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 October 29, 2015, issued by Marathon Petroleum Corporation |
Marathon Petroleum Corporation | |||
Date: October 29, 2015 | By: | /s/ John J. Quaid | |
Name: John J. Quaid | |||
Title: Vice President and Controller |
• | 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 |
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 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
(In millions, except per-share data) | 2015 | 2014 | 2015 | 2014 | |||||||||||
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. |
Three Months Ended September 30 | Nine Months Ended 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 | |||||||
(c) | Includes capitalized interest of $10 million, $7 million, $26 million and $20 million, respectively. |
Three Months Ended September 30 | Nine Months Ended 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 |
Three Months Ended September 30 | Nine Months Ended 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. |
Three Months Ended September 30 | Nine Months Ended 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. |
(In millions) | September 30 2015 | June 30 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 | |||
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