Marathon Petroleum Corporation Reports Third-Quarter 2015 Results
(Thomson Reuters ONE) -
* Reported third-quarter earnings of $948 million ($1.76 per diluted share)
* Converted nearly 1,000 of 1,245 acquired sites to the Speedway brand since
close
* Canceled $2.2 billion Residual Oil Upgrader Expansion (ROUX) project
* Returned $327 million of capital to shareholders, including $156 million of
share repurchases
* MarkWest combination with MPLX expected to close this year
FINDLAY, Ohio, Oct. 29, 2015 - Marathon Petroleum Corporation (NYSE: MPC) today
reported 2015 third-quarter earnings of $948 million, or $1.76 per diluted
share, compared with $672 million, or $1.18 per diluted share, in the third
quarter of 2014. Third-quarter 2015 earnings include a $144 million pre-tax
impairment charge, or $0.17 per diluted share, related to the cancellation of
the ROUX project.
"Our results in the third quarter were driven by a solid performance across all
of our businesses," said Gary R. Heminger, MPC president and chief executive
officer. "We were able to capture strong crack spreads in a favorable refining
environment and we took advantage of our flexibility to move feedstocks and
refined products throughout our system to optimize profitability when regional
dislocations occurred." Heminger said lower fuel prices facilitated refined
product demand in the third quarter, further contributing to MPC's strong
results.
Heminger also highlighted strong performance in the quarter from Speedway, MPC's
retail subsidiary. "Speedway benefited from higher light-product margins, and
its peer-leading merchandise model drove higher profitability compared to last
year," Heminger said. "One year after its acquisition of its East Coast retail
assets, Speedway is significantly ahead of schedule in converting the acquired
stores, with nearly 1,000 of the 1,245 new locations converted to its brand and
operating system. These acquired locations are performing well and to date we
have captured more than double the expected synergies of $75 million."
"We continue to implement our strategy of growing the more stable cash-flow
segments of our business, and our sponsored master limited partnership MPLX LP
continues to be an important part of that strategy," added Heminger. "We look
forward to finalizing the combination of MPLX and MarkWest Energy Partners, L.P.
later this year."
Announced in mid-July, the combination will create one of the industry's largest
master limited partnerships (MLPs). "Through this transaction, we will combine
MarkWest's robust organic growth opportunities with MPC's large and growing $1.6
billion inventory of MLP-qualifying earnings before interest, taxes,
depreciation and amortization," said Heminger. "This growth will also be
supported by MPC's and MPLX's strong financial position, creating a large-cap,
diversified MLP with an attractive distribution growth profile over an extended
period of time. The strategic combination will drive substantial long-term value
for the unitholders of both partnerships and MPC shareholders."
Heminger noted that at the time MPLX announced its combination with MarkWest,
the partnership provided distribution growth guidance through 2019. "MPLX
remains committed to the growth profile provided in that guidance," Heminger
said. "Given the significant change in MLP valuations and the resultant higher
yield environment the sector has experienced recently, we now expect dropdown
transactions or some form of MPC support as early as 2016."
Consistent with the previous guidance of a 25 percent compound annual
distribution growth rate for the combined entity through 2017, Heminger said
MPLX expects distribution growth of 25 percent in 2016.
"As we continue to focus on maximizing our shareholders' long-term returns, we
have continued our disciplined, balanced approach to investing in the business
and returning capital to our investors," said Heminger. He noted that an
important element of the company's capital discipline is to monitor market
conditions and ensure investments reflect the best long-term, risk-adjusted
returns to shareholders. In February, MPC announced it would defer the final
investment decision on its proposed ROUX project at its Garyville, La., refinery
in order to evaluate the implications of market conditions on the project.
"While we still believe the ROUX is an excellent project to enhance MPC's
platform, we constantly evaluate market conditions, and at this time we have
decided to cancel the project," Heminger said. "We will look to deploy this
capital on projects providing superior return prospects." As a result, the
company recorded a $144 million impairment charge in the third quarter to write
off the costs capitalized to date on the project, including front-end
engineering and long lead-time equipment.
Heminger also noted that MPC returned $327 million of capital to shareholders
during the quarter. The company purchased $156 million of its shares, and
approximately $3 billion remains under its total of $10 billion of share
repurchase authorizations. The company also paid dividends of $171 million. MPC
declared a $0.32 per share dividend, which was increased 28 percent last
quarter, resulting in a 31.5 percent compound annual growth rate since the
company became independent in June 2011.
"We continue our efforts to remain a leader in our industry through all cycles
by focusing on operational excellence and optimizing our refining system," said
Heminger. "We will continue to grow our stable cash flow through our retail and
midstream businesses, taking a disciplined approach to capital allocation and
delivering significant value to our shareholders through our sponsorship of
MPLX."
Segment Results
Total income from operations was $1.55 billion in the third quarter of 2015,
compared with $1.06 billion in the third quarter of 2014.
Three Months Ended
September 30
(In millions) 2015 2014
----------- ----------
Income from Operations by Segment
Refining & Marketing $ 1,457 $ 971
Speedway 243 119
Pipeline Transportation 72 69
Items not allocated to segments:
Corporate and other unallocated items (77 ) (76 )
Pension settlement expenses (2 ) (21 )
Impairment - cancellation of ROUX project (144 ) -
----------- ----------
Income from operations $ 1,549 $ 1,062
----------- ----------
Refining & Marketing
Refining & Marketing segment income from operations was $1.46 billion in the
third quarter of 2015, compared with $971 million in the third quarter of 2014.
The increase in the quarter's results compared to third quarter 2014 was
primarily due to a $2.72 per barrel increase in gross margin, resulting from
higher crack spreads, favorable effects on crude oil acquisition prices due to
changes in market structure and more favorable product price realizations
compared to the spot market reference prices. These increases were partially
offset by less favorable crude oil acquisition costs relative to benchmark Light
Louisiana Sweet crude oil, the effect of lower overall commodity prices on
volumetric gains and the price differential of charge and blend stock relative
to crude oil. The Chicago and Gulf Coast Light Louisiana Sweet 6-3-2-1 blended
crack spread increased from $8.70 per barrel in the third quarter of 2014 to
$12.18 per barrel in the third quarter of 2015.
Speedway
Speedway segment income from operations was $243 million in the third quarter of
2015, compared with $119 million in the third quarter of 2014. This increase was
primarily the result of the addition of the newly acquired locations as well as
higher light product and merchandise margins from the legacy stores, partially
offset by higher operating and other expenses. Speedway's consolidated light
product margin increased to 21.46 cents per gallon in the third quarter of
2015, from 15.96 cents per gallon in the third quarter of 2014.
Pipeline Transportation
Pipeline Transportation segment income from operations, which includes all of
MPLX's operations, was $72 million in the third quarter of 2015, compared with
$69 million for the third quarter of 2014. The increase was primarily due to
higher pipeline transportation revenue reflecting higher average tariff rates
and crude and light product throughput, partially offset by increased operating
expenses and cost incurred in connection with the proposed MarkWest transaction.
Items Not Allocated to Segments
Corporate and other unallocated expenses of $77 million in the third quarter of
2015 were consistent with the third quarter of 2014.
During the third quarter of 2015, MPC recorded pretax pension settlement
expenses of $2 million resulting from the level of employee lump-sum retirement
distributions occurring during the quarter, compared with $21 million of pretax
pension settlement expenses in the third quarter of 2014.
Unallocated items also included the $144 million impairment charge recorded in
the third quarter of 2015 related to the cancellation of the ROUX project. The
charge reflects the write-off of costs capitalized to date on the project,
including front-end engineering and long lead-time equipment.
Strong Financial Position and Liquidity
On Sept. 30, the company had $2.0 billion in cash and cash equivalents, an
unused $2.5 billion revolving credit agreement and approximately $800 million 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. Given the current refined product price environment,
the company has lowered the notional amount of the facility to $1 billion. 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 Third-Quarter
Financial Results" link. Replays of the conference call will be available on the
company's website through Wednesday, Nov. 11. 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 5,600
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
Jamal Kheiry (419) 421-3312
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,"
"guidance," "imply", "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. In
addition to other factors described herein that could cause MPLX's results to
differ materially from those implied in these forward-looking statements,
negative capital market conditions, including a persistence or increase of the
current yield on common units, which is higher than historical yields, could
adversely affect MPLX's ability to meet its distribution growth guidance,
particularly with respect to the later years of such guidance. Factors that
could cause MPC's actual results to differ materially from those implied 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; risk that the
synergies from the MPLX/MWE transaction may not be fully realized or may take
longer to realize than expected; 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 MPLX's and MWE's respective capital resources and
liquidity, including, but not limited to, availability of sufficient cash flow
to pay distributions, and the ability to successfully execute their business
plans and implement their growth strategies; 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,
and Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed
with the SEC. These risks, as well as other risks associated with MPLX, MWE and
the proposed transaction are also more fully discussed in the preliminary joint
proxy statement and prospectus included in the registration statement on Form S-
4 filed with the SEC by MPLX on August 18, 2015, as amended. 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 Nine Months Ended
September 30 September 30
(In millions, except per- 2015 2014 2015 2014
share data)
------------ ------------ ------------ -----------
Revenues and other income:
Sales and other operating
revenues (including consumer
excise taxes) $ 18,716 $ 25,438 $ 56,444 $ 75,567
Income from equity method
investments 23 29 58 121
Net gain on disposal of
assets 2 2 6 14
Other income 17 12 71 57
------------ ------------ ------------ -----------
Total revenues and other
income 18,758 25,481 56,579 75,759
Costs and expenses:
Cost of revenues (excludes
items below) 14,165 21,935 43,575 65,571
Purchases from related
parties 61 112 219 401
Consumer excise taxes 1,988 1,622 5,759 4,736
Depreciation and
amortization 508 322 1,233 967
Selling, general and
administrative expenses 392 342 1,143 1,004
Other taxes 95 86 296 288
------------ ------------ ------------ -----------
Total costs and expenses 17,209 24,419 52,225 72,967
------------ ------------ ------------ -----------
Income from operations 1,549 1,062 4,354 2,792
Net interest and other
financial income (costs) (70 ) (50 ) (215 ) (144 )
------------ ------------ ------------ -----------
Income before income taxes 1,479 1,012 4,139 2,648
Provision for income taxes 521 333 1,439 898
------------ ------------ ------------ -----------
Net income 958 679 2,700 1,750
Less net income
attributable to
noncontrolling interests 10 7 35 24
------------ ------------ ------------ -----------
Net income attributable to
MPC $ 948 $ 672 $ 2,665 $ 1,726
------------ ------------ ------------ -----------
Per-share data((a))
Basic:
Net income attributable to
MPC per share $ 1.77 $ 1.19 $ 4.93 $ 3.00
Weighted average
shares:((b)) 535 565 540 575
Diluted:
Net income attributable to
MPC per share $ 1.76 $ 1.18 $ 4.90 $ 2.98
Weighted average
shares:((b)) 538 569 544 579
Dividends paid $ 0.32 $ 0.25 $ 0.82 $ 0.67
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 Sept. 30, 2015,
reflects the impact of our share repurchases.
Supplemental Statistics (Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
(In millions) 2015 2014 2015 2014
----------- ----------- ----------- ----------
Income from Operations by
segment
Refining & Marketing $ 1,457 $ 971 $ 3,979 $ 2,593
Speedway 243 119 538 271
Pipeline Transportation 72 69 218 222
Items not allocated to
segments:
Corporate and other
unallocated items (77 ) (76 ) (233 ) (204 )
Pension settlement expenses (2 ) (21 ) (4 ) (90 )
Impairment((a)) (144 ) - (144 ) -
----------- ----------- ----------- ----------
Income from operations 1,549 1,062 4,354 2,792
Net interest and other financial
income (costs) (70 ) (50 ) (215 ) (144 )
----------- ----------- ----------- ----------
Income before income taxes 1,479 1,012 4,139 2,648
Provision for income taxes 521 333 1,439 898
----------- ----------- ----------- ----------
Net income 958 679 2,700 1,750
Less net income attributable to
noncontrolling interests 10 7 35 24
----------- ----------- ----------- ----------
Net income attributable to MPC $ 948 $ 672 $ 2,665 $ 1,726
----------- ----------- ----------- ----------
Capital Expenditures and
Investments((b))
Refining & Marketing $ 298 $ 318 $ 734 $ 731
Speedway 130 2,707 275 2,783
Pipeline Transportation 114 224 352 418
Corporate and Other((c)) 43 29 121 80
----------- ----------- ----------- ----------
Total $ 585 $ 3,278 $ 1,482 $ 4,012
----------- ----------- ----------- ----------
(a) Reflects an impairment charge resulting from the cancellation of the
ROUX project.
(b) The three and nine months ended Sept. 30, 2014 include $2.68 billion for
the acquisition of Hess' retail operations and related assets, which is
substantially all within the Speedway segment.
(c) Includes capitalized interest of $10 million, $7 million, $26 million
and $20 million, respectively.
Supplementary Statistics (Unaudited) (continued)
Three Months Ended Nine Months Ended
September 30 September 30
2015 2014 2015 2014
----------- ----------- ----------- ----------
MPC Consolidated Refined Product
Sales Volumes (thousands of
barrels per day (mbpd)((a)(b)) 2,359 2,155 2,316 2,092
Refining & Marketing (R&M)
Operating Statistics
R&M refined product sales volume
(mbpd)((c)) 2,345 2,140 2,303 2,079
R&M gross margin (dollars per
barrel)((d)) $ 17.27 $ 14.55 $ 16.08 $ 15.02
Crude oil capacity utilization
(percent)((e)) 101 100 100 94
Refinery throughputs
(mbpd):((f))
Crude oil refined 1,744 1,720 1,735 1,616
Other charge and blendstocks 168 160 170 172
----------- ----------- ----------- ----------
Total 1,912 1,880 1,905 1,788
----------- ----------- ----------- ----------
Sour crude oil throughput
(percent) 56 52 55 52
WTI-priced crude oil throughput
(percent) 20 16 20 18
Refined product yields
(mbpd):((f))
Gasoline 911 864 906 851
Distillates 611 598 598 574
Propane 33 36 36 36
Feedstocks and special
products 292 330 307 280
Heavy fuel oil 32 24 30 27
Asphalt 66 63 58 52
----------- ----------- ----------- ----------
Total 1,945 1,915 1,935 1,820
----------- ----------- ----------- ----------
Refinery direct operating costs
($/barrel):((g))
Planned turnaround and major
maintenance $ 1.37 $ 1.52 $ 0.94 $ 1.82
Depreciation and amortization 1.36 1.35 1.37 1.43
Other manufacturing((h)) 4.17 4.33 4.12 4.96
----------- ----------- ----------- ----------
Total $ 6.90 $ 7.20 $ 6.43 $ 8.21
----------- ----------- ----------- ----------
R&M Operating Statistics by
Region - Gulf Coast
Refinery throughputs
(mbpd):((i))
Crude oil refined 1,072 1,075 1,065 989
Other charge and blendstocks 180 155 177 174
----------- ----------- ----------- ----------
Total 1,252 1,230 1,242 1,163
----------- ----------- ----------- ----------
Sour crude oil throughput
(percent) 68 66 68 64
WTI-priced crude oil throughput
(percent) 6 1 6 2
Refined product yields
(mbpd):((i))
Gasoline 544 505 526 498
Distillates 408 389 386 366
Propane 25 25 26 24
Feedstocks and special
products 271 310 299 275
Heavy fuel oil 16 8 14 13
Asphalt 19 19 16 13
----------- ----------- ----------- ----------
Total 1,283 1,256 1,267 1,189
----------- ----------- ----------- ----------
Refinery direct operating costs
($/barrel):((g))
Planned turnaround and major
maintenance $ 0.80 $ 1.15 $ 0.70 $ 1.77
Depreciation and amortization 1.07 1.10 1.09 1.16
Other manufacturing((h)) 4.00 4.11 3.92 4.86
----------- ----------- ----------- ----------
Total $ 5.87 $ 6.36 $ 5.71 $ 7.79
----------- ----------- ----------- ----------
Supplementary Statistics (Unaudited) (continued)
Three Months Ended Nine Months Ended
September 30 September 30
2015 2014 2015 2014
------------ ------------- ------------- ------------
R&M Operating Statistics
by Region - Midwest
Refinery throughputs
(mbpd):((i))
Crude oil refined 672 645 670 627
Other charge and
blendstocks 28 38 33 43
------------ ------------- ------------- ------------
Total 700 683 703 670
------------ ------------- ------------- ------------
Sour crude oil throughput
(percent) 36 30 35 33
WTI-priced crude oil
throughput (percent) 43 41 42 42
Refined product yields
(mbpd):((i))
Gasoline 367 359 380 353
Distillates 203 209 212 208
Propane 10 13 11 13
Feedstocks and special
products 59 51 46 49
Heavy fuel oil 16 16 17 14
Asphalt 47 44 42 39
------------ ------------- ------------- ------------
Total 702 692 708 676
------------ ------------- ------------- ------------
Refinery direct operating
costs ($/barrel):((g))
Planned turnaround and
major maintenance $ 2.30 $ 2.10 $ 1.32 $ 1.78
Depreciation and
amortization 1.80 1.75 1.79 1.80
Other
manufacturing((h)) 4.25 4.51 4.24 4.82
------------ ------------- ------------- ------------
Total $ 8.35 $ 8.36 $ 7.35 $ 8.40
------------ ------------- ------------- ------------
Speedway Operating
Statistics((b))
Convenience stores at
period-end 2,756 2,744
Gasoline and distillate
sales (millions of
gallons) 1,555 842 4,501 2,421
Gasoline and distillate
gross margin (dollars per
gallon)((j)) $ 0.2146 $ 0.1596 $ 0.1822 $ 0.1351
Merchandise sales (in
millions) $ 1,294 $ 870 $ 3,669 $ 2,422
Merchandise gross margin
(in millions) $ 358 $ 235 $ 1,028 $ 651
Merchandise gross margin
percent 27.7 % 27.0 % 28.0 % 26.9 %
Same store gasoline sales
volume (period over
period)((k)) 0.5 % (0.8 )% (0.3 )% (1.0 )%
Same store merchandise
sales (period over
period)((k)(l)) 3.6 % 4.8 % 4.7 % 4.8 %
Pipeline Transportation
Operating Statistics
Pipeline throughputs
(mbpd):((m))
Crude oil pipelines 1,363 1,265 1,324 1,244
Refined products
pipelines 896 839 907 843
------------ ------------- ------------- ------------
Total 2,259 2,104 2,231 2,087
------------ ------------- ------------- ------------
(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 40 mbpd and 33 mbpd for third quarter
2015 and 2014, respectively, and 40 mbpd and 45 mbpd for the nine months ended
September 30, 2015 and September 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 Nine Months Ended
September 30 September 30
(In millions) 2015 2014 2015 2014
----------- ----------- ------------ ----------
Segment EBITDA((a))
Refining & Marketing $ 1,726 $ 1,228 $ 4,783 $ 3,375
Speedway 306 152 726 361
Pipeline Transportation 92 89 277 280
----------- ----------- ------------ ----------
Total Segment EBITDA((a)) 2,124 1,469 5,786 4,016
Total segment depreciation &
amortization (352 ) (310 ) (1,051 ) (930 )
Items not allocated to
segments((b)) (223 ) (97 ) (381 ) (294 )
----------- ----------- ------------ ----------
Income from operations 1,549 1,062 4,354 2,792
Net interest and other
financial income (costs) (70 ) (50 ) (215 ) (144 )
----------- ----------- ------------ ----------
Income before income taxes 1,479 1,012 4,139 2,648
Income tax provision 521 333 1,439 898
----------- ----------- ------------ ----------
Net income 958 679 2,700 1,750
Less: Net income attributable
to noncontrolling interests 10 7 35 24
----------- ----------- ------------ ----------
Net income attributable to MPC $ 948 $ 672 $ 2,665 $ 1,726
----------- ----------- ------------ ----------
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.
b. Reflects an impairment charge of $144 million resulting from the
cancellation of the ROUX project for the three and nine months ended Sept.
30, 2015.
Select Financial Data (Unaudited)
September June 30
30 2015
(In millions) 2015
------------ -----------
Cash and cash equivalents $ 2,044 $ 1,881
Total debt 6,692 6,698
Equity 12,925 12,290
Debt-to-total-capital ratio (percent) 34 35
Shares outstanding (millions) 534 537
Cash provided from operations (quarter ended) $ 1,069 $ 994
MPC 3Q 2015:
http://hugin.info/147922/R/1962356/715712.pdf
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Source: Marathon Petroleum Corporation via GlobeNewswire
[HUG#1962356]
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" alt="Saturn Minerals Inc. Granted License For An Oil Exploration Well at Bannock Creek
Datum: 29.10.2015 - 12:05 Uhr
Sprache: Deutsch
News-ID 430497
Anzahl Zeichen: 44526
contact information:
Town:
Findlay, Ohio
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 233 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Marathon Petroleum Corporation Reports Third-Quarter 2015 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Marathon Petroleum Corporation (Nachricht senden)
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