Marathon Petroleum Corp
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
MPC$389.55-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| (Millions of dollars) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating activities: | |||
| Net income | $11,172 | $16,050 | $11,001 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of deferred financing costs and debt discount | (78) | 50 | 79 |
| Depreciation and amortization | 3,307 | 3,215 | 3,364 |
| Pension and other postretirement benefits, net | (191) | 172 | (499) |
| Deferred income taxes | (28) | 290 | (169) |
| Net gain on disposal of assets | (217) | (1,061) | (21) |
| Income from equity method investments | (742) | (655) | (458) |
| Distributions from equity method investments | 941 | 772 | 652 |
| Income from discontinued operations | — | (72) | (8,448) |
| Changes in income tax receivable | 135 | (555) | 2,089 |
| Changes in the fair value of derivative instruments | 70 | (147) | 16 |
| Changes in: | |||
| Current receivables | 1,972 | (2,315) | (5,299) |
| Inventories | (489) | (787) | (33) |
| Current accounts payable and accrued liabilities | (1,316) | 1,909 | 6,260 |
| Right of use assets and operating lease liabilities, net | (7) | — | 3 |
| All other, net | (412) | (547) | (153) |
| Cash provided by operating activities - continuing operations | 14,117 | 16,319 | 8,384 |
| Cash provided by (used in) operating activities - discontinued operations | — | 42 | (4,024) |
| Net cash provided by operating activities | 14,117 | 16,361 | 4,360 |
| Investing activities: | |||
| Additions to property, plant and equipment | (1,890) | (2,420) | (1,464) |
| Acquisitions, net of cash acquired | (246) | (413) | — |
| Disposal of assets | 36 | 90 | 153 |
| Investments – acquisitions and contributions | (480) | (405) | (210) |
| – redemptions, repayments, return of capital and sales proceeds | 275 | 515 | 39 |
| Purchases of short-term investments | (8,622) | (6,023) | (12,498) |
| Sales of short-term investments | 2,082 | 1,296 | 1,544 |
| Maturities of short-term investments | 5,048 | 7,159 | 5,406 |
| All other, net | 702 | 824 | 513 |
| Cash provided by (used in) investing activities - continuing operations | (3,095) | 623 | (6,517) |
| Cash provided by investing activities - discontinued operations | — | — | 21,314 |
| Net cash provided by (used in) investing activities | (3,095) | 623 | 14,797 |
| Financing activities: | |||
| Commercial paper – issued | — | — | 7,414 |
| – repayments | — | — | (8,437) |
| Long-term debt – borrowings | 1,589 | 3,379 | 12,150 |
| – repayments | (1,079) | (2,280) | (17,400) |
| Debt issuance costs | (15) | (39) | — |
| Issuance of common stock | 62 | 243 | 106 |
| (Millions of dollars) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Common stock repurchased | (11,572) | (11,922) | (4,654) |
| Dividends paid | (1,261) | (1,279) | (1,484) |
| Distributions to noncontrolling interests | (1,281) | (1,214) | (1,449) |
| Repurchases of noncontrolling interests | — | (491) | (630) |
| Redemption of noncontrolling interests - preferred units | (600) | — | — |
| All other, net | (50) | (44) | (35) |
| Net cash used in financing activities | (14,207) | (13,647) | (14,419) |
| Net change in cash, cash equivalents and restricted cash | $(3,185) | $3,337 | $4,738 |
| Cash, cash equivalents and restricted cash balances:(a) | |||
| Continuing operations - beginning of year | 8,631 | 5,294 | 416 |
| Discontinued operations - beginning of year | — | — | 140 |
| Less: Discontinued operations - end of year | — | — | — |
| Continuing operations - end of year | $5,446 | $8,631 | $5,294 |
(a) Restricted cash is included in other current assets on our consolidated balance sheets.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.