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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 8-K
_____________________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 1, 2022
_____________________________________________
Marathon Petroleum Corporation
(Exact name of registrant as specified in its charter)
_____________________________________________
Delaware   001-35054   27-1284632
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (IRS Employer
Identification No.)

539 South Main Street, Findlay, Ohio 45840
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (419) 422-2121
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐ 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))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
symbol(s)		 Name of each exchange on which registered
Common Stock, par value $.01 MPC New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐




Item 2.02 Results of Operations and Financial Condition
On November 1, 2022, Marathon Petroleum Corporation issued a press release announcing its financial results for the quarter ended September 30, 2022. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Information in this Item 2.02 and Exhibit 99.1 of Item 9.01 below shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.

Exhibit Number
   Description
  Press Release issued by Marathon Petroleum Corporation on November 1, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Marathon Petroleum Corporation
Date: November 1, 2022 By: /s/ C. Kristopher Hagedorn
Name: C. Kristopher Hagedorn
Title: Senior Vice President and Controller


EX-99.1 2 mpcq32022earningsrelease.htm EX-99.1 Document
Exhibit 99.1
mpcnewsreleaseletterheada05.jpg
Marathon Petroleum Corp. Reports Third-Quarter 2022 Results
•Net income attributable to MPC of $4.5 billion, or $9.06 per diluted share; reported adjusted net income of $3.9 billion, or $7.81 per diluted share
•Adjusted EBITDA of $6.8 billion; improving operational and commercial execution as the refining system ran at near full utilization to meet demand
•MPLX increases distribution 10%; MPC expects to receive a total of $2 billion on an annual basis
•Completed $15 billion return of capital commitment utilizing the proceeds from the Speedway divestiture; repurchased approximately 30% of outstanding shares
•Announced dividend increase of approximately 30% to $0.75 per share

FINDLAY, Ohio, Nov. 1, 2022 – Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $4.5 billion, or $9.06 per diluted share, for the third quarter of 2022, compared with net income attributable to MPC of $694 million, or $1.09 per diluted share, for the third quarter of 2021.
Adjusted net income was $3.9 billion, or $7.81 per diluted share, for the third quarter of 2022. This compares to adjusted net income of $464 million, or $0.73 per diluted share, for the third quarter of 2021. Adjusted results for third-quarter 2022 exclude net pre-tax benefits of approximately $1 billion and for third-quarter 2021 exclude pre-tax charges of $48 million. Adjustments are shown in the accompanying release tables.
Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $6.8 billion for the third quarter of 2022, compared with $2.4 billion for the third quarter of 2021.
“Market demand for our products remains strong, and our third-quarter results reflect our improving operational and commercial execution,” said President and Chief Executive Officer Michael J. Hennigan. “We completed our $15 billion share repurchase commitment and announced an increase to our quarterly dividend of approximately 30%.”


1


Results from Operations
Adjusted EBITDA from Continuing and Discontinued Operations (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
(In millions)
 2022 2021 2022 2021
Refining & Marketing Segment
Segment income from operations $ 4,625  $ 509  $ 12,527  $ 135 
Add: Depreciation and amortization
 459  462  1,395  1,406 
Refining planned turnaround costs
 384  205  680  378 
Storm impacts —  19  —  50 
LIFO inventory charge
 28  —  28  — 
Refining & Marketing segment adjusted EBITDA
 5,496  1,195  14,630  1,969 
Midstream Segment
Segment income from operations 1,176  1,042  3,374  2,991 
Add: Depreciation and amortization
 322  329  983  994 
Storm impacts —  4  —  20 
Midstream segment adjusted EBITDA
 1,498  1,375  4,357  4,005 
Subtotal
 6,994  2,570  18,987  5,974 
Corporate
 (173) (186) (494) (523)
Add: Depreciation and amortization
 13  32  40  95 
Adjusted EBITDA from continuing operations
 $ 6,834  $ 2,416  $ 18,533  $ 5,546 
Speedway
Speedway
 $ —  $ —  $ —  $ 613 
Add: Depreciation and amortization
 —  —  —  3 
Adjusted EBITDA from discontinued operations
 $ —  $ —  $ —  $ 616 
Adjusted EBITDA from continuing and discontinued operations
 $ 6,834  $ 2,416  $ 18,533  $ 6,162 

Refining & Marketing (R&M)
Segment adjusted EBITDA was $5.5 billion in the third quarter of 2022, versus $1.2 billion for the third quarter of 2021. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $384 million in the third quarter of 2022 and $205 million in the third quarter of 2021. The increase in segment adjusted EBITDA was driven by higher margins and volumes.
R&M margin was $30.21 per barrel for the third quarter of 2022, versus $14.51 per barrel for the third quarter of 2021. Crude capacity utilization was approximately 98%, resulting in total throughput of 3.0 million barrels per day for the third quarter of 2022. This compares to crude capacity utilization of approximately 93% for the third quarter of 2021, which resulted in total throughput of 2.8 million barrels per day.
Refining operating costs per barrel were $5.63 for the third quarter of 2022, versus $4.97 for the third quarter of 2021. The majority of this increase was driven by higher energy costs, as well as $0.13 per barrel of non-recurring costs recorded in the quarter associated with a multi-year property tax assessment.

2


Midstream
Segment adjusted EBITDA was $1.5 billion in the third quarter of 2022, versus $1.4 billion for the third quarter of 2021, up roughly 9% year over year.
Corporate and Items Not Allocated
Corporate expenses totaled $173 million in the third quarter of 2022, compared with $186 million in the third quarter of 2021.
In the third quarter of 2022, items not allocated to segments include a $549 million non-cash gain for the contribution of the Martinez assets to the Martinez Renewables joint venture and a $509 million non-cash gain related to an MPLX LP (NYSE:MPLX) third-party contract reclassification(a). These have been excluded from the company’s adjusted results.
Speedway
This business was sold on May 14, 2021. Historic results are reported as discontinued operations.
Financial Position, Liquidity, and Return of Capital
As of September 30, 2022, MPC had $11.1 billion of cash, cash equivalents, and short-term investments and $5 billion available on its bank revolving credit facility. MPC debt at the end of the third quarter of 2022 totaled $6.9 billion, excluding MPLX debt. MPC’s gross debt-to-capital ratio, excluding MPLX debt, was 21% at the end of the third quarter of 2022.
In October, MPC completed its $15 billion return of capital commitment, having repurchased approximately 30% of outstanding shares as of the program commencement. The company has approximately $5 billion remaining available under its current share repurchase authorizations.
Today, MPC announced that the Board of Directors approved an increase to the quarterly dividend to $0.75 per share. The dividend is payable December 12, 2022 to shareholders of record on November 16, 2022.
Strategic and Operations Update
The Martinez Renewables joint venture with Neste closed on September 21, 2022. All required closing conditions were met, including the receipt of the necessary permits and regulatory approvals. The first phase of the Martinez renewables project facility is expected to be mechanically complete by year-end 2022. Initial production capacity is expected to be 260 million gallons per year of renewable fuels. Pretreatment capabilities are expected to come online in the second half of 2023 and the facility is expected to be capable of producing 730 million gallons per year by the end of 2023.
The Midstream segment remains focused on executing the strategic priorities of strict capital discipline, embedding a low-cost culture, and optimizing the portfolio. MPLX continues to evaluate opportunities to meet the needs of today and participate in an energy-diverse future.
(a) Gain triggered from the accounting for the reclassification from an operating to a sales-type lease.     
3
    

Fourth Quarter 2022 Outlook
Refining & Marketing Segment:
Refining operating costs per barrel(a)
 $ 5.30 
Distribution costs (in millions) $ 1,350 
Refining planned turnaround costs (in millions) $ 430 
Depreciation and amortization (in millions) $ 460 
Refinery throughputs (mbpd):
    Crude oil refined 2,690 
    Other charge and blendstocks 215 
        Total 2,905 
Corporate (in millions) $ 170 
(a)Excludes refining planned turnaround and depreciation and amortization expense

Conference Call
At 11:00 a.m. ET 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 by visiting MPC’s website at www.marathonpetroleum.com. A replay of the webcast will be available on the company’s website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.

###

About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation’s largest refining system. MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President
Brian Worthington, Manager
Kenan Kinsey, Analyst

Media Contact: (419) 421-3312
Jamal Kheiry, Communications Manager







4

References to Earnings and Defined Terms
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 regarding MPC. These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, operating cost reduction objectives, and environmental, social and governance (“ESG”) plans and goals, including those related to greenhouse gas emissions, diversity and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors. In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as “anticipate,” “believe,” “commitment,” “could,” “design,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,“ “policy,” “position,” “potential,” “predict,” “priority,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “target,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC’s actual results to differ materially from those implied in the forward-looking statements include but are not limited to: the continuance or escalation of the military conflict between Russia and Ukraine and related sanctions and market disruptions; general economic, political or regulatory developments, including inflation, rising interest rates and changes in governmental policies relating to refined petroleum products, crude oil, natural gas or NGLs, or taxation; continued or further volatility in and degradation of general economic, market, industry or business conditions; the magnitude, duration and extent of future resurgences of the COVID-19 pandemic and its effects; the regional, national and worldwide demand for refined products and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, NGLs and other feedstocks and related pricing differentials; the success or timing of completion of ongoing or anticipated projects or transactions, including the conversion of the Martinez Refinery to a renewable fuels facility, and the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete such projects or consummate such transactions within the expected timeframe if at all; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles, achieve our ESG plans and goals and realize the expected benefits thereof; accidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading “Risk Factors” in MPC’s and MPLX’s Annual Reports on Form 10-K for the year ended Dec. 31, 2021, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.




5

Consolidated Statements of Income (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
(In millions, except per-share data)
 2022 2021 2022 2021
Revenues and other income:
   Sales and other operating revenues $ 45,787  $ 32,321  $ 137,640  $ 84,647 
 Income from equity method investments 180  122  469  306 
 Net gain on disposal of assets 1,051  —  1,072  3 
   Other income 219  170  678  366 
       Total revenues and other income 47,237  32,613  139,859  85,322 
Costs and expenses:
   Cost of revenues (excludes items below) 38,821  29,563  118,096  77,824 
   Depreciation and amortization 794  836  2,418  2,551 
   Selling, general and administrative expenses 712  681  2,009  1,881 
   Other taxes 224  193  606  544 
       Total costs and expenses 40,551  31,273  123,129  82,800 
Income from continuing operations 6,686  1,340  16,730  2,522 
Net interest and other financial costs 240  328  814  1,053 
Income from continuing operations before income taxes 6,446  1,012  15,916  1,469 
Provision (benefit) for income taxes on continuing operations 1,426  (18) 3,507  21 
Income from continuing operations, net of tax 5,020  1,030  12,409  1,448 
Income from discontinued operations, net of tax —  —  —  8,448 
Net income 5,020  1,030  12,409  9,896 
Less net income attributable to:
Redeemable noncontrolling interest 23  38  65  79 
Noncontrolling interests 520  298  1,149  853 
Net income attributable to MPC $ 4,477  $ 694  $ 11,195  $ 8,964 
Per share data
Basic:
Continuing operations $ 9.12  $ 1.10  $ 21.18  $ 0.80 
Discontinued operations —  —  —  13.10 
Net income per share $ 9.12  $ 1.10  $ 21.18  $ 13.90 
  Weighted average shares outstanding (in millions) 491  633  528  645 
Diluted:
Continuing operations $ 9.06  $ 1.09  $ 21.04  $ 0.79 
Discontinued operations —  —  —  13.02 
Net income per share $ 9.06  $ 1.09  $ 21.04  $ 13.81 
Weighted average shares outstanding (in millions) 494  637  532  649 






6

Income Summary for Continuing Operations (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
(In millions) 2022 2021 2022 2021
Refining & Marketing $ 4,625  $ 509  $ 12,527  $ 135 
Midstream 1,176  1,042  3,374  2,991 
Corporate (173) (186) (494) (523)
Income from continuing operations before items not allocated to segments 5,628  1,365  15,407  2,603 
Items not allocated to segments:
      Gain on sale of assets 1,058  —  1,058  — 
      Renewable volume obligation requirements —  —  238  — 
      Litigation —  —  27  — 
      Impairment and idling expenses —  (25) —  (81)
Income from continuing operations $ 6,686  $ 1,340  $ 16,730  $ 2,522 

Income Summary for Discontinued Operations (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
(In millions) 2022 2021 2022 2021
Speedway $ —  $ —  $ —  $ 613 
Gain on sale of assets —  —  —  11,682 
Transaction-related costs —  —  —  (46)
Income from discontinued operations $ —  $ —  $ —  $ 12,249 

Capital Expenditures and Investments (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
(In millions) 2022 2021 2022 2021
Refining & Marketing $ 445  $ 228  $ 1,004  $ 538 
Midstream 267  190  772  506 
Corporate(a)
 77  46  163  120 
Speedway —  —  —  177 
Total $ 789  $ 464  $ 1,939  $ 1,341 
(a)Includes capitalized interest of $28 million, $18 million, $76 million and $48 million for the third quarter 2022, the third quarter 2021, the first nine months of 2022 and the first nine months of 2021, respectively.





7

Refining & Marketing Operating Statistics (unaudited)

Dollar per Barrel of Net Refinery Throughput Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
2022 2021 2022 2021
Refining & Marketing margin, excluding LIFO inventory charge(a)
 $ 30.31  $ 14.51  $ 28.08  $ 12.46 
LIFO inventory charge (0.10) —  (0.03) — 
Refining & Marketing margin(a)
 30.21  14.51  28.05  12.46 
Less:
Refining operating costs, excluding storm impacts(b)
 5.63  4.97  5.35  4.89 
Distribution costs(c)
 4.90  5.02  4.82  5.08 
Other income(d)
 (0.09) (0.05) (0.13) (0.13)
LIFO inventory charge (0.10) —  (0.03) — 
Refining & Marketing adjusted EBITDA 19.87  4.57  18.04  2.62 
Less:
Storm impacts on refining operating cost(e)
 —  0.07  —  0.07 
Refining planned turnaround costs 1.39  0.78  0.84  0.50 
Depreciation and amortization 1.66  1.77  1.72  1.87 
LIFO inventory charge 0.10  —  0.03  — 
Refining & Marketing income from operations $ 16.72  $ 1.95  $ 15.45  $ 0.18 
Fees paid to MPLX included in distribution costs above $ 3.34  $ 3.23  $ 3.36  $ 3.40 
(a)Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.
(b)Excludes refining planned turnaround and depreciation and amortization expense.
(c)Excludes depreciation and amortization expense.
(d)Includes income (loss) from equity method investments, net gain (loss) on disposal of assets and other income.
(e)Storms in the first and third quarters of 2021 resulted in higher costs, including maintenance and repairs.





8


Refining & Marketing - Supplemental Operating Data Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
2022 2021 2022 2021
Refining & Marketing refined product sales volume (mbpd)(a)
 3,587  3,539  3,500  3,366 
Crude oil refining capacity (mbpcd)(b)
 2,887  2,874  2,887  2,874 
Crude oil capacity utilization (percent)(b)
 98  93  96  90 
Refinery throughputs (mbpd):
    Crude oil refined 2,823  2,684  2,781  2,594 
    Other charge and blendstocks 184  152  189  159 
Net refinery throughput 3,007  2,836  2,970  2,753 
Sour crude oil throughput (percent) 48  45  48  47 
Sweet crude oil throughput (percent) 52  55  52  53 
Refined product yields (mbpd):
    Gasoline 1,501  1,451  1,507  1,404 
    Distillates 1,134  968  1,079  944 
    Propane 73  53  72  51 
    NGLs and petrochemicals 199  272  194  265 
    Heavy fuel oil 43  32  61  32 
    Asphalt 91  93  90  94 
        Total 3,041  2,869  3,003  2,790 
Inter-region refinery transfers excluded from throughput and yields above (mbpd) 97  61  77  55 
(a)Includes intersegment sales.
(b)Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities. Excludes idled Martinez and Gallup facilities and our Dickinson plant in renewable diesel service.

Refining & Marketing - Supplemental Operating Data by Region (unaudited)
The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the refining operating costs, refining planned turnaround costs and refining depreciation and amortization for the regions, as shown in the tables below, is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes).
Refining operating costs exclude refining planned turnaround costs, refining depreciation and amortization expense and the estimated 2021 storm impacts.

Gulf Coast Region Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
2022 2021 2022 2021
Dollar per barrel of refinery throughput:
Refining & Marketing margin $ 27.39  $ 13.03  $ 26.89  $ 10.65 
Refining operating costs 4.14  4.06  4.17  3.97 
Refining planned turnaround costs 1.31  0.13  0.91  0.47 
Refining depreciation and amortization 1.16  1.42  1.28  1.47 




9

Gulf Coast Region Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
2022 2021 2022 2021
Refinery throughputs (mbpd):
    Crude oil refined 1,190  1,034  1,139  1,011 
    Other charge and blendstocks 171  110  156  108 
Gross refinery throughput 1,361  1,144  1,295  1,119 
Sour crude oil throughput (percent) 59  58  58  60 
Sweet crude oil throughput (percent) 41  42  42  40 
Refined product yields (mbpd):
    Gasoline 655  544  635  520 
    Distillates 508  380  463  376 
    Propane 43  27  41  25 
    NGLs and petrochemicals 116  195  115  201 
    Heavy fuel oil 44  7  45  6 
    Asphalt 21  16  20  19 
        Total 1,387  1,169  1,319  1,147 
Inter-region refinery transfers included in throughput and yields above (mbpd) 66  26  47  26 

Mid-Continent Region Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
2022 2021 2022 2021
Dollar per barrel of refinery throughput:
Refining & Marketing margin $ 31.04  $ 15.44  $ 27.14  $ 13.46 
Refining operating costs 5.36  4.27  4.99  4.30 
Refining planned turnaround costs 1.47  1.66  0.74  0.69 
Refining depreciation and amortization 1.53  1.50  1.54  1.59 
Refinery throughputs (mbpd):
    Crude oil refined 1,122  1,146  1,130  1,103 
    Other charge and blendstocks 66  61  65  55 
Gross refinery throughput 1,188  1,207  1,195  1,158 
Sour crude oil throughput (percent) 26  26  26  26 
Sweet crude oil throughput (percent) 74  74  74  74 
Refined product yields (mbpd):
    Gasoline 601  613  615  602 
    Distillates 439  412  428  395 
    Propane 19  19  21  19 
    NGLs and petrochemicals 55  77  52  62 
    Heavy fuel oil 8  12  14  12 
    Asphalt 69  76  69  74 
        Total 1,191  1,209  1,199  1,164 
Inter-region refinery transfers included in throughput and yields above (mbpd) 7  13  7  9 




10

West Coast Region Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
2022 2021 2022 2021
Dollar per barrel of refinery throughput:
Refining & Marketing margin $ 35.83  $ 15.56  $ 32.97  $ 14.08 
Refining operating costs 8.88  7.87  8.11  7.63 
Refining planned turnaround costs 1.17  0.12  0.78  0.12 
Refining depreciation and amortization 1.30  1.36  1.35  1.50 
Refinery throughputs (mbpd):
    Crude oil refined 511  504  512  480 
    Other charge and blendstocks 44  42  45  51 
Gross refinery throughput 555  546  557  531 
Sour crude oil throughput (percent) 72  63  71  67 
Sweet crude oil throughput (percent) 28  37  29  33 
Refined product yields (mbpd):
    Gasoline 280  294  287  282 
    Distillates 198  176  195  173 
    Propane 11  7  10  7 
    NGLs and petrochemicals 34  48  34  46 
    Heavy fuel oil 36  26  35  25 
    Asphalt 1  1  1  1 
        Total 560  552  562  534 
Inter-region refinery transfers included in throughput and yields above (mbpd) 24  22  23  20 

Midstream Operating Statistics (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
2022 2021 2022 2021
Pipeline throughputs (mbpd)(a)
 5,845  5,600  5,761  5,499 
Terminal throughput (mbpd) 3,026  3,046  3,023  2,884 
Gathering system throughput (million cubic feet per day)(b)
 6,083  5,419  5,664  5,195 
Natural gas processed (million cubic feet per day)(b)
 8,516  8,383  8,401  8,375 
C2 (ethane) + NGLs fractionated (mbpd)(b)
 562  553  541  552 
(a)Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.
(b)Includes amounts related to unconsolidated equity method investments on a 100% basis.





11

Select Financial Data (unaudited)
September 30, 
2022		 June 30, 
2022
(In millions)
Cash and cash equivalents
$
 7,376 
$
 9,078 
Short-term investments 3,759  4,241 
MPC debt
 6,923  6,999 
MPLX debt
 19,779  19,775 
Total consolidated debt(a)
 26,702  26,774 
Redeemable noncontrolling interest
 967  965 
Equity
 32,808  32,704 
Shares outstanding
469  513 
(a)    Net of unamortized debt issuance costs and unamortized premium/discount, net.

Non-GAAP Financial Measures
Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because, when reconciled to their most comparable GAAP financial measures, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. The non-GAAP financial measures we use are as follows:
Adjusted Net Income Attributable to MPC
Adjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance and that their exclusion results in an important measure of our ongoing financial performance to better assess our underlying business results and trends.
Adjusted Diluted Earnings Per Share
Adjusted diluted earnings per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.




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Reconciliation of Net Income Attributable to MPC to Adjusted Net Income Attributable to MPC (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
(In millions)
 2022 2021 2022 2021
Net income attributable to MPC $ 4,477  $ 694  $ 11,195  $ 8,964 
Pre-tax adjustments:
Gain on Speedway sale —  —  —  (11,682)
Gain on sale of assets (1,058) —  (1,058) — 
LIFO inventory charge 28  —  28  — 
Renewable volume obligation requirements —  —  (238) — 
Litigation —  —  —  — 
Impairments —  25  —  81 
Storm impacts —  23  —  70 
Pension settlement —  —  —  49 
Transaction-related costs —  —  —  46 
Tax impact of adjustments(a)
 227  (272) 279  3,271 
Non-controlling interest impact of adjustments
 183  (6) 183  (30)
Adjusted net income attributable to MPC $ 3,857  $ 464  $ 10,389  $ 769 
Diluted income per share $ 9.06  $ 1.09  $ 21.04  $ 13.81 
Adjusted diluted income per share(b)
 $ 7.81  $ 0.73  $ 19.53  $ 1.18 
(a)Income taxes for the three and nine months ended September 30, 2022 were calculated by applying a combined federal and state tax rate of 22% to the pre-tax adjustments. Income taxes for adjusted earnings for the three and nine months ended September 30, 2021 were calculated by applying a combined federal and state statutory tax rate of 24% to the adjusted pre-tax income. The corresponding adjustments to reported income taxes are shown in the table above.
(b)Weighted average diluted shares used for the adjusted net loss per share calculations do not assume the conversion of share-based awards, as the effect would be anti-dilutive.

Adjusted EBITDA
Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.
Adjusted EBITDA should not be considered as a substitute for, or superior to income (loss) from operations, 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 GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.







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Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA from Continuing Operations (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
(In millions)
 2022 2021 2022 2021
Net income attributable to MPC $ 4,477  $ 694  $ 11,195  $ 8,964 
Net income attributable to noncontrolling interests 543  336  1,214  932 
Income from discontinued operations, net of tax
 —  —  —  (8,448)
Provision (benefit) for income taxes on continuing operations 1,426  (18) 3,507  21 
Net interest and other financial costs
 240  328  814  1,053 
Depreciation and amortization
 794  836  2,418  2,551 
Refining planned turnaround costs
 384  205  680  378 
Storm impacts
 —  23  —  70 
LIFO inventory charge 28  —  28  — 
Gain on sale of assets
 (1,058) —  (1,058) — 
Renewable volume obligation requirements —  —  (238) — 
Litigation
 —  —  (27) — 
Impairments
 —  12  —  25 
Adjusted EBITDA from continuing operations
 $ 6,834  $ 2,416  $ 18,533  $ 5,546 

Reconciliation of Income from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
(In millions) 2022 2021 2022 2021
Income from discontinued operations, net of tax $ —  $ —  $ —  $ 8,448 
Provision for income taxes —  —  —  3,795 
Net interest and other financial costs —  —  —  6 
Depreciation and amortization —  —  —  3 
Gain on sale of assets —  —  —  (11,682)
Transaction-related costs —  —  —  46 
Adjusted EBITDA from discontinued operations $ —  $ —  $ —  $ 616 





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Refining & Marketing Margin
Refining margin is defined as sales revenue less the cost of refinery inputs and purchased products.
Reconciliation of Refining & Marketing Income from Operations to Refining & Marketing Gross Margin and Refining & Marketing Margin (unaudited)
Three Months Ended 
September 30,		 Nine Months Ended 
September 30,
(In millions) 2022 2021 2022 2021
Refining & Marketing income from operations $ 4,625  $ 509  $ 12,527  $ 135 
Plus (Less):
Selling, general and administrative expenses 614  540  1,696  1,495 
Income from equity method investments (21) (8) (39) (27)
Net gain on disposal of assets —  (3) (37) (6)
Other income (191) (146) (606) (289)
Refining & Marketing gross margin 5,027  892  13,541  1,308 
Plus (Less):
Operating expenses (excluding depreciation and amortization) 2,861  2,527  7,804  7,107 
Depreciation and amortization 459  462  1,395  1,406 
Gross margin excluded from and other income included in Refining & Marketing margin(a)
 51  (58) 136  (353)
Other taxes included in Refining & Marketing margin (40) (38) (132) (104)
Refining & Marketing margin 8,358  3,785  22,744  9,364 
LIFO inventory charge 28  —  28  — 
Refining & Marketing margin, excluding LIFO inventory charge $ 8,386  $ 3,785  $ 22,772  $ 9,364 
Refining & Marketing margin by region:
Gulf Coast $ 3,264  $ 1,339  $ 9,161  $ 3,176 
Mid-Continent 3,373  1,695  8,801  4,223 
West Coast 1,749  751  4,810  1,965 
Refining & Marketing margin, excluding LIFO inventory charge $ 8,386  $ 3,785  $ 22,772  $ 9,364 
(a)Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income.




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