Bli medlem
Bli medlem

Du är här

2016-02-03

Marathon Petroleum Corporation: Marathon Petroleum Corporation Reports Fourth-Quarter and Full-Year 2015 Results

* Reported fourth-quarter earnings of $187 million ($0.35 per diluted share),
including a pretax charge of $370 million ($0.44 per diluted share) to
value inventories at the lower of cost or market; full-year earnings of
$2.85 billion ($5.26 per diluted share)
* Completed strategic combination between MPLX and MarkWest
* Returned $1.6 billion to shareholders in 2015, including $362 million in
the fourth quarter

FINDLAY, Ohio, Feb. 3, 2016 - Marathon Petroleum Corporation (NYSE: MPC) today
reported 2015 fourth-quarter earnings of $187 million, or $0.35 per diluted
share, compared with $798 million, or $1.43 per diluted share, in the fourth
quarter of 2014. Fourth-quarter 2015 earnings include a pretax charge of $370
million, or $0.44 per diluted share, to value inventories at lower of cost or
market (LCM). The results of MarkWest are included from the Dec. 4, 2015,
merger date.

Earnings were $2.85 billion, or $5.26 per diluted share, for the full-year
2015, compared with $2.52 billion, or $4.39 per diluted share, in 2014.
"In addition to our strong financial and operational results, we also made
tremendous progress on our strategic objectives of growing the more stable
cash-flow segments of our business and enhancing our refining margins," said
MPC President and Chief Executive Officer Gary R. Heminger. "Product price
realizations and continued strong gasoline demand supported crack spreads in
the fourth quarter. In addition, Speedway continued its strong performance
during the fourth quarter, finishing the year with segment income of $673
million and nearly $1 billion of EBITDA [earnings before interest, taxes,
depreciation and amortization]," Heminger said. He also added that Speedway
LLC, MPC's retail division, has substantially completed the planned
conversions of its new East Coast and Southeast retail locations to the
Speedway brand well ahead of schedule. "The acquisition of these retail
locations has exceeded our expectations and has been a tremendous value
driver for MPC."

The merger of MarkWest Energy Partners, L.P., and MPC's sponsored master
limited partnership (MLP) MPLX LP (NYSE: MPLX) on Dec. 4, 2015, was a
significant accomplishment in the company's strategy, highlighted Heminger.
"This combination creates a diversified, large-cap MLP with compelling
long-term growth opportunities. MPLX creates substantial value to MPC
shareholders through its general partner interest." He noted that MPC has
offered to contribute its inland marine business to MPLX at a supportive
valuation in exchange for MPLX equity. "This drop-down of additional
logistics assets to the partnership further diversifies its high-quality
earnings stream. While MPC takes into consideration the capital allocation
needs of both companies in determining sponsor support, the marine
transaction demonstrates the flexible ways in which MPC can provide support
to MPLX." The transaction is expected to close in the second quarter of 2016,
pending requisite approvals.

Heminger noted that the continued decline in commodity prices, and the
market's increasing belief that these conditions will persist for some period
of time, has resulted in a challenging valuation and a higher yield
environment within the MLP space. "Given current market conditions, more
modest growth in volumes of natural gas and natural gas liquids, the increase
in MPLX's yield and the impacts to its valuation, MPLX is now forecasting
distribution growth of 12 to 15 percent for 2016, which is among the highest
for large-cap, diversified MLPs," Heminger said, also noting that MPLX
expects to provide 2017 distribution growth guidance later this year.

MPC is focused on strengthening the earnings power of all aspects of its
business, with expanded, margin-enhancing investments across the enterprise.
MPC recently announced plans to invest $2 billion in the Galveston Bay
refinery over the next five years, an investment program collectively
referred to as the South Texas Asset Repositioning (STAR) program. "The
investments planned as part of the STAR program are intended to increase
production of higher-value products and improve the facility's reliability,
as well as increase processing capacity. These high-return investments will
also fully integrate our Galveston Bay refinery with our Texas City refinery,
making it the second-largest refinery in the U.S.," said Heminger. "We expect
a rapid payback on the staged investments planned for the STAR program."

Heminger stated that MPC's investments in the business are balanced with
returning capital to shareholders. Through share buyback programs and
dividends, MPC returned a total of $1.6 billion of capital to shareholders in
2015, including $362 million during the fourth quarter. "Returning capital to
our shareholders continues to be an instrumental part of our strategy," he
said, noting that MPC has repurchased approximately 28 percent of the shares
that were outstanding when it became a standalone company. "Through
disciplined, strategic investments in our business and returning capital to
shareholders, we remain focused on the long-term value proposition for our
investors."

"By optimizing our logistics and transportation network, and using the
flexibility inherent in our refining system, we continue to meet market needs
quickly and efficiently as margin opportunities present themselves," said
Heminger. "As our earnings demonstrate, our business produces strong results
in a wide variety of market conditions."

Segment Results

Following the merger of MPLX and MarkWest, the name of MPC's Pipeline
Transportation segment, which includes the operations of MPLX, was changed to
Midstream to reflect its expanded business activities. The results of
MarkWest are included from the Dec. 4, 2015, merger date.

-----------------------------------------------------------------------------------------------------
| Three Months Ended Twelve Months Ended |
| |
| December 31, December 31, |
| (In millions) 2015 2014 2015 2014 |
| Income from Operations by Segment |
| Refining&Marketing $ 207 $ 1,016 $ 4,186 $ 3,609 |
| Speedway 135 273 673 544 |
| Midstream 71 58 289 280 |
| Items not allocated to segments: |
| Corporate and other unallocated items (75 ) (82 ) (308 ) (286 ) |
| Pension settlement expenses - (6 ) (4 ) (96 ) |
| Impairment - cancellation of ROUX project - - (144 ) - |
| Income from operations $ 338 $ 1,259 $ 4,692 $ 4,051 |
-----------------------------------------------------------------------------------------------------

Fourth-quarter and full-year 2015 segment results include a non-cash charge of
$370 million to value inventory at lower of cost or market. The charge
reduced our Refining&Marketing segment and Speedway segment results by $345
million and $25 million, respectively. MPC assesses its inventory quarterly
for a potential LCM adjustment. Based on movements of refined product prices,
future adjustments could have a positive or negative effect to MPC's segment
results and earnings.

Refining&Marketing

Refining&Marketing segment income from operations was $207 million in the
fourth quarter of 2015 and $4.19 billion for full-year 2015, compared with
$1.02 billion and $3.61 billion in the fourth quarter of 2014 and full-year
2014, respectively.

The decrease in quarter-over-quarter results was primarily due to the effects
of the $345 million LCM charge and a last-in, first-out (LIFO) inventory
accounting charge of approximately $45 million in the fourth quarter of 2015
compared to a LIFO benefit of approximately $240 million in the fourth
quarter of 2014. In addition, segment results were negatively impacted by the
effect of lower overall commodity prices on volumetric gains and unfavorable
crude oil and feedstock acquisition costs relative to benchmark Light
Louisiana Sweet (LLS) crude oil. These negative impacts were partially offset
by higher crack spreads and the favorable effects of changes in market
structure on crude oil acquisition prices.

The U.S. Gulf Coast (USGC) and Chicago LLS blended 6-3-2-1 crack spread
increased from $5.43 per barrel in the fourth quarter of 2014 to $6.65 per
barrel in the fourth quarter of 2015, primarily due to an increase in the
USGC crack spread.

The increase in Refining&Marketing segment income from operations for
full-year 2015 compared to full-year 2014 was primarily due to higher crack
spreads, favorable effects of changes in market structure on crude oil
acquisition prices, more favorable net product price realizations compared to
spot market reference prices and lower direct operating costs. These positive
impacts were partially offset by unfavorable crude oil and feedstock
acquisition costs relative to benchmark LLS crude oil, the unfavorable effect
of lower commodity prices on volumetric gains and the LCM inventory valuation
charge.

The blended 6-3-2-1 crack spread for the full year increased from $8.11 per
barrel in 2014 to $9.70 per barrel in 2015.

Speedway

Speedway segment income from operations was $135 million in the fourth quarter
of 2015 and $673 million for full-year 2015, compared with $273 million in
the fourth quarter of 2014 and $544 million for full-year 2014. The decrease
in segment income for the fourth quarter is primarily due to a lower light
product gross margin, a $25 million non-cash LCM charge and an increase in
operating expenses, partially offset by an increase in merchandise margin.
Speedway's light product margin decreased to 18.23 cents per gallon in the
fourth quarter of 2015 from 24.51 cents per gallon in the fourth quarter of
2014, which was a record quarter.

The increase for the full-year 2015 was primarily due to the full-year benefit
from the locations acquired along the East Coast and Southeast on Sept. 30,
2014, as well as higher light product margins. Speedway's light product
margin increased to 18.23 cents per gallon in 2015 from 17.75 cents per
gallon in 2014.

Midstream

Midstream segment income from operations, which includes 100 percent of MPLX's
operations as well as other related operations, was $71 million in the fourth
quarter of 2015 and $289 million for full-year 2015, compared with $58
million and $280 million for the fourth quarter and full-year 2014,
respectively. The increase in Midstream segment income for the fourth quarter
and full-year of 2015 compared to 2014 was primarily due to the inclusion of
MarkWest from the Dec. 4, 2015, merger date, partially offset by
approximately $26 million and $30 million of merger transaction costs for the
fourth-quarter and full-year 2015, respectively.

Items Not Allocated to Segments

Corporate and other unallocated expenses of $75 million in the fourth quarter
of 2015 and $308 million for full-year 2015 were $7 million lower than the
fourth quarter of 2014 and $22 million higher than full-year 2014. The
reduction for the fourth quarter was primarily due to various lower corporate
expenses while the increase for the full year is largely due to a lower
allocation of employee benefit costs to the segments.

For full-year 2015, MPC recorded pretax pension settlement expenses of $4
million compared with $96 million of pretax pension settlement expenses in
2014.

Full-year 2015 unallocated expenses also included the $144 million impairment
charge recorded in the third quarter of 2015 related to the cancellation of
the ROUX project at our refinery in Garyville, La. The charge reflects the
write-off of costs capitalized on the project through Sept. 30, 2015,
including front-end engineering and long lead-time equipment.

Strong Financial Position and Liquidity

On Dec. 31, 2015, the company had $1.1 billion in cash and cash equivalents,
an unused $2.5 billion revolving credit agreement and a $0.7 billion unused
trade receivables securitization facility. Availability under the trade
receivables securitization facility is a function of refined product selling
prices, which will be lower in a sustained lower price environment. 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.

On Dec. 14, 2015, we completed a public offering of $1.5 billion in aggregate
principal amount of unsecured senior notes. On Dec. 21, we used approximately
$763 million of the net proceeds from this offering to fund the
extinguishment of our obligation for the $750 million aggregate principal
amount of 3.5 percent senior notes due in March of 2016, including remaining
interest to maturity. As a result, we recorded a loss on extinguishment of
debt of $5 million, which is reflected in net interest and other financial
income (costs).

Conference Call

At 10 a.m. EST 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 1-800-446-1671
(confirmation #41539370) or by visiting MPC's website at
http://www.marathonpetroleum.com and clicking on the "2015 Fourth-Quarter
Financial Results" link. Replays of the conference call will be available on
the company's website through Wednesday, Feb. 17. 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 fourth-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 5,600
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 2,770 convenience stores in 22
states. MPC owns, leases or has ownership interests in approximately 8,300
miles of crude and light product pipelines and 5,000 miles of gas gathering
and natural gas liquids (NGL) pipelines. MPC also has ownership interests in
more than 50 gas processing plants, more than 10 NGL fractionation facilities
and a condensate stabilization facility. 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, Southeast and Gulf Coast regions.

Investor Relations Contacts:

Lisa Wilson (419) 421-2071
Teresa Homan (419) 421-2965

Media Contacts:

Chuck Rice (419) 421-2521
Brandon Daniels (419) 421-3127
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"),
MPLX LP ("MPLX"), and MarkWest Energy Partners, L.P. ("MarkWest").These
forward-looking statements relate to, among other things, expectations,
estimates and projections concerning the business and operations of MPC,
MPLX, and MarkWest. You can identify forward-looking statements by words such
as "anticipate," "believe," "design," "estimate," "objective," "expect,"
"forecast," "goal," "guidance," "imply," "intend," "objective,"
"opportunity," "outlook," "plan," "position," "potential," "predict,"
"project," "seek," "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: risks described below
relating to MPLX, MarkWest and the MPLX/MarkWest merger transaction; changes
to the expected construction costs and timing of pipeline 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; federal
and state environmental, economic, health and safety, energy and other
policies and regulations, including the cost of compliance with the Renewable
Fuel Standard; MPC's ability to successfully integrate the acquired Hess
retail operations and achieve the strategic and other expected objectives
relating to the acquisition; 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, 2014, 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 a persistence or increase of the current yield on
common units, which is higher than historical yields, adversely affecting
MPLX's ability to meet its distribution growth guidance; risk that the
synergies from the MPLX/MarkWest merger transaction may not be fully realized
or may take longer to realize than expected; disruption from the
MPLX/MarkWest merger transaction making it more difficult to maintain
relationships with customers, employees or suppliers; risks relating to any
unforeseen liabilities of MarkWest; the adequacy of MPLX's respective capital
resources and liquidity, including, but not limited to, availability of
sufficient cash flow to pay MPLX's distributions, and the ability to
successfully execute their business plans and growth strategies; the timing
and extent of changes in commodity prices and demand for crude oil, refined
products, feedstocks or other hydrocarbon-based products; volatility in
and/or degradation of market and industry conditions; 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;
federal and state environmental, economic, health and safety, energy and
other policies and regulations; changes to MPLX's capital budget; other risk
factors inherent to MPLX or MarkWest'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, 2014, filed with the SEC; and the factors set forth under
the heading "Risk Factors" in MarkWest's Annual Report on Form 10-K for the
year ended Dec. 31, 2014, and Quarterly Report on Form 10-Q for the quarter
ended Sept. 30, 2015, filed with the SEC (former ticker symbol: MWE). These
risks, as well as other risks associated with MPLX, MarkWest and the merger
transaction, are also more fully discussed in the joint proxy statement and
prospectus included in the registration statement on Form S-4 filed by MPLX
and declared effective by the SEC on Oct. 29, 2015, as supplemented. 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, in
MPLX's Form 10-K, or in MarkWest's Form 10-K and Form 10-Qs 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. Copies of MarkWest's Form 10-K and Form 10-Qs are available on the
SEC website (former ticker symbol: MWE), MarkWest's website at
http://investor.markwest.com or by contacting MPLX's Investor Relations
office.
Consolidated Statements of Income (Unaudited)

--------------------------------------------------------------------------------------------------------------------------------------
| Three Months Ended Twelve Months Ended |
| |
| December 31, December 31, |
| (In millions, except per-share data) 2015(a) 2014 2015(a) 2014 |
| Revenues and other income: |
| Sales and other operating revenues (including consumer excise taxes) $ 15,607 $ 22,250 $ 72,051 $ 97,817 |
| Income from equity method investments 30 32 88 153 |
| Net gain on disposal of assets 1 7 7 21 |
| Other income 41 54 112 111 |
| Total revenues and other income 15,679 22,343 72,258 98,102 |
| Costs and expenses: |
| Cost of revenues (excludes items below) 12,008 18,199 55,583 83,770 |
| Purchases from related parties 89 104 308 505 |
| Inventory market valuation charges 370 - 370 - |
| Consumer excise taxes 1,933 1,949 7,692 6,685 |
| Depreciation and amortization 413 359 1,646 1,326 |
| Selling, general and administrative expenses 433 371 1,576 1,375 |
| Other taxes 95 102 391 390 |
| Total costs and expenses 15,341 21,084 67,566 94,051 |
| Income from operations 338 1,259 4,692 4,051 |
| Net interest and other financial income (costs) (103 ) (72 ) (318 ) (216 ) |
| Income before income taxes 235 1,187 4,374 3,835 |
| Provision for income taxes 67 382 1,506 1,280 |
| Net income 168 805 2,868 2,555 |
| Less net income (loss) attributable to noncontrolling interests (19 ) 7 16 31 |
| Net income attributable to MPC $ 187 $ 798 $ 2,852 $ 2,524 |
| |
| Per-share data |
| Basic: |
| Net income attributable to MPC per share $ 0.35 $ 1.44 $ 5.29 $ 4.42 |
| Weighted average shares:(b) 531 554 538 570 |
| Diluted: |
| Net income attributable to MPC per share $ 0.35 $ 1.43 $ 5.26 $ 4.39 |
| Weighted average shares:(b) 535 558 542 574 |
| Dividends paid $ 0.32 $ 0.25 $ 1.14 $ 0.92 |
| |
--------------------------------------------------------------------------------------------------------------------------------------

(a) Includes the results of MarkWest from the Dec. 4, 2015, merger date.

(b) The number of weighted average shares for the periods ended Dec. 31,
2015, and 2014, reflects the impact of our share repurchases.
Supplemental Statistics (Unaudited)

-------------------------------------------------------------------------------------------------------------------------------
| Three Months Ended Twelve Months Ended |
| |
| December 31, December 31, |
| (In millions) 2015 2014 2015 2014 |
| Income from Operations by segment |
| Refining&Marketing(a) $ 207 $ 1,016 $ 4,186 $ 3,609 |
| Speedway(a) 135 273 673 544 |
| Midstream(b)(c) 71 58 289 280 |
| Items not allocated to segments: |
| Corporate and other unallocated items (75 ) (82 ) (308 ) (286 ) |
| Pension settlement expenses - (6 ) (4 ) (96 ) |
| Impairment(d) - - (144 ) - |
| Income from operations(a) 338 1,259 4,692 4,051 |
| Net interest and other financial income (costs)(c) (103 ) (72 ) (318 ) (216 ) |
| Income before income taxes 235 1,187 4,374 3,835 |
| Provision for income taxes 67 382 1,506 1,280 |
| Net income 168 805 2,868 2,555 |
| Less net income (loss) attributable to noncontrolling interests (19 ) 7 16 31 |
| Net income attributable to MPC $ 187 $ 798 $ 2,852 $ 2,524 |
| |
| Capital Expenditures and Investments(e) |
| Refining&Marketing $ 409 $ 373 $ 1,143 $ 1,104 |
| Speedway 226 198 501 2,981 |
| Midstream 14,080 125 14,432 543 |
| Corporate and Other(f) 71 30 192 110 |
| Total $ 14,786 $ 726 $ 16,268 $ 4,738 |
| |
-------------------------------------------------------------------------------------------------------------------------------

(a) Includes non-cash LCM inventory valuation charge of $370 million,
which reduced Refining&Marketing and Speedway segment income by $345 million
and $25 million, respectively for the fourth-quarter and full-year 2015.

(b) Includes the results of MarkWest from the Dec. 4, 2015, merger date.

(c) The three months and year ended Dec. 31, 2015, includes transaction
costs of $32 million and $36 million, respectively, related to the MarkWest
merger. The Midstream segment results for the three months and year ended
Dec. 31, 2015, reflect $26 million and $30 million of these costs,
respectively. The remaining $6 million is included in net interest and other
financial income (costs) in both periods.

(d) Reflects an impairment charge resulting from the cancellation of the
ROUX project in the third quarter 2015.

(e) The three months and year ended Dec. 31, 2015, includes $13.84
billion for the MarkWest merger. The three months and year ended Dec. 31,
2014, includes $31 million and $2.71 billion, respectively, for the
acquisition of Hess' retail operations and related assets.

(f) Includes capitalized interest.
Supplementary Statistics (Unaudited) (continued)

--------------------------------------------------------------------------------------------------------------------------------------
| Three Months Ended Twelve Months Ended |
| |
| December 31, December 31, |
| 2015 2014 2015 2014 |
| MPC Consolidated Refined Product Sales Volumes (thousands of barrels per day 2,257 2,275 2,301 2,138 |
|(mbpd)(a) |
| Refining&Marketing (R&M) Operating Statistics |
| R&M refined product sales volume (mbpd)(b) 2,248 2,263 2,289 2,125 |
| R&M gross margin (dollars per barrel)(c)(d) $ 12.70 $ 15.12 $ 15.25 $ 15.05 |
| Crude oil capacity utilization (percent)(e) 95 96 99 95 |
| Refinery throughputs (mbpd):(f) |
| Crude oil refined 1,638 1,643 1,711 1,622 |
| Other charge and blendstocks 201 217 177 184 |
| Total 1,839 1,860 1,888 1,806 |
| Sour crude oil throughput (percent) 55 51 55 52 |
| WTI-priced crude oil throughput (percent) 20 22 20 19 |
| Refined product yields (mbpd):(f) |
| Gasoline 934 921 913 869 |
| Distillates 615 599 603 580 |
| Propane 35 32 36 35 |
| Feedstocks and special products 204 265 281 276 |
| Heavy fuel oil 34 21 31 25 |
| Asphalt 49 58 55 54 |
| Total 1,871 1,896 1,919 1,839 |
| Refinery direct operating costs ($/barrel):(g) |
| Planned turnaround and major maintenance $ 1.71 $ 1.77 $ 1.13 $ 1.80 |
| Depreciation and amortization 1.43 1.37 1.39 1.41 |
| Other manufacturing(h) 4.25 4.52 4.15 4.86 |
| Total $ 7.39 $ 7.66 $ 6.67 $ 8.07 |
| R&M Operating Statistics by Region - Gulf Coast |
| Refinery throughputs (mbpd):(i) |
| Crude oil refined 1,043 996 1,060 991 |
| Other charge and blendstocks 206 205 184 182 |
| Total 1,249 1,201 1,244 1,173 |
| Sour crude oil throughput (percent) 69 64 68 64 |
| WTI-priced crude oil throughput (percent) 4 5 6 3 |
| Refined product yields (mbpd):(i) |
| Gasoline 557 539 534 508 |
| Distillates 408 376 392 368 |
| Propane 26 20 26 23 |
| Feedstocks and special products 247 272 286 274 |
| Heavy fuel oil 19 12 15 13 |
| Asphalt 18 11 16 13 |
| Total 1,275 1,230 1,269 1,199 |
| Refinery direct operating costs ($/barrel):(g) |
| Planned turnaround and major maintenance $ 1.12 $ 1.98 $ 0.81 $ 1.82 |
| Depreciation and amortization 1.08 1.11 1.09 1.15 |
| Other manufacturing(h) 3.78 4.37 3.88 4.73 |
| Total $ 5.98 $ 7.46 $ 5.78 $ 7.70 |
--------------------------------------------------------------------------------------------------------------------------------------

Supplementary Statistics (Unaudited) (continued)

------------------------------------------------------------------------------------------------------------------------------------
| Three Months Ended Twelve Months Ended |
| |
| December 31, December 31, |
| 2015 2014 2015 2014 |
| R&M Operating Statistics by Region - Midwest |
| Refinery throughputs (mbpd):(i) |
| Crude oil refined 595 647 651 631 |
| Other charge and blendstocks 56 48 39 45 |
| Total 651 695 690 676 |
| Sour crude oil throughput (percent) 31 32 34 33 |
| WTI-priced crude oil throughput (percent) 48 48 43 44 |
| Refined product yields (mbpd):(i) |
| Gasoline 377 382 379 361 |
| Distillates 207 223 211 212 |
| Propane 11 13 12 13 |
| Feedstocks and special products 15 27 38 43 |
| Heavy fuel oil 16 10 17 13 |
| Asphalt 31 47 39 41 |
| Total 657 702 696 683 |
| Refinery direct operating costs ($/barrel):(g) |
| Planned turnaround and major maintenance $ 2.69 $ 1.30 $ 1.64 $ 1.66 |
| Depreciation and amortization 1.97 1.73 1.83 1.78 |
| Other manufacturing(h) 4.72 4.59 4.36 4.76 |
| Total $ 9.38 $ 7.62 $ 7.83 $ 8.20 |
| Speedway Operating Statistics(j) |
| Convenience stores at period-end 2,766 2,746 |
| Gasoline and distillate sales (millions of gallons) 1,537 1,521 6,038 3,942 |
| Gasoline and distillate gross margin (dollars per gallon)(d)(k) $ 0.1823 $ 0.2451 $ 0.1823 $ 0.1775 |
| Merchandise sales (in millions) $ 1,210 $ 1,189 $ 4,879 $ 3,611 |
| Merchandise gross margin (in millions) $ 340 $ 324 $ 1,368 $ 975 |
| Merchandise gross margin percent 28.0 % 27.2 % 28.0 % 27.0 % |
| Same store gasoline sales volume (period over period) (0.3 )% 0.3 % (0.3 )% (0.7 )% |
| Same store merchandise sales (period over period)(l) 2.7 % 5.4 % 4.1 % 5.0 % |
| |
------------------------------------------------------------------------------------------------------------------------------------

Supplementary Statistics (Unaudited) (continued)

---------------------------------------------------------------------------------------------------------------------
| Three Months Ended Twelve Months Ended |
| |
| December 31, December 31, |
| 2015 2014 2015 2014 |
| Midstream Operating Statistics |
| Crude oil and refined product pipeline throughputs (mbpd)(m) 2,071 2,215 2,191 2,119 |
| Gathering system throughput (million cubic feet per day)(n) 3,075 3,075 |
| Natural gas processed (million cubic feet per day)(n) 5,468 5,468 |
| C2 (ethane) + NGLs (natural gas liquids) fractionated (mbpd)(n) 307 307 |
| |
---------------------------------------------------------------------------------------------------------------------
(a) Total average daily volumes of refined product sales to wholesale,
branded and retail (Speedway segment) customers.

(b) Includes intersegment sales.

(c) Sales revenue less cost of refinery inputs and purchased products,
divided by total refinery throughputs.

(d) Excludes the LCM inventory valuation charge of $345 million for R&M
and $25 million for Speedway for fourth-quarter and full-year 2015.

(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 61 mbpd and 36 mbpd for fourth
quarter 2015 and 2014, respectively, and 46 mbpd and 43 mbpd for the
full-year 2015 and 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) Includes the results 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. Same store comparison includes only locations
owned at least 13 months.

(m) On owned common-carrier pipelines, excluding equity method
investments.

(n) Includes amounts related to unconsolidated equity method
investments. Includes the MarkWest results beginning on the Dec. 4, 2015,
merger date.
Segment Earnings Before Interest, Taxes, Depreciation&Amortization (Segment
EBITDA) (Unaudited)

-------------------------------------------------------------------------------------------------------------------------------
| Three Months Ended Twelve Months Ended |
| |
| December 31, December 31, |
| (In millions) 2015 2014 2015 2014 |
| Segment EBITDA(a) |
| Refining&Marketing(b) $ 482 $ 1,279 $ 5,265 $ 4,654 |
| Speedway(b) 201 335 927 696 |
| Midstream 129 77 406 357 |
| Total Segment EBITDA(a)(b) 812 1,691 6,598 5,707 |
| Total segment depreciation&amortization (399 ) (344 ) (1,450 ) (1,274 ) |
| Items not allocated to segments (75 ) (88 ) (456 ) (382 ) |
| Income from operations 338 1,259 4,692 4,051 |
| Net interest and other financial income (costs) (103 ) (72 ) (318 ) (216 ) |
| Income before income taxes 235 1,187 4,374 3,835 |
| Income tax provision 67 382 1,506 1,280 |
| Net income 168 805 2,868 2,555 |
| Less: Net income (loss) attributable to noncontrolling interests (19 ) 7 16 31 |
| Net income attributable to MPC $ 187 $ 798 $ 2,852 $ 2,524 |
| |
-------------------------------------------------------------------------------------------------------------------------------

(a) Segment EBITDA represents segment earnings before interest and
financing costs, interest income, income taxes, 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) Includes non-cash LCM inventory valuation charge of $370 million,
which reduced Refining&Marketing and Speedway EBITDA by $345 million and $25
million, respectively for the fourth-quarter and full-year 2015.
Select Financial Data (Unaudited)

------------------------------------------------------------------------------------
| (Dollars in millions) December 31, 2015 September 30 |
| |
| 2015 |
| Cash and cash equivalents $ 1,127 $ 2,044 |
| Total debt(a) 11,925 6,692 |
| Equity 19,678 12,925 |
| Debt-to-total-capital ratio (percent) 38 34 |
| Shares outstanding (millions) 531 534 |
| |
| Cash provided from operations (quarter ended) $ 808 $ 1,069 |
| |
------------------------------------------------------------------------------------
(a) Includes long-term debt due within one year.

MPC 4Q2015 Financial Results
http://hugin.info/147922/R/1983232/726851.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1983232

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.