Marathon Petroleum Reports Fourth Quarter and Full-Year Results
(Thomson Reuters ONE) -
* Strong full-year 2011 performance, with net income of $2.4 billion, or $6.67
per diluted share up from $1.74 for 2010
* Strong financial position with cash-adjusted debt-to-capital ratio of 2
percent
* Net loss of $75 million or $0.21 per diluted share for fourth quarter 2011
down from net income of $0.64 per diluted share for the fourth quarter 2010
* Detroit Heavy Oil Upgrade Project on budget and on schedule
* Company announces strategic initiatives to enhance shareholder value
FINDLAY, Ohio, Feb. 1, 2012 - Marathon Petroleum Corporation (NYSE:MPC) today
reported a fourth quarter net loss of $75 million, or $0.21 per diluted share,
compared with net income of $230 million, or $0.64 per diluted share, in the
fourth quarter of 2010.
MPC reported full-year 2011 net income of $2.39 billion, or $6.67 per diluted
share, compared with net income of $623 million, or $1.74 per diluted share, in
2010.
--------------------------------------------------------------------------------
( ) Three Months Ended Year Ended
December 31 December 31
(In millions, 2011 2010 2011 2010
except per diluted
share data)( )
--------------------------------------------------------------------------------
( )
Net income (loss) $ (75) $ 230 $ 2,389 $ 623
Adjustments for
special items (net
of taxes):
Impairments - - - 17
Pension
settlement - 3 - 3
Income tax law
changes - - 17 26
Net income (loss)
adjusted for
special items ((a)) $ (75) $ 233 $ 2,406 $ 669
--------------------------------------------------------------------------------
Net income (loss) -
per diluted share(
) $ (.21) $ 0.64 $ 6.67 $ 1.74
Adjusted net income
(loss) - per
diluted share $ (.21) $ 0.65 $ 6.72 $ 1.87
Weighted average
shares - diluted
( ) 356 358 357 358
Revenues and other
income( ) $ 19,441 $ 17,461 $ 78,759 $ 62,605
--------------------------------------------------------------------------------
a. Net income (loss) adjusted for special items is a financial measure not in
accordance with generally accepted accounting principles (GAAP) and should
not be considered a substitute for net income (loss) as determined in
accordance with accounting principles generally accepted in the United
States. See below for further discussion of net income (loss) adjusted for
special items.
"MPC performed very well financially and operationally in 2011, and also
successfully completed the spin-off from Marathon Oil Corporation on June 30.
Net income of $2.4 billion exceeded any of the previous four years," said MPC
President and Chief Executive Officer Gary R. Heminger. "Our capabilities are
built around a strategy of using our six-refinery network and logistics system
to optimize the mix of our refinery inputs and capture the highest value for the
refined products we produce in our plants.
"At the same time, 2011 was a year in which the impact of changing crude supply
patterns and the volatile nature of crude oil prices was pronounced. We saw
several factors that affected the fourth quarter to cause a small loss for MPC.
The fourth quarter 2011 results were impacted primarily by the rapid increase in
the price of West Texas Intermediate (WTI) crude oil," Heminger pointed out.
Partially offsetting the challenges in the refining business in the fourth
quarter of 2011, the company's retail segment, Speedway, performed very well.
Speedway segment income of $73 million exceeded fourth quarter 2010 by $8
million even though the fourth quarter 2010 included two months of income from
the 166 convenience stores sold Dec. 1, 2010.
"I'm very pleased with our 2011 performance," Heminger added. "In addition to
the strong financial performance, our employees maintained an excellent safety
record, and our Detroit Heavy Oil Upgrade Project (DHOUP) ended the year on
budget and slightly ahead of schedule. As we begin 2012, our first full calendar
year of operations as an independent company, we have much to be proud of and
much to look forward to, including completion of DHOUP, which represents $370
million of our planned $1.4 billion of capital spending in 2012.
"Our separate announcements earlier today of a share repurchase authorization
and plans to evaluate strategic alternatives relative to our midstream assets
further demonstrate our commitment to pursuing opportunities to create near and
long-term value for our shareholders," stated Heminger.
"Just one month after our separation from Marathon Oil and listing as a stand-
alone public company, we announced our first quarterly dividend," Heminger
added. "One quarter later, we announced our second quarterly dividend, which
included a 25 percent increase in the payout to shareholders. Today's
announcements follow that theme and are consistent with our commitment to
balance internal and external investment with return of capital and regular
sharing of the success of the business with our shareholders. We will continue
to carefully manage our liquidity and capital to support our investment-grade
credit profile, while remaining focused on the returns of our shareholders."
Segment Results
Total income from operations was a loss of $158 million in the fourth quarter
and income of $3.75 billion for the full-year 2011, compared with income of $351
million and $1.01 billion in the fourth quarter and full-year 2010,
respectively.
--------------------------------------------------------------------------------
Three Months Ended Year Ended
December 31 December 31
(In millions) 2011 2010 2011 2010
--------------------------------------------------------------------------------
Income (loss) from
Operations
Segments:
Refining & Marketing(
) $ (182) $ 303 $ 3,591 $ 800
Speedway 73 65 271 293
Pipeline
Transportation( ) 38 52 199 183
Items not allocated to
segments:
Corporate and other
unallocated items (87) (69) (316) (236)
Impairments
- - - (29)
Income (loss)
from operations $ (158) $ 351 $ 3,745 $ 1,011
--------------------------------------------------------------------------------
Refining & Marketing
Refining & Marketing segment income from operations was a loss of $182 million
in the fourth quarter and income of $3.59 billion for the full-year 2011,
compared with income of $303 million and $800 million in the fourth quarter and
full-year 2010, respectively.
The $485 million decrease in Refining & Marketing segment income from operations
in fourth quarter 2011 as compared to fourth quarter 2010 was primarily the
result of a sharply lower refining and marketing gross margin, which decreased
to $0.39 per barrel in the fourth quarter 2011 from $3.64 per barrel in the
fourth quarter 2010. The main factors contributing to the decrease in the gross
margin were unfavorable crude oil acquisition costs and lower crack spreads.
The $2.79 billion increase in Refining & Marketing segment income from
operations in 2011 as compared to 2010 was primarily the result of a higher
refining and marketing gross margin, which increased to $7.75 per barrel in
2011 from $2.81 per barrel in 2010. The main factors contributing to the
increased gross margin were favorable crude oil acquisition costs and higher
crack spreads during the first nine months of 2011. The favorable crude oil
acquisition costs resulted primarily from relatively wider differentials between
WTI and other light sweet crudes, such as Light Louisiana Sweet (LLS). In
addition, the Chicago and U.S. Gulf Coast (USGC) LLS 6-3-2-1 blended crack
spread increased in 2011 by $0.71 per barrel, compared to 2010.
As of Dec. 31, 2011, DHOUP was 85 percent complete and remains on budget and on
schedule to complete construction in the third quarter of 2012. Immediately
following the completion of construction, there will be a 70-day turnaround with
the expanded refinery anticipated to be online by year end.
--------------------------------------------------------------------------------
Three Months Ended Year Ended
December 31 December 31
(mbpd = thousand barrels 2011 2010 2011 2010
per day)
--------------------------------------------------------------------------------
Key Refining & Marketing
Statistics
Refinery throughputs
(mbpd)
Crude oil refined 1,195 1,195 1,177 1,173
Other charge & blend
stocks 176 205 181 162
Total 1,371 1,400 1,358 1,335
Refined product sales 1,611 1,675 1,581 1,573
volume (mbpd)
Refining & Marketing $ 0.39 $ 3.64 $ 7.75 $ 2.81
gross margin
($/barrel)((a))
--------------------------------------------------------------------------------
a. Sales revenue less cost of refinery inputs, purchased products and
manufacturing expenses, including depreciation and amortization, divided by
Refining & Marketing segment refined product sales volumes.
Speedway
Speedway segment income from operations was $73 million in the fourth quarter
and $271 million for full-year 2011, compared to $65 million in the fourth
quarter 2010 and $293 million for full-year 2010.
The $8 million increase in Speedway fourth quarter 2011 segment income from
operations as compared to fourth quarter 2010 was primarily the result of a
higher gasoline and distillate gross margin and a higher merchandise gross
margin. This was partially offset by the absence of income from operations
attributable to the sale of 166 convenience stores that were part of the Dec.
1, 2010 Minnesota asset disposition and by higher operating expenses. Speedway
gasoline and distillate gross margin per gallon averaged 14 cents in the fourth
quarter 2011 compared to 12.48 cents in the fourth quarter 2010.
The $22 million decrease in Speedway 2011 segment income from operations as
compared to 2010 was primarily attributable to the sale of the Minnesota assets
and increased operating expenses, partially offset by a higher gasoline and
distillate gross margin and a higher merchandise gross margin. Speedway gasoline
and distillate gross margin per gallon averaged 13.08 cents in 2011 compared to
12.07 cents in 2010.
Same-store gasoline sales volume at Speedway decreased 0.4 percent in the fourth
quarter and 1.7 percent for the full-year 2011, compared to increases of 0.9
percent in the fourth quarter and 3.0 percent for full-year 2010. Higher average
gasoline retail prices in 2011 contributed to lower overall gasoline demand and
to the decline in same-store sales volumes.
Speedway same-store merchandise sales increased 0.7 percent in the fourth
quarter and 1.1 percent for the full-year 2011, compared to increases of 3.8
percent in the fourth quarter and 4.4 percent for the full-year 2010.
--------------------------------------------------------------------------------
Three Months Ended Year Ended
December 31 December 31
2011 2010 2011 2010
--------------------------------------------------------------------------------
Key Speedway Statistics
Gasoline and distillate sales 745 800 2,938 3,300
(million gallons)
Gasoline and distillate gross $ 0.1400 $ 0.1248 $ 0.1308 $ 0.1207
margin ($/gallon)((a))
Merchandise sales (in millions) $ 721 $ 765 $ 2,924 $ 3,195
Merchandise gross margin (in $ 183 $ 189 $ 719 $ 789
millions)
Convenience stores at period 1,371 1,358
end
Same-store gasoline sales (0.4)% 0.9% (1.7)% 3.0%
volume (period over period)
Same-store merchandise sales $ 0.7% 3.8% 1.1% 4.4%
(period over period)
--------------------------------------------------------------------------------
((a)) The price paid by consumers less the cost of refined products, including
transportation and consumer excise taxes, and the cost of bankcard processing
fees, divided by gasoline and distillate sales volumes.
Pipeline Transportation
Pipeline Transportation segment income from operations of $38 million in the
fourth quarter and $199 million for full-year 2011 was $14 million lower than
the fourth quarter and $16 million higher than the full-year 2010. The decrease
in the fourth quarter 2011 compared to fourth quarter 2010 was primarily due to
a decrease in earnings from equity affiliates and higher operating costs. The
increase in full-year 2011 segment income from operations compared to 2010
primarily resulted from lower non-routine maintenance and impairment expenses,
partially offset by a reduction in equity affiliate earnings.
--------------------------------------------------------------------------------
Three Months Ended Year Ended
December 31 December 31
2011 2010 2011 2010
--------------------------------------------------------------------------------
Key Pipeline
Transportation
Statistics
Pipeline barrels
handled (mbpd)((a))
Crude oil trunk 1,137 1,185 1,184 1,204
lines
Refined product
trunk lines 1,007 1,133 1,031 968
Total 2,144 2,318 2,215 2,172
--------------------------------------------------------------------------------
((a)) On owned common carrier pipelines, excluding equity method investments.
Corporate Items
Corporate and other unallocated items increased $18 million in the fourth
quarter 2011 to $87 million and increased $80 million for full-year 2011 to $316
million, compared with the same periods of 2010. The increases are primarily
due to higher information technology, employee benefits and other administrative
expenses, partially resulting from costs associated with being a stand-alone
public company.
Strong Financial Position and Liquidity
As of Dec. 31, 2011, the company had $3.1 billion of cash and cash equivalents,
an unused $2 billion revolving credit facility and an approximately $1 billion
unused trade receivables securitization facility. The company's credit
facilities and cash position should provide the company with significant
flexibility to meet its day-to-day operational needs and continue its balanced
approach to investing in the business and returning capital to investors. As of
Dec. 31, 2011, the company's strong financial position was reflected in a cash-
adjusted debt-to-capital ratio of 2 percent.
Conference Call
At 10 a.m. EST today, MPC will hold a webcast and conference call to discuss the
earnings release and provide an update on company operations. Interested parties
may listen to the conference call on MPC's website at
http://www.marathonpetroleum.com by clicking on the "2011 Fourth Quarter
Financial Results" link. Replays of the conference call will be available on the
company's website through Wednesday, Feb. 15. Financial information, including
the earnings release and other investor-related material, will also be available
online at http://ir.marathonpetroleum.com by clicking on "Quarterly Investor
Packet."
###
About Marathon Petroleum Corporation
MPC is the nation's fifth-largest refiner with a crude capacity of approximately
1.2 million barrels per day in its six-refinery system. Marathon brand gasoline
is sold through more than 5,000 independently owned locations across 18 states.
In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's
fourth largest convenience store chain, with approximately 1,375 locations in
seven states. MPC also owns, operates, leases or has ownership interest in
approximately 9,400 miles of pipeline. MPC's fully integrated system provides
operational flexibility to move crude oil, feedstocks and petroleum-related
products efficiently through the company's distribution network in the Midwest,
Southeast and Gulf Coast regions. For additional information about the company,
please visit our website at http://www.marathonpetroleum.com.
Investor Relations Contacts:
Pamela Beall (419) 429-5640
Beth Hunter (419) 421-2559
Media Contacts:
Angelia Graves (419) 421- 2703
Robert Calmus (419) 421- 3127
In addition to net income (loss) determined in accordance with GAAP, MPC has
provided supplemental "net income (loss) adjusted for special items," a non-GAAP
financial measure that facilitates comparisons to earnings forecasts prepared by
stock analysts and other third parties. Such forecasts generally exclude the
effects of items that are considered non-recurring, are difficult to predict or
to measure in advance or that are not directly related to MPC's ongoing
operations. A reconciliation between GAAP net income (loss) and "net income
(loss) adjusted for special items" is provided in a table on page 1 of this
release. "Net income (loss) adjusted for special items" should not be considered
a substitute for net income (loss) as reported in accordance with GAAP. We
believe certain investors use "net income (loss) adjusted for special items" to
evaluate MPC's financial performance between periods. Management also uses "net
income (loss) adjusted for special items" to compare MPC's performance to
certain competitors.
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements relate to, among other things, MPC's current expectations, estimates
and projections concerning MPC business and operations. You can identify
forward-looking statements by words such as "anticipate," "believe," "estimate,"
"expect," "forecast," "project," "could," "may," "should," or "would" or other
similar expressions that convey the uncertainty of future events or outcomes.
Such forward-looking statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors, some of which are beyond the
company's control and are difficult to predict. Factors that could cause actual
results to differ materially from those in the forward-looking statements
include: further volatility in and/or degradation of market and industry
conditions; the availability and pricing of crude oil and other feedstocks;
slower growth in domestic and Canadian crude supply; completion of pipeline
capacity to areas outside the U.S. Midwest; consumer demand for refined
products; changes in governmental regulations; transportation logistics; the
availability of materials and labor, delays in obtaining necessary third-party
approvals, and other risks customary to construction projects; the reliability
of processing units and other equipment; our ability to successfully implement
growth opportunities; impacts from our repurchases of shares of MPC common stock
under our stock repurchase program, including the timing and amounts of any
common stock repurchases; the risk that the midstream asset evaluation may not
result in the pursuit or consummation of any transaction; other risk factors
inherent to our industry; and the factors set forth under the heading "Risk
Factors" in MPC's Registration Statement on Form 10 filed with the Securities
and Exchange Commission (the "SEC"). In addition, the forward-looking statements
included herein could be affected by general domestic and international economic
and political conditions. Unpredictable or unknown factors not discussed here or
in MPC's Form 10 could also have material adverse effects on forward-looking
statements. Copies of MPC's Form 10 are available on the SEC website, at
http://www.marathonpetroleum.com or by contacting MPC's Investor Relations
Office.
Consolidated Three Months Ended
Statements of
Income (Unaudited)
Year Ended
December 31 December 31
(In millions, 2011 2010 2011 2010
except per share
data)
--------------------------------------------------------------------------------
Revenues and other
income:
Sales and other
operating revenues
(including
consumer excise
taxes) $ 19,418 $ 17,417 $ 78,583 $ 62,387
Sales to related
parties 2 16 55 100
Income from
equity method
investments 9 14 50 70
Net gain on
disposal of assets 2 3 12 11
Other income 10 11 59 37
Total
revenues and other
income 19,441 17,461 78,759 62,605
Costs and
expenses:
Cost of revenues
(excludes items
below) 17,641 14,362 65,748 51,685
Purchases from
related parties 70 876 1,916 2,593
Consumer excise
taxes 1,307 1,337 5,114 5,208
Depreciation and
amortization 230 218 891 941
Selling, general
and administrative
expenses 302 260 1,106 920
Other taxes 49 57 239 247
Total costs
and expenses 19,599 17,110 75,014 61,594
Income (loss) from
operations (158) 351 3,745 1,011
Related party
net interest and
other financial
income - 13 35 24
Net interest and
other financial
income (costs) (22) (3) (61) (12)
Income (loss)
before income
taxes (180) 361 3,719 1,023
Provision
(benefit) for
income taxes (105) 131 1,330 400
Net income (loss) $ (75) $ 230 $ 2,389 $ 623
--------------------------------------------------------------------------------
Per share data
Basic:
Net income
(loss) $ (0.21) $ 0.64 $ 6.70 $ 1.75
Diluted:
Net income
(loss) $ (0.21) $ 0.64 $ 6.67 $ 1.74
Dividends paid $ 0.25 $ - $ 0.45 $ -
--------------------------------------------------------------------------------
Weighted average
shares:( (a))
Basic 356 356 356 356
Diluted 356 358 357 358
--------------------------------------------------------------------------------
((a) ) For comparative purposes, it has been assumed that the 356 million
(basic) and 358 million (diluted) shares outstanding as of the June 30, 2011
spin-off date were also outstanding for each of the periods presented prior to
the spin-off date.
--------------------------------------------------------------------------------
Supplemental Statistics
(Unaudited)
( )
( ) Three Months Ended Year Ended
December 31 December 31
( )(Dollars in 2011 2010 2011 2010
millions)
--------------------------------------------------------------------------------
( )
Income (loss) from
Operations ( )
Segments:
Refining & $ $
Marketing( ) $ (182) 303 $ 3,591 800
Speedway( ) 73 65 271 293
Pipeline
Transportation( ) 38 52 199 183
Items not allocated to
segments:
Corporate and other
unallocated items (87) (69) (316) (236)
Impairments - - - (29)
Income (loss) from
operations (158) 351 3,745 1,011
Net interest and other
financial income (costs) (22) 10 (26) 12
Income (loss) before
income taxes (180) 361 3,719 1,023
Income tax provision
(benefit) (105) 131 1,330 400
$ $
Net income (loss) $ (75) 230 $ 2,389 623
( )
Capital Expenditures and
Investments((a))( )
Refining & Marketing( $ $
) $ 300 248 $ 900 961
Speedway( )((b))( ) 43 51 164 84
Pipeline
Transportation( ) 52 9 121 24
Other ((c))( ) 34 29 138 104
$ $
Total( ) $ 429 337 $ 1,323 1,173
--------------------------------------------------------------------------------
a. Capital expenditures include changes in capital accruals.
b. Includes $74 million acquisition of 23 convenience stores in May 2011.
c. Includes capitalized interest.
--------------------------------------------------------------------------------
Supplemental Statistics
(Unaudited) (continued)
( ) Three Months Ended Year Ended
December 31 December 31
2011 2010 2011 2010
--------------------------------------------------------------------------------
( )
MPC Consolidated Refined
Product Sales 1,630 1,691 1,599 1,585
Volumes (thousand
barrels per day
("mbpd"))((a))
Refining & Marketing
("R&M") Operating
Statistics
Refinery throughputs
(mbpd):
Crude oil refined( ) 1,195 1,195 1,177 1,173
Other charge and blend
stocks( ) 176 205 181 162
Total( ) 1,371 1,400 1,358 1,335
Crude oil capacity
utilization %((b)) 105 103 103 99
Refined product yields
(mbpd): ( )
Gasoline( ) 754 786 739 726
Distillates( ) 462 461 433 409
Propane( ) 26 25 25 24
Feedstocks and special
products( ) 80 62 109 97
Heavy fuel oil( ) 24 22 21 24
Asphalt( ) 53 68 56 76
Total( ) 1,399 1,424 1,383 1,356
R&M refined products
sales volumes
(mbpd)((c))( ) 1,611 1,675 1,581 1,573
R&M gross margin $
($/barrel)((d))( ) $ 0.39 $ 3.64 $ 7.75 2.81
Direct operating costs in
R&M gross margin
($/barrel)((e)):
Planned turnaround and $
major maintenance $ 0.87 $ 0.99 $ 0.78 1.19
Depreciation and
amortization 1.30 1.21 1.29 1.32
Other
manufacturing((f)) 3.10 2.91 3.16 3.32
$
Total $ 5.27 $ 5.11 $ 5.23 5.83
Speedway Operating
Statistics( )
Convenience stores( )at
period end 1,371 1,358
Gasoline and
distillates sales
(million gallons)( ) 745 800 2,938 3,300
Gasoline and
distillates gross margin
($/gallon)((g))( ) $ 0.1400 $ 0.1248 $ 0.1308 $ 0 .1207
Merchandise sales ($ $
millions)( ) $ 721 $ 765 $ 2,924 3,195
Merchandise gross $
margin ($ millions)( ) $ 183 $ 189 $ 719 789
Pipeline Transportation
Operating Statistics
Pipeline barrels handled
(mbpd)((h)):
Crude oil trunk lines 1,137 1,185 1,184 1,204
Refined product trunk
lines 1,007 1,133 1,031 968
Total 2,144 2,318 2,215 2,172
--------------------------------------------------------------------------------
a. Total average daily volumes of refined product sales to wholesale, branded
and retail (Speedway segment) customers.
b. Based on calendar day capacity.
c. Includes intersegment sales.
d. Sales revenue less cost of refinery inputs, purchased products and
manufacturing expenses, including depreciation and amortization, divided by
R&M segment refined product sales volumes.
e. Per barrel of total refinery throughputs.
f. Includes utilities, labor, routine maintenance and other operating costs.
g. The price paid by consumers less the cost of refined products, including
transportation and consumer excise taxes, and the cost of bankcard
processing fees, divided by gasoline and distillate sales volumes.
h. On owned common carrier pipelines, excluding equity method investments.
--------------------------------------------------------------------------------
Segment Earnings Before Interest, Taxes, Depreciation & Amortization (Segment
EBITDA)
((Unaudited) ) Three Months Ended Year Ended
December 31 December 31
( )(Dollars in 2011 2010 2011 2010
millions)
--------------------------------------------------------------------------------
( )
Segment EBITDA( (a))
Refining & Marketing( $
) 2 $ 481 $ 4,309 $ 1,539
Speedway( ) 101 93 381 404
Pipeline
Transportation( ) 49 64 244 245
Total Segment
EBITDA((a)) 152 638 4,934 2,188
Total segment
depreciation &
amortization 223 218 873 912
Items not allocated to
segments:
Corporate and other
unallocated items (87) (69) (316) (236)
Impairments - - - (29)
Income (loss) from
operations ( ) (158) 351 3,745 1,011
Net interest and other
financial income
(costs) (22) 10 (26) 12
Income (loss) before
income taxes (180) 361 3,719 1,023
Income tax provision
(benefit) (105) 131 1,330 400
Net (loss) income $ (75) $ 230 $ 2,389 $ 623
--------------------------------------------------------------------------------
a. Segment EBITDA represents segment earnings before interest and financing
costs, interest income, income taxes and depreciation and amortization
expense. Segment EBITDA is used by some investors and analysts to analyze
and compare companies on the basis of operating performance. Segment EBITDA
should not be considered as an alternative to net income (loss), income
(loss) before income taxes, cash flows from operating activities or any
other measure of financial performance presented in accordance with
accounting principles generally accepted in the United States. Segment
EBITDA may not be comparable to similarly titled measures used by other
entities.
-----------------------------------------------------------------------------
Select Balance Sheet Data (Unaudited)
December 31, September 30,
(Dollars in millions)( ) 2011 2011
-----------------------------------------------------------------------------
( )
Total debt((a))( ) $ 3,307 $ 3,299
Cash and cash equivalents 3,079 2,957
Debt minus cash $ 228 $ 342
Stockholders' equity $ 9,505 $ 10,049
Cash-adjusted debt-to-capital ratio 2% 3%
((a)) Includes long-term debt due within one year.
()
Marathon Petroleum Reports Fourth Quarter and Full-Year Results:
http://hugin.info/147922/R/1581644/494061.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Marathon Petroleum Company via Thomson Reuters ONE
[HUG#1581644]
Unternehmensinformation / Kurzprofil:
Datum: 01.02.2012 - 13:21 Uhr
Sprache: Deutsch
News-ID 110508
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contact information:
Town:
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Kategorie:
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