Variable Interest Entities

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities

Consolidated VIE

We control MPLX through our ownership of its general partner. MPLX is a VIE because the limited partners do not have substantive kick-out or participating rights over the general partner. We are the primary beneficiary of MPLX because in addition to our significant economic interest, we also have the ability, through our ownership of the general partner, to control the decisions that most significantly impact MPLX. We therefore consolidate MPLX and record a noncontrolling interest for the interest owned by the public. We also record a redeemable noncontrolling interest related to MPLX’s Series A preferred units.

The creditors of MPLX do not have recourse to MPC’s general credit through guarantees or other financial arrangements, except as noted. MPC has effectively guaranteed certain indebtedness of LOOP LLC (“LOOP”) and LOCAP LLC (“LOCAP”), in which MPLX holds an interest. See Note 22 for more information. The assets of MPLX can only be used to settle its own obligations and its creditors have no recourse to our assets, except as noted earlier.

The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets.

(Millions of dollars)	March 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	393	$	238
Receivables, less allowance for doubtful accounts	732		747
Inventories	141		148
Other current assets	64		56
Equity method investments	4,144		4,095
Property, plant and equipment, net	18,758		18,848
Goodwill	7,645		7,645
Right of use assets	274		283
Other noncurrent assets	1,627		1,664
Liabilities
Accounts payable	$	611	$	664
Payroll and benefits payable	—		4
Accrued taxes	70		67
Debt due within one year	1		988
Operating lease liabilities	45		46
Other current liabilities	308		338
Long-term debt	20,393		18,808
Deferred income taxes	13		13
Long-term operating lease liabilities	221		230
Deferred credits and other liabilities	351		366