Marathon Petroleum Corporation Reports First-Quarter 2017 Results
(Thomson Reuters ONE) -
* Reported first-quarter earnings of $30 million, or $0.06 per diluted share
* Completed the largest slate of quarterly turnaround activity in MPC history
* Executed first dropdown of strategic plan with contribution of terminal,
pipeline and storage assets to MPLX
* Returned $610 million of capital to shareholders, including $420 million of
share repurchases
FINDLAY, Ohio, Apr. 27, 2017 - Marathon Petroleum Corporation (NYSE: MPC) today
reported 2017 first-quarter earnings of $30 million, or $0.06 per diluted share,
compared with $1 million, or less than one cent per diluted share, in the first
quarter of 2016. The 2016 earnings included a charge of $0.04 per diluted share
related to a goodwill impairment recorded by MPLX LP (NYSE: MPLX), MPC's
consolidated subsidiary, and a charge of $0.02 per diluted share to value
inventories at the lower of cost or market.
MPC's first-quarter 2017 results reflect solid contributions from the Speedway
and Midstream segments offsetting weak product price realizations and
substantial turnaround activity in the Refining & Marketing segment. The
turnaround activity for the quarter was the largest in MPC history and was
completed ahead of schedule, under budget and with exemplary safety and
environmental performance.
"With this turnaround activity at our three Gulf Coast refineries complete, we
are positioned to take advantage of increasing refinery margins, favorable crude
oil and refinery feedstock purchase costs, and seasonal improvement in consumer
demand for our products," said Gary R. Heminger, chairman, president and chief
executive officer. "We also are poised to benefit from our previously announced
strategic actions as work remains on schedule to prepare the remaining assets
slated for dropdown to MPLX and to complete the full and thorough review of
Speedway."
MPC's Speedway segment contributed $135 million in segment income from
operations as market conditions improved late in the quarter with strengthening
gasoline and distillate demand adding to MPC's optimism entering the summer
driving season.
The Midstream segment, including MPLX, reported strong operational and financial
results in the quarter, contributing $309 million in segment income from
operations, an increase over last year which included growth in processing and
fractionation activity in the Northeast and Southwest.
During the quarter, MPLX completed several organic growth projects and strategic
transactions, including the acquisition of assets from MPC. Accordingly, MPLX
updated its financial guidance for the year, including an increased organic
growth capital forecast range of $1.8 billion to $2 billion, up from $1.4
billion to $1.7 billion. MPLX's maintenance capital forecast increased $50
million to approximately $150 million. Approximately $100 million of this
increase will result in a corresponding reduction to MPC's capital spending
forecast as the spending relates to the assets that were contributed to MPLX on
March 1, 2017.
The strategic transactions completed in the quarter expanded MPLX's midstream
footprint with the acquisition of the Ozark pipeline; the purchase of a partial,
indirect equity interest in the Bakken Pipeline system; the formation of a new
joint venture to support the development of Antero Resources Corporation's
extensive Marcellus Shale acreage in West Virginia; and the continued build-out
of infrastructure in connection with the Cornerstone Pipeline, which is expected
to be completed in mid-2017.
In line with announced strategic actions, MPC completed the first of several
planned dropdowns to MPLX. On March 1, MPC contributed certain terminal,
pipeline and storage assets to MPLX for total consideration of $2 billion. Cash
proceeds from the dropdown supported $420 million in share repurchases in March
and will be part of the substantial ongoing return of capital outlined in the
strategic plan.
"We look forward to the completion of the dropdowns and the exchange of our
general partner economic interests for newly issued MPLX common units," Heminger
said. "These actions are designed to unlock the value inherent in our midstream
platform and to provide the ongoing return of capital to shareholders in a
manner consistent with maintaining an investment-grade credit profile.
"Additionally, a special committee of the board and its independent advisor
expect to complete the ongoing review of Speedway by mid-2017. We are
enthusiastic about the future for MPC and MPLX and remain focused on driving
long-term value for our shareholders."
Segment Results
Total income from operations was $292 million in the first quarter of 2017,
compared with $75 million in the first quarter of 2016.
Three Months Ended
March 31
(In millions) 2017 2016
--------- ---------
Income from Operations by Segment
Refining & Marketing((a)) $ (70 ) $ (86 )
Speedway 135 167
Midstream((a)) 309 189
Items not allocated to segments:
Corporate and other unallocated items((a)) (82 ) (65 )
Pension settlement expenses - (1 )
Impairments - (129 )
--------- ---------
Income from operations $ 292 $ 75
--------- ---------
((a) )In the first quarter of 2017, segment reporting was revised in
connection with the contribution of certain terminal, pipeline and storage
assets to MPLX. The results related to these assets are now presented in the
Midstream segment. Previously, these results were reported in the Refining &
Marketing segment. The results for the pipeline and storage assets were recast
effective Jan. 1, 2015, and the results for the terminal assets were recast
effective April 1, 2016. Prior to these dates these assets were not considered
businesses and therefore there are no financial results from which to recast
segment results.
Refining & Marketing
Refining & Marketing segment loss from operations was $70 million in the first
quarter of 2017, compared with a loss of $86 million in the same quarter of
2016. The improvement was primarily due to a $1.78 per barrel increase in the
gross margin offset by higher direct operating costs resulting from increased
turnaround activity. The increase in gross margin resulted primarily from higher
crack spreads and favorable changes in volumetric gains, offset by less
favorable product price realizations as compared with the spot market reference
prices. The Chicago and Gulf Coast Light Louisiana Sweet 6-3-2-1 blended crack
spread increased $3.10 per barrel to $7.72 per barrel in the first quarter of
2017 from $4.62 per barrel in the first quarter of 2016.
Speedway
Speedway segment income from operations was $135 million in the first quarter of
2017, compared with $167 million in the first quarter of 2016. The decrease in
segment income was primarily due to the absence of a $24 million gain from the
sale of a retail location in the first quarter of 2016 and lower light product
and merchandise gross margin, partially offset by lower operating expenses.
Speedway's light product margin decreased to 15.66 cents per gallon in the first
quarter of 2017 from 16.82 cents per gallon in the first quarter of 2016.
Midstream
Midstream segment income from operations, which includes MPLX as well as other
related operations, was $309 million in the first quarter of 2017, compared with
$189 million for the first quarter of 2016. The increase was primarily due to
increased processing and fractionation activity and the earnings from equity
investments in new and existing pipeline and marine operations. Comparability of
the Midstream segment's results to the first quarter of 2016 was also affected
by the drop of certain terminal assets to MPLX during the quarter. These assets
were considered a business effective April 1, 2016. As a result, no financial
results are available for these assets prior to that date and the first quarter
of 2016 does not reflect any results for these assets in the Midstream segment.
Items Not Allocated to Segments
Corporate and other unallocated expenses of $82 million in the first quarter of
2017 were $17 million higher than the first quarter of 2016 largely due to an
increase in certain first-quarter employee benefit expenses along with less
corporate costs allocated to the segments.
Impairments in the first quarter of 2016 reflect a $129 million non-cash
goodwill impairment charge recorded by MPLX, MPC's consolidated subsidiary. The
impairment charge resulted from the effects of the continuing low commodity
price environment at that time.
Strong Financial Position and Liquidity
During the first quarter, MPLX, MPC's consolidated subsidiary, issued $2.25
billion in unsecured senior notes and used a significant portion of the net
proceeds from this offering to fund the March 1 dropdown of assets from MPC.
MPLX also opportunistically issued 4.2 million new common units through its at-
the-market program and received net proceeds of approximately $148 million to
fund its growth capital.
On March 31, 2017, the company had $1.9 billion of cash and cash equivalents,
excluding MPLX's cash and cash equivalents of $265 million, $2.5 billion
available under a revolving credit agreement, $1 billion available under a 364-
day bank revolving credit facility and approximately $750 million available
under its $750 million trade receivables securitization facility. As noted
above, the company used a portion of cash proceeds from the dropdown to support
share repurchases of $420 million during March. During the quarter, MPC also
repaid the remaining $200 million balance under the MPC Term Loan Agreement. 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 9 a.m. EDT 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 to the conference call by dialing 1-800-447-0521 (confirmation
#44548078) or by visiting MPC's website at
http://www.marathonpetroleum.com and clicking on the "2017 First-Quarter
Financial Results" link. Replays of the conference call will be available on the
company's website through Thursday, May 11. Financial information, including the
earnings release and other investor-related material, will also be available
online prior to the conference call and webcast at
http://ir.marathonpetroleum.com in the Quarterly Investor Packet and Earnings
Capsule.
###
About Marathon Petroleum Corporation
MPC is the nation's third-largest refiner, with a crude oil refining capacity of
approximately 1.8 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 2,730 convenience stores in 21 states. MPC owns, leases or has
ownership interests in approximately 10,800 miles of crude and light product
pipelines and more than 5,600 miles of gas gathering and natural gas liquids
(NGL) pipelines. MPC also has ownership interests in 55 gas processing plants,
14 NGL fractionation facilities and two condensate stabilization facilities.
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, NGLs, feedstocks and petroleum-related products
efficiently through the company's distribution network and midstream service
businesses in the Midwest, Northeast, East Coast, Southeast and Gulf Coast
regions.
Investor Relations Contacts:
Lisa Wilson (419) 421-2071
Denice Myers (419) 421-2965
Doug Wendt (419) 421-2423
Media Contacts:
Chuck Rice (419) 421-2521
Katie Merx (419) 672-5159
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, including proposed strategic initiatives. You can
identify forward-looking statements by words such as "anticipate,"" "believe,"
"design," "estimate," "expect," "forecast," "goal," "guidance," "imply,"
"intend," "objective," "opportunity," "outlook," "plan," "position," "pursue,"
"prospective," "predict," "project," "potential," "seek," "strategy," "target,"
"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 implied in the forward-looking statements include:
the time, costs and ability to obtain regulatory or other approvals and consents
and otherwise consummate the strategic initiatives discussed herein; the
satisfaction or waiver of conditions in the agreements governing the strategic
initiatives discussed herein; our ability to achieve the strategic and other
objectives related to the strategic initiatives discussed herein; adverse
changes in laws including with respect to tax and regulatory matters; inability
to agree with the MPLX conflicts committee with respect to the timing of and
value attributed to assets identified for dropdown; changes to the expected
construction costs and timing of projects; continued/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; the effects of the 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, and other risks described below with respect to MPLX; compliance
with federal and state environmental, economic, health and safety, energy and
other policies and regulations, including the cost of compliance with the
Renewable Fuel Standard, and/or enforcement actions initiated thereunder;
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, 2016, filed with Securities and
Exchange Commission (SEC). Factors that could cause MPLX's actual results to
differ materially from those implied in the forward-looking statements include:
negative capital market conditions, including an increase of the current yield
on common units, adversely affecting MPLX's ability to meet its distribution
growth guidance; the time, costs and ability to obtain regulatory or other
approvals and consents and otherwise consummate the strategic initiatives
discussed herein and other proposed transactions; the satisfaction or waiver of
conditions in the agreements governing the strategic initiatives discussed
herein and other proposed transactions; our ability to achieve the strategic and
other objectives related to the strategic initiatives discussed herein and other
proposed transactions; adverse changes in laws including with respect to tax and
regulatory matters; inability to agree with respect to the timing of and value
attributed to assets identified for dropdown; the adequacy of MPLX's capital
resources and liquidity, including, but not limited to, availability of
sufficient cash flow to pay distributions, and the ability to successfully
execute its business plans and growth strategy; the timing and extent of changes
in commodity prices and demand for crude oil, refined products, feedstocks or
other hydrocarbon-based products; continued/further volatility in and/or
degradation of market and industry conditions; changes to the expected
construction costs and timing of projects; completion of midstream
infrastructure 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; modifications to earnings and distribution growth objectives; the
level of support from MPC, including dropdowns, alternative financing
arrangements, taking equity units, and other methods of sponsor support, as a
result of the capital allocation needs of the enterprise as a whole and its
ability to provide support on commercially reasonable terms; compliance with
federal and state environmental, economic, health and safety, energy and other
policies and regulations and/or enforcement actions initiated thereunder;
changes to MPLX's capital budget; other risk factors inherent to MPLX'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, 2016, 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 or in
MPLX'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.
Consolidated Statements of Income (Unaudited)
Three Months Ended
March 31
(In millions, except per-share data) 2017 2016
------------ -----------
Revenues and other income:
Sales and other operating revenues (including
consumer
excise taxes) $ 16,288 $ 12,755
Income from equity method investments 57 22
Net gain on disposal of assets 5 25
Other income 43 28
------------ -----------
Total revenues and other income 16,393 12,830
Costs and expenses:
Cost of revenues (excludes items below) 13,133 9,701
Purchases from related parties 122 107
Inventory market valuation adjustment - 15
Consumer excise taxes 1,813 1,826
Impairment expense - 129
Depreciation and amortization 536 490
Selling, general and administrative expenses 389 378
Other taxes 108 109
------------ -----------
Total costs and expenses 16,101 12,755
------------ -----------
Income from operations 292 75
Net interest and other financial income (costs) (150 ) (142 )
------------ -----------
Income (loss) before income taxes 142 (67 )
Provision for income taxes 41 11
------------ -----------
Net income (loss) 101 (78 )
Less net income (loss) attributable to:
Redeemable noncontrolling interest 16 -
Noncontrolling interests 55 (79 )
------------ -----------
Net income attributable to MPC $ 30 $ 1
------------ -----------
Per-share data
Basic:
Net income attributable to MPC per share $ 0.06 $ 0.003
Weighted average shares: 525 529
Diluted:
Net income attributable to MPC per share $ 0.06 $ 0.003
Weighted average shares: 530 531
Dividends paid $ 0.36 $ 0.32
Supplemental Statistics (Unaudited)
Three Months Ended
March 31
(In millions) 2017 2016
----------- ---------
Income from Operations by segment
Refining & Marketing((a)) $ (70 ) $ (86 )
Speedway 135 167
Midstream((a)) 309 189
Items not allocated to segments:
Corporate and other unallocated items((a)) (82 ) (65 )
Pension settlement expenses - (1 )
Impairments((b)) - (129 )
----------- ---------
Income from operations 292 75
Net interest and other financial income (costs) (150 ) (142 )
----------- ---------
Income (loss) before income taxes 142 (67 )
Provision for income taxes 41 11
----------- ---------
Net income (loss) 101 (78 )
Less net income (loss) attributable to:
Redeemable noncontrolling interest 16 -
Noncontrolling interests 55 (79 )
----------- ---------
Net income attributable to MPC $ 30 $ 1
----------- ---------
Capital Expenditures and Investments
Refining & Marketing $ 192 $ 243
Speedway 35 50
Midstream((c)) 1,070 350
Corporate and Other((d)) 28 41
----------- ---------
Total $ 1,325 $ 684
----------- ---------
((a) )In the first quarter of 2017, segment reporting was revised in
connection with the contribution of certain terminal, pipeline and storage
assets to MPLX. The results related to these assets are now presented in the
Midstream segment. Previously, these results were reported in the Refining &
Marketing segment. The results for the pipeline and storage assets were recast
effective January 1, 2015, and the results for the terminal assets were recast
effective April 1, 2016. Prior to these dates these assets were not considered
businesses and therefore there are no financial results from which to recast
segment results.
((b)) First-quarter 2016 relates to impairment of goodwill.
((c) )Includes $220 million for the acquisition of the Ozark pipeline
and an investment of $500 million in MarEn Bakken related to the Bakken Pipeline
system.
((d) )Includes capitalized interest of $12 million and $17 million,
respectively.
Supplementary Statistics (Unaudited) (continued) Three Months Ended
March 31
2017 2016
----------- ----------
MPC Consolidated Refined Product Sales Volumes
(thousands of barrels per day (mbpd)((a)) 2,085 2,158
Refining & Marketing (R&M) Operating Statistics
R&M refined product sales volume (mbpd)((b)) 2,070 2,148
R&M gross margin (dollars per barrel)((c)) $ 11.65 $ 9.87
Crude oil capacity utilization (percent)((d)) 83 89
Refinery throughputs (mbpd):((e))
Crude oil refined 1,511 1,603
Other charge and blendstocks 197 171
----------- ----------
Total 1,708 1,774
----------- ----------
Sour crude oil throughput (percent) 67 61
WTI-priced crude oil throughput (percent) 15 18
Refined product yields (mbpd):((e))
Gasoline 867 899
Distillates 544 571
Propane 28 32
Feedstocks and special products 224 234
Heavy fuel oil 29 30
Asphalt 56 44
----------- ----------
Total 1,748 1,810
----------- ----------
Refinery direct operating costs ($/barrel):((f))
Planned turnaround and major maintenance $ 3.10 $ 2.43
Depreciation and amortization 1.63 1.54
Other manufacturing((g)) 4.72 4.14
----------- ----------
Total $ 9.45 $ 8.11
----------- ----------
R&M Operating Statistics by Region - Gulf Coast
Refinery throughputs (mbpd):((h))
Crude oil refined 850 991
Other charge and blendstocks 222 217
----------- ----------
Total 1,072 1,208
----------- ----------
Sour crude oil throughput (percent) 84 75
WTI-priced crude oil throughput (percent) 4 3
Refined product yields (mbpd):((h))
Gasoline 499 533
Distillates 309 375
Propane 21 25
Feedstocks and special products 243 280
Heavy fuel oil 18 18
Asphalt 14 8
----------- ----------
Total 1,104 1,239
----------- ----------
Refinery direct operating costs ($/barrel):((f))
Planned turnaround and major maintenance $ 4.31 $ 2.62
Depreciation and amortization 1.35 1.17
Other manufacturing((g)) 4.62 3.74
----------- ----------
Total $ 10.28 $ 7.53
----------- ----------
Supplementary Statistics (Unaudited) (continued) Three Months Ended
March 31
2017 2016
------------- -----------
R&M Operating Statistics by Region - Midwest
Refinery throughputs (mbpd):((h))
Crude oil refined 661 612
Other charge and blendstocks 30 36
------------- -----------
Total 691 648
------------- -----------
Sour crude oil throughput (percent) 45 39
WTI-priced crude oil throughput (percent) 29 42
Refined product yields (mbpd):((h))
Gasoline 368 366
Distillates 235 196
Propane 8 9
Feedstocks and special products 35 34
Heavy fuel oil 11 12
Asphalt 42 36
------------- -----------
Total 699 653
------------- -----------
Refinery direct operating costs ($/barrel):((f))
Planned turnaround and major maintenance $ 0.98 $ 1.76
Depreciation and amortization 1.93 2.03
Other manufacturing((g)) 4.50 4.36
------------- -----------
Total $ 7.41 $ 8.15
------------- -----------
Speedway Operating Statistics((i))
Convenience stores at period-end 2,731 2,771
Gasoline and distillate sales (millions of gallons) 1,393 1,483
Gasoline and distillate gross margin (dollars per
gallon)((j)) $ 0.1566 $ 0.1682
Merchandise sales (in millions) $ 1,127 $ 1,152
Merchandise gross margin (in millions) $ 320 $ 330
Merchandise gross margin percent 28.4 % 28.6 %
Same store gasoline sales volume (period over period) (1.0 )% 1.0 %
Same store merchandise sales (period over
period)((k)) 2.1 % 3.1 %
Midstream Operating Statistics
Crude oil and refined product pipeline throughputs
(mbpd)((l)) 2,888 2,818
Terminal throughput (mbpd)((m)) 59,793 -
Gathering system throughput (million cubic feet per
day)((n)) 3,184 3,345
Natural gas processed (million cubic feet per
day)((n)) 6,132 5,636
C2 (ethane) + NGLs fractionated (mbpd)((n)) 367 321
((a)) Total average daily volumes of refined product sales to wholesale,
branded and retail customers.
((b)) Includes intersegment sales.
((c)) Sales revenue less cost of refinery inputs and purchased products,
divided by total refinery throughputs. Comparable prior period information for
gross margin has been recast in connection with the contribution of certain
pipeline assets to MPLX on March 1, 2017.
((d)) Based on calendar day capacity, which is an annual average that
includes downtime for planned maintenance and other normal operating activities.
((e)) Excludes inter-refinery volumes of 55 mbpd and 82 mbpd for first
quarter 2017 and 2016, respectively.
((f)) Per barrel of total refinery throughputs.
((g)) Includes utilities, labor, routine maintenance and other operating
costs.
((h)) Includes inter-refinery transfer volumes.
((i) )First quarter 2017 operating statistics do not reflect any
information for the 41 travel centers contributed to PFJ Southeast, whereas they
are reflected in the first quarter 2016 operating statistics.
((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)) Excludes cigarettes.
((l)) Includes common-carrier pipelines and private pipelines contributed
to MPLX, excluding equity method investments.
((m) )Includes the results of the terminal assets contributed to MPLX
from the date the assets became a business, April 1, 2016.
((n) )Includes amounts related to unconsolidated equity method
investments on a 100% basis.
Segment Earnings Before Interest, Taxes, Depreciation & Amortization (Segment
EBITDA) (Unaudited)
Three Months Ended
March 31
(In millions) 2017 2016
---------- ---------
Segment EBITDA((a))
Refining & Marketing((b)) $ 197 $ 187
Speedway 199 230
Midstream((b)) 500 329
---------- ---------
Total Segment EBITDA((a)) 896 746
Total segment depreciation & amortization (522 ) (476 )
Items not allocated to segments((b)(c)) (82 ) (195 )
---------- ---------
Income from operations 292 75
Net interest and other financial income (costs) (150 ) (142 )
---------- ---------
Income (loss) before income taxes 142 (67 )
Income tax provision 41 11
---------- ---------
Net income (loss) 101 (78 )
Less net income (loss) attributable to:
Redeemable noncontrolling interest 16 -
Noncontrolling interests 55 (79 )
---------- ---------
Net income attributable to MPC $ 30 $ 1
---------- ---------
((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)) In the first quarter of 2017, segment reporting was revised in
connection with the contribution of certain terminal, pipeline and storage
assets to MPLX. The results related to these assets are now presented in the
Midstream segment. Previously, these results were reported in the Refining &
Marketing segment. The results for the pipeline and storage assets were recast
effective January 1, 2015, and the results for the terminal assets were recast
effective April 1, 2016. Prior to these dates these assets were not considered
businesses and therefore there are no financial results from which to recast
segment results.
((c) )The three months ended March 31, 2016 includes an impairment
charge of $129 million.
Select Financial Data (Unaudited)
March 31 December
2017 31
(In millions) 2016
------------ -----------
Cash and cash equivalents $ 2,167 $ 887
MPLX debt 6,655 4,423
Total consolidated debt 12,598 10,572
Redeemable noncontrolling interest 1,000 1,000
Equity 19,797 20,203
Debt-to-total-capital ratio (percent) 38 33
Shares outstanding 519 528
Cash provided from operations (quarter ended) $ 1,113 $ 993
MPC Q1 2017 Earnings Release:
http://hugin.info/147922/R/2099567/795613.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Corporation via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.04.2017 - 12:35 Uhr
Sprache: Deutsch
News-ID 538809
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contact information:
Town:
Findlay, Ohio
Kategorie:
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