Marathon Petroleum Corporation Reports Second-Quarter 2015 Results
(Thomson Reuters ONE) -
* Reported second-quarter earnings of $826 million ($1.51 per diluted share)
* Converted more than half of the 1,245 new retail sites to the Speedway brand
since acquisition
* Returned $544 million of capital to shareholders, including $408 million in
share repurchases
* Board authorized an additional $2 billion of share repurchases
* Announced transformative MPLX/MarkWest strategic combination
FINDLAY, Ohio, July 30, 2015 - Marathon Petroleum Corporation (NYSE: MPC) today
reported 2015 second-quarter earnings of $826 million, or $1.51 per diluted
share, compared with $855 million, or $1.48 per diluted share, for the second
quarter of 2014. Earnings per share for both periods have been adjusted to
reflect the two-for-one stock split that occurred during the quarter.
"Second quarter results reflect a solid performance across our operating
platform," said MPC President and Chief Executive Officer Gary R. Heminger.
"Refining performance was notable, as our refineries benefited from the
combination of high utilization and favorable market conditions." Heminger
pointed out that crack spreads were strong throughout the quarter despite
tightening crude differentials. He also noted that during the second quarter,
the new condensate splitter went on line at the company's Catlettsburg, Ky.,
refinery. "Along with the splitter recently completed at our Canton, Ohio,
refinery, these two new condensate splitters increase our system's refining
capacity and our ability to process condensate production from the region's
shale plays," he said. "MPC's extensive, high-complexity system and logistics
optionality continue to provide opportunities to drive profitability from shifts
in North American energy production and transportation, demographic changes in
retail markets, and global fuels demand."
Heminger highlighted the announcement of a strategic combination between MPC's
sponsored master limited partnership (MLP) MPLX LP (NYSE: MPLX) and MarkWest
Energy Partners, L.P. (NYSE: MWE). "This strategic combination complements our
operations, expands MPC's commercial opportunities and represents a significant
step in executing our strategy to grow our higher-valued, stable cash-flow
businesses," he said. "It will enable us to increase our participation in the
U.S. energy infrastructure build-out in some of the most attractive regions of
the country and will transform MPLX into a diversified, large-cap MLP with a
robust opportunity set of growth projects over an extended period of time."
Heminger noted that MPLX, as part of the combination, affirmed its anticipated
distribution growth guidance of 29 percent in 2015 and expects a 25 percent
compound annual limited partner distribution growth rate for the combined entity
through 2017, with an annual distribution growth profile of approximately 20
percent in 2018 and 2019. The transaction also enhances the cash flow profile of
MPC's general partner interest in MPLX.
Heminger said Speedway, MPC's retail segment, performed well and continues to
make tremendous progress integrating the East Coast and Southeast retail
locations acquired last year. "We continue to make great strides, with more than
half of the total retail sites converted to the Speedway brand since the
acquisition last September," he said. "We are on pace to achieve the expected
synergies for 2015 from light product supply, as well as from operating and
administrative expense savings. Further, the accelerated progress for store
conversions and subsequent remodels has allowed us to more rapidly implement
Speedway's industry-leading Speedy Rewards loyalty program. This program and
other marketing enhancements are expected to drive the anticipated synergies to
the business over the next several years."
MPC continues to balance growing the business with returning capital to
shareholders. During the second quarter of 2015, MPC returned $544 million of
capital to shareholders, including $408 million in share repurchases and $136
million in dividends. Heminger noted that on July 29, the MPC board of directors
authorized up to an additional $2 billion of share repurchases over the next two
years and announced a 28 percent increase in the quarterly dividend, to $0.32
per share. Since becoming a standalone company, the board has authorized $10
billion of share repurchases and has acquired $6.9 billion of its shares over
this time period. He reiterated, "The company maintains a strong financial
position and continues to execute its strategy to create value for its
shareholders through new investments in the business, continued strong operating
performance, and a sustained focus on return of capital to shareholders."
Segment Results
Total income from operations was $1.34 billion in the second quarter of 2015,
compared with $1.37 billion in the second quarter of 2014.
Three Months Ended
June 30
(In millions) 2015 2014
----------------- ----------------
Income from Operations by Segment
Refining & Marketing $ 1,206 $ 1,260
Speedway 127 94
Pipeline Transportation 79 81
Items not allocated to segments:
Corporate and other unallocated items (76 ) (61 )
Pension settlement expenses (1 ) (5 )
----------------- ----------------
Income from operations $ 1,335 $ 1,369
----------------- ----------------
Refining & Marketing
Refining & Marketing segment income from operations was $1.21 billion in the
second quarter of 2015, compared with $1.26 billion in the second quarter of
2014. The slight decrease in the quarter's results compared to second-quarter
2014 was primarily due to a $1.18 per barrel decrease in gross margin, resulting
from less favorable product price realizations compared to the spot market
reference prices and less favorable crude oil acquisition costs relative to
benchmark Light Louisiana Sweet crude oil. Results were also affected by a
charge of $46 million to recognize increased estimated costs for compliance with
the recently proposed renewable fuels standards for 2014 and 2015, particularly
those for bio-mass based diesel and advanced biofuels. These decreases were
almost completely offset by the favorable effects that market structure had on
crude oil acquisition prices and lower direct operating costs.
Speedway
Speedway segment income from operations was $127 million in the second quarter
of 2015, compared with $94 million in the second quarter of 2014. This increase
was primarily the result of higher merchandise and light product margins and the
addition of the newly acquired locations, partially offset by higher operating
and administrative expenses. Speedway's consolidated light product margin
increased to 13.51 cents per gallon in the second quarter of 2015, from 12.82
cents per gallon in the second quarter of 2014.
Pipeline Transportation
Pipeline Transportation segment income from operations, which includes all of
MPLX's operations, was $79 million in the second quarter of 2015, compared with
$81 million for the second quarter of 2014. The decrease was primarily due to
lower equity affiliate income and increases in various operating expenses,
partially offset by an increase in pipeline transportation revenue reflecting
higher crude and light product throughput across the system.
Items Not Allocated to Segments
Corporate and other unallocated expenses of $76 million in the second quarter of
2015 were $15 million higher than the second quarter of 2014 largely due to
increased annual pension expense resulting from updates to actuarial estimates.
Strong Financial Position and Liquidity
On June 30, the company had $1.9 billion in cash and cash equivalents, an unused
$2.5 billion revolving credit agreement and $1.2 billion of availability on its
undrawn $1.3 billion trade receivables securitization facility. Availability
under the trade receivables facility is a function of eligible accounts
receivable, which will be lower in a sustained lower refined product price
environment. The company's liquidity should provide it with sufficient
flexibility to meet its day-to-day operational needs and continue its balanced
approach to investing in the business and returning capital to shareholders.
Conference Call
At 10 a.m. EDT today, MPC will hold a webcast and conference call to discuss the
reported results 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 "2015 Second-Quarter
Financial Results" link. Replays of the conference call will be available on the
company's website through Wednesday, Aug. 12. Financial information, including
the earnings release and other investor-related materials, will also be
available online prior to the webcast and conference call at
http://ir.marathonpetroleum.com in the Quarterly Investor Packet and Earnings
Capsule.
###
About Marathon Petroleum Corporation
MPC is the nation's fourth-largest refiner, with a crude oil refining capacity
of approximately 1.7 million barrels per calendar day in its seven-refinery
system. Marathon brand gasoline is sold through approximately 5,500
independently owned retail outlets across 19 states. In addition, Speedway LLC,
an MPC subsidiary, owns and operates the nation's second-largest convenience
store chain, with approximately 2,760 convenience stores in 22 states. MPC also
owns, leases or has ownership interests in approximately 8,300 miles of
pipeline. Through subsidiaries, MPC owns the general partner of MPLX LP, a
midstream master limited partnership. 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:
Geri Ewing (419) 421-2071
Teresa Homan (419) 421-2965
Media Contacts:
Chuck Rice (419) 421-2521
Brandon Daniels (419) 421-3127
References to Earnings
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 within the meaning of
federal securities laws regarding Marathon Petroleum Corporation ("MPC") and
MPLX LP ("MPLX"). These forward-looking statements relate to, among other
things, expectations, estimates and projections concerning the business and
operations of MPC and MPLX. You can identify forward-looking statements by words
such as "anticipate," "believe," "estimate," "objective," "expect," "forecast,"
"plan," "project," "potential," "could," "may," "should," "would," "will" 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 companies' control and are difficult to predict. Factors
that could cause MPC's actual results to differ materially from those in the
forward-looking statements include: risks described below relating to the
MPLX/MarkWest Energy, L.P. ("MWE") proposed merger; changes to the expected
construction costs and timing of pipeline projects; 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; an easing or lifting of the U.S. crude oil export ban; completion of
pipeline capacity to areas outside the U.S. Midwest; consumer demand for refined
products; transportation logistics; the reliability of processing units and
other equipment; MPC's ability to successfully implement growth opportunities;
modifications to MPLX earnings and distribution growth objectives; federal and
state environmental, economic, health and safety, energy and other policies and
regulations; MPC's ability to successfully integrate the acquired Hess retail
operations and achieve the strategic and other expected objectives relating to
the acquisition; changes to MPC's capital budget; other risk factors inherent to
MPC's industry; and the factors set forth under the heading "Risk Factors" in
MPC's Annual Report on Form 10-K for the year ended Dec. 31, 2014, filed with
Securities and Exchange Commission (SEC). Factors that could cause MPLX's actual
results to differ materially from those in the forward-looking statements
include: the ability to complete the proposed merger of MPLX and MWE on
anticipated terms and timetable; the ability to obtain approval of the
transaction by the unitholders of MWE and satisfy other conditions to the
closing of the transaction contemplated by the merger agreement; the ability to
obtain governmental approvals of the MPLX/MWE transaction based on the proposed
terms and schedule, and any conditions imposed on the combined company in
connection with consummation of the MPLX/MWE transaction; disruption from the
MPLX/MWE transaction making it more difficult to maintain relationships with
customers, employees or suppliers; risks relating to any unforeseen liabilities
of MWE or MPLX, as applicable; the adequacy of their respective capital
resources and liquidity, including, but not limited to, availability of
sufficient cash flow to pay distributions and execute their respective business
plans; the timing and extent of changes in commodity prices and demand for crude
oil, refined products, feedstocks or other hydrocarbon-based products;
volatility in and/or degradation of market and industry conditions; completion
of pipeline capacity by competitors; disruptions due to equipment interruption
or failure, including electrical shortages and power grid failures; the
suspension, reduction or termination of MPC's obligations under MPLX's
commercial agreements; each company's ability to successfully implement its
growth plan, whether through organic growth or acquisitions; modifications to
earnings and distribution growth objectives; federal and state environmental,
economic, health and safety, energy and other policies and regulations; changes
to MPLX's capital budget; other risk factors inherent to MPLX or MWE's industry;
and the factors set forth under the heading "Risk Factors" in MPLX's Annual
Report on Form 10-K for the year ended Dec. 31, 2014, filed with the SEC; and
the factors set forth under the heading "Risk Factors" in MWE's Annual Report on
Form 10-K for the year ended Dec. 31, 2014, filed with 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, in MPC's Form 10-K, in MPLX's Form 10-K, or in MWE's
Form 10-K could also have material adverse effects on forward-looking
statements. Copies of MPC's Form 10-K are available on the SEC website, MPC's
website at http://ir.marathonpetroleum.com or by contacting MPC's Investor
Relations Office. Copies of MPLX's Form 10-K are available on the SEC website,
MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations
office. Copies of MWE's Form 10-K are available on the SEC website, MWE's
website at http://investor.markwest.com or by contacting MWE's Investor
Relations office.
Consolidated Statements of Income (Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
(In millions, except per- 2015 2014 2015 2014
share data)
------------ ------------ ------------ -----------
Revenues and other income:
Sales and other operating
revenues (including consumer
excise taxes) $ 20,537 $ 26,844 $ 37,728 $ 50,129
Income from equity method
investments 20 57 35 92
Net gain (loss) on
disposal of assets (1 ) 11 4 12
Other income 25 21 54 45
------------ ------------ ------------ -----------
Total revenues and other
income 20,581 26,933 37,821 50,278
Costs and expenses:
Cost of revenues (excludes
items below) 16,366 23,096 29,410 43,636
Purchases from related
parties 82 130 158 289
Consumer excise taxes 1,939 1,599 3,771 3,114
Depreciation and
amortization 362 325 725 645
Selling, general and
administrative expenses 393 316 751 662
Other taxes 104 98 201 202
------------ ------------ ------------ -----------
Total costs and expenses 19,246 25,564 35,016 48,548
------------ ------------ ------------ -----------
Income from operations 1,335 1,369 2,805 1,730
Net interest and other
financial income (costs) (64 ) (48 ) (145 ) (94 )
------------ ------------ ------------ -----------
Income before income taxes 1,271 1,321 2,660 1,636
Provision for income taxes 432 457 918 565
------------ ------------ ------------ -----------
Net income 839 864 1,742 1,071
Less net income
attributable to
noncontrolling interests 13 9 25 17
------------ ------------ ------------ -----------
Net income attributable to
MPC $ 826 $ 855 $ 1,717 $ 1,054
------------ ------------ ------------ -----------
Per-share data((a))
Basic:
Net income attributable to
MPC per share $ 1.52 $ 1.49 $ 3.16 $ 1.81
Weighted average
shares:((b)) 541 574 543 580
Diluted:
Net income attributable to
MPC per share $ 1.51 $ 1.48 $ 3.14 $ 1.80
Weighted average
shares:((b)) 544 578 547 584
Dividends paid $ 0.25 $ 0.21 $ 0.50 $ 0.42
a. All historical share and per share data are retroactively restated on a
post-split basis to reflect the two-for-one stock split in June 2015.
b. The number of weighted average shares for the period ended June 30, 2015,
reflects the impact of our share repurchases.
Supplemental Statistics (Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
(In millions) 2015 2014 2015 2014
----------- ----------- ----------- ----------
Income from Operations by
segment
Refining & Marketing $ 1,206 $ 1,260 $ 2,522 $ 1,622
Speedway 127 94 295 152
Pipeline Transportation 79 81 146 153
Items not allocated to
segments:
Corporate and other
unallocated items (76 ) (61 ) (156 ) (128 )
Pension settlement expenses (1 ) (5 ) (2 ) (69 )
----------- ----------- ----------- ----------
Income from operations 1,335 1,369 2,805 1,730
Net interest and other financial
income (costs) (64 ) (48 ) (145 ) (94 )
----------- ----------- ----------- ----------
Income before income taxes 1,271 1,321 2,660 1,636
Provision for income taxes 432 457 918 565
----------- ----------- ----------- ----------
Net income 839 864 1,742 1,071
Less net income attributable to
noncontrolling interests 13 9 25 17
----------- ----------- ----------- ----------
Net income attributable to MPC $ 826 $ 855 $ 1,717 $ 1,054
----------- ----------- ----------- ----------
Capital Expenditures and
Investments
Refining & Marketing $ 207 $ 235 $ 436 $ 413
Speedway 100 44 145 76
Pipeline Transportation 157 64 238 194
Corporate and Other((a)) 49 20 78 51
----------- ----------- ----------- ----------
Total $ 513 $ 363 $ 897 $ 734
----------- ----------- ----------- ----------
(a) Includes capitalized interest of $8 million, $7 million, $16 million
and $13 million, respectively.
Supplementary Statistics (Unaudited) (continued)
Three Months Ended Six Months Ended
June 30 June 30
2015 2014 2015 2014
----------- ----------- ----------- ----------
MPC Consolidated Refined Product
Sales Volumes (thousands of
barrels per day (mbpd)((a)(b)) 2,341 2,154 2,294 2,059
Refining & Marketing (R&M)
Operating Statistics
R&M refined product sales volume
(mbpd)((c)) 2,329 2,145 2,281 2,048
R&M gross margin (dollars per
barrel)((d)) $ 14.84 $ 16.02 $ 15.47 $ 15.28
Crude oil capacity utilization
(percent)((e)) 103 98 100 91
Refinery throughputs
(mbpd):((f))
Crude oil refined 1,789 1,674 1,731 1,563
Other charge and blendstocks 162 158 171 178
----------- ----------- ----------- ----------
Total 1,951 1,832 1,902 1,741
----------- ----------- ----------- ----------
Sour crude oil throughput
(percent) 55 54 55 52
WTI-priced crude oil throughput
(percent) 19 17 20 19
Refined product yields
(mbpd):((f))
Gasoline 896 852 904 844
Distillates 631 610 592 562
Propane 38 37 37 36
Feedstocks and special
products 331 288 315 255
Heavy fuel oil 28 27 29 28
Asphalt 58 51 53 47
----------- ----------- ----------- ----------
Total 1,982 1,865 1,930 1,772
----------- ----------- ----------- ----------
Refinery direct operating costs
($/barrel):((g))
Planned turnaround and major
maintenance $ 0.66 $ 0.94 $ 0.73 $ 1.98
Depreciation and amortization 1.33 1.39 1.38 1.47
Other manufacturing((h)) 3.94 4.77 4.08 5.32
----------- ----------- ----------- ----------
Total $ 5.93 $ 7.10 $ 6.19 $ 8.77
----------- ----------- ----------- ----------
R&M Operating Statistics by
Region - Gulf Coast
Refinery throughputs
(mbpd):((i))
Crude oil refined 1,093 1,031 1,062 946
Other charge and blendstocks 172 156 176 183
----------- ----------- ----------- ----------
Total 1,265 1,187 1,238 1,129
----------- ----------- ----------- ----------
Sour crude oil throughput
(percent) 67 67 68 64
WTI-priced crude oil throughput
(percent) 7 2 6 3
Refined product yields
(mbpd):((i))
Gasoline 511 500 517 494
Distillates 408 390 375 355
Propane 27 25 26 23
Feedstocks and special
products 320 270 314 258
Heavy fuel oil 11 16 13 15
Asphalt 14 13 14 10
----------- ----------- ----------- ----------
Total 1,291 1,214 1,259 1,155
----------- ----------- ----------- ----------
Refinery direct operating costs
($/barrel):((g))
Planned turnaround and major
maintenance $ 0.51 $ 0.57 $ 0.65 $ 2.11
Depreciation and amortization 1.06 1.13 1.10 1.19
Other manufacturing((h)) 3.75 4.77 3.87 5.28
----------- ----------- ----------- ----------
Total $ 5.32 $ 6.47 $ 5.62 $ 8.58
----------- ----------- ----------- ----------
Supplementary Statistics (Unaudited) (continued)
Three Months Ended Six Months Ended
June 30 June 30
2015 2014 2015 2014
------------- ------------- ------------- ------------
R&M Operating Statistics
by Region - Midwest
Refinery throughputs
(mbpd):((i))
Crude oil refined 696 643 669 617
Other charge and
blendstocks 36 45 36 46
------------- ------------- ------------- ------------
Total 732 688 705 663
------------- ------------- ------------- ------------
Sour crude oil
throughput (percent) 36 34 35 34
WTI-priced crude oil
throughput (percent) 39 40 41 43
Refined product yields
(mbpd):((i))
Gasoline 385 352 387 350
Distillates 223 220 217 207
Propane 13 13 13 14
Feedstocks and special
products 54 60 39 47
Heavy fuel oil 18 11 17 13
Asphalt 44 38 39 37
------------- ------------- ------------- ------------
Total 737 694 712 668
------------- ------------- ------------- ------------
Refinery direct
operating costs
($/barrel):((g))
Planned turnaround and
major maintenance $ 0.89 $ 1.53 $ 0.82 $ 1.62
Depreciation and
amortization 1.72 1.75 1.78 1.83
Other
manufacturing((h)) 4.00 4.47 4.24 4.97
------------- ------------- ------------- ------------
Total $ 6.61 $ 7.75 $ 6.84 $ 8.42
------------- ------------- ------------- ------------
Speedway Operating
Statistics((b))
Convenience stores at
period-end 2,755 1,492
Gasoline and distillate
sales (millions of
gallons) 1,514 806 2,946 1,579
Gasoline and distillate
gross margin (dollars
per gallon)((j)) $ 0.1351 $ 0.1282 $ 0.1652 $ 0.1220
Merchandise sales (in
millions) $ 1,264 $ 830 $ 2,375 $ 1,552
Merchandise gross margin
(in millions) $ 359 $ 224 $ 670 $ 416
Merchandise gross margin
percent 28.5 % 27.1 % 28.2 % 26.8 %
Same store gasoline
sales volume (period
over period)((k)) (0.2 )% (1.5 )% (0.7 )% (1.1 )%
Same store merchandise
sales (period over
period)((k)(l)) 4.6 % 4.6 % 5.4 % 4.9 %
Pipeline Transportation
Operating Statistics
Pipeline throughputs
(mbpd):((m))
Crude oil pipelines 1,385 1,294 1,304 1,233
Refined products
pipelines 941 871 913 845
------------- ------------- ------------- ------------
Total 2,326 2,165 2,217 2,078
------------- ------------- ------------- ------------
(a) Total average daily volumes of refined product sales to wholesale,
branded and retail (Speedway segment) customers.
(b) Includes the impact of Hess' retail operations and related assets
beginning on the Sept. 30, 2014 acquisition date.
(c) Includes intersegment sales.
(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
downtime for planned maintenance and other normal operating activities.
(f) Excludes inter-refinery volumes of 46 mbpd and 43 mbpd for second
quarter 2015 and 2014, respectively, and 41 mbpd and 51 mbpd for the six months
ended June 30, 2015 and June 30, 2014, respectively.
(g) Per barrel of total refinery throughputs.
(h) Includes utilities, labor, routine maintenance and other operating costs.
(i) Includes inter-refinery transfer volumes.
(j) The price paid by consumers less the cost of refined products, including
transportation, consumer excise taxes and bankcard processing fees, divided by
gasoline and distillate sales volumes.
(k) Same store comparison includes only locations owned at least 13 months,
and therefore excludes locations acquired from Hess.
(l) Excludes cigarettes.
(m) On owned common-carrier pipelines, excluding equity method investments.
Segment Earnings Before Interest, Taxes, Depreciation & Amortization (Segment
EBITDA) (Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
(In millions) 2015 2014 2015 2014
----------- ----------- ----------- ----------
Segment EBITDA((a))
Refining & Marketing $ 1,474 $ 1,524 $ 3,057 $ 2,147
Speedway 189 123 420 209
Pipeline Transportation 98 100 185 191
----------- ----------- ----------- ----------
Total Segment EBITDA((a)) 1,761 1,747 3,662 2,547
Total segment depreciation &
amortization (349 ) (312 ) (699 ) (620 )
Items not allocated to segments (77 ) (66 ) (158 ) (197 )
----------- ----------- ----------- ----------
Income from operations 1,335 1,369 2,805 1,730
Net interest and other financial
income (costs) (64 ) (48 ) (145 ) (94 )
----------- ----------- ----------- ----------
Income before income taxes 1,271 1,321 2,660 1,636
Income tax provision 432 457 918 565
----------- ----------- ----------- ----------
Net income 839 864 1,742 1,071
Less: Net income attributable to
noncontrolling interests 13 9 25 17
----------- ----------- ----------- ----------
Net income attributable to MPC $ 826 $ 855 $ 1,717 $ 1,054
----------- ----------- ----------- ----------
a. Segment EBITDA represents segment earnings before interest and financing
costs, interest income, income taxes and depreciation and amortization
expense. Segment EBITDA is used by some investors and analysts to analyze
and compare companies on the basis of operating performance. Segment EBITDA
should not be considered as an alternative to net income attributable to
MPC, income before income taxes, cash flows from operating activities or any
other measure of financial performance presented in accordance with
accounting principles generally accepted in the United States. Segment
EBITDA may not be comparable to similarly titled measures used by other
entities.
Select Financial Data (Unaudited)
June 30 March 31
(In millions) 2015 2015
------------ -----------
Cash and cash equivalents $ 1,881 $ 2,078
Total debt((a)) 6,698 6,704
Equity 12,290 11,980
Debt-to-total-capital ratio (percent) 35 36
Shares outstanding (millions) 537 544
Cash provided from operations (quarter ended) $ 994 $ 1,190
(a) Includes long-term debt due within one year. We adopted the updated
Financial Accounting Standards Board debt issuance cost standard as of June
30, 2015, and applied the changes retrospectively to the prior period presented.
We reclassified unamortized debt issuance costs related to term debt of $38
million and $39 million as of June 30 and March 31, 2015, respectively, from
other noncurrent assets to total debt.
MPC Financial Results:
http://hugin.info/147922/R/1942223/702520.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 Corporation via GlobeNewswire
[HUG#1942223]
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Datum: 30.07.2015 - 13:08 Uhr
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