Delaware | 001-35054 | 27-1284632 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
539 South Main Street Findlay, Ohio | 45840-3229 | |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit Number | Description | ||
99.1 | Press Release dated February 4, 2015, issued by Marathon Petroleum Corporation |
Marathon Petroleum Corporation | |||
Date: February 4, 2015 | By: | /s/ John J. Quaid | |
Name: John J. Quaid | |||
Title: Vice President and Controller |
• | Reported fourth-quarter earnings of $798 million ($2.86 per diluted share); full-year earnings of $2.52 billion ($8.78 per diluted share) |
• | Achieved record earnings for Speedway segment |
• | Executed first step in accelerated growth plan for MPLX |
• | Returned $2.7 billion of capital to shareholders in 2014, including $820 million in the fourth quarter |
• | Announced $2.53 billion in capital investments for 2015 |
Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Income from Operations by Segment | |||||||||||||||
Refining & Marketing | $ | 1,016 | $ | 971 | $ | 3,609 | $ | 3,206 | |||||||
Speedway | 273 | 83 | 544 | 375 | |||||||||||
Pipeline Transportation | 58 | 47 | 280 | 210 | |||||||||||
Items not allocated to segments: | |||||||||||||||
Corporate and other unallocated items | (82 | ) | (81 | ) | (286 | ) | (271 | ) | |||||||
Pension settlement expenses | (6 | ) | (12 | ) | (96 | ) | (95 | ) | |||||||
Income from operations | $ | 1,259 | $ | 1,008 | $ | 4,051 | $ | 3,425 |
Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||
(In millions, except per-share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues and other income: | |||||||||||||||
Sales and other operating revenues (including consumer excise taxes) | $ | 22,250 | $ | 24,897 | $ | 97,817 | $ | 100,160 | |||||||
Income from equity method investments | 32 | 20 | 153 | 36 | |||||||||||
Net gain on disposal of assets | 7 | 3 | 21 | 6 | |||||||||||
Other income | 54 | 12 | 111 | 52 | |||||||||||
Total revenues and other income | 22,343 | 24,932 | 98,102 | 100,254 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of revenues (excludes items below) | 18,199 | 21,494 | 83,770 | 87,401 | |||||||||||
Purchases from related parties | 104 | 103 | 505 | 357 | |||||||||||
Consumer excise taxes | 1,949 | 1,578 | 6,685 | 6,263 | |||||||||||
Depreciation and amortization | 359 | 332 | 1,326 | 1,220 | |||||||||||
Selling, general and administrative expenses | 371 | 336 | 1,375 | 1,248 | |||||||||||
Other taxes | 102 | 81 | 390 | 340 | |||||||||||
Total costs and expenses | 21,084 | 23,924 | 94,051 | 96,829 | |||||||||||
Income from operations | 1,259 | 1,008 | 4,051 | 3,425 | |||||||||||
Net interest and other financial income (costs) | (72 | ) | (39 | ) | (216 | ) | (179 | ) | |||||||
Income before income taxes | 1,187 | 969 | 3,835 | 3,246 | |||||||||||
Provision for income taxes | 382 | 338 | 1,280 | 1,113 | |||||||||||
Net income | 805 | 631 | 2,555 | 2,133 | |||||||||||
Less net income attributable to noncontrolling interests | 7 | 5 | 31 | 21 | |||||||||||
Net income attributable to MPC | $ | 798 | $ | 626 | $ | 2,524 | $ | 2,112 | |||||||
Per-share data | |||||||||||||||
Basic: | |||||||||||||||
Net income attributable to MPC per share | $ | 2.88 | $ | 2.09 | $ | 8.84 | $ | 6.69 | |||||||
Weighted average shares:(a) | 277 | 299 | 285 | 315 | |||||||||||
Diluted: | |||||||||||||||
Net income attributable to MPC per share | $ | 2.86 | $ | 2.07 | $ | 8.78 | $ | 6.64 | |||||||
Weighted average shares:(a) | 279 | 301 | 287 | 317 | |||||||||||
Dividends paid | $ | 0.50 | $ | 0.42 | $ | 1.84 | $ | 1.54 | |||||||
(a) | The number of weighted average shares for the periods ended Dec. 31, 2014 and 2013, reflects the impact of our share repurchases. |
Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Income from Operations by segment | |||||||||||||||
Refining & Marketing | $ | 1,016 | $ | 971 | $ | 3,609 | $ | 3,206 | |||||||
Speedway | 273 | 83 | 544 | 375 | |||||||||||
Pipeline Transportation | 58 | 47 | 280 | 210 | |||||||||||
Items not allocated to segments: | |||||||||||||||
Corporate and other unallocated items | (82 | ) | (81 | ) | (286 | ) | (271 | ) | |||||||
Pension settlement expenses | (6 | ) | (12 | ) | (96 | ) | (95 | ) | |||||||
Income from operations | 1,259 | 1,008 | 4,051 | 3,425 | |||||||||||
Net interest and other financial income (costs) | (72 | ) | (39 | ) | (216 | ) | (179 | ) | |||||||
Income before income taxes | 1,187 | 969 | 3,835 | 3,246 | |||||||||||
Provision for income taxes | 382 | 338 | 1,280 | 1,113 | |||||||||||
Net income | 805 | 631 | 2,555 | 2,133 | |||||||||||
Less net income attributable to noncontrolling interests | 7 | 5 | 31 | 21 | |||||||||||
Net income attributable to MPC | $ | 798 | $ | 626 | $ | 2,524 | $ | 2,112 | |||||||
Capital Expenditures and Investments(a) | |||||||||||||||
Refining & Marketing | $ | 373 | $ | 297 | $ | 1,104 | $ | 2,094 | |||||||
Speedway | 198 | 119 | 2,981 | 296 | |||||||||||
Pipeline Transportation | 125 | 61 | 543 | 234 | |||||||||||
Corporate and Other(b) | 30 | 44 | 110 | 165 | |||||||||||
Total | $ | 726 | $ | 521 | $ | 4,738 | $ | 2,789 | |||||||
(a) | The three months and the year ended Dec. 31, 2014, includes $31 million and $2.71 billion, respectively, for the acquisition of Hess' retail operations and related assets. The year ended Dec. 31, 2013, includes $1.36 billion for the acquisition of the Galveston Bay refinery and related assets. |
(b) | Includes capitalized interest. |
Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
MPC Consolidated Refined Product Sales Volumes (thousands of barrels per day (mbpd)(a)(b) | 2,275 | 2,155 | 2,138 | 2,086 | |||||||||||
Refining & Marketing (R&M) Operating Statistics(b) | |||||||||||||||
R&M refined product sales volume (mbpd)(c) | 2,263 | 2,143 | 2,125 | 2,075 | |||||||||||
R&M gross margin (dollars per barrel)(d) | $ | 15.12 | $ | 15.69 | $ | 15.05 | $ | 13.24 | |||||||
Crude oil capacity utilization (percent)(e) | 96 | 91 | 95 | 96 | |||||||||||
Refinery throughputs (mbpd):(f) | |||||||||||||||
Crude oil refined | 1,643 | 1,547 | 1,622 | 1,589 | |||||||||||
Other charge and blendstocks | 217 | 247 | 184 | 213 | |||||||||||
Total | 1,860 | 1,794 | 1,806 | 1,802 | |||||||||||
Sour crude oil throughput (percent) | 51 | 53 | 52 | 53 | |||||||||||
WTI-priced crude oil throughput (percent) | 22 | 19 | 19 | 21 | |||||||||||
Refined product yields (mbpd):(f) | |||||||||||||||
Gasoline | 921 | 935 | 869 | 921 | |||||||||||
Distillates | 599 | 578 | 580 | 572 | |||||||||||
Propane | 32 | 36 | 35 | 37 | |||||||||||
Feedstocks and special products | 265 | 202 | 276 | 221 | |||||||||||
Heavy fuel oil | 21 | 30 | 25 | 31 | |||||||||||
Asphalt | 58 | 47 | 54 | 54 | |||||||||||
Total | 1,896 | 1,828 | 1,839 | 1,836 | |||||||||||
Refinery direct operating costs ($/barrel):(g) | |||||||||||||||
Planned turnaround and major maintenance | $ | 1.77 | $ | 1.98 | $ | 1.80 | $ | 1.20 | |||||||
Depreciation and amortization | 1.37 | 1.48 | 1.41 | 1.36 | |||||||||||
Other manufacturing(h) | 4.52 | 4.59 | 4.86 | 4.14 | |||||||||||
Total | $ | 7.66 | $ | 8.05 | $ | 8.07 | $ | 6.70 | |||||||
R&M Operating Statistics by Region - Gulf Coast(b) | |||||||||||||||
Refinery throughputs (mbpd):(i) | |||||||||||||||
Crude oil refined | 996 | 943 | 991 | 964 | |||||||||||
Other charge and blendstocks | 205 | 238 | 182 | 195 | |||||||||||
Total | 1,201 | 1,181 | 1,173 | 1,159 | |||||||||||
Sour crude oil throughput (percent) | 64 | 63 | 64 | 65 | |||||||||||
WTI-priced crude oil throughput (percent) | 5 | 5 | 3 | 7 | |||||||||||
Refined product yields (mbpd):(i) | |||||||||||||||
Gasoline | 539 | 569 | 508 | 551 | |||||||||||
Distillates | 376 | 371 | 368 | 365 | |||||||||||
Propane | 20 | 24 | 23 | 23 | |||||||||||
Feedstocks and special products | 272 | 219 | 274 | 215 | |||||||||||
Heavy fuel oil | 12 | 15 | 13 | 19 | |||||||||||
Asphalt | 11 | 11 | 13 | 13 | |||||||||||
Total | 1,230 | 1,209 | 1,199 | 1,186 | |||||||||||
Refinery direct operating costs ($/barrel):(g) | |||||||||||||||
Planned turnaround and major maintenance | $ | 1.98 | $ | 1.67 | $ | 1.82 | $ | 1.00 | |||||||
Depreciation and amortization | 1.11 | 1.24 | 1.15 | 1.09 | |||||||||||
Other manufacturing(h) | 4.37 | 4.44 | 4.73 | 3.98 | |||||||||||
Total | $ | 7.46 | $ | 7.35 | $ | 7.70 | $ | 6.07 |
Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
R&M Operating Statistics by Region - Midwest | |||||||||||||||
Refinery throughputs (mbpd):(i) | |||||||||||||||
Crude oil refined | 647 | 604 | 631 | 625 | |||||||||||
Other charge and blendstocks | 48 | 51 | 45 | 54 | |||||||||||
Total | 695 | 655 | 676 | 679 | |||||||||||
Sour crude oil throughput (percent) | 32 | 37 | 33 | 35 | |||||||||||
WTI-priced crude oil throughput (percent) | 48 | 41 | 44 | 42 | |||||||||||
Refined product yields (mbpd):(i) | |||||||||||||||
Gasoline | 382 | 366 | 361 | 371 | |||||||||||
Distillates | 223 | 207 | 212 | 207 | |||||||||||
Propane | 13 | 12 | 13 | 14 | |||||||||||
Feedstocks and special products | 27 | 24 | 43 | 41 | |||||||||||
Heavy fuel oil | 10 | 16 | 13 | 12 | |||||||||||
Asphalt | 47 | 36 | 41 | 41 | |||||||||||
Total | 702 | 661 | 683 | 686 | |||||||||||
Refinery direct operating costs ($/barrel):(g) | |||||||||||||||
Planned turnaround and major maintenance | $ | 1.30 | $ | 2.40 | $ | 1.66 | $ | 1.47 | |||||||
Depreciation and amortization | 1.73 | 1.82 | 1.78 | 1.74 | |||||||||||
Other manufacturing(h) | 4.59 | 4.56 | 4.76 | 4.21 | |||||||||||
Total | $ | 7.62 | $ | 8.78 | $ | 8.20 | $ | 7.42 | |||||||
Speedway Operating Statistics(j) | |||||||||||||||
Convenience stores at period-end | 2,746 | 1,478 | |||||||||||||
Gasoline and distillate sales (millions of gallons) | 1,521 | 817 | 3,942 | 3,146 | |||||||||||
Gasoline and distillate gross margin (dollars per gallon)(k) | $ | 0.2451 | $ | 0.1322 | $ | 0.1775 | $ | 0.1441 | |||||||
Merchandise sales (in millions) | $ | 1,189 | $ | 775 | $ | 3,611 | $ | 3,135 | |||||||
Merchandise gross margin (in millions) | $ | 324 | $ | 205 | $ | 975 | $ | 825 | |||||||
Merchandise gross margin percent | 27.2 | % | 26.5 | % | 27.0 | % | 26.3 | % | |||||||
Same store gasoline sales volume (period over period) | 0.3 | % | 0.2 | % | (0.7 | )% | 0.5 | % | |||||||
Same store merchandise sales (period over period)(l) | 5.4 | % | 5.6 | % | 5.0 | % | 4.3 | % | |||||||
Pipeline Transportation Operating Statistics | |||||||||||||||
Pipeline throughputs (mbpd):(m) | |||||||||||||||
Crude oil pipelines | 1,236 | 1,219 | 1,241 | 1,293 | |||||||||||
Refined products pipelines | 979 | 855 | 878 | 911 | |||||||||||
Total | 2,215 | 2,074 | 2,119 | 2,204 | |||||||||||
(a) | Total average daily volumes of refined product sales to wholesale, branded and retail (Speedway segment) customers. |
(b) | Includes the impact of the Galveston Bay refinery and related assets beginning on the Feb. 1, 2013 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 36 mbpd and 42 mbpd for fourth quarter 2014 and 2013, respectively, and 43 mbpd and 36 mbpd for the full-year 2014 and 2013, 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) | Includes the impact of Hess' retail operations and related assets beginning on the Sept. 30, 2014 acquisition date. |
(k) | 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. |
(l) | Excludes cigarettes. |
(m) | On owned common-carrier pipelines, excluding equity method investments. |
Three Months Ended December 31 | Year Ended December 31 | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Segment EBITDA(a) | |||||||||||||||
Refining & Marketing | $ | 1,279 | $ | 1,248 | $ | 4,654 | $ | 4,217 | |||||||
Speedway | 335 | 112 | 696 | 487 | |||||||||||
Pipeline Transportation | 77 | 66 | 357 | 284 | |||||||||||
Total Segment EBITDA(a) | 1,691 | 1,426 | 5,707 | 4,988 | |||||||||||
Total segment depreciation & amortization | (344 | ) | (325 | ) | (1,274 | ) | (1,197 | ) | |||||||
Items not allocated to segments | (88 | ) | (93 | ) | (382 | ) | (366 | ) | |||||||
Income from operations | 1,259 | 1,008 | 4,051 | 3,425 | |||||||||||
Net interest and other financial income (costs) | (72 | ) | (39 | ) | (216 | ) | (179 | ) | |||||||
Income before income taxes | 1,187 | 969 | 3,835 | 3,246 | |||||||||||
Income tax provision | 382 | 338 | 1,280 | 1,113 | |||||||||||
Net income | 805 | 631 | 2,555 | 2,133 | |||||||||||
Less: Net income attributable to noncontrolling interests | 7 | 5 | 31 | 21 | |||||||||||
Net income attributable to MPC | $ | 798 | $ | 626 | $ | 2,524 | $ | 2,112 | |||||||
(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. |
(Dollars in millions) | December 31 2014 | September 30 2014 | |||||
Cash and cash equivalents | $ | 1,494 | $ | 1,854 | |||
Total debt(a) | 6,637 | 6,264 | |||||
Equity | 11,390 | 11,266 | |||||
Debt-to-total-capital ratio (percent) | 37 | 36 | |||||
Shares outstanding (millions) | 274 | 281 | |||||
Cash provided from operations (quarter ended) | $ | 388 | $ | 1,078 | |||
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