mpc-20220802
0001510295false00015102952022-08-022022-08-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 8-K
_____________________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 2, 2022
_____________________________________________
Marathon Petroleum Corporation
(Exact name of registrant as specified in its charter)
_____________________________________________
Delaware 001-35054 27-1284632
(State or other jurisdiction
of incorporation)		 (Commission File Number) (IRS Employer
Identification No.)

539 South Main Street, Findlay, Ohio 45840
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (419) 422-2121
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol(s)		Name of each exchange on which registered
Common Stock, par value $.01MPCNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐




Item 2.02Results of Operations and Financial Condition
On August 2, 2022, Marathon Petroleum Corporation issued a press release announcing its financial results for the quarter ended June 30, 2022. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Information in this Item 2.02 and Exhibit 99.1 of Item 9.01 below shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.
Item 9.01Financial Statements and Exhibits
(d) Exhibits.

Exhibit Number
 Description
 Press Release issued by Marathon Petroleum Corporation on August 2, 2022
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Marathon Petroleum Corporation
Date: August 2, 2022By:/s/ C. Kristopher Hagedorn
Name: C. Kristopher Hagedorn
Title: Senior Vice President and Controller


Exhibit 99.1
Marathon Petroleum Corp. Reports Second-Quarter 2022 Results
•Net income attributable to MPC of $5.9 billion, or $10.95 per diluted share; reported adjusted net income of $5.7 billion, or $10.61 per diluted share
•Adjusted EBITDA of $9.1 billion, as the refining system ran at full utilization to meet demand
•Maintaining focus on low-cost culture and improving commercial performance
•Published annual Sustainability and Climate Perspectives reports, demonstrating continued progress toward goals

FINDLAY, Ohio, Aug. 2, 2022 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $5.9 billion, or $10.95 per diluted share, for the second quarter of 2022, compared with net income attributable to MPC of $8.5 billion, or $13.00 per diluted share, for the second quarter of 2021.
Adjusted net income was $5.7 billion, or $10.61 per diluted share, for the second quarter of 2022. This compares to adjusted net income of $437 million, or $0.67 per diluted share, for the second quarter of 2021. Adjusted results for these periods exclude net pre-tax benefits of $238 million and $11.6 billion, for the second-quarter 2022 and second-quarter 2021, respectively. Adjustments are shown in the accompanying release tables.
Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $9.1 billion in the second quarter of 2022, compared with $2.2 billion for the second quarter of 2021.
“We accomplished a lot during the quarter,” said President and Chief Executive Officer Michael J. Hennigan. “Our team delivered on supplying products to meet strong market demand. Utilizing the proceeds from the Speedway divestiture, we have completed approximately $12 billion of our $15 billion return of capital program. We also recently published our annual Sustainability and Climate reports, which highlight the progress we have made across our sustainability commitments.”


1


Results from Operations
Adjusted EBITDA from Continuing and Discontinued Operations (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)
2022202120222021
Refining & Marketing Segment
Segment income (loss) from operations$7,134 $224 $7,902 $(374)
Add: Depreciation and amortization
475 466 936 944 
Refining planned turnaround costs
151 61 296 173 
Storm impacts— — — 31 
Refining & Marketing segment adjusted EBITDA
7,760 751 9,134 774 
Midstream Segment
Segment income from operations1,126 977 2,198 1,949 
Add: Depreciation and amortization
330 331 661 665 
Storm impacts— — — 16 
Midstream segment adjusted EBITDA
1,456 1,308 2,859 2,630 
Subtotal
9,216 2,059 11,993 3,404 
Corporate
(170)(180)(321)(337)
Add: Depreciation and amortization
14 31 27 63 
Adjusted EBITDA from continuing operations
$9,060 $1,910 $11,699 $3,130 
Speedway
Speedway
$— $283 $— $613 
Add: Depreciation and amortization
— 1 — 3 
Adjusted EBITDA from discontinued operations
$— $284 $— $616 
Adjusted EBITDA from continuing and discontinued operations
$9,060 $2,194 $11,699 $3,746 

Refining & Marketing (R&M)
Segment adjusted EBITDA was $7.8 billion in the second quarter of 2022, versus $751 million for the second quarter of 2021. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $151 million in the second quarter of 2022 and $61 million in the second quarter of 2021. The increase in segment adjusted EBITDA was driven by higher margins and throughput in all regions.
R&M margin was $37.54 per barrel for the second quarter of 2022, versus $12.45 per barrel for the second quarter of 2021. Crude capacity utilization was approximately 100%, resulting in total throughput of 3.1 million barrels per day for the second quarter of 2022. This compares to crude capacity utilization of approximately 94% for the second quarter of 2021, which resulted in total throughput of 2.9 million barrels per day.
Midstream
Segment adjusted EBITDA was $1.5 billion in the second quarter of 2022, versus $1.3 billion for the second quarter of 2021.

2


Corporate and Items Not Allocated
Corporate expenses totaled $170 million in the second quarter of 2022, compared with $180 million in the second quarter of 2021.
In the second quarter of 2022, items not allocated to segments includes a $238 million benefit related to changes in RVO requirements for 2020 and 2021.
Speedway
This business was sold on May 14, 2021. Historic results are reported as discontinued operations.
Financial Position, Liquidity, and Return of Capital
As of June 30, 2022, MPC had $13.3 billion of cash, cash equivalents, and short-term investments and $5 billion available on its bank revolving credit facility. Effective July 7, 2022, the company entered into a new $5 billion five-year bank revolving credit facility to replace its previously existing credit facility that was scheduled to expire in October 2023. MPC debt at the end of the second quarter of 2022 totaled $7.0 billion, excluding MPLX debt. MPC’s gross debt-to-capital ratio, excluding MPLX debt, was 21% at the end of the second quarter of 2022.
Since the last earnings call, the company repurchased approximately $4.1 billion of company shares, and as of July 31, 2022, has completed approximately $12.1 billion of its previously committed $15 billion capital return program.
As MPC approaches completing its $15 billion capital return program with the proceeds of the Speedway sale, its Board of Directors has approved a separate and incremental $5 billion share repurchase authorization. This authorization has no expiration date. The timing and amount of repurchases, if any, will depend upon several factors, including market and business conditions, and repurchases may be initiated, suspended or discontinued at any time. MPC may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases, tender offers, or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans.
Strategic and Operations Update
On the Martinez Renewable Fuels Project, the Final Environmental Impact Report was certified on May 3, 2022. On July 22, 2022, the Bay Area Air Quality Management District air quality permit for Martinez was posted, commencing a 30-day public comment period. The first phase of the facility is currently targeted to be mechanically complete by year-end 2022. Initial production capacity is expected to be 260 million gallons per year of renewable fuels. Pretreatment capabilities are expected to come online in the second half of 2023 and the facility is expected to be capable of producing 730 million gallons per year by the end of 2023. The expected and targeted timelines for achieving these production capacities are dependent upon the timing of obtaining the air quality permit for the facility.
The Midstream segment remains focused on executing the strategic priorities of strict capital discipline, embedding a low-cost culture, and optimizing the portfolio. MPLX continues to evaluate opportunities to expand its logistics to meet the needs of today and participate in an energy-diverse future.
During the quarter, the company published both its annual Sustainability and Climate-Related Scenarios reports. The reports are available on the company’s website at www.marathonpetroleum.com.

3


Third Quarter 2022 Outlook
Refining & Marketing Segment:
Refining operating costs per barrel(a)
$5.50 
Distribution costs (in millions)$1,300 
Refining planned turnaround costs (in millions)$400 
Depreciation and amortization (in millions)$460 
Refinery throughputs (mbpd):
    Crude oil refined2,705 
    Other charge and blendstocks200 
        Total2,905 
Corporate (in millions)$170 
(a)Excludes refining planned turnaround and depreciation and amortization expense

Conference Call
At 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC’s website at www.marathonpetroleum.com. A replay of the webcast will be available on the company’s website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.

###

About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation’s largest refining system. MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President
Brian Worthington, Manager
Kenan Kinsey, Analyst

Media Contact: (419) 421-3312
Jamal Kheiry, Communications Manager




4


References to Earnings and Defined Terms
References to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC’s share after excluding amounts attributable to noncontrolling interests.
Forward-Looking Statements
This press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, operating cost reduction objectives, and environmental, social and governance (“ESG”) goals and targets, including those related to greenhouse gas emissions, diversity and inclusion and ESG reporting. You can identify forward-looking statements by words such as “anticipate,” “believe,” “commitment,” “could,” “design,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,“ “policy,” “position,” “potential,” “predict,” “priority,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “target,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC’s actual results to differ materially from those implied in the forward-looking statements include but are not limited to: the continuance or escalation of the military conflict between Russia and Ukraine and related sanctions and market disruptions; general economic, political or regulatory developments, including inflation, and changes in governmental policies relating to refined petroleum products, crude oil, natural gas or NGLs, or taxation; the magnitude, duration and extent of future resurgences of the COVID-19 pandemic and its effects; the regional, national and worldwide demand for refined products and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, NGLs and other feedstocks and related pricing differentials; the success or timing of completion of ongoing or anticipated projects or transactions, including the conversion of the Martinez Refinery to a renewable fuels facility and joint venture with Neste, and the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete such projects or consummate such transactions within the expected timeframe if at all; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles, achieve our ESG goals and targets and realize the expected benefits thereof; accidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading “Risk Factors” in MPC’s and MPLX’s Annual Reports on Form 10-K for the year ended Dec. 31, 2021, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.

5


Consolidated Statements of Income (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions, except per-share data)
2022202120222021
Revenues and other income:
   Sales and other operating revenues$53,795 $29,615 $91,853 $52,326 
 Income from equity method investments147 93 289 184 
 Net gain on disposal of assets39 — 21 3 
   Other income257 119 459 196 
       Total revenues and other income54,238 29,827 92,622 52,709 
Costs and expenses:
   Cost of revenues (excludes items below)44,207 27,177 79,275 48,261 
   Depreciation and amortization819 871 1,624 1,715 
   Selling, general and administrative expenses694 625 1,297 1,200 
   Other taxes190 189 382 351 
       Total costs and expenses45,910 28,862 82,578 51,527 
Income from continuing operations8,328 965 10,044 1,182 
Net interest and other financial costs312 372 574 725 
Income from continuing operations before income taxes8,016 593 9,470 457 
Provision for income taxes on continuing operations1,799 5 2,081 39 
Income from continuing operations, net of tax6,217 588 7,389 418 
Income from discontinued operations, net of tax— 8,214 — 8,448 
Net income6,217 8,802 7,389 8,866 
Less net income attributable to:
Redeemable noncontrolling interest21 21 42 41 
Noncontrolling interests323 269 629 555 
Net income attributable to MPC$5,873 $8,512 $6,718 $8,270 
Per share data
Basic:
Continuing operations$11.03 $0.46 $12.24 $(0.27)
Discontinued operations— 12.63 — 12.98 
Net income per share$11.03 $13.09 $12.24 $12.71 
  Weighted average shares outstanding (in millions)532 650 549 651 
Diluted:
Continuing operations$10.95 $0.45 $12.15 $(0.27)
Discontinued operations— 12.55 — 12.98 
Net income per share$10.95 $13.00 $12.15 $12.71 
Weighted average shares outstanding (in millions)536 654 553 651 



6


Income Summary for Continuing Operations (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2022202120222021
Refining & Marketing$7,134 $224 $7,902 $(374)
Midstream1,126 977 2,198 1,949 
Corporate(170)(180)(321)(337)
Income from continuing operations before items not allocated to segments8,090 1,021 9,779 1,238 
Items not allocated to segments:
      Impairment and idling expenses— (56)— (56)
      Renewable volume obligation requirements238 — 238 — 
      Litigation— — 27 — 
Income from continuing operations$8,328 $965 $10,044 $1,182 

Income Summary for Discontinued Operations (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2022202120222021
Speedway$— $283 $— $613 
Gain on sale of assets— 11,682 — 11,682 
Transaction-related costs— (23)— (46)
Income from discontinued operations$— $11,942 $— $12,249 

Capital Expenditures and Investments (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2022202120222021
Refining & Marketing$315 $176 $559 $310 
Midstream222 178 505 316 
Corporate(a)
40 39 86 74 
Speedway— 74 — 177 
Total$577 $467 $1,150 $877 
(a)Includes capitalized interest of $25 million, $16 million, $48 million and $30 million for the second quarter 2022, the second quarter 2021, the first six months of 2022 and the first six months of 2021, respectively.


7


Refining & Marketing Operating Statistics (unaudited)

Dollar per Barrel of Net Refinery ThroughputThree Months Ended 
June 30,		Six Months Ended 
June 30,
2022202120222021
Refining & Marketing margin(a)
$37.54 $12.45 $26.93 $11.37 
Less:
Refining operating costs, excluding storm impacts(b)
5.19 4.59 5.20 4.86 
Distribution costs(c)
4.76 5.04 4.77 5.11 
Other (income) loss(d)
(0.20)(0.08)(0.14)(0.18)
Refining & Marketing adjusted EBITDA27.79 2.90 17.10 1.58 
Less:
Storm impacts on refining operating cost(e)
— — — 0.06 
Refining planned turnaround costs0.54 0.24 0.56 0.35 
Depreciation and amortization1.70 1.80 1.75 1.93 
Refining & Marketing income (loss) from operations$25.55 $0.86 $14.79 $(0.76)
Fees paid to MPLX included in distribution costs above$3.30 $3.33 $3.38 $3.49 
(a)Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.
(b)Excludes refining planned turnaround and depreciation and amortization expense.
(c)Excludes depreciation and amortization expense.
(d)Includes income (loss) from equity method investments, net gain (loss) on disposal of assets and other income.
(e)A storm in the first quarter of 2021 resulted in higher costs, including maintenance and repairs.


8



Refining & Marketing - Supplemental Operating DataThree Months Ended 
June 30,		Six Months Ended 
June 30,
2022202120222021
Refining & Marketing refined product sales volume (mbpd)(a)
3,615 3,489 3,455 3,279 
Crude oil refining capacity (mbpcd)(b)
2,887 2,874 2,887 2,874 
Crude oil capacity utilization (percent)(b)
100 94 96 89 
Refinery throughputs (mbpd):
    Crude oil refined2,896 2,713 2,761 2,548 
    Other charge and blendstocks173 141 191 162 
Net refinery throughput3,069 2,854 2,952 2,710 
Sour crude oil throughput (percent)48 48 47 48 
Sweet crude oil throughput (percent)52 52 53 52 
Refined product yields (mbpd):
    Gasoline1,536 1,436 1,510 1,380 
    Distillates1,123 984 1,051 933 
    Propane74 54 71 50 
    NGLs and petrochemicals224 301 193 262 
    Heavy fuel oil54 27 70 31 
    Asphalt91 91 89 94 
        Total3,102 2,893 2,984 2,750 
Inter-region refinery transfers excluded from throughput and yields above (mbpd) 76 69 68 52 
(a)Includes intersegment sales.
(b)Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities. Excludes idled Martinez and Gallup facilities and our Dickinson plant in renewable diesel service.

Refining & Marketing - Supplemental Operating Data by Region (unaudited)
The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the refining operating costs, refining planned turnaround costs and refining depreciation and amortization for the regions, as shown in the tables below, is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes).
Refining operating costs exclude refining planned turnaround costs, refining depreciation and amortization expense and the estimated 2021 storm impacts.

Gulf Coast RegionThree Months Ended 
June 30,		Six Months Ended 
June 30,
2022202120222021
Dollar per barrel of refinery throughput:
Refining & Marketing margin$35.60 $9.63 $26.61 $9.40 
Refining operating costs3.90 3.65 4.18 3.92 
Refining planned turnaround costs0.60 0.32 0.69 0.64 
Refining depreciation and amortization1.30 1.40 1.35 1.50 

9


Gulf Coast RegionThree Months Ended 
June 30,		Six Months Ended 
June 30,
2022202120222021
Refinery throughputs (mbpd):
    Crude oil refined1,209 1,074 1,114 1,000 
    Other charge and blendstocks148 108 148 106 
Gross refinery throughput1,357 1,182 1,262 1,106 
Sour crude oil throughput (percent)58 63 57 62 
Sweet crude oil throughput (percent)42 37 43 38 
Refined product yields (mbpd):
    Gasoline653 523 624 507 
    Distillates504 401 440 375 
    Propane42 26 41 24 
    NGLs and petrochemicals129 237 115 203 
    Heavy fuel oil34 7 45 5 
    Asphalt19 16 20 21 
        Total1,381 1,210 1,285 1,135 
Inter-region refinery transfers included in throughput and yields above (mbpd)46 37 37 26 

Mid-Continent RegionThree Months Ended 
June 30,		Six Months Ended 
June 30,
2022202120222021
Dollar per barrel of refinery throughput:
Refining & Marketing margin$37.30 $14.30 $25.18 $12.40 
Refining operating costs4.96 4.00 4.80 4.32 
Refining planned turnaround costs0.46 0.20 0.37 0.17 
Refining depreciation and amortization1.50 1.53 1.55 1.64 
Refinery throughputs (mbpd):
    Crude oil refined1,164 1,150 1,135 1,081 
    Other charge and blendstocks62 49 65 53 
Gross refinery throughput1,226 1,199 1,200 1,134 
Sour crude oil throughput (percent)26 27 27 27 
Sweet crude oil throughput (percent)74 73 73 73 
Refined product yields (mbpd):
    Gasoline619 624 622 596 
    Distillates433 406 424 386 
    Propane21 21 21 19 
    NGLs and petrochemicals63 69 51 55 
    Heavy fuel oil20 13 16 12 
    Asphalt71 74 69 73 
        Total1,227 1,207 1,203 1,141 
Inter-region refinery transfers included in throughput and yields above (mbpd)8 8 9 8 

10


West Coast RegionThree Months Ended 
June 30,		Six Months Ended 
June 30,
2022202120222021
Dollar per barrel of refinery throughput:
Refining & Marketing margin$42.78 $14.43 $31.53 $13.30 
Refining operating costs8.08 7.36 7.73 7.51 
Refining planned turnaround costs0.53 0.11 0.58 0.11 
Refining depreciation and amortization1.41 1.36 1.38 1.57 
Refinery throughputs (mbpd):
    Crude oil refined523 489 512 467 
    Other charge and blendstocks39 53 46 55 
Gross refinery throughput562 542 558 522 
Sour crude oil throughput (percent)72 66 71 69 
Sweet crude oil throughput (percent)28 34 29 31 
Refined product yields (mbpd):
    Gasoline289 289 291 277 
    Distillates197 177 193 172 
    Propane11 7 9 7 
    NGLs and petrochemicals39 51 35 46 
    Heavy fuel oil33 20 36 24 
    Asphalt1 1 — — 
        Total570 545 564 526 
Inter-region refinery transfers included in throughput and yields above (mbpd)22 24 22 18 

Midstream Operating Statistics (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
2022202120222021
Pipeline throughputs (mbpd)(a)
6,012 5,674 5,719 5,448 
Terminal throughput (mbpd)3,101 2,986 3,021 2,801 
Gathering system throughput (million cubic feet per day)(b)
5,626 5,077 5,452 5,081 
Natural gas processed (million cubic feet per day)(b)
8,476 8,372 8,372 8,371 
C2 (ethane) + NGLs fractionated (mbpd)(b)
536 545 531 552 
(a)Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.
(b)Includes amounts related to unconsolidated equity method investments on a 100% basis.


11


Select Financial Data (unaudited)
June 30, 
2022		March 31, 
2022
(In millions)
Cash and cash equivalents
$
9,078 
$
7,148 
Short-term investments4,241 3,449 
MPC debt
6,999 6,953 
MPLX debt
19,775 19,756 
Total consolidated debt(a)
26,774 26,709 
Redeemable noncontrolling interest
965 965 
Equity
32,704 30,334 
Shares outstanding
513 545 
(a)    Net of unamortized debt issuance costs and unamortized premium/discount, net.

Non-GAAP Financial Measures
Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because, when reconciled to their most comparable GAAP financial measures, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. The non-GAAP financial measures we use are as follows:
Adjusted Net Income Attributable to MPC
Adjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance and that their exclusion results in an important measure of our ongoing financial performance to better assess our underlying business results and trends.
Adjusted Diluted Earnings Per Share
Adjusted diluted earnings per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.

12


Reconciliation of Net Income Attributable to MPC to Adjusted Net Income Attributable to MPC (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)
2022202120222021
Net income attributable to MPC$5,873 $8,512 $6,718 $8,270 
Pre-tax adjustments:
Gain on Speedway sale— (11,682)— (11,682)
Renewable volume obligation requirements(238)— (238)— 
Impairments— 56 — 56 
Pension settlement— 49 — 49 
Transaction-related costs— 23 — 46 
Storm impacts— — — 47 
Tax impact of adjustments(a)
52 3,497 52 3,543 
Non-controlling interest impact of adjustments
— (18)— (24)
Adjusted net income attributable to MPC$5,687 $437 $6,532 $305 
Diluted income per share$10.95 $13.00 $12.15 $12.71 
Adjusted diluted income per share(b)
$10.61 $0.67 $11.81 $0.47 
(a)Income taxes for the three and six months ended June 30, 2022 was calculated by applying a combined federal and state tax rate of 22% to the pre-tax adjustments. Income taxes for adjusted earnings for the three and six months ended June 30, 2021 was calculated by applying a combined federal and state statutory tax rate of 24% to the adjusted pre-tax loss. The corresponding adjustments to reported income taxes are shown in the table above.
(b)Weighted average diluted shares used for the adjusted net loss per share calculations do not assume the conversion of share-based awards, as the effect would be anti-dilutive.

Adjusted EBITDA
Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.
Adjusted EBITDA should not be considered as a substitute for, or superior to income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.






13


Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA from Continuing Operations (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)
2022202120222021
Net income attributable to MPC$5,873 $8,512 $6,718 $8,270 
Net income attributable to noncontrolling interests344 290 671 596 
Income from discontinued operations, net of tax
— (8,214)— (8,448)
Provision for income taxes on continuing operations1,799 5 2,081 39 
Net interest and other financial costs
312 372 574 725 
Depreciation and amortization
819 871 1,624 1,715 
Refining planned turnaround costs
151 61 296 173 
Storm impacts
— — — 47 
Renewable volume obligation requirements(238)— (238)— 
Litigation
— — (27)— 
Impairments
— 13 — 13 
Adjusted EBITDA from continuing operations
$9,060 $1,910 $11,699 $3,130 

Reconciliation of Income from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2022202120222021
Income from discontinued operations, net of tax$— $8,214 $— $8,448 
Provision for income taxes— 3,726 — 3,795 
Net interest and other financial costs— 2 — 6 
Depreciation and amortization— 1 — 3 
Gain on sale of assets— (11,682)— (11,682)
Transaction-related costs— 23 — 46 
Adjusted EBITDA from discontinued operations$— $284 $— $616 


14


Refining & Marketing Margin
Refining margin is defined as sales revenue less the cost of refinery inputs and purchased products.
Reconciliation of Refining & Marketing Income (Loss) from Operations to Refining & Marketing Gross Margin and Refining & Marketing Margin (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2022202120222021
Refining & Marketing income (loss) from operations$7,134 $224 $7,902 $(374)
Plus (Less):
Selling, general and administrative expenses574 499 1,082 955 
Income from equity method investments(6)(14)(18)(19)
Net gain on disposal of assets(37)— (37)(3)
Other income(234)(89)(415)(143)
Refining & Marketing gross margin7,431 620 8,514 416 
Plus (Less):
Operating expenses (excluding depreciation and amortization)2,554 2,305 4,943 4,580 
Depreciation and amortization475 466 936 944 
Gross margin excluded from and other income included in Refining & Marketing margin(a)
71 (116)85 (295)
Other taxes included in Refining & Marketing margin(49)(42)(92)(66)
Refining & Marketing margin$10,482 $3,233 $14,386 $5,579 
Refining & Marketing margin by region:
Gulf Coast$4,244 $1,003 $5,897 $1,837 
Mid-Continent4,135 1,550 5,428 2,528 
West Coast2,103 680 3,061 1,214 
Refining & Marketing margin$10,482 $3,233 $14,386 $5,579 
(a)Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income.

15