive Shares (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Stock Based Compensation Expense [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares issuable under stock-based compensation plans | 0 | 1 | 0 | 1 |
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Equity [Abstract] | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 5,580 | $ 5,580 | ||
Dividends paid (in USD per share) | $ 0.46 | $ 0.40 | $ 1.38 | $ 1.12 |
Equity - Share Repurchases (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Equity [Abstract] | ||||
Number of shares repurchased | 5 | 8 | 36 | 31 |
Cash paid for shares repurchased | $ 400 | $ 452 | $ 2,612 | $ 1,622 |
Average cost per share | $ 73.03 | $ 53.85 | $ 71.80 | $ 52.16 |
Segment Information - Additional Information (Detail) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
Segment
refinery
|
Sep. 30, 2017
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 3 | |||
Number of refineries | refinery | 6 | |||
Income from operations | $ 1,403 | $ 1,577 | $ 3,554 | $ 2,850 |
Refining Logistics & Fuels Distribution [Member] | Midstream | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | 230 | 643 | ||
Refining Logistics & Fuels Distribution [Member] | Refining & Marketing | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | $ (230) | $ (643) |
Segment Information - Income From Operations Attributable To Operating Segments (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | $ 22,787 | [1] | $ 63,599 | ||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | $ 19,053 | [1] | $ 53,220 | ||||||||||||||||||||
Sales to related parties | [2] | 201 | 157 | 572 | 458 | ||||||||||||||||||
Income from operations | 1,403 | 1,577 | 3,554 | 2,850 | |||||||||||||||||||
Income from equity method investments | 96 | 84 | 262 | 224 | |||||||||||||||||||
Depreciation and amortization | 555 | 517 | 1,616 | 1,574 | |||||||||||||||||||
Capital expenditures and investments | [3] | 945 | 761 | 2,611 | 2,150 | ||||||||||||||||||
Intersegment Eliminations | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 3,719 | 10,365 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | [4] | 3,274 | 9,381 | ||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 26,707 | 74,536 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 22,484 | 63,059 | |||||||||||||||||||||
Income from operations | 1,506 | 1,660 | 3,836 | 3,166 | |||||||||||||||||||
Income from equity method investments | 96 | 83 | [5] | 261 | [5] | 203 | [5] | ||||||||||||||||
Depreciation and amortization | [5] | 538 | 503 | 1,566 | 1,530 | ||||||||||||||||||
Capital expenditures and investments | [6] | 917 | 729 | 2,514 | 2,058 | ||||||||||||||||||
Refining & Marketing | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 16,552 | 46,069 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 13,573 | 37,485 | |||||||||||||||||||||
Sales to related parties | 199 | 155 | 566 | 452 | |||||||||||||||||||
Refining & Marketing | Intersegment Eliminations | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 2,931 | 8,181 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 2,904 | 8,302 | |||||||||||||||||||||
Refining & Marketing | Operating Segments | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 19,682 | 54,816 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 16,632 | 46,239 | |||||||||||||||||||||
Income from operations | 666 | [7] | 1,097 | 1,558 | [7] | 1,589 | |||||||||||||||||
Income from equity method investments | 7 | 6 | 14 | 10 | |||||||||||||||||||
Depreciation and amortization | 257 | 266 | 761 | 805 | |||||||||||||||||||
Capital expenditures and investments | 226 | 198 | 613 | 570 | |||||||||||||||||||
Speedway | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 5,393 | 15,225 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 4,895 | 14,070 | |||||||||||||||||||||
Sales to related parties | 2 | 2 | 6 | 6 | |||||||||||||||||||
Speedway | Intersegment Eliminations | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 1 | 4 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 1 | 3 | |||||||||||||||||||||
Speedway | Operating Segments | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 5,396 | 15,235 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 4,898 | 14,079 | |||||||||||||||||||||
Income from operations | 161 | 208 | 415 | 581 | |||||||||||||||||||
Income from equity method investments | 18 | 20 | 51 | 54 | |||||||||||||||||||
Depreciation and amortization | 76 | 68 | 228 | 197 | |||||||||||||||||||
Capital expenditures and investments | 98 | 108 | 225 | 221 | |||||||||||||||||||
Midstream | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 842 | 2,305 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 585 | 1,665 | |||||||||||||||||||||
Sales to related parties | 0 | 0 | 0 | 0 | |||||||||||||||||||
Midstream | Intersegment Eliminations | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 787 | 2,180 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 369 | 1,076 | |||||||||||||||||||||
Midstream | Operating Segments | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | 1,629 | 4,485 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | 954 | 2,741 | |||||||||||||||||||||
Income from operations | 679 | [7] | 355 | 1,863 | [7] | 996 | |||||||||||||||||
Income from equity method investments | 71 | 57 | 196 | 139 | |||||||||||||||||||
Depreciation and amortization | 205 | 169 | 577 | 528 | |||||||||||||||||||
Capital expenditures and investments | 593 | 423 | 1,676 | 1,267 | |||||||||||||||||||
Reportable Segment | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Sales and other operating revenues, excluding consumer excise taxes | $ 22,787 | $ 63,599 | |||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | $ 19,053 | $ 53,220 | |||||||||||||||||||||
|
Segment Information - Reconciliation Of Segment Income From Operations To Income Before Income Taxes (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||
Income from operations | $ 1,403 | $ 1,577 | $ 3,554 | $ 2,850 | |||||
Net interest and other financial income (costs) | 240 | 158 | 618 | 465 | |||||
Income before income taxes | 1,163 | 1,419 | 2,936 | 2,385 | |||||
Operating Segments | |||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||
Income from operations | 1,506 | 1,660 | 3,836 | 3,166 | |||||
Corporate and Other | |||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||
Income from operations | [1] | (103) | (85) | (283) | (251) | ||||
Segment Reconciling Items | |||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||
Litigation | 0 | 0 | 0 | (86) | |||||
Impairments | [2] | $ 0 | $ 2 | $ 1 | $ 21 | ||||
|
Segment Information - Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||||||
Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures [Line Items] | |||||||||||||
Capital expenditures and investments | [1] | $ 945 | $ 761 | $ 2,611 | $ 2,150 | ||||||||
Plus items not allocated to segments: | |||||||||||||
Capital expenditures | [2] | 841 | 708 | 2,389 | 1,920 | ||||||||
Operating Segments | |||||||||||||
Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures [Line Items] | |||||||||||||
Capital expenditures and investments | [3] | 917 | 729 | 2,514 | 2,058 | ||||||||
Less investments in equity method investees | 104 | 53 | 222 | 230 | |||||||||
Corporate and Other | |||||||||||||
Reconciliation Of Segment Capital Expenditures And Investments To Total Capital Expenditures [Line Items] | |||||||||||||
Capital expenditures and investments | [4] | 28 | 32 | 97 | 92 | ||||||||
Plus items not allocated to segments: | |||||||||||||
Corporate | 7 | 19 | 42 | 53 | |||||||||
Capitalized interest | $ 21 | $ 13 | $ 55 | $ 39 | |||||||||
|
Segment Information - Revenues by Product Line (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||||
Revenue from External Customer [Line Items] | ||||||||
Sales and other operating revenues, excluding consumer excise taxes | $ 22,787 | [1] | $ 63,599 | |||||
Sales and other operating revenues, including consumer excise taxes | $ 19,053 | [1] | $ 53,220 | |||||
Refined products | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Sales and other operating revenues, excluding consumer excise taxes | 19,815 | 55,265 | ||||||
Sales and other operating revenues, including consumer excise taxes | 16,374 | 45,689 | ||||||
Merchandise | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Sales and other operating revenues, excluding consumer excise taxes | 1,340 | 3,756 | ||||||
Sales and other operating revenues, including consumer excise taxes | 1,370 | 3,905 | ||||||
Crude oil and refinery feedstocks | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Sales and other operating revenues, excluding consumer excise taxes | 1,011 | 2,872 | ||||||
Sales and other operating revenues, including consumer excise taxes | 878 | 2,389 | ||||||
Midstream services, transportation and other | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Sales and other operating revenues, excluding consumer excise taxes | $ 621 | $ 1,706 | ||||||
Sales and other operating revenues, including consumer excise taxes | $ 431 | $ 1,237 | ||||||
|
Net Interest And Other Financial Costs (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||
Other Income and Expenses [Abstract] | ||||||
Interest income | $ (26) | $ (7) | $ (71) | $ (16) | ||
Interest expense | 233 | 172 | 675 | 508 | ||
Interest capitalized | (21) | (14) | (55) | (47) | ||
Pension and other postretirement non-service costs | [1] | 45 | 1 | 47 | 0 | |
Loss on extinguishment of debt | 0 | 0 | 4 | 0 | ||
Other financial costs | 9 | 6 | 18 | 20 | ||
Net interest and other financial costs | $ 240 | $ 158 | $ 618 | $ 465 | ||
|
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Income Tax Disclosure [Abstract] | ||||
Combined federal, state and foreign income tax rate | 19.00% | 29.00% | 18.00% | 30.00% |
Statutory rate applied to income before income taxes | 21.00% | 35.00% | ||
Unrecognized benefits | $ 21 | $ 21 |
Inventories - Summary Of Inventories (Detail) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Crude oil and refinery feedstocks | $ 1,717 | $ 2,056 |
Refined products | 3,005 | 2,839 |
Materials and supplies | 465 | 494 |
Merchandise | 152 | 161 |
Total | $ 5,339 | $ 5,550 |
Inventories - Additional Information (Detail) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Inventory Disclosure [Abstract] | |
Impact on income as a result of LIFO liquidations | $ 0 |
Property, Plant And Equipment - Summary Of Property, Plant And Equipment (Detail) - USD ($) $ in Millions |
Feb. 01, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|---|
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | $ 43,276 | $ 40,538 | ||||
Less accumulated depreciation | 15,559 | 14,095 | ||||
Property, plant and equipment, net | $ 27,717 | 26,443 | ||||
Undivided joint interest, ownership percentage | 33.00% | |||||
Undivided joint interest | $ 154 | |||||
Refining & Marketing | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, transfers | $ (830) | |||||
Midstream | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, transfers | $ 830 | |||||
Operating Segments | Refining & Marketing | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | 18,708 | [1] | 19,490 | |||
Operating Segments | Speedway | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | 5,520 | 5,358 | ||||
Operating Segments | Midstream | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | 18,213 | [1] | 14,898 | |||
Corporate and Other | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant and equipment, gross | $ 835 | $ 792 | ||||
|
Fair Value Measurements - Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cash collateral netted with derivative liabilities | $ 37 | $ 8 | |||||
Fair Value, Measurements, Recurring | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Commodity derivative instruments, assets - netting and collateral | (62) | (118) | |||||
Commodity derivative instruments, assets - collateral pledged not offset | 20 | 8 | |||||
Other assets | 3 | 3 | |||||
Total assets at fair value | 3 | 12 | |||||
Commodity derivative instruments, liabilities - netting and collateral | (99) | (126) | |||||
Commodity derivative instruments, liabilities - collateral pledged not offset | 0 | 0 | |||||
Total liabilities at fair value | 84 | 66 | |||||
Fair Value, Measurements, Recurring | Commodity derivatives | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Commodity derivative instruments, assets - netting and collateral | [1] | (62) | (118) | ||||
Commodity derivative instruments, assets - net carrying value on balance sheet | [2] | 0 | 9 | ||||
Commodity derivative instruments, assets - collateral pledged not offset | 20 | 8 | |||||
Commodity derivative instruments, liabilities - netting and collateral | [1] | (99) | (126) | ||||
Commodity derivative instruments, liabilities - net carrying value on balance sheet | [2] | 2 | 2 | ||||
Commodity derivative instruments, liabilities - collateral pledged not offset | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Embedded derivatives in commodity contracts | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Commodity derivative instruments, liabilities - netting and collateral | 0 | 0 | |||||
Commodity derivative instruments, liabilities - net carrying value on balance sheet | [2] | 82 | 64 | ||||
Commodity derivative instruments, liabilities - collateral pledged not offset | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Other assets | 3 | 3 | |||||
Total assets at fair value | 65 | 130 | |||||
Total liabilities at fair value | 99 | 126 | |||||
Fair Value, Measurements, Recurring | Level 1 | Commodity derivatives | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Commodity derivative instruments, assets - gross | 62 | 127 | |||||
Commodity derivative instruments, liabilities - gross | 99 | 126 | |||||
Fair Value, Measurements, Recurring | Level 1 | Embedded derivatives in commodity contracts | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Commodity derivative instruments, liabilities - gross | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 2 | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Other assets | 0 | 0 | |||||
Total assets at fair value | 0 | 0 | |||||
Total liabilities at fair value | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 2 | Commodity derivatives | |||||||
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 | Level 2 | Embedded derivatives in commodity contracts | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Commodity derivative instruments, liabilities - gross | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 3 | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Other assets | 0 | 0 | |||||
Total assets at fair value | 0 | 0 | |||||
Total liabilities at fair value | 84 | 66 | |||||
Fair Value, Measurements, Recurring | Level 3 | Commodity derivatives | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Commodity derivative instruments, assets - gross | 0 | 0 | |||||
Commodity derivative instruments, liabilities - gross | 2 | 2 | |||||
Fair Value, Measurements, Recurring | Level 3 | Embedded derivatives in commodity contracts | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Commodity derivative instruments, liabilities - gross | $ 82 | $ 64 | |||||
|
Fair Value Measurements - Recurring Narrative (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Commodity derivatives | Level 3 | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Forward commodity price | $ 0.78 |
Commodity derivatives | Level 3 | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Forward commodity price | $ 1.65 |
Embedded derivatives in commodity contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Embedded derivative renewal term | 5 years |
Embedded derivatives in commodity contracts | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Probability of renewal first term | 80.00% |
Probability of renewal second term | 70.00% |
Fair Value Measurements - Reconciliation of Net Beginning and Ending Balances Recorded for Net Assets and Liabilities Classified as Level 3 (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 68 | $ 41 | $ 66 | $ 190 |
Contingent consideration payment | 0 | 0 | 0 | (131) |
Unrealized and realized losses included in net income | 20 | 22 | 29 | 8 |
Settlements of derivative instruments | (4) | (6) | (11) | (10) |
Ending balance | $ 84 | $ 57 | $ 84 | $ 57 |
Fair Value Measurements - Losses Included in Earnings Relating to Assets Still Held at End of Period (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets still held at the end of period: | $ 21 | $ 17 | $ 22 | $ 9 |
Derivative | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets still held at the end of period: | 21 | 17 | 22 | 8 |
Contingent Consideration | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets still held at the end of period: | $ 0 | $ 0 | $ 0 | $ 1 |
Fair Value Measurements - Financial Instruments at Fair Value, Excluding Derivative Financial Instruments and Contingent Consideration (Detail) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Fair Value | |||||
Financial assets: | |||||
Environmental receivables and misc. deposits | $ 23 | $ 17 | |||
Total financial assets | 23 | 17 | |||
Financial liabilities: | |||||
Long-term debt | [1] | 18,421 | 13,893 | ||
Deferred credits and other liabilities | 115 | 122 | |||
Total financial liabilities | 18,536 | 14,015 | |||
Carrying Value | |||||
Financial assets: | |||||
Environmental receivables and misc. deposits | 23 | 17 | |||
Total financial assets | 23 | 17 | |||
Financial liabilities: | |||||
Long-term debt | [1] | 18,036 | 12,642 | ||
Deferred credits and other liabilities | 107 | 109 | |||
Total financial liabilities | $ 18,143 | $ 12,751 | |||
|
Derivatives - Classification of Gross Fair Values of Derivative Instruments, Excluding Cash Collateral (Detail) - Commodity derivatives - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Other current assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset | $ 62 | $ 127 | |||
Liability | 99 | 126 | |||
Other current liabilities(a) | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset | 0 | 0 | |||
Liability | [1] | 17 | 14 | ||
Deferred credits and other liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset | 0 | 0 | |||
Liability | [1] | $ 67 | $ 52 | ||
|
Derivatives - Open Commodity Derivative Contracts - Crude Oil (Details) - Crude Oil - Exchange Traded bbl in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2018
bbl
| ||||
Derivative [Line Items] | ||||
Percentage of derivative contracts expiring in the period | 98.70% | |||
Derivative contract expiration date | Dec. 31, 2018 | |||
Long | ||||
Derivative [Line Items] | ||||
Notional contracts (in thousands of Total Barrels) | 14,052 | [1] | ||
Short | ||||
Derivative [Line Items] | ||||
Notional contracts (in thousands of Total Barrels) | 16,782 | [1] | ||
|
Derivatives - Open Commodity Derivative Contracts - Refined Products (Detail) - Refined products gal in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2018
gal
| ||||
Exchange Traded | ||||
Derivative [Line Items] | ||||
Percentage of derivative contracts expiring in the period | 97.10% | |||
Derivative contract expiration date | Dec. 31, 2018 | |||
Exchange Traded | Long | ||||
Derivative [Line Items] | ||||
Notional contracts (in thousands of Total Gallons) | 135,408 | [1] | ||
Exchange Traded | Short | ||||
Derivative [Line Items] | ||||
Notional contracts (in thousands of Total Gallons) | 320,250 | [1] | ||
Over the Counter | Short | ||||
Derivative [Line Items] | ||||
Notional contracts (in thousands of Total Gallons) | 28,980 | [1] | ||
|
Derivatives - Effect of Commodity Derivative Instruments in Statements of Income (Detail) - Commodity derivatives - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) | $ (66) | $ (9) | $ (151) | $ (22) |
Sales and other operating revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) | 3 | (10) | 1 | 8 |
Cost of revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) | $ (69) | $ 1 | $ (152) | $ (30) |
Debt - Outstanding Borrowings (Detail) - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
||||
Debt Instrument [Line Items] | |||||
Total | $ 18,968 | $ 13,418 | |||
Unamortized debt issuance costs | (105) | (59) | |||
Unamortized discount | (414) | (413) | |||
Amounts due within one year | (26) | (624) | |||
Total long-term debt due after one year | 18,423 | 12,322 | |||
Marathon Petroleum Corporation | |||||
Debt Instrument [Line Items] | |||||
Commercial paper | 0 | 0 | |||
Marathon Petroleum Corporation | Capital Lease Obligations | |||||
Debt Instrument [Line Items] | |||||
Capital lease obligations | $ 511 | 356 | |||
Debt instrument maturity year, start | Oct. 01, 2018 | ||||
Debt instrument maturity year, end | Mar. 31, 2033 | ||||
Marathon Petroleum Corporation | 364-day revolver due July 2018 | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | [1] | 0 | ||
Line of credit facility, expiration date | Jul. 20, 2018 | ||||
Marathon Petroleum Corporation | Trade receivables securitization facility due July 2019 | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | 0 | |||
Line of credit facility, expiration date | Jul. 19, 2019 | ||||
Marathon Petroleum Corporation | Bank revolving credit facility due 2022 | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | 0 | |||
Line of credit facility, expiration date | Jul. 21, 2022 | ||||
Marathon Petroleum Corporation | Senior notes, 2.700% due December 2018 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | 600 | |||
Debt instrument, maturity date | Dec. 14, 2018 | ||||
Debt instrument, interest rate | 2.70% | ||||
Marathon Petroleum Corporation | Senior notes, 3.400% due December 2020 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 650 | 650 | |||
Debt instrument, maturity date | Dec. 15, 2020 | ||||
Debt instrument, interest rate | 3.40% | ||||
Marathon Petroleum Corporation | Senior notes, 5.125% due March 2021 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,000 | 1,000 | |||
Debt instrument, maturity date | Mar. 01, 2021 | ||||
Debt instrument, interest rate | 5.125% | ||||
Marathon Petroleum Corporation | Senior notes, 3.625%, due September 2024 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 750 | 750 | |||
Debt instrument, maturity date | Sep. 15, 2024 | ||||
Debt instrument, interest rate | 3.625% | ||||
Marathon Petroleum Corporation | Senior notes, 6.500%, due March 2041 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,250 | 1,250 | |||
Debt instrument, maturity date | Mar. 01, 2041 | ||||
Debt instrument, interest rate | 6.50% | ||||
Marathon Petroleum Corporation | Senior notes, 4.750%, due September 2044 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 800 | 800 | |||
Debt instrument, maturity date | Sep. 15, 2044 | ||||
Debt instrument, interest rate | 4.75% | ||||
Marathon Petroleum Corporation | Senior notes, 5.850% due December 2045 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 250 | 250 | |||
Debt instrument, maturity date | Dec. 15, 2045 | ||||
Debt instrument, interest rate | 5.85% | ||||
Marathon Petroleum Corporation | Senior notes, 5.000%, due September 2054 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 400 | 400 | |||
Debt instrument, maturity date | Sep. 15, 2054 | ||||
Debt instrument, interest rate | 5.00% | ||||
MPLX LP | Senior Notes | MarkWest | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 63 | 63 | |||
MPLX LP | Capital Lease Obligations | |||||
Debt Instrument [Line Items] | |||||
Capital lease obligations | $ 7 | 7 | |||
Debt instrument maturity year, start | Oct. 01, 2018 | ||||
Debt instrument maturity year, end | Mar. 31, 2020 | ||||
MPLX LP | MPLX bank revolving credit facility due 2022 | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,000 | 505 | |||
Line of credit facility, expiration date | Jul. 21, 2022 | ||||
MPLX LP | MPLX senior notes, 5.500%, due February 2023 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 710 | 710 | |||
Debt instrument, maturity date | Feb. 15, 2023 | ||||
Debt instrument, interest rate | 5.50% | ||||
MPLX LP | MPLX senior notes, 5.500%, due February 2023 | Senior Notes | MarkWest | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Feb. 15, 2023 | ||||
Debt instrument, interest rate | 5.50% | ||||
MPLX LP | MPLX senior notes, 3.375%, due March 2023 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 500 | 0 | |||
Debt instrument, maturity date | Mar. 15, 2023 | ||||
Debt instrument, interest rate | 3.375% | ||||
MPLX LP | MPLX senior notes, 4.500%, due July 2023 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 989 | 989 | |||
Debt instrument, maturity date | Jul. 15, 2023 | ||||
Debt instrument, interest rate | 4.50% | ||||
MPLX LP | MPLX senior notes, 4.500%, due July 2023 | Senior Notes | MarkWest | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Jul. 15, 2023 | ||||
Debt instrument, interest rate | 4.50% | ||||
MPLX LP | MPLX senior notes, 4.875%, due December 2024 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,149 | 1,149 | |||
Debt instrument, maturity date | Dec. 01, 2024 | ||||
Debt instrument, interest rate | 4.875% | ||||
MPLX LP | MPLX senior notes, 4.875%, due December 2024 | Senior Notes | MarkWest | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Dec. 01, 2024 | ||||
Debt instrument, interest rate | 4.875% | ||||
MPLX LP | MPLX senior notes, 4.000%, due February 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 500 | 500 | |||
Debt instrument, maturity date | Feb. 15, 2025 | ||||
Debt instrument, interest rate | 4.00% | ||||
MPLX LP | MPLX senior notes, 4.875%, due June 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,189 | 1,189 | |||
Debt instrument, maturity date | Jun. 01, 2025 | ||||
Debt instrument, interest rate | 4.875% | ||||
MPLX LP | MPLX senior notes, 4.875%, due June 2025 | Senior Notes | MarkWest | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Jun. 01, 2025 | ||||
Debt instrument, interest rate | 4.875% | ||||
MPLX LP | MPLX senior notes, 4.125%, due March 2027 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,250 | 1,250 | |||
Debt instrument, maturity date | Mar. 01, 2027 | ||||
Debt instrument, interest rate | 4.125% | ||||
MPLX LP | MPLX senior notes, 4.000%, due March 2028 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,250 | 0 | |||
Debt instrument, maturity date | Mar. 15, 2028 | ||||
Debt instrument, interest rate | 4.00% | ||||
MPLX LP | MPLX senior notes, 4.500%, due April 2038 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,750 | 0 | |||
Debt instrument, maturity date | Apr. 15, 2038 | ||||
Debt instrument, interest rate | 4.50% | ||||
MPLX LP | MPLX senior notes, 5.200%, due March 2047 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,000 | 1,000 | |||
Debt instrument, maturity date | Mar. 01, 2047 | ||||
Debt instrument, interest rate | 5.20% | ||||
MPLX LP | MPLX senior notes, 4.700%, due April 2048 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,500 | 0 | |||
Debt instrument, maturity date | Apr. 15, 2048 | ||||
Debt instrument, interest rate | 4.70% | ||||
MPLX LP | MPLX senior notes, 4.900%, due April 2058 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 500 | $ 0 | |||
Debt instrument, maturity date | Apr. 15, 2058 | ||||
Debt instrument, interest rate | 4.90% | ||||
|
Debt - Commercial Paper (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | |||
Commercial paper – issued | $ 0 | $ 300 | |
Commercial paper - repayments | 0 | $ 300 | |
Marathon Petroleum Corporation | |||
Debt Instrument [Line Items] | |||
Commercial paper, outstanding balance | $ 0 | $ 0 |
Debt - Trade Receivables Securitization Facility (Details) - Trade receivables securitization facility due July 2019 - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||
Borrowings | $ 0 | |
Repayments | 0 | |
Marathon Petroleum Corporation | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | $ 0 |
Marathon Petroleum Corporation | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | $ 0 |
Debt - MPC Revolving Credit Agreements (Details) - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
||||
364-day revolver due July 2018 | |||||
Debt Instrument [Line Items] | |||||
Borrowings | $ 0 | ||||
Repayments | 0 | ||||
Bank revolving credit facility due 2022 | |||||
Debt Instrument [Line Items] | |||||
Repayments | 0 | ||||
Marathon Petroleum Corporation | 364-day revolver due July 2018 | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | 0 | ||||
Marathon Petroleum Corporation | 364-day revolver due July 2018 | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 0 | [1] | $ 0 | ||
Marathon Petroleum Corporation | Bank revolving credit facility due 2022 | Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | 0 | ||||
Marathon Petroleum Corporation | Bank revolving credit facility due 2022 | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | $ 0 | |||
|
Debt - MPC Senior Notes (Details) - Senior notes, 2.700% due December 2018 $ in Millions |
Mar. 15, 2018
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Repayments of long-term debt | $ 600.0 |
Make whole premium | $ 2.5 |
Debt - MPLX Credit Agreement (Details) - MPLX LP - MPLX bank revolving credit facility due 2022 $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Debt Instrument [Line Items] | |
Borrowings | $ 1,175 |
Interest rate during period | 3.10% |
Repayments | $ 680 |
Remaining borrowing capacity | 1,247 |
Letter of Credit | |
Debt Instrument [Line Items] | |
Long-term line of credit | $ 3 |
Debt - MPLX 364-Day Term Loan (Details) - MPLX LP - MPLX 364-day term loan - USD ($) $ in Billions |
Feb. 08, 2018 |
Feb. 01, 2018 |
Jan. 02, 2018 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 4.1 | $ 4.1 | |
Debt instrument, term | 364 days | 364 days | |
Proceeds from issuance of debt | $ 4.1 | ||
Repayments of short-term debt | $ 4.1 |
Debt - MPLX Senior Notes (Details) - MPLX LP $ in Millions |
Feb. 08, 2018
USD ($)
|
---|---|
MPLX 364-day term loan | |
Debt Instrument [Line Items] | |
Repayments of short-term debt | $ 4,100 |
Senior Notes | |
Debt Instrument [Line Items] | |
Long-term debt, gross | 5,500 |
Senior Notes | MPLX senior notes, 3.375%, due March 2023 | |
Debt Instrument [Line Items] | |
Long-term debt, gross | $ 500 |
Debt instrument, interest rate | 3.375% |
Senior Notes | MPLX senior notes, 4.000%, due March 2028 | |
Debt Instrument [Line Items] | |
Long-term debt, gross | $ 1,250 |
Debt instrument, interest rate | 4.00% |
Senior Notes | MPLX senior notes, 4.500%, due April 2038 | |
Debt Instrument [Line Items] | |
Long-term debt, gross | $ 1,750 |
Debt instrument, interest rate | 4.50% |
Senior Notes | MPLX senior notes, 4.700%, due April 2048 | |
Debt Instrument [Line Items] | |
Long-term debt, gross | $ 1,500 |
Debt instrument, interest rate | 4.70% |
Senior Notes | MPLX senior notes, 4.900%, due April 2058 | |
Debt Instrument [Line Items] | |
Long-term debt, gross | $ 500 |
Debt instrument, interest rate | 4.90% |
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Net cash provided by operating activities included: | |||||
Interest paid (net of amounts capitalized) | $ 520 | $ 446 | |||
Income taxes paid to taxing authorities | 153 | 383 | |||
Non-cash investing and financing activities: | |||||
Capital leases | 171 | 0 | |||
Contribution of assets to joint venture | $ 0 | $ 337 | [1] | ||
|
Supplemental Cash Flow Information - Cash, Cash Equalivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Dec. 31, 2016 |
||||||
---|---|---|---|---|---|---|---|---|---|---|
Supplemental Cash Flow Elements [Abstract] | ||||||||||
Cash and cash equivalents | $ 4,992 | $ 3,011 | ||||||||
Restricted cash | [1] | 3 | 4 | |||||||
Cash, cash equivalents and restricted cash | $ 4,995 | [2] | $ 3,015 | [2] | $ 2,095 | $ 892 | ||||
|
Supplemental Cash Flow Information - Reconciliation of Additions to Property, Plant and Equipment to Total Capital Expenditures (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||
Supplemental Cash Flow Elements [Abstract] | ||||||
Additions to property, plant and equipment per the consolidated statements of cash flows | $ 2,315 | $ 1,928 | ||||
Asset retirement expenditures | 7 | 1 | ||||
Increase (decrease) in capital accruals | 67 | (9) | ||||
Capital expenditures | [1] | $ 841 | $ 708 | $ 2,389 | $ 1,920 | |
|
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | $ (231) | $ (234) | |||||
Other comprehensive loss before reclassifications | 32 | (2) | |||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||
Amortization - prior service credit | (27) | (31) | |||||
Amortization - actuarial loss/(gain) | 25 | 26 | |||||
Amortization - settlement loss | 47 | 2 | |||||
Other | (4) | (2) | |||||
Tax effect | (10) | 2 | |||||
Other comprehensive income (loss) | $ 65 | $ (3) | 63 | (5) | |||
Ending balance | (168) | (239) | (168) | (239) | |||
Accumulated Defined Benefit Plans Adjustment | Pension Benefits | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | (190) | (233) | |||||
Other comprehensive loss before reclassifications | 35 | (2) | |||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||
Amortization - prior service credit | [1] | (25) | (29) | ||||
Amortization - actuarial loss/(gain) | [1] | 26 | 27 | ||||
Amortization - settlement loss | [1] | 47 | 2 | ||||
Tax effect | (12) | 0 | |||||
Other comprehensive income (loss) | 71 | (2) | |||||
Ending balance | (119) | (235) | (119) | (235) | |||
Accumulated Defined Benefit Plans Adjustment | Other Benefits | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | (48) | (7) | |||||
Other comprehensive loss before reclassifications | (1) | 0 | |||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||
Amortization - prior service credit | [1] | (2) | (2) | ||||
Amortization - actuarial loss/(gain) | [1] | (1) | (1) | ||||
Amortization - settlement loss | 0 | 0 | |||||
Tax effect | 1 | 1 | |||||
Other comprehensive income (loss) | (3) | (2) | |||||
Ending balance | (51) | (9) | (51) | (9) | |||
Gain on Cash Flow Hedge | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | 4 | 4 | |||||
Other comprehensive loss before reclassifications | (2) | 0 | |||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||
Tax effect | 0 | 0 | |||||
Other comprehensive income (loss) | (2) | 0 | |||||
Ending balance | 2 | 4 | 2 | 4 | |||
Workers Compensation | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | 3 | 2 | |||||
Other comprehensive loss before reclassifications | 0 | 0 | |||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||
Other | (4) | (2) | |||||
Tax effect | 1 | 1 | |||||
Other comprehensive income (loss) | (3) | (1) | |||||
Ending balance | $ 0 | $ 1 | $ 0 | $ 1 | |||
|
Defined Benefit Pension and Other Postretirement Plans - Components of Net Periodic Benefit Costs (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Pension Benefits | ||||
Components of net periodic benefit cost: | ||||
Service cost | $ 36 | $ 33 | $ 107 | $ 99 |
Interest cost | 18 | 19 | 54 | 56 |
Expected return on plan assets | (25) | (25) | (75) | (75) |
Amortization – prior service credit | (9) | (10) | (25) | (29) |
Amortization – actuarial loss (gain) | 9 | 9 | 26 | 27 |
Amortization - settlement loss | 45 | 1 | 47 | 2 |
Net periodic benefit cost | 74 | 27 | 134 | 80 |
Other Benefits | ||||
Components of net periodic benefit cost: | ||||
Service cost | 7 | 6 | 22 | 19 |
Interest cost | 7 | 8 | 22 | 23 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization – prior service credit | 0 | 0 | (2) | (2) |
Amortization – actuarial loss (gain) | (1) | 0 | (1) | (1) |
Amortization - settlement loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 13 | $ 14 | $ 41 | $ 39 |
Defined Benefit Pension and Other Postretirement Plans - Additional Information (Detail) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 100 |
Other Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefits paid | 13 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefits paid | $ 25 |
Stock-Based Compensation Plans - Summary of Stock Option Award Activity (Detail) - Stock Options |
9 Months Ended |
---|---|
Sep. 30, 2018
$ / shares
shares
| |
Number of Shares | |
Outstanding, beginning balance | shares | 8,465,398 |
Granted | shares | 903,797 |
Exercised | shares | (905,914) |
Forfeited or expired | shares | (28,664) |
Outstanding, ending balance | shares | 8,434,617 |
Weighted Average Exercise Price | |
Outstanding, beginning balance (in USD per share) | $ / shares | $ 33.74 |
Granted (in USD per share) | $ / shares | 67.71 |
Exercised (in USD per share) | $ / shares | 26.30 |
Forfeited or expired (in USD per share) | $ / shares | 47.54 |
Outstanding, ending balance (in USD per share) | $ / shares | $ 38.13 |
Stock-Based Compensation Plans - Narrative (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2018
$ / shares
| |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant date fair value (in USD per share) | $ 17.21 |
Performance Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in USD per share) | $ 0.83 |
Stock-Based Compensation Plans - Summary of Restricted Stock Award Activity (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2018
$ / shares
shares
| |
Restricted Stock | |
Number of Shares | |
Outstanding, beginning balance | shares | 1,188,662 |
Granted | shares | 438,209 |
RS Vested/RSUs Issued | shares | (552,217) |
Forfeited | shares | (51,645) |
Outstanding, ending balance | shares | 1,023,009 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (in USD per share) | $ / shares | $ 45.07 |
Granted (in USD per share) | $ / shares | 70.39 |
RS's Vested/RSU's Issued (in USD per share) | $ / shares | 44.88 |
Forfeited (in USD per share) | $ / shares | 49.33 |
Outstanding, ending balance (in USD per share) | $ / shares | $ 55.80 |
Restricted Stock Units | |
Number of Shares | |
Outstanding, beginning balance | shares | 285,164 |
Granted | shares | 19,173 |
RS Vested/RSUs Issued | shares | (151,170) |
Forfeited | shares | 0 |
Outstanding, ending balance | shares | 153,167 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (in USD per share) | $ / shares | $ 29.95 |
Granted (in USD per share) | $ / shares | 70.99 |
RS's Vested/RSU's Issued (in USD per share) | $ / shares | 22.95 |
Forfeited (in USD per share) | $ / shares | 0.00 |
Outstanding, ending balance (in USD per share) | $ / shares | $ 42.00 |
Stock-Based Compensation Plans - Summary of Performance Unit Awards (Detail) - Performance Unit Awards |
9 Months Ended |
---|---|
Sep. 30, 2018
$ / shares
shares
| |
Number of Units | |
Outstanding, beginning balance | shares | 6,851,542 |
Granted | shares | 3,830,000 |
Vested | shares | (2,052,959) |
Forfeited | shares | (10,000) |
Outstanding, ending balance | shares | 8,618,583 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (in USD per share) | $ / shares | $ 0.81 |
Granted (in USD per share) | $ / shares | 0.83 |
Vested (in USD per share) | $ / shares | 0.95 |
Forfeited (in USD per share) | $ / shares | 0.92 |
Outstanding, ending balance (in USD per share) | $ / shares | $ 0.79 |
Commitments and Contingencies (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Pending Litigation | |
Loss Contingencies [Line Items] | |
Loss contingency, inestimable loss | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div></div> |
Commitments and Contingencies - Environmental Matters (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued liabilities for remediation | $ 104 | $ 114 |
Receivables for recoverable costs | $ 36 | $ 45 |
Commitments and Contingencies - Other Lawsuits (Details) - Pending Litigation - Emergency Pricing And Consumer Protection Laws $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Loss Contingencies [Line Items] | |
Plaintiff | Commonwealth of Kentucky |
Damages sought | $ 89 |
Loss contingency, period of occurrence | during September and October 2005 |
Commitments and Contingencies - Guarantees (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Other Guarantees | |
Loss Contingencies [Line Items] | |
Maximum potential undiscounted payments | $ 92 |
Guarantee obligations maximum exposure per event | $ 50 |
LOOP and LOCAP LLC | Guarantee of Indebtedness of Others | Financial Guarantee | |
Loss Contingencies [Line Items] | |
Line of credit facility, expiration date | Dec. 31, 2037 |
Maximum potential undiscounted payments | $ 160 |
Centennial | Guarantee of Indebtedness of Others | Financial Guarantee | |
Loss Contingencies [Line Items] | |
Maximum potential undiscounted payments | $ 22 |
Centennial | Master Shelf Agreement [Member] | Financial Guarantee | |
Loss Contingencies [Line Items] | |
Line of credit facility, expiration date | Dec. 31, 2024 |
Crowley Ocean Partners | |
Loss Contingencies [Line Items] | |
Equity method investments, ownership percentage | 50.00% |
Crowley Ocean Partners | Guarantee of Indebtedness of Others | Financial Guarantee | |
Loss Contingencies [Line Items] | |
Maximum potential undiscounted payments | $ 163 |
Crowley Ocean Partners | Guarantee of Indebtedness of Others | Financial Guarantee | Crowley Term Loan | |
Loss Contingencies [Line Items] | |
Maximum borrowing capacity | $ 325 |
Crowley Blue Water Partners | |
Loss Contingencies [Line Items] | |
Equity method investments, ownership percentage | 50.00% |
Crowley Blue Water Partners | Guarantee of Indebtedness of Others | Financial Guarantee | |
Loss Contingencies [Line Items] | |
Maximum potential undiscounted payments | $ 128 |
Marathon Oil Companies | Indemnification Agreement | |
Loss Contingencies [Line Items] | |
Guarantee obligation current carrying value | $ 3 |
Commitments and Contingencies - Contractual Commitments and Contingencies (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual commitments to acquire property, plant and equipment and advance funds to equity method investees | $ 1,030 |
Subsequent Events - Authorized Shares of MPC Common Stock (Details) - shares |
Oct. 01, 2018 |
Sep. 30, 2018 |
---|---|---|
Subsequent Event [Line Items] | ||
Shares authorized | 1,000,000,000 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Shares authorized | 2,000,000,000 |
Subsequent Events - MPC Revolving Credit Agreements (Details) $ in Millions |
Oct. 01, 2018
USD ($)
Period
|
Jul. 20, 2016
USD ($)
|
---|---|---|
Bank revolving credit facility due 2022 | ||
Subsequent Event [Line Items] | ||
Debt instrument, term | 5 years | |
Maximum borrowing capacity | $ 2,500 | |
364-day revolver due July 2018 | ||
Subsequent Event [Line Items] | ||
Debt instrument, term | 364 days | |
Maximum borrowing capacity | $ 1,000 | |
Bank revolving credit facility due 2023 | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Debt instrument, term | 5 years | |
Maximum borrowing capacity | $ 5,000 | |
Number of renewal periods | Period | 2 | |
Line of credit facility, duration of renewal period | 1 year | |
Bank revolving credit facility due 2023 | Subsequent Event | Letter of Credit | ||
Subsequent Event [Line Items] | ||
Line of credit facility, current borrowing capacity | $ 2,200 | |
Bank revolving credit facility due 2023 | Subsequent Event | Line of Credit | ||
Subsequent Event [Line Items] | ||
Line of credit facility, expiration date | Oct. 01, 2023 | |
Bank revolving credit facility due 2023 | Subsequent Event | Maximum | ||
Subsequent Event [Line Items] | ||
Line of credit facility, additional borrowing capacity | $ 1,000 | |
Bank revolving credit facility due 2023 | Subsequent Event | Maximum | Bridge Loan | ||
Subsequent Event [Line Items] | ||
Line of credit facility, current borrowing capacity | 250 | |
Bank revolving credit facility due 2023 | Subsequent Event | Maximum | Letter of Credit | ||
Subsequent Event [Line Items] | ||
Line of credit facility, current borrowing capacity | $ 3,000 | |
364-day bank revolving credit facility due September 2019 | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Debt instrument, term | 364 days | |
Maximum borrowing capacity | $ 1,000 | |
364-day bank revolving credit facility due September 2019 | Subsequent Event | Line of Credit | ||
Subsequent Event [Line Items] | ||
Line of credit facility, expiration date | Sep. 30, 2019 |
Subsequent Events - MPC Senior Notes (Details) - Subsequent Event - Andeavor - Senior Notes $ in Millions |
Oct. 01, 2018
USD ($)
|
---|---|
Subsequent Event [Line Items] | |
Long-term debt assumed | $ 3,375 |
Debt instrument, face amount | $ 2,905 |
Supplementary Statistics - Supplementary Statistics (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||||||||||||
Supplementary Statistics [Line Items] | |||||||||||||||||||
Income from operations | $ 1,403 | $ 1,577 | $ 3,554 | $ 2,850 | |||||||||||||||
Capital expenditures and investments | [1] | 945 | 761 | 2,611 | 2,150 | ||||||||||||||
Refining & Marketing | Refining Logistics & Fuels Distribution [Member] | |||||||||||||||||||
Supplementary Statistics [Line Items] | |||||||||||||||||||
Income from operations | (230) | (643) | |||||||||||||||||
Midstream | Refining Logistics & Fuels Distribution [Member] | |||||||||||||||||||
Supplementary Statistics [Line Items] | |||||||||||||||||||
Income from operations | 230 | 643 | |||||||||||||||||
Operating Segments | |||||||||||||||||||
Supplementary Statistics [Line Items] | |||||||||||||||||||
Income from operations | 1,506 | 1,660 | 3,836 | 3,166 | |||||||||||||||
Capital expenditures and investments | [2] | 917 | 729 | 2,514 | 2,058 | ||||||||||||||
Operating Segments | Refining & Marketing | |||||||||||||||||||
Supplementary Statistics [Line Items] | |||||||||||||||||||
Income from operations | 666 | [3] | 1,097 | 1,558 | [3] | 1,589 | |||||||||||||
Capital expenditures and investments | 226 | 198 | 613 | 570 | |||||||||||||||
Operating Segments | Speedway | |||||||||||||||||||
Supplementary Statistics [Line Items] | |||||||||||||||||||
Income from operations | 161 | 208 | 415 | 581 | |||||||||||||||
Capital expenditures and investments | 98 | 108 | 225 | 221 | |||||||||||||||
Operating Segments | Midstream | |||||||||||||||||||
Supplementary Statistics [Line Items] | |||||||||||||||||||
Income from operations | 679 | [3] | 355 | 1,863 | [3] | 996 | |||||||||||||
Capital expenditures and investments | 593 | 423 | 1,676 | 1,267 | |||||||||||||||
Corporate and Other | |||||||||||||||||||
Supplementary Statistics [Line Items] | |||||||||||||||||||
Income from operations | [4] | (103) | (85) | (283) | (251) | ||||||||||||||
Capital expenditures and investments | [5] | 28 | 32 | 97 | 92 | ||||||||||||||
Capitalized interest | 21 | 13 | 55 | 39 | |||||||||||||||
Segment Reconciling Items | |||||||||||||||||||
Supplementary Statistics [Line Items] | |||||||||||||||||||
Litigation | 0 | 0 | 0 | (86) | |||||||||||||||
Impairments | [6] | $ 0 | $ 2 | $ 1 | $ 21 | ||||||||||||||
|
Supplementary Statistics - Operating Statistics (Detail) bbl / d in Thousands, gal in Millions, CFPD in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
bbl / d
CFPD
Store
$ / bbl
$ / gal
gal
|
Sep. 30, 2017
USD ($)
bbl / d
CFPD
Store
$ / bbl
$ / gal
gal
|
Sep. 30, 2018
USD ($)
bbl / d
CFPD
Store
$ / bbl
$ / gal
gal
|
Sep. 30, 2017
USD ($)
bbl / d
CFPD
Store
$ / bbl
$ / gal
gal
|
|||||||||||||||||||||||||||||||
Operating Statistics [Line Items ] | ||||||||||||||||||||||||||||||||||
MPC Consolidated Refined Product Sales Volumes (thousands of barrels per day) | [1] | 2,394 | 2,357 | 2,358 | 2,272 | |||||||||||||||||||||||||||||
Speedway Operating Statistics | ||||||||||||||||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | $ | $ 19,053 | [2] | $ 53,220 | |||||||||||||||||||||||||||||||
Merchandise | ||||||||||||||||||||||||||||||||||
Speedway Operating Statistics | ||||||||||||||||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | $ | $ 1,370 | $ 3,905 | ||||||||||||||||||||||||||||||||
Refining & Marketing | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refining & Marketing refined product sales volume (thousands of barrels per day) | [3] | 2,382 | 2,357 | 2,346 | 2,263 | |||||||||||||||||||||||||||||
Export sales volume (thousands of barrels per day) | 280 | 331 | 289 | 291 | ||||||||||||||||||||||||||||||
Refining & Marketing margin (dollars per barrel) | $ / bbl | [4] | 14.25 | 14.14 | 13.48 | 12.42 | |||||||||||||||||||||||||||||
Crude oil capacity utilization percent | [5] | 97.40% | 101.50% | 96.70% | 95.80% | |||||||||||||||||||||||||||||
Refinery throughputs (thousands of barrels per day) | [6] | 2,032 | 2,017 | 1,992 | 1,917 | |||||||||||||||||||||||||||||
Sour crude oil throughput percent | 52.00% | 57.00% | 53.00% | 61.00% | ||||||||||||||||||||||||||||||
WTI-priced crude oil throughput percent | 30.00% | 23.00% | 28.00% | 20.00% | ||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [6] | 2,073 | 2,060 | 2,030 | 1,957 | |||||||||||||||||||||||||||||
Inter-refinery transfers | 54 | 80 | 53 | 74 | ||||||||||||||||||||||||||||||
Refinery direct operating costs (dollars per barrel): | ||||||||||||||||||||||||||||||||||
Planned turnaround and major maintenance | $ / bbl | [7] | 1.77 | 1.20 | 1.64 | 1.69 | |||||||||||||||||||||||||||||
Depreciation and amortization | $ / bbl | [7] | 1.29 | 1.34 | 1.31 | 1.44 | |||||||||||||||||||||||||||||
Other manufacturing | $ / bbl | [7],[8] | 3.54 | 3.83 | 3.71 | 4.10 | |||||||||||||||||||||||||||||
Total | $ / bbl | [7] | 6.60 | 6.37 | 6.66 | 7.23 | |||||||||||||||||||||||||||||
Speedway Operating Statistics | ||||||||||||||||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | $ | $ 13,573 | $ 37,485 | ||||||||||||||||||||||||||||||||
Refining & Marketing | Crude oil refined | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refinery throughputs (thousands of barrels per day) | [6] | 1,833 | 1,845 | 1,819 | 1,741 | |||||||||||||||||||||||||||||
Refining & Marketing | Other charge and blendstocks | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refinery throughputs (thousands of barrels per day) | [6] | 199 | 172 | 173 | 176 | |||||||||||||||||||||||||||||
Refining & Marketing | Gasoline | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [6] | 942 | 939 | 942 | 910 | |||||||||||||||||||||||||||||
Refining & Marketing | Distillates | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [6] | 676 | 673 | 659 | 627 | |||||||||||||||||||||||||||||
Refining & Marketing | Propane | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [6] | 40 | 38 | 37 | 35 | |||||||||||||||||||||||||||||
Refining & Marketing | Feedstocks and special products | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [6] | 313 | 298 | 294 | 285 | |||||||||||||||||||||||||||||
Refining & Marketing | Heavy fuel oil | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [6] | 29 | 45 | 30 | 36 | |||||||||||||||||||||||||||||
Refining & Marketing | Asphalt | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [6] | 73 | 67 | 68 | 64 | |||||||||||||||||||||||||||||
Refining & Marketing | Gulf Coast: | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refinery throughputs (thousands of barrels per day) | [9] | 1,354 | 1,340 | 1,308 | 1,260 | |||||||||||||||||||||||||||||
Sour crude oil throughput percent | 63.00% | 69.00% | 62.00% | 75.00% | ||||||||||||||||||||||||||||||
WTI-priced crude oil throughput percent | 17.00% | 14.00% | 15.00% | 10.00% | ||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 1,388 | 1,377 | 1,342 | 1,294 | |||||||||||||||||||||||||||||
Refinery direct operating costs (dollars per barrel): | ||||||||||||||||||||||||||||||||||
Planned turnaround and major maintenance | $ / bbl | [7] | 0.64 | 0.90 | 1.30 | 1.86 | |||||||||||||||||||||||||||||
Depreciation and amortization | $ / bbl | [7] | 1.03 | 1.05 | 1.03 | 1.15 | |||||||||||||||||||||||||||||
Other manufacturing | $ / bbl | [7],[8] | 3.20 | 3.52 | 3.43 | 3.81 | |||||||||||||||||||||||||||||
Total | $ / bbl | [7] | 4.87 | 5.47 | 5.76 | 6.82 | |||||||||||||||||||||||||||||
Refining & Marketing | Gulf Coast: | Crude oil refined | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refinery throughputs (thousands of barrels per day) | [9] | 1,150 | 1,123 | 1,121 | 1,041 | |||||||||||||||||||||||||||||
Refining & Marketing | Gulf Coast: | Other charge and blendstocks | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refinery throughputs (thousands of barrels per day) | [9] | 204 | 217 | 187 | 219 | |||||||||||||||||||||||||||||
Refining & Marketing | Gulf Coast: | Gasoline | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 567 | 538 | 557 | 525 | |||||||||||||||||||||||||||||
Refining & Marketing | Gulf Coast: | Distillates | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 442 | 438 | 421 | 393 | |||||||||||||||||||||||||||||
Refining & Marketing | Gulf Coast: | Propane | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 27 | 25 | 24 | 25 | |||||||||||||||||||||||||||||
Refining & Marketing | Gulf Coast: | Feedstocks and special products | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 314 | 326 | 301 | 310 | |||||||||||||||||||||||||||||
Refining & Marketing | Gulf Coast: | Heavy fuel oil | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 16 | 31 | 18 | 24 | |||||||||||||||||||||||||||||
Refining & Marketing | Gulf Coast: | Asphalt | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 22 | 19 | 21 | 17 | |||||||||||||||||||||||||||||
Refining & Marketing | Midwest: | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refinery throughputs (thousands of barrels per day) | [9] | 732 | 757 | 737 | 731 | |||||||||||||||||||||||||||||
Sour crude oil throughput percent | 34.00% | 38.00% | 37.00% | 41.00% | ||||||||||||||||||||||||||||||
WTI-priced crude oil throughput percent | 52.00% | 38.00% | 49.00% | 34.00% | ||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 739 | 763 | 741 | 737 | |||||||||||||||||||||||||||||
Refinery direct operating costs (dollars per barrel): | ||||||||||||||||||||||||||||||||||
Planned turnaround and major maintenance | $ / bbl | [7] | 3.74 | 1.60 | 2.13 | 1.22 | |||||||||||||||||||||||||||||
Depreciation and amortization | $ / bbl | [7] | 1.68 | 1.72 | 1.70 | 1.80 | |||||||||||||||||||||||||||||
Other manufacturing | $ / bbl | [7],[8] | 3.89 | 3.96 | 3.96 | 4.19 | |||||||||||||||||||||||||||||
Total | $ / bbl | [7] | 9.31 | 7.28 | 7.79 | 7.21 | |||||||||||||||||||||||||||||
Refining & Marketing | Midwest: | Crude oil refined | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refinery throughputs (thousands of barrels per day) | [9] | 683 | 722 | 698 | 700 | |||||||||||||||||||||||||||||
Refining & Marketing | Midwest: | Other charge and blendstocks | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refinery throughputs (thousands of barrels per day) | [9] | 49 | 35 | 39 | 31 | |||||||||||||||||||||||||||||
Refining & Marketing | Midwest: | Gasoline | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 375 | 401 | 385 | 385 | |||||||||||||||||||||||||||||
Refining & Marketing | Midwest: | Distillates | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 234 | 235 | 238 | 234 | |||||||||||||||||||||||||||||
Refining & Marketing | Midwest: | Propane | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 13 | 14 | 13 | 11 | |||||||||||||||||||||||||||||
Refining & Marketing | Midwest: | Feedstocks and special products | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 53 | 50 | 46 | 47 | |||||||||||||||||||||||||||||
Refining & Marketing | Midwest: | Heavy fuel oil | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 13 | 15 | 12 | 13 | |||||||||||||||||||||||||||||
Refining & Marketing | Midwest: | Asphalt | ||||||||||||||||||||||||||||||||||
Refining & Marketing Operating Statistics | ||||||||||||||||||||||||||||||||||
Refined product yields (thousands of barrels per day) | [9] | 51 | 48 | 47 | 47 | |||||||||||||||||||||||||||||
Speedway | ||||||||||||||||||||||||||||||||||
Speedway Operating Statistics | ||||||||||||||||||||||||||||||||||
Convenience stores at period-end | Store | 2,745 | 2,734 | 2,745 | 2,734 | ||||||||||||||||||||||||||||||
Gasoline and distillate sales (millions of gallons) | gal | 1,474 | 1,464 | 4,317 | 4,332 | ||||||||||||||||||||||||||||||
Gasoline and distillate margin (dollars per gallon) | $ / gal | [10] | 0.1651 | 0.1772 | 0.1620 | 0.1727 | |||||||||||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | $ | $ 4,895 | $ 14,070 | ||||||||||||||||||||||||||||||||
Merchandise margin (in millions) | $ | $ 384 | $ 374 | $ 1,069 | $ 1,065 | ||||||||||||||||||||||||||||||
Merchandise margin percent | 28.70% | 28.90% | 28.50% | 28.80% | ||||||||||||||||||||||||||||||
Same store gasoline sales volume (period over period) percentage | [11] | (1.20%) | (3.10%) | (1.80%) | (1.60%) | |||||||||||||||||||||||||||||
Merchandise sales excluding cigarettes (period over period) percentage | [12] | 4.90% | 0.30% | 3.40% | 1.50% | |||||||||||||||||||||||||||||
Speedway | Merchandise | ||||||||||||||||||||||||||||||||||
Speedway Operating Statistics | ||||||||||||||||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | $ | $ 1,339 | $ 1,295 | $ 3,753 | $ 3,693 | ||||||||||||||||||||||||||||||
Midstream | ||||||||||||||||||||||||||||||||||
Speedway Operating Statistics | ||||||||||||||||||||||||||||||||||
Sales and other operating revenues, including consumer excise taxes | $ | $ 585 | $ 1,665 | ||||||||||||||||||||||||||||||||
Midstream Operating Statistics | ||||||||||||||||||||||||||||||||||
Crude oil and refined product pipeline throughputs (thousands of barrels per day) | [13] | 3,829 | 3,562 | 3,694 | 3,299 | |||||||||||||||||||||||||||||
Terminal throughput (thousands of barrels per day) | 1,474 | 1,496 | 1,468 | 1,470 | ||||||||||||||||||||||||||||||
Gathering system throughput (MMcf/d) | CFPD | [14] | 4,737 | 3,729 | 4,403 | 3,415 | |||||||||||||||||||||||||||||
Natural gas processed (MMcf/d) | CFPD | [14] | 7,171 | 6,581 | 6,874 | 6,336 | |||||||||||||||||||||||||||||
C2 and NGLs fractionated (thousands barrels per day) | [14] | 488 | 397 | 451 | 384 | |||||||||||||||||||||||||||||
|
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